Prospectus - Investment Objective
N-CSRS false 0000035315 N-1A Fidelity Salem Street Trust 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iso4217:USD xbrli:pure xbrli:shares

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   811-02105


Fidelity Salem Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

June 30



Date of reporting period:

December 31, 2024


Item 1.

Reports to Stockholders




 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF DECEMBER 31, 2024
 
 
Fidelity® Small Cap Growth Index Fund
Fidelity® Small Cap Growth Index Fund :  FECGX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Index Fund for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Small Cap Growth Index Fund 
$ 3 
0.05%
  
Key Fund Statistics
(as of December 31, 2024)
 
KEY FACTS 
  
  
Fund Size
$839,605,762
  
Number of Holdings
1,129
  
Portfolio Turnover
13%
  
What did the Fund invest in?
(as of December 31, 2024)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Health Care
23.5
  
Industrials
22.6
  
Information Technology
20.9
  
Consumer Discretionary
10.1
  
Financials
8.5
  
Materials
3.7
  
Consumer Staples
3.4
  
Energy
3.2
  
Communication Services
2.1
  
Real Estate
1.4
  
Utilities
0.4
  
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
97.6
Thailand
0.7
Canada
0.3
Singapore
0.3
Puerto Rico
0.2
India
0.1
Bahamas (Nassau)
0.1
Brazil
0.1
Ghana
0.1
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 97.6                    
 
Thailand - 0.7                          
 
Canada - 0.3                            
 
Singapore - 0.3                         
 
Puerto Rico - 0.2                       
 
India - 0.1                             
 
Bahamas (Nassau) - 0.1                  
 
Brazil - 0.1                            
 
Ghana - 0.1                             
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
FTAI Aviation Ltd
1.1
  
Sprouts Farmers Market Inc
1.0
  
Insmed Inc
1.0
  
Vaxcyte Inc
0.8
  
Credo Technology Group Holding Ltd
0.8
  
Applied Industrial Technologies Inc
0.7
  
Rocket Lab USA Inc Class A
0.7
  
IonQ Inc
0.7
  
HealthEquity Inc
0.7
  
Mueller Industries Inc
0.7
  
 
8.2
  
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
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
1.9915168.100    3405-TSRS-0325    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF DECEMBER 31, 2024
 
 
Fidelity® Small Cap Value Index Fund
Fidelity® Small Cap Value Index Fund :  FISVX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® Small Cap Value Index Fund for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Small Cap Value Index Fund 
$ 3 
0.05%
  
Key Fund Statistics
(as of December 31, 2024)
 
KEY FACTS 
  
  
Fund Size
$1,313,781,363
  
Number of Holdings
1,449
  
Portfolio Turnover
13%
  
What did the Fund invest in?
(as of December 31, 2024)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Financials
29.2
  
Industrials
12.6
  
Real Estate
11.0
  
Consumer Discretionary
9.2
  
Health Care
8.7
  
Energy
7.1
  
Information Technology
6.5
  
Utilities
5.2
  
Materials
4.8
  
Communication Services
3.1
  
Consumer Staples
2.3
  
 
Common Stocks
99.7
Short-Term Investments and Net Other Assets (Liabilities)
0.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.7                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.3
 
United States
96.4
Canada
1.0
Argentina
0.5
Puerto Rico
0.4
Norway
0.4
Cameroon
0.3
Monaco
0.2
Bermuda
0.2
Brazil
0.1
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 96.4                    
 
Canada - 1.0                            
 
Argentina - 0.5                         
 
Puerto Rico - 0.4                       
 
Norway - 0.4                            
 
Cameroon - 0.3                          
 
Monaco - 0.2                            
 
Bermuda - 0.2                           
 
Brazil - 0.1                            
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
SouthState Corp
0.7
  
Old National Bancorp/IN
0.6
  
Jackson Financial Inc
0.6
  
Cadence Bank
0.6
  
Taylor Morrison Home Corp
0.6
  
Summit Materials Inc Class A
0.5
  
Glacier Bancorp Inc
0.5
  
Commercial Metals Co
0.5
  
Terreno Realty Corp
0.4
  
Essent Group Ltd
0.4
  
 
5.4
  
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.
 
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
1.9915169.100    3406-TSRS-0325    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF DECEMBER 31, 2024
 
 
Fidelity® SAI Municipal Bond Index Fund
Fidelity® SAI Municipal Bond Index Fund :  FSABX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® SAI Municipal Bond Index Fund for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® SAI Municipal Bond Index Fund 
$ 4 
0.07%
  
Key Fund Statistics
(as of December 31, 2024)
 
KEY FACTS 
  
  
Fund Size
$81,891,847
  
Number of Holdings
1,242
  
Portfolio Turnover
19%
  
What did the Fund invest in?
(as of December 31, 2024)
 
REVENUE SOURCES
(% of Fund's net assets)
General Obligations
35.0
  
Transportation
15.4
  
Special Tax
15.2
  
Water & Sewer
9.3
  
Health Care
8.4
  
Electric Utilities
6.0
  
Education
5.8
  
Others(Individually Less Than 5%)
4.9
  
100.0
  
 
 
AAA
16.5
AA
57.0
A
22.0
BBB
3.9
B
0.0
Not Rated
0.8
QUALITY DIVERSIFICATION (% of Fund's net assets)
 
 
AAA - 16.5                              
 
AA - 57.0                               
 
A - 22.0                                
 
BBB - 3.9                               
 
B - 0.0                                 
 
Not Rated - 0.8                         
Short-Term Investments and Net Other Assets (Liabilities) - (0.2)%
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
 
 
TOP STATES
(% of Fund's net assets)
California
19.0
New York
19.0
Texas
8.4
Illinois
4.5
Washington
4.1
 
  
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
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
1.9915171.100    3470-TSRS-0325    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF DECEMBER 31, 2024
 
 
Fidelity® Municipal Income 2025 Fund
Fidelity Advisor® Municipal Income 2025 Fund Class A :  FAMHX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® Municipal Income 2025 Fund for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 33 
0.65%
  
Key Fund Statistics
(as of December 31, 2024)
 
KEY FACTS 
  
  
Fund Size
$22,111,435
  
Number of Holdings
118
  
Portfolio Turnover
0%
  
What did the Fund invest in?
(as of December 31, 2024)
 
REVENUE SOURCES
(% of Fund's net assets)
Health Care
27.4
  
Transportation
24.9
  
Education
22.0
  
General Obligations
11.0
  
Housing
5.7
  
Others(Individually Less Than 5%)
9.0
  
100.0
  
 
 
AAA
9.8
AA
23.6
A
41.8
BBB
16.6
BB
3.1
B
0.5
Not Rated
4.0
Short-Term Investments and Net Other Assets (Liabilities)
0.6
QUALITY DIVERSIFICATION (% of Fund's net assets)
 
 
AAA - 9.8                               
 
AA - 23.6                               
 
A - 41.8                                
 
BBB - 16.6                              
 
BB - 3.1                                
 
B - 0.5                                 
 
Not Rated - 4.0                         
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
 
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
(% of Fund's net assets)
Connecticut
11.8
Pennsylvania
10.0
Illinois
8.2
Massachusetts
6.2
Ohio
5.4
 
  
 
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.
 
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
1.9915164.100    2949-TSRS-0325    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF DECEMBER 31, 2024
 
 
Fidelity® Municipal Income 2025 Fund
Fidelity Advisor® Municipal Income 2025 Fund Class I :  FAMYX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® Municipal Income 2025 Fund for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 20 
0.40%
  
Key Fund Statistics
(as of December 31, 2024)
 
KEY FACTS 
  
  
Fund Size
$22,111,435
  
Number of Holdings
118
  
Portfolio Turnover
0%
  
What did the Fund invest in?
(as of December 31, 2024)
 
REVENUE SOURCES
(% of Fund's net assets)
Health Care
27.4
  
Transportation
24.9
  
Education
22.0
  
General Obligations
11.0
  
Housing
5.7
  
Others(Individually Less Than 5%)
9.0
  
100.0
  
 
 
AAA
9.8
AA
23.6
A
41.8
BBB
16.6
BB
3.1
B
0.5
Not Rated
4.0
Short-Term Investments and Net Other Assets (Liabilities)
0.6
QUALITY DIVERSIFICATION (% of Fund's net assets)
 
 
AAA - 9.8                               
 
AA - 23.6                               
 
A - 41.8                                
 
BBB - 16.6                              
 
BB - 3.1                                
 
B - 0.5                                 
 
Not Rated - 4.0                         
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
 
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
(% of Fund's net assets)
Connecticut
11.8
Pennsylvania
10.0
Illinois
8.2
Massachusetts
6.2
Ohio
5.4
 
  
 
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.
 
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
1.9915165.100    2950-TSRS-0325    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF DECEMBER 31, 2024
 
 
Fidelity® Mid Cap Growth Index Fund
Fidelity® Mid Cap Growth Index Fund :  FMDGX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® Mid Cap Growth Index Fund for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Mid Cap Growth Index Fund 
$ 3 
0.05%
  
Key Fund Statistics
(as of December 31, 2024)
 
KEY FACTS 
  
  
Fund Size
$1,555,968,229
  
Number of Holdings
294
  
Portfolio Turnover
10%
  
What did the Fund invest in?
(as of December 31, 2024)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Information Technology
27.4
  
Industrials
17.3
  
Consumer Discretionary
14.7
  
Financials
12.8
  
Health Care
12.5
  
Communication Services
4.5
  
Energy
4.0
  
Consumer Staples
2.3
  
Utilities
1.8
  
Real Estate
1.3
  
Materials
1.1
  
 
Common Stocks
99.7
Short-Term Investments and Net Other Assets (Liabilities)
0.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.7                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.3
 
United States
98.1
Brazil
1.1
Korea (South)
0.8
Puerto Rico
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 98.1                    
 
Brazil - 1.1                            
 
Korea (South) - 0.8                     
 
Puerto Rico - 0.0                       
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
Palantir Technologies Inc Class A
5.1
  
AppLovin Corp Class A
2.8
  
Trade Desk Inc (The) Class A
1.7
  
Ameriprise Financial Inc
1.6
  
Vistra Corp
1.6
  
Datadog Inc Class A
1.4
  
Axon Enterprise Inc
1.4
  
Coinbase Global Inc Class A
1.4
  
Vertiv Holdings Co Class A
1.4
  
Fair Isaac Corp
1.3
  
 
19.7
  
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.
 
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
1.9915166.100    3403-TSRS-0325    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF DECEMBER 31, 2024
 
 
Fidelity® Mid Cap Value Index Fund
Fidelity® Mid Cap Value Index Fund :  FIMVX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® Mid Cap Value Index Fund for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Mid Cap Value Index Fund 
$ 3 
0.05%
  
Key Fund Statistics
(as of December 31, 2024)
 
KEY FACTS 
  
  
Fund Size
$949,777,691
  
Number of Holdings
716
  
Portfolio Turnover
25%
  
What did the Fund invest in?
(as of December 31, 2024)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Financials
18.0
  
Industrials
17.1
  
Real Estate
9.8
  
Consumer Discretionary
9.3
  
Information Technology
9.1
  
Health Care
8.2
  
Utilities
6.9
  
Materials
6.7
  
Energy
5.7
  
Consumer Staples
5.7
  
Communication Services
3.3
  
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
99.1
Canada
0.3
Bailiwick Of Jersey
0.3
Bermuda
0.1
United Kingdom
0.1
Puerto Rico
0.1
Brazil
0.0
Belgium
0.0
Japan
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 99.1                    
 
Canada - 0.3                            
 
Bailiwick Of Jersey - 0.3               
 
Bermuda - 0.1                           
 
United Kingdom - 0.1                    
 
Puerto Rico - 0.1                       
 
Brazil - 0.0                            
 
Belgium - 0.0                           
 
Japan - 0.0                             
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
Williams Cos Inc/The
0.8
  
Arthur J Gallagher & Co
0.7
  
Digital Realty Trust Inc
0.7
  
ONEOK Inc
0.7
  
AFLAC Inc
0.7
  
Bank of New York Mellon Corp/The
0.7
  
Kinder Morgan Inc
0.6
  
Cummins Inc
0.5
  
Realty Income Corp
0.5
  
MicroStrategy Inc Class A
0.5
  
 
6.4
  
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.
 
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
1.9915167.100    3404-TSRS-0325    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF DECEMBER 31, 2024
 
 
Fidelity® Municipal Income 2025 Fund
Fidelity® Municipal Income 2025 Fund :  FIMSX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® Municipal Income 2025 Fund for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Municipal Income 2025 Fund 
$ 20 
0.40%
  
Key Fund Statistics
(as of December 31, 2024)
 
KEY FACTS 
  
  
Fund Size
$22,111,435
  
Number of Holdings
118
  
Portfolio Turnover
0%
  
What did the Fund invest in?
(as of December 31, 2024)
 
REVENUE SOURCES
(% of Fund's net assets)
Health Care
27.4
  
Transportation
24.9
  
Education
22.0
  
General Obligations
11.0
  
Housing
5.7
  
Others(Individually Less Than 5%)
9.0
  
100.0
  
 
 
AAA
9.8
AA
23.6
A
41.8
BBB
16.6
BB
3.1
B
0.5
Not Rated
4.0
Short-Term Investments and Net Other Assets (Liabilities)
0.6
QUALITY DIVERSIFICATION (% of Fund's net assets)
 
 
AAA - 9.8                               
 
AA - 23.6                               
 
A - 41.8                                
 
BBB - 16.6                              
 
BB - 3.1                                
 
B - 0.5                                 
 
Not Rated - 4.0                         
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
 
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
(% of Fund's net assets)
Connecticut
11.8
Pennsylvania
10.0
Illinois
8.2
Massachusetts
6.2
Ohio
5.4
 
  
 
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.
 
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
1.9915163.100    2948-TSRS-0325    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF DECEMBER 31, 2024
 
 
Fidelity® Municipal Bond Index Fund
Fidelity® Municipal Bond Index Fund :  FMBIX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® Municipal Bond Index Fund for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Municipal Bond Index Fund 
$ 4 
0.07%
  
Key Fund Statistics
(as of December 31, 2024)
 
KEY FACTS 
  
  
Fund Size
$178,603,670
  
Number of Holdings
1,757
  
Portfolio Turnover
14%
  
What did the Fund invest in?
(as of December 31, 2024)
 
REVENUE SOURCES
(% of Fund's net assets)
General Obligations
36.7
  
Transportation
15.0
  
Special Tax
12.6
  
Water & Sewer
9.7
  
Health Care
8.2
  
Education
6.5
  
Others(Individually Less Than 5%)
11.3
  
100.0
  
 
 
AAA
17.5
AA
55.5
A
22.1
BBB
3.7
BB
0.0
B
0.0
Not Rated
0.8
Short-Term Investments and Net Other Assets (Liabilities)
0.4
QUALITY DIVERSIFICATION (% of Fund's net assets)
 
 
AAA - 17.5                              
 
AA - 55.5                               
 
A - 22.1                                
 
BBB - 3.7                               
 
BB - 0.0                                
 
B - 0.0                                 
 
Not Rated - 0.8                         
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
 
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
(% of Fund's net assets)
California
21.8
New York
16.9
Texas
8.2
Florida
4.2
Illinois
4.1
 
  
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
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
1.9915170.100    3469-TSRS-0325    
 

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies




Fidelity® Defined Maturity Funds
 
Fidelity® Municipal Income 2025 Fund
 
 
Semi-Annual Report
December 31, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

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

Fidelity® Municipal Income 2025 Fund

Notes to Financial Statements

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

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

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

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Municipal Income 2025 Fund
Schedule of Investments December 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 99.4%
 
  
Principal
Amount (a)
 
Value ($)
 
Alabama - 2.3%
 
  
  
General Obligations - 2.3%
  
  
  
Black Belt Energy Gas District 5.25% 6/1/2025 (Morgan Stanley Guaranteed)
 
500,000
502,812
Arizona - 2.3%
 
  
  
Transportation - 2.3%
  
  
  
Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2025 (b)
  
250,000
251,901
Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2025
 
250,000
252,296
 
  
  
504,197
TOTAL ARIZONA
  
  
504,197
California - 2.3%
 
  
  
General Obligations - 0.4%
  
  
  
Poway CA Unified Sch Dist 0% 8/1/2025 (c)
  
90,000
88,329
Health Care - 1.2%
  
  
  
Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2025
 
270,000
271,125
Transportation - 0.7%
  
  
  
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2025 (b)
  
150,000
151,067
TOTAL CALIFORNIA
  
  
510,521
Colorado - 0.9%
 
  
  
Transportation - 0.9%
  
  
  
E-470 Pub Hwy Auth Colo Rev 0% 9/1/2025 (National Public Finance Guarantee Corporation Insured) (c)
  
200,000
195,623
Connecticut - 11.8%
 
  
  
Education - 4.4%
  
  
  
Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2025
 
50,000
49,978
Connecticut State Health & Educational Facilities Authority (Quinnipiac University, CT Proj.) Series M, 5% 7/1/2025
 
40,000
40,316
Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2025
 
400,000
403,181
Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) 5% 7/1/2025
 
200,000
200,540
Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2025
 
280,000
280,757
 
  
  
974,772
General Obligations - 2.3%
  
  
  
Connecticut St Gen. Oblig. Series 2015B, 5% 6/15/2025
 
175,000
176,542
Connecticut St Gen. Oblig. Series 2016 D, 5% 8/15/2025
 
330,000
334,024
 
  
  
510,566
Health Care - 0.8%
  
  
  
Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2025
 
175,000
175,815
Housing - 4.3%
  
  
  
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) 5% 5/15/2025 (b)
  
935,000
939,318
TOTAL CONNECTICUT
  
  
2,600,471
District Of Columbia - 1.5%
 
  
  
Education - 0.3%
  
  
  
District Columbia Rev (Catholic Univ of Amer WA DC Proj.) Series 2018, 5% 10/1/2025
 
75,000
75,788
Special Tax - 1.2%
  
  
  
Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2025
 
250,000
252,384
TOTAL DISTRICT OF COLUMBIA
  
  
328,172
Florida - 5.2%
 
  
  
Escrowed/Pre-Refunded - 1.0%
  
  
  
Greater Orlando Aviation Auth Series 2017A, 5% 10/1/2025 (Escrowed to Maturity) (b)
  
205,000
206,931
General Obligations - 0.1%
  
  
  
Seminole Cnty FL Sch Brd Ctfs (Seminole Cnty FL Sch Dist Proj.) 5% 7/1/2025
 
40,000
40,378
Health Care - 1.4%
  
  
  
City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) Series 2016 B, 5% 7/1/2025
 
100,000
100,687
South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2025
 
200,000
201,773
 
  
  
302,460
Transportation - 2.7%
  
  
  
Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2025 (b)
  
500,000
505,438
Greater Orlando Aviation Auth Series 2017A, 5% 10/1/2025 (b)
  
95,000
96,061
 
  
  
601,499
TOTAL FLORIDA
  
  
1,151,268
Georgia - 3.9%
 
  
  
Transportation - 3.9%
  
  
  
Atlanta GA Arpt Rev 5% 7/1/2025 (b)
  
50,000
50,324
Atlanta GA Arpt Rev Series 2023G, 5% 7/1/2025 (b)
  
800,000
805,178
 
  
  
855,502
TOTAL GEORGIA
  
  
855,502
Illinois - 8.2%
 
  
  
Education - 0.9%
  
  
  
Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2025
 
200,000
200,156
Escrowed/Pre-Refunded - 0.7%
  
  
  
Illinois Fin Auth Rev Series 2017 A, 5% 1/1/2025
 
145,000
145,007
General Obligations - 1.7%
  
  
  
Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2025
 
200,000
201,531
Kendall Kane & Will Cnty IL Uni Sch Dist No 308 0% 2/1/2025 (Assured Guaranty Municipal Corp Insured) (c)
  
185,000
184,453
 
  
  
385,984
Health Care - 2.1%
  
  
  
Illinois Fin Auth Rev (Northwestern Memorial Hosp,Il Proj.) 5% 7/15/2025
 
200,000
201,835
Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 5% 5/15/2025
 
250,000
251,259
 
  
  
453,094
Special Tax - 1.7%
  
  
  
Illinois St Sales Tax Rev Series SEPTEMBER 2016 D, 5% 6/15/2025
 
100,000
100,594
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 1994 A &B, 0% 6/15/2025 (c)
  
270,000
265,890
 
  
  
366,484
Transportation - 1.1%
  
  
  
Chicago IL Tran Auth Cap Grnt Rcpts Rev Series 5337, 5% 6/1/2025
 
250,000
251,611
TOTAL ILLINOIS
  
  
1,802,336
Indiana - 1.7%
 
  
  
Health Care - 0.3%
  
  
  
Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2019 B, 2.25% tender 12/1/2058 (d)
  
55,000
54,531
Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2025
 
25,000
25,263
 
  
  
79,794
Housing - 1.4%
  
  
  
Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 5% 7/1/2025
 
300,000
302,247
TOTAL INDIANA
  
  
382,041
Kentucky - 1.4%
 
  
  
General Obligations - 1.4%
  
  
  
Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2018, 5% 4/1/2025
 
300,000
301,268
Louisiana - 0.5%
 
  
  
Transportation - 0.5%
  
  
  
New Orleans LA Aviation Board 5% 1/1/2025 (b)
  
100,000
100,003
Maine - 2.6%
 
  
  
Education - 2.6%
  
  
  
Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 A, 4% 7/1/2025
 
465,000
466,035
Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 4% 7/1/2025
 
100,000
100,223
 
  
  
566,258
TOTAL MAINE
  
  
566,258
Maryland - 0.7%
 
  
  
Health Care - 0.7%
  
  
  
Maryland St Hlth & HI Ed Facs (Lifebridge Health Proj.) Series 2017, 5% 7/1/2025
 
150,000
151,096
Massachusetts - 6.2%
 
  
  
Education - 3.6%
  
  
  
Massachusetts Development Finance Agency (Fisher College Proj.) Series 2017, 5% 4/1/2025
 
250,000
250,496
Massachusetts Development Finance Agency (Merrimack College, MA Proj.) 5% 7/1/2025
 
125,000
125,521
Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2019, 5% 7/1/2025
 
170,000
170,551
Massachusetts Ed Ln Auth Ed Ln (Mefa Issue K Proj.) Series 2017 A, 5% 7/1/2025 (b)
  
250,000
252,042
 
  
  
798,610
Escrowed/Pre-Refunded - 0.5%
  
  
  
Massachusetts Development Finance Agency 5% 7/1/2025 (Escrowed to Maturity)
 
110,000
110,919
Health Care - 0.7%
  
  
  
Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) 5% 7/1/2025
 
40,000
40,323
Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2025
 
50,000
50,405
Massachusetts St Dev Fin Agy Rev (Mass General Brigham Inc Proj.) 5% tender 7/1/2038 (d)
  
10,000
10,010
Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) 5% 7/1/2025
 
50,000
50,294
 
  
  
151,032
Transportation - 1.4%
  
  
  
Massachusetts St Port Auth Rev Series 2019 C, 5% 7/1/2025 (b)
  
300,000
301,914
TOTAL MASSACHUSETTS
  
  
1,362,475
Michigan - 3.6%
 
  
  
General Obligations - 1.1%
  
  
  
Warren MI Cons Sch Dist Series 2017, 4% 5/1/2025 (Assured Guaranty Municipal Corp Insured)
 
250,000
250,618
Health Care - 2.5%
  
  
  
Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 5% 7/1/2025
 
300,000
300,416
Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) Series A, 5% 7/1/2025
 
150,000
151,141
Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2025
 
100,000
100,554
 
  
  
552,111
TOTAL MICHIGAN
  
  
802,729
Missouri - 4.1%
 
  
  
Transportation - 4.1%
  
  
  
St Louis MO Arpt Rev Series 2017 A, 5% 7/1/2025 (Assured Guaranty Municipal Corp Insured)
 
370,000
373,380
St Louis MO Arpt Rev Series 2017 B, 5% 7/1/2025 (Assured Guaranty Municipal Corp Insured) (b)
  
250,000
251,814
St Louis MO Arpt Rev Series 2019C, 5% 7/1/2025
 
290,000
292,420
 
  
  
917,614
TOTAL MISSOURI
  
  
917,614
Nevada - 0.2%
 
  
  
General Obligations - 0.2%
  
  
  
Clark Cnty NV School Dist Series 2017 A, 5% 6/15/2025
 
60,000
60,471
New Hampshire - 1.5%
 
  
  
Health Care - 1.5%
  
  
  
New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2025
 
50,000
50,363
New Hampshire Health and Education Facilities Authority Act (Mass General Brigham Inc Proj.) 5% 7/1/2025
 
200,000
201,866
NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2025
 
70,000
70,735
 
  
  
322,964
TOTAL NEW HAMPSHIRE
  
  
322,964
New Jersey - 4.6%
 
  
  
Education - 0.8%
  
  
  
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) Series 2017 A, 5% 7/1/2025
 
105,000
105,721
New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2025
 
15,000
15,121
New Jersey Educational Facilities Authority (William Paterson College, NJ Proj.) Series 2016 E, 5% 7/1/2025
 
50,000
50,361
 
  
  
171,203
General Obligations - 1.1%
  
  
  
New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2015A, 5% 6/15/2025
 
200,000
201,557
New Jersey Trans Trust Fund Auth Series 2016 A 1, 5% 6/15/2025
 
40,000
40,313
 
  
  
241,870
Health Care - 1.8%
  
  
  
New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 5% 7/1/2025
 
400,000
401,374
Tobacco Bonds - 0.9%
  
  
  
Tobacco Settlement Fin Corp NJ 5% 6/1/2025
 
200,000
201,024
TOTAL NEW JERSEY
  
  
1,015,471
New York - 1.8%
 
  
  
Education - 0.5%
  
  
  
Onondaga NY Civic Dev Corp (Le Moyne College Proj.) Series 2015, 5% 7/1/2025
 
100,000
100,442
Onondaga NY Civic Dev Corp (Le Moyne College Proj.) Series 2018, 5% 1/1/2025
 
15,000
15,000
 
  
  
115,442
Health Care - 0.1%
  
  
  
Dutchess Cnty NY Loc Dev Corp Rev (Nuvance Health Proj.) Series 2016 A, 5% 7/1/2025
 
30,000
30,069
Transportation - 1.2%
  
  
  
Niagara NY Frontier Trans Auth Arpt Rev (Buffalo Niagara Intl Airport Proj.) 5% 4/1/2025 (b)
  
255,000
255,632
TOTAL NEW YORK
  
  
401,143
Ohio - 5.4%
 
  
  
Education - 2.3%
  
  
  
Ohio St Higher Edl Fac Commn (Kenyon College, OH Proj.) 5% 7/1/2025
 
200,000
201,620
Ohio St Higher Edl Fac Commn (Xavier Univ, OH Proj.) Series 2015C, 5% 5/1/2025
 
190,000
191,121
Ohio St Higher Edl Fac Commn (Xavier Univ, OH Proj.) Series 2016 - XAVIER UNIV, 5% 5/1/2025
 
100,000
100,456
 
  
  
493,197
Escrowed/Pre-Refunded - 0.9%
  
  
  
Lancaster Port Auth OH Gas Rev Series 2019, 5% 2/1/2025
 
200,000
200,268
Health Care - 2.2%
  
  
  
Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) 5% 11/15/2025
 
150,000
151,547
Hamilton Cnty OH Hosp Facs Rev (TriHealth Inc Proj.) Series 2017A, 5% 8/15/2025
 
140,000
141,447
Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5% 9/1/2025
 
200,000
201,919
 
  
  
494,913
TOTAL OHIO
  
  
1,188,378
Oregon - 2.8%
 
  
  
Health Care - 0.9%
  
  
  
Clackamas Cnty OR Hsp Fac Auth (Williamette View Inc Proj.) 4% 5/15/2025
 
200,000
199,739
Transportation - 1.9%
  
  
  
Port of Portland Arpt Rev Series TWENTY  FOUR B, 5% 7/1/2025 (b)
  
420,000
422,677
TOTAL OREGON
  
  
622,416
Pennsylvania - 10.0%
 
  
  
Education - 2.7%
  
  
  
Pennsylvania Higher Educational Facilities Authority 5% 6/15/2025 (Escrowed to Maturity)
 
5,000
5,041
Pennsylvania Higher Educational Facilities Authority Series AQ, 5% 6/15/2025
 
160,000
161,251
Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2016, 5% 5/1/2025
 
445,000
446,958
 
  
  
613,250
Escrowed/Pre-Refunded - 0.3%
  
  
  
Doylestown PA Hosp Auth Hosp 5% 7/1/2025 (Escrowed to Maturity)
 
20,000
20,167
Pennsylvania Higher Educational Facilities Authority Series AQ, 5% 6/15/2025 (Escrowed to Maturity)
 
35,000
35,287
 
  
  
55,454
General Obligations - 0.3%
  
  
  
Philadelphia PA Sch Dist 5% 9/1/2025
 
50,000
50,556
Philadelphia PA Sch Dist Series A, 5% 9/1/2025
 
20,000
20,222
 
  
  
70,778
Health Care - 5.5%
  
  
  
Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 5% 7/15/2025
 
600,000
605,473
Butler Cnty PA Hosp Auth Rev (Butler Memorial Hospital,Pa Proj.) Series 2015A, 5% 7/1/2025
 
30,000
29,986
Doylestown PA Hosp Auth Hosp 5% 7/1/2025
 
105,000
105,357
Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2025
 
110,000
110,653
Monroe Cnty PA Hosp Auth Rev (Lehigh Valley Health Proj.) Series 2016, 5% 7/1/2025
 
50,000
50,343
Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 5% 6/1/2025
 
300,000
301,956
 
  
  
1,203,768
Transportation - 1.2%
  
  
  
Philadelphia PA Airport Rev 5% 7/1/2025 (b)
  
210,000
211,535
Philadelphia PA Airport Rev 5% 7/1/2025
 
50,000
50,442
 
  
  
261,977
TOTAL PENNSYLVANIA
  
  
2,205,227
Puerto Rico - 0.1%
 
  
  
General Obligations - 0.1%
  
  
  
Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.375% 7/1/2025
 
49,931
50,223
Rhode Island - 0.3%
 
  
  
Education - 0.3%
  
  
  
Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2025
 
65,000
65,464
Tennessee - 2.4%
 
  
  
Health Care - 2.4%
  
  
  
Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2025
 
250,000
252,301
Knox Cnty TN Health Edl & Hsg Fac Rev (Univ Health System, TN Proj.) 5% 4/1/2025
 
265,000
265,591
Knox Cnty TN Health Edl & Hsg Fac Rev (Univ Health System, TN Proj.) Series 2016 A, 5% 9/1/2025
 
15,000
15,100
 
  
  
532,992
TOTAL TENNESSEE
  
  
532,992
Texas - 0.9%
 
  
  
Transportation - 0.9%
  
  
  
City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2025 (b)
  
200,000
201,275
Utah - 0.0%
 
  
  
Transportation - 0.0%
  
  
  
Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2025 (b)
  
30,000
30,184
Vermont - 3.0%
 
  
  
Education - 3.0%
  
  
  
Vermont St Stud Assit Corp 5% 6/15/2025 (b)
  
250,000
251,498
Vermont St Stud Assit Corp Series 2015A, 5% 6/15/2025 (b)
  
300,000
301,797
Vermont St Stud Assit Corp Series 2019 A, 5% 6/15/2025 (b)
  
105,000
105,629
 
  
  
658,924
TOTAL VERMONT
  
  
658,924
Virginia - 0.6%
 
  
  
Education - 0.6%
  
  
  
Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2025
 
125,000
125,248
Washington - 4.4%
 
  
  
Health Care - 1.6%
  
  
  
Washington St Health Care Facs Auth Rev (Multicare Medical Ctr,Tacom,Wa Proj.) Series B, 5% 8/15/2025
 
355,000
358,081
Special Tax - 0.7%
  
  
  
Washington St Convention Ctr Pub Facs Dist 5% 7/1/2025
 
155,000
155,935
Transportation - 2.1%
  
  
  
Port Seattle WA Rev Series C, 5% 5/1/2025 (b)
  
465,000
466,846
TOTAL WASHINGTON
  
  
980,862
Wisconsin - 2.2%
 
  
  
Escrowed/Pre-Refunded - 0.5%
  
  
  
Wisconsin Health & Educational Facilities Authority Series 2016, 5% 2/15/2027 (Pre-refunded to 8/15/2025 at 100)
 
10,000
10,083
Wisconsin Health & Educational Facilities Authority Series 2017 A, 5% 9/1/2025 (Escrowed to Maturity)
 
100,000
101,093
 
  
  
111,176
Health Care - 1.7%
  
  
  
Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) Series 2016 A, 5% 6/1/2025
 
180,000
180,862
Wisconsin Health & Educational Facilities Authority (Advocate Health Care Network Proj.) Series 2018 B 4, 5% tender 8/15/2054 (d)
  
40,000
40,044
Wisconsin Health & Educational Facilities Authority (Froedtert Thedacare Proj.) Series 2017 A, 5% 4/1/2025
 
155,000
155,597
 
  
  
376,503
TOTAL WISCONSIN
  
  
487,679
 
TOTAL MUNICIPAL SECURITIES
 (Cost $22,114,178)
  
  
  
21,983,307
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.4%
 (Cost $22,114,178)
 
  
 
21,983,307
NET OTHER ASSETS (LIABILITIES) - 0.6%  
128,128
NET ASSETS - 100.0%
22,111,435
 
  
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
 
(c)
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.
 
(d)
Coupon rates for floating and adjustable rate securities reflect the rates in effect 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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Municipal Cash Central Fund
289,026
457,000
746,026
8,392
-
-
-
-
0.0%
Total
289,026
457,000
746,026
8,392
-
-
-
-
  
 
  
  
  
  
  
  
  
  
  
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 December 31, 2024, 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:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Municipal Securities
  
  
  
  
Education
4,858,312
-
4,858,312
-
Escrowed/Pre-Refunded
829,755
-
829,755
-
General Obligations
2,503,297
-
2,503,297
-
Health Care
6,056,930
-
6,056,930
-
Housing
1,241,565
-
1,241,565
-
Special Tax
774,803
-
774,803
-
Tobacco Bonds
201,024
-
201,024
-
Transportation
5,517,621
-
5,517,621
-
 
  
  
  
  
 Total Investments in Securities:
21,983,307
-
21,983,307
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of December 31, 2024 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value - See accompanying schedule
Unaffiliated issuers (cost $22,114,178):
  
  
$
21,983,307
Interest receivable
  
  
363,332
Distributions receivable from Fidelity Central Funds
  
  
962
  Total assets
  
  
22,347,601
Liabilities
  
  
  
  
Payable to custodian bank
$
220,556
  
  
Payable for fund shares redeemed
685
  
  
Distributions payable
6,704
  
  
Accrued management fee
5,631
  
  
Distribution and service plan fees payable
711
  
  
Other affiliated payables
1,879
  
  
  Total liabilities
  
  
  
236,166
Net Assets  
  
  
$
22,111,435
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
22,439,154
Total accumulated earnings (loss)
  
  
  
(327,719)
Net Assets
  
  
$
22,111,435
 
  
  
  
  
Net Asset Value and Maximum Offering Price
  
  
  
  
Class A :
  
  
  
  
Net Asset Value and redemption price per share ($3,353,253 ÷ 335,343 shares)(a)
  
  
$
10.00
Maximum offering price per share (100/97.25 of $10.00)
  
  
$
10.28
Municipal Income 2025 :
  
  
  
  
Net Asset Value, offering price and redemption price per share ($14,334,067 ÷ 1,433,407 shares)
  
  
$
10.00
Class I :
  
  
  
  
Net Asset Value, offering price and redemption price per share ($4,424,115 ÷ 442,380 shares)
  
  
$
10.00
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended December 31, 2024 (Unaudited)
 
 
Investment Income
  
  
  
  
Interest  
  
  
$
268,788
Income from Fidelity Central Funds  
  
  
8,392
 Total income
  
  
  
277,180
Expenses
  
  
  
  
Management fee
$
34,982
  
  
Transfer agent fees
11,661
  
  
Distribution and service plan fees
4,304
  
  
Custodian fees and expenses
2
  
  
Independent trustees' fees and expenses
30
  
  
 Total expenses
  
  
  
50,979
Net Investment income (loss)
  
  
  
226,201
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(8,728)
  
  
Total net realized gain (loss)
  
  
  
(8,728)
Change in net unrealized appreciation (depreciation) on investment securities
 
  
  
199,070
Net gain (loss)
  
  
  
190,342
Net increase (decrease) in net assets resulting from operations
  
  
$
416,543
Statement of Changes in Net Assets
 
 
Six months ended
December 31, 2024
(Unaudited)
  
Year ended
June 30, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
226,201
$
462,497
Net realized gain (loss)
  
(8,728)
  
(31,492)
Change in net unrealized appreciation (depreciation)
  
199,070
  
330,097
Net increase (decrease) in net assets resulting from operations
  
416,543
  
761,102
Distributions to shareholders
  
(226,161)
  
(462,511)
 
  
  
  
  
Share transactions - net increase (decrease)
  
(1,806,382)
  
(1,596,350)
Total increase (decrease) in net assets
  
(1,616,000)
  
(1,297,759)
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
23,727,435
  
25,025,194
End of period
$
22,111,435
$
23,727,435
 
  
  
  
  
 
  
  
  
  
Financial Highlights
 
Fidelity Advisor® Municipal Income 2025 Fund Class A
 
 
Six months ended
(Unaudited) December 31, 2024 
  
Years ended June 30, 2024 
  
2023  
  
2022 
  
2021 
  
2020   
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
9.92
$
9.80
$
9.91
$
10.59
$
10.35
$
10.29
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) A,B
  
.086
 
.166
 
.150
 
.135
 
.146
 
.166
     Net realized and unrealized gain (loss)
 
.080
 
.120
 
(.110)
 
(.680)
 
.241
 
.060
  Total from investment operations
 
.166  
  
.286  
  
.040  
  
(.545)  
  
.387
 
.226
  Distributions from net investment income
 
(.086)
 
(.166)
 
(.150)
 
(.135)
 
(.147)
 
(.166)
     Total distributions
 
(.086)
 
(.166)
 
(.150)
 
(.135)
 
(.147)
 
(.166)
  Net asset value, end of period
$
10.00
$
9.92
$
9.80
$
9.91
$
10.59
$
10.35
 Total Return C,D,E
  
1.68
%
 
2.94%
 
.41%
 
(5.18)%
 
3.75%
 
2.21%
 Ratios to Average Net Assets B,F,G
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.65% H
  
.65%
 
.65%
 
.65%
 
.65%
 
.65%
    Expenses net of fee waivers, if any
 
.65
% H
  
.65%
 
.65%
 
.65%
 
.65%
 
.65%
    Expenses net of all reductions
 
.65% H
  
.65%
 
.65%
 
.65%
 
.65%
 
.65%
    Net investment income (loss)
 
1.71% H
  
1.68%
 
1.52%
 
1.31%
 
1.39%
 
1.61%
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
3,353
$
3,421
$
3,367
$
3,309
$
3,550
$
3,510
    Portfolio turnover rate I
  
0
% H
  
6%
 
6%
 
7%
 
6%
 
23%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees 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.
GExpense 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.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity® Municipal Income 2025 Fund
 
 
Six months ended
(Unaudited) December 31, 2024 
  
Years ended June 30, 2024 
  
2023  
  
2022 
  
2021 
  
2020   
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
9.92
$
9.80
$
9.91
$
10.59
$
10.35
$
10.29
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) A,B
  
.099
 
.190
 
.174
 
.161
 
.173
 
.193
     Net realized and unrealized gain (loss)
 
.080
 
.120
 
(.110)
 
(.680)
 
.240
 
.059
  Total from investment operations
 
.179  
  
.310  
  
.064  
  
(.519)  
  
.413
 
.252
  Distributions from net investment income
 
(.099)
 
(.190)
 
(.174)
 
(.161)
 
(.173)
 
(.192)
     Total distributions
 
(.099)
 
(.190)
 
(.174)
 
(.161)
 
(.173)
 
(.192)
  Net asset value, end of period
$
10.00
$
9.92
$
9.80
$
9.91
$
10.59
$
10.35
 Total Return C,D
  
1.81
%
 
3.20%
 
.66%
 
(4.95)%
 
4.01%
 
2.47%
 Ratios to Average Net Assets B,E,F
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.40% G
  
.40%
 
.40%
 
.40%
 
.40%
 
.40%
    Expenses net of fee waivers, if any
 
.40
% G
  
.40%
 
.40%
 
.40%
 
.40%
 
.40%
    Expenses net of all reductions
 
.40% G
  
.40%
 
.40%
 
.40%
 
.40%
 
.40%
    Net investment income (loss)
 
1.96% G
  
1.93%
 
1.77%
 
1.56%
 
1.64%
 
1.86%
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
14,334
$
15,954
$
16,925
$
15,820
$
17,136
$
14,596
    Portfolio turnover rate H
  
0
% G
  
6%
 
6%
 
7%
 
6%
 
23%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Municipal Income 2025 Fund Class I
 
 
Six months ended
(Unaudited) December 31, 2024 
  
Years ended June 30, 2024 
  
2023  
  
2022 
  
2021 
  
2020   
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
9.92
$
9.80
$
9.91
$
10.59
$
10.36
$
10.29
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) A,B
  
.099
 
.190
 
.175
 
.161
 
.173
 
.192
     Net realized and unrealized gain (loss)
 
.080
 
.120
 
(.111)
 
(.680)
 
.230
 
.070
  Total from investment operations
 
.179  
  
.310  
  
.064  
  
(.519)  
  
.403
 
.262
  Distributions from net investment income
 
(.099)
 
(.190)
 
(.174)
 
(.161)
 
(.173)
 
(.192)
     Total distributions
 
(.099)
 
(.190)
 
(.174)
 
(.161)
 
(.173)
 
(.192)
  Net asset value, end of period
$
10.00
$
9.92
$
9.80
$
9.91
$
10.59
$
10.36
 Total Return C,D
  
1.81
%
 
3.20%
 
.66%
 
(4.95)%
 
3.91%
 
2.57%
 Ratios to Average Net Assets B,E,F
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.40% G
  
.40%
 
.40%
 
.40%
 
.40%
 
.40%
    Expenses net of fee waivers, if any
 
.40
% G
  
.40%
 
.40%
 
.40%
 
.40%
 
.40%
    Expenses net of all reductions
 
.40% G
  
.40%
 
.40%
 
.40%
 
.40%
 
.40%
    Net investment income (loss)
 
1.96% G
  
1.93%
 
1.77%
 
1.56%
 
1.64%
 
1.86%
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
4,424
$
4,352
$
4,733
$
5,284
$
5,827
$
5,512
    Portfolio turnover rate H
  
0
% G
  
6%
 
6%
 
7%
 
6%
 
23%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
 (Unaudited)
For the period ended December 31, 2024
 
1. Organization.
Fidelity Municipal Income 2025 Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Municipal Income 2025 and Class I shares, each of which has equal rights as to assets and voting privileges. Class A and Class I are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). 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 (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to capital loss carryforwards.
 
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$4,152
Gross unrealized depreciation
(135,023)
Net unrealized appreciation (depreciation)
$(130,871)
Tax cost
$22,114,178
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(75,156)
 Long-term
(113,041)
Total capital loss carryforward
$(188,197)
 
New Accounting Pronouncement. 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Municipal Income 2025 Fund
-
1,053,103
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .30% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. The Fund's Class A pays Fidelity Distributors Company (FDC), an affiliate of the investment adviser, a Service Fee based on an annual percentage of Class A's average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Service Fee rate, total service fees and amounts retained by FDC were as follows:
 
 
Service Fee
Total Fees ($)
Retained by FDC ($)
Fidelity Municipal Income 2025 Fund
 
 
 
Class A  
.25%
4,304
3,510
 
 
 
 
 
Sales Load. FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on Class A redemptions. The deferred sales charges are .75% or .50% for certain purchases of Class A shares.
 
For the period, there were no sales charge amounts retained by FDC.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives asset-based fees of class-level average net assets for each class of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount ($)
% of Class-Level Average Net Assets
Class A
 1,722
.10
Municipal Income 2025
 7,743
.10
Class I
 2,196
.10
 
                         11,661
 
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
 
The line of credit agreement will expire in March 2025 unless extended or renewed.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
December 31, 2024
Year ended
June 30, 2024
Fidelity Municipal Income 2025 Fund
 
 
Distributions to shareholders
 
 
Class A
$29,713
 $56,895
Municipal Income 2025
 153,037
 318,052
Class I
                43,411
                87,564
Total  
$226,161
$462,511
8. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 December 31, 2024
Year ended
 June 30, 2024
Six months ended
 December 31, 2024
Year ended
 June 30, 2024
Fidelity Municipal Income 2025 Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
-
8,930
$ -
$87,693
Reinvestment of distributions
2,968
5,768
29,626
56,795
Shares redeemed
(12,502)
(13,456)
(125,019)
(131,235)
Net increase (decrease)
(9,534)
1,242
$(95,393)
$13,253
Municipal Income 2025
 
 
 
 
Shares sold
-
139,265
$ -
$1,370,484
Reinvestment of distributions
11,049
21,705
110,304
213,747
Shares redeemed
(186,052)
(279,813)
(1,858,029)
(2,758,178)
Net increase (decrease)
(175,003)
(118,843)
$(1,747,725)
$(1,173,947)
Class I
 
 
 
 
Shares sold
-
6,191
$ -
$61,159
Reinvestment of distributions
4,087
8,372
40,806
82,428
Shares redeemed
(408)
(58,818)
(4,070)
(579,243)
Net increase (decrease)
3,679
(44,255)
$36,736
$(435,656)
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
 
 
Fidelity Municipal Income 2025 Fund.
 52%
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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Municipal Income 2025 Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
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 renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.  
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also considered other "class-level" expenses, such as transfer agent fees and fund-paid 12b-1 fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund's retail class ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023. 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
 
1.926263.113
DMI-SANN-0325
Fidelity® Mid Cap Growth Index Fund
Fidelity® Mid Cap Value Index Fund
Fidelity® Small Cap Growth Index Fund
Fidelity® Small Cap Value Index Fund
 
 
Semi-Annual Report
December 31, 2024

Contents

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

Fidelity® Mid Cap Growth Index Fund

Fidelity® Mid Cap Value Index Fund

Fidelity® Small Cap Growth Index Fund

Fidelity® Small Cap Value Index Fund

Notes to Financial Statements

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

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

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

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of a fund or the underlying data.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Mid Cap Growth Index Fund
Schedule of Investments December 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7%
 
  
Shares
Value ($)
 
BRAZIL - 1.1%
 
  
  
Financials - 1.1%
  
  
  
Banks - 1.1%
  
  
  
NU Holdings Ltd/Cayman Islands Class A (b)
  
1,628,267
16,868,846
Capital Markets - 0.0%
  
  
  
XP Inc Class A
 
21,080
249,798
TOTAL BRAZIL
  
  
17,118,644
KOREA (SOUTH) - 0.8%
 
  
  
Consumer Discretionary - 0.8%
  
  
  
Broadline Retail - 0.8%
  
  
  
Coupang Inc Class A (b)
  
592,614
13,025,656
PUERTO RICO - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Popular Inc
 
3,757
353,383
UNITED STATES - 97.8%
 
  
  
Communication Services - 4.5%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Iridium Communications Inc
 
5,229
151,746
Entertainment - 2.0%
  
  
  
Liberty Media Corp-Liberty Formula One Class A (b)
  
4,239
356,245
Liberty Media Corp-Liberty Formula One Class C (b)
  
38,183
3,538,037
Live Nation Entertainment Inc (b)
  
80,792
10,462,564
Madison Square Garden Sports Corp Class A (b)
  
761
171,742
ROBLOX Corp Class A (b)
  
268,725
15,548,429
Roku Inc Class A (b)
  
9,697
720,875
TKO Group Holdings Inc Class A (b)
  
5,529
785,726
 
  
  
31,583,618
Interactive Media & Services - 0.6%
  
  
  
Pinterest Inc Class A (b)
  
307,681
8,922,749
TripAdvisor Inc Class A (b)
  
2,907
42,936
Trump Media & Technology Group Corp (b)(c)
  
23,858
813,558
 
  
  
9,779,243
Media - 1.9%
  
  
  
Liberty Broadband Corp Class A (b)
  
2,119
157,569
Liberty Broadband Corp Class C (b)
  
13,783
1,030,417
Nexstar Media Group Inc
 
6,102
963,933
Trade Desk Inc (The) Class A (b)
  
228,455
26,850,316
 
  
  
29,002,235
TOTAL COMMUNICATION SERVICES
  
  
70,516,842
 
  
  
  
Consumer Discretionary - 13.9%
  
  
  
Broadline Retail - 0.1%
  
  
  
Etsy Inc (b)
  
37,206
1,967,825
Distributors - 0.4%
  
  
  
Pool Corp
 
19,071
6,502,067
Diversified Consumer Services - 0.5%
  
  
  
Bright Horizons Family Solutions Inc (b)
  
4,422
490,179
Duolingo Inc Class A (b)
  
19,018
6,166,206
Grand Canyon Education Inc (b)
  
4,777
782,473
H&R Block Inc
 
13,843
731,464
 
  
  
8,170,322
Hotels, Restaurants & Leisure - 7.1%
  
  
  
Cava Group Inc (b)
  
38,598
4,353,854
Choice Hotels International Inc
 
11,881
1,686,864
Churchill Downs Inc
 
35,643
4,759,766
Darden Restaurants Inc
 
31,657
5,910,045
Domino's Pizza Inc
 
6,208
2,605,870
DraftKings Inc Class A (b)
  
231,651
8,617,417
Dutch Bros Inc Class A (b)
  
22,080
1,156,550
Expedia Group Inc Class A (b)
  
63,528
11,837,173
Hilton Worldwide Holdings Inc
 
62,880
15,541,422
Hyatt Hotels Corp Class A (c)
  
3,041
477,376
Las Vegas Sands Corp
 
178,253
9,155,074
Light & Wonder Inc Class A (b)
  
45,318
3,914,569
Norwegian Cruise Line Holdings Ltd (b)
  
224,432
5,774,635
Planet Fitness Inc Class A (b)
  
23,477
2,321,171
Royal Caribbean Cruises Ltd
 
42,093
9,710,435
Texas Roadhouse Inc
 
34,111
6,154,648
Vail Resorts Inc
 
16,100
3,017,945
Wendy's Co/The
 
43,414
707,648
Wingstop Inc
 
15,010
4,265,842
Wyndham Hotels & Resorts Inc
 
3,370
339,662
Wynn Resorts Ltd
 
3,920
337,747
Yum! Brands Inc
 
55,363
7,427,500
 
  
  
110,073,213
Household Durables - 0.4%
  
  
  
SharkNinja Inc
 
6,704
652,701
Tempur Sealy International Inc
 
85,830
4,865,703
TopBuild Corp (b)
  
1,232
383,571
 
  
  
5,901,975
Leisure Products - 0.3%
  
  
  
Hasbro Inc
 
62,181
3,476,540
YETI Holdings Inc (b)
  
12,984
500,014
 
  
  
3,976,554
Specialty Retail - 4.0%
  
  
  
Burlington Stores Inc (b)
  
32,441
9,247,632
CarMax Inc (b)
  
5,541
453,032
Carvana Co Class A (b)
  
19,375
3,940,100
Dick's Sporting Goods Inc
 
2,606
596,357
Five Below Inc (b)
  
22,135
2,323,290
Floor & Decor Holdings Inc Class A (b)
  
19,602
1,954,319
Murphy USA Inc
 
9,371
4,701,899
RH (b)
  
1,492
587,236
Ross Stores Inc
 
38,477
5,820,416
Tractor Supply Co (c)
  
275,957
14,642,279
Ulta Beauty Inc (b)
  
20,838
9,063,071
Valvoline Inc (b)
  
66,076
2,390,630
Williams-Sonoma Inc
 
37,897
7,017,766
 
  
  
62,738,027
Textiles, Apparel & Luxury Goods - 1.1%
  
  
  
Crocs Inc (b)
  
5,257
575,799
Deckers Outdoor Corp (b)
  
77,608
15,761,409
Skechers USA Inc Class A (b)
  
5,864
394,295
 
  
  
16,731,503
TOTAL CONSUMER DISCRETIONARY
  
  
216,061,486
 
  
  
  
Consumer Staples - 2.3%
  
  
  
Beverages - 0.2%
  
  
  
Boston Beer Co Inc/The Class A (b)
  
899
269,682
Celsius Holdings Inc (b)
  
90,094
2,373,076
 
  
  
2,642,758
Consumer Staples Distribution & Retail - 0.9%
  
  
  
Casey's General Stores Inc
 
3,275
1,297,653
Performance Food Group Co (b)
  
11,179
945,184
Sysco Corp
 
156,180
11,941,524
 
  
  
14,184,361
Food Products - 0.3%
  
  
  
Freshpet Inc (b)
  
7,595
1,124,895
Hershey Co/The
 
10,358
1,754,128
Lamb Weston Holdings Inc
 
23,335
1,559,478
Pilgrim's Pride Corp (b)
  
1,983
90,008
 
  
  
4,528,509
Household Products - 0.7%
  
  
  
Clorox Co/The
 
63,516
10,315,634
Personal Care Products - 0.2%
  
  
  
elf Beauty Inc (b)(c)
  
27,497
3,452,248
TOTAL CONSUMER STAPLES
  
  
35,123,510
 
  
  
  
Energy - 4.0%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
Weatherford International PLC
 
36,915
2,644,221
Oil, Gas & Consumable Fuels - 3.9%
  
  
  
Antero Midstream Corp
 
66,237
999,516
Cheniere Energy Inc
 
58,410
12,550,557
Civitas Resources Inc
 
13,813
633,602
Eqt Corp
 
18,695
862,026
Hess Corp
 
92,490
12,302,095
Matador Resources Co
 
4,570
257,108
New Fortress Energy Inc Class A (c)
  
21,606
326,683
Permian Resources Corp Class A
 
71,308
1,025,409
Targa Resources Corp
 
110,689
19,757,988
Texas Pacific Land Corp
 
9,608
10,626,064
Viper Energy Inc Class A
 
15,361
753,764
 
  
  
60,094,812
TOTAL ENERGY
  
  
62,739,033
 
  
  
  
Financials - 11.7%
  
  
  
Capital Markets - 7.2%
  
  
  
Ameriprise Financial Inc
 
45,363
24,152,622
Ares Management Corp Class A
 
94,668
16,759,076
Blue Owl Capital Inc Class A
 
264,727
6,157,550
Coinbase Global Inc Class A (b)
  
87,085
21,623,206
FactSet Research Systems Inc
 
6,888
3,308,169
Houlihan Lokey Inc Class A
 
2,467
428,419
Jefferies Financial Group Inc
 
25,181
1,974,190
Lazard Inc Class A
 
52,410
2,698,067
LPL Financial Holdings Inc
 
38,088
12,436,113
Morningstar Inc
 
13,655
4,598,458
MSCI Inc
 
22,519
13,511,625
TPG Inc Class A
 
10,659
669,812
Tradeweb Markets Inc Class A
 
23,457
3,070,990
 
  
  
111,388,297
Consumer Finance - 0.2%
  
  
  
Ally Financial Inc
 
19,096
687,646
Credit Acceptance Corp (b)(c)
  
2,506
1,176,467
SoFi Technologies Inc Class A (b)
  
85,464
1,316,146
 
  
  
3,180,259
Financial Services - 2.7%
  
  
  
Block Inc Class A (b)
  
119,950
10,194,551
Corpay Inc (b)
  
34,524
11,683,613
Equitable Holdings Inc
 
161,690
7,626,917
Shift4 Payments Inc Class A (b)(c)
  
31,348
3,253,295
Toast Inc Class A (b)
  
231,787
8,448,636
UWM Holdings Corp Class A
 
33,147
194,573
Western Union Co/The
 
30,439
322,653
WEX Inc (b)
  
1,885
330,478
 
  
  
42,054,716
Insurance - 1.6%
  
  
  
Allstate Corp/The
 
20,969
4,042,614
Arthur J Gallagher & Co
 
8,680
2,463,818
Brown & Brown Inc
 
53,766
5,485,207
Everest Group Ltd
 
3,588
1,300,506
Kinsale Capital Group Inc
 
11,266
5,240,155
Markel Group Inc (b)
  
1,529
2,639,406
RLI Corp
 
1,292
212,960
Ryan Specialty Holdings Inc Class A
 
52,344
3,358,391
 
  
  
24,743,057
TOTAL FINANCIALS
  
  
181,366,329
 
  
  
  
Health Care - 12.5%
  
  
  
Biotechnology - 3.2%
  
  
  
Alnylam Pharmaceuticals Inc (b)
  
58,529
13,772,459
Apellis Pharmaceuticals Inc (b)
  
53,423
1,704,728
Exact Sciences Corp (b)
  
36,864
2,071,388
Exelixis Inc (b)
  
119,733
3,987,109
Incyte Corp (b)
  
4,800
331,536
Ionis Pharmaceuticals Inc (b)
  
74,442
2,602,492
Natera Inc (b)
  
58,585
9,274,006
Neurocrine Biosciences Inc (b)
  
51,023
6,964,640
Sarepta Therapeutics Inc (b)
  
46,332
5,633,508
Ultragenyx Pharmaceutical Inc (b)
  
45,430
1,911,240
Viking Therapeutics Inc (b)(c)
  
54,372
2,187,929
 
  
  
50,441,035
Health Care Equipment & Supplies - 4.1%
  
  
  
Align Technology Inc (b)
  
22,468
4,684,803
Dexcom Inc (b)
  
199,642
15,526,158
GE HealthCare Technologies Inc
 
21,870
1,709,796
IDEXX Laboratories Inc (b)
  
41,588
17,194,143
Inspire Medical Systems Inc (b)
  
14,985
2,777,919
Insulet Corp (b)
  
35,733
9,328,814
Masimo Corp (b)
  
11,545
1,908,389
Penumbra Inc (b)
  
18,862
4,479,348
ResMed Inc
 
20,310
4,644,694
 
  
  
62,254,064
Health Care Providers & Services - 2.4%
  
  
  
Cardinal Health Inc
 
74,028
8,755,292
Cencora Inc
 
84,986
19,094,654
Chemed Corp
 
774
410,065
DaVita Inc (b)
  
24,118
3,606,847
Molina Healthcare Inc (b)
  
18,301
5,326,506
 
  
  
37,193,364
Health Care Technology - 1.0%
  
  
  
Doximity Inc Class A (b)
  
4,707
251,306
Veeva Systems Inc Class A (b)
  
75,470
15,867,568
 
  
  
16,118,874
Life Sciences Tools & Services - 1.5%
  
  
  
10X Genomics Inc Class A (b)
  
36,127
518,783
Bruker Corp
 
35,411
2,075,793
Fortrea Holdings Inc (b)(c)
  
4,621
86,181
IQVIA Holdings Inc (b)
  
10,421
2,047,831
Medpace Holdings Inc (b)
  
13,000
4,318,990
Repligen Corp (b)
  
4,075
586,556
Waters Corp (b)
  
18,394
6,823,806
West Pharmaceutical Services Inc
 
22,546
7,385,168
 
  
  
23,843,108
Pharmaceuticals - 0.3%
  
  
  
Intra-Cellular Therapies Inc (b)
  
52,656
4,397,829
TOTAL HEALTH CARE
  
  
194,248,274
 
  
  
  
Industrials - 17.3%
  
  
  
Aerospace & Defense - 2.5%
  
  
  
Axon Enterprise Inc (b)
  
36,738
21,834,128
BWX Technologies Inc
 
9,515
1,059,876
HEICO Corp
 
22,549
5,360,799
HEICO Corp Class A
 
41,554
7,732,369
Howmet Aerospace Inc
 
12,647
1,383,202
Loar Holdings Inc
 
14,005
1,035,110
Spirit AeroSystems Holdings Inc Class A (b)
  
7,414
252,669
Standardaero Inc (c)
  
11,329
280,506
 
  
  
38,938,659
Air Freight & Logistics - 0.1%
  
  
  
Expeditors International of Washington Inc
 
11,772
1,303,984
Building Products - 1.6%
  
  
  
AAON Inc
 
34,473
4,056,783
Advanced Drainage Systems Inc
 
13,592
1,571,235
Armstrong World Industries Inc
 
7,490
1,058,562
AZEK Co Inc/The Class A (b)
  
51,555
2,447,316
Builders FirstSource Inc (b)
  
5,334
762,388
Carlisle Cos Inc
 
3,116
1,149,305
Lennox International Inc
 
16,399
9,991,911
Simpson Manufacturing Co Inc
 
2,038
337,961
Trex Co Inc (b)
  
54,657
3,772,973
 
  
  
25,148,434
Commercial Services & Supplies - 0.9%
  
  
  
Rollins Inc
 
142,964
6,626,381
Tetra Tech Inc
 
29,309
1,167,671
Veralto Corp
 
56,865
5,791,700
 
  
  
13,585,752
Construction & Engineering - 1.3%
  
  
  
Comfort Systems USA Inc
 
17,980
7,624,600
EMCOR Group Inc
 
9,196
4,174,064
Quanta Services Inc
 
22,742
7,187,609
WillScot Holdings Corp (b)
  
26,925
900,641
 
  
  
19,886,914
Electrical Equipment - 1.6%
  
  
  
Generac Holdings Inc (b)
  
14,758
2,288,228
Rockwell Automation Inc
 
5,395
1,541,837
Vertiv Holdings Co Class A
 
183,183
20,811,421
 
  
  
24,641,486
Ground Transportation - 2.1%
  
  
  
Avis Budget Group Inc (c)
  
3,456
278,588
Lyft Inc Class A (b)
  
129,514
1,670,731
Old Dominion Freight Line Inc
 
98,974
17,459,014
Saia Inc (b)
  
7,912
3,605,736
U-Haul Holding Co (b)(c)
  
1,792
123,809
U-Haul Holding Co Class N
 
22,122
1,416,914
XPO Inc (b)
  
58,482
7,669,914
 
  
  
32,224,706
Machinery - 0.1%
  
  
  
Lincoln Electric Holdings Inc
 
7,877
1,476,701
Passenger Airlines - 0.0%
  
  
  
American Airlines Group Inc (b)(c)
  
24,110
420,237
Professional Services - 3.9%
  
  
  
Booz Allen Hamilton Holding Corp Class A
 
64,514
8,302,952
Broadridge Financial Solutions Inc
 
54,701
12,367,349
Dayforce Inc (b)(c)
  
8,168
593,324
Equifax Inc
 
12,633
3,219,520
KBR Inc
 
5,855
339,180
Paychex Inc
 
59,079
8,284,057
Paycom Software Inc
 
16,412
3,363,968
Paycor HCM Inc (b)
  
4,035
74,930
Paylocity Holding Corp (b)
  
22,194
4,427,037
TransUnion
 
5,659
524,646
Verisk Analytics Inc
 
72,100
19,858,503
 
  
  
61,355,466
Trading Companies & Distributors - 3.2%
  
  
  
Core & Main Inc Class A (b)
  
64,485
3,282,931
Fastenal Co
 
246,916
17,755,730
Ferguson Enterprises Inc
 
6,935
1,203,708
SiteOne Landscape Supply Inc (b)
  
8,417
1,109,107
United Rentals Inc
 
8,108
5,711,600
WW Grainger Inc
 
19,350
20,395,868
 
  
  
49,458,944
TOTAL INDUSTRIALS
  
  
268,441,283
 
  
  
  
Information Technology - 27.4%
  
  
  
Communications Equipment - 0.0%
  
  
  
Ubiquiti Inc
 
954
316,661
Electronic Equipment, Instruments & Components - 0.6%
  
  
  
CDW Corp/DE
 
34,577
6,017,781
Cognex Corp
 
4,752
170,407
Ingram Micro Holding Corp
 
2,275
44,111
Jabil Inc
 
4,635
666,977
Zebra Technologies Corp Class A (b)
  
5,599
2,162,446
 
  
  
9,061,722
IT Services - 4.3%
  
  
  
Cloudflare Inc Class A (b)(c)
  
153,434
16,521,773
EPAM Systems Inc (b)
  
1,760
411,523
Gartner Inc (b)
  
38,565
18,683,586
Globant SA (b)
  
16,179
3,469,101
GoDaddy Inc Class A (b)
  
71,533
14,118,468
MongoDB Inc Class A (b)
  
36,631
8,528,063
Okta Inc Class A (b)
  
37,021
2,917,255
Twilio Inc Class A (b)
  
15,496
1,674,808
VeriSign Inc (b)
  
2,768
572,865
 
  
  
66,897,442
Semiconductors & Semiconductor Equipment - 2.7%
  
  
  
Astera Labs Inc (b)
  
2,766
366,357
Enphase Energy Inc (b)
  
67,413
4,629,925
Entegris Inc
 
77,038
7,631,384
Lattice Semiconductor Corp (b)
  
60,333
3,417,864
MKS Instruments Inc
 
2,017
210,555
Monolithic Power Systems Inc
 
24,031
14,219,143
Onto Innovation Inc (b)
  
6,439
1,073,188
Teradyne Inc
 
72,797
9,166,598
Universal Display Corp
 
12,027
1,758,347
 
  
  
42,473,361
Software - 18.2%
  
  
  
Appfolio Inc Class A (b)
  
11,590
2,859,485
AppLovin Corp Class A (b)
  
134,199
43,457,663
Bentley Systems Inc Class B
 
71,689
3,347,876
BILL Holdings Inc (b)
  
12,841
1,087,761
Confluent Inc Class A (b)
  
126,656
3,541,302
Datadog Inc Class A (b)
  
152,952
21,855,311
DocuSign Inc (b)
  
103,942
9,348,543
DoubleVerify Holdings Inc (b)
  
41,812
803,209
Dropbox Inc Class A (b)
  
36,919
1,109,047
Dynatrace Inc (b)
  
150,859
8,199,187
Elastic NV (b)
  
44,538
4,412,825
Fair Isaac Corp (b)
  
10,270
20,446,851
Five9 Inc (b)
  
37,941
1,541,922
Gitlab Inc Class A (b)
  
62,421
3,517,423
Guidewire Software Inc (b)
  
19,052
3,211,786
HashiCorp Inc Class A (b)
  
58,095
1,987,430
HubSpot Inc (b)
  
25,004
17,422,037
Manhattan Associates Inc (b)
  
31,335
8,467,970
MicroStrategy Inc Class A (b)(c)
  
5,307
1,537,013
nCino Inc (b)
  
26,412
886,915
Nutanix Inc Class A (b)
  
36,360
2,224,505
Palantir Technologies Inc Class A (b)
  
1,029,539
77,864,036
Pegasystems Inc
 
22,805
2,125,426
Procore Technologies Inc (b)
  
54,730
4,100,919
PTC Inc (b)
  
36,766
6,760,164
RingCentral Inc Class A (b)
  
42,031
1,471,505
SentinelOne Inc Class A (b)
  
22,979
510,134
Smartsheet Inc Class A (b)
  
69,337
3,884,952
Teradata Corp (b)
  
48,837
1,521,273
Tyler Technologies Inc (b)
  
18,437
10,631,512
UiPath Inc Class A (b)
  
187,475
2,382,807
Unity Software Inc (b)
  
68,617
1,541,824
Zscaler Inc (b)
  
47,662
8,598,701
 
  
  
282,659,314
Technology Hardware, Storage & Peripherals - 1.6%
  
  
  
HP Inc
 
119,281
3,892,139
NetApp Inc
 
47,228
5,482,226
Pure Storage Inc Class A (b)
  
136,943
8,412,409
Super Micro Computer Inc (b)(c)
  
253,506
7,726,863
 
  
  
25,513,637
TOTAL INFORMATION TECHNOLOGY
  
  
426,922,137
 
  
  
  
Materials - 1.1%
  
  
  
Chemicals - 0.2%
  
  
  
Celanese Corp
 
14,230
984,858
Chemours Co/The
 
5,678
95,958
RPM International Inc
 
14,696
1,808,490
 
  
  
2,889,306
Construction Materials - 0.6%
  
  
  
Eagle Materials Inc
 
12,884
3,179,256
Martin Marietta Materials Inc
 
1,756
906,974
Vulcan Materials Co
 
17,469
4,493,551
 
  
  
8,579,781
Containers & Packaging - 0.2%
  
  
  
Avery Dennison Corp
 
15,452
2,891,533
Sealed Air Corp
 
4,029
136,301
 
  
  
3,027,834
Metals & Mining - 0.0%
  
  
  
Cleveland-Cliffs Inc (b)
  
80,604
757,677
Paper & Forest Products - 0.1%
  
  
  
Louisiana-Pacific Corp
 
22,354
2,314,756
TOTAL MATERIALS
  
  
17,569,354
 
  
  
  
Real Estate - 1.3%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
Jones Lang LaSalle Inc (b)
  
7,493
1,896,778
Retail REITs - 0.5%
  
  
  
Simon Property Group Inc
 
42,380
7,298,260
Specialized REITs - 0.7%
  
  
  
Iron Mountain Inc
 
85,062
8,940,867
Lamar Advertising Co Class A
 
11,226
1,366,653
 
  
  
10,307,520
TOTAL REAL ESTATE
  
  
19,502,558
 
  
  
  
Utilities - 1.8%
  
  
  
Electric Utilities - 0.2%
  
  
  
NRG Energy Inc
 
43,006
3,880,001
Independent Power and Renewable Electricity Producers - 1.6%
  
  
  
Vistra Corp
 
173,605
23,934,922
TOTAL UTILITIES
  
  
27,814,923
 
  
  
  
TOTAL UNITED STATES
  
  
1,520,305,729
 
TOTAL COMMON STOCKS
 (Cost $1,244,943,043)
  
  
  
1,550,803,412
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (d)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 2/20/2025 (e)
 (Cost $190,823)
  
4.46
192,000
190,908
 
  
  
  
  
Money Market Funds - 2.9%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
  
4.36
7,047,738
7,049,148
Fidelity Securities Lending Cash Central Fund (f)(g)
  
4.35
38,315,418
38,319,250
 
TOTAL MONEY MARKET FUNDS
 (Cost $45,368,398)
  
  
  
45,368,398
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 102.6%
 (Cost $1,290,502,264)
 
  
 
1,596,362,718
NET OTHER ASSETS (LIABILITIES) - (2.6)%  
(40,394,489)
NET ASSETS - 100.0%
1,555,968,229
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
CME E-mini S&P MidCap 400 Index Contracts (United States)
13
Mar 2025
4,090,710
27,900
27,900
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 0.3%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $190,908.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
4,427,315
133,353,132
130,731,316
102,562
17
-
7,049,148
7,047,738
0.0%
Fidelity Securities Lending Cash Central Fund
14,176,950
187,861,837
163,719,537
55,272
-
-
38,319,250
38,315,418
0.2%
Total
18,604,265
321,214,969
294,450,853
157,834
17
-
45,368,398
45,363,156
  
 
  
  
  
  
  
  
  
  
  
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 payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of December 31, 2024, 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:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
70,516,842
70,516,842
-
-
Consumer Discretionary
229,087,142
229,087,142
-
-
Consumer Staples
35,123,510
35,123,510
-
-
Energy
62,739,033
62,739,033
-
-
Financials
198,838,356
198,838,356
-
-
Health Care
194,248,274
194,248,274
-
-
Industrials
268,441,283
268,441,283
-
-
Information Technology
426,922,137
426,922,137
-
-
Materials
17,569,354
17,569,354
-
-
Real Estate
19,502,558
19,502,558
-
-
Utilities
27,814,923
27,814,923
-
-
 U.S. Treasury Obligations
190,908
-
190,908
-
  Money Market Funds
45,368,398
45,368,398
-
-
 Total Investments in Securities:
1,596,362,718
1,596,171,810
190,908
-
 Derivative Instruments:
 Assets
  
  
  
  
Futures Contracts
27,900
27,900
-
-
  Total Assets
27,900
27,900
-
-
 Total Derivative Instruments:
27,900
27,900
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2024. 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                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
27,900
0
Total Equity Risk
27,900
0
Total Value of Derivatives
27,900
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Mid Cap Growth Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of December 31, 2024 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  (including  securities loaned of $37,313,559) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $1,245,133,866)
$
1,550,994,320
  
  
Fidelity Central Funds (cost $45,368,398)
45,368,398
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $1,290,502,264)
  
  
$
1,596,362,718
Segregated cash with brokers for derivative instruments
  
  
226,077
Foreign currency held at value (cost $301)
  
  
283
Receivable for fund shares sold
  
  
8,842,532
Dividends receivable
  
  
308,151
Distributions receivable from Fidelity Central Funds
  
  
32,337
Receivable for daily variation margin on futures contracts
  
  
13,526
  Total assets
  
  
1,605,785,624
Liabilities
  
  
  
  
Payable for investments purchased
$
9,934,876
  
  
Payable for fund shares redeemed
1,497,911
  
  
Accrued management fee
65,358
  
  
Collateral on securities loaned
38,319,250
  
  
  Total liabilities
  
  
  
49,817,395
Net Assets  
  
  
$
1,555,968,229
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
1,291,413,186
Total accumulated earnings (loss)
  
  
  
264,555,043
Net Assets
  
  
$
1,555,968,229
Net Asset Value, offering price and redemption price per share ($1,555,968,229 ÷ 47,323,109 shares)
  
  
$
32.88
Statement of Operations
Six months ended December 31, 2024 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
3,680,790
Interest  
  
  
5,995
Income from Fidelity Central Funds (including $55,272 from security lending)
 
  
157,834
 Total income
  
  
  
3,844,619
Expenses
  
  
  
  
Management fee
$
320,474
  
  
Independent trustees' fees and expenses
1,478
  
  
 Total expenses before reductions
  
321,952
  
  
 Expense reductions
  
(587)
  
  
 Total expenses after reductions
  
  
  
321,365
Net Investment income (loss)
  
  
  
3,523,254
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(2,277,921)
  
  
   Fidelity Central Funds
  
17
  
  
 Futures contracts
  
2,110
  
  
Total net realized gain (loss)
  
  
  
(2,275,794)
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
164,686,545
  
  
 Assets and liabilities in foreign currencies
  
(15)
  
  
 Futures contracts
  
21,658
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
164,708,188
Net gain (loss)
  
  
  
162,432,394
Net increase (decrease) in net assets resulting from operations
  
  
$
165,955,648
Statement of Changes in Net Assets
 
 
Six months ended
December 31, 2024
(Unaudited)
  
Year ended
June 30, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
3,523,254
$
6,027,043
Net realized gain (loss)
  
(2,275,794)
  
59,775,978
Change in net unrealized appreciation (depreciation)
  
164,708,188
  
52,331,475
Net increase (decrease) in net assets resulting from operations
  
165,955,648
  
118,134,496
Distributions to shareholders
  
(6,611,674)
  
(5,052,417)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
493,039,102
  
649,400,298
  Reinvestment of distributions
  
5,324,590
  
3,453,892
Cost of shares redeemed
  
(208,014,408)
  
(369,176,470)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
290,349,284
  
283,677,720
Total increase (decrease) in net assets
  
449,693,258
  
396,759,799
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
1,106,274,971
  
709,515,172
End of period
$
1,555,968,229
$
1,106,274,971
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
15,420,735
  
23,879,699
  Issued in reinvestment of distributions
  
171,202
  
133,872
Redeemed
  
(6,816,873)
  
(13,714,932)
Net increase (decrease)
  
8,775,064
  
10,298,639
 
  
  
  
  
Financial Highlights
 
Fidelity® Mid Cap Growth Index Fund
 
 
Six months ended
(Unaudited) December 31, 2024 
  
Years ended June 30, 2024 
  
2023  
  
2022 
  
2021 
  
2020 A  
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
28.70
$
25.12
$
20.56
$
31.08
$
21.71
$
20.00
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) B,C
  
.09
 
.19
 
.18
 
.17
 
.13
 
.15
     Net realized and unrealized gain (loss)
 
4.24
 
3.56
 
4.56
 
(8.78)
 
9.34
 
1.62
  Total from investment operations
 
4.33  
  
3.75  
  
4.74  
  
(8.61)  
  
9.47
 
1.77
  Distributions from net investment income
 
(.15)
 
(.17)
 
(.18)
 
(.12)
 
(.10)
 
(.06)
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.79)
 
-
 
- D
     Total distributions
 
(.15)
 
(.17)
 
(.18)
 
(1.91)
 
(.10)
 
(.06)
  Net asset value, end of period
$
32.88
$
28.70
$
25.12
$
20.56
$
31.08
$
21.71
 Total Return E,F
  
15.13
%
 
15.01%
 
23.13%
 
(29.57)%
 
43.70%
 
8.86%
 Ratios to Average Net Assets C,G,H
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.05% I
  
.05%
 
.05%
 
.05%
 
.05%
 
.05% I
    Expenses net of fee waivers, if any
 
.05
% I
  
.05%
 
.05%
 
.05%
 
.05%
 
.05% I
    Expenses net of all reductions
 
.05% I
  
.05%
 
.05%
 
.05%
 
.05%
 
.05% I
    Net investment income (loss)
 
.55% I
  
.72%
 
.81%
 
.62%
 
.47%
 
.76% I
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
1,555,968
$
1,106,275
$
709,515
$
457,328
$
653,513
$
208,955
    Portfolio turnover rate J
  
10
% I
  
54% K
  
46%
 
62%
 
54%
 
109% I
 
AFor the period July 11, 2019 (commencement of operations) through June 30, 2020.
BCalculated based on average shares outstanding during the period.
CNet 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.
DAmount represents less than $.005 per share.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees 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.
HExpense 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.
IAnnualized.
JAmount 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.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Mid Cap Value Index Fund
Schedule of Investments December 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8%
 
  
Shares
Value ($)
 
BAILIWICK OF JERSEY - 0.3%
 
  
  
Consumer Discretionary - 0.3%
  
  
  
Automobile Components - 0.3%
  
  
  
Aptiv PLC
 
25,541
1,544,720
BELGIUM - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Liberty Global Ltd Class A (b)
  
18,090
230,829
Liberty Global Ltd Class C (b)
  
16,602
218,150
 
  
  
  
TOTAL BELGIUM
  
  
448,979
BERMUDA - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Insurance - 0.1%
  
  
  
RenaissanceRe Holdings Ltd
 
5,583
1,389,106
BRAZIL - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
XP Inc Class A
 
39,854
472,270
CANADA - 0.3%
 
  
  
Industrials - 0.3%
  
  
  
Commercial Services & Supplies - 0.3%
  
  
  
RB Global Inc (United States)
 
19,925
1,797,434
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Brookfield Renewable Corp (United States)
 
14,691
406,353
TOTAL CANADA
  
  
2,203,787
FINLAND - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Amer Sports Inc
 
6,351
177,574
GERMANY - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Birkenstock Holding Plc (b)
  
4,268
241,825
JAPAN - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Allegro MicroSystems Inc (b)
  
13,364
292,137
PUERTO RICO - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Popular Inc
 
6,962
654,846
UNITED KINGDOM - 0.1%
 
  
  
Energy - 0.1%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
TechnipFMC PLC
 
46,065
1,333,121
UNITED STATES - 98.9%
 
  
  
Communication Services - 3.3%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Frontier Communications Parent Inc (b)
  
26,711
926,872
GCI Liberty Inc Class A (b)(c)(d)
  
9,740
0
Iridium Communications Inc
 
11,135
323,137
 
  
  
1,250,009
Entertainment - 1.6%
  
  
  
Electronic Arts Inc
 
28,762
4,207,881
Liberty Media Corp-Liberty Formula One Class A (b)
  
1,694
142,364
Liberty Media Corp-Liberty Formula One Class C (b)
  
14,635
1,356,079
Liberty Media Corp-Liberty Live Class A (b)
  
2,123
141,307
Liberty Media Corp-Liberty Live Class C (b)
  
5,053
343,907
Madison Square Garden Sports Corp Class A (b)
  
1,863
420,442
Playtika Holding Corp
 
7,571
52,542
Roku Inc Class A (b)
  
11,679
868,217
Take-Two Interactive Software Inc (b)
  
18,763
3,453,893
TKO Group Holdings Inc Class A (b)
  
7,409
1,052,893
Warner Bros Discovery Inc (b)
  
264,158
2,792,150
 
  
  
14,831,675
Interactive Media & Services - 0.2%
  
  
  
IAC Inc Class A (b)
  
8,090
349,003
Match Group Inc
 
27,963
914,670
TripAdvisor Inc Class A (b)
  
11,168
164,951
Trump Media & Technology Group Corp (b)(e)
  
3,020
102,982
ZoomInfo Technologies Inc (b)
  
32,882
345,590
 
  
  
1,877,196
Media - 1.4%
  
  
  
Charter Communications Inc Class A (b)
  
10,213
3,500,710
Fox Corp Class A
 
24,078
1,169,709
Fox Corp Class B
 
14,386
658,016
Interpublic Group of Cos Inc/The
 
40,463
1,133,773
Liberty Broadband Corp Class A (b)
  
1,371
101,947
Liberty Broadband Corp Class C (b)
  
9,056
677,027
New York Times Co/The Class A
 
17,495
910,615
News Corp Class A
 
41,443
1,141,340
News Corp Class B
 
12,346
375,689
Nexstar Media Group Inc
 
2,022
319,415
Omnicom Group Inc
 
21,069
1,812,777
Paramount Global Class A
 
1,211
27,005
Paramount Global Class B
 
63,906
668,457
Sirius XM Holdings Inc (e)
  
23,390
533,292
 
  
  
13,029,772
Consumer Discretionary - 9.0%
  
  
  
Automobile Components - 0.2%
  
  
  
BorgWarner Inc
 
23,694
753,233
Gentex Corp
 
25,165
722,990
Lear Corp
 
5,876
556,457
QuantumScape Corp Class A (b)(e)
  
39,485
204,927
 
  
  
2,237,607
Automobiles - 0.3%
  
  
  
Harley-Davidson Inc
 
12,878
388,014
Lucid Group Inc Class A (b)(e)
  
107,892
325,833
Rivian Automotive Inc Class A (b)(e)
  
90,645
1,205,579
Thor Industries Inc
 
5,529
529,181
 
  
  
2,448,607
Broadline Retail - 0.6%
  
  
  
Dillard's Inc Class A
 
336
145,064
eBay Inc
 
52,098
3,227,471
Etsy Inc (b)
  
4,240
224,254
Kohl's Corp (e)
  
12,059
169,308
Macy's Inc
 
29,815
504,768
Nordstrom Inc
 
10,865
262,390
Ollie's Bargain Outlet Holdings Inc (b)
  
6,627
727,181
 
  
  
5,260,436
Distributors - 0.3%
  
  
  
Genuine Parts Co
 
15,131
1,766,696
LKQ Corp
 
28,209
1,036,680
 
  
  
2,803,376
Diversified Consumer Services - 0.3%
  
  
  
ADT Inc
 
36,018
248,884
Bright Horizons Family Solutions Inc (b)
  
5,330
590,831
Grand Canyon Education Inc (b)
  
2,133
349,385
H&R Block Inc
 
12,157
642,376
Service Corp International/US
 
15,295
1,220,847
 
  
  
3,052,323
Hotels, Restaurants & Leisure - 2.3%
  
  
  
Aramark
 
28,494
1,063,111
Boyd Gaming Corp
 
6,900
500,526
Caesars Entertainment Inc (b)
  
22,952
767,056
Carnival Corp (b)
  
111,680
2,783,066
Choice Hotels International Inc
 
453
64,316
Darden Restaurants Inc
 
6,019
1,123,687
Domino's Pizza Inc
 
2,463
1,033,869
Dutch Bros Inc Class A (b)
  
7,203
377,293
Hilton Worldwide Holdings Inc
 
12,699
3,138,685
Hyatt Hotels Corp Class A (e)
  
3,810
598,094
Marriott Vacations Worldwide Corp
 
3,778
339,264
MGM Resorts International (b)
  
24,923
863,582
Penn Entertainment Inc (b)
  
16,377
324,592
Planet Fitness Inc Class A (b)
  
4,195
414,760
Royal Caribbean Cruises Ltd
 
16,849
3,886,896
Travel + Leisure Co
 
7,149
360,667
Vail Resorts Inc
 
655
122,780
Wendy's Co/The
 
9,574
156,056
Wyndham Hotels & Resorts Inc
 
7,526
758,546
Wynn Resorts Ltd
 
10,285
886,156
Yum! Brands Inc
 
18,898
2,535,356
 
  
  
22,098,358
Household Durables - 2.2%
  
  
  
DR Horton Inc
 
31,758
4,440,405
Garmin Ltd
 
16,854
3,476,306
Leggett & Platt Inc
 
14,547
139,651
Lennar Corp Class A
 
25,581
3,488,481
Lennar Corp Class B
 
1,222
161,487
Mohawk Industries Inc (b)
  
5,707
679,875
Newell Brands Inc
 
45,070
448,897
NVR Inc (b)
  
313
2,559,996
PulteGroup Inc
 
22,193
2,416,818
SharkNinja Inc
 
5,768
561,572
Toll Brothers Inc
 
10,939
1,377,767
TopBuild Corp (b)
  
3,015
938,690
Whirlpool Corp
 
5,757
659,061
 
  
  
21,349,006
Leisure Products - 0.2%
  
  
  
Brunswick Corp/DE
 
7,138
461,686
Hasbro Inc
 
1,896
106,005
Mattel Inc (b)
  
36,784
652,180
Polaris Inc (e)
  
5,616
323,594
YETI Holdings Inc (b)
  
6,537
251,740
 
  
  
1,795,205
Specialty Retail - 1.9%
  
  
  
Advance Auto Parts Inc
 
6,493
307,054
AutoNation Inc (b)
  
2,767
469,947
Bath & Body Works Inc
 
23,837
924,160
Best Buy Co Inc
 
23,456
2,012,525
CarMax Inc (b)
  
15,658
1,280,198
Carvana Co Class A (b)
  
7,653
1,556,314
Dick's Sporting Goods Inc
 
5,535
1,266,629
Five Below Inc (b)
  
1,219
127,946
Floor & Decor Holdings Inc Class A (b)
  
7,256
723,423
GameStop Corp Class A (b)(e)
  
42,706
1,338,406
Gap Inc/The
 
22,069
521,490
Lithia Motors Inc Class A
 
2,852
1,019,390
Penske Automotive Group Inc
 
2,006
305,795
RH (b)
  
1,303
512,848
Ross Stores Inc
 
27,244
4,121,201
Ulta Beauty Inc (b)
  
689
299,667
Wayfair Inc Class A (b)(e)
  
10,381
460,086
Williams-Sonoma Inc
 
5,556
1,028,860
 
  
  
18,275,939
Textiles, Apparel & Luxury Goods - 0.7%
  
  
  
Capri Holdings Ltd (b)
  
12,467
262,555
Carter's Inc (e)
  
3,860
209,173
Columbia Sportswear Co
 
3,557
298,539
Crocs Inc (b)
  
5,089
557,398
PVH Corp
 
6,034
638,096
Ralph Lauren Corp Class A
 
4,298
992,752
Skechers USA Inc Class A (b)
  
13,089
880,104
Tapestry Inc
 
25,287
1,652,000
Under Armour Inc Class A (b)
  
20,602
170,585
Under Armour Inc Class C (b)
  
20,716
154,541
VF Corp
 
38,100
817,626
 
  
  
6,633,369
TOTAL CONSUMER DISCRETIONARY
  
  
85,954,226
 
  
  
  
Consumer Staples - 5.7%
  
  
  
Beverages - 0.3%
  
  
  
Boston Beer Co Inc/The Class A (b)
  
755
226,485
Brown-Forman Corp Class A
 
5,289
199,342
Brown-Forman Corp Class B
 
18,759
712,467
Coca-Cola Consolidated Inc
 
657
827,813
Molson Coors Beverage Co Class B
 
18,594
1,065,808
 
  
  
3,031,915
Consumer Staples Distribution & Retail - 1.8%
  
  
  
Albertsons Cos Inc
 
45,474
893,109
BJ's Wholesale Club Holdings Inc (b)
  
14,352
1,282,351
Casey's General Stores Inc
 
3,330
1,319,446
Dollar General Corp
 
23,908
1,812,705
Dollar Tree Inc (b)
  
22,004
1,648,980
Grocery Outlet Holding Corp (b)
  
10,386
162,125
Kroger Co/The
 
72,213
4,415,825
Maplebear Inc (b)
  
18,093
749,412
Performance Food Group Co (b)
  
14,247
1,204,584
Sysco Corp
 
20,274
1,550,150
US Foods Holding Corp (b)
  
24,923
1,681,306
Walgreens Boots Alliance Inc
 
77,797
725,846
 
  
  
17,445,839
Food Products - 2.7%
  
  
  
Archer-Daniels-Midland Co
 
51,900
2,621,989
Bunge Global SA
 
15,113
1,175,187
Conagra Brands Inc
 
51,855
1,438,976
Darling Ingredients Inc (b)
  
17,235
580,647
Flowers Foods Inc
 
20,392
421,299
Freshpet Inc (b)
  
3,452
511,276
General Mills Inc
 
60,781
3,876,005
Hershey Co/The
 
13,646
2,310,950
Hormel Foods Corp
 
31,552
989,786
Ingredion Inc
 
7,130
980,803
JM Smucker Co
 
11,229
1,236,537
Kellanova
 
28,541
2,310,965
Lamb Weston Holdings Inc
 
10,489
700,980
McCormick & Co Inc/MD
 
27,414
2,090,043
Pilgrim's Pride Corp (b)
  
4,105
186,326
Post Holdings Inc (b)
  
5,177
592,559
Seaboard Corp
 
28
68,030
The Campbell's Company
 
20,891
874,915
Tyson Foods Inc Class A
 
30,616
1,758,583
 
  
  
24,725,856
Household Products - 0.3%
  
  
  
Church & Dwight Co Inc
 
26,550
2,780,051
Reynolds Consumer Products Inc
 
5,939
160,293
Spectrum Brands Holdings Inc
 
2,951
249,330
 
  
  
3,189,674
Personal Care Products - 0.6%
  
  
  
BellRing Brands Inc (b)
  
13,993
1,054,233
Coty Inc Class A (b)
  
41,407
288,192
Kenvue Inc
 
208,440
4,450,194
 
  
  
5,792,619
TOTAL CONSUMER STAPLES
  
  
54,185,903
 
  
  
  
Energy - 5.6%
  
  
  
Energy Equipment & Services - 0.8%
  
  
  
Baker Hughes Co Class A
 
108,637
4,456,290
Halliburton Co
 
95,935
2,608,473
NOV Inc
 
42,157
615,492
 
  
  
7,680,255
Oil, Gas & Consumable Fuels - 4.8%
  
  
  
Antero Midstream Corp
 
22,797
344,007
Antero Resources Corp (b)
  
31,560
1,106,178
APA Corp
 
39,348
908,545
Cheniere Energy Inc
 
11,891
2,555,019
Chord Energy Corp
 
6,684
781,493
Civitas Resources Inc
 
7,754
355,676
Coterra Energy Inc
 
79,450
2,029,153
Devon Energy Corp
 
67,785
2,218,603
Diamondback Energy Inc
 
20,526
3,362,775
DT Midstream Inc
 
10,568
1,050,776
Eqt Corp
 
60,157
2,773,839
Expand Energy Corp
 
25,103
2,499,004
Hess Corp
 
10,733
1,427,596
HF Sinclair Corp
 
16,821
589,576
Kinder Morgan Inc
 
211,021
5,781,975
Matador Resources Co
 
11,807
664,262
New Fortress Energy Inc Class A (e)
  
4,218
63,776
ONEOK Inc
 
63,514
6,376,806
Ovintiv Inc
 
28,653
1,160,447
Permian Resources Corp Class A
 
56,029
805,697
Range Resources Corp
 
25,791
927,960
Viper Energy Inc Class A
 
7,959
390,548
Williams Cos Inc/The
 
132,472
7,169,385
 
  
  
45,343,096
TOTAL ENERGY
  
  
53,023,351
 
  
  
  
Financials - 17.8%
  
  
  
Banks - 3.4%
  
  
  
Bank OZK
 
11,542
513,965
BOK Financial Corp
 
2,468
262,718
Citizens Financial Group Inc
 
48,643
2,128,618
Columbia Banking System Inc
 
22,638
611,452
Comerica Inc
 
14,428
892,372
Commerce Bancshares Inc/MO
 
13,429
836,761
Cullen/Frost Bankers Inc
 
6,403
859,603
East West Bancorp Inc
 
15,006
1,436,975
Fifth Third Bancorp
 
73,549
3,109,652
First Citizens BancShares Inc/NC Class A
 
1,304
2,755,378
First Hawaiian Inc
 
13,853
359,485
First Horizon Corp
 
57,972
1,167,556
FNB Corp/PA
 
38,714
572,193
Huntington Bancshares Inc/OH
 
157,135
2,556,586
KeyCorp
 
100,711
1,726,187
M&T Bank Corp
 
18,089
3,400,913
Pinnacle Financial Partners Inc
 
8,249
943,603
Prosperity Bancshares Inc
 
9,770
736,170
Regions Financial Corp
 
100,012
2,352,282
Synovus Financial Corp
 
15,639
801,186
TFS Financial Corp
 
5,469
68,690
Webster Financial Corp
 
18,566
1,025,215
Western Alliance Bancorp
 
11,686
976,248
Wintrust Financial Corp
 
7,059
880,328
Zions Bancorp NA
 
15,738
853,787
 
  
  
31,827,923
Capital Markets - 4.6%
  
  
  
Affiliated Managers Group Inc
 
3,194
590,634
Ameriprise Financial Inc
 
931
495,692
Bank of New York Mellon Corp/The
 
80,448
6,180,820
Carlyle Group Inc/The
 
23,819
1,202,621
Cboe Global Markets Inc
 
11,480
2,243,192
Coinbase Global Inc Class A (b)
  
3,526
875,506
Evercore Inc Class A
 
3,903
1,081,873
FactSet Research Systems Inc
 
2,673
1,283,788
Franklin Resources Inc
 
31,000
628,990
Houlihan Lokey Inc Class A
 
5,181
899,732
Interactive Brokers Group Inc Class A
 
11,488
2,029,585
Invesco Ltd
 
39,756
694,935
Janus Henderson Group PLC
 
13,867
589,764
Jefferies Financial Group Inc
 
13,640
1,069,376
Lazard Inc Class A
 
757
38,969
MarketAxess Holdings Inc
 
4,018
908,229
MSCI Inc
 
3,483
2,089,835
Nasdaq Inc
 
44,836
3,466,271
Northern Trust Corp
 
21,327
2,186,018
Raymond James Financial Inc
 
20,014
3,108,775
Robinhood Markets Inc Class A (b)
  
73,118
2,724,377
SEI Investments Co
 
10,874
896,888
State Street Corp
 
31,870
3,128,041
Stifel Financial Corp
 
10,802
1,145,876
T Rowe Price Group Inc
 
23,872
2,699,684
TPG Inc Class A
 
6,881
432,402
Tradeweb Markets Inc Class A
 
7,643
1,000,622
Virtu Financial Inc Class A
 
8,717
311,022
 
  
  
44,003,517
Consumer Finance - 1.2%
  
  
  
Ally Financial Inc
 
25,807
929,310
Credit Acceptance Corp (b)
  
143
67,133
Discover Financial Services
 
27,215
4,714,454
OneMain Holdings Inc
 
12,283
640,313
SLM Corp
 
22,937
632,602
SoFi Technologies Inc Class A (b)
  
96,859
1,491,629
Synchrony Financial
 
42,316
2,750,540
 
  
  
11,225,981
Financial Services - 1.9%
  
  
  
Affirm Holdings Inc Class A (b)
  
28,205
1,717,685
Block Inc Class A (b)
  
34,942
2,969,721
Corebridge Financial Inc
 
32,162
962,609
Euronet Worldwide Inc (b)
  
4,604
473,475
Fidelity National Information Services Inc
 
59,443
4,801,211
Global Payments Inc
 
27,701
3,104,174
Jack Henry & Associates Inc
 
7,891
1,383,292
MGIC Investment Corp
 
27,999
663,856
Rocket Cos Inc Class A (b)
  
15,133
170,398
UWM Holdings Corp Class A
 
3,450
20,251
Voya Financial Inc
 
10,697
736,275
Western Union Co/The
 
30,287
321,042
WEX Inc (b)
  
3,906
684,800
 
  
  
18,008,789
Insurance - 6.4%
  
  
  
AFLAC Inc
 
60,740
6,282,946
Allstate Corp/The
 
24,131
4,652,215
American Financial Group Inc/OH
 
7,809
1,069,286
Arch Capital Group Ltd
 
39,262
3,625,846
Arthur J Gallagher & Co
 
24,912
7,071,272
Assurant Inc
 
5,660
1,206,825
Assured Guaranty Ltd
 
5,470
492,355
Axis Capital Holdings Ltd
 
8,345
739,534
Brighthouse Financial Inc (b)
  
6,508
312,644
Brown & Brown Inc
 
14,548
1,484,187
Cincinnati Financial Corp
 
16,663
2,394,473
CNA Financial Corp
 
2,408
116,475
Everest Group Ltd
 
3,919
1,420,481
Fidelity National Financial Inc/US
 
28,241
1,585,450
First American Financial Corp
 
10,874
678,973
Globe Life Inc
 
9,662
1,077,506
Hanover Insurance Group Inc/The
 
3,883
600,545
Hartford Financial Services Group Inc/The
 
31,506
3,446,756
Kemper Corp
 
6,599
438,438
Lincoln National Corp
 
18,511
586,984
Loews Corp
 
19,501
1,651,540
Markel Group Inc (b)
  
1,054
1,819,446
Old Republic International Corp
 
25,739
931,494
Primerica Inc
 
3,666
995,026
Principal Financial Group Inc
 
24,693
1,911,485
Prudential Financial Inc
 
39,124
4,637,368
Reinsurance Group of America Inc
 
7,147
1,526,814
RLI Corp
 
4,233
697,725
Unum Group
 
19,764
1,443,365
W R Berkley Corp
 
31,968
1,870,767
White Mountains Insurance Group Ltd
 
271
527,111
Willis Towers Watson PLC
 
10,960
3,433,110
 
  
  
60,728,442
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
  
  
  
AGNC Investment Corp
 
88,566
815,693
Annaly Capital Management Inc
 
61,012
1,116,520
Rithm Capital Corp
 
56,452
611,375
Starwood Property Trust Inc
 
34,051
645,266
 
  
  
3,188,854
TOTAL FINANCIALS
  
  
168,983,506
 
  
  
  
Health Care - 8.2%
  
  
  
Biotechnology - 0.9%
  
  
  
Alnylam Pharmaceuticals Inc (b)
  
1,571
369,672
Biogen Inc (b)
  
15,857
2,424,852
BioMarin Pharmaceutical Inc (b)
  
20,550
1,350,752
Exact Sciences Corp (b)
  
11,998
674,168
Exelixis Inc (b)
  
5,050
168,165
GRAIL Inc (e)
  
2,874
51,300
Incyte Corp (b)
  
16,283
1,124,667
Ionis Pharmaceuticals Inc (b)
  
1,185
41,427
Roivant Sciences Ltd (b)(e)
  
46,306
547,800
United Therapeutics Corp (b)
  
4,753
1,677,049
 
  
  
8,429,852
Health Care Equipment & Supplies - 2.2%
  
  
  
Align Technology Inc (b)
  
3,374
703,513
Baxter International Inc
 
55,419
1,616,018
Cooper Cos Inc/The (b)
  
21,243
1,952,869
DENTSPLY SIRONA Inc
 
21,975
417,086
Enovis Corp (b)
  
6,014
263,893
Envista Holdings Corp (b)
  
18,675
360,241
GE HealthCare Technologies Inc
 
44,839
3,505,513
Globus Medical Inc Class A (b)
  
12,183
1,007,656
Hologic Inc (b)
  
24,893
1,794,536
Masimo Corp (b)
  
2,267
374,735
QuidelOrtho Corp (b)
  
6,761
301,203
ResMed Inc
 
11,504
2,630,850
Solventum Corp
 
15,085
996,515
STERIS PLC
 
10,727
2,205,042
Teleflex Inc
 
5,053
899,333
Zimmer Biomet Holdings Inc
 
21,562
2,277,594
 
  
  
21,306,597
Health Care Providers & Services - 2.0%
  
  
  
Acadia Healthcare Co Inc (b)
  
9,896
392,376
Amedisys Inc (b)
  
3,485
316,403
Cardinal Health Inc
 
10,761
1,272,703
Centene Corp (b)
  
54,929
3,327,599
Chemed Corp
 
1,451
768,740
Encompass Health Corp
 
10,769
994,517
Henry Schein Inc (b)
  
13,707
948,524
Humana Inc
 
13,121
3,328,930
Labcorp Holdings Inc
 
9,148
2,097,819
Molina Healthcare Inc (b)
  
2,277
662,721
Premier Inc Class A
 
10,496
222,515
Quest Diagnostics Inc
 
12,081
1,822,540
Tenet Healthcare Corp (b)
  
10,348
1,306,228
Universal Health Services Inc Class B
 
6,233
1,118,325
 
  
  
18,579,940
Health Care Technology - 0.1%
  
  
  
Certara Inc (b)
  
13,260
141,219
Doximity Inc Class A (b)
  
12,365
660,167
 
  
  
801,386
Life Sciences Tools & Services - 2.5%
  
  
  
10X Genomics Inc Class A (b)
  
3,902
56,033
Agilent Technologies Inc
 
31,256
4,198,932
Avantor Inc (b)
  
73,801
1,554,987
Azenta Inc (b)
  
5,248
262,400
Bio-Rad Laboratories Inc Class A (b)
  
2,053
674,431
Bio-Techne Corp
 
16,899
1,217,235
Bruker Corp
 
4,356
255,349
Charles River Laboratories International Inc (b)
  
5,556
1,025,638
Fortrea Holdings Inc (b)
  
8,781
163,766
Illumina Inc (b)
  
17,334
2,316,342
IQVIA Holdings Inc (b)
  
17,399
3,419,078
Mettler-Toledo International Inc (b)
  
2,296
2,809,569
QIAGEN NV (United States)
 
24,316
1,082,791
Repligen Corp (b)
  
5,194
747,624
Revvity Inc
 
13,387
1,494,123
Sotera Health Co (b)
  
16,380
224,078
Waters Corp (b)
  
2,501
927,821
West Pharmaceutical Services Inc
 
3,103
1,016,419
 
  
  
23,446,616
Pharmaceuticals - 0.5%
  
  
  
Elanco Animal Health Inc (b)
  
53,560
648,612
Jazz Pharmaceuticals PLC (b)
  
6,559
807,741
Organon & Co
 
28,001
417,775
Perrigo Co PLC
 
14,744
379,068
Royalty Pharma PLC Class A
 
42,605
1,086,854
Viatris Inc
 
129,163
1,608,079
 
  
  
4,948,129
TOTAL HEALTH CARE
  
  
77,512,520
 
  
  
  
Industrials - 16.8%
  
  
  
Aerospace & Defense - 1.7%
  
  
  
BWX Technologies Inc
 
7,897
879,647
Curtiss-Wright Corp
 
4,149
1,472,356
Hexcel Corp
 
8,848
554,770
Howmet Aerospace Inc
 
41,409
4,528,902
Huntington Ingalls Industries Inc
 
4,244
801,989
L3Harris Technologies Inc
 
20,612
4,334,291
Loar Holdings Inc
 
320
23,651
Spirit AeroSystems Holdings Inc Class A (b)
  
11,053
376,686
Standardaero Inc (e)
  
5,101
126,301
Textron Inc
 
20,335
1,555,424
Woodward Inc
 
6,405
1,065,920
 
  
  
15,719,937
Air Freight & Logistics - 0.3%
  
  
  
CH Robinson Worldwide Inc
 
12,637
1,305,655
Expeditors International of Washington Inc
 
12,861
1,424,613
GXO Logistics Inc (b)
  
12,748
554,538
 
  
  
3,284,806
Building Products - 1.2%
  
  
  
A O Smith Corp
 
12,902
880,045
Advanced Drainage Systems Inc
 
4,738
547,713
Allegion plc
 
9,518
1,243,812
Armstrong World Industries Inc
 
3,134
442,928
AZEK Co Inc/The Class A (b)
  
4,689
222,587
Builders FirstSource Inc (b)
  
11,330
1,619,397
Carlisle Cos Inc
 
4,247
1,566,463
Fortune Brands Innovations Inc
 
13,400
915,622
Hayward Holdings Inc (b)
  
15,506
237,087
Masco Corp
 
23,462
1,702,638
Owens Corning
 
9,386
1,598,624
Simpson Manufacturing Co Inc
 
4,180
693,169
 
  
  
11,670,085
Commercial Services & Supplies - 0.5%
  
  
  
Clean Harbors Inc (b)
  
5,540
1,274,976
MSA Safety Inc
 
4,026
667,390
Tetra Tech Inc
 
22,758
906,679
Veralto Corp
 
14,785
1,505,852
Vestis Corp
 
14,322
218,267
 
  
  
4,573,164
Construction & Engineering - 1.0%
  
  
  
AECOM
 
14,559
1,555,192
API Group Corp (b)
  
24,744
890,042
EMCOR Group Inc
 
2,997
1,360,338
Everus Construction Group Inc
 
5,532
363,729
MasTec Inc (b)
  
6,817
928,066
Quanta Services Inc
 
10,971
3,467,386
Valmont Industries Inc
 
2,166
664,247
WillScot Holdings Corp (b)
  
13,747
459,837
 
  
  
9,688,837
Electrical Equipment - 1.5%
  
  
  
Acuity Brands Inc
 
3,350
978,636
AMETEK Inc
 
25,130
4,529,934
Generac Holdings Inc (b)
  
3,262
505,773
Hubbell Inc
 
5,827
2,440,872
nVent Electric PLC
 
17,970
1,224,835
Regal Rexnord Corp
 
7,222
1,120,349
Rockwell Automation Inc
 
11,326
3,236,858
Sensata Technologies Holding PLC
 
16,255
445,386
 
  
  
14,482,643
Ground Transportation - 0.5%
  
  
  
Avis Budget Group Inc (e)
  
1,149
92,620
JB Hunt Transport Services Inc
 
8,817
1,504,709
Knight-Swift Transportation Holdings Inc
 
17,019
902,688
Landstar System Inc
 
3,820
656,505
Lyft Inc Class A (b)
  
12,513
161,418
Ryder System Inc
 
4,522
709,321
Saia Inc (b)
  
1,201
547,332
Schneider National Inc Class B
 
5,045
147,718
U-Haul Holding Co (b)(e)
  
498
34,407
U-Haul Holding Co Class N
 
6,164
394,804
 
  
  
5,151,522
Machinery - 5.0%
  
  
  
AGCO Corp
 
6,776
633,420
Allison Transmission Holdings Inc
 
9,407
1,016,520
CNH Industrial NV Class A
 
95,005
1,076,407
Crane Co
 
5,321
807,462
Cummins Inc
 
14,871
5,184,031
Donaldson Co Inc
 
13,070
880,265
Dover Corp
 
14,925
2,799,930
Esab Corp
 
6,153
737,991
Flowserve Corp
 
14,300
822,536
Fortive Corp
 
37,746
2,830,950
Gates Industrial Corp PLC (b)
  
25,732
529,307
Graco Inc
 
18,204
1,534,415
IDEX Corp
 
8,244
1,725,387
Ingersoll Rand Inc
 
43,923
3,973,275
ITT Inc
 
8,964
1,280,776
Lincoln Electric Holdings Inc
 
4,326
810,995
Middleby Corp/The (b)
  
5,789
784,120
Nordson Corp
 
6,175
1,292,057
Oshkosh Corp
 
7,094
674,427
Otis Worldwide Corp
 
43,447
4,023,627
Pentair PLC
 
17,966
1,808,098
RBC Bearings Inc (b)
  
3,092
924,941
Snap-on Inc
 
5,631
1,911,612
Stanley Black & Decker Inc
 
16,723
1,342,690
Timken Co/The
 
7,036
502,159
Toro Co/The
 
11,168
894,557
Westinghouse Air Brake Technologies Corp
 
18,555
3,517,842
Xylem Inc/NY
 
26,300
3,051,326
 
  
  
47,371,123
Marine Transportation - 0.1%
  
  
  
Kirby Corp (b)
  
6,314
668,021
Passenger Airlines - 1.3%
  
  
  
Alaska Air Group Inc (b)(e)
  
13,654
884,096
American Airlines Group Inc (b)(e)
  
66,102
1,152,158
Delta Air Lines Inc
 
70,112
4,241,776
Southwest Airlines Co
 
65,020
2,185,972
United Airlines Holdings Inc (b)
  
35,627
3,459,382
 
  
  
11,923,384
Professional Services - 2.3%
  
  
  
Amentum Holdings Inc
 
14,154
297,659
Broadridge Financial Solutions Inc
 
1,108
250,508
CACI International Inc (b)
  
2,403
970,956
Clarivate PLC (b)(e)
  
44,466
225,887
Concentrix Corp (e)
  
5,111
221,153
Dayforce Inc (b)(e)
  
14,649
1,064,103
Dun & Bradstreet Holdings Inc
 
32,855
409,373
Equifax Inc
 
10,681
2,722,053
FTI Consulting Inc (b)
  
3,826
731,263
Genpact Ltd
 
18,882
810,982
Jacobs Solutions Inc
 
13,413
1,792,245
KBR Inc
 
13,221
765,893
Leidos Holdings Inc
 
14,477
2,085,557
ManpowerGroup Inc
 
5,152
297,373
Parsons Corp (b)
  
4,987
460,051
Paychex Inc
 
22,436
3,145,977
Paycom Software Inc
 
2,057
421,623
Paycor HCM Inc (b)
  
8,108
150,566
Robert Half Inc
 
11,001
775,130
Science Applications International Corp
 
5,367
599,923
SS&C Technologies Holdings Inc
 
23,386
1,772,191
TransUnion
 
19,909
1,845,763
 
  
  
21,816,229
Trading Companies & Distributors - 1.4%
  
  
  
Air Lease Corp Class A
 
11,354
547,376
Core & Main Inc Class A (b)
  
7,169
364,974
Fastenal Co
 
9,785
703,639
Ferguson Enterprises Inc
 
20,542
3,565,475
MSC Industrial Direct Co Inc Class A
 
4,982
372,106
SiteOne Landscape Supply Inc (b)
  
3,062
403,480
United Rentals Inc
 
5,401
3,804,680
Watsco Inc
 
3,763
1,783,248
Wesco International Inc
 
4,575
827,892
WW Grainger Inc
 
621
654,565
 
  
  
13,027,435
TOTAL INDUSTRIALS
  
  
159,377,186
 
  
  
  
Information Technology - 9.1%
  
  
  
Communications Equipment - 0.5%
  
  
  
Ciena Corp (b)
  
15,660
1,328,125
F5 Inc (b)
  
6,356
1,598,343
Juniper Networks Inc
 
35,458
1,327,902
Lumentum Holdings Inc (b)
  
7,396
620,894
Ubiquiti Inc
 
249
82,651
 
  
  
4,957,915
Electronic Equipment, Instruments & Components - 2.3%
  
  
  
Arrow Electronics Inc (b)
  
5,710
645,915
Avnet Inc
 
9,452
494,529
CDW Corp/DE
 
7,266
1,264,575
Cognex Corp
 
17,698
634,650
Coherent Corp (b)
  
13,570
1,285,486
Corning Inc
 
83,422
3,964,213
Crane NXT Co
 
5,329
310,254
Ingram Micro Holding Corp
 
1,449
28,096
IPG Photonics Corp (b)
  
2,934
213,360
Jabil Inc
 
11,037
1,588,224
Keysight Technologies Inc (b)
  
18,963
3,046,027
Littelfuse Inc
 
2,655
625,651
TD SYNNEX Corp
 
8,202
961,931
Teledyne Technologies Inc (b)
  
5,039
2,338,751
Trimble Inc (b)
  
26,504
1,872,773
Vontier Corp
 
16,322
595,263
Zebra Technologies Corp Class A (b)
  
4,375
1,689,713
 
  
  
21,559,411
IT Services - 1.4%
  
  
  
Akamai Technologies Inc (b)
  
16,199
1,549,434
Amdocs Ltd
 
12,215
1,039,985
Cognizant Technology Solutions Corp Class A
 
54,167
4,165,443
DXC Technology Co (b)
  
19,431
388,231
EPAM Systems Inc (b)
  
5,568
1,301,910
Globant SA (b)
  
1,142
244,868
Kyndryl Holdings Inc (b)
  
24,744
856,142
Okta Inc Class A (b)
  
9,741
767,591
Twilio Inc Class A (b)
  
13,351
1,442,976
VeriSign Inc (b)
  
8,470
1,752,951
 
  
  
13,509,531
Semiconductors & Semiconductor Equipment - 1.7%
  
  
  
Amkor Technology Inc
 
12,257
314,882
Astera Labs Inc (b)
  
11,177
1,480,394
Cirrus Logic Inc (b)
  
5,853
582,842
First Solar Inc (b)
  
11,603
2,044,913
GlobalFoundries Inc (b)(e)
  
10,695
458,922
Lattice Semiconductor Corp (b)
  
2,013
114,036
MACOM Technology Solutions Holdings Inc (b)
  
6,069
788,424
Microchip Technology Inc
 
57,706
3,309,439
MKS Instruments Inc
 
6,840
714,028
ON Semiconductor Corp (b)
  
46,236
2,915,180
Onto Innovation Inc (b)
  
3,961
660,180
Qorvo Inc (b)
  
10,299
720,209
Skyworks Solutions Inc
 
17,476
1,549,772
Teradyne Inc
 
1,525
192,028
Universal Display Corp
 
2,512
367,254
Wolfspeed Inc (b)(e)
  
13,684
91,135
 
  
  
16,303,638
Software - 2.2%
  
  
  
ANSYS Inc (b)
  
9,493
3,202,274
Aspen Technology Inc (b)
  
2,925
730,168
BILL Holdings Inc (b)
  
8,238
697,841
Ccc Intelligent Solutions Holdings Inc Class A (b)
  
49,167
576,729
Dolby Laboratories Inc Class A
 
6,357
496,482
DoubleVerify Holdings Inc (b)
  
6,913
132,799
Dropbox Inc Class A (b)
  
17,872
536,875
Fair Isaac Corp (b)
  
397
790,399
Gen Digital Inc
 
59,155
1,619,664
Guidewire Software Inc (b)
  
4,849
817,444
HashiCorp Inc Class A (b)
  
3,468
118,640
Informatica Inc Class A (b)
  
8,749
226,862
MicroStrategy Inc Class A (b)(e)
  
16,790
4,862,720
nCino Inc (b)
  
3,504
117,664
Nutanix Inc Class A (b)
  
19,487
1,192,215
PTC Inc (b)
  
5,059
930,198
SentinelOne Inc Class A (b)
  
25,506
566,233
Tyler Technologies Inc (b)
  
692
399,035
UiPath Inc Class A (b)
  
6,731
85,550
Unity Software Inc (b)
  
18,330
411,875
Zoom Communications Inc Class A (b)
  
28,692
2,341,554
 
  
  
20,853,221
Technology Hardware, Storage & Peripherals - 1.0%
  
  
  
Hewlett Packard Enterprise Co
 
141,210
3,014,834
HP Inc
 
79,461
2,592,812
NetApp Inc
 
12,371
1,436,026
Pure Storage Inc Class A (b)
  
4,306
264,517
Western Digital Corp (b)
  
37,595
2,241,790
 
  
  
9,549,979
TOTAL INFORMATION TECHNOLOGY
  
  
86,733,695
 
  
  
  
Materials - 6.7%
  
  
  
Chemicals - 3.1%
  
  
  
Albemarle Corp
 
12,760
1,098,381
Ashland Inc
 
5,301
378,809
Axalta Coating Systems Ltd (b)
  
23,661
809,679
Celanese Corp
 
8,837
611,609
CF Industries Holdings Inc
 
18,884
1,611,183
Chemours Co/The
 
15,028
253,973
Corteva Inc
 
76,137
4,336,765
Dow Inc
 
76,597
3,073,838
DuPont de Nemours Inc
 
45,520
3,470,900
Eastman Chemical Co
 
12,725
1,162,047
Element Solutions Inc
 
24,343
619,042
FMC Corp
 
13,555
658,909
Huntsman Corp
 
17,764
320,285
International Flavors & Fragrances Inc
 
27,829
2,352,942
LyondellBasell Industries NV Class A1
 
28,335
2,104,440
Mosaic Co/The
 
34,807
855,556
NewMarket Corp
 
732
386,752
Olin Corp
 
12,781
431,998
PPG Industries Inc
 
25,165
3,005,959
RPM International Inc
 
10,706
1,317,480
Scotts Miracle-Gro Co/The
 
4,639
307,751
Westlake Corp
 
3,647
418,129
 
  
  
29,586,427
Construction Materials - 0.7%
  
  
  
Eagle Materials Inc
 
884
218,135
Martin Marietta Materials Inc
 
6,298
3,252,917
Vulcan Materials Co
 
10,685
2,748,503
 
  
  
6,219,555
Containers & Packaging - 1.8%
  
  
  
Amcor PLC
 
156,521
1,472,863
AptarGroup Inc
 
7,185
1,128,764
Avery Dennison Corp
 
5,431
1,016,303
Ball Corp
 
32,122
1,770,886
Berry Global Group Inc
 
12,464
806,047
Crown Holdings Inc
 
12,722
1,051,982
Graphic Packaging Holding CO
 
32,312
877,594
International Paper Co
 
37,699
2,028,960
Packaging Corp of America
 
9,649
2,172,279
Sealed Air Corp
 
14,970
506,435
Silgan Holdings Inc
 
9,022
469,595
Smurfit WestRock PLC
 
56,255
3,029,894
Sonoco Products Co
 
10,659
520,692
 
  
  
16,852,294
Metals & Mining - 1.1%
  
  
  
Alcoa Corp
 
26,829
1,013,600
ATI Inc (b)
  
13,428
739,077
Cleveland-Cliffs Inc (b)
  
35,328
332,083
MP Materials Corp (b)(e)
  
14,300
223,080
Nucor Corp
 
25,802
3,011,351
Reliance Inc
 
5,857
1,577,056
Royal Gold Inc
 
7,147
942,332
Steel Dynamics Inc
 
15,801
1,802,420
United States Steel Corp
 
24,247
824,156
 
  
  
10,465,155
Paper & Forest Products - 0.0%
  
  
  
Louisiana-Pacific Corp
 
2,055
212,795
TOTAL MATERIALS
  
  
63,336,226
 
  
  
  
Real Estate - 9.8%
  
  
  
Diversified REITs - 0.1%
  
  
  
WP Carey Inc
 
23,593
1,285,346
Health Care REITs - 0.9%
  
  
  
Alexandria Real Estate Equities Inc
 
18,853
1,839,110
Healthcare Realty Trust Inc
 
38,433
651,439
Healthpeak Properties Inc
 
76,036
1,541,250
Medical Properties Trust Inc (e)
  
64,549
254,969
Omega Healthcare Investors Inc
 
29,366
1,111,503
Ventas Inc
 
45,567
2,683,441
 
  
  
8,081,712
Hotel & Resort REITs - 0.2%
  
  
  
Host Hotels & Resorts Inc
 
75,841
1,328,735
Park Hotels & Resorts Inc
 
22,149
311,636
 
  
  
1,640,371
Industrial REITs - 0.4%
  
  
  
Americold Realty Trust Inc
 
30,935
662,009
EastGroup Properties Inc
 
5,346
857,980
First Industrial Realty Trust Inc
 
14,375
720,619
Lineage Inc
 
6,691
391,891
Rexford Industrial Realty Inc
 
23,954
926,062
STAG Industrial Inc Class A
 
19,703
666,355
 
  
  
4,224,916
Office REITs - 0.4%
  
  
  
BXP Inc
 
17,090
1,270,812
Cousins Properties Inc
 
17,527
537,027
Highwoods Properties Inc
 
11,341
346,808
Kilroy Realty Corp
 
12,717
514,403
Vornado Realty Trust
 
19,050
800,862
 
  
  
3,469,912
Real Estate Management & Development - 1.1%
  
  
  
CBRE Group Inc Class A (b)
  
33,293
4,371,038
CoStar Group Inc (b)
  
44,172
3,162,273
Howard Hughes Holdings Inc (b)
  
3,369
259,143
Jones Lang LaSalle Inc (b)
  
3,548
898,141
Seaport Entertainment Group Inc (e)
  
839
23,450
Zillow Group Inc Class A (b)
  
4,944
350,282
Zillow Group Inc Class C (b)
  
16,963
1,256,111
 
  
  
10,320,438
Residential REITs - 2.1%
  
  
  
American Homes 4 Rent Class A
 
36,753
1,375,297
AvalonBay Communities Inc
 
15,445
3,397,437
Camden Property Trust
 
11,263
1,306,959
Equity LifeStyle Properties Inc
 
20,547
1,368,430
Equity Residential
 
41,125
2,951,130
Essex Property Trust Inc
 
6,949
1,983,523
Invitation Homes Inc
 
66,611
2,129,554
Mid-America Apartment Communities Inc
 
12,642
1,954,074
Sun Communities Inc
 
13,422
1,650,503
UDR Inc
 
35,740
1,551,473
 
  
  
19,668,380
Retail REITs - 1.7%
  
  
  
Agree Realty Corp
 
11,637
819,827
Brixmor Property Group Inc
 
32,635
908,558
Federal Realty Investment Trust
 
9,194
1,029,268
Kimco Realty Corp
 
71,726
1,680,540
NNN REIT Inc
 
20,320
830,072
Realty Income Corp
 
94,888
5,067,968
Regency Centers Corp
 
19,661
1,453,538
Simon Property Group Inc
 
26,204
4,512,591
 
  
  
16,302,362
Specialized REITs - 2.9%
  
  
  
Crown Castle Inc
 
47,323
4,295,035
CubeSmart
 
24,351
1,043,440
Digital Realty Trust Inc
 
36,069
6,396,117
EPR Properties
 
8,131
360,041
Extra Space Storage Inc
 
22,764
3,405,494
Gaming and Leisure Properties Inc
 
28,370
1,366,299
Iron Mountain Inc
 
13,590
1,428,445
Lamar Advertising Co Class A
 
7,092
863,380
National Storage Affiliates Trust
 
7,596
287,964
Rayonier Inc
 
15,988
417,287
SBA Communications Corp Class A
 
11,679
2,380,180
VICI Properties Inc
 
113,525
3,316,065
Weyerhaeuser Co
 
79,345
2,233,562
 
  
  
27,793,309
TOTAL REAL ESTATE
  
  
92,786,746
 
  
  
  
Utilities - 6.9%
  
  
  
Electric Utilities - 3.6%
  
  
  
Alliant Energy Corp
 
27,888
1,649,296
Edison International
 
41,404
3,305,695
Entergy Corp
 
46,403
3,518,275
Evergy Inc
 
24,246
1,492,341
Eversource Energy
 
38,947
2,236,726
Exelon Corp
 
108,928
4,100,050
FirstEnergy Corp
 
62,684
2,493,570
IDACORP Inc
 
5,783
631,966
NRG Energy Inc
 
13,215
1,192,257
OGE Energy Corp
 
21,760
897,600
PG&E Corp
 
232,666
4,695,201
Pinnacle West Capital Corp
 
12,356
1,047,418
PPL Corp
 
80,379
2,609,102
Xcel Energy Inc
 
62,565
4,224,390
 
  
  
34,093,887
Gas Utilities - 0.4%
  
  
  
Atmos Energy Corp
 
16,852
2,346,978
MDU Resources Group Inc
 
22,090
398,062
National Fuel Gas Co
 
9,912
601,460
UGI Corp
 
23,387
660,215
 
  
  
4,006,715
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
AES Corp/The
 
77,155
992,985
Clearway Energy Inc Class A
 
3,803
92,982
Clearway Energy Inc Class C
 
8,876
230,776
 
  
  
1,316,743
Multi-Utilities - 2.4%
  
  
  
Ameren Corp
 
28,960
2,581,494
CenterPoint Energy Inc
 
70,227
2,228,303
CMS Energy Corp
 
32,394
2,159,060
Consolidated Edison Inc
 
37,695
3,363,525
DTE Energy Co
 
22,501
2,716,996
NiSource Inc
 
50,833
1,868,621
Public Service Enterprise Group Inc
 
54,273
4,585,526
WEC Energy Group Inc
 
34,425
3,237,327
 
  
  
22,740,852
Water Utilities - 0.4%
  
  
  
American Water Works Co Inc
 
21,228
2,642,674
Essential Utilities Inc
 
27,406
995,386
 
  
  
3,638,060
TOTAL UTILITIES
  
  
65,796,257
 
  
  
  
TOTAL UNITED STATES
  
  
938,678,268
 
TOTAL COMMON STOCKS
 (Cost $730,283,951)
  
  
  
947,436,633
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (f)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 2/20/2025 (g)
 (Cost $170,945)
  
4.46
172,000
171,022
 
  
  
  
  
Money Market Funds - 1.8%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
  
4.36
1,799,087
1,799,446
Fidelity Securities Lending Cash Central Fund (h)(i)
  
4.35
15,963,479
15,965,075
 
TOTAL MONEY MARKET FUNDS
 (Cost $17,764,521)
  
  
  
17,764,521
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.6%
 (Cost $748,219,417)
 
  
 
965,372,176
NET OTHER ASSETS (LIABILITIES) - (1.6)%  
(15,594,485)
NET ASSETS - 100.0%
949,777,691
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
CME E-mini S&P MidCap 400 Index Contracts (United States)
6
Mar 2025
1,888,020
4,332
4,332
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 0.2%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
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 $0 or 0.0% of net assets.
 
(d)
Level 3 security
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(g)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $158,096.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
GCI Liberty Inc Class A
5/23/23
0
 
  
  
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
1,855,884
83,327,196
83,383,625
50,909
(9)
-
1,799,446
1,799,087
0.0%
Fidelity Securities Lending Cash Central Fund
9,733,032
59,658,202
53,426,159
77,107
-
-
15,965,075
15,963,479
0.1%
Total
11,588,916
142,985,398
136,809,784
128,016
(9)
-
17,764,521
17,762,566
  
 
  
  
  
  
  
  
  
  
  
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 payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of December 31, 2024, 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:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
31,437,631
31,437,631
-
-
Consumer Discretionary
87,918,345
87,918,345
-
-
Consumer Staples
54,185,903
54,185,903
-
-
Energy
54,356,472
54,356,472
-
-
Financials
171,499,728
171,499,728
-
-
Health Care
77,512,520
77,512,520
-
-
Industrials
161,174,620
161,174,620
-
-
Information Technology
87,025,832
87,025,832
-
-
Materials
63,336,226
63,336,226
-
-
Real Estate
92,786,746
92,786,746
-
-
Utilities
66,202,610
66,202,610
-
-
 U.S. Treasury Obligations
171,022
-
171,022
-
  Money Market Funds
17,764,521
17,764,521
-
-
 Total Investments in Securities:
965,372,176
965,201,154
171,022
-
 Derivative Instruments:
 Assets
  
  
  
  
Futures Contracts
4,332
4,332
-
-
  Total Assets
4,332
4,332
-
-
 Total Derivative Instruments:
4,332
4,332
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2024. 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                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
4,332
0
Total Equity Risk
4,332
0
Total Value of Derivatives
4,332
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Mid Cap Value Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of December 31, 2024 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  (including  securities loaned of $15,289,583) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $730,454,896)
$
947,607,655
  
  
Fidelity Central Funds (cost $17,764,521)
17,764,521
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $748,219,417)
  
  
$
965,372,176
Cash
  
  
48
Receivable for fund shares sold
  
  
1,019,636
Dividends receivable
  
  
1,098,276
Distributions receivable from Fidelity Central Funds
  
  
9,632
Receivable for daily variation margin on futures contracts
  
  
5,441
Other receivables
  
  
12,438
  Total assets
  
  
967,517,647
Liabilities
  
  
  
  
Payable for fund shares redeemed
$
1,733,217
  
  
Accrued management fee
40,862
  
  
Other payables and accrued expenses
802
  
  
Collateral on securities loaned
15,965,075
  
  
  Total liabilities
  
  
  
17,739,956
Net Assets  
  
  
$
949,777,691
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
737,660,073
Total accumulated earnings (loss)
  
  
  
212,117,618
Net Assets
  
  
$
949,777,691
Net Asset Value, offering price and redemption price per share ($949,777,691 ÷ 34,977,358 shares)
  
  
$
27.15
Statement of Operations
Six months ended December 31, 2024 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
8,475,276
Interest  
  
  
4,735
Income from Fidelity Central Funds (including $77,107 from security lending)
 
  
128,016
 Total income
  
  
  
8,608,027
Expenses
  
  
  
  
Management fee
$
228,712
  
  
Independent trustees' fees and expenses
1,124
  
  
Interest
3,530
  
  
 Total expenses before reductions
  
233,366
  
  
 Expense reductions
  
(250)
  
  
 Total expenses after reductions
  
  
  
233,116
Net Investment income (loss)
  
  
  
8,374,911
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
1,808,244
  
  
   Redemptions in-kind
  
1,935,119
  
  
   Fidelity Central Funds
  
(9)
  
  
 Futures contracts
  
245,369
  
  
Total net realized gain (loss)
  
  
  
3,988,723
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
52,794,216
  
  
 Futures contracts
  
4,332
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
52,798,548
Net gain (loss)
  
  
  
56,787,271
Net increase (decrease) in net assets resulting from operations
  
  
$
65,162,182
Statement of Changes in Net Assets
 
 
Six months ended
December 31, 2024
(Unaudited)
  
Year ended
June 30, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
8,374,911
$
16,868,326
Net realized gain (loss)
  
3,988,723
  
52,510,040
Change in net unrealized appreciation (depreciation)
  
52,798,548
  
24,212,717
Net increase (decrease) in net assets resulting from operations
  
65,162,182
  
93,591,083
Distributions to shareholders
  
(39,898,493)
  
(16,377,481)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
202,655,798
  
311,731,686
  Reinvestment of distributions
  
20,715,309
  
6,481,804
Cost of shares redeemed
  
(153,102,964)
  
(387,519,440)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
70,268,143
  
(69,305,950)
Total increase (decrease) in net assets
  
95,531,832
  
7,907,652
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
854,245,859
  
846,338,207
End of period
$
949,777,691
$
854,245,859
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
7,278,422
  
12,544,889
  Issued in reinvestment of distributions
  
789,487
  
264,647
Redeemed
  
(5,597,666)
  
(15,670,880)
Net increase (decrease)
  
2,470,243
  
(2,861,344)
 
  
  
  
  
Financial Highlights
 
Fidelity® Mid Cap Value Index Fund
 
 
Six months ended
(Unaudited) December 31, 2024 
  
Years ended June 30, 2024 
  
2023  
  
2022 
  
2021 
  
2020 A  
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
26.28
$
23.93
$
22.23
$
26.19
$
17.36
$
20.00
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) B,C
  
.25
 
.49
 
.50
 
.43
 
.41
 
.46
     Net realized and unrealized gain (loss)
 
1.83
 
2.34
 
1.82
 
(2.90)
 
8.69
 
(2.97)
  Total from investment operations
 
2.08  
  
2.83  
  
2.32  
  
(2.47)  
  
9.10
 
(2.51)
  Distributions from net investment income
 
(.48)
 
(.48)
 
(.45)
 
(.39)
 
(.27)
 
(.13)
  Distributions from net realized gain
 
(.72)
 
-
 
(.17)
 
(1.11)
 
-
 
-
     Total distributions
 
(1.21) D
  
(.48)
 
(.62)
 
(1.49) D
  
(.27)
 
(.13)
  Net asset value, end of period
$
27.15
$
26.28
$
23.93
$
22.23
$
26.19
$
17.36
 Total Return E,F
  
8.10
%
 
11.96%
 
10.56%
 
(10.08)%
 
52.83%
 
(12.65)%
 Ratios to Average Net Assets C,G,H
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.05% I
  
.06%
 
.05%
 
.05%
 
.05%
 
.05% I
    Expenses net of fee waivers, if any
 
.05
% I
  
.06%
 
.05%
 
.05%
 
.05%
 
.05% I
    Expenses net of all reductions
 
.05% I
  
.06%
 
.05%
 
.05%
 
.05%
 
.05% I
    Net investment income (loss)
 
1.83% I
  
1.98%
 
2.17%
 
1.70%
 
1.80%
 
2.82% I
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
949,778
$
854,246
$
846,338
$
797,093
$
908,686
$
249,744
    Portfolio turnover rate J
  
25
% I,K
  
38% K
  
30%
 
41%
 
32%
 
89% I
 
AFor the period July 11, 2019 (commencement of operations) through June 30, 2020.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees 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.
HExpense 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.
IAnnualized.
JAmount 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.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Small Cap Growth Index Fund
Schedule of Investments December 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8%
 
  
Shares
Value ($)
 
ARGENTINA - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Despegar.com Corp (b)
  
5,224
100,562
AUSTRALIA - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
MAC Copper Ltd Class A (b)
  
9,073
96,355
AUSTRIA - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Critical Metals Corp
 
4,960
33,678
BAHAMAS (NASSAU) - 0.1%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Diversified Consumer Services - 0.1%
  
  
  
OneSpaWorld Holdings Ltd
 
61,217
1,218,218
BAILIWICK OF GUERNSEY - 0.1%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Super Group SGHC Ltd
 
91,296
568,774
BERMUDA - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Marine Transportation - 0.0%
  
  
  
Himalaya Shipping Ltd (United States)
 
16,973
82,489
BRAZIL - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Financial Services - 0.1%
  
  
  
Pagseguro Digital Ltd Class A (b)
  
60,078
376,088
StoneCo Ltd Class A (b)
  
90,628
722,305
 
  
  
  
TOTAL BRAZIL
  
  
1,098,393
CANADA - 0.3%
 
  
  
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Sunopta Inc (United States) (b)
  
57,497
442,727
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Encore Energy Corp (United States) (b)(c)
  
81,126
276,640
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
Kingsway Financial Services Inc (b)
  
7,802
65,303
Health Care - 0.2%
  
  
  
Biotechnology - 0.2%
  
  
  
Aurinia Pharmaceuticals Inc (b)
  
59,838
537,346
Fennec Pharmaceuticals Inc (United States) (b)(c)
  
3,120
19,718
 
  
  
557,064
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
D-Wave Quantum Inc (b)(c)
  
32,716
274,814
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Real Brokerage Inc/The (b)
  
61,213
281,580
TOTAL CANADA
  
  
1,898,128
CHINA - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
indie Semiconductor Inc Class A (b)(c)
  
30,946
125,331
GERMANY - 0.1%
 
  
  
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Orion SA
 
35,084
553,976
GHANA - 0.1%
 
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Kosmos Energy Ltd (b)
  
285,077
974,963
GIBRALTAR - 0.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Forafric Global PLC (b)(c)
  
3,368
34,522
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Patria Investments Ltd Class A
 
34,032
395,792
HONG KONG - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Distributors - 0.0%
  
  
  
GigaCloud Technology Inc Class A (b)(c)
  
14,468
267,947
INDIA - 0.1%
 
  
  
Industrials - 0.1%
  
  
  
Professional Services - 0.1%
  
  
  
WNS Holdings Ltd ADR
 
26,160
1,239,722
IRELAND - 0.1%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Prothena Corp PLC (b)
  
15,099
209,121
Industrials - 0.1%
  
  
  
Commercial Services & Supplies - 0.1%
  
  
  
Cimpress PLC (b)
  
7,061
506,415
TOTAL IRELAND
  
  
715,536
ISRAEL - 0.1%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
Innovid Corp Class A (b)
  
7,552
23,336
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Nano-X Imaging Ltd (b)(c)
  
31,704
228,269
Pharmaceuticals - 0.0%
  
  
  
MediWound Ltd (b)(c)
  
4,784
85,155
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Sapiens International Corp NV
 
18,776
504,511
TOTAL ISRAEL
  
  
841,271
KOREA (SOUTH) - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Interactive Media & Services - 0.0%
  
  
  
Webtoon Entertainment Inc
 
4,191
56,914
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Artiva Biotherapeutics Inc (b)(c)
  
5,051
50,914
TOTAL KOREA (SOUTH)
  
  
107,828
MALTA - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
Gambling.com Group Ltd (b)
  
10,603
149,290
MONACO - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Marine Transportation - 0.0%
  
  
  
Costamare Inc
 
1,835
23,580
NORWAY - 0.1%
 
  
  
Energy - 0.1%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
Seadrill Ltd (b)
  
12,475
485,652
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
FLEX LNG Ltd (United States)
 
11,108
254,818
SFL Corp Ltd
 
16,684
170,510
 
  
  
425,328
TOTAL NORWAY
  
  
910,980
PUERTO RICO - 0.2%
 
  
  
Financials - 0.2%
  
  
  
Banks - 0.0%
  
  
  
First BanCorp/Puerto Rico
 
7,758
144,221
Financial Services - 0.2%
  
  
  
EVERTEC Inc
 
39,288
1,356,615
TOTAL PUERTO RICO
  
  
1,500,836
SINGAPORE - 0.3%
 
  
  
Communication Services - 0.0%
  
  
  
Interactive Media & Services - 0.0%
  
  
  
Grindr Inc Class A (b)
  
14,964
266,958
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Scilex Holding Co (b)(d)
  
2,699
921
Information Technology - 0.3%
  
  
  
Semiconductors & Semiconductor Equipment - 0.3%
  
  
  
Kulicke & Soffa Industries Inc
 
32,323
1,508,191
TOTAL SINGAPORE
  
  
1,776,070
SWEDEN - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
SiriusPoint Ltd (b)
  
4,980
81,622
SWITZERLAND - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
ADC Therapeutics SA (b)
  
30,044
59,788
THAILAND - 0.7%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
BKV Corp (b)
  
1,916
45,563
Information Technology - 0.7%
  
  
  
Electronic Equipment, Instruments & Components - 0.7%
  
  
  
Fabrinet (b)
  
22,213
4,884,195
TOTAL THAILAND
  
  
4,929,758
UNITED KINGDOM - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Zura Bio Ltd Class A (b)(c)
  
30,064
75,160
UNITED STATES - 97.4%
 
  
  
Communication Services - 2.1%
  
  
  
Diversified Telecommunication Services - 0.4%
  
  
  
Anterix Inc (b)
  
5,527
169,512
Bandwidth Inc Class A (b)
  
13,627
231,932
Cogent Communications Holdings Inc
 
26,826
2,067,480
Globalstar Inc (b)
  
375,537
777,362
IDT Corp Class B
 
6,680
317,434
 
  
  
3,563,720
Entertainment - 0.5%
  
  
  
Atlanta Braves Holdings Inc Class A (b)(c)
  
5,204
212,323
Atlanta Braves Holdings Inc Class C (b)
  
31,595
1,208,825
Cinemark Holdings Inc (b)
  
53,314
1,651,668
Eventbrite Inc Class A (b)
  
42,868
144,036
Golden Matrix Group Inc (b)(c)
  
12,706
25,158
IMAX Corp (b)
  
26,132
668,979
LiveOne Inc (b)
  
39,860
58,594
Madison Square Garden Entertainment Corp Class A (b)
  
2,360
84,016
Reservoir Media Inc (b)(c)
  
859
7,774
Vivid Seats Inc Class A (b)(c)
  
47,111
218,124
 
  
  
4,279,497
Interactive Media & Services - 0.7%
  
  
  
Bumble Inc Class A (b)
  
5,492
44,705
Cargurus Inc Class A (b)
  
52,829
1,930,372
EverQuote Inc Class A (b)
  
15,315
306,147
fuboTV Inc (b)
  
15,381
19,380
Getty Images Holdings Inc Class A (b)(c)
  
61,130
132,041
MediaAlpha Inc Class A (b)
  
18,218
205,681
QuinStreet Inc (b)
  
32,829
757,365
Shutterstock Inc
 
11,661
353,911
System1 Inc Class A (b)(c)
  
14,162
12,721
Yelp Inc Class A (b)
  
39,404
1,524,935
ZipRecruiter Inc Class A (b)
  
43,736
316,649
 
  
  
5,603,907
Media - 0.5%
  
  
  
Boston Omaha Corp (b)
  
924
13,101
Cardlytics Inc (b)(c)
  
25,256
93,700
Clear Channel Outdoor Holdings Inc (b)
  
27,913
38,241
Entravision Communications Corp Class A
 
5,771
13,562
Ibotta Inc Class A (b)(c)
  
9,522
619,692
Integral Ad Science Holding Corp (b)
  
5,206
54,351
John Wiley & Sons Inc Class A
 
12,736
556,691
Magnite Inc (b)
  
68,197
1,085,696
PubMatic Inc Class A (b)
  
25,485
374,375
Sinclair Inc Class A
 
19,495
314,649
Stagwell Inc Class A (b)
  
9,147
60,187
TechTarget Inc/old
 
16,126
319,617
Thryv Holdings Inc (b)
  
22,742
336,582
Townsquare Media Inc Class A
 
8,202
74,556
 
  
  
3,955,000
Wireless Telecommunication Services - 0.0%
  
  
  
Gogo Inc (b)(c)
  
16,839
136,228
TOTAL COMMUNICATION SERVICES
  
  
17,538,352
 
  
  
  
Consumer Discretionary - 9.9%
  
  
  
Automobile Components - 1.4%
  
  
  
Dorman Products Inc (b)
  
15,748
2,040,153
Gentherm Inc (b)
  
18,730
747,795
Holley Inc Class A (b)
  
12,725
38,429
LCI Industries
 
15,104
1,561,603
Luminar Technologies Inc Class A (b)(c)
  
11,831
63,651
Modine Manufacturing Co (b)
  
31,461
3,647,274
Patrick Industries Inc
 
19,728
1,639,002
Visteon Corp (b)
  
16,618
1,474,349
XPEL Inc (b)(c)(e)
  
15,386
614,517
 
  
  
11,826,773
Automobiles - 0.0%
  
  
  
Livewire Group Inc (b)(c)
  
11,132
53,545
Broadline Retail - 0.0%
  
  
  
1stdibs.Com Inc (b)
  
3,451
12,217
Groupon Inc (b)(c)
  
7,050
85,658
Qurate Retail Inc Class B (b)
  
563
1,626
Savers Value Village Inc (b)(c)
  
14,262
146,186
 
  
  
245,687
Diversified Consumer Services - 1.1%
  
  
  
Adtalem Global Education Inc (b)
  
4,198
381,388
American Public Education Inc (b)
  
831
17,925
Carriage Services Inc
 
6,275
250,059
Coursera Inc (b)
  
83,828
712,538
European Wax Center Inc Class A (b)
  
18,790
125,329
Frontdoor Inc (b)
  
46,909
2,564,515
KinderCare Learning Cos Inc (b)
  
8,558
152,332
Laureate Education Inc
 
64,055
1,171,566
Mister Car Wash Inc (b)
  
50,001
364,507
Nerdy Inc Class A (b)(c)
  
46,285
74,982
Stride Inc (b)
  
25,936
2,695,529
Udemy Inc (b)
  
55,465
456,477
Universal Technical Institute Inc (b)
  
24,073
618,917
 
  
  
9,586,064
Hotels, Restaurants & Leisure - 2.8%
  
  
  
Accel Entertainment Inc Class A (b)
  
31,456
335,950
BJ's Restaurants Inc (b)
  
6,280
220,648
Bloomin' Brands Inc
 
24,826
303,125
Brinker International Inc (b)
  
24,216
3,203,536
Cheesecake Factory Inc/The (c)
  
29,404
1,394,926
Cracker Barrel Old Country Store Inc
 
2,977
157,364
Dave & Buster's Entertainment Inc (b)(c)
  
19,690
574,751
Denny's Corp (b)
  
22,099
133,699
Dine Brands Global Inc
 
1,173
35,307
Empire Resorts Inc (b)(f)
  
24
0
Everi Holdings Inc (b)
  
26,805
362,136
First Watch Restaurant Group Inc (b)(c)
  
18,486
344,024
Global Business Travel Group I Class A (b)
  
65,743
610,095
Hilton Grand Vacations Inc (b)
  
43,539
1,695,844
Inspired Entertainment Inc (b)
  
13,387
121,152
International Game Technology PLC
 
9,168
161,907
Jack in the Box Inc (c)
  
11,711
487,646
Krispy Kreme Inc (c)
  
52,129
517,641
Kura Sushi USA Inc Class A (b)(c)
  
3,607
326,722
Lindblad Expeditions Holdings Inc (b)
  
15,484
183,640
Monarch Casino & Resort Inc
 
7,814
616,525
Nathan's Famous Inc
 
1,510
118,701
ONE Group Hospitality Inc/The (b)
  
12,721
36,891
Papa John's International Inc
 
14,667
602,374
PlayAGS Inc (b)
  
23,886
275,406
Portillo's Inc Class A (b)(c)
  
26,141
245,725
Potbelly Corp (b)
  
16,699
157,305
Rci Hospitality Holdings Inc
 
2,639
151,663
Red Rock Resorts Inc Class A
 
13,613
629,465
Rush Street Interactive Inc Class A (b)
  
46,311
635,387
Sabre Corp (b)
  
49,089
179,175
Shake Shack Inc Class A (b)
  
23,156
3,005,649
Six Flags Entertainment Corp
 
41,994
2,023,691
Sweetgreen Inc Class A (b)
  
61,006
1,955,852
Target Hospitality Corp (b)
  
20,104
194,305
United Parks & Resorts Inc (b)(c)
  
18,707
1,051,146
Xponential Fitness Inc Class A (b)(c)
  
14,854
199,786
 
  
  
23,249,159
Household Durables - 1.2%
  
  
  
Cavco Industries Inc (b)
  
5,043
2,250,338
Century Communities Inc
 
2,102
154,203
Champion Homes Inc (b)
  
15,451
1,361,233
Cricut Inc Class A
 
23,231
132,417
Dream Finders Homes Inc Class A (b)(c)
  
17,034
396,381
Green Brick Partners Inc (b)
  
5,212
294,426
Hovnanian Enterprises Inc Class A (b)
  
190
25,426
Installed Building Products Inc
 
14,595
2,557,774
KB Home
 
5,446
357,911
Landsea Homes Corp Class A (b)
  
1,318
11,189
LGI Homes Inc (b)
  
882
78,851
Lovesac Co/The (b)(c)
  
4,572
108,174
Sonos Inc (b)
  
65,860
990,534
Tri Pointe Homes Inc (b)
  
16,437
596,006
United Homes Group Inc Class A (b)
  
2,532
10,709
Worthington Enterprises Inc
 
17,062
684,357
 
  
  
10,009,929
Leisure Products - 0.4%
  
  
  
Acushnet Holdings Corp (c)
  
17,227
1,224,495
Marine Products Corp
 
2,471
22,659
Peloton Interactive Inc Class A (b)
  
199,265
1,733,606
Smith & Wesson Brands Inc
 
2,226
22,493
Sturm Ruger & Co Inc
 
2,796
98,895
 
  
  
3,102,148
Specialty Retail - 2.0%
  
  
  
1-800-Flowers.com Inc Class A (b)
  
3,744
30,588
Abercrombie & Fitch Co Class A (b)
  
30,635
4,579,013
Academy Sports & Outdoors Inc
 
10,903
627,250
American Eagle Outfitters Inc
 
85,919
1,432,270
Arhaus Inc Class A (c)
  
26,697
250,952
Arko Corp
 
4,957
32,667
Boot Barn Holdings Inc (b)
  
18,023
2,736,252
Buckle Inc/The
 
18,810
955,736
Build-A-Bear Workshop Inc
 
7,614
350,549
Caleres Inc
 
6,310
146,140
Camping World Holdings Inc Class A
 
34,158
720,051
EVgo Inc Class A (b)(c)
  
7,668
31,055
Genesco Inc (b)
  
1,754
74,984
GrowGeneration Corp (b)(c)
  
2,338
3,950
J Jill Inc
 
3,293
90,953
Leslie's Inc (b)
  
66,519
148,337
National Vision Holdings Inc (b)
  
3,113
32,437
RealReal Inc/The (b)(c)
  
42,790
467,695
Revolve Group Inc Class A (b)(c)
  
23,364
782,460
Sonic Automotive Inc Class A
 
2,580
163,443
ThredUp Inc Class A (b)
  
7,403
10,290
Tile Shop Holdings Inc (b)
  
6,073
42,086
Torrid Holdings Inc (b)
  
12,322
64,444
Upbound Group Inc
 
32,677
953,188
Urban Outfitters Inc (b)
  
10,845
595,174
Victoria's Secret & Co (b)
  
11,186
463,324
Warby Parker Inc Class A (b)
  
53,946
1,306,033
 
  
  
17,091,321
Textiles, Apparel & Luxury Goods - 1.0%
  
  
  
Figs Inc Class A (b)(c)
  
4,350
26,927
Hanesbrands Inc (b)
  
215,185
1,751,606
Kontoor Brands Inc
 
33,525
2,863,370
Oxford Industries Inc
 
6,285
495,132
Rocky Brands Inc
 
1,582
36,070
Steven Madden Ltd
 
44,136
1,876,663
Superior Group of Cos Inc
 
1,222
20,199
Wolverine World Wide Inc
 
48,351
1,073,392
 
  
  
8,143,359
TOTAL CONSUMER DISCRETIONARY
  
  
83,307,985
 
  
  
  
Consumer Staples - 3.3%
  
  
  
Beverages - 0.3%
  
  
  
MGP Ingredients Inc (c)
  
8,628
339,684
National Beverage Corp
 
14,313
610,736
Primo Brands Corp Class A
 
11,745
361,394
Vita Coco Co Inc/The (b)
  
23,918
882,813
 
  
  
2,194,627
Consumer Staples Distribution & Retail - 1.2%
  
  
  
Andersons Inc/The
 
2,420
98,058
Chefs' Warehouse Inc/The (b)
  
21,315
1,051,257
Guardian Pharmacy Services Inc Class A (b)
  
1,965
39,811
Natural Grocers by Vitamin Cottage Inc
 
1,459
57,951
PriceSmart Inc
 
9,652
889,625
Sprouts Farmers Market Inc (b)
  
61,359
7,796,889
 
  
  
9,933,591
Food Products - 1.1%
  
  
  
Beyond Meat Inc (b)(c)
  
36,308
136,518
BRC Inc Class A (b)
  
29,172
92,475
Cal-Maine Foods Inc
 
1,477
152,013
Calavo Growers Inc
 
1,628
41,514
J & J Snack Foods Corp
 
9,289
1,441,003
John B Sanfilippo & Son Inc
 
5,464
475,969
Lancaster Colony Corp
 
11,917
2,063,309
Lifeway Foods Inc (b)
  
2,746
68,101
Mama's Creations Inc (b)
  
20,071
159,765
Mission Produce Inc (b)
  
3,257
46,803
Simply Good Foods Co/The (b)
  
55,595
2,167,094
Utz Brands Inc Class A
 
27,390
428,927
Vital Farms Inc (b)
  
20,306
765,333
Westrock Coffee Co (b)(c)
  
20,655
132,605
WK Kellogg Co (c)
  
39,969
719,042
 
  
  
8,890,471
Household Products - 0.5%
  
  
  
Central Garden & Pet Co (b)(c)
  
1,843
71,508
Central Garden & Pet Co Class A
 
4,588
151,634
Energizer Holdings Inc
 
43,796
1,528,042
Oil-Dri Corp of America
 
653
57,229
WD-40 Co
 
8,296
2,013,273
 
  
  
3,821,686
Personal Care Products - 0.2%
  
  
  
Beauty Health Co/The Class A (b)
  
45,387
72,165
Herbalife Ltd (b)
  
41,077
274,805
Honest Co Inc/The (b)
  
20,650
143,105
Interparfums Inc
 
11,098
1,459,498
Nature's Sunshine Products Inc (b)
  
1,624
23,807
Veru Inc (b)(c)
  
59,895
38,962
 
  
  
2,012,342
Tobacco - 0.0%
  
  
  
Ispire Technology Inc (b)(c)
  
11,753
59,117
Turning Point Brands Inc
 
8,967
538,917
 
  
  
598,034
TOTAL CONSUMER STAPLES
  
  
27,450,751
 
  
  
  
Energy - 3.0%
  
  
  
Energy Equipment & Services - 2.0%
  
  
  
Archrock Inc
 
101,638
2,529,770
Atlas Energy Solutions Inc (c)
  
41,389
918,008
Cactus Inc Class A
 
40,592
2,368,949
ChampionX Corp
 
116,167
3,158,581
Core Laboratories Inc (c)
  
28,637
495,706
DMC Global Inc (b)
  
3,107
22,836
Drilling Tools International Corp (b)
  
3,765
12,312
Helix Energy Solutions Group Inc (b)
  
16,733
155,952
Kodiak Gas Services Inc
 
5,437
221,993
Liberty Energy Inc Class A
 
5,510
109,594
Nabors Industries Ltd (b)
  
1,726
98,675
Natural Gas Services Group Inc (b)
  
1,409
37,761
Noble Corp PLC
 
54,804
1,720,846
Oceaneering International Inc (b)
  
61,568
1,605,693
TETRA Technologies Inc (b)
  
76,642
274,378
Tidewater Inc (b)
  
29,703
1,625,051
Valaris Ltd (b)
  
23,994
1,061,495
 
  
  
16,417,600
Oil, Gas & Consumable Fuels - 1.0%
  
  
  
Berry Corp
 
14,245
58,832
Centrus Energy Corp Class A (b)(c)
  
6,277
418,111
Crescent Energy Co Class A (c)
  
25,434
371,591
CVR CHC LP
 
18,641
349,332
Delek US Holdings Inc
 
10,617
196,415
Diversified Energy Co PLC (United States) (e)
  
1,542
25,905
Dorian LPG Ltd
 
11,080
270,020
Empire Petroleum Corp (b)(c)
  
9,079
69,000
Evolution Petroleum Corp
 
5,325
27,850
Gulfport Energy Corp (b)
  
4,085
752,457
Kinetik Holdings Inc Class A
 
2,213
125,499
Magnolia Oil & Gas Corp Class A (c)
  
97,475
2,278,966
NextDecade Corp (b)(c)
  
70,443
543,116
Northern Oil & Gas Inc
 
3,623
134,631
REX American Resources Corp (b)
  
2,028
84,547
Riley Exploration Permian Inc
 
1,028
32,814
Sable Offshore Corp (b)(c)
  
30,743
704,015
SM Energy Co
 
11,777
456,477
Ur-Energy Inc (United States) (b)
  
196,403
225,863
Uranium Energy Corp (b)(c)
  
242,981
1,625,543
VAALCO Energy Inc
 
6,283
27,456
Verde Clean Fuels Inc Class A (b)
  
2,083
8,466
W&T Offshore Inc
 
60,269
100,047
World Kinect Corp
 
3,589
98,733
 
  
  
8,985,686
TOTAL ENERGY
  
  
25,403,286
 
  
  
  
Financials - 8.2%
  
  
  
Banks - 1.1%
  
  
  
Axos Financial Inc (b)
  
3,560
248,666
BancFirst Corp
 
1,464
171,552
Bancorp Inc/The (b)
  
27,090
1,425,748
Bank7 Corp
 
153
7,139
Citizens Financial Services Inc
 
188
11,902
City Holding Co
 
674
79,856
Coastal Financial Corp/WA Class A (b)
  
6,531
554,547
Columbia Financial Inc (b)
  
960
15,178
Esquire Financial Holdings Inc
 
3,696
293,832
First Business Financial Services Inc
 
252
11,665
First Financial Bankshares Inc
 
79,227
2,856,134
First Foundation Inc
 
11,029
68,490
First Interstate Bank of Calif
 
1,969
70,864
First Western Financial Inc (b)
  
1,406
27,487
Greene County Bancorp Inc
 
4,281
118,669
Lakeland Financial Corp
 
923
63,465
Live Oak Bancshares Inc
 
18,348
725,663
Metrocity Bankshares Inc
 
896
28,627
Nicolet Bankshares Inc
 
1,896
198,909
Pathward Financial Inc
 
4,304
316,688
Peoples Financial Services Corp
 
1,345
68,837
ServisFirst Bancshares Inc
 
8,742
740,797
Shore Bancshares Inc
 
2,398
38,008
Triumph Financial Inc (b)
  
12,316
1,119,278
USCB Financial Holdings Inc
 
1,817
32,252
 
  
  
9,294,253
Capital Markets - 2.9%
  
  
  
Artisan Partners Asset Management Inc Class A
 
38,350
1,650,968
B Riley Financial Inc (c)
  
12,448
57,136
Brightsphere Investment Group Inc
 
16,492
434,399
Cohen & Steers Inc (c)
  
16,745
1,546,233
Diamond Hill Investment Group Inc
 
1,372
212,797
DigitalBridge Group Inc Class A
 
25,668
289,535
Donnelley Financial Solutions Inc (b)
  
10,126
635,204
GCM Grosvenor Inc Class A
 
22,522
276,345
Hamilton Lane Inc Class A
 
23,394
3,463,483
MarketWise Inc Class A
 
3,045
1,728
Moelis & Co Class A
 
43,036
3,179,500
Open Lending Corp (b)
  
62,253
371,650
P10 Inc Class A
 
21,338
269,072
Perella Weinberg Partners Class A
 
31,517
751,365
Piper Sandler Cos
 
10,573
3,171,371
PJT Partners Inc Class A
 
14,193
2,239,797
StepStone Group Inc Class A
 
39,979
2,313,985
StoneX Group Inc (b)
  
1,652
161,846
Value Line Inc
 
461
24,341
Victory Capital Holdings Inc Class A
 
25,056
1,640,166
Virtus Invt Partners Inc
 
3,405
751,075
WisdomTree Inc (c)
  
85,030
892,815
 
  
  
24,334,811
Consumer Finance - 0.8%
  
  
  
Atlanticus Holdings Corp (b)
  
184
10,263
Dave Inc Class A (b)
  
4,887
424,778
FirstCash Holdings Inc
 
23,458
2,430,249
Lendingtree Inc (b)
  
5,646
218,783
Moneylion Inc Class A (b)
  
5,264
452,757
NerdWallet Inc Class A (b)
  
21,398
284,593
OppFi Inc Class A (c)
  
11,576
88,672
PROG Holdings Inc
 
4,086
172,674
Regional Management Corp
 
614
20,864
Upstart Holdings Inc (b)(c)
  
47,822
2,944,401
World Acceptance Corp (b)
  
1,935
217,571
 
  
  
7,265,605
Financial Services - 1.8%
  
  
  
Alerus Financial Corp
 
743
14,295
AvidXchange Holdings Inc (b)
  
105,879
1,094,789
Cantaloupe Inc (b)
  
33,794
321,381
Cass Information Systems Inc
 
7,030
287,597
Federal Agricultural Mortgage Corp Class C
 
4,938
972,539
Flywire Corp (b)
  
73,559
1,516,787
I3 Verticals Inc Class A (b)
  
853
19,653
International Money Express Inc (b)
  
19,323
402,498
Marqeta Inc Class A (b)
  
249,526
945,704
Mr Cooper Group Inc (b)
  
14,062
1,350,093
NCR Atleos Corp (b)
  
43,949
1,490,750
NMI Holdings Inc (b)
  
3,539
130,094
Payoneer Global Inc (b)
  
134,651
1,351,896
Paysign Inc (b)
  
20,207
61,025
PennyMac Financial Services Inc
 
8,945
913,642
Priority Technology Holdings Inc (b)
  
11,223
131,870
Remitly Global Inc (b)
  
90,929
2,052,268
Sezzle Inc (b)
  
1,263
323,075
Walker & Dunlop Inc
 
14,196
1,379,993
 
  
  
14,759,949
Insurance - 1.6%
  
  
  
American Coastal Insurance Corp
 
6,414
86,332
Amerisafe Inc
 
4,993
257,339
Baldwin Insurance Group Inc/The Class A (b)
  
40,589
1,573,230
Bowhead Specialty Holdings Inc
 
1,874
66,564
Crawford & Co Class A
 
9,262
107,069
F&G Annuities & Life Inc
 
612
25,361
Goosehead Insurance Inc Class A (b)
  
13,692
1,468,056
HCI Group Inc
 
5,044
587,777
Investors Title Co
 
134
31,726
Lemonade Inc (b)(c)
  
26,177
960,172
Mercury General Corp
 
2,029
134,888
Oscar Health Inc Class A (b)
  
121,327
1,630,635
Palomar Hldgs Inc (b)
  
15,670
1,654,595
Root Inc/OH Class A (b)
  
5,260
381,823
Selective Insurance Group Inc
 
31,529
2,948,593
Skyward Specialty Insurance Group Inc (b)
  
5,353
270,541
Tiptree Inc Class A
 
3,563
74,324
Trupanion Inc (b)(c)
  
20,070
967,374
Universal Insurance Holdings Inc
 
2,675
56,336
 
  
  
13,282,735
Mortgage Real Estate Investment Trusts (REITs) - 0.0%
  
  
  
AG Mortgage Investment Trust Inc
 
2,799
18,613
Angel Oak Mortgage REIT Inc
 
2,537
23,543
Kkr Real Estate Finance Trust Inc
 
9,468
95,628
 
  
  
137,784
TOTAL FINANCIALS
  
  
69,075,137
 
  
  
  
Health Care - 23.3%
  
  
  
Biotechnology - 12.3%
  
  
  
4D Molecular Therapeutics Inc (b)
  
19,884
110,754
Absci Corp (b)(c)
  
35,613
93,306
ACADIA Pharmaceuticals Inc (b)
  
72,882
1,337,385
Achieve Life Sciences Inc (b)
  
12,670
44,598
Actinium Pharmaceuticals Inc (b)
  
19,152
24,132
ADMA Biologics Inc (b)
  
137,173
2,352,517
Aerovate Therapeutics Inc (b)(c)
  
8,176
21,666
Agenus Inc (b)
  
1,727
4,732
Akebia Therapeutics Inc (b)
  
11,771
22,365
Akero Therapeutics Inc (b)
  
6,930
192,793
Aldeyra Therapeutics Inc (b)
  
3,091
15,424
Alector Inc (b)
  
49,057
92,718
Alkermes PLC (b)
  
98,089
2,821,040
Altimmune Inc (b)(c)
  
23,524
169,608
ALX Oncology Holdings Inc (b)
  
21,053
35,159
Amicus Therapeutics Inc (b)
  
178,665
1,683,024
AnaptysBio Inc (b)
  
13,165
174,305
Anavex Life Sciences Corp (b)(c)
  
12,074
129,675
Anika Therapeutics Inc (b)
  
1,509
24,838
Apogee Therapeutics Inc (b)
  
23,073
1,045,207
Applied Therapeutics Inc (b)(c)
  
35,484
30,381
Arbutus Biopharma Corp (b)(c)
  
83,283
272,335
Arcellx Inc (b)
  
26,248
2,012,959
Arcturus Therapeutics Holdings Inc (b)(c)
  
12,427
210,886
Arcus Biosciences Inc (b)
  
33,106
492,948
Arcutis Biotherapeutics Inc (b)(c)
  
65,470
911,997
Ardelyx Inc (b)
  
143,256
726,308
ArriVent Biopharma Inc
 
10,409
277,296
Arrowhead Pharmaceuticals Inc (b)
  
72,698
1,366,722
ARS Pharmaceuticals Inc (b)(c)
  
29,987
316,363
Astria Therapeutics Inc (b)
  
23,968
214,274
Atossa Therapeutics Inc (b)(c)
  
12,917
12,195
Avid Bioservices Inc (b)(c)
  
35,702
440,920
Avidity Biosciences Inc (b)
  
67,599
1,965,779
Avita Medical Inc (b)
  
15,558
199,142
Bicara Therapeutics Inc (c)
  
6,630
115,495
BioCryst Pharmaceuticals Inc (b)
  
125,857
946,445
Biohaven Ltd (b)
  
52,301
1,953,442
Biomea Fusion Inc (b)(c)
  
16,835
65,320
Black Diamond Therapeutics Inc (b)(c)
  
16,460
35,224
Blueprint Medicines Corp (b)
  
38,721
3,377,246
Boundless Bio Inc (b)
  
6,199
17,977
Bridgebio Pharma Inc (b)
  
53,334
1,463,485
Cabaletta Bio Inc (b)(c)
  
6,081
13,804
CAMP4 Therapeutics Corp
 
2,366
12,351
Candel Therapeutics Inc (b)
  
13,196
114,541
Capricor Therapeutics Inc (b)(c)
  
18,934
261,289
Cardiff Oncology Inc (b)(c)
  
9,537
41,391
CareDx Inc (b)(c)
  
6,800
145,588
Cargo Therapeutics Inc (b)(c)
  
2,090
30,138
Cartesian Therapeutics Inc (b)(c)
  
6,281
112,493
Cartesian Therapeutics Inc rights (b)(f)
  
12,935
5,562
Catalyst Pharmaceuticals Inc (b)
  
68,086
1,420,955
Celcuity Inc (b)
  
18,717
245,006
Celldex Therapeutics Inc (b)
  
32,106
811,319
CervoMed Inc (b)(c)
  
3,328
7,788
CG oncology Inc
 
17,508
502,129
Chinook Therapeutics Inc rights (b)(f)
  
985
0
Climb Bio Inc (b)(c)
  
1,088
1,957
Cogent Biosciences Inc (b)
  
51,984
405,475
Coherus Biosciences Inc (b)(c)
  
17,641
24,345
Corbus Pharmaceuticals Holdings Inc (b)(c)
  
4,298
50,716
Crinetics Pharmaceuticals Inc (b)
  
53,407
2,730,700
Cullinan Therapeutics Inc (b)(c)
  
27,983
340,833
Cytokinetics Inc (b)
  
6,470
304,349
Day One Biopharmaceuticals Inc (b)
  
28,295
358,498
Denali Therapeutics Inc (b)
  
43,355
883,575
Dianthus Therapeutics Inc (b)
  
1,083
23,609
Disc Medicine Inc (b)
  
1,325
84,005
Dynavax Technologies Corp (b)
  
64,261
820,613
Dyne Therapeutics Inc (b)
  
50,224
1,183,277
Elevation Oncology Inc (b)
  
20,683
11,636
Fibrobiologics Inc (c)
  
16,679
33,358
Foghorn Therapeutics Inc (b)
  
9,311
43,948
Galectin Therapeutics Inc (b)(c)
  
7,605
9,810
Geron Corp (b)
  
250,688
887,436
Greenwich Lifesciences Inc (b)(c)
  
3,718
41,753
Gyre Therapeutics Inc (b)(c)
  
397
4,804
Halozyme Therapeutics Inc (b)
  
75,977
3,632,460
Heron Therapeutics Inc (b)(c)
  
6,651
10,176
HilleVax Inc (b)
  
3,812
7,891
Humacyte Inc Class A (b)(c)
  
53,552
270,438
Ideaya Biosciences Inc (b)
  
51,437
1,321,931
IGM Biosciences Inc (b)
  
8,570
52,363
ImmunityBio Inc (b)(c)
  
68,393
175,086
Immunome Inc (b)
  
31,310
332,512
Immunovant Inc (b)
  
35,357
875,793
Inhibrx Biosciences Inc
 
4,120
63,448
Inmune Bio Inc (b)(c)
  
8,244
38,499
Insmed Inc (b)
  
105,008
7,249,752
Iovance Biotherapeutics Inc (b)(c)
  
167,238
1,237,561
Ironwood Pharmaceuticals Inc Class A (b)
  
29,288
129,746
Janux Therapeutics Inc (b)
  
17,076
914,249
Jasper Therapeutics Inc Class A (b)
  
6,901
147,543
KalVista Pharmaceuticals Inc (b)
  
20,780
176,007
Keros Therapeutics Inc (b)
  
18,679
295,689
Kiniksa Pharmaceuticals International Plc Class A (b)
  
23,430
463,445
Korro Bio Inc (b)
  
995
37,880
Krystal Biotech Inc (b)
  
15,107
2,366,663
Kura Oncology Inc (b)
  
44,134
384,407
Kymera Therapeutics Inc (b)
  
28,584
1,149,934
Kyverna Therapeutics Inc
 
9,493
35,504
Larimar Therapeutics Inc (b)
  
25,612
99,118
Lexeo Therapeutics Inc (b)(c)
  
13,618
89,606
Lexicon Pharmaceuticals Inc (b)
  
26,004
19,204
Lineage Cell Therapeutics Inc (b)
  
90,447
45,450
MacroGenics Inc (b)
  
31,779
103,282
Madrigal Pharmaceuticals Inc (b)
  
10,949
3,378,533
MannKind Corp (b)
  
125,951
809,865
MeiraGTx Holdings plc (b)(c)
  
19,049
116,008
Mersana Therapeutics Inc (b)
  
36,106
51,632
Metagenomi Inc
 
10,108
36,490
MiMedx Group Inc (b)
  
34,203
329,033
Mineralys Therapeutics Inc (b)
  
3,770
46,409
Mirum Pharmaceuticals Inc (b)(c)
  
24,198
1,000,587
Neurogene Inc (b)
  
3,314
75,758
Novavax Inc (b)(c)
  
72,665
584,227
Nurix Therapeutics Inc (b)
  
29,499
555,761
Nuvalent Inc Class A (b)
  
21,402
1,675,349
Ocugen Inc (b)(c)
  
174,194
140,226
Olema Pharmaceuticals Inc (b)(c)
  
6,434
37,510
OmniAb Operations Inc (b)(f)
  
191
364
OmniAb Operations Inc (b)(f)
  
191
410
Organogenesis Holdings Inc Class A (b)
  
4,575
14,640
ORIC Pharmaceuticals Inc (b)(c)
  
8,535
68,877
Outlook Therapeutics Inc (b)(c)
  
5,646
10,671
Ovid therapeutics Inc (b)
  
36,160
33,763
PepGen Inc (b)
  
8,422
31,919
Perspective Therapeutics Inc (b)
  
26,770
85,396
Poseida Therapeutics Inc (b)
  
11,915
114,384
Praxis Precision Medicines Inc (b)
  
10,505
808,465
Precigen Inc (b)(c)
  
5,932
6,644
Prime Medicine Inc (b)(c)
  
34,547
100,877
ProKidney Corp Class A (b)
  
52,453
88,646
Protagonist Therapeutics Inc (b)
  
35,597
1,374,044
PTC Therapeutics Inc (b)
  
35,249
1,591,140
Puma Biotechnology Inc (b)
  
9,141
27,880
Recursion Pharmaceuticals Inc Class A (b)(c)
  
151,521
1,024,282
Regulus Therapeutics Inc (b)
  
9,780
15,452
Renovaro Inc (b)(c)
  
44,681
37,331
REVOLUTION Medicines Inc (b)
  
66,463
2,907,092
Rhythm Pharmaceuticals Inc (b)
  
33,345
1,866,653
Rigel Pharmaceuticals Inc (b)
  
8,205
138,008
Rocket Pharmaceuticals Inc (b)
  
40,065
503,617
Sana Biotechnology Inc (b)(c)
  
80,556
131,306
Savara Inc (b)
  
56,366
173,044
Scholar Rock Holding Corp (b)
  
42,487
1,836,288
Sera Prognostics Inc Class A (b)
  
17,219
140,163
Shattuck Labs Inc (b)
  
15,900
19,239
Skye Bioscience Inc (b)(c)
  
1,833
5,187
Soleno Therapeutics Inc (b)
  
15,583
700,456
Solid Biosciences Inc (b)
  
1,293
5,172
SpringWorks Therapeutics Inc (b)
  
41,872
1,512,835
Spyre Therapeutics Inc (b)
  
1,963
45,699
Stoke Therapeutics Inc (b)
  
21,886
241,403
Summit Therapeutics Inc (b)(c)
  
53,045
946,588
Syndax Pharmaceuticals Inc (b)
  
50,022
661,291
Tango Therapeutics Inc (b)
  
29,094
89,900
Taysha Gene Therapies Inc (b)
  
106,755
184,686
Tenaya Therapeutics Inc (b)(c)
  
9,212
13,173
Tevogen Bio Holdings Inc Class A (b)(c)
  
7,804
8,038
TG Therapeutics Inc (b)(c)
  
85,030
2,559,403
TScan Therapeutics Inc (b)(c)
  
15,323
46,582
Twist Bioscience Corp (b)
  
35,489
1,649,174
Tyra Biosciences Inc (b)
  
12,379
172,068
Upstream Bio Inc
 
5,979
98,295
UroGen Pharma Ltd (b)(c)
  
18,252
194,384
Vaxcyte Inc (b)
  
75,624
6,190,581
Vera Therapeutics Inc Class A (b)
  
27,007
1,142,126
Verastem Inc (b)(c)
  
23,644
122,239
Vericel Corp (b)
  
29,909
1,642,303
Viridian Therapeutics Inc (b)
  
32,660
626,092
Werewolf Therapeutics Inc (b)
  
4,623
6,842
X4 Pharmaceuticals Inc (b)(c)
  
102,578
75,251
Xencor Inc (b)
  
18,823
432,553
XOMA Royalty Corp (b)
  
3,077
80,864
Y-mAbs Therapeutics Inc (b)
  
22,772
178,305
Zenas Biopharma Inc (c)
  
5,284
43,276
 
  
  
103,177,822
Health Care Equipment & Supplies - 4.3%
  
  
  
Accuray Inc Del (b)
  
55,396
109,684
Alphatec Holdings Inc (b)
  
63,417
582,168
Artivion Inc (b)
  
18,393
525,856
AtriCure Inc (b)
  
18,797
574,436
Axogen Inc (b)
  
25,837
425,794
Bioventus Inc (b)
  
8,422
88,431
Ceribell Inc
 
5,047
130,616
Cerus Corp (b)
  
110,006
169,409
CONMED Corp
 
18,788
1,285,851
CVRx Inc (b)
  
8,100
102,627
Embecta Corp
 
3,390
70,004
Fractyl Health Inc (c)
  
12,558
25,869
Glaukos Corp (b)
  
29,800
4,468,213
Haemonetics Corp (b)
  
30,566
2,386,593
Inari Medical Inc (b)
  
32,238
1,645,750
Inmode Ltd (b)
  
5,519
92,167
Integer Holdings Corp (b)
  
14,234
1,886,290
iRadimed Corp
 
4,901
269,555
iRhythm Technologies Inc (b)
  
19,040
1,716,837
Lantheus Holdings Inc (b)
  
41,941
3,752,042
LeMaitre Vascular Inc
 
12,352
1,138,113
LivaNova PLC (b)
  
1,993
92,296
Merit Medical Systems Inc (b)
  
34,849
3,370,595
NeuroPace Inc (b)
  
8,457
94,634
Novocure Ltd (b)
  
64,858
1,932,768
Orchestra BioMed Holdings Inc (b)
  
6,409
25,636
Paragon 28 Inc (b)(c)
  
28,706
296,533
PROCEPT BioRobotics Corp (b)
  
27,136
2,184,991
Pulmonx Corp (b)
  
23,034
156,401
Pulse Biosciences Inc (b)(c)
  
11,149
194,104
Pulse Biosciences Inc warrants 6/26/2029 (b)(c)
  
278
1,433
Pulse Biosciences Inc warrants 6/26/2030 (b)(c)
  
278
1,432
RxSight Inc (b)
  
22,119
760,451
Sanara Medtech Inc (b)
  
2,474
82,137
Semler Scientific Inc (b)(c)
  
2,893
156,222
SI-BONE Inc (b)
  
20,346
285,251
Sight Sciences Inc (b)
  
21,551
78,446
STAAR Surgical Co (b)
  
30,132
731,906
Stereotaxis Inc (b)
  
31,964
72,878
Surmodics Inc (b)
  
5,379
213,008
Tandem Diabetes Care Inc (b)(c)
  
39,988
1,440,368
TransMedics Group Inc (b)(c)
  
19,970
1,245,130
Treace Medical Concepts Inc (b)
  
29,687
220,871
UFP Technologies Inc (b)
  
4,423
1,081,468
Zynex Inc (b)(c)
  
9,342
74,829
 
  
  
36,240,093
Health Care Providers & Services - 3.9%
  
  
  
Accolade Inc (b)
  
14,802
50,623
AdaptHealth Corp (b)
  
26,953
256,593
Addus HomeCare Corp (b)
  
4,203
526,846
agilon health Inc (b)
  
187,947
357,099
AirSculpt Technologies Inc (b)(c)
  
8,086
41,966
Alignment Healthcare Inc (b)
  
60,969
685,901
AMN Healthcare Services Inc (b)
  
23,086
552,217
Ardent Health Partners Inc (c)
  
5,169
88,287
Astrana Health Inc (b)
  
26,235
827,190
Aveanna Healthcare Holdings Inc (b)
  
21,889
100,033
BrightSpring Health Services Inc (b)(c)
  
32,799
558,567
Brookdale Senior Living Inc (b)
  
99,898
502,487
Castle Biosciences Inc (b)
  
5,077
135,302
Community Health Systems Inc (b)
  
41,474
124,007
Concentra Group Holdings Parent Inc (c)
  
46,280
915,418
CorVel Corp (b)
  
16,203
1,802,746
DocGo Inc Class A (b)
  
11,390
48,294
Enhabit Inc (b)
  
2,963
23,141
Ensign Group Inc/The
 
33,803
4,491,067
GeneDx Holdings Corp Class A (b)
  
995
76,476
Guardant Health Inc (b)
  
71,872
2,195,690
HealthEquity Inc (b)
  
52,270
5,015,307
Hims & Hers Health Inc Class A (b)(c)
  
115,585
2,794,845
Infusystem Holdings Inc (b)
  
12,120
102,414
Innovage Holding Corp (b)
  
3,632
14,273
Joint Corp/The (b)
  
6,628
70,456
LifeStance Health Group Inc (b)
  
38,932
286,929
Modivcare Inc (b)(c)
  
3,388
40,114
National Research Corp Class A
 
9,197
162,235
NeoGenomics Inc (b)
  
6,188
101,978
Option Care Health Inc (b)
  
49,014
1,137,125
Owens & Minor Inc (b)
  
6,979
91,216
PACS Group Inc
 
23,480
307,823
Patterson Cos Inc
 
8,831
272,525
Pennant Group Inc/The (b)
  
19,887
527,403
Performant Healthcare Inc (b)
  
29,569
89,298
Privia Health Group Inc (b)
  
62,127
1,214,583
Progyny Inc (b)
  
48,329
833,675
Quipt Home Medical Corp (United States) (b)
  
2,247
6,852
RadNet Inc (b)
  
40,270
2,812,457
Select Medical Holdings Corp
 
45,078
849,720
Sonida Senior Living Inc (b)
  
1,541
35,566
Talkspace Inc Class A (b)
  
75,027
231,833
US Physical Therapy Inc
 
9,108
807,971
Viemed Healthcare Inc (b)
  
20,922
167,794
 
  
  
32,334,342
Health Care Technology - 0.4%
  
  
  
Evolent Health Inc Class A (b)
  
70,325
791,156
Health Catalyst Inc (b)
  
3,240
22,906
HealthStream Inc
 
5,102
162,244
LifeMD Inc (b)(c)
  
13,870
68,657
OptimizeRx Corp (b)
  
10,722
52,109
Phreesia Inc (b)
  
33,703
847,967
Schrodinger Inc/United States (b)(c)
  
33,861
653,179
Simulations Plus Inc
 
9,676
269,864
Teladoc Health Inc (b)
  
16,367
148,776
Waystar Holding Corp (b)
  
17,154
629,552
 
  
  
3,646,410
Life Sciences Tools & Services - 0.2%
  
  
  
Akoya Biosciences Inc (b)(c)
  
16,190
37,075
BioLife Solutions Inc (b)(c)
  
19,628
509,543
ChromaDex Corp (b)
  
30,195
160,184
Codexis Inc (b)
  
5,458
26,035
Conduit Pharmaceuticals Inc Class A (b)
  
10,839
743
CryoPort Inc (b)(c)
  
21,757
169,269
Harvard Bioscience Inc (b)
  
6,315
13,325
Maravai LifeSciences Holdings Inc Class A (b)
  
67,273
366,638
Mesa Laboratories Inc (c)
  
1,040
137,145
OmniAb Inc (b)(c)
  
6,545
23,169
Quanterix Corp (b)
  
3,030
32,209
Standard BioTools Inc (b)(c)
  
40,501
70,877
 
  
  
1,546,212
Pharmaceuticals - 2.2%
  
  
  
Alto Neuroscience Inc
 
7,904
33,434
Alumis Inc (c)
  
4,825
37,925
Amneal Intermediate Inc Class A (b)
  
81,323
644,078
Amphastar Pharmaceuticals Inc (b)
  
23,436
870,179
ANI Pharmaceuticals Inc (b)
  
7,995
441,964
Aquestive Therapeutics Inc (b)(c)
  
12,358
43,994
Arvinas Inc (b)
  
39,124
750,007
Avadel Pharmaceuticals PLC Class A (b)
  
56,307
591,787
Axsome Therapeutics Inc (b)
  
22,425
1,897,379
BioAge Labs Inc
 
4,167
24,127
Biote Corp Class A (b)
  
15,563
96,179
Cassava Sciences Inc (b)(c)
  
24,749
58,408
Collegium Pharmaceutical Inc (b)
  
19,539
559,792
Contineum Therapeutics Inc Class A
 
3,878
56,813
Corcept Therapeutics Inc (b)
  
49,246
2,481,507
CorMedix Inc (b)(c)
  
33,713
273,075
Edgewise Therapeutics Inc (b)
  
44,214
1,180,514
Enliven Therapeutics Inc (b)
  
20,330
457,425
Esperion Therapeutics Inc New (b)(c)
  
31,346
68,961
Evolus Inc (b)
  
33,655
371,551
EyePoint Pharmaceuticals Inc (b)(c)
  
18,189
135,508
Fulcrum Therapeutics Inc (b)
  
16,046
75,416
Harmony Biosciences Holdings Inc (b)
  
23,211
798,691
Harrow Inc (b)
  
18,607
624,265
Innoviva Inc (b)
  
2,922
50,697
Liquidia Corp (b)
  
38,615
454,112
Lyra Therapeutics Inc (b)(c)
  
15,791
3,259
MBX Biosciences Inc
 
3,866
71,250
Mind Medicine MindMed Inc (b)(c)
  
49,091
341,673
Neumora Therapeutics Inc (b)
  
51,228
543,017
Novartis AG rights (b)(f)
  
7,324
0
Ocular Therapeutix Inc (b)
  
94,769
809,327
Omeros Corp (b)
  
11,622
114,825
Pacira BioSciences Inc (b)
  
2,080
39,187
Phathom Pharmaceuticals Inc (b)
  
5,160
41,899
Phibro Animal Health Corp Class A
 
2,994
62,874
Rapport Therapeutics Inc (b)
  
3,199
56,750
Revance Therapeutics Inc (b)
  
63,391
192,709
scPharmaceuticals Inc (b)(c)
  
23,986
84,910
Septerna Inc
 
6,378
146,056
SIGA Technologies Inc
 
20,787
124,930
Supernus Pharmaceuticals Inc (b)
  
2,200
79,552
Tarsus Pharmaceuticals Inc (b)
  
22,410
1,240,842
Telomir Pharmaceuticals Inc (b)(c)
  
6,662
27,447
Terns Pharmaceuticals Inc (b)
  
2,268
12,565
Trevi Therapeutics Inc (b)
  
22,639
93,273
Verrica Pharmaceuticals Inc (b)
  
11,421
7,995
WaVe Life Sciences Ltd (b)
  
48,054
594,428
Xeris Biopharma Holdings Inc (b)
  
85,377
289,428
Zevra Therapeutics Inc (b)(c)
  
17,039
142,105
 
  
  
18,198,089
TOTAL HEALTH CARE
  
  
195,142,968
 
  
  
  
Industrials - 22.4%
  
  
  
Aerospace & Defense - 2.0%
  
  
  
AAR Corp (b)
  
4,299
263,443
AeroVironment Inc (b)
  
17,083
2,628,903
Archer Aviation Inc Class A (b)
  
134,377
1,310,176
Byrna Technologies Inc (b)
  
10,542
303,715
Cadre Holdings Inc
 
15,856
512,149
Eve Holding Inc Class A (b)(c)
  
31,125
169,320
Intuitive Machines Inc Class A (b)
  
932
16,924
Kratos Defense & Security Solutions Inc (b)
  
40,023
1,055,807
Leonardo DRS Inc (b)
  
44,850
1,449,104
Moog Inc Class A
 
17,300
3,405,332
Park Aerospace Corp
 
4,854
71,111
Redwire Corp Class A (b)(c)
  
3,755
61,807
Rocket Lab USA Inc Class A (b)(c)
  
211,910
5,397,348
Virgin Galactic Holdings Inc Class A (b)(c)
  
1,248
7,337
VirTra Inc (b)(c)
  
6,682
45,104
 
  
  
16,697,580
Building Products - 1.8%
  
  
  
American Woodmark Corp (b)
  
575
45,729
Apogee Enterprises Inc
 
4,256
303,921
AZZ Inc
 
14,790
1,211,597
CSW Industrials Inc
 
10,202
3,599,266
Gibraltar Industries Inc (b)
  
8,874
522,679
Griffon Corp
 
22,900
1,632,083
Insteel Industries Inc
 
5,156
139,263
Janus International Group Inc (b)
  
86,442
635,349
JELD-WEN Holding Inc (b)
  
17,802
145,797
Tecnoglass Inc
 
13,680
1,085,098
UFP Industries Inc
 
20,818
2,345,148
Zurn Elkay Water Solutions Corp
 
83,085
3,099,071
 
  
  
14,765,001
Commercial Services & Supplies - 1.5%
  
  
  
ACV Auctions Inc Class A (b)
  
90,111
1,946,398
Aris Water Solutions Inc Class A
 
1,043
24,980
Bridger Aerospace Group Holdings Inc (b)(c)
  
1,681
3,580
Brink's Co/The
 
27,003
2,505,068
Casella Waste Systems Inc Class A (b)
  
38,030
4,023,954
CECO Environmental Corp (b)
  
17,827
538,910
CompX International Inc Class A
 
539
14,095
Driven Brands Holdings Inc (b)
  
36,497
589,062
HNI Corp
 
13,828
696,516
Interface Inc
 
3,425
83,399
LanzaTech Global Inc Class A (b)(c)
  
68,183
93,411
Liquidity Services Inc (b)
  
13,077
422,256
Montrose Environmental Group Inc (b)
  
19,365
359,221
Perma-Fix Environmental Services Inc (b)(c)
  
8,880
98,302
Pitney Bowes Inc
 
29,249
211,763
Quad/Graphics Inc Class A
 
11,718
81,674
Quest Resource Holding Corp (b)
  
10,673
69,375
Viad Corp (b)
  
12,455
529,462
Virco Mfg. Corp
 
461
4,724
VSE Corp
 
1,717
163,287
 
  
  
12,459,437
Construction & Engineering - 2.6%
  
  
  
Ameresco Inc Class A (b)(c)
  
6,549
153,771
Argan Inc
 
7,698
1,054,934
Bowman Consulting Group Ltd (b)
  
8,378
209,031
Centuri Holdings Inc
 
10,371
200,264
Construction Partners Inc Class A (b)
  
26,150
2,313,229
Dycom Industries Inc (b)
  
17,301
3,011,412
Fluor Corp (b)
  
95,365
4,703,402
Granite Construction Inc
 
22,096
1,938,040
IES Holdings Inc (b)
  
5,011
1,007,011
Limbach Holdings Inc (b)
  
6,223
532,315
MYR Group Inc (b)
  
9,749
1,450,359
Northwest Pipe Co (b)
  
934
45,075
Orion Group Holdings Inc (b)
  
3,356
24,599
Primoris Services Corp
 
30,018
2,293,375
Sterling Infrastructure Inc (b)
  
18,171
3,060,905
 
  
  
21,997,722
Electrical Equipment - 1.9%
  
  
  
374Water Inc (b)
  
40,183
27,429
Allient Inc
 
505
12,261
American Superconductor Corp (b)(c)
  
21,289
524,348
Amprius Technologies Inc (b)(c)
  
9,559
26,765
Array Technologies Inc (b)(c)
  
93,061
562,088
Atkore Inc
 
21,817
1,820,629
Blink Charging Co (b)(c)
  
26,219
36,444
Bloom Energy Corp Class A (b)(c)
  
111,889
2,485,055
ChargePoint Holdings Inc Class A (b)(c)
  
133,797
143,163
EnerSys
 
22,344
2,065,256
Enovix Corp Class B (b)(c)
  
100,163
1,088,772
Fluence Energy Inc Class A (b)(c)
  
37,620
597,406
GrafTech International Ltd (b)
  
145,277
251,329
LSI Industries Inc
 
12,192
236,769
NANO Nuclear Energy Inc (c)
  
442
11,004
NEXTracker Inc Class A (b)
  
65,356
2,387,455
NuScale Power Corp Class A (b)(c)
  
51,600
925,188
Plug Power Inc (b)(c)
  
39,249
83,600
Powell Industries Inc
 
5,693
1,261,853
Preformed Line Products Co
 
94
12,012
SES AI Corp Class A (b)(c)
  
6,191
13,558
Shoals Technologies Group Inc (b)
  
102,169
564,995
SolarMax Technology Inc (b)(c)
  
7,766
12,581
Solidion Technology Inc Class A (b)(c)
  
23,742
16,541
Thermon Group Holdings Inc (b)
  
2,100
60,417
Ultralife Corp (b)
  
759
5,654
Vicor Corp (b)
  
7,661
370,180
 
  
  
15,602,752
Ground Transportation - 0.5%
  
  
  
ArcBest Corp
 
14,336
1,337,836
Covenant Logistics Group Inc Class A
 
856
46,661
Heartland Express Inc
 
11,598
130,130
Marten Transport Ltd
 
7,391
115,374
PAMT CORP (b)
  
430
7,042
Proficient Auto Logistics Inc
 
2,836
22,886
RXO Inc (b)
  
97,117
2,315,269
Universal Logistics Holdings Inc
 
1,473
67,670
Werner Enterprises Inc
 
4,783
171,805
 
  
  
4,214,673
Machinery - 5.1%
  
  
  
Alamo Group Inc
 
6,239
1,159,892
Albany International Corp Class A
 
4,632
370,421
Atmus Filtration Technologies Inc
 
51,048
2,000,061
Blue Bird Corp (b)
  
19,580
756,375
Chart Industries Inc (b)
  
26,179
4,996,001
Douglas Dynamics Inc
 
11,495
271,627
Energy Recovery Inc (b)
  
34,589
508,458
Enerpac Tool Group Corp Class A
 
33,127
1,361,188
Enpro Inc
 
1,351
232,980
ESCO Technologies Inc
 
7,721
1,028,514
Federal Signal Corp
 
36,620
3,383,322
Franklin Electric Co Inc
 
27,588
2,688,451
Gorman-Rupp Co/The
 
12,763
483,973
Graham Corp (b)
  
6,257
278,249
Helios Technologies Inc
 
13,833
617,505
Hillenbrand Inc
 
14,341
441,416
Hillman Solutions Corp Class A (b)
  
20,450
199,183
Hyster-Yale Inc Class A
 
4,242
216,045
John Bean Technologies Corp
 
2,002
254,454
Kadant Inc
 
7,139
2,462,884
Lindsay Corp
 
3,280
388,057
Mayville Engineering Co Inc (b)
  
655
10,297
Miller Industries Inc/TN
 
410
26,798
Mueller Industries Inc
 
62,961
4,996,586
Mueller Water Products Inc Class A1
 
94,636
2,129,310
Omega Flex Inc
 
2,168
90,991
REV Group Inc
 
24,435
778,743
Shyft Group Inc/The
 
1,250
14,675
SPX Technologies Inc (b)
  
27,420
3,990,158
Standex International Corp
 
5,415
1,012,551
Taylor Devices Inc (b)
  
1,771
73,709
Tennant CO
 
5,128
418,086
Trinity Industries Inc
 
45,691
1,603,754
Watts Water Technologies Inc Class A
 
16,680
3,391,044
 
  
  
42,635,758
Passenger Airlines - 0.3%
  
  
  
Frontier Group Holdings Inc (b)(c)
  
25,690
182,656
Joby Aviation Inc Class A (b)(c)
  
263,206
2,139,865
Sun Country Airlines Holdings Inc (b)
  
11,344
165,396
Wheels Up Experience Inc Class A (b)(c)
  
54,589
90,071
 
  
  
2,577,988
Professional Services - 3.2%
  
  
  
Barrett Business Services Inc
 
14,204
617,022
Cbiz Inc (b)
  
29,192
2,388,781
CRA International Inc
 
4,019
752,357
CSG Systems International Inc
 
18,032
921,616
DLH Holdings Corp (b)
  
1,844
14,807
ExlService Holdings Inc (b)
  
95,738
4,248,852
Exponent Inc
 
30,783
2,742,765
First Advantage Corp (b)
  
21,758
407,527
FiscalNote Holdings Inc Class A (b)
  
38,329
41,012
Franklin Covey Co (b)
  
6,856
257,648
HireQuest Inc
 
2,777
39,322
Huron Consulting Group Inc (b)
  
10,702
1,329,831
ICF International Inc
 
11,363
1,354,583
Innodata Inc (b)(c)
  
16,478
651,211
Insperity Inc
 
21,872
1,695,299
Kforce Inc
 
11,109
629,880
Legalzoom.com Inc (b)
  
78,067
586,283
Maximus Inc
 
36,624
2,733,982
NV5 Global Inc (b)
  
6,380
120,199
Spire Global Inc Class A (b)(c)
  
13,595
191,282
TriNet Group Inc
 
19,467
1,767,020
Upwork Inc (b)
  
75,873
1,240,524
Verra Mobility Corp Class A (b)
  
100,368
2,426,898
 
  
  
27,158,701
Trading Companies & Distributors - 3.5%
  
  
  
Alta Equipment Group Inc Class A (c)
  
16,364
107,021
Applied Industrial Technologies Inc
 
23,423
5,609,106
Beacon Roofing Supply Inc (b)
  
35,231
3,578,765
Boise Cascade Co
 
11,317
1,345,139
Custom Truck One Source Inc Class A (b)(c)
  
19,959
96,003
Distribution Solutions Group Inc (b)
  
5,646
194,222
DXP Enterprises Inc/TX (b)
  
663
54,777
EVI Industries Inc
 
2,530
41,366
FTAI Aviation Ltd
 
61,868
8,911,467
Global Industrial Co
 
8,294
205,608
GMS Inc (b)
  
21,639
1,835,636
H&E Equipment Services Inc
 
18,081
885,246
Herc Holdings Inc
 
17,141
3,245,306
Hudson Technologies Inc (b)
  
3,871
21,600
Karat Packaging Inc
 
4,166
126,063
McGrath RentCorp
 
14,865
1,662,204
Transcat Inc (b)
  
5,502
581,781
Xometry Inc Class A (b)
  
25,884
1,104,211
 
  
  
29,605,521
Transportation Infrastructure - 0.0%
  
  
  
Sky Harbour Group Corp Class A (b)(c)
  
6,904
82,365
TOTAL INDUSTRIALS
  
  
187,797,498
 
  
  
  
Information Technology - 19.8%
  
  
  
Communications Equipment - 0.3%
  
  
  
Calix Inc (b)
  
26,749
932,738
Extreme Networks Inc (b)
  
42,028
703,548
Harmonic Inc (b)
  
67,277
890,075
Infinera Corp (b)(c)
  
123,272
809,897
 
  
  
3,336,258
Electronic Equipment, Instruments & Components - 2.9%
  
  
  
908 Devices Inc (b)
  
1,024
2,253
Advanced Energy Industries Inc
 
22,791
2,635,323
Arlo Technologies Inc (b)
  
59,552
666,387
Badger Meter Inc
 
17,904
3,797,797
Belden Inc
 
13,185
1,484,763
Climb Global Solutions Inc
 
2,563
324,860
CTS Corp
 
14,269
752,404
Daktronics Inc (b)
  
3,501
59,027
ePlus Inc (b)
  
10,788
797,017
Evolv Technologies Holdings Inc Class A (b)(c)
  
80,578
318,283
Insight Enterprises Inc (b)
  
16,583
2,522,274
Itron Inc (b)
  
24,870
2,700,385
Lightwave Logic Inc (b)(c)
  
73,217
153,756
MicroVision Inc (b)(c)
  
69,170
90,613
Mirion Technologies Inc Class A (b)
  
16,376
285,761
Napco Security Technologies Inc
 
21,452
762,833
nLight Inc (b)
  
1,600
16,784
Novanta Inc (b)
  
21,849
3,337,872
OSI Systems Inc (b)
  
9,103
1,524,115
Ouster Inc Class A (b)
  
4,890
59,756
PAR Technology Corp (b)(c)
  
19,296
1,402,240
Plexus Corp (b)
  
4,884
764,248
 
  
  
24,458,751
IT Services - 0.8%
  
  
  
Applied Digital Corp (b)(c)
  
80,818
617,450
ASGN Inc (b)
  
5,868
489,039
Backblaze Inc Class A (b)
  
24,312
146,358
BigBear.ai Holdings Inc (b)(c)
  
47,054
209,390
BigCommerce Holdings Inc (b)
  
43,484
266,122
Core Scientific Inc
 
85,277
1,198,142
Couchbase Inc (b)
  
24,255
378,135
DigitalOcean Holdings Inc (b)
  
39,974
1,361,915
Fastly Inc Class A (b)
  
63,389
598,392
Grid Dynamics Holdings Inc (b)
  
26,402
587,180
Hackett Group Inc/The
 
13,954
428,667
Tucows Inc Class A (b)(c)
  
4,870
83,472
 
  
  
6,364,262
Semiconductors & Semiconductor Equipment - 3.7%
  
  
  
ACM Research Inc Class A (b)
  
21,290
321,479
Aehr Test Systems (b)(c)
  
17,271
287,217
Ambarella Inc (b)
  
12,113
881,100
Axcelis Technologies Inc (b)
  
19,845
1,386,570
CEVA Inc (b)
  
12,045
380,020
Credo Technology Group Holding Ltd (b)
  
85,326
5,734,760
Diodes Inc (b)
  
2,940
181,310
Everspin Technologies Inc (b)
  
10,177
65,031
FormFactor Inc (b)
  
47,150
2,074,600
GCT Semiconductor Holding Inc Class A (b)(c)
  
4,764
11,099
Ichor Holdings Ltd (b)
  
6,340
204,275
Impinj Inc (b)
  
13,968
2,028,992
MaxLinear Inc Class A (b)
  
45,942
908,733
Navitas Semiconductor Corp Class A (b)(c)
  
10,569
37,731
NVE Corp
 
2,920
237,776
PDF Solutions Inc (b)
  
18,954
513,274
Photronics Inc (b)
  
12,790
301,332
Power Integrations Inc (c)
  
34,468
2,126,676
QuickLogic Corp (b)(c)
  
8,417
95,112
Rambus Inc (b)
  
65,081
3,440,182
Semtech Corp (b)
  
44,249
2,736,801
Silicon Laboratories Inc (b)
  
19,518
2,424,526
SiTime Corp (b)
  
11,322
2,428,909
SkyWater Technology Inc (b)
  
16,584
228,859
Synaptics Inc (b)
  
1,781
135,926
Ultra Clean Holdings Inc (b)
  
26,952
968,924
Veeco Instruments Inc (b)
  
28,616
766,909
 
  
  
30,908,123
Software - 11.4%
  
  
  
8x8 Inc (b)
  
77,982
208,212
A10 Networks Inc
 
43,255
795,892
ACI Worldwide Inc (b)
  
64,253
3,335,373
Adeia Inc
 
55,981
782,614
Agilysys Inc (b)
  
13,729
1,808,247
Airship AI Holdings Inc Class A (b)(c)
  
4,926
30,837
Alarm.com Holdings Inc (b)
  
28,855
1,754,384
Alkami Technology Inc (b)
  
32,349
1,186,561
Altair Engineering Inc Class A (b)
  
33,093
3,610,777
Amplitude Inc Class A (b)
  
47,658
502,792
Appian Corp Class A (b)(c)
  
24,544
809,461
Arteris Inc (b)
  
17,213
175,400
Asana Inc Class A (b)
  
49,498
1,003,324
AudioEye Inc (b)
  
4,350
66,164
Aurora Innovation Inc Class A (b)(c)
  
315,757
1,989,269
AvePoint Inc Class A (b)
  
78,532
1,296,563
Blackbaud Inc (b)
  
24,699
1,825,750
BlackLine Inc (b)
  
35,161
2,136,382
Blend Labs Inc Class A (b)
  
144,564
608,614
Box Inc Class A (b)
  
85,807
2,711,501
Braze Inc Class A (b)
  
40,167
1,682,194
C3.ai Inc Class A (b)(c)
  
67,385
2,320,066
Cipher Mining Inc (b)(c)
  
83,013
385,180
Cleanspark Inc (b)(c)
  
151,563
1,395,895
Clear Secure Inc Class A
 
53,487
1,424,894
Clearwater Analytics Holdings Inc Class A (b)
  
108,940
2,998,029
Commvault Systems Inc (b)
  
24,810
3,744,077
CS Disco Inc (b)
  
11,301
56,392
Daily Journal Corp (b)(c)
  
606
344,202
Digimarc Corp (b)(c)
  
8,755
327,875
Domo Inc Class B (b)
  
20,909
148,036
eGain Corp (b)
  
10,798
67,272
Enfusion Inc Class A (b)
  
30,318
312,275
EverCommerce Inc (b)
  
9,450
104,045
Freshworks Inc Class A (b)
  
125,998
2,037,388
Intapp Inc (b)
  
32,491
2,082,348
InterDigital Inc
 
15,411
2,985,419
Jamf Holding Corp (b)
  
49,926
701,460
Kaltura Inc (b)
  
59,542
130,992
Life360 Inc (b)
  
5,132
211,798
LiveRamp Holdings Inc (b)
  
40,237
1,221,998
MARA Holdings Inc (b)(c)
  
142,020
2,381,675
Matterport Inc Class A (b)
  
161,759
766,738
Meridianlink Inc (b)
  
12,069
249,225
Mitek Systems Inc (b)
  
27,871
310,204
N-able Inc/US (b)
  
43,657
407,756
NCR Voyix Corp (b)
  
80,391
1,112,611
NextNav Inc Class A (b)(c)
  
47,176
734,059
Olo Inc Class A (b)
  
31,199
239,608
OneSpan Inc
 
21,018
389,674
Ooma Inc (b)
  
2,162
30,398
PagerDuty Inc (b)
  
54,576
996,558
Porch Group Inc (b)
  
48,109
236,696
Prairie Operating Co (b)(c)
  
2,396
16,580
Progress Software Corp
 
25,913
1,688,232
PROS Holdings Inc (b)
  
27,894
612,552
Q2 Holdings Inc (b)
  
35,843
3,607,598
Qualys Inc (b)
  
22,619
3,171,636
Rapid7 Inc (b)
  
37,725
1,517,677
Red Violet Inc
 
6,741
244,024
Rekor Systems Inc (b)(c)
  
40,480
63,149
ReposiTrak Inc
 
7,186
159,026
Rimini Street Inc (b)
  
4,665
12,456
Riot Platforms Inc (b)(c)
  
23,105
235,902
Roadzen Inc (b)
  
1,565
3,412
SEMrush Holdings Inc Class A (b)
  
22,450
266,706
Silvaco Group Inc (b)(c)
  
3,053
24,668
SoundHound AI Inc Class A (b)(c)
  
187,878
3,727,500
SoundThinking Inc (b)
  
5,477
71,530
Sprinklr Inc Class A (b)
  
71,169
601,378
Sprout Social Inc Class A (b)
  
30,493
936,440
SPS Commerce Inc (b)
  
22,961
4,224,594
Tenable Holdings Inc (b)
  
71,854
2,829,611
Terawulf Inc (b)(c)
  
152,210
861,509
Varonis Systems Inc (b)
  
67,160
2,983,919
Vertex Inc Class A (b)
  
33,074
1,764,498
Viant Technology Inc Class A (b)
  
9,361
177,765
Weave Communications Inc (b)
  
24,166
384,723
Workiva Inc Class A (b)
  
30,767
3,368,987
Yext Inc (b)
  
64,890
412,700
Zeta Global Holdings Corp Class A (b)
  
108,867
1,958,517
Zuora Inc Class A (b)
  
85,091
844,103
 
  
  
95,946,546
Technology Hardware, Storage & Peripherals - 0.7%
  
  
  
CompoSecure Inc Class A (c)
  
13,018
199,566
Corsair Gaming Inc (b)
  
5,849
38,662
CPI Card Group Inc (b)
  
2,968
88,714
IonQ Inc (b)(c)
  
122,459
5,115,112
Turtle Beach Corp (b)
  
5,969
103,323
 
  
  
5,545,377
TOTAL INFORMATION TECHNOLOGY
  
  
166,559,317
 
  
  
  
Materials - 3.6%
  
  
  
Chemicals - 1.8%
  
  
  
Arq Inc (b)
  
2,049
15,511
ASP Isotopes Inc (b)(c)
  
31,922
144,607
Aspen Aerogels Inc (b)
  
8,263
98,164
Balchem Corp
 
19,685
3,208,557
Cabot Corp
 
32,656
2,981,819
Hawkins Inc
 
11,781
1,445,175
HB Fuller Co
 
9,388
633,502
Ingevity Corp (b)
  
22,176
903,672
Innospec Inc
 
12,947
1,424,947
Northern Technologies International Corp
 
4,840
65,292
PureCycle Technologies Inc (b)(c)
  
14,119
144,720
Quaker Chemical Corp
 
8,417
1,184,777
Sensient Technologies Corp
 
24,314
1,732,616
Stepan Co
 
1,339
86,633
 
  
  
14,069,992
Construction Materials - 0.5%
  
  
  
Knife River Corp (b)
  
34,597
3,516,439
Smith-Midland Corp (b)(c)
  
2,788
123,954
United States Lime & Minerals Inc
 
6,412
851,129
 
  
  
4,491,522
Containers & Packaging - 0.1%
  
  
  
Ardagh Metal Packaging SA
 
88,133
265,280
Myers Industries Inc
 
22,363
246,888
Pactiv Evergreen Inc
 
2,895
50,576
 
  
  
562,744
Metals & Mining - 1.2%
  
  
  
Alpha Metallurgical Resources Inc
 
6,694
1,339,603
Carpenter Technology Corp
 
28,987
4,919,385
Century Aluminum Co (b)
  
32,159
585,937
Constellium SE (b)
  
78,885
810,149
Contango ORE Inc (b)
  
2,591
25,962
Dakota Gold Corp (b)
  
25,526
56,157
Ivanhoe Electric Inc / US (b)(c)
  
50,906
384,340
Kaiser Aluminum Corp
 
9,131
641,635
Materion Corp
 
11,814
1,168,168
Perpetua Resources Corp (United States) (b)(c)
  
23,471
250,436
Piedmont Lithium Inc (b)(c)
  
3,130
27,356
Ramaco Resources Inc Class A
 
15,672
160,795
Ramaco Resources Inc Class B
 
3,597
35,538
 
  
  
10,405,461
Paper & Forest Products - 0.0%
  
  
  
Sylvamo Corp
 
4,596
363,175
TOTAL MATERIALS
  
  
29,892,894
 
  
  
  
Real Estate - 1.4%
  
  
  
Diversified REITs - 0.0%
  
  
  
Armada Hoffler Properties Inc Class A
 
3,375
34,526
Gladstone Commercial Corp
 
3,887
63,125
 
  
  
97,651
Health Care REITs - 0.1%
  
  
  
CareTrust REIT Inc
 
9,384
253,838
Community Healthcare Trust Inc
 
1,307
25,107
Strawberry Fields REIT Ltd
 
3,817
40,231
Universal Health Realty Income Trust
 
6,514
242,386
 
  
  
561,562
Hotel & Resort REITs - 0.4%
  
  
  
Ryman Hospitality Properties Inc
 
35,718
3,726,816
Office REITs - 0.0%
  
  
  
Postal Realty Trust Inc Class A
 
5,058
66,007
Real Estate Management & Development - 0.4%
  
  
  
Compass Inc Class A (b)
  
222,034
1,298,899
eXp World Holdings Inc (c)
  
49,871
574,015
Forestar Group Inc (b)
  
1,365
35,381
Maui Land & Pineapple Co Inc (b)
  
4,336
95,305
Offerpad Solutions Inc Class A (b)
  
885
2,522
Opendoor Technologies Inc Class A (b)
  
19,012
30,419
Redfin Corp (b)
  
72,749
572,535
St Joe Co/The
 
21,954
986,393
 
  
  
3,595,469
Residential REITs - 0.1%
  
  
  
Apartment Investment and Management Co Class A
 
40,635
369,372
Clipper Realty Inc
 
6,270
28,717
UMH Properties Inc
 
6,516
123,022
 
  
  
521,111
Retail REITs - 0.3%
  
  
  
Alexander's Inc
 
1,307
261,478
CBL & Associates Properties Inc
 
9,166
269,572
NETSTREIT Corp
 
9,328
131,991
Phillips Edison & Co Inc
 
10,969
410,899
Saul Centers Inc
 
5,762
223,566
Tanger Inc
 
25,407
867,141
 
  
  
2,164,647
Specialized REITs - 0.1%
  
  
  
Outfront Media Inc
 
35,281
625,885
TOTAL REAL ESTATE
  
  
11,359,148
 
  
  
  
Utilities - 0.4%
  
  
  
Electric Utilities - 0.2%
  
  
  
Genie Energy Ltd Class B
 
3,430
53,474
MGE Energy Inc
 
9,498
892,432
Otter Tail Corp
 
11,261
831,512
 
  
  
1,777,418
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Montauk Renewables Inc (b)
  
40,153
159,809
Water Utilities - 0.2%
  
  
  
American States Water Co
 
12,748
990,775
Cadiz Inc (b)(c)
  
25,692
133,598
California Water Service Group
 
9,596
434,987
Consolidated Water Co Ltd
 
2,250
58,253
Global Water Resources Inc
 
7,050
81,075
Middlesex Water Co
 
1,356
71,366
York Water Co/The
 
1,111
36,351
 
  
  
1,806,405
TOTAL UTILITIES
  
  
3,743,632
 
  
  
  
TOTAL UNITED STATES
  
  
817,270,968
 
TOTAL COMMON STOCKS
 (Cost $703,572,967)
  
  
  
837,131,537
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (g)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 2/20/2025 (h)
 (Cost $272,320)
  
4.46
274,000
272,442
 
  
  
  
  
Money Market Funds - 8.9%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
  
4.36
2,517,677
2,518,180
Fidelity Securities Lending Cash Central Fund (i)(j)
  
4.35
72,348,041
72,355,276
 
TOTAL MONEY MARKET FUNDS
 (Cost $74,873,456)
  
  
  
74,873,456
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 108.7%
 (Cost $778,718,743)
 
  
 
912,277,435
NET OTHER ASSETS (LIABILITIES) - (8.7)%  
(72,671,673)
NET ASSETS - 100.0%
839,605,762
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
CME E-mini Russell 2000 Index Contracts (United States)
26
Mar 2025
2,924,740
(56,782)
(56,782)
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 0.3%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $921 and all restrictions are set to expire on or before January 31, 2025.  Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(e)
Security is 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 $640,422 or 0.1% of net assets.
 
(f)
Level 3 security
 
(g)
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.
 
(h)
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 $272,442.
 
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(j)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
3,708,509
99,418,460
100,608,687
94,709
(102)
-
2,518,180
2,517,677
0.0%
Fidelity Securities Lending Cash Central Fund
43,017,692
155,484,512
126,146,928
595,085
-
-
72,355,276
72,348,041
0.3%
Total
46,726,201
254,902,972
226,755,615
689,794
(102)
-
74,873,456
74,865,718
  
 
  
  
  
  
  
  
  
  
  
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 payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of December 31, 2024, 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:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
18,034,850
18,034,850
-
-
Consumer Discretionary
85,463,486
85,463,486
-
-
Consumer Staples
27,928,000
27,928,000
-
-
Energy
27,611,432
27,611,432
-
-
Financials
72,217,083
72,217,083
-
-
Health Care
196,409,360
196,399,238
3,786
6,336
Industrials
189,649,704
189,649,704
-
-
Information Technology
173,856,359
173,856,359
-
-
Materials
30,576,903
30,576,903
-
-
Real Estate
11,640,728
11,640,728
-
-
Utilities
3,743,632
3,743,632
-
-
 U.S. Treasury Obligations
272,442
-
272,442
-
  Money Market Funds
74,873,456
74,873,456
-
-
 Total Investments in Securities:
912,277,435
911,994,871
276,228
6,336
 Derivative Instruments:
 Liabilities
  
  
  
  
Futures Contracts
(56,782)
(56,782)
-
-
  Total Liabilities
(56,782)
(56,782)
-
-
 Total Derivative Instruments:
(56,782)
(56,782)
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2024. 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                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
0
(56,782)
Total Equity Risk
0
(56,782)
Total Value of Derivatives
0
(56,782)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Small Cap Growth Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of December 31, 2024 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  (including  securities loaned of $69,024,464) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $703,845,287)
$
837,403,979
  
  
Fidelity Central Funds (cost $74,873,456)
74,873,456
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $778,718,743)
  
  
$
912,277,435
Segregated cash with brokers for derivative instruments
  
  
37,597
Foreign currency held at value (cost $378)
  
  
352
Receivable for fund shares sold
  
  
762,278
Dividends receivable
  
  
207,130
Distributions receivable from Fidelity Central Funds
  
  
70,825
Receivable for daily variation margin on futures contracts
  
  
3,473
Other receivables
  
  
5,235
  Total assets
  
  
913,364,325
Liabilities
  
  
  
  
Payable to custodian bank
$
12,192
  
  
Payable for fund shares redeemed
1,354,828
  
  
Accrued management fee
36,267
  
  
Collateral on securities loaned
72,355,276
  
  
  Total liabilities
  
  
  
73,758,563
Net Assets  
  
  
$
839,605,762
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
775,659,521
Total accumulated earnings (loss)
  
  
  
63,946,241
Net Assets
  
  
$
839,605,762
Net Asset Value, offering price and redemption price per share ($839,605,762 ÷ 30,301,129 shares)
  
  
$
27.71
Statement of Operations
Six months ended December 31, 2024 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
2,116,794
Interest  
  
  
7,585
Income from Fidelity Central Funds (including $595,085 from security lending)
 
  
689,794
 Total income
  
  
  
2,814,173
Expenses
  
  
  
  
Management fee
$
189,975
  
  
Independent trustees' fees and expenses
898
  
  
Interest
2,835
  
  
 Total expenses before reductions
  
193,708
  
  
 Expense reductions
  
(8,478)
  
  
 Total expenses after reductions
  
  
  
185,230
Net Investment income (loss)
  
  
  
2,628,943
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(875,127)
  
  
   Fidelity Central Funds
  
(102)
  
  
 Futures contracts
  
620,832
  
  
Total net realized gain (loss)
  
  
  
(254,397)
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
62,757,269
  
  
 Assets and liabilities in foreign currencies
  
(18)
  
  
 Futures contracts
  
(109,439)
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
62,647,812
Net gain (loss)
  
  
  
62,393,415
Net increase (decrease) in net assets resulting from operations
  
  
$
65,022,358
Statement of Changes in Net Assets
 
 
Six months ended
December 31, 2024
(Unaudited)
  
Year ended
June 30, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
2,628,943
$
4,385,652
Net realized gain (loss)
  
(254,397)
  
15,324,286
Change in net unrealized appreciation (depreciation)
  
62,647,812
  
31,613,062
Net increase (decrease) in net assets resulting from operations
  
65,022,358
  
51,323,000
Distributions to shareholders
  
(9,619,315)
  
(4,416,179)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
245,731,654
  
352,653,267
  Reinvestment of distributions
  
8,395,178
  
3,894,236
Cost of shares redeemed
  
(124,651,324)
  
(269,202,210)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
129,475,508
  
87,345,293
Total increase (decrease) in net assets
  
184,878,551
  
134,252,114
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
654,727,211
  
520,475,097
End of period
$
839,605,762
$
654,727,211
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
8,791,122
  
14,713,757
  Issued in reinvestment of distributions
  
316,747
  
165,518
Redeemed
  
(4,533,156)
  
(11,308,549)
Net increase (decrease)
  
4,574,713
  
3,570,726
 
  
  
  
  
Financial Highlights
 
Fidelity® Small Cap Growth Index Fund
 
 
Six months ended
(Unaudited) December 31, 2024 
  
Years ended June 30, 2024 
  
2023  
  
2022 
  
2021 
  
2020 A  
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
25.45
$
23.49
$
19.93
$
30.90
$
20.66
$
20.00
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) B,C
  
.10
 
.19
 
.23
 
.17
 
.14
 
.15
     Net realized and unrealized gain (loss)
 
2.51
 
1.97
 
3.50
 
(10.17)
 
10.38
 
.57
  Total from investment operations
 
2.61  
  
2.16  
  
3.73  
  
(10.00)  
  
10.52
 
.72
  Distributions from net investment income
 
(.35)
 
(.20)
 
(.17)
 
(.16)
 
(.11)
 
(.05)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.81)
 
(.18)
 
(.01)
     Total distributions
 
(.35)
 
(.20)
 
(.17)
 
(.97)
 
(.28) D
  
(.06)
  Net asset value, end of period
$
27.71
$
25.45
$
23.49
$
19.93
$
30.90
$
20.66
 Total Return E,F
  
10.31
%
 
9.26%
 
18.78%
 
(33.33)%
 
51.31%
 
3.59%
 Ratios to Average Net Assets C,G,H
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.05% I
  
.05%
 
.05%
 
.05%
 
.05%
 
.05% I
    Expenses net of fee waivers, if any
 
.05
% I
  
.05%
 
.05%
 
.05%
 
.05%
 
.05% I
    Expenses net of all reductions
 
.05% I
  
.05%
 
.05%
 
.05%
 
.05%
 
.05% I
    Net investment income (loss)
 
.69% I
  
.78%
 
1.05%
 
.64%
 
.49%
 
.78% I
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
839,606
$
654,727
$
520,475
$
274,753
$
336,925
$
54,213
    Portfolio turnover rate J
  
13
% I
  
48% K
  
42%
 
51%
 
62%
 
69% I
 
AFor the period July 11, 2019 (commencement of operations) through June 30, 2020.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees 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.
HExpense 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.
IAnnualized.
JAmount 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.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Small Cap Value Index Fund
Schedule of Investments December 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7%
 
  
Shares
Value ($)
 
ARGENTINA - 0.5%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Despegar.com Corp (b)
  
53,271
1,025,467
Materials - 0.4%
  
  
  
Chemicals - 0.4%
  
  
  
Arcadium Lithium PLC
 
1,086,462
5,573,550
TOTAL ARGENTINA
  
  
6,599,017
AUSTRALIA - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
MAC Copper Ltd Class A (b)
  
38,871
412,810
BERMUDA - 0.2%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Teekay Corp Ltd
 
54,971
380,949
Financials - 0.2%
  
  
  
Banks - 0.1%
  
  
  
Bank of Nt Butterfield & Son Ltd/The (United States)
 
44,588
1,629,691
Insurance - 0.1%
  
  
  
Hamilton Insurance Group Ltd Class B (b)
  
39,655
754,635
TOTAL FINANCIALS
  
  
2,384,326
 
  
  
  
Industrials - 0.0%
  
  
  
Marine Transportation - 0.0%
  
  
  
Himalaya Shipping Ltd (United States)
 
1,914
9,302
TOTAL BERMUDA
  
  
2,774,577
BRAZIL - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Financial Services - 0.1%
  
  
  
Pagseguro Digital Ltd Class A (b)
  
90,195
564,621
StoneCo Ltd Class A (b)
  
138,455
1,103,486
 
  
  
  
TOTAL BRAZIL
  
  
1,668,107
CAMEROON - 0.3%
 
  
  
Energy - 0.3%
  
  
  
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
Golar LNG Ltd
 
99,272
4,201,191
CANADA - 1.0%
 
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Encore Energy Corp (United States) (b)
  
47,449
161,801
Teekay Tankers Ltd Class A
 
24,043
956,671
 
  
  
1,118,472
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Aurinia Pharmaceuticals Inc (b)
  
36,634
328,974
Fennec Pharmaceuticals Inc (United States) (b)
  
18,298
115,643
 
  
  
444,617
Industrials - 0.0%
  
  
  
Industrial Conglomerates - 0.0%
  
  
  
Brookfield Business Corp Class A (United States)
 
25,255
612,686
Information Technology - 0.2%
  
  
  
Software - 0.2%
  
  
  
D-Wave Quantum Inc (b)(c)
  
45,319
380,679
Hut 8 Corp (United States) (b)
  
81,238
1,664,567
 
  
  
2,045,246
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
i-80 Gold Corp (United States) (b)(c)
  
322,340
156,335
Novagold Resources Inc (United States) (b)
  
244,594
814,498
Ssr Mining Inc (United States)
 
203,097
1,413,555
 
  
  
2,384,388
Utilities - 0.5%
  
  
  
Gas Utilities - 0.5%
  
  
  
Brookfield Infrastructure Corp (United States)
 
120,408
4,817,524
TOTAL CANADA
  
  
11,422,933
CHINA - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
indie Semiconductor Inc Class A (b)(c)
  
114,350
463,118
IRELAND - 0.1%
 
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Ardmore Shipping Corp
 
41,957
509,778
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Prothena Corp PLC (b)
  
17,801
246,543
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
Cimpress PLC (b)
  
5,444
390,444
TOTAL IRELAND
  
  
1,146,765
ISLE OF MAN - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Lifezone Metals Ltd (b)
  
36,195
251,555
ISRAEL - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
Innovid Corp Class A (b)
  
96,567
298,392
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Nano-X Imaging Ltd (b)(c)
  
2,942
21,182
TOTAL ISRAEL
  
  
319,574
KOREA (SOUTH) - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Interactive Media & Services - 0.0%
  
  
  
Webtoon Entertainment Inc
 
8,731
118,567
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Artiva Biotherapeutics Inc (b)(c)
  
6,479
65,308
TOTAL KOREA (SOUTH)
  
  
183,875
MEXICO - 0.1%
 
  
  
Energy - 0.1%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
Borr Drilling Ltd (United States) (c)
  
237,279
925,388
MONACO - 0.2%
 
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Scorpio Tankers Inc
 
44,724
2,222,336
Industrials - 0.0%
  
  
  
Marine Transportation - 0.0%
  
  
  
Costamare Inc
 
39,844
511,995
Safe Bulkers Inc
 
59,063
210,855
 
  
  
722,850
TOTAL MONACO
  
  
2,945,186
NORWAY - 0.4%
 
  
  
Energy - 0.3%
  
  
  
Energy Equipment & Services - 0.2%
  
  
  
Seadrill Ltd (b)
  
49,176
1,914,422
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
FLEX LNG Ltd (United States)
 
12,272
281,519
SFL Corp Ltd
 
103,881
1,061,664
 
  
  
1,343,183
Industrials - 0.1%
  
  
  
Electrical Equipment - 0.0%
  
  
  
Freyr Battery Inc (c)
  
111,868
288,619
Marine Transportation - 0.1%
  
  
  
Golden Ocean Group Ltd
 
123,190
1,103,783
TOTAL INDUSTRIALS
  
  
1,392,402
 
  
  
  
TOTAL NORWAY
  
  
4,650,007
PANAMA - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Financial Services - 0.1%
  
  
  
Banco Latinoamericano de Comercio Exterior SA Class E
 
27,605
981,910
PUERTO RICO - 0.4%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Liberty Latin America Ltd Class A (b)
  
22,045
140,206
Liberty Latin America Ltd Class C (b)
  
138,155
875,903
 
  
  
1,016,109
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
First BanCorp/Puerto Rico
 
150,103
2,790,415
Ofg Bancorp
 
46,207
1,955,480
 
  
  
4,745,895
TOTAL PUERTO RICO
  
  
5,762,004
SINGAPORE - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Scilex Holding Co (b)(d)
  
41,080
14,013
SOUTH AFRICA - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Caledonia Mining Corp PLC
 
16,960
159,594
SWEDEN - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Insurance - 0.1%
  
  
  
SiriusPoint Ltd (b)
  
86,341
1,415,129
SWITZERLAND - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
ADC Therapeutics SA (b)
  
32,439
64,554
THAILAND - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
BKV Corp (b)
  
11,169
265,599
UNITED KINGDOM - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Insurance - 0.1%
  
  
  
Fidelis Insurance Holdings Ltd
 
51,635
936,143
Industrials - 0.0%
  
  
  
Machinery - 0.0%
  
  
  
Luxfer Holdings PLC
 
27,154
355,445
TOTAL UNITED KINGDOM
  
  
1,291,588
UNITED STATES - 96.1%
 
  
  
Communication Services - 3.1%
  
  
  
Diversified Telecommunication Services - 0.7%
  
  
  
Anterix Inc (b)
  
1,336
40,974
AST SpaceMobile Inc Class A (b)(c)
  
134,332
2,834,405
Atn International Inc
 
10,560
177,514
Bandwidth Inc Class A (b)
  
2,789
47,469
Globalstar Inc (b)
  
114,356
236,717
IDT Corp Class B
 
4,441
211,036
Lumen Technologies Inc (b)
  
1,014,673
5,387,914
Shenandoah Telecommunications Co
 
49,024
618,193
 
  
  
9,554,222
Entertainment - 0.5%
  
  
  
AMC Entertainment Holdings Inc Class A (b)(c)
  
349,839
1,392,359
Cinemark Holdings Inc (b)
  
22,841
707,614
Eventbrite Inc Class A (b)
  
9,307
31,272
Lions Gate Entertainment Corp Class A (b)(c)
  
63,770
544,596
Lions Gate Entertainment Corp Class B (b)
  
119,958
905,683
LiveOne Inc (b)
  
10,187
14,975
Madison Square Garden Entertainment Corp Class A (b)
  
35,722
1,271,703
Marcus Corp/The
 
23,490
505,035
Playstudios Inc Class A (b)
  
89,184
165,882
Reservoir Media Inc (b)
  
17,263
156,230
Sphere Entertainment Co Class A (b)(c)
  
27,141
1,094,325
 
  
  
6,789,674
Interactive Media & Services - 0.5%
  
  
  
Bumble Inc Class A (b)(c)
  
86,908
707,431
Cars.com Inc (b)
  
65,868
1,141,492
fuboTV Inc (b)
  
300,158
378,199
Nextdoor Holdings Inc Class A (b)
  
172,168
408,038
Outbrain Inc (b)
  
39,428
283,093
Shutterstock Inc
 
5,398
163,829
TrueCar Inc (b)
  
85,735
319,792
Vimeo Inc Class A (b)
  
145,813
933,203
Ziff Davis Inc (b)
  
44,173
2,400,362
 
  
  
6,735,439
Media - 1.1%
  
  
  
Advantage Solutions Inc Class A (b)(c)
  
105,937
309,336
AMC Networks Inc Class A (b)
  
31,773
314,553
Boston Omaha Corp (b)
  
22,606
320,553
Cable One Inc
 
5,658
2,048,875
Clear Channel Outdoor Holdings Inc (b)
  
305,602
418,675
EchoStar Corp Class A (b)
  
122,017
2,794,189
Emerald Holding Inc (c)
  
15,795
76,131
Entravision Communications Corp Class A
 
51,670
121,425
EW Scripps Co/The Class A (b)
  
61,418
135,734
Gannett Co Inc (b)
  
141,773
717,371
Gray Television Inc
 
87,067
274,261
iHeartMedia Inc Class A (b)
  
105,018
207,936
Integral Ad Science Holding Corp (b)
  
64,974
678,329
John Wiley & Sons Inc Class A
 
18,939
827,824
Magnite Inc (b)
  
13,944
221,988
National CineMedia Inc (b)
  
70,306
466,832
Scholastic Corp
 
23,285
496,669
Stagwell Inc Class A (b)
  
70,735
465,436
TEGNA Inc
 
165,845
3,033,305
WideOpenWest Inc (b)
  
49,594
245,986
 
  
  
14,175,408
Wireless Telecommunication Services - 0.3%
  
  
  
Gogo Inc (b)(c)
  
37,026
299,540
Spok Holdings Inc
 
18,921
303,682
Telephone and Data Systems Inc
 
98,830
3,371,092
 
  
  
3,974,314
TOTAL COMMUNICATION SERVICES
  
  
41,229,057
 
  
  
  
Consumer Discretionary - 9.1%
  
  
  
Automobile Components - 0.8%
  
  
  
Adient PLC (b)
  
86,909
1,497,442
American Axle & Manufacturing Holdings Inc (b)
  
113,321
660,661
Cooper-Standard Holdings Inc (b)
  
16,900
229,164
Dana Inc
 
130,957
1,513,863
Fox Factory Holding Corp (b)
  
42,262
1,279,271
Goodyear Tire & Rubber Co/The (b)
  
284,908
2,564,172
Holley Inc Class A (b)
  
23,595
71,257
Luminar Technologies Inc Class A (b)(c)
  
2,740
14,741
Phinia Inc
 
41,881
2,017,408
Solid Power Inc (b)(c)
  
153,939
290,945
Standard Motor Products Inc
 
21,094
653,492
Stoneridge Inc (b)
  
26,555
166,500
 
  
  
10,958,916
Automobiles - 0.1%
  
  
  
Canoo Inc Class A (b)(c)
  
3,281
4,626
Winnebago Industries Inc
 
28,506
1,362,017
Workhorse Group Inc (b)
  
1
1
 
  
  
1,366,644
Broadline Retail - 0.0%
  
  
  
1stdibs.Com Inc (b)
  
19,878
70,367
Groupon Inc (b)(c)
  
11,538
140,187
 
  
  
210,554
Distributors - 0.1%
  
  
  
A-Mark Precious Metals Inc
 
18,050
494,570
Weyco Group Inc
 
6,186
232,284
 
  
  
726,854
Diversified Consumer Services - 0.9%
  
  
  
Adtalem Global Education Inc (b)
  
30,685
2,787,732
American Public Education Inc (b)
  
14,280
308,020
Carriage Services Inc
 
3,410
135,889
Chegg Inc (b)
  
101,483
163,388
European Wax Center Inc Class A (b)
  
3,184
21,236
Graham Holdings Co Class B
 
3,196
2,786,656
KinderCare Learning Cos Inc (b)
  
13,902
247,456
Laureate Education Inc
 
25,431
465,133
Lincoln Educational Services Corp (b)
  
25,711
406,748
Mister Car Wash Inc (b)
  
13,230
96,447
Perdoceo Education Corp
 
65,853
1,743,129
Strategic Education Inc
 
22,235
2,077,194
 
  
  
11,239,028
Hotels, Restaurants & Leisure - 1.0%
  
  
  
Bally's Corp (b)(c)
  
23,432
419,198
Biglari Holdings Inc Class B (b)
  
721
183,343
BJ's Restaurants Inc (b)
  
8,634
303,356
Bloomin' Brands Inc
 
36,820
449,572
Brinker International Inc (b)
  
4,346
574,932
Cracker Barrel Old Country Store Inc
 
17,375
918,443
Denny's Corp (b)
  
14,345
86,787
Dine Brands Global Inc
 
13,462
405,206
El Pollo Loco Holdings Inc (b)
  
25,128
289,977
Empire Resorts Inc (b)(e)
  
41
0
Everi Holdings Inc (b)
  
36,772
496,790
Full House Resorts Inc (b)
  
30,750
125,460
Global Business Travel Group I Class A (b)
  
17,467
162,094
Golden Entertainment Inc
 
19,756
624,290
International Game Technology PLC
 
98,959
1,747,616
Life Time Group Holdings Inc (b)
  
62,239
1,376,727
Lindblad Expeditions Holdings Inc (b)
  
10,617
125,918
Nathan's Famous Inc
 
237
18,630
Papa John's International Inc
 
9,262
380,390
Portillo's Inc Class A (b)(c)
  
11,083
104,180
Rci Hospitality Holdings Inc
 
4,008
230,340
Red Rock Resorts Inc Class A
 
26,625
1,231,140
Sabre Corp (b)
  
302,450
1,103,943
Six Flags Entertainment Corp (c)
  
23,720
1,143,067
United Parks & Resorts Inc (b)(c)
  
1,860
104,513
Vacasa Inc Class A (b)(c)
  
9,166
44,913
 
  
  
12,650,825
Household Durables - 2.7%
  
  
  
Beazer Homes USA Inc (b)
  
29,004
796,450
Century Communities Inc
 
24,562
1,801,868
Champion Homes Inc (b)
  
28,302
2,493,406
Cricut Inc Class A
 
9,284
52,919
Ethan Allen Interiors Inc
 
23,154
650,859
Flexsteel Industries Inc
 
4,654
252,898
Gopro Inc Class A (b)
  
126,113
137,463
Green Brick Partners Inc (b)
  
22,718
1,283,340
Hamilton Beach Brands Holding Co Class A
 
8,326
140,127
Helen of Troy Ltd (b)
  
22,834
1,366,158
Hooker Furnishings Corp
 
10,600
148,506
Hovnanian Enterprises Inc Class A (b)
  
4,678
626,010
iRobot Corp (b)(c)
  
30,111
233,360
KB Home
 
56,367
3,704,439
La-Z-Boy Inc
 
42,337
1,844,623
Landsea Homes Corp Class A (b)
  
15,429
130,992
Legacy Housing Corp (b)
  
11,231
277,181
LGI Homes Inc (b)
  
19,458
1,739,545
Lifetime Brands Inc
 
11,742
69,395
Lovesac Co/The (b)(c)
  
6,752
159,752
M/I Homes Inc (b)
  
26,739
3,554,950
Meritage Homes Corp
 
36,080
5,549,826
Purple Innovation Inc Class A (b)
  
54,999
42,899
Sonos Inc (b)
  
12,526
188,391
Taylor Morrison Home Corp (b)
  
102,494
6,273,659
Traeger Inc (b)
  
34,266
81,896
Tri Pointe Homes Inc (b)
  
65,192
2,363,862
United Homes Group Inc Class A (b)
  
839
3,549
Worthington Enterprises Inc
 
3,419
137,136
 
  
  
36,105,459
Leisure Products - 0.4%
  
  
  
AMMO Inc (b)
  
86,183
94,801
Clarus Corp
 
30,080
135,661
Escalade Inc
 
10,068
143,771
Funko Inc Class A (b)(c)
  
31,193
417,674
JAKKS Pacific Inc (b)
  
8,289
233,335
Johnson Outdoors Inc Class A
 
4,754
156,882
Latham Group Inc (b)
  
40,637
282,834
Malibu Boats Inc Class A (b)
  
19,602
736,839
Marine Products Corp
 
5,270
48,326
MasterCraft Boat Holdings Inc (b)
  
16,237
309,640
Peloton Interactive Inc Class A (b)
  
25,295
220,067
Revelyst Inc
 
58,252
1,120,186
Smith & Wesson Brands Inc
 
41,600
420,368
Solo Brands Inc Class A (b)(c)
  
29,543
33,678
Sturm Ruger & Co Inc
 
11,961
423,061
Topgolf Callaway Brands Corp (b)
  
142,252
1,118,101
 
  
  
5,895,224
Specialty Retail - 2.9%
  
  
  
1-800-Flowers.com Inc Class A (b)(c)
  
18,955
154,862
Academy Sports & Outdoors Inc
 
51,225
2,946,974
aka Brands Holding Corp (b)(c)
  
679
12,711
America's Car-Mart Inc/TX (b)
  
7,157
366,796
American Eagle Outfitters Inc
 
36,973
616,340
Arhaus Inc Class A (c)
  
7,617
71,600
Arko Corp
 
71,895
473,788
Asbury Automotive Group Inc (b)
  
19,700
4,787,691
BARK Inc (b)
  
130,118
239,417
Beyond Inc (b)(c)
  
46,436
228,929
Caleres Inc
 
24,069
557,438
Citi Trends Inc (b)(c)
  
6,410
168,263
Designer Brands Inc Class A
 
40,775
217,739
Destination XL Group Inc (b)(c)
  
54,233
145,887
EVgo Inc Class A (b)(c)
  
88,866
359,907
Foot Locker Inc (b)
  
83,558
1,818,222
Genesco Inc (b)
  
7,654
327,209
Group 1 Automotive Inc
 
13,268
5,592,198
GrowGeneration Corp (b)
  
53,413
90,268
Haverty Furniture Cos Inc
 
15,007
334,056
J Jill Inc
 
551
15,219
Lands' End Inc (b)
  
14,219
186,838
Leslie's Inc (b)
  
71,126
158,611
MarineMax Inc (b)
  
21,557
624,075
Monro Inc
 
30,157
747,894
National Vision Holdings Inc (b)
  
72,895
759,566
ODP Corp/The (b)
  
32,803
745,940
OneWater Marine Inc Class A (b)(c)
  
11,827
205,553
Petco Health & Wellness Co Inc Class A (b)
  
84,906
323,492
RealReal Inc/The (b)(c)
  
29,983
327,714
RumbleON Inc Class B (b)
  
17,152
93,135
Sally Beauty Holdings Inc (b)
  
103,369
1,080,206
Shoe Carnival Inc
 
18,052
597,160
Signet Jewelers Ltd
 
42,416
3,423,395
Sleep Number Corp (b)
  
21,614
329,397
Sonic Automotive Inc Class A
 
10,531
667,139
Stitch Fix Inc Class A (b)
  
101,536
437,620
ThredUp Inc Class A (b)
  
65,418
90,931
Tile Shop Holdings Inc (b)
  
17,922
124,199
Tilly's Inc Class A (b)
  
13,981
59,419
Urban Outfitters Inc (b)
  
45,703
2,508,181
Victoria's Secret & Co (b)
  
60,272
2,496,466
Winmark Corp
 
2,891
1,136,365
Zumiez Inc (b)
  
15,410
295,410
 
  
  
36,944,220
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Figs Inc Class A (b)(c)
  
123,510
764,527
G-III Apparel Group Ltd (b)
  
39,076
1,274,659
Movado Group Inc
 
15,070
296,578
Oxford Industries Inc
 
4,536
357,346
Rocky Brands Inc
 
4,680
106,704
Superior Group of Cos Inc
 
11,068
182,954
Vera Bradley Inc (b)(c)
  
23,680
93,062
 
  
  
3,075,830
TOTAL CONSUMER DISCRETIONARY
  
  
119,173,554
 
  
  
  
Consumer Staples - 2.3%
  
  
  
Beverages - 0.3%
  
  
  
Primo Brands Corp Class A
 
139,122
4,280,784
Consumer Staples Distribution & Retail - 0.5%
  
  
  
Andersons Inc/The
 
28,626
1,159,926
Guardian Pharmacy Services Inc Class A (b)
  
5,435
110,113
HF Foods Group Inc (b)
  
40,776
130,891
Ingles Markets Inc Class A
 
14,529
936,249
Natural Grocers by Vitamin Cottage Inc
 
6,885
273,472
PriceSmart Inc
 
9,285
855,798
SpartanNash Co
 
33,848
620,095
United Natural Foods Inc (b)
  
58,800
1,605,828
Village Super Market Inc Class A
 
8,681
276,837
Weis Markets Inc
 
16,575
1,122,459
 
  
  
7,091,668
Food Products - 0.9%
  
  
  
Alico Inc
 
6,918
179,384
B&G Foods Inc
 
79,364
546,818
BRC Inc Class A (b)
  
4,784
15,164
Cal-Maine Foods Inc
 
38,683
3,981,254
Calavo Growers Inc
 
14,251
363,401
Dole PLC
 
75,389
1,020,767
Fresh Del Monte Produce Inc
 
34,174
1,134,919
Hain Celestial Group Inc (b)
  
90,386
555,874
Limoneira Co
 
16,850
412,151
Mission Produce Inc (b)
  
37,762
542,640
Seneca Foods Corp Class A (b)
  
4,574
362,535
TreeHouse Foods Inc (b)
  
47,437
1,666,462
Utz Brands Inc Class A
 
21,529
337,144
 
  
  
11,118,513
Household Products - 0.2%
  
  
  
Central Garden & Pet Co (b)(c)
  
16,154
626,775
Central Garden & Pet Co Class A
 
33,987
1,123,271
Oil-Dri Corp of America
 
3,900
341,796
 
  
  
2,091,842
Personal Care Products - 0.3%
  
  
  
Edgewell Personal Care Co
 
48,394
1,626,038
Herbalife Ltd (b)
  
33,179
221,968
Honest Co Inc/The (b)
  
49,207
341,005
Medifast Inc (b)
  
10,750
189,415
Nature's Sunshine Products Inc (b)
  
9,768
143,199
Nu Skin Enterprises Inc Class A
 
49,279
339,532
Olaplex Holdings Inc (b)
  
140,617
243,267
USANA Health Sciences Inc (b)
  
11,334
406,777
Veru Inc (b)
  
31,753
20,655
Waldencast plc Class A (b)
  
25,038
100,653
 
  
  
3,632,509
Tobacco - 0.1%
  
  
  
Turning Point Brands Inc
 
2,415
145,142
Universal Corp/VA
 
24,293
1,332,228
 
  
  
1,477,370
TOTAL CONSUMER STAPLES
  
  
29,692,686
 
  
  
  
Energy - 6.0%
  
  
  
Energy Equipment & Services - 1.8%
  
  
  
Bristow Group Inc (b)
  
24,315
834,005
DMC Global Inc (b)
  
14,578
107,148
Drilling Tools International Corp (b)
  
5,126
16,761
Expro Group Holdings NV (b)
  
94,616
1,179,862
Forum Energy Technologies Inc (b)
  
10,791
167,153
Geospace Technologies Corp (b)
  
12,293
123,176
Helix Energy Solutions Group Inc (b)
  
115,973
1,080,868
Helmerich & Payne Inc
 
96,994
3,105,748
Innovex International Inc (b)
  
34,352
479,897
Kodiak Gas Services Inc
 
23,616
964,241
Liberty Energy Inc Class A
 
149,971
2,982,923
Mammoth Energy Services Inc (b)
  
24,771
74,313
Nabors Industries Ltd (b)
  
6,261
357,941
Natural Gas Services Group Inc (b)
  
8,338
223,458
Noble Corp PLC
 
48,515
1,523,371
NPK International Inc (b)
  
84,157
645,484
Oil States International Inc (b)
  
59,389
300,508
Patterson-UTI Energy Inc
 
390,019
3,221,557
ProFrac Holding Corp Class A (b)(c)
  
22,026
170,922
ProPetro Holding Corp (b)
  
86,620
808,165
Ranger Energy Services Inc Class A
 
15,681
242,742
RPC Inc (c)
  
86,708
515,046
SEACOR Marine Holdings Inc (b)
  
22,784
149,463
Select Water Solutions Inc Class A
 
91,632
1,213,208
Solaris Energy Infrastructure Inc Class A
 
25,225
725,976
Transocean Ltd (b)(c)
  
728,873
2,733,274
Valaris Ltd (b)
  
22,379
990,047
 
  
  
24,937,257
Oil, Gas & Consumable Fuels - 4.2%
  
  
  
Aemetis Inc (b)(c)
  
35,187
94,653
Amplify Energy Corp (b)
  
38,023
228,138
Berry Corp
 
55,375
228,699
California Resources Corp
 
69,111
3,586,170
Centrus Energy Corp Class A (b)(c)
  
4,185
278,763
Chord Energy Corp warrants 9/1/2025 (b)
  
405
1,376
Clean Energy Fuels Corp (b)
  
169,825
426,261
CNX Resources Corp (b)
  
146,190
5,360,787
Comstock Resources Inc
 
92,386
1,683,273
CONSOL Energy Inc
 
29,322
3,128,071
Crescent Energy Co Class A (c)
  
121,011
1,767,971
CVR CHC LP
 
3,750
70,275
Delek US Holdings Inc
 
45,871
848,614
DHT Holdings Inc
 
136,264
1,265,893
Diversified Energy Co PLC (United States) (f)
  
44,944
755,059
Dorian LPG Ltd
 
18,244
444,606
Energy Fuels Inc/Canada (United States) (b)(c)
  
188,351
966,241
Evolution Petroleum Corp
 
23,229
121,488
Excelerate Energy Inc Class A
 
17,159
519,060
FutureFuel Corp
 
26,894
142,269
Granite Ridge Resources Inc
 
53,147
343,330
Green Plains Inc (b)
  
64,036
607,061
Gulfport Energy Corp (b)
  
6,234
1,148,303
Hallador Energy Co (b)
  
25,578
292,868
HighPeak Energy Inc Class A (c)
  
14,514
213,356
International Seaways Inc
 
41,135
1,478,392
Kinetik Holdings Inc Class A
 
34,845
1,976,060
Magnolia Oil & Gas Corp Class A
 
13,330
311,655
Murphy Oil Corp
 
143,882
4,353,869
NACCO Industries Inc Class A
 
3,925
117,044
Nordic American Tankers Ltd
 
206,997
517,493
Northern Oil & Gas Inc
 
93,627
3,479,179
Par Pacific Holdings Inc (b)
  
54,231
888,846
PBF Energy Inc Class A
 
100,291
2,662,726
Peabody Energy Corp
 
126,903
2,657,349
PrimeEnergy Resources Corp (b)
  
686
150,639
REX American Resources Corp (b)
  
12,030
501,531
Riley Exploration Permian Inc
 
9,807
313,039
Ring Energy Inc (b)
  
148,501
201,961
SandRidge Energy Inc
 
31,934
373,947
Sitio Royalties Corp Class A
 
81,584
1,564,781
SM Energy Co
 
95,277
3,692,937
Talos Energy Inc (b)
  
144,844
1,406,435
Ur-Energy Inc (United States) (b)
  
33,491
38,514
VAALCO Energy Inc
 
95,358
416,714
Vital Energy Inc (b)(c)
  
28,347
876,489
Vitesse Energy Inc
 
25,182
629,550
World Kinect Corp
 
51,179
1,407,934
 
  
  
54,539,669
TOTAL ENERGY
  
  
79,476,926
 
  
  
  
Financials - 28.2%
  
  
  
Banks - 19.3%
  
  
  
1st Source Corp
 
18,459
1,077,636
ACNB Corp
 
8,256
328,836
Amalgamated Financial Corp
 
18,017
603,029
Amerant Bancorp Inc Class A
 
36,836
825,495
Ameris Bancorp
 
66,010
4,130,246
Ames National Corp
 
8,724
143,335
Arrow Financial Corp
 
16,552
475,208
Associated Banc-Corp
 
161,748
3,865,777
Atlantic Union Bankshares Corp
 
89,934
3,406,700
Axos Financial Inc (b)
  
48,924
3,417,341
Banc of California Inc
 
139,242
2,152,681
BancFirst Corp
 
17,614
2,064,009
Bancorp Inc/The (b)
  
2,469
129,942
Bank First Corp
 
9,611
952,354
Bank of Hawaii Corp
 
39,379
2,805,360
Bank of Marin Bancorp
 
15,721
373,688
Bank7 Corp
 
3,822
178,335
BankUnited Inc
 
74,891
2,858,589
Bankwell Financial Group Inc
 
6,520
203,098
Banner Corp
 
34,515
2,304,567
Bar Harbor Bankshares
 
15,038
459,862
BayCom Corp
 
10,212
274,090
BCB Bancorp Inc
 
14,585
172,686
Berkshire Hills Bancorp Inc
 
43,170
1,227,323
Blue Foundry Bancorp (b)
  
18,543
181,907
Bridgewater Bancshares Inc (b)
  
19,159
258,838
Brookline Bancorp Inc
 
88,677
1,046,389
Burke & Herbert Financial Services Corp
 
13,564
845,851
Business First Bancshares Inc
 
24,091
619,139
Byline Bancorp Inc
 
30,923
896,767
Cadence Bank
 
182,535
6,288,331
California BanCorp (b)
  
24,118
398,912
Camden National Corp
 
14,517
620,457
Capital Bancorp Inc
 
9,098
259,293
Capital City Bank Group Inc
 
13,834
507,016
Capitol Federal Financial Inc
 
124,176
733,880
Carter Bankshares Inc (b)
  
22,608
397,675
Cathay General Bancorp
 
69,961
3,330,843
Central Pacific Financial Corp
 
26,823
779,208
Chemung Financial Corp
 
3,211
156,729
ChoiceOne Financial Services Inc
 
8,399
299,340
Citizens & Northern Corp
 
14,919
277,493
Citizens Financial Services Inc
 
4,248
268,941
City Holding Co
 
13,477
1,596,755
Civista Bancshares Inc
 
15,155
318,861
CNB Financial Corp/PA
 
20,664
513,707
Coastal Financial Corp/WA Class A (b)
  
625
53,068
Colony Bankcorp Inc
 
16,240
262,114
Columbia Financial Inc (b)
  
25,138
397,432
Community Financial System Inc
 
52,569
3,242,456
Community Trust Bancorp Inc
 
15,482
821,010
Community West Bancshares
 
16,959
328,496
Connectone Bancorp  Inc
 
36,416
834,291
CrossFirst Bankshares Inc (b)
  
45,242
685,416
Customers Bancorp Inc (b)
  
29,592
1,440,539
CVB Financial Corp
 
132,919
2,845,796
Dime Community Bancshares Inc
 
35,666
1,096,195
Eagle Bancorp Inc
 
29,694
772,935
Eastern Bankshares Inc
 
193,290
3,334,253
Enterprise Bancorp Inc/MA
 
9,847
389,350
Enterprise Financial Services Corp
 
37,253
2,101,069
Equity Bancshares Inc Class A
 
14,253
604,612
Esquire Financial Holdings Inc
 
1,004
79,817
ESSA Bancorp Inc
 
8,447
164,717
Farmers & Merchants Bancorp Inc/Archbold OH
 
12,759
375,753
Farmers National Banc Corp
 
37,000
526,140
FB Financial Corp
 
35,591
1,833,292
Fidelity D&D Bancorp Inc
 
4,823
235,362
Financial Institutions Inc
 
15,235
415,763
First Bancorp Inc/The
 
10,960
299,756
First Bancorp/Southern Pines NC
 
40,323
1,773,002
First Bancshares Inc/The
 
30,648
1,072,680
First Bank/Hamilton NJ
 
20,743
291,854
First Busey Corp
 
53,609
1,263,564
First Business Financial Services Inc
 
7,380
341,620
First Commonwealth Financial Corp
 
101,581
1,718,751
First Community Bankshares Inc
 
17,001
707,922
First Financial Bancorp
 
95,072
2,555,535
First Financial Corp/IN
 
11,467
529,661
First Financial Northwest Inc
 
6,579
142,764
First Foundation Inc
 
45,350
281,624
First Interstate BancSystem Inc Class A
 
80,225
2,604,906
First Interstate Bank of Calif
 
4,751
170,988
First Merchants Corp
 
58,466
2,332,209
First Mid Bancshares Inc
 
22,936
844,504
First of Long Island Corp/The
 
21,329
249,123
First Western Financial Inc (b)
  
5,454
106,625
Five Star Bancorp
 
16,728
503,346
Flagstar Financial Inc (c)
  
254,129
2,371,024
Flushing Financial Corp
 
27,442
391,872
FS Bancorp Inc
 
6,711
275,554
Fulton Financial Corp
 
181,898
3,506,993
FVCBankcorp Inc (b)
  
16,676
209,617
German American Bancorp Inc
 
28,439
1,143,817
Glacier Bancorp Inc
 
114,272
5,738,740
Great Southern Bancorp Inc
 
8,549
510,375
Guaranty Bancshares Inc/TX
 
7,884
272,786
Hancock Whitney Corp
 
87,132
4,767,863
Hanmi Financial Corp
 
30,385
717,694
Harborone Northeast Bancorp Inc
 
37,645
445,340
HBT Financial Inc
 
12,939
283,364
Heartland Financial USA Inc
 
42,564
2,609,386
Heritage Commerce Corp
 
59,831
561,215
Heritage Financial Corp Wash
 
34,132
836,234
Hilltop Holdings Inc
 
46,281
1,325,025
Hingham Institution For Savings The (c)
  
1,559
396,204
Home Bancorp Inc
 
6,968
321,991
Home BancShares Inc/AR
 
186,721
5,284,204
HomeStreet Inc (b)
  
17,726
202,431
HomeTrust Bancshares Inc
 
14,616
492,267
Hope Bancorp Inc
 
115,674
1,421,633
Horizon Bancorp Inc/IN
 
43,180
695,630
Independent Bank Corp
 
42,667
2,738,795
Independent Bank Corp/MI
 
20,001
696,635
Independent Bank Group Inc
 
36,241
2,198,741
International Bancshares Corp
 
54,261
3,427,125
Investar Holding Corp
 
8,870
194,785
John Marshall Bancorp Inc
 
12,307
247,125
Kearny Financial Corp/MD
 
54,470
385,648
Lakeland Financial Corp
 
23,581
1,621,430
LCNB Corp
 
12,806
193,755
LINKBANCORP Inc
 
23,205
173,573
Live Oak Bancshares Inc
 
4,564
180,506
Mercantile Bank Corp
 
15,737
700,139
Metrocity Bankshares Inc
 
16,920
540,594
Metropolitan Bank Holding Corp (b)
  
10,579
617,814
Mid Penn Bancorp Inc
 
15,080
434,907
Middlefield Banc Corp
 
7,210
202,241
Midland States Bancorp Inc
 
20,596
502,542
MidWestOne Financial Group Inc
 
18,394
535,633
MVB Financial Corp
 
11,425
236,498
National Bank Holdings Corp Class A
 
37,094
1,597,268
National Bankshares Inc VA
 
5,805
166,662
NB Bancorp Inc
 
38,867
701,938
Nbt Bancorp Inc
 
46,229
2,207,897
Nicolet Bankshares Inc
 
10,397
1,090,749
Northeast Bank
 
6,986
640,826
Northeast Community Bancorp Inc
 
12,369
302,546
Northfield Bancorp Inc
 
37,794
439,166
Northrim BanCorp Inc
 
5,347
416,745
Northwest Bancshares Inc
 
129,049
1,702,156
Norwood Financial Corp
 
7,430
202,133
Oak Valley Bancorp
 
6,920
202,410
OceanFirst Financial Corp
 
57,268
1,036,551
Old National Bancorp/IN
 
315,263
6,842,783
Old Second Bancorp Inc
 
43,370
771,119
Orange County Bancorp Inc
 
5,131
285,130
Origin Bancorp Inc
 
29,366
977,594
Orrstown Financial Services Inc
 
18,631
682,081
Pacific Premier Bancorp Inc
 
96,205
2,397,429
Park National Corp
 
14,482
2,482,649
Parke Bancorp Inc
 
10,452
214,371
Pathward Financial Inc
 
18,102
1,331,945
PCB Bancorp
 
10,762
217,823
Peapack-Gladstone Financial Corp
 
16,615
532,511
Peoples Bancorp Inc/OH
 
34,779
1,102,147
Peoples Bancorp of North Carolina Inc
 
4,454
139,188
Peoples Financial Services Corp
 
7,024
359,488
Pioneer Bancorp Inc/NY (b)
  
11,518
132,687
Plumas Bancorp
 
5,522
260,970
Ponce Financial Group Inc (b)
  
18,807
244,491
Preferred Bank/Los Angeles CA
 
12,474
1,077,504
Premier Financial Corp
 
35,703
912,926
Primis Financial Corp
 
19,515
227,545
Princeton Bancorp Inc
 
5,481
188,711
Provident Bancorp Inc (b)
  
15,265
174,021
Provident Financial Services Inc
 
126,357
2,384,357
QCR Holdings Inc
 
16,249
1,310,319
RBB Bancorp
 
15,905
325,893
Red River Bancshares Inc
 
4,397
237,350
Renasant Corp
 
62,644
2,239,523
Republic Bancorp Inc/KY Class A
 
8,319
581,249
S&T Bancorp Inc
 
38,387
1,467,151
Sandy Spring Bancorp Inc
 
44,069
1,485,566
Seacoast Banking Corp of Florida
 
84,763
2,333,525
ServisFirst Bancshares Inc
 
36,537
3,096,145
Shore Bancshares Inc
 
27,134
430,074
Sierra Bancorp
 
13,090
378,563
Simmons First National Corp Class A
 
124,394
2,759,059
SmartFinancial Inc
 
15,759
488,214
South Plains Financial Inc
 
11,653
404,942
Southern First Bancshares Inc (b)
  
7,484
297,489
Southern Missouri Bancorp Inc
 
9,541
547,367
Southern States Bancshares Inc
 
8,362
278,538
Southside Bancshares Inc
 
28,910
918,182
SouthState Corp
 
76,321
7,592,413
Stellar Bancorp Inc
 
49,456
1,402,078
Sterling Bancorp Inc/MI (b)
  
20,570
97,912
Stock Yards Bancorp Inc
 
25,740
1,843,241
Texas Capital Bancshares Inc (b)
  
46,385
3,627,307
Third Coast Bancshares Inc (b)
  
11,290
383,296
Timberland Bancorp Inc/WA
 
7,583
231,357
Tompkins Financial Corp
 
12,854
871,887
Towne Bank/Portsmouth VA
 
70,683
2,407,463
TriCo Bancshares
 
32,216
1,407,839
Triumph Financial Inc (b)
  
1,859
168,946
TrustCo Bank Corp NY
 
18,584
619,033
Trustmark Corp
 
60,685
2,146,428
UMB Financial Corp
 
44,938
5,071,703
United Bankshares Inc/WV
 
132,766
4,985,363
United Community Banks Inc/GA
 
120,214
3,884,114
Unity Bancorp Inc
 
7,008
305,619
Univest Financial Corp
 
28,937
853,931
USCB Financial Holdings Inc
 
7,342
130,321
Valley National Bancorp
 
469,607
4,254,639
Veritex Holdings Inc
 
52,774
1,433,342
Virginia National Bankshares Corp
 
4,733
180,801
WaFd Inc
 
67,071
2,162,369
Washington Trust Bancorp Inc
 
17,093
535,866
WesBanco Inc
 
57,623
1,875,052
West BanCorp Inc
 
16,230
351,380
Westamerica BanCorp
 
25,929
1,360,235
WSFS Financial Corp
 
59,191
3,144,818
 
  
  
253,820,993
Capital Markets - 0.7%
  
  
  
AlTi Global Inc Class A (b)
  
35,096
154,773
BGC Group Inc Class A
 
365,440
3,310,887
Diamond Hill Investment Group Inc
 
456
70,726
DigitalBridge Group Inc Class A
 
117,068
1,320,527
Donnelley Financial Solutions Inc (b)
  
9,162
574,732
Forge Global Holdings Inc Class A (b)
  
118,412
110,230
GCM Grosvenor Inc Class A
 
5,489
67,350
MarketWise Inc Class A
 
44,744
25,392
P10 Inc Class A
 
5,916
74,601
Silvercrest Asset Management Group Inc Class A
 
9,762
179,523
StoneX Group Inc (b)
  
24,753
2,425,051
Value Line Inc
 
131
6,917
Virtus Invt Partners Inc
 
1,143
252,123
 
  
  
8,572,832
Consumer Finance - 1.1%
  
  
  
Atlanticus Holdings Corp (b)
  
5,185
289,219
Bread Financial Holdings Inc
 
49,822
3,042,131
Consumer Portfolio Services Inc (b)
  
7,863
85,392
Encore Capital Group Inc (b)(c)
  
23,278
1,111,990
Enova International Inc (b)
  
25,486
2,443,598
Green Dot Corp Class A (b)
  
54,268
577,412
LendingClub Corp (b)
  
111,129
1,799,179
Lendingtree Inc (b)
  
776
30,070
Medallion Financial Corp
 
18,787
176,410
Navient Corp
 
76,109
1,011,489
Nelnet Inc Class A
 
14,170
1,513,498
PRA Group Inc (b)
  
38,724
808,944
PROG Holdings Inc
 
34,246
1,447,236
Regional Management Corp
 
7,333
249,175
World Acceptance Corp (b)
  
226
25,411
 
  
  
14,611,154
Financial Services - 3.1%
  
  
  
Acacia Research Corp (b)
  
38,084
165,285
Alerus Financial Corp
 
21,464
412,967
Burford Capital Ltd (United States)
 
201,100
2,564,025
Cannae Holdings Inc
 
56,010
1,112,359
Cantaloupe Inc (b)
  
3,099
29,471
Cass Information Systems Inc
 
2,238
91,557
Compass Diversified Holdings
 
67,208
1,551,161
Enact Holdings Inc
 
29,082
941,675
Essent Group Ltd
 
104,718
5,700,849
Federal Agricultural Mortgage Corp Class C
 
980
193,011
HA Sustainable Infrastructure Capital Inc
 
116,213
3,117,995
I3 Verticals Inc Class A (b)
  
22,053
508,101
Jackson Financial Inc
 
75,104
6,540,057
Marqeta Inc Class A (b)
  
64,773
245,490
Merchants Bancorp/IN
 
18,232
664,921
Mr Cooper Group Inc (b)
  
39,948
3,835,407
NewtekOne Inc
 
24,973
318,905
NMI Holdings Inc (b)
  
72,990
2,683,112
Onity Group Inc (b)
  
6,159
189,143
Payoneer Global Inc (b)
  
69,732
700,109
Paysafe Ltd (b)
  
32,288
552,125
PennyMac Financial Services Inc
 
12,009
1,226,599
Radian Group Inc
 
152,106
4,824,802
Repay Holdings Corp Class A (b)
  
87,063
664,291
Sezzle Inc (b)
  
248
63,438
SWK Holdings Corp (b)
  
3,033
48,103
Velocity Financial Inc (b)(c)
  
8,159
159,590
Walker & Dunlop Inc
 
8,952
870,224
Waterstone Financial Inc
 
15,975
214,704
 
  
  
40,189,476
Insurance - 2.2%
  
  
  
Ambac Financial Group Inc/Old (b)
  
44,715
565,645
American Coastal Insurance Corp
 
13,908
187,202
Amerisafe Inc
 
10,991
566,476
Bowhead Specialty Holdings Inc
 
8,699
308,988
CNO Financial Group Inc
 
105,355
3,920,260
Donegal Group Inc Class A
 
15,698
242,848
Employers Holdings Inc
 
24,719
1,266,354
Enstar Group Ltd (b)
  
12,660
4,077,153
F&G Annuities & Life Inc
 
17,447
723,004
Genworth Financial Inc Class A (b)
  
427,679
2,989,476
GoHealth Inc Class A (b)
  
4,502
60,281
Greenlight Capital Re Ltd Class A (b)
  
27,460
384,440
Heritage Insurance Holdings Inc (b)
  
23,145
280,055
Hippo Holdings Inc (b)
  
20,238
541,771
Horace Mann Educators Corp
 
41,194
1,616,041
Investors Title Co
 
1,192
282,218
James River Group Holdings Ltd
 
37,586
183,044
Lemonade Inc (b)(c)
  
9,326
342,078
Maiden Holdings Ltd (b)
  
85,226
144,031
MBIA Inc (c)
  
43,953
283,936
Mercury General Corp
 
23,564
1,566,535
NI Holdings Inc (b)
  
7,545
118,456
ProAssurance Corp (b)
  
50,846
808,960
Safety Insurance Group Inc
 
14,754
1,215,730
Selective Insurance Group Inc
 
9,112
852,154
Selectquote Inc (b)
  
136,088
506,247
Skyward Specialty Insurance Group Inc (b)
  
28,578
1,444,332
Stewart Information Services Corp
 
27,170
1,833,703
Tiptree Inc Class A
 
19,353
403,704
United Fire Group Inc
 
21,006
597,621
Universal Insurance Holdings Inc
 
19,744
415,809
 
  
  
28,728,552
Mortgage Real Estate Investment Trusts (REITs) - 1.8%
  
  
  
AG Mortgage Investment Trust Inc
 
24,367
162,041
Angel Oak Mortgage REIT Inc
 
9,501
88,169
Apollo Commercial Real Estate Finance Inc
 
141,311
1,223,753
Arbor Realty Trust Inc (c)
  
185,973
2,575,726
Ares Commercial Real Estate Corp
 
54,667
321,989
ARMOUR Residential REIT Inc
 
57,695
1,088,128
Blackstone Mortgage Trust Inc Class A
 
175,478
3,055,072
Brightspire Capital Inc Class A
 
133,192
751,203
Chimera Investment Corp
 
81,048
1,134,672
Claros Mortgage Trust Inc
 
88,961
402,104
Dynex Capital Inc
 
79,823
1,009,761
Ellington Financial Inc
 
85,356
1,034,515
Franklin BSP Realty Trust Inc
 
85,341
1,070,176
Granite Point Mortgage Trust Inc
 
51,318
143,177
Invesco Mortgage Capital Inc
 
58,103
467,729
Kkr Real Estate Finance Trust Inc
 
44,469
449,137
Ladder Capital Corp Class A
 
116,183
1,300,088
MFA Financial Inc
 
105,798
1,078,082
New York Mortgage Trust Inc
 
93,056
563,919
Nexpoint Real Estate Finance Inc
 
8,208
128,784
Orchid Island Capital Inc
 
80,071
622,952
Pennymac Mortgage Investment Trust
 
88,520
1,114,467
Ready Capital Corp
 
164,953
1,124,979
Redwood Trust Inc
 
132,270
863,723
Seven Hills Realty Trust
 
14,680
192,014
Sunrise Realty Trust Inc
 
6,113
86,071
TPG RE Finance Trust Inc
 
61,718
524,603
Two Harbors Investment Corp
 
105,427
1,247,201
 
  
  
23,824,235
TOTAL FINANCIALS
  
  
369,747,242
 
  
  
  
Health Care - 8.7%
  
  
  
Biotechnology - 3.9%
  
  
  
2seventy bio Inc (b)
  
48,864
143,660
4D Molecular Therapeutics Inc (b)
  
18,170
101,207
89bio Inc (b)
  
84,123
657,842
Absci Corp (b)(c)
  
22,318
58,473
ACELYRIN Inc (b)
  
72,641
228,093
Achieve Life Sciences Inc (b)
  
14,213
50,030
Acrivon Therapeutics Inc (b)
  
11,585
69,742
Acumen Pharmaceuticals Inc (b)
  
41,152
70,781
Adverum Biotechnologies Inc (b)
  
21,186
98,939
Agenus Inc (b)
  
19,220
52,663
Agios Pharmaceuticals Inc (b)
  
56,669
1,862,143
Akebia Therapeutics Inc (b)
  
186,653
354,641
Akero Therapeutics Inc (b)
  
56,618
1,575,113
Aldeyra Therapeutics Inc (b)
  
44,646
222,784
Allogene Therapeutics Inc (b)
  
128,886
274,527
Altimmune Inc (b)(c)
  
32,190
232,090
Anavex Life Sciences Corp (b)(c)
  
55,606
597,208
Anika Therapeutics Inc (b)
  
10,288
169,340
Annexon Inc (b)
  
98,201
503,771
Applied Therapeutics Inc (b)
  
37,850
32,407
Arbutus Biopharma Corp (b)
  
9,978
32,628
Arcturus Therapeutics Holdings Inc (b)
  
2,860
48,534
ArriVent Biopharma Inc
 
11,207
298,554
Astria Therapeutics Inc (b)
  
6,881
61,516
Atossa Therapeutics Inc (b)(c)
  
103,648
97,854
Aura Biosciences Inc (b)
  
46,433
381,679
Avid Bioservices Inc (b)(c)
  
3,422
42,262
Beam Therapeutics Inc (b)
  
76,738
1,903,102
Bicara Therapeutics Inc (c)
  
8,530
148,593
Black Diamond Therapeutics Inc (b)
  
13,236
28,325
Bluebird Bio Inc (b)(c)
  
9,971
83,158
Boundless Bio Inc (b)
  
6,383
18,511
Bridgebio Pharma Inc (b)
  
53,071
1,456,268
C4 Therapeutics Inc (b)
  
60,748
218,693
Cabaletta Bio Inc (b)(c)
  
35,168
79,831
CAMP4 Therapeutics Corp
 
3,009
15,707
Capricor Therapeutics Inc (b)(c)
  
5,693
78,563
Cardiff Oncology Inc (b)(c)
  
25,338
109,967
CareDx Inc (b)
  
39,623
848,328
Cargo Therapeutics Inc (b)(c)
  
30,905
445,650
Caribou Biosciences Inc (b)
  
82,255
130,785
Cartesian Therapeutics Inc rights (b)(e)
  
65,209
28,040
Celcuity Inc (b)
  
1,423
18,627
Celldex Therapeutics Inc (b)
  
12,015
303,619
Century Therapeutics Inc (b)(c)
  
45,928
46,387
CG oncology Inc
 
18,622
534,079
Chinook Therapeutics Inc rights (b)(e)
  
488
0
Cibus Inc Class A (b)
  
18,196
50,585
Climb Bio Inc (b)(c)
  
27,113
48,803
Cogent Biosciences Inc (b)
  
6,587
51,379
Coherus Biosciences Inc (b)(c)
  
84,060
116,003
Compass Therapeutics Inc (b)
  
104,332
151,281
Corbus Pharmaceuticals Holdings Inc (b)(c)
  
4,677
55,189
Cullinan Therapeutics Inc (b)
  
5,734
69,840
Cytokinetics Inc (b)
  
103,739
4,879,884
Day One Biopharmaceuticals Inc (b)
  
5,418
68,646
Denali Therapeutics Inc (b)
  
53,319
1,086,641
Design Therapeutics Inc (b)(c)
  
31,352
193,442
Dianthus Therapeutics Inc (b)
  
22,177
483,459
Disc Medicine Inc (b)
  
17,575
1,114,255
Dynavax Technologies Corp (b)
  
26,580
339,427
Editas Medicine Inc (b)(c)
  
81,260
103,200
Elevation Oncology Inc (b)
  
19,883
11,186
Enanta Pharmaceuticals Inc (b)
  
19,642
112,942
Entrada Therapeutics Inc (b)
  
24,541
424,314
Erasca Inc (b)(c)
  
184,517
463,138
Fate Therapeutics Inc (b)
  
102,446
169,036
Foghorn Therapeutics Inc (b)
  
10,874
51,325
Galectin Therapeutics Inc (b)(c)
  
6,940
8,953
Generation Bio CO (b)
  
49,901
52,895
Geron Corp (b)
  
181,074
641,002
Gyre Therapeutics Inc (b)(c)
  
6,298
76,206
Heron Therapeutics Inc (b)(c)
  
108,733
166,361
HilleVax Inc (b)
  
22,190
45,933
IGM Biosciences Inc (b)(c)
  
1,325
8,096
ImmunityBio Inc (b)(c)
  
33,007
84,498
Inhibrx Biosciences Inc
 
4,778
73,581
Inovio Pharmaceuticals Inc (b)(c)
  
25,748
47,119
Inozyme Pharma Inc (b)
  
52,601
145,705
Intellia Therapeutics Inc (b)
  
101,816
1,187,175
Invivyd Inc (b)
  
77,343
34,271
Ironwood Pharmaceuticals Inc Class A (b)
  
92,593
410,187
iTeos Therapeutics Inc (b)
  
26,197
201,193
Kodiak Sciences Inc (b)
  
32,639
324,758
Korro Bio Inc (b)
  
4,446
169,259
Kyverna Therapeutics Inc
 
10,179
38,069
LENZ Therapeutics Inc (c)
  
12,594
363,589
Lexeo Therapeutics Inc (b)
  
1,149
7,560
Lexicon Pharmaceuticals Inc (b)
  
70,867
52,335
Lyell Immunopharma Inc (b)
  
165,998
106,239
MacroGenics Inc (b)
  
9,038
29,374
MannKind Corp (b)
  
62,073
399,129
MeiraGTx Holdings plc (b)
  
15,382
93,676
Mersana Therapeutics Inc (b)
  
53,593
76,638
Metagenomi Inc
 
10,825
39,078
MiMedx Group Inc (b)
  
62,519
601,433
Mineralys Therapeutics Inc (b)
  
22,288
274,365
Monte Rosa Therapeutics Inc (b)
  
41,216
286,039
Myriad Genetics Inc (b)
  
89,682
1,229,540
Neurogene Inc (b)
  
4,833
110,482
Nkarta Inc (b)
  
54,199
134,956
Novavax Inc (b)(c)
  
35,125
282,405
Nurix Therapeutics Inc (b)
  
21,942
413,387
Olema Pharmaceuticals Inc (b)
  
30,202
176,078
OmniAb Operations Inc (b)(e)
  
3,625
6,924
OmniAb Operations Inc (b)(e)
  
3,625
7,794
Organogenesis Holdings Inc Class A (b)
  
64,082
205,062
ORIC Pharmaceuticals Inc (b)(c)
  
47,895
386,513
Outlook Therapeutics Inc (b)(c)
  
5,727
10,824
PepGen Inc (b)
  
1,856
7,034
Perspective Therapeutics Inc (b)
  
10,021
31,967
Poseida Therapeutics Inc (b)
  
49,262
472,915
Precigen Inc (b)(c)
  
123,532
138,356
Prelude Therapeutics Inc (b)(c)
  
13,269
16,918
ProKidney Corp Class A (b)
  
25,768
43,548
PTC Therapeutics Inc (b)
  
18,267
824,572
Puma Biotechnology Inc (b)
  
27,889
85,061
Pyxis Oncology Inc (b)
  
47,984
74,855
Q32 Bio Inc (b)(c)
  
6,039
20,774
RAPT Therapeutics Inc (b)
  
27,958
44,174
REGENXBIO Inc (b)
  
46,037
355,866
Regulus Therapeutics Inc (b)
  
45,656
72,136
Relay Therapeutics Inc (b)
  
122,489
504,655
Renovaro Inc (b)
  
42,513
35,520
Replimune Group Inc (b)
  
61,106
739,994
REVOLUTION Medicines Inc (b)
  
58,429
2,555,684
Rigel Pharmaceuticals Inc (b)
  
3,833
64,471
Sage Therapeutics Inc (b)
  
54,393
295,354
Savara Inc (b)(c)
  
22,535
69,182
Scholar Rock Holding Corp (b)
  
7,829
338,369
Shattuck Labs Inc (b)
  
12,746
15,423
Skye Bioscience Inc (b)
  
16,936
47,929
Solid Biosciences Inc (b)
  
20,733
82,932
Spyre Therapeutics Inc (b)
  
31,565
734,833
Summit Therapeutics Inc (b)(c)
  
4,947
88,279
Sutro Biopharma Inc (b)
  
81,396
149,769
Tenaya Therapeutics Inc (b)(c)
  
39,981
57,173
Tevogen Bio Holdings Inc Class A (b)(c)
  
8,341
8,591
Tourmaline Bio Inc (b)
  
23,113
468,732
Travere Therapeutics Inc (b)
  
75,693
1,318,572
TScan Therapeutics Inc (b)
  
12,966
39,417
Upstream Bio Inc
 
7,616
125,207
UroGen Pharma Ltd (b)(c)
  
8,616
91,760
Vanda Pharmaceuticals Inc (b)
  
55,864
267,589
Veracyte Inc (b)
  
77,091
3,052,804
Verve Therapeutics Inc (b)(c)
  
71,394
402,662
Vir Biotechnology Inc (b)
  
90,007
660,651
Viridian Therapeutics Inc (b)
  
19,562
375,004
Voyager Therapeutics Inc (b)
  
45,981
260,712
Werewolf Therapeutics Inc (b)
  
22,326
33,042
XBiotech Inc (b)
  
19,490
76,986
Xencor Inc (b)
  
36,511
839,023
XOMA Royalty Corp (b)
  
2,867
75,345
Zenas Biopharma Inc (c)
  
6,768
55,430
Zentalis Pharmaceuticals Inc (b)
  
57,588
174,492
Zymeworks Inc (b)
  
54,885
803,516
 
  
  
50,964,648
Health Care Equipment & Supplies - 1.6%
  
  
  
Accuray Inc Del (b)
  
4,092
8,101
AngioDynamics Inc (b)
  
39,058
357,771
Artivion Inc (b)
  
9,289
265,573
AtriCure Inc (b)
  
16,548
505,707
Avanos Medical Inc (b)
  
45,627
726,382
Bioventus Inc (b)
  
24,698
259,329
Ceribell Inc
 
4,029
104,271
Embecta Corp
 
52,522
1,084,579
Fractyl Health Inc
 
12,708
26,178
ICU Medical Inc (b)
  
21,500
3,336,155
Inmode Ltd (b)
  
63,295
1,057,027
Inogen Inc (b)
  
23,299
213,652
Integer Holdings Corp (b)
  
9,993
1,324,272
Integra LifeSciences Holdings Corp (b)
  
67,770
1,537,024
LivaNova PLC (b)
  
51,375
2,379,176
Neogen Corp (b)(c)
  
218,823
2,656,511
Nevro Corp (b)
  
36,919
137,339
Omnicell Inc (b)
  
45,869
2,042,088
OraSure Technologies Inc (b)
  
72,132
260,397
Orchestra BioMed Holdings Inc (b)
  
14,463
57,852
Orthofix Medical Inc (b)
  
34,421
600,991
OrthoPediatrics Corp (b)
  
16,901
391,765
Pulse Biosciences Inc warrants 6/26/2029 (b)(c)
  
1,203
6,199
Pulse Biosciences Inc warrants 6/26/2030 (b)(c)
  
1,203
6,199
SI-BONE Inc (b)
  
7,988
111,992
Stereotaxis Inc (b)
  
4,228
9,639
Surmodics Inc (b)
  
4,713
186,635
Tactile Systems Technology Inc (b)
  
23,789
407,506
Utah Medical Products Inc
 
3,234
198,794
Varex Imaging Corp (b)
  
38,615
563,393
Zimvie Inc (b)
  
27,145
378,673
 
  
  
21,201,170
Health Care Providers & Services - 1.5%
  
  
  
Accolade Inc (b)
  
48,204
164,858
AdaptHealth Corp (b)
  
57,587
548,228
Addus HomeCare Corp (b)
  
10,552
1,322,693
Ardent Health Partners Inc
 
3,928
67,090
Aveanna Healthcare Holdings Inc (b)
  
16,169
73,892
Brookdale Senior Living Inc (b)
  
27,037
135,996
Castle Biosciences Inc (b)
  
17,586
468,667
Community Health Systems Inc (b)
  
58,623
175,283
Concentra Group Holdings Parent Inc (c)
  
33,874
670,028
Cross Country Healthcare Inc (b)
  
32,662
593,142
DocGo Inc Class A (b)
  
83,005
351,941
Enhabit Inc (b)
  
44,386
346,655
Fulgent Genetics Inc (b)
  
20,663
381,646
GeneDx Holdings Corp Class A (b)
  
11,183
859,525
Innovage Holding Corp (b)
  
13,140
51,640
LifeStance Health Group Inc (b)
  
76,477
563,635
Modivcare Inc (b)
  
5,714
67,654
National HealthCare Corp
 
12,507
1,345,253
NeoGenomics Inc (b)
  
117,679
1,939,350
OPKO Health Inc (b)(c)
  
328,165
482,403
Option Care Health Inc (b)
  
91,375
2,119,901
Owens & Minor Inc (b)
  
64,076
837,473
Patterson Cos Inc
 
64,626
1,994,358
Pediatrix Medical Group Inc (b)
  
86,231
1,131,351
Performant Healthcare Inc (b)
  
22,458
67,823
Quipt Home Medical Corp (United States) (b)
  
38,215
116,556
Select Medical Holdings Corp
 
34,052
641,880
Sonida Senior Living Inc (b)
  
2,227
51,399
Surgery Partners Inc (b)
  
77,173
1,633,752
 
  
  
19,204,072
Health Care Technology - 0.1%
  
  
  
Definitive Healthcare Corp Class A (b)
  
54,052
222,153
Health Catalyst Inc (b)
  
55,046
389,175
HealthStream Inc
 
16,047
510,295
LifeMD Inc (b)(c)
  
14,253
70,551
Teladoc Health Inc (b)
  
145,751
1,324,877
Waystar Holding Corp (b)
  
15,025
551,418
 
  
  
3,068,469
Life Sciences Tools & Services - 0.4%
  
  
  
Adaptive Biotechnologies Corp (b)
  
116,323
697,356
BioLife Solutions Inc (b)
  
3,803
98,726
Codexis Inc (b)
  
71,888
342,906
Conduit Pharmaceuticals Inc Class A (b)
  
8,420
577
CryoPort Inc (b)
  
7,632
59,377
Cytek Biosciences Inc (b)
  
122,031
791,981
Harvard Bioscience Inc (b)
  
30,823
65,037
Lifecore Biomedical Inc (b)
  
22,053
163,854
MaxCyte Inc (United States) (b)
  
105,222
437,724
Mesa Laboratories Inc
 
3,442
453,897
Nautilus Biotechnology Inc Class A (b)
  
47,505
79,808
OmniAb Inc (b)(c)
  
81,045
286,899
Pacific Biosciences of California Inc (b)(c)
  
275,929
504,950
Quanterix Corp (b)
  
31,087
330,455
Quantum-Si Inc Class A (b)(c)
  
102,846
277,684
Standard BioTools Inc (b)(c)
  
230,893
404,063
 
  
  
4,995,294
Pharmaceuticals - 1.2%
  
  
  
Alto Neuroscience Inc
 
8,160
34,517
Alumis Inc (c)
  
6,389
50,218
Amneal Intermediate Inc Class A (b)
  
24,305
192,496
ANI Pharmaceuticals Inc (b)
  
5,391
298,014
Aquestive Therapeutics Inc (b)(c)
  
54,138
192,731
Atea Pharmaceuticals Inc (b)
  
74,381
249,176
BioAge Labs Inc
 
5,407
31,307
Biote Corp Class A (b)
  
1,082
6,687
Contineum Therapeutics Inc Class A
 
4,235
62,043
CorMedix Inc (b)(c)
  
5,828
47,207
Enliven Therapeutics Inc (b)
  
1,790
40,275
Esperion Therapeutics Inc New (b)(c)
  
138,806
305,373
EyePoint Pharmaceuticals Inc (b)
  
35,830
266,934
Fulcrum Therapeutics Inc (b)
  
35,984
169,125
Innoviva Inc (b)(c)
  
49,830
864,551
Ligand Pharmaceuticals Inc (b)
  
17,356
1,859,695
Lyra Therapeutics Inc (b)
  
18,727
3,865
MBX Biosciences Inc
 
5,011
92,353
Nektar Therapeutics (b)
  
180,100
167,493
Novartis AG rights (b)(e)
  
31,059
0
Nuvation Bio Inc Class A (b)
  
181,745
483,442
Omeros Corp (b)
  
36,946
365,026
Pacira BioSciences Inc (b)
  
42,569
802,000
Phathom Pharmaceuticals Inc (b)
  
30,776
249,901
Phibro Animal Health Corp Class A
 
15,729
330,309
Pliant Therapeutics Inc (b)
  
57,386
755,774
Prestige Consumer Healthcare Inc (b)
  
49,567
3,870,687
Rapport Therapeutics Inc (b)
  
4,287
76,051
Septerna Inc
 
8,127
186,108
SIGA Technologies Inc
 
12,209
73,376
Supernus Pharmaceuticals Inc (b)
  
46,637
1,686,394
Telomir Pharmaceuticals Inc (b)
  
8,617
35,502
Terns Pharmaceuticals Inc (b)
  
66,913
370,698
Theravance Biopharma Inc (b)
  
36,736
345,686
Third Harmonic Bio Inc (b)(c)
  
19,866
204,421
Trevi Therapeutics Inc (b)
  
23,560
97,067
Ventyx Biosciences Inc (b)
  
61,768
135,272
WaVe Life Sciences Ltd (b)
  
13,485
166,809
Zevra Therapeutics Inc (b)
  
25,165
209,876
 
  
  
15,378,459
TOTAL HEALTH CARE
  
  
114,812,112
 
  
  
  
Industrials - 12.5%
  
  
  
Aerospace & Defense - 0.9%
  
  
  
AAR Corp (b)
  
27,871
1,707,935
AerSale Corp (b)
  
33,341
210,048
Archer Aviation Inc Class A (b)
  
12,853
125,317
Astronics Corp (b)
  
28,853
460,494
Ducommun Inc (b)
  
13,525
861,002
Intuitive Machines Inc Class A (b)
  
28,974
526,168
Kratos Defense & Security Solutions Inc (b)
  
82,445
2,174,899
Mercury Systems Inc (b)
  
52,057
2,186,394
National Presto Industries Inc
 
5,231
514,835
Park Aerospace Corp
 
10,299
150,880
Redwire Corp Class A (b)(c)
  
16,732
275,409
Triumph Group Inc (b)
  
73,367
1,369,028
V2X Inc (b)
  
14,216
679,951
Virgin Galactic Holdings Inc Class A (b)(c)
  
24,589
144,583
 
  
  
11,386,943
Air Freight & Logistics - 0.4%
  
  
  
Air Transport Services Group Inc (b)
  
51,349
1,128,651
Forward Air Corp Class A (c)
  
25,082
808,895
Hub Group Inc Class A
 
60,073
2,676,853
Radiant Logistics Inc (b)
  
35,864
240,288
 
  
  
4,854,687
Building Products - 1.1%
  
  
  
American Woodmark Corp (b)
  
14,625
1,163,126
Apogee Enterprises Inc
 
14,955
1,067,937
AZZ Inc
 
5,054
414,024
Caesarstone Ltd (b)
  
20,800
88,400
Gibraltar Industries Inc (b)
  
16,082
947,230
Insteel Industries Inc
 
10,191
275,259
JELD-WEN Holding Inc (b)
  
55,065
450,982
Masterbrand Inc (b)
  
127,000
1,855,470
Quanex Building Products Corp
 
45,250
1,096,860
Resideo Technologies Inc (b)
  
146,160
3,368,988
UFP Industries Inc
 
26,445
2,979,029
Zurn Elkay Water Solutions Corp (c)
  
7,486
279,228
 
  
  
13,986,533
Commercial Services & Supplies - 2.1%
  
  
  
ABM Industries Inc
 
63,268
3,238,057
ACCO Brands Corp
 
93,205
489,326
Aris Water Solutions Inc Class A
 
25,024
599,325
Bridger Aerospace Group Holdings Inc (b)(c)
  
7,872
16,767
BrightView Holdings Inc (b)
  
58,235
931,178
CompX International Inc Class A
 
678
17,730
CoreCivic Inc (b)
  
109,029
2,370,290
Deluxe Corp
 
44,137
997,055
Ennis Inc
 
25,511
538,027
Enviri Corp (b)
  
78,689
605,905
GEO Group Inc/The (b)
  
127,448
3,565,996
Healthcare Services Group Inc (b)
  
74,060
860,207
HNI Corp
 
24,784
1,248,370
Interface Inc
 
52,014
1,266,541
Matthews International Corp Class A
 
29,765
823,895
MillerKnoll Inc
 
70,053
1,582,497
NL Industries Inc
 
8,922
69,324
OPENLANE Inc (b)
  
106,985
2,122,582
Pitney Bowes Inc
 
114,210
826,880
Quad/Graphics Inc Class A
 
11,935
83,187
Steelcase Inc Class A
 
92,861
1,097,617
UniFirst Corp/MA
 
15,059
2,576,444
Virco Mfg. Corp
 
10,237
104,929
VSE Corp
 
14,789
1,406,434
 
  
  
27,438,563
Construction & Engineering - 0.7%
  
  
  
Ameresco Inc Class A (b)
  
21,817
512,263
Arcosa Inc
 
48,536
4,695,373
Concrete Pumping Holdings Inc (b)
  
23,590
157,109
Fluor Corp (b)
  
14,277
704,142
Granite Construction Inc
 
7,801
684,226
Great Lakes Dredge & Dock Corp (b)
  
65,658
741,279
Matrix Service Co (b)
  
26,120
312,656
Northwest Pipe Co (b)
  
8,227
397,035
Orion Group Holdings Inc (b)
  
30,869
226,270
Primoris Services Corp
 
4,089
312,400
Southland Holdings Inc (b)
  
10,306
33,494
Tutor Perini Corp (b)
  
43,171
1,044,738
 
  
  
9,820,985
Electrical Equipment - 0.7%
  
  
  
Allient Inc
 
13,562
329,285
Blink Charging Co (b)(c)
  
56,891
79,078
Bloom Energy Corp Class A (b)(c)
  
17,476
388,142
ChargePoint Holdings Inc Class A (b)(c)
  
177,544
189,972
Energy Vault Holdings Inc Class A (b)(c)
  
104,979
239,352
EnerSys
 
3,317
306,590
FuelCell Energy Inc (b)(c)
  
18,830
170,223
GrafTech International Ltd (b)
  
19,748
34,164
LSI Industries Inc
 
8,451
164,118
NANO Nuclear Energy Inc (c)
  
3,753
93,431
Net Power Inc Class A (b)(c)
  
21,708
229,888
NEXTracker Inc Class A (b)
  
37,086
1,354,752
Plug Power Inc (b)(c)
  
735,834
1,567,327
Preformed Line Products Co
 
2,308
294,939
SES AI Corp Class A (b)(c)
  
117,886
258,170
SolarMax Technology Inc (b)(c)
  
17,670
28,625
Solidion Technology Inc Class A (b)(c)
  
12,300
8,569
Stem Inc Class A (b)(c)
  
149,920
90,402
Sunrun Inc (b)(c)
  
219,416
2,029,599
Thermon Group Holdings Inc (b)
  
29,870
859,360
TPI Composites Inc (b)(c)
  
49,113
92,824
Ultralife Corp (b)
  
8,803
65,582
Vicor Corp (b)
  
10,286
497,020
 
  
  
9,371,412
Ground Transportation - 0.4%
  
  
  
Covenant Logistics Group Inc Class A
 
6,553
357,204
Ftai Infrastructure Inc
 
100,663
730,814
Heartland Express Inc
 
26,601
298,463
Hertz Global Holdings Inc (b)(c)
  
122,722
449,163
Marten Transport Ltd
 
45,938
717,092
PAMT CORP (b)
  
5,264
86,224
Proficient Auto Logistics Inc
 
11,106
89,625
Universal Logistics Holdings Inc
 
4,328
198,828
Werner Enterprises Inc
 
53,961
1,938,280
 
  
  
4,865,693
Machinery - 2.8%
  
  
  
3D Systems Corp (b)(c)
  
128,427
421,241
Albany International Corp Class A
 
23,702
1,895,449
Astec Industries Inc
 
22,789
765,710
Barnes Group Inc
 
46,487
2,196,976
Columbus McKinnon Corp/NY
 
28,415
1,058,175
Commercial Vehicle Group Inc (b)
  
33,514
83,114
Douglas Dynamics Inc
 
4,092
96,693
Eastern Co/The
 
5,269
139,839
Enpro Inc
 
18,821
3,245,681
ESCO Technologies Inc
 
13,270
1,767,697
Gencor Industries Inc (b)
  
10,404
183,631
Greenbrier Cos Inc/The
 
30,746
1,875,199
Helios Technologies Inc
 
10,586
472,559
Hillenbrand Inc
 
46,897
1,443,490
Hillman Solutions Corp Class A (b)
  
164,232
1,599,620
Hyliion Holdings Corp Class A (b)(c)
  
141,671
369,761
Hyster-Yale Inc Class A
 
4,630
235,806
John Bean Technologies Corp
 
43,806
5,567,743
Kennametal Inc
 
78,398
1,883,120
L B Foster Co Class A (b)
  
8,901
239,437
Lindsay Corp
 
5,497
650,350
Manitowoc Co Inc/The (b)
  
34,017
310,575
Mayville Engineering Co Inc (b)
  
12,002
188,671
Miller Industries Inc/TN
 
10,555
689,875
Mueller Industries Inc
 
8,442
669,957
Nikola Corp (b)
  
1
1
NN Inc (b)
  
46,013
150,463
Park-Ohio Holdings Corp
 
8,927
234,512
Proto Labs Inc (b)
  
25,302
989,055
REV Group Inc
 
11,349
361,693
Shyft Group Inc/The
 
31,748
372,722
Standex International Corp
 
2,754
514,970
Tennant CO
 
10,595
863,810
Terex Corp
 
66,894
3,091,841
Titan International Inc (b)
  
50,198
340,844
Trinity Industries Inc
 
6,753
237,030
Twin Disc Inc
 
11,667
137,087
Wabash National Corp
 
43,020
736,933
 
  
  
36,081,330
Marine Transportation - 0.4%
  
  
  
Genco Shipping & Trading Ltd
 
42,962
598,890
Matson Inc
 
32,790
4,421,404
Pangaea Logistics Solutions Ltd
 
32,068
171,884
 
  
  
5,192,178
Passenger Airlines - 0.6%
  
  
  
Allegiant Travel Co
 
15,559
1,464,413
Blade Air Mobility Inc (b)
  
58,714
249,534
JetBlue Airways Corp (b)
  
312,975
2,459,984
SkyWest Inc (b)
  
39,715
3,976,663
Sun Country Airlines Holdings Inc (b)
  
21,248
309,796
 
  
  
8,460,390
Professional Services - 1.0%
  
  
  
Alight Inc Class A
 
420,129
2,907,293
Asure Software Inc (b)
  
24,308
228,738
Barrett Business Services Inc
 
2,249
97,697
BlackSky Technology Inc Class A (b)
  
25,146
271,325
Conduent Inc (b)
  
158,279
639,447
DLH Holdings Corp (b)
  
5,011
40,238
First Advantage Corp (b)
  
24,160
452,517
Forrester Research Inc (b)
  
11,714
183,558
Heidrick & Struggles International Inc
 
20,255
897,499
HireQuest Inc
 
1,387
19,640
IBEX Holdings Ltd (b)
  
8,403
180,580
Kelly Services Inc Class A
 
30,793
429,254
Korn Ferry
 
52,138
3,516,709
Mistras Group Inc (b)
  
21,209
192,154
NV5 Global Inc (b)
  
46,755
880,864
Planet Labs PBC Class A (b)
  
215,674
871,323
Resources Connection Inc
 
34,047
290,421
TrueBlue Inc (b)
  
28,912
242,861
TTEC Holdings Inc
 
19,121
95,414
Willdan Group Inc (b)
  
12,810
487,933
 
  
  
12,925,465
Trading Companies & Distributors - 1.4%
  
  
  
Beacon Roofing Supply Inc (b)
  
4,101
416,580
BlueLinx Holdings Inc (b)
  
8,147
832,298
Boise Cascade Co
 
20,442
2,429,736
Custom Truck One Source Inc Class A (b)
  
16,400
78,884
Distribution Solutions Group Inc (b)
  
1,174
40,385
DNOW Inc (b)
  
105,815
1,376,653
DXP Enterprises Inc/TX (b)
  
11,391
941,124
EVI Industries Inc
 
1,154
18,867
GATX Corp
 
35,731
5,536,876
GMS Inc (b)
  
3,930
333,382
H&E Equipment Services Inc
 
2,458
120,344
Hudson Technologies Inc (b)
  
38,189
213,095
Mrc Global Inc (b)
  
84,607
1,081,277
Rush Enterprises Inc Class A
 
60,832
3,332,985
Rush Enterprises Inc Class B
 
9,097
495,241
Titan Machinery Inc (b)
  
20,763
293,381
Willis Lease Finance Corp
 
2,881
597,952
 
  
  
18,139,060
TOTAL INDUSTRIALS
  
  
162,523,239
 
  
  
  
Information Technology - 6.3%
  
  
  
Communications Equipment - 0.9%
  
  
  
ADTRAN Holdings Inc (b)
  
78,868
656,970
Applied Optoelectronics Inc (b)(c)
  
40,886
1,507,058
Aviat Networks Inc (b)
  
11,672
211,380
Calix Inc (b)
  
15,737
548,749
Clearfield Inc (b)
  
12,187
377,797
CommScope Holding Co Inc (b)
  
215,426
1,122,369
Digi International Inc (b)
  
35,747
1,080,632
Extreme Networks Inc (b)
  
60,013
1,004,618
Netgear Inc (b)
  
27,966
779,412
NetScout Systems Inc (b)
  
69,170
1,498,222
Ribbon Communications Inc (b)
  
91,698
381,464
Viasat Inc (b)(c)
  
124,000
1,055,240
Viavi Solutions Inc (b)
  
221,036
2,232,464
 
  
  
12,456,375
Electronic Equipment, Instruments & Components - 2.5%
  
  
  
908 Devices Inc (b)
  
21,950
48,290
Aeva Technologies Inc (b)
  
24,257
115,221
Bel Fuse Inc Class A
 
2,404
216,552
Bel Fuse Inc Class B
 
9,764
805,237
Belden Inc
 
18,935
2,132,270
Benchmark Electronics Inc
 
35,876
1,628,770
CTS Corp
 
6,695
353,027
Daktronics Inc (b)
  
34,440
580,658
ePlus Inc (b)
  
8,622
636,993
FARO Technologies Inc (b)
  
19,433
492,821
Itron Inc (b)
  
4,386
476,232
Kimball Electronics Inc (b)
  
24,389
456,806
Knowles Corp (b)
  
87,315
1,740,188
Methode Electronics Inc
 
35,156
414,489
MicroVision Inc (b)(c)
  
99,991
130,988
Mirion Technologies Inc Class A (b)
  
180,227
3,144,962
nLight Inc (b)
  
43,545
456,787
OSI Systems Inc (b)
  
915
153,198
Ouster Inc Class A (b)
  
38,587
471,533
PAR Technology Corp (b)(c)
  
1,923
139,744
PC Connection Inc
 
11,625
805,264
Plexus Corp (b)
  
18,871
2,952,934
Powerfleet Inc NJ (b)
  
95,159
633,759
Richardson Electronics Ltd/United States
 
12,290
172,429
Rogers Corp (b)
  
18,843
1,914,637
Sanmina Corp (b)
  
53,825
4,072,939
ScanSource Inc (b)
  
23,875
1,132,869
SmartRent Inc Class A (b)
  
190,924
334,117
TTM Technologies Inc (b)
  
101,163
2,503,784
Vishay Intertechnology Inc
 
126,870
2,149,178
Vishay Precision Group Inc (b)
  
12,129
284,668
 
  
  
31,551,344
IT Services - 0.4%
  
  
  
Applied Digital Corp (b)(c)
  
59,232
452,532
ASGN Inc (b)
  
33,655
2,804,809
BigBear.ai Holdings Inc (b)(c)
  
26,810
119,305
Core Scientific Inc
 
38,429
539,927
Fastly Inc Class A (b)
  
26,802
253,011
Grid Dynamics Holdings Inc (b)
  
14,208
315,986
Hackett Group Inc/The
 
2,545
78,182
Information Services Group Inc
 
36,912
123,286
Rackspace Technology Inc (b)
  
67,926
150,116
Unisys Corp (b)
  
66,169
418,850
 
  
  
5,256,004
Semiconductors & Semiconductor Equipment - 1.1%
  
  
  
ACM Research Inc Class A (b)
  
15,950
240,845
Alpha & Omega Semiconductor Ltd (b)
  
23,891
884,684
Ambarella Inc (b)
  
18,049
1,312,884
CEVA Inc (b)
  
3,496
110,299
Cohu Inc (b)
  
46,240
1,234,608
Diodes Inc (b)
  
40,914
2,523,166
Everspin Technologies Inc (b)
  
3,237
20,684
Ichor Holdings Ltd (b)
  
22,582
727,592
MaxLinear Inc Class A (b)
  
4,514
89,287
Navitas Semiconductor Corp Class A (b)(c)
  
109,505
390,933
Penguin Solutions Inc (b)
  
52,073
999,281
Photronics Inc (b)
  
40,571
955,853
Rigetti Computing Inc Class A (b)(c)
  
158,033
2,411,584
Synaptics Inc (b)
  
36,707
2,801,478
Veeco Instruments Inc (b)
  
8,419
225,629
 
  
  
14,928,807
Software - 1.2%
  
  
  
Adeia Inc
 
16,763
234,347
Aurora Innovation Inc Class A (b)(c)
  
442,938
2,790,510
Bit Digital Inc (b)(c)
  
120,901
354,240
Cerence Inc (b)
  
41,303
324,229
Cipher Mining Inc (b)
  
66,624
309,135
Commvault Systems Inc (b)
  
2,937
443,223
Consensus Cloud Solutions Inc (b)
  
18,000
429,480
CS Disco Inc (b)
  
10,734
53,563
Daily Journal Corp (b)
  
402
228,332
Digimarc Corp (b)(c)
  
921
34,491
Digital Turbine Inc (b)
  
97,906
165,461
E2open Parent Holdings Inc Class A (b)
  
203,735
541,935
EverCommerce Inc (b)
  
5,740
63,197
Life360 Inc (b)
  
1,933
79,775
Logility Supply Chain Solutions Inc Class A
 
32,122
355,912
MARA Holdings Inc (b)(c)
  
51,733
867,562
Meridianlink Inc (b)
  
13,101
270,536
NCR Voyix Corp (b)
  
12,949
179,214
Olo Inc Class A (b)
  
54,012
414,812
ON24 Inc (b)
  
26,805
173,160
OneSpan Inc
 
3,555
65,910
Ooma Inc (b)
  
21,971
308,912
Pagaya Technologies Ltd Class A (b)(c)
  
36,056
334,960
Prairie Operating Co (b)
  
471
3,259
Rekor Systems Inc (b)(c)
  
13,749
21,448
Rimini Street Inc (b)
  
47,264
126,195
Riot Platforms Inc (b)(c)
  
248,028
2,532,367
Roadzen Inc (b)
  
35,766
77,970
Silvaco Group Inc (b)(c)
  
1,167
9,429
SolarWinds Corp
 
54,384
774,972
SoundThinking Inc (b)
  
1,015
13,256
Telos Corp (b)
  
55,604
190,166
Terawulf Inc (b)(c)
  
18,002
101,891
Verint Systems Inc (b)
  
61,336
1,683,673
Xperi Inc (b)
  
46,070
473,139
 
  
  
15,030,661
Technology Hardware, Storage & Peripherals - 0.2%
  
  
  
CompoSecure Inc Class A
 
3,326
50,988
Corsair Gaming Inc (b)
  
35,155
232,375
Diebold Nixdorf Inc (b)
  
25,417
1,093,948
Eastman Kodak Co (b)
  
60,778
399,311
Immersion Corp
 
31,393
274,061
Turtle Beach Corp (b)
  
6,833
118,279
Xerox Holdings Corp
 
117,194
987,945
 
  
  
3,156,907
TOTAL INFORMATION TECHNOLOGY
  
  
82,380,098
 
  
  
  
Materials - 4.2%
  
  
  
Chemicals - 1.5%
  
  
  
AdvanSix Inc
 
25,783
734,558
American Vanguard Corp
 
25,236
116,843
Arq Inc (b)
  
24,602
186,237
Aspen Aerogels Inc (b)
  
48,456
575,657
Avient Corp
 
90,605
3,702,121
Core Molding Technologies Inc (b)
  
7,460
123,388
Danimer Scientific Inc warrants 7/15/2025 (b)
  
26,058
938
Ecovyst Inc (b)
  
116,012
886,332
HB Fuller Co
 
39,342
2,654,798
Innospec Inc
 
3,719
409,313
Intrepid Potash Inc (b)
  
10,759
235,837
Koppers Holdings Inc
 
19,753
639,997
Kronos Worldwide Inc
 
22,195
216,401
LSB Industries Inc (b)
  
52,525
398,665
Mativ Holdings Inc
 
54,449
593,494
Minerals Technologies Inc
 
31,758
2,420,277
Perimeter Solutions Inc
 
134,404
1,717,683
PureCycle Technologies Inc (b)(c)
  
100,382
1,028,916
Rayonier Advanced Materials Inc (b)
  
63,724
525,723
Sensient Technologies Corp
 
2,298
163,755
Stepan Co
 
19,129
1,237,646
Tronox Holdings PLC
 
119,280
1,201,150
Valhi Inc
 
2,479
57,984
 
  
  
19,827,713
Construction Materials - 0.5%
  
  
  
Summit Materials Inc Class A (b)
  
121,271
6,136,313
Containers & Packaging - 0.4%
  
  
  
Greif Inc Class A
 
24,870
1,520,054
Greif Inc Class B
 
5,270
357,570
O-I Glass Inc (b)
  
154,827
1,678,325
Pactiv Evergreen Inc
 
35,821
625,793
Ranpak Holdings Corp Class A (b)
  
42,841
294,746
TriMas Corp
 
40,655
999,706
 
  
  
5,476,194
Metals & Mining - 1.6%
  
  
  
Arch Resources Inc Class A
 
17,605
2,486,178
Coeur Mining Inc (b)
  
396,654
2,268,861
Commercial Metals Co
 
114,107
5,659,708
Compass Minerals International Inc
 
34,475
387,844
Contango ORE Inc (b)
  
6,495
65,080
Dakota Gold Corp (b)
  
28,974
63,743
Hecla Mining Co
 
590,258
2,898,167
Kaiser Aluminum Corp
 
1,035
72,729
Materion Corp
 
1,194
118,063
Metallus Inc (b)
  
42,961
607,039
Olympic Steel Inc
 
9,817
322,096
Piedmont Lithium Inc (b)(c)
  
12,964
113,305
Radius Recycling Inc Class A
 
26,294
400,195
Ryerson Holding Corp
 
26,846
496,919
SunCoke Energy Inc
 
83,916
897,901
Tredegar Corp (b)
  
26,598
204,273
Universal Stainless & Alloy Products Inc (b)
  
8,881
391,030
Warrior Met Coal Inc
 
51,997
2,820,317
Worthington Steel Inc
 
32,598
1,037,268
 
  
  
21,310,716
Paper & Forest Products - 0.2%
  
  
  
Clearwater Paper Corp (b)
  
16,141
480,517
Sylvamo Corp
 
27,320
2,158,826
 
  
  
2,639,343
TOTAL MATERIALS
  
  
55,390,279
 
  
  
  
Real Estate - 11.0%
  
  
  
Diversified REITs - 1.3%
  
  
  
Alexander & Baldwin Inc
 
75,942
1,347,211
Alpine Income Property Trust Inc
 
14,329
240,584
American Assets Trust Inc
 
49,826
1,308,431
Armada Hoffler Properties Inc Class A
 
76,628
783,904
Broadstone Net Lease Inc Class A
 
194,018
3,077,125
CTO Realty Growth Inc
 
30,550
602,141
Empire State Realty Trust Inc Class A
 
139,316
1,437,741
Essential Properties Realty Trust Inc
 
178,043
5,569,186
Gladstone Commercial Corp
 
37,808
614,002
Global Net Lease Inc
 
208,350
1,520,955
NexPoint Diversified Real Estate Trust
 
35,520
216,672
One Liberty Properties Inc
 
17,589
479,124
 
  
  
17,197,076
Health Care REITs - 1.5%
  
  
  
American Healthcare REIT Inc
 
153,380
4,359,060
CareTrust REIT Inc
 
172,411
4,663,718
Community Healthcare Trust Inc
 
25,995
499,363
Diversified Healthcare Trust
 
220,972
508,236
Global Medical REIT Inc
 
66,770
515,464
LTC Properties Inc
 
46,201
1,596,245
National Health Investors Inc
 
42,670
2,957,031
Sabra Health Care REIT Inc
 
239,858
4,154,341
Universal Health Realty Income Trust
 
3,157
117,471
 
  
  
19,370,929
Hotel & Resort REITs - 1.1%
  
  
  
Apple Hospitality REIT Inc
 
231,630
3,555,521
Braemar Hotels & Resorts Inc
 
66,981
200,942
Chatham Lodging Trust
 
49,583
443,768
DiamondRock Hospitality Co
 
210,310
1,899,099
Pebblebrook Hotel Trust
 
120,471
1,632,382
RLJ Lodging Trust
 
155,329
1,585,909
Service Properties Trust
 
169,446
430,393
Summit Hotel Properties Inc
 
108,480
743,088
Sunstone Hotel Investors Inc
 
206,378
2,443,516
Xenia Hotels & Resorts Inc
 
103,679
1,540,670
 
  
  
14,475,288
Industrial REITs - 0.6%
  
  
  
Industrial Logistics Properties Trust
 
65,420
238,782
LXP Industrial Trust
 
297,684
2,417,194
Plymouth Industrial REIT Inc
 
42,422
755,112
Terreno Realty Corp
 
96,561
5,710,618
 
  
  
9,121,706
Office REITs - 1.4%
  
  
  
Brandywine Realty Trust
 
172,932
968,419
City Office Reit Inc
 
41,270
227,810
COPT Defense Properties
 
114,389
3,540,340
Douglas Emmett Inc
 
163,023
3,025,707
Easterly Government Properties Inc
 
102,343
1,162,616
Franklin Street Properties Corp
 
100,221
183,404
Hudson Pacific Properties Inc
 
139,042
421,297
JBG SMITH Properties
 
82,749
1,271,852
NET Lease Office Properties
 
14,938
466,215
Orion Office REIT Inc
 
60,468
224,336
Paramount Group Inc
 
185,974
918,712
Peakstone Realty Trust
 
37,252
412,380
Piedmont Office Realty Trust Inc Class A1
 
126,231
1,155,014
Postal Realty Trust Inc Class A
 
17,555
229,093
SL Green Realty Corp
 
70,898
4,815,392
 
  
  
19,022,587
Real Estate Management & Development - 0.8%
  
  
  
American Realty Investors Inc (b)(c)
  
1,486
21,814
Anywhere Real Estate Inc (b)
  
97,544
321,895
Cushman & Wakefield PLC (b)
  
230,207
3,011,108
Forestar Group Inc (b)
  
16,955
439,474
FRP Holdings Inc (b)
  
13,200
404,316
Kennedy-Wilson Holdings Inc
 
114,026
1,139,120
Marcus & Millichap Inc
 
23,976
917,322
Maui Land & Pineapple Co Inc (b)
  
597
13,121
Newmark Group Inc Class A
 
132,810
1,701,296
Offerpad Solutions Inc Class A (b)
  
9,792
27,907
Opendoor Technologies Inc Class A (b)
  
600,646
961,034
RE/MAX Holdings Inc Class A (b)
  
17,898
190,972
RMR Group Inc/The Class A
 
16,371
337,897
Star Holdings (b)
  
11,852
115,320
Stratus Properties Inc (b)
  
5,601
116,277
Tejon Ranch Co (b)
  
20,614
327,763
Transcontinental Realty Investors Inc (b)
  
1,020
30,406
 
  
  
10,077,042
Residential REITs - 0.9%
  
  
  
Apartment Investment and Management Co Class A
 
72,803
661,779
BRT Apartments Corp
 
12,182
219,641
Centerspace
 
17,006
1,124,947
Clipper Realty Inc
 
3,134
14,354
Elme Communities
 
90,326
1,379,278
Independence Realty Trust Inc
 
228,575
4,534,928
NexPoint Residential Trust Inc
 
23,034
961,670
UMH Properties Inc
 
63,696
1,202,580
Veris Residential Inc
 
79,876
1,328,338
 
  
  
11,427,515
Retail REITs - 2.6%
  
  
  
Acadia Realty Trust
 
119,718
2,892,387
CBL & Associates Properties Inc
 
7,828
230,221
Curbline Properties Corp
 
95,702
2,222,200
FrontView REIT Inc
 
14,675
266,058
Getty Realty Corp
 
52,667
1,586,857
InvenTrust Properties Corp
 
79,204
2,386,417
Kite Realty Group Trust
 
220,369
5,562,114
Macerich Co/The
 
238,223
4,745,402
NETSTREIT Corp
 
65,154
921,929
Phillips Edison & Co Inc
 
106,816
4,001,327
Retail Opportunity Investments Corp
 
126,196
2,190,763
Saul Centers Inc
 
1,885
73,137
SITE Centers Corp
 
49,273
753,384
Tanger Inc
 
65,891
2,248,860
Urban Edge Properties
 
129,331
2,780,617
Whitestone REIT
 
51,203
725,547
 
  
  
33,587,220
Specialized REITs - 0.8%
  
  
  
Farmland Partners Inc
 
45,610
536,374
Four Corners Property Trust Inc
 
99,382
2,697,227
Gladstone Land Corp
 
35,987
390,459
Outfront Media Inc
 
91,364
1,620,797
PotlatchDeltic Corp
 
80,722
3,168,339
Safehold Inc
 
53,486
988,421
Uniti Group Inc
 
245,663
1,351,147
 
  
  
10,752,764
TOTAL REAL ESTATE
  
  
145,032,127
 
  
  
  
Utilities - 4.7%
  
  
  
Electric Utilities - 1.4%
  
  
  
ALLETE Inc
 
58,086
3,763,973
Genie Energy Ltd Class B
 
7,158
111,593
Hawaiian Electric Industries Inc (b)(c)
  
166,410
1,619,169
MGE Energy Inc
 
20,974
1,970,717
Otter Tail Corp
 
22,977
1,696,622
Portland General Electric Co
 
104,594
4,562,391
TXNM Energy Inc
 
90,184
4,434,347
 
  
  
18,158,812
Gas Utilities - 1.6%
  
  
  
Chesapeake Utilities Corp
 
22,265
2,701,858
New Jersey Resources Corp
 
98,764
4,607,341
Northwest Natural Holding Co
 
38,974
1,541,811
ONE Gas Inc
 
56,467
3,910,340
RGC Resources Inc
 
8,592
172,356
Southwest Gas Holdings Inc
 
61,119
4,321,724
Spire Inc
 
57,147
3,876,281
 
  
  
21,131,711
Independent Power and Renewable Electricity Producers - 0.3%
  
  
  
Altus Power Inc Class A (b)(c)
  
75,639
307,850
Ormat Technologies Inc
 
57,874
3,919,227
Sunnova Energy International Inc (b)(c)
  
108,545
372,309
 
  
  
4,599,386
Multi-Utilities - 0.9%
  
  
  
Avista Corp
 
78,875
2,889,191
Black Hills Corp
 
70,287
4,113,196
NorthWestern Corp
 
61,901
3,309,227
Unitil Corp
 
15,947
864,168
 
  
  
11,175,782
Water Utilities - 0.5%
  
  
  
American States Water Co
 
16,466
1,279,738
California Water Service Group
 
44,088
1,998,509
Consolidated Water Co Ltd
 
11,255
291,392
Middlesex Water Co
 
15,655
823,923
Pure Cycle Corp (b)
  
20,599
261,195
SJW Group
 
33,688
1,658,123
York Water Co/The
 
12,428
406,644
 
  
  
6,719,524
TOTAL UTILITIES
  
  
61,785,215
 
  
  
  
TOTAL UNITED STATES
  
  
1,261,242,535
 
TOTAL COMMON STOCKS
 (Cost $1,182,279,231)
  
  
  
1,309,161,029
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (g)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 2/20/2025 (h)
 (Cost $256,418)
  
4.46
258,000
256,533
 
  
  
  
  
Money Market Funds - 4.3%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
  
4.36
1,369,649
1,369,923
Fidelity Securities Lending Cash Central Fund (i)(j)
  
4.35
55,178,886
55,184,404
 
TOTAL MONEY MARKET FUNDS
 (Cost $56,554,327)
  
  
  
56,554,327
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 104.0%
 (Cost $1,239,089,976)
 
  
 
1,365,971,889
NET OTHER ASSETS (LIABILITIES) - (4.0)%  
(52,190,526)
NET ASSETS - 100.0%
1,313,781,363
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
CME E-mini Russell 2000 Index Contracts (United States)
47
Mar 2025
5,287,030
(9,229)
(9,229)
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 0.4%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $14,013 and all restrictions are set to expire on or before January 31, 2025.  Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(e)
Level 3 security
 
(f)
Security is 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 $755,059 or 0.1% of net assets.
 
(g)
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.
 
(h)
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 $256,533.
 
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(j)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
4,792,321
114,553,775
117,976,205
82,096
32
-
1,369,923
1,369,649
0.0%
Fidelity Securities Lending Cash Central Fund
39,995,498
144,910,710
129,721,804
467,422
-
-
55,184,404
55,178,886
0.2%
Total
44,787,819
259,464,485
247,698,009
549,518
32
-
56,554,327
56,548,535
  
 
  
  
  
  
  
  
  
  
  
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 payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of December 31, 2024, 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:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
42,662,125
42,662,125
-
-
Consumer Discretionary
120,199,021
120,199,021
-
-
Consumer Staples
29,692,686
29,692,686
-
-
Energy
92,358,244
92,358,244
-
-
Financials
381,878,752
381,878,752
-
-
Health Care
115,668,329
115,599,160
26,411
42,758
Industrials
166,006,368
166,006,368
-
-
Information Technology
84,888,462
84,888,462
-
-
Materials
64,172,176
64,172,176
-
-
Real Estate
145,032,127
145,032,127
-
-
Utilities
66,602,739
66,602,739
-
-
 U.S. Treasury Obligations
256,533
-
256,533
-
  Money Market Funds
56,554,327
56,554,327
-
-
 Total Investments in Securities:
1,365,971,889
1,365,646,187
282,944
42,758
 Derivative Instruments:
 Liabilities
  
  
  
  
Futures Contracts
(9,229)
(9,229)
-
-
  Total Liabilities
(9,229)
(9,229)
-
-
 Total Derivative Instruments:
(9,229)
(9,229)
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2024. 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                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
0
(9,229)
Total Equity Risk
0
(9,229)
Total Value of Derivatives
0
(9,229)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Small Cap Value Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of December 31, 2024 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  (including  securities loaned of $52,239,347) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $1,182,535,649)
$
1,309,417,562
  
  
Fidelity Central Funds (cost $56,554,327)
56,554,327
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $1,239,089,976)
  
  
$
1,365,971,889
Segregated cash with brokers for derivative instruments
  
  
9,072
Receivable for fund shares sold
  
  
1,875,349
Dividends receivable
  
  
2,495,730
Distributions receivable from Fidelity Central Funds
  
  
61,149
Receivable for daily variation margin on futures contracts
  
  
1,781
  Total assets
  
  
1,370,414,970
Liabilities
  
  
  
  
Payable to custodian bank
$
32,825
  
  
Payable for fund shares redeemed
1,347,948
  
  
Accrued management fee
56,973
  
  
Other payables and accrued expenses
11,457
  
  
Collateral on securities loaned
55,184,404
  
  
  Total liabilities
  
  
  
56,633,607
Net Assets  
  
  
$
1,313,781,363
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
1,219,386,159
Total accumulated earnings (loss)
  
  
  
94,395,204
Net Assets
  
  
$
1,313,781,363
Net Asset Value, offering price and redemption price per share ($1,313,781,363 ÷ 51,315,014 shares)
  
  
$
25.60
Statement of Operations
Six months ended December 31, 2024 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
12,348,458
Interest  
  
  
8,437
Income from Fidelity Central Funds (including $467,422 from security lending)
 
  
549,518
 Total income
  
  
  
12,906,413
Expenses
  
  
  
  
Management fee
$
325,651
  
  
Independent trustees' fees and expenses
1,575
  
  
 Total expenses before reductions
  
327,226
  
  
 Expense reductions
  
(1,449)
  
  
 Total expenses after reductions
  
  
  
325,777
Net Investment income (loss)
  
  
  
12,580,636
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(2,572,542)
  
  
   Fidelity Central Funds
  
32
  
  
 Futures contracts
  
207,279
  
  
Total net realized gain (loss)
  
  
  
(2,365,231)
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
92,436,795
  
  
 Futures contracts
  
(72,668)
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
92,364,127
Net gain (loss)
  
  
  
89,998,896
Net increase (decrease) in net assets resulting from operations
  
  
$
102,579,532
Statement of Changes in Net Assets
 
 
Six months ended
December 31, 2024
(Unaudited)
  
Year ended
June 30, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
12,580,636
$
21,199,767
Net realized gain (loss)
  
(2,365,231)
  
35,604,809
Change in net unrealized appreciation (depreciation)
  
92,364,127
  
45,533,065
Net increase (decrease) in net assets resulting from operations
  
102,579,532
  
102,337,641
Distributions to shareholders
  
(21,949,757)
  
(20,400,767)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
266,320,969
  
585,215,613
  Reinvestment of distributions
  
19,395,609
  
16,744,037
Cost of shares redeemed
  
(204,678,296)
  
(431,989,211)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
81,038,282
  
169,970,439
Total increase (decrease) in net assets
  
161,668,057
  
251,907,313
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
1,152,113,306
  
900,205,993
End of period
$
1,313,781,363
$
1,152,113,306
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
10,113,613
  
25,464,870
  Issued in reinvestment of distributions
  
771,909
  
720,127
Redeemed
  
(7,831,839)
  
(18,850,764)
Net increase (decrease)
  
3,053,683
  
7,334,233
 
  
  
  
  
Financial Highlights
 
Fidelity® Small Cap Value Index Fund
 
 
Six months ended
(Unaudited) December 31, 2024 
  
Years ended June 30, 2024 
  
2023  
  
2022 
  
2021 
  
2020 A  
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
23.87
$
22.00
$
21.46
$
28.18
$
16.52
$
20.00
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) B,C
  
.25
 
.50
 
.52
 
.44
 
.37
 
.37
     Net realized and unrealized gain (loss)
 
1.91
 
1.87
 
.81
 
(4.69)
 
11.59
 
(3.72)
  Total from investment operations
 
2.16  
  
2.37  
  
1.33  
  
(4.25)  
  
11.96
 
(3.35)
  Distributions from net investment income
 
(.43)
 
(.50)
 
(.42)
 
(.44) D
  
(.30)
 
(.12)
  Distributions from net realized gain
 
-
 
-
 
(.38)
 
(2.03) D
  
-
 
(.02)
     Total distributions
 
(.43)
 
(.50)
 
(.79) E
  
(2.47)
 
(.30)
 
(.13) E
  Net asset value, end of period
$
25.60
$
23.87
$
22.00
$
21.46
$
28.18
$
16.52
 Total Return F,G
  
9.11
%
 
10.83%
 
6.14%
 
(16.30)%
 
73.10%
 
(16.89)%
 Ratios to Average Net Assets C,H,I
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.05% J
  
.05%
 
.05%
 
.05%
 
.05%
 
.05% J
    Expenses net of fee waivers, if any
 
.05
% J
  
.05%
 
.05%
 
.05%
 
.05%
 
.05% J
    Expenses net of all reductions
 
.05% J
  
.05%
 
.05%
 
.05%
 
.05%
 
.05% J
    Net investment income (loss)
 
1.94% J
  
2.18%
 
2.37%
 
1.77%
 
1.56%
 
2.24% J
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
1,313,781
$
1,152,113
$
900,206
$
808,483
$
736,509
$
139,586
    Portfolio turnover rate K
  
13
% J
  
37% L
  
33%
 
38%
 
60%
 
74% J
 
AFor the period July 11, 2019 (commencement of operations) through June 30, 2020.
BCalculated based on average shares outstanding during the period.
CNet 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.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees 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.
IExpense 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.
JAnnualized.
KAmount 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.
LPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended December 31, 2024
 
1. Organization.
Fidelity Mid Cap Growth Index Fund, Fidelity Mid Cap Value Index Fund, Fidelity Small Cap Growth Index Fund and Fidelity Small Cap Value Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2024 is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
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, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales 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 for each Fund:
 
 
Tax cost ($)
Gross unrealized appreciation ($)
Gross unrealized depreciation ($)
Net unrealized appreciation (depreciation)($)
Fidelity Mid Cap Growth Index Fund
1,304,006,136
382,669,297
 (90,284,815)
292,384,482
Fidelity Mid Cap Value Index Fund
754,789,011
264,280,676
 (53,693,179)
210,587,497
Fidelity Small Cap Growth Index Fund
799,187,508
205,400,524
 (92,367,379)
113,033,145
Fidelity Small Cap Value Index Fund
1,253,514,794
267,190,371
 (154,742,505)
112,447,866
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 
Short-term ($)
Long-term ($)
Total capital loss carryforward ($)
Fidelity Mid Cap Growth Index Fund
(27,948,481)
 -
(27,948,481)
Fidelity Small Cap Growth Index Fund
 (32,301,193)
 (17,064,320)
(49,365,513)
Fidelity Small Cap Value Index Fund
 -
 
 (14,822,209)
(14,822,209)
 
Due to large subscriptions in a prior period, Fidelity Small Cap Growth Index Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those losses are realized and the limitation prevents the Fund from using any of those losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.
 
New Accounting Pronouncement. 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.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
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.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
 
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Mid Cap Growth Index Fund
358,322,824
60,866,374
Fidelity Mid Cap Value Index Fund
143,645,940
116,571,203
Fidelity Small Cap Growth Index Fund
177,340,811
50,120,100
Fidelity Small Cap Value Index Fund
170,370,021
83,824,333
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Mid Cap Value Index Fund
146,843
1,935,119
4,004,405
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Mid Cap Growth Index Fund
1,781,348
26,543,179
51,124,694
Fidelity Mid Cap Value Index Fund
1,606,118
28,625,666
42,208,795
Fidelity Small Cap Growth Index Fund
715,990
13,238,375
18,221,957
Fidelity Small Cap Value Index Fund
2,260,128
33,642,050
53,949,254
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which each Fund pays a monthly management fee. The management fee is based on the annual rates of each Fund's average net assets as noted in the table below. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
 
% of Average Net Assets
Fidelity Mid Cap Growth Index Fund
.05%
Fidelity Mid Cap Value Index Fund
.05%
Fidelity Small Cap Growth Index Fund
.05%
Fidelity Small Cap Value Index Fund
.05%
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Mid Cap Value Index Fund
 Borrower
 3,068,571
5.58%
3,331
Fidelity Small Cap Growth Index Fund
 Borrower
18,271,000
5.59%
 2,835
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Mid Cap Growth Index Fund
 -
 745
  (100)
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
 
The line of credit agreement will expire in March 2025 unless extended or renewed.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Mid Cap Growth Index Fund
5,774
 30
-
Fidelity Mid Cap Value Index Fund
 8,122
 205
17,316
Fidelity Small Cap Growth Index Fund
 61,459
 4,166
 367,549
Fidelity Small Cap Value Index Fund
 48,270
 7,272
 98,862
9. Bank Borrowings.
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Mid Cap Value Index Fund
 614,000
5.83%
 199
10. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits ($)
Fidelity Mid Cap Growth Index Fund.
 587
Fidelity Mid Cap Value Index Fund
 250
Fidelity Small Cap Growth Index Fund 
 8,478
Fidelity Small Cap Value Index Fund
 1,449
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Mid Cap Growth Index Fund
Fidelity Mid Cap Value Index Fund
Fidelity Small Cap Growth Index Fund
Fidelity Small Cap Value Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
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 renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances. 
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the funds, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against the securities market index each fund seeks to track (benchmark index). The Board also periodically considers each fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered each fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under each fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to each fund (referred to as the "asset size peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the mapped group that have a similar sales load structure to each fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of each fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to each fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that each fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with each fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through September 30, 2025.
 
1.9896343.105
C06-SANN-0325
Fidelity® SAI Municipal Bond Index Fund
 
 
Semi-Annual Report
December 31, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

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

Fidelity® SAI Municipal Bond Index Fund

Notes to Financial Statements

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

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

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

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
BLOOMBERG ® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® SAI Municipal Bond Index Fund
Schedule of Investments December 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 100.2%
 
  
Principal
Amount (a)
 
Value ($)
 
Alabama - 1.0%
 
  
  
Education - 0.0%
  
  
  
University AL Gen Rev Series 2017B, 3% 7/1/2035
 
30,000
27,352
Escrowed/Pre-Refunded - 0.1%
  
  
  
Alabama Fed Aid Hwy Fin Auth Spl Oblig Rev Series 2017A, 4% 6/1/2037 (Pre-refunded to 9/1/2027 at 100)
 
25,000
25,519
Birmingham Ala Wtrwks Brd Wtr Rev Series 2016 B, 3% 1/1/2043 (Pre-refunded to 1/1/2027 at 100)
 
30,000
30,044
 
  
  
55,563
General Obligations - 0.7%
  
  
  
Black Belt Energy Gas District Series 2024 C, 5% tender 5/1/2055 (Pacific Life Insurance Co Guaranteed) (b)
  
300,000
316,820
Southeast Energy Auth Coop Dist Ala Commodity Supply Rev Series 2023 B, 5% tender 1/1/2054 (Liquidity Facility Royal Bank of Canada),  (Royal Bank of Canada Guaranteed) (b)
  
220,000
231,452
 
  
  
548,272
Health Care - 0.1%
  
  
  
UAB Medicine Fin Auth Rev (University AL At Birmingham Hosp Rev Proj.) Series 2016 B, 5% 9/1/2034
 
50,000
50,976
UAB Medicine Fin Auth Rev (University AL At Birmingham Hosp Rev Proj.) Series 2017B1, 3.25% 9/1/2031
 
45,000
43,122
 
  
  
94,098
Water & Sewer - 0.1%
  
  
  
Decatur Ala Wtr & Swr Rev Series 2021 A, 2.125% 2/15/2051
 
90,000
53,782
TOTAL ALABAMA
  
  
779,067
Arizona - 1.6%
 
  
  
Education - 0.2%
  
  
  
Arizona St Univ Revs Series 2019 B, 4% 7/1/2049
 
70,000
68,083
University AZ Univ Revs Series 2016B, 5% 6/1/2042
 
95,000
96,613
 
  
  
164,696
Electric Utilities - 0.6%
  
  
  
Salt River Proj AZ Agric & Pwr Series 2015A, 5% 12/1/2032
 
25,000
25,175
Salt River Proj AZ Agric & Pwr Series 2016 A, 5% 1/1/2038
 
145,000
149,160
Salt River Proj AZ Agric & Pwr Series 2017A, 5% 1/1/2028
 
55,000
58,342
Salt River Proj AZ Agric & Pwr Series 2022A, 5% 1/1/2032
 
145,000
163,390
 
  
  
396,067
General Obligations - 0.0%
  
  
  
Salt Verde Finl Corp Gas Rev AZ 5% 12/1/2032 (Citigroup Inc Guaranteed)
 
20,000
21,265
Salt Verde Finl Corp Gas Rev AZ 5.25% 12/1/2026 (Citigroup Inc Guaranteed)
 
15,000
15,421
 
  
  
36,686
Health Care - 0.0%
  
  
  
Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2016 A, 5% 1/1/2038
 
40,000
40,817
Special Tax - 0.3%
  
  
  
Bullhead City Ariz Excise Taxes Rev 2.7% 7/1/2051
 
90,000
61,641
Phoenix Ariz Civic Impt Corp Distr Rev 5.5% 7/1/2036 (National Public Finance Guarantee Corporation Insured) (c)
  
25,000
29,742
Phoenix Ariz Civic Impt Corp Distr Rev 5.5% 7/1/2041 (National Public Finance Guarantee Corporation Insured) (c)
  
80,000
96,684
Phoenix AZ Civic Impt Corp Series 2015A, 5% 7/1/2031
 
25,000
25,201
 
  
  
213,268
Transportation - 0.3%
  
  
  
Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2045
 
95,000
95,335
Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 B, 5% 7/1/2033 (d)
  
110,000
115,195
Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 B, 5% 7/1/2044 (d)
  
40,000
40,911
 
  
  
251,441
Water & Sewer - 0.2%
  
  
  
Lake Havasu City AZ Wastewater System Revenue Series B, 4% 7/1/2045 (Assured Guaranty Municipal Corp Insured)
 
60,000
57,287
Mesa AZ Util Sys Rev Series 2016, 3% 7/1/2038
 
125,000
110,929
 
  
  
168,216
TOTAL ARIZONA
  
  
1,271,191
Arkansas - 0.2%
 
  
  
Water & Sewer - 0.2%
  
  
  
Fort Smith AR Wtr & Swr Rev Series 2018, 5% 10/1/2034
 
145,000
152,931
California - 19.0%
 
  
  
Education - 1.4%
  
  
  
California Edl Facs Auth Rev (Loyola Marymount University Proj.) 0% 10/1/2034 (National Public Finance Guarantee Corporation Insured) (e)
  
25,000
17,293
California Edl Facs Auth Rev (Loyola Marymount University Proj.) Series 2001A, 0% 10/1/2030 (e)
  
15,000
12,225
California Edl Facs Auth Rev (Stanford University Proj.) 5% 3/15/2039
 
20,000
23,929
California St Univ Rev Series 2015A, 5% 11/1/2026
 
15,000
15,261
California St Univ Rev Series 2016A, 3.2% 11/1/2037
 
15,000
14,166
California St Univ Rev Series 2016A, 5% 11/1/2026
 
40,000
41,162
California St Univ Rev Series 2020C, 3% 11/1/2040
 
100,000
87,252
University CA Revs 5% 5/15/2035
 
50,000
52,041
University CA Revs Series 2015 I, 5% 5/15/2028
 
10,000
10,066
University CA Revs Series 2016AR, 5% 5/15/2035
 
15,000
15,363
University CA Revs Series 2017AV, 5% 5/15/2047
 
110,000
113,277
University CA Revs Series 2017M, 5% 5/15/2031
 
140,000
146,756
University CA Revs Series 2017M, 5% 5/15/2032
 
35,000
36,601
University CA Revs Series 2017M, 5% 5/15/2036
 
20,000
20,778
University CA Revs Series 2020 BE, 4% 5/15/2047
 
115,000
115,195
University CA Revs Series 2020 BE, 5% 5/15/2043
 
15,000
16,151
University CA Revs Series 2022 BK, 5% 5/15/2032
 
115,000
132,697
University CA Revs Series 2022 S, 5% 5/15/2036
 
125,000
141,699
University CA Revs Series 2023 BM, 5% 5/15/2027
 
100,000
105,568
 
  
  
1,117,480
Electric Utilities - 0.8%
  
  
  
Imperial CA Irr Dist Elec Rev Series C, 5% 11/1/2038
 
85,000
86,831
Los Angeles CA Wtr & Pwr Rev Series 2017C, 5% 7/1/2036
 
50,000
52,187
Los Angeles CA Wtr & Pwr Rev Series 2019 B, 5% 7/1/2035
 
90,000
96,794
Los Angeles CA Wtr & Pwr Rev Series 2019 D, 5% 7/1/2044
 
150,000
158,101
Los Angeles CA Wtr & Pwr Rev Series 2022 A, 5% 7/1/2040
 
105,000
115,878
Riverside CA Elec Rev Series 2019 A, 5% 10/1/2026
 
50,000
51,898
Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2023 1, 5% 7/1/2035
 
100,000
115,775
 
  
  
677,464
Escrowed/Pre-Refunded - 0.2%
  
  
  
Anaheim CA Pub Fin Auth Lease Rev 0% 9/1/2036 (Escrowed to Maturity) (e)
  
90,000
59,967
Anaheim CA Pub Fin Auth Lease Rev Series 1997 C, 0% 9/1/2035 (e)
  
45,000
31,207
California Health Facilities Financing Authority Series 2016B, 5% 11/15/2046 (Pre-refunded to 11/15/2026 at 100)
 
10,000
10,406
California Statewide Community Development Authority Rev Series 2015, 3% 8/15/2029 (Pre-refunded to 2/15/2026 at 100)
 
50,000
50,085
Foothill/Estrn Transn CA Toll 0% 1/1/2029 (e)
  
30,000
26,500
Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2015A, 5% 6/1/2035 (Pre-refunded to 6/1/2025 at 100)
 
10,000
10,089
Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2015A, 5% 6/1/2040 (Pre-refunded to 6/1/2025 at 100)
 
10,000
10,088
San Diego CA Comm Coll Dist Gen. Oblig. Series 2016, 5% 8/1/2041 (Pre-refunded to 8/1/2026 at 100)
 
5,000
5,179
Solano Calif Cmnty College Dist Gen. Oblig. Series 2013 A, 5.125% 8/1/2041 (Pre-refunded to 8/1/2028 at 100) (c)
  
10,000
10,697
 
  
  
214,218
General Obligations - 9.2%
  
  
  
Alameda Calif Uni Sch Dist Series B, 4% 8/1/2052
 
35,000
34,907
Alameda Cnty Calif Jt Pwrs Auth Lease Rev (Alameda County CA Proj.) Series 2023 A, 5% 12/1/2033
 
160,000
186,913
Berkley CA Alameda County Uni Sch Dist Series 2018E, 3.5% 8/1/2045
 
100,000
90,262
California Community Choice Financing Authority Series 2021B 1, 4% tender 2/1/2052 (Morgan Stanley Guaranteed) (b)
  
635,000
634,405
Chaffey CA Unified Hsd Series D, 4% 8/1/2049
 
30,000
29,476
Chino Valley CA Uni Sch Dist Series 2017A, 5.25% 8/1/2047
 
25,000
25,948
Compton CA Uni Sch Dist Series 2019 B, 3% 6/1/2049
 
75,000
60,320
Contra Costa CA Community College Dist Gen. Oblig. Series 2014A, 4% 8/1/2039
 
5,000
4,994
Corona-Norco Calif Uni Sch Dis Series C, 3% 8/1/2044
 
125,000
103,427
El Camino CA Cmty College Dist Series 2012C, 0% 8/1/2034 (e)
  
60,000
43,044
El Camino CA Cmty College Dist Series 2012C, 0% 8/1/2038 (e)
  
85,000
50,298
Elk Grove Calif Uni Sch Dist Ctfs Partn (Elk Grove CA Uni Sch Dist Proj.) 3% 2/1/2035
 
65,000
60,641
Foothill-De Anza CA Cmty College Dist Gen. Oblig. Series 2003 B, 0% 8/1/2033 (e)
  
85,000
64,073
Fremont Union High Sch Dist Santa Clara Series 2019 A, 4% 8/1/2046
 
30,000
30,022
Grossmont CA Union High School Dist 0% 8/1/2030 (e)
  
40,000
33,409
Grossmont CA Union High School Dist Series 2016B, 3% 8/1/2045
 
30,000
23,950
Grossmont-Cuyamaca Ccd Gen. Oblig. Series 2018 B, 4% 8/1/2047
 
200,000
198,411
Livermore Valley CA Jt Uni Sch Series 2016A, 3% 8/1/2046
 
155,000
124,618
Long Beach CA Bd Fin Auth Nat Gas Pur Rev 5% 11/15/2035 (Merrill Lynch & Co Inc Guaranteed)
 
25,000
27,154
Long Beach CA Bd Fin Auth Nat Gas Pur Rev 5.5% 11/15/2037 (Merrill Lynch & Co Inc Guaranteed)
 
30,000
34,300
Long Beach CA Uni Sch Dist 0% 8/1/2035 (e)
  
90,000
61,666
Long Beach CA Uni Sch Dist Series 2016, 3% 8/1/2032
 
80,000
77,729
Los Angeles CA Ccd Gen. Oblig. Series 2024, 5% 8/1/2033
 
30,000
35,200
Los Angeles CA Ccd Gen. Oblig. Series 2024, 5% 8/1/2039
 
15,000
17,239
Los Angeles CA Ccd Gen. Oblig. Series J, 5% 8/1/2028
 
20,000
21,173
Los Angeles CA Mun Imp Crp Lse (Los Angeles CA Proj.) Series 2016 B, 4% 11/1/2037
 
40,000
40,233
Los Angeles Unified School District/CA Series 2016A, 5% 7/1/2029
 
80,000
80,767
Los Angeles Unified School District/CA Series 2016B, 5% 7/1/2025
 
15,000
15,167
Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2028
 
20,000
21,617
Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2029
 
45,000
49,584
Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2030
 
75,000
82,096
Los Angeles Unified School District/CA Series 2023 QRR, 5% 7/1/2037
 
40,000
46,177
Los Angeles Unified School District/CA Series 2024A, 5% 7/1/2034
 
200,000
236,035
Los Angeles Unified School District/CA Series A, 5% 7/1/2040
 
75,000
75,431
M-S-R Energy Auth Calif Gas Rev 6.5% 11/1/2039 (Citigroup Inc Guaranteed)
 
25,000
31,139
Marin Healthcare District Gen. Oblig. Series 2017A, 3% 8/1/2037
 
5,000
4,446
Monterey Peninsula CA Cmnty College Dist Gen. Oblig. Series 2016, 0% 8/1/2030 (e)
  
20,000
16,270
Newport Mesa CA Uni Sch Dist 0% 8/1/2036 (e)
  
70,000
47,006
Newport Mesa CA Uni Sch Dist Series 2017, 0% 8/1/2039 (e)
  
5,000
2,821
North Orange Cnty Calif Cmnty College Dist Gen. Oblig. Series 2016A, 3% 8/1/2040
 
25,000
21,725
Palo Alto Calif Uni Sch Dist 0% 8/1/2030 (e)
  
50,000
41,899
Palo Alto Calif Uni Sch Dist 0% 8/1/2032 (e)
  
100,000
78,085
Palo Alto Calif Uni Sch Dist 0% 8/1/2033 (e)
  
15,000
11,278
Peralta Calif Cmnty College Dist Gen. Oblig. Series 2016A, 4% 8/1/2039
 
130,000
129,849
Perris Calif Un High Sch Dist Series 2019 A, 3% 9/1/2044 (Assured Guaranty Municipal Corp Insured)
 
25,000
20,668
Poway CA Unified Sch Dist 0% 8/1/2034 (e)
  
50,000
35,829
Poway CA Unified Sch Dist 0% 8/1/2041 (e)
  
190,000
99,359
San Bernardino CA Cmnty College Dist Gen. Oblig. 0% 8/1/2048 (e)
  
45,000
16,322
San Diego CA Uni Sch Dist 0% 7/1/2030 (e)
  
35,000
29,270
San Diego CA Uni Sch Dist 0% 7/1/2043 (e)
  
40,000
19,281
San Diego CA Uni Sch Dist 5.25% 7/1/2027 (Assured Guaranty Municipal Corp Insured)
 
10,000
10,664
San Diego CA Uni Sch Dist Series 2019B, 3.25% 7/1/2048
 
80,000
67,448
San Diego CA Uni Sch Dist Series 2021 N2, 4% 7/1/2046
 
25,000
25,073
San Diego CA Uni Sch Dist Series 2024 ZR 5A, 5% 7/1/2039
 
20,000
23,194
San Diego CA Uni Sch Dist Series 2025 SR 4C, 5% 7/1/2034 (f)
  
115,000
134,219
San Diego CA Uni Sch Dist Series G 1, 5.25% 7/1/2028 (Assured Guaranty Municipal Corp Insured)
 
10,000
10,919
San Diego CA Uni Sch Dist Series I, 4% 7/1/2047
 
15,000
14,903
San Diego CA Uni Sch Dist Series J, 5% 7/1/2030
 
80,000
84,061
San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series 2020 C 1, 4% 8/1/2030
 
125,000
131,515
San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series A 1, 5% 8/1/2047
 
45,000
46,388
San Francisco CA City & Cnty Ctfs Partn (San Francisco CA City & Cnty Proj.) Series 2019 A, 4% 4/1/2041
 
35,000
35,097
San Francisco CA City & Cnty Gen. Oblig. Series 2022 R1, 5% 6/15/2032
 
75,000
86,478
San Francisco CA City & Cnty Gen. Oblig. Series 2022 R1, 5% 6/15/2034
 
85,000
97,212
San Mateo CA Unified Sch Dist 6.45% 9/1/2033 (c)
  
50,000
48,642
San Mateo CA Unified Sch Dist 6.7% 9/1/2041 (c)
  
10,000
10,557
Santa Clara CA Uni Sch Dist Series 2019, 4% 7/1/2048
 
35,000
35,015
Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2018 A, 3.5% 4/1/2039
 
40,000
38,686
Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2019 A, 3% 5/1/2042
 
100,000
85,459
Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2021 A, 3% 5/1/2039
 
100,000
89,499
Sequoia Calif Un High Sch Dist Series 2016, 3% 7/1/2031
 
55,000
54,560
Southern California Pub Pwr Auth Nat Gas Proj Rev 5.25% 11/1/2026 (Goldman Sachs Group Inc/The Guaranteed)
 
30,000
30,599
State of California Gen. Oblig. 3% 10/1/2036
 
50,000
47,763
State of California Gen. Oblig. 3% 11/1/2035
 
220,000
214,764
State of California Gen. Oblig. 4% 10/1/2037
 
80,000
82,622
State of California Gen. Oblig. 4% 11/1/2044
 
10,000
9,816
State of California Gen. Oblig. 4% 3/1/2028
 
60,000
61,975
State of California Gen. Oblig. 4% 3/1/2037
 
85,000
87,484
State of California Gen. Oblig. 4% 3/1/2050
 
95,000
95,036
State of California Gen. Oblig. 4% 4/1/2043
 
40,000
39,419
State of California Gen. Oblig. 4% 4/1/2049
 
100,000
99,480
State of California Gen. Oblig. 4% 8/1/2037
 
25,000
25,242
State of California Gen. Oblig. 5% 10/1/2039
 
110,000
112,056
State of California Gen. Oblig. 5% 11/1/2027
 
90,000
95,266
State of California Gen. Oblig. 5% 11/1/2031
 
80,000
88,612
State of California Gen. Oblig. 5% 11/1/2034
 
80,000
85,103
State of California Gen. Oblig. 5% 4/1/2027
 
5,000
5,233
State of California Gen. Oblig. 5% 4/1/2032
 
205,000
231,819
State of California Gen. Oblig. 5% 4/1/2045
 
60,000
63,389
State of California Gen. Oblig. 5% 8/1/2026
 
20,000
20,221
State of California Gen. Oblig. 5% 8/1/2029
 
20,000
20,219
State of California Gen. Oblig. 5% 8/1/2036
 
200,000
229,700
State of California Gen. Oblig. 5% 8/1/2045
 
30,000
30,156
State of California Gen. Oblig. 5% 9/1/2026
 
15,000
15,540
State of California Gen. Oblig. Series 2016, 3% 9/1/2033
 
30,000
29,157
State of California Gen. Oblig. Series 2016, 4% 9/1/2036
 
100,000
100,472
State of California Gen. Oblig. Series 2016, 5% 9/1/2045
 
10,000
10,205
State of California Gen. Oblig. Series 2016B, 5% 9/1/2030
 
20,000
20,623
State of California Gen. Oblig. Series 2017, 4% 11/1/2036
 
20,000
20,261
State of California Gen. Oblig. Series 2017, 4% 8/1/2027
 
55,000
55,902
State of California Gen. Oblig. Series 2017, 5% 11/1/2027
 
150,000
158,777
State of California Gen. Oblig. Series 2017, 5% 8/1/2026
 
65,000
67,219
State of California Gen. Oblig. Series 2017, 5% 8/1/2027
 
30,000
31,603
State of California Gen. Oblig. Series A, 4% 3/1/2045
 
100,000
98,038
State of California Gen. Oblig. Series C, 5% 9/1/2026
 
40,000
40,507
State of California Gen. Oblig. Series C, 5% 9/1/2028
 
50,000
50,628
West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) 0% 8/1/2027 (Assured Guaranty Inc Insured) (e)
  
70,000
64,488
West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) Series 2020 E, 4% 8/1/2049 (Assured Guaranty Municipal Corp Insured)
 
75,000
74,849
West Hollywood Public Financing Authority Series 2016, 3% 4/1/2041
 
75,000
62,955
William S Hart Uni High School Dist 0% 9/1/2028 (Assured Guaranty Municipal Corp Insured) (e)
  
140,000
124,551
Yosemite CA Cmnty College Dist Gen. Oblig. 0% 8/1/2031 (e)
  
100,000
80,204
Yuba CA Gen. Oblig. Series 2016, 3% 8/1/2036
 
150,000
137,319
Yuba CA Gen. Oblig. Series 2016, 3% 8/1/2037
 
30,000
27,118
 
  
  
7,501,912
Health Care - 0.8%
  
  
  
California Health Facilities Financing Authority (Childrens Hospital Los Ang CA Proj.) Series 2017A, 5% 8/15/2047
 
15,000
15,140
California Health Facilities Financing Authority (Stanford Health Care Proj.) 4% 8/15/2050
 
185,000
184,278
California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2016B, 5% 11/15/2046
 
15,000
15,287
California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 4% 11/15/2042
 
20,000
19,849
California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 5% 11/15/2033
 
35,000
36,881
California Hlth Facs Fin Auth (Adventist Health System-West Proj.) Series 2013 A, 4% 3/1/2043
 
40,000
37,541
California Statewide Communities Development Authority (University of Southern California Proj.) Series 2018, 4.375% 1/1/2048
 
10,000
10,014
California Statewide Communities Development Authority (University of Southern California Proj.) Series 2018, 5% 1/1/2032
 
30,000
31,584
California Statewide Community Development Authority Rev (Adventist Health System-West Proj.) Series 2018 A, 3.5% 3/1/2038
 
155,000
146,300
Univ CA Regts Med Ctr Pooled Rev Series 2022 P, 5% 5/15/2041
 
135,000
148,359
Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 4% 1/1/2042
 
10,000
9,440
 
  
  
654,673
Lease Revenue - 0.3%
  
  
  
California St Pub Wks Brd Lse 5% 11/1/2035
 
200,000
231,204
Other - 0.4%
  
  
  
California Infrastructure & Economic Development Bank (CA Academy of Science Proj.) Series 2021 B, 4% 5/1/2046
 
100,000
96,922
California Infrastructure & Economic Development Bank (J Paul Getty Trust/The Proj.) Series 2020 A 1, 5% 4/1/2033
 
90,000
105,041
California Infrastructure & Economic Development Bank (J Paul Getty Trust/The Proj.) Series 2023A, 5% 4/1/2033
 
90,000
105,041
 
  
  
307,004
Resource Recovery - 0.0%
  
  
  
Los Angeles CA Sld Wst Res Rev Series 2018 A, 4% 2/1/2032
 
35,000
35,833
Special Tax - 1.0%
  
  
  
Irvine Calif Facs Fing Auth Spl Tax Rev Series 2023A, 4% 9/1/2058 (Build America Mutual Assurance Co Insured)
 
135,000
130,834
Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2019 A, 5% 7/1/2044
 
45,000
47,325
Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2021 A, 4% 6/1/2038
 
95,000
99,177
Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2023 A, 5% 7/1/2036
 
75,000
86,702
Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2024A, 5% 7/1/2035
 
30,000
35,353
Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2043
 
100,000
104,480
San Francisco CA BART Dist Tax Series 2019 A, 3% 7/1/2044
 
50,000
41,459
San Francisco County Transportation Authority Series 2017, 3% 2/1/2033
 
155,000
149,913
San Mateo Cnty CA Trans Dist Sales Tax Rev Series 2015A, 3.25% 6/1/2033
 
60,000
59,306
Westminster Calif Redev Agy Successor Agy Tax Allocation Series 2016, 3% 11/1/2041
 
25,000
21,434
Westminster Calif Redev Agy Successor Agy Tax Allocation Series 2016, 3% 11/1/2045
 
75,000
61,039
 
  
  
837,022
Transportation - 2.4%
  
  
  
Bay Area Toll Au CA Bridge Rev Series 2017 S 7, 4% 4/1/2034
 
50,000
50,600
Bay Area Toll Au CA Bridge Rev Series 2017 S 7, 4% 4/1/2042
 
10,000
9,926
Bay Area Toll Au CA Bridge Rev Series 2017 S 7, 4% 4/1/2047
 
45,000
44,645
Bay Area Toll Au CA Bridge Rev Series 2018 A, 2.625% tender 4/1/2045 (b)
  
70,000
69,294
Bay Area Toll Au CA Bridge Rev Series 2024 S 11, 5% 4/1/2035
 
95,000
111,088
California Mun Fn Auth Rev (Linxs Apm Project Proj.) Series 2018 A, 3.25% 12/31/2032 (Assured Guaranty Municipal Corp Insured) (d)
  
30,000
27,981
Foothill/Estrn Transn CA Toll Series 2021 A, 4% 1/15/2046
 
15,000
14,772
Foothill/Estrn Transn CA Toll Series B 1, 3.95% 1/15/2053 (b)
  
65,000
61,168
Los Angeles CA Dept Arpts Rev 4% 5/15/2041 (d)
  
50,000
49,065
Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2033 (d)
  
155,000
159,878
Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2036 (d)
  
80,000
82,106
Los Angeles CA Dept Arpts Rev Series 2018 D, 5% 5/15/2026 (d)
  
5,000
5,124
Los Angeles CA Dept Arpts Rev Series 2020 A, 5% 5/15/2038
 
85,000
92,587
Los Angeles CA Dept Arpts Rev Series 2021B, 5% 5/15/2037
 
50,000
55,638
Los Angeles CA Dept Arpts Rev Series 2021B, 5% 5/15/2048
 
90,000
96,340
Port Oakland Calif Rev Series 2017E, 5% 11/1/2026
 
30,000
31,072
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2019 A, 5% 7/1/2034
 
75,000
81,418
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2042 (d)
  
175,000
177,088
San Francisco CA City & County Airports Commission International Airport Revenue Series 2016A, 5% 5/1/2026
 
20,000
20,576
San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2049 (d)
  
25,000
25,531
San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND  2019E, 5% 5/1/2034 (d)
  
125,000
131,118
San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND  2020 A, 4% 5/1/2039 (d)
  
35,000
34,360
San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND  2020 B, 4% 5/1/2039
 
100,000
101,530
San Francisco Municipal Transportation Agency Series 2021 C, 4% 3/1/2046
 
200,000
200,114
San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/15/2029 (National Public Finance Guarantee Corporation Insured) (e)
  
50,000
43,366
San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/15/2031 (National Public Finance Guarantee Corporation Insured) (e)
  
90,000
71,895
San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/15/2032 (National Public Finance Guarantee Corporation Insured) (e)
  
5,000
3,820
San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev Series 2021 A, 4% 1/15/2050
 
30,000
28,892
San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2042
 
25,000
25,758
 
  
  
1,906,750
Water & Sewer - 2.5%
  
  
  
Bay Area Water Supply & Conservation Agency Series 2023 A, 5% 10/1/2032
 
95,000
109,250
California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) 5% 10/1/2035
 
90,000
103,401
California St Dept Wtr Res Cen Series 2016, 4% 12/1/2031
 
10,000
10,151
California St Dept Wtr Res Cen Series BA, 5% 12/1/2032
 
5,000
5,467
California St Dept Wtr Res Cen Series BA, 5% 12/1/2034
 
90,000
97,858
City of Los Angeles CA Wastewater System Revenue Series 2022 A, 5% 6/1/2047
 
85,000
91,911
East Bay CA Mun Util Dist Wtr Sys Rev Series 2015A, 5% 6/1/2037
 
65,000
65,445
East Bay CA Mun Util Dist Wtr Sys Rev Series 2017B, 5% 6/1/2032
 
45,000
47,326
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 7/1/2033
 
190,000
218,696
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2017A, 5% 7/1/2033
 
55,000
57,186
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2018 A, 5% 7/1/2033
 
5,000
5,298
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2018 B, 5% 7/1/2037
 
100,000
106,059
Metropolitan Wtr Dist Southn Calif Series 2020 A, 5% 10/1/2036
 
85,000
92,376
Sacramento Cnty CA Santn Dist Series 2021, 5% 12/1/2032
 
100,000
116,160
San Diego CA Pub Facs Fing Auth Swr Rev Series 2016A, 5% 5/15/2039
 
100,000
102,227
San Diego CA Pub Facs Fing Auth Wtr Rev 5.25% 8/1/2047
 
10,000
10,497
San Diego CA Pub Facs Fing Auth Wtr Rev Series 2018A, 5% 8/1/2043
 
325,000
340,001
San Francisco CA Pub Util Comm Wstwtr Rev Series 2021A, 4% 10/1/2048
 
100,000
100,137
San Francisco CA Pub Util Comm Wstwtr Rev Series 2021A, 4% 10/1/2051
 
100,000
100,010
San Francisco CA Pub Util Comm Wtr Rev Series 2015A, 5% 11/1/2029
 
20,000
20,135
San Francisco CA Pub Util Comm Wtr Rev Series 2016A, 5% 11/1/2031
 
100,000
103,473
San Francisco CA Pub Util Comm Wtr Rev Series 2020 SUB A, 5% 11/1/2050
 
30,000
31,832
San Mateo Foster City Calif Pub Fing Auth Wastewater Rev (City of San Mateo CA Sewer Revenue Proj.) Series 2019, 5% 8/1/2049
 
45,000
47,184
West Cnty Facs Fing Auth CA Wstwtr Rev Series 2021, 4% 6/1/2046
 
85,000
85,052
 
  
  
2,067,132
TOTAL CALIFORNIA
  
  
15,550,692
Colorado - 2.1%
 
  
  
Education - 0.0%
  
  
  
University Colo Enterprise Sys Series 2016 B, 2.75% 6/1/2030
 
15,000
13,972
Electric Utilities - 0.2%
  
  
  
Colorado Springs Colo Utils Series 2018A 2, 5% 11/15/2048
 
25,000
25,867
Colorado Springs Colo Utils Series 2021 B, 4% 11/15/2040
 
100,000
100,657
 
  
  
126,524
General Obligations - 0.6%
  
  
  
Colorado Ctfs of Prtn (Colorado St Proj.) Series 2018 A, 3.625% 12/15/2036
 
200,000
196,562
County of Pueblo CO Series 2022A, 5% 7/1/2049
 
135,000
141,799
El Paso Cnty Colo Sch Dist No 2 Harrison Series 2019, 5% 12/1/2037
 
155,000
163,593
 
  
  
501,954
Health Care - 0.6%
  
  
  
Colorado Health Facilities Authority (Advent Health Proj.) Series 2018A, 4% 11/15/2048
 
5,000
4,781
Colorado Health Facilities Authority (Advent Health Proj.) Series 2021 A, 4% 11/15/2046
 
100,000
96,105
Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2037
 
90,000
89,067
Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2044
 
10,000
9,330
Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2032
 
120,000
127,573
Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2019 A, 5% 1/1/2030
 
105,000
114,346
 
  
  
441,202
Special Tax - 0.1%
  
  
  
Denver Colo City & Cnty Dedicated Tax Rev Series 2021 A, 4% 8/1/2042
 
100,000
98,818
Transportation - 0.5%
  
  
  
Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2026 (d)
  
55,000
56,534
Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2028 (d)
  
30,000
31,063
Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2029 (d)
  
20,000
20,705
Denver CO City & Cnty Arpt Series 2018 B, 3.5% 12/1/2035
 
10,000
9,367
Denver CO City & Cnty Arpt Series 2019 C, 5% 11/15/2031
 
20,000
21,663
Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2041 (d)
  
195,000
204,043
E-470 Pub Hwy Auth Colo Rev 0% 9/1/2031 (National Public Finance Guarantee Corporation Insured) (e)
  
30,000
23,640
E-470 Pub Hwy Auth Colo Rev 0% 9/1/2032 (National Public Finance Guarantee Corporation Insured) (e)
  
50,000
37,821
 
  
  
404,836
Water & Sewer - 0.1%
  
  
  
Denver CO City & Cnty Brd Wtr Series 2022 A, 5% 12/15/2045
 
100,000
108,363
TOTAL COLORADO
  
  
1,695,669
Connecticut - 1.8%
 
  
  
Education - 0.0%
  
  
  
Connecticut State Health & Educational Facilities Authority (Fairfield Univ, CT Proj.) Series R, 3.375% 7/1/2037
 
10,000
9,256
General Obligations - 0.6%
  
  
  
Connecticut St Gen. Oblig. 3% 6/1/2039
 
115,000
101,098
Connecticut St Gen. Oblig. 4% 6/1/2030
 
120,000
125,658
Connecticut St Gen. Oblig. 4% 6/1/2031
 
25,000
26,064
Connecticut St Gen. Oblig. Series 2015A, 5% 3/15/2028
 
15,000
15,051
Connecticut St Gen. Oblig. Series 2015B, 3.375% 6/15/2029
 
25,000
24,945
Connecticut St Gen. Oblig. Series 2015B, 4% 6/15/2033
 
110,000
110,162
Connecticut St Gen. Oblig. Series 2016 A, 5% 3/15/2026
 
15,000
15,365
Connecticut St Gen. Oblig. Series 2016 D, 4% 8/15/2031
 
45,000
45,294
Connecticut St Gen. Oblig. Series 2018 D, 5% 4/15/2026
 
25,000
25,648
Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2027
 
15,000
15,694
Connecticut St Gen. Oblig. Series E, 3.375% 10/15/2036
 
20,000
19,248
University Connecticut (Connecticut St Proj.) Series 2018 A, 5% 4/15/2029
 
25,000
26,500
 
  
  
550,727
Health Care - 0.1%
  
  
  
Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 4% 7/1/2034
 
45,000
44,535
Housing - 0.3%
  
  
  
Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series D 1, 3.2% 11/15/2032
 
10,000
9,587
Conn St Hsg Fin Auth Series 2020 A 1, 3.5% 11/15/2045
 
125,000
123,500
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022A1, 3.5% 11/15/2051
 
90,000
88,662
 
  
  
221,749
Special Tax - 0.8%
  
  
  
Connecticut St Spl Tax Oblig 5% 5/1/2028
 
135,000
143,820
Connecticut St Spl Tax Oblig Series 2018 A, 5% 1/1/2027
 
20,000
20,804
Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2033
 
15,000
15,919
Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2035
 
175,000
184,549
Connecticut St Spl Tax Oblig Series A, 4% 9/1/2035
 
55,000
54,941
Connecticut St Spl Tax Oblig Series A, 5% 8/1/2028
 
60,000
60,596
Connecticut St Spl Tax Oblig Series A, 5% 8/1/2033
 
95,000
95,728
Connecticut St Spl Tax Oblig Series A, 5% 9/1/2031
 
25,000
25,627
Connecticut St Spl Tax Oblig Series B, 5% 8/1/2027
 
55,000
55,584
 
  
  
657,568
TOTAL CONNECTICUT
  
  
1,483,835
Delaware - 0.9%
 
  
  
General Obligations - 0.4%
  
  
  
Delaware St Gen. Oblig. 3.25% 3/1/2037
 
6,000
5,643
Delaware St Gen. Oblig. Series 2020 A, 5% 1/1/2030
 
115,000
126,585
Delaware St Gen. Oblig. Series 2023A, 5% 5/1/2032
 
85,000
96,811
Delaware St Gen. Oblig. Series 2023A, 5% 5/1/2035
 
100,000
113,824
 
  
  
342,863
Health Care - 0.2%
  
  
  
Delaware St Hlth Facs Auth Rev (Christiana Health Svcs Proj.) Series 2020 A, 4% 10/1/2049
 
60,000
56,689
Delaware St Hlth Facs Auth Rev (Christiana Health Svcs Proj.) Series 2020 A, 5% 10/1/2032
 
65,000
69,990
 
  
  
126,679
Special Tax - 0.3%
  
  
  
Delaware Trans Auth Tran Sys Rev Series 2020, 5% 7/1/2031
 
210,000
231,789
TOTAL DELAWARE
  
  
701,331
Delaware,New Jersey - 0.0%
 
  
  
Transportation - 0.0%
  
  
  
Delaware River & Bay Auth Series 2021, 4% 1/1/2046
 
65,000
63,783
District Of Columbia - 1.5%
 
  
  
Education - 0.2%
  
  
  
District Columbia Univ Rev (Georgetown Univ, DC Proj.) Series 2017, 5% 4/1/2031
 
25,000
25,696
District Columbia Univ Rev (Georgetown Univ, DC Proj.) Series 2017, 5% 4/1/2032
 
120,000
123,245
 
  
  
148,941
General Obligations - 0.4%
  
  
  
District Columbia Gen. Oblig. Series 2017 A, 5% 6/1/2029
 
10,000
10,466
District Columbia Gen. Oblig. Series 2019 A, 5% 10/15/2028
 
90,000
96,812
District Columbia Gen. Oblig. Series 2021 D, 4% 2/1/2040
 
110,000
111,437
District Columbia Gen. Oblig. Series 2021 D, 5% 2/1/2031
 
95,000
105,779
 
  
  
324,494
Special Tax - 0.6%
  
  
  
District Columbia Income Tax Rev Series 2020 A, 4% 3/1/2045
 
50,000
48,631
District Columbia Income Tax Rev Series 2020 B, 5% 10/1/2031
 
90,000
101,089
District Columbia Income Tax Rev Series 2023C, 5% 10/1/2032
 
110,000
125,021
Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2026
 
50,000
51,497
Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2042
 
50,000
51,286
Washington DC Met Area Tran Auth Rev Series 2018, 5% 7/1/2030
 
35,000
36,445
Washington DC Met Area Tran Auth Rev Series A 1, 5% 7/1/2029
 
40,000
41,635
 
  
  
455,604
Transportation - 0.3%
  
  
  
Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2027 (d)
  
40,000
41,531
Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2039 (d)
  
60,000
61,859
Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2030 (Assured Guaranty Inc Insured) (e)
  
65,000
53,334
Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2031 (Assured Guaranty Inc Insured) (e)
  
15,000
11,846
Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2034 (Assured Guaranty Inc Insured) (e)
  
35,000
24,322
Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2036 (Assured Guaranty Inc Insured) (e)
  
5,000
3,163
Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 3% 10/1/2050 (Assured Guaranty Municipal Corp Insured)
 
10,000
7,499
Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 4% 10/1/2053
 
95,000
86,316
 
  
  
289,870
Water & Sewer - 0.0%
  
  
  
District Columbia Wtr & Swr Auth Pub Util Rev Series 2019 A, 5% 10/1/2044
 
30,000
31,478
TOTAL DISTRICT OF COLUMBIA
  
  
1,250,387
Florida - 3.4%
 
  
  
Education - 0.2%
  
  
  
Florida Higher Edl Facs Fing Auth Rev (Nova Southeastern University Proj.) Series 2016, 5% 4/1/2035
 
60,000
60,636
Florida Higher Edl Facs Fing Auth Rev (Ringling College of Art Design Proj.) Series 2017, 4% 3/1/2047
 
70,000
60,191
Miami-Dade Cnty FL Edl Fac Rev (University of Miami, FL Proj.) Series 2015A, 4% 4/1/2045
 
10,000
9,502
Miami-Dade Cnty FL Edl Fac Rev (University of Miami, FL Proj.) Series 2018 A, 4% 4/1/2053
 
25,000
23,283
 
  
  
153,612
Electric Utilities - 0.1%
  
  
  
Putnam Cnty Fla Dev Auth Pcr (Seminole Electric Coop Inc Proj.) Series 2018 A, 5% 3/15/2042
 
60,000
61,660
Escrowed/Pre-Refunded - 0.1%
  
  
  
Greater Orlando Aviation Auth 5% 10/1/2030 (Pre-refunded to 10/1/2027 at 100) (d)
  
30,000
31,105
Halifax Hosp Med Ctr FL Hosp Series 2015, 4% 6/1/2038 (Pre-refunded to 6/1/2025 at 100)
 
25,000
25,090
Orange Cnty FL Sch Brd Ctf Par Series 2015D, 5% 8/1/2028 (Pre-refunded to 8/1/2025 at 100)
 
50,000
50,547
Palm Beach Cnty FL Pub Impt Rev Series D, 5% 12/1/2040 (Pre-refunded to 12/1/2025 at 100)
 
10,000
10,181
 
  
  
116,923
General Obligations - 1.0%
  
  
  
Florida St (Florida St Proj.) Gen. Oblig. Series 2021 A, 5% 7/1/2029
 
95,000
103,496
Florida St Brd Ed Pub Ed (Florida St Proj.) Gen. Oblig. Series 2016D, 4% 6/1/2032
 
50,000
50,462
Florida St Brd Ed Pub Ed (Florida St Proj.) Gen. Oblig. Series 2018 A, 4% 6/1/2037
 
55,000
55,922
Florida St Brd Ed Pub Ed (Florida St Proj.) Gen. Oblig. Series 2019 D, 4% 6/1/2030
 
65,000
67,732
Florida St Dept Mgmt Svcs Ctfs Partn (Florida St Proj.) Series 2021 A, 2% 11/1/2038
 
190,000
139,939
Jacksonville Fla Spl Rev (Jacksonville FL Proj.) Series 2019 A, 5% 10/1/2027
 
20,000
21,017
Jacksonville Fla Spl Rev (Jacksonville FL Proj.) Series 2019 A, 5% 10/1/2032
 
10,000
10,781
Miami Beach FL Gen. Oblig. Series 2019, 3.25% 5/1/2049
 
25,000
21,028
Miami Dade Cnty FL Pub Fac Rev (Miami-Dade Cnty Fla Proj.) Series 2015A, 5% 6/1/2028
 
120,000
120,760
Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2015D, 5% 2/1/2030
 
85,000
86,420
Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2016C, 5% 2/1/2032
 
90,000
91,360
Miami-Dade Cnty Fla Gen. Oblig. Series 2013 A, 5% 7/1/2026
 
5,000
5,046
Miami-Dade Cnty Fla Gen. Oblig. Series 2015 D, 3% 7/1/2039
 
5,000
4,398
Miami-Dade Cnty Fla Gen. Oblig. Series 2016 A, 5% 7/1/2029
 
70,000
72,055
Miami-Dade Cnty Fla Gen. Oblig. Series 2019 A, 5% 7/1/2043
 
10,000
10,551
 
  
  
860,967
Health Care - 0.5%
  
  
  
Alachua Cnty FL Hlth Fac Rev (Shands Teaching Hosp & Clinics Inc Proj.) Series 2019 A, 3% 12/1/2046
 
15,000
11,657
Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 3% 8/15/2050 (Assured Guaranty Municipal Corp Insured)
 
115,000
84,319
Lakeland FL Hosp Sys Rev Series 2016, 3% 11/15/2032
 
30,000
27,874
Miami-Dade Cty FL Hlth Hsp Rev (Nicklaus Childrens Hospital,Fl Proj.) Series 2017, 5% 8/1/2047
 
85,000
85,734
North Broward Cnty Hospital FL Series 2017B, 5% 1/1/2032
 
50,000
51,743
Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2016B, 5% 10/1/2044
 
35,000
35,422
Palm Beach Cnty FL Health Facs Auth Retirement Cmnty Rev (Acts Ret-Life Cmntys Inc Proj.) Series 2016, 5% 11/15/2032
 
25,000
25,516
South Broward Hosp Dist FL Rev Series 2016 A, 3.5% 5/1/2039
 
15,000
13,926
Tampa FL Health Sys Rev (Baycare Health System Proj.) Series 2016 A, 4% 11/15/2046
 
125,000
121,343
 
  
  
457,534
Housing - 0.0%
  
  
  
Florida Hsg Fin Corp Rev Series 2017 1, 3.6% 7/1/2037
 
20,000
18,925
Special Tax - 0.4%
  
  
  
Florida St Dep Envirn Prot Rev Series 2016 A, 2% 7/1/2028
 
50,000
46,411
Miami-Dade Cnty FL Spl Oblig 0% 10/1/2041 (e)
  
20,000
9,731
Miami-Dade Cnty FL Spl Oblig Series 2016, 0% 10/1/2031 (e)
  
35,000
26,563
Miami-Dade Cnty FL Spl Oblig Series 2016, 0% 10/1/2032 (e)
  
25,000
18,118
Miami-Dade Cnty FL Tran Sys Sales Surtax Rev Series 2019, 5% 7/1/2031
 
25,000
26,945
Miami-Dade Cty FL Sports Fac Tax 0% 10/1/2048 (Assured Guaranty Inc Insured) (e)
  
60,000
20,254
Miami-Dade Cty FL Sports Fac Tax 6.875% 10/1/2034 (Assured Guaranty Inc Insured) (c)
  
70,000
80,977
Orange Cnty FL Tourist Dev Tax Series 2016 A, 4% 10/1/2034
 
20,000
20,002
Orange Cnty FL Tourist Dev Tax Series 2017, 5% 10/1/2027
 
25,000
26,271
Tampa FL Tax Alloc 0% 9/1/2053 (e)
  
195,000
47,951
 
  
  
323,223
Transportation - 0.4%
  
  
  
Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2047 (d)
  
70,000
70,631
Broward Cnty FL Arpt Sys Rev Series A, 5% 10/1/2033 (d)
  
35,000
35,225
Broward Cnty FL Prt Facs Rev Series 2019 B, 4% 9/1/2044 (d)
  
75,000
70,455
Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2027 (d)
  
10,000
10,382
Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2039
 
70,000
69,455
Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2016 B, 4% 7/1/2040
 
5,000
4,971
Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2017, 3.25% 7/1/2039
 
70,000
64,939
 
  
  
326,058
Water & Sewer - 0.7%
  
  
  
JEA FL Wtr & Swr Sys Rev Series 2020 A, 3% 10/1/2036
 
120,000
110,014
Miami Beach Fla Wtr & Swr Rev Series 2017, 5% 9/1/2047
 
125,000
128,147
Miami-Dade Cnty FL Wtr & Swr Rev Series 2017 B, 3.125% 10/1/2039
 
20,000
18,197
Miami-Dade Cnty FL Wtr & Swr Rev Series 2017A, 4% 10/1/2039
 
35,000
35,230
Miami-Dade Cnty FL Wtr & Swr Rev Series 2019 B, 3% 10/1/2049
 
40,000
30,940
Miami-Dade Cnty FL Wtr & Swr Rev Series 2021, 3% 10/1/2040
 
100,000
87,648
Port St Lucie FL Util Rev 5.25% 9/1/2026 (National Public Finance Guarantee Corporation Insured)
 
45,000
46,695
 
  
  
456,871
TOTAL FLORIDA
  
  
2,775,773
Georgia - 2.3%
 
  
  
Education - 0.2%
  
  
  
Fulton Cnty GA Dev Auth Rev (University System of GA Proj.) 5% 6/15/2044
 
30,000
31,190
Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2020 B, 5% 9/1/2030
 
5,000
5,521
Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2023B, 5% 9/1/2033
 
110,000
125,518
 
  
  
162,229
Electric Utilities - 0.2%
  
  
  
Georgia Mun Elec Auth Pwr Rev 5% 1/1/2056
 
80,000
82,200
Georgia Mun Elec Auth Pwr Rev Series HH, 4.125% 1/1/2049 (Assured Guaranty Municipal Corp Insured)
 
110,000
105,490
 
  
  
187,690
Escrowed/Pre-Refunded - 0.0%
  
  
  
Atlanta GA Wtr & Wastewtr Rev Series 2015, 5% 11/1/2043 (Pre-refunded to 5/1/2025 at 100)
 
50,000
50,325
General Obligations - 1.1%
  
  
  
Georgia St Gen. Oblig. 4% 7/1/2042
 
100,000
102,017
Georgia St Gen. Oblig. 5% 2/1/2027
 
10,000
10,436
Georgia St Gen. Oblig. Series 2017 C, 5% 7/1/2027
 
5,000
5,260
Georgia St Gen. Oblig. Series 2017 C, 5% 7/1/2030
 
25,000
26,232
Georgia St Gen. Oblig. Series 2018A, 3% 7/1/2033
 
25,000
24,202
Georgia St Gen. Oblig. Series 2018A, 5% 7/1/2027
 
20,000
21,044
Georgia St Gen. Oblig. Series 2018A, 5% 7/1/2029
 
50,000
53,526
Georgia St Gen. Oblig. Series 2020 A, 5% 8/1/2031
 
50,000
55,414
Georgia St Gen. Oblig. Series 2021 A, 5% 7/1/2033
 
100,000
111,937
Gwinnett Cnty GA Sch Dist Series 2022 B, 5% 8/1/2026
 
55,000
56,833
Main Street Natural Gas Inc 5% tender 12/1/2054 (Royal Bank of Canada Guaranteed) (b)
  
350,000
372,423
 
  
  
839,324
Health Care - 0.3%
  
  
  
Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 5% 7/1/2026
 
10,000
10,286
Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2020 A, 3% 2/15/2047
 
65,000
51,244
Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2020 A, 5% 2/15/2031
 
40,000
43,117
Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series A, 4% 2/15/2042
 
20,000
18,964
Glynn Brunswick Mem Hosp Auth GA Rev (Southeast GA Health System Proj.) Series 2015, 5% 8/1/2034
 
60,000
60,188
Griffin-Spalding Cnty GA Hosp Rev (Wellstar Health System Inc Proj.) 3.75% 4/1/2047
 
30,000
26,791
 
  
  
210,590
Housing - 0.1%
  
  
  
Georgia Hsg & Fin Auth Rev (GA Single Family Mortgage Proj.) Series 2017 C, 3.65% 12/1/2042
 
15,000
13,777
Georgia Hsg & Fin Auth Rev (GA Single Family Mortgage Proj.) Series 2020 A, 3.15% 12/1/2044
 
15,000
12,485
Georgia Hsg & Fin Auth Rev Series 2017 A, 3.65% 12/1/2032
 
15,000
15,011
Georgia Hsg & Fin Auth Rev Series 2017 B, 3.2% 12/1/2032
 
20,000
19,256
Georgia Hsg & Fin Auth Rev Series A 1, 3.35% 12/1/2041
 
20,000
17,710
 
  
  
78,239
Industrial Development - 0.1%
  
  
  
Geo L Smith II GA World Congress Ctr Auth Convention Ctr Hotel Rev (Georgia Wcca Hotel Proj.) Series 2021 A, 2.375% 1/1/2031
 
135,000
122,746
Special Tax - 0.0%
  
  
  
Metro Atlanta Rapid Tran Sales Series 2017 C, 3.5% 7/1/2038
 
30,000
28,655
Metro Atlanta Rapid Tran Sales Series 2019 A, 3.125% 7/1/2046
 
5,000
4,092
 
  
  
32,747
Transportation - 0.2%
  
  
  
Atlanta GA Arpt Rev Series 2019 B, 4% 7/1/2049 (d)
  
50,000
46,639
Georgia Port Authority Series 2021, 2.625% 7/1/2051
 
120,000
82,848
 
  
  
129,487
Water & Sewer - 0.1%
  
  
  
Atlanta GA Wtr & Wastewtr Rev Series 2015, 5% 11/1/2032
 
30,000
30,146
Atlanta GA Wtr & Wastewtr Rev Series 2015, 5% 11/1/2040
 
20,000
20,058
County of Paulding GA Water & Sewerage Revenue Series 2016, 3% 12/1/2048
 
15,000
11,468
Fulton Cnty GA Wtr & Sew Rev Series 2020 A, 3% 1/1/2045
 
5,000
3,979
 
  
  
65,651
TOTAL GEORGIA
  
  
1,879,028
Hawaii - 0.3%
 
  
  
General Obligations - 0.3%
  
  
  
Hawaii St Gen. Oblig. Series 2018 FT, 5% 1/1/2028
 
100,000
106,077
Hawaii St Gen. Oblig. Series 2019 FW, 3.5% 1/1/2038
 
5,000
4,884
Hawaii St Gen. Oblig. Series FG, 5% 10/1/2030
 
30,000
30,955
Hawaii St Gen. Oblig. Series FH, 5% 10/1/2029
 
25,000
25,835
 
  
  
167,751
Health Care - 0.0%
  
  
  
Hawaii Dpt Bg & Fin Spl Pur Rev (Queens Health System Proj.) Series 2015A, 4% 7/1/2040
 
20,000
19,557
Transportation - 0.0%
  
  
  
Hawaii St Arpts Sys Rev Series 2020 D, 4% 7/1/2039
 
10,000
9,945
Water & Sewer - 0.0%
  
  
  
Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2018 A, 3.375% 7/1/2042
 
5,000
4,524
Honolulu HI Cty & Cnty Wastewtr Sys Rev Series B, 4% 7/1/2033
 
15,000
15,109
 
  
  
19,633
TOTAL HAWAII
  
  
216,886
Idaho - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Idaho Health Facs Auth Rev (St Lukes Regional Med Ctr, ID Proj.) Series 2018 A, 5% 3/1/2027
 
25,000
25,922
Idaho Health Facs Auth Rev (St Lukes Regional Med Ctr, ID Proj.) Series 2018 A, 5% 3/1/2028
 
10,000
10,526
Idaho Health Facs Auth Rev (Trinity Health Proj.) Series 2015ID, 5.5% 12/1/2029
 
25,000
25,219
 
  
  
61,667
TOTAL IDAHO
  
  
61,667
Illinois - 4.5%
 
  
  
Education - 0.1%
  
  
  
Illinois Fin Auth Rev (Univ of Chicago, IL Proj.) Series 2018 A, 5% 10/1/2041
 
10,000
10,236
Illinois Fin Auth Rev (Univ of Chicago, IL Proj.) Series 2018 A, 5% 10/1/2048
 
30,000
30,492
Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2020 A, 4% 4/1/2050
 
35,000
33,298
 
  
  
74,026
Electric Utilities - 0.2%
  
  
  
Illinois Mun Elec Agy Pwr Supp Series 2015A, 4% 2/1/2033
 
70,000
69,331
Northern Ill Mun Pwr Agy Pwr Proj Rev Series 2016 A, 4% 12/1/2041
 
135,000
131,019
Northern Ill Mun Pwr Agy Pwr Proj Rev Series 2016 A, 5% 12/1/2028
 
25,000
25,903
 
  
  
226,253
Escrowed/Pre-Refunded - 0.0%
  
  
  
Chicago IL Gen. Oblig. 5% 1/1/2026 (Pre-refunded to 1/1/2025 at 100)
 
20,000
20,000
General Obligations - 1.5%
  
  
  
Chicago IL Gen. Oblig. Series 1999, 0% 1/1/2033 (e)
  
70,000
50,047
Chicago IL Gen. Oblig. Series 2000A, 0% 1/1/2029 (e)
  
55,000
47,062
Illinois St Gen. Oblig. Series 2017 A, 4.5% 12/1/2041
 
15,000
15,050
Illinois St Gen. Oblig. Series 2017C, 5% 11/1/2029
 
65,000
67,748
Illinois St Gen. Oblig. Series 2017D, 3.25% 11/1/2026
 
10,000
9,977
Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2028
 
60,000
62,575
Illinois St Gen. Oblig. Series 2018B, 5% 10/1/2030
 
100,000
105,395
Illinois St Gen. Oblig. Series 2019 A, 5% 11/1/2025
 
50,000
50,647
Illinois St Gen. Oblig. Series 2022A, 5.25% 3/1/2038
 
110,000
119,313
Illinois St Gen. Oblig. Series 2022A, 5.5% 3/1/2047
 
320,000
344,243
Illinois St Gen. Oblig. Series NOVEMBER 2016, 4.125% 11/1/2031
 
10,000
10,034
Rosemont Ill Gen. Oblig. Series 2016 A, 5% 12/1/2046 (Assured Guaranty Municipal Corp Insured)
 
335,000
342,458
 
  
  
1,224,549
Health Care - 0.3%
  
  
  
Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2034
 
60,000
61,703
Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 4% 12/1/2031
 
25,000
25,076
Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 4% 12/1/2035
 
50,000
49,664
Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2016, 3.25% 11/15/2045
 
20,000
16,146
Illinois Fin Auth Rev (Silver Cross Health System IL Proj.) Series 2015 C, 4.125% 8/15/2037
 
65,000
61,274
 
  
  
213,863
Special Tax - 0.6%
  
  
  
Illinois St Sales Tax Rev Series SEPTEMBER 2016 A, 3% 6/15/2033
 
25,000
22,692
Illinois St Sales Tax Rev Series SEPTEMBER 2016 A, 3% 6/15/2034
 
75,000
67,049
Illinois St Sales Tax Rev Series SEPTEMBER 2016 D, 3% 6/15/2031
 
15,000
14,047
Illinois St Sales Tax Rev Series SEPTEMBER 2016 D, 3% 6/15/2032
 
20,000
18,426
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2030 (National Public Finance Guarantee Corporation Insured) (e)
  
70,000
56,825
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2031 (National Public Finance Guarantee Corporation Insured) (e)
  
20,000
15,609
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2033 (National Public Finance Guarantee Corporation Insured) (e)
  
50,000
35,850
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2034 (National Public Finance Guarantee Corporation Insured) (e)
  
10,000
6,854
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2032 (National Public Finance Guarantee Corporation Insured) (e)
  
30,000
22,915
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2036 (National Public Finance Guarantee Corporation Insured) (e)
  
30,000
19,250
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2043 (Assured Guaranty Municipal Corp Insured) (e)
  
70,000
31,337
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2045 (Assured Guaranty Municipal Corp Insured) (e)
  
345,000
138,453
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 0% 12/15/2056 (Assured Guaranty Municipal Corp Insured) (e)
  
50,000
11,118
Sales Tax Securitization Corp Series 2017 A, 5% 1/1/2028
 
50,000
52,623
 
  
  
513,048
Transportation - 1.6%
  
  
  
Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037
 
15,000
15,800
Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2038
 
140,000
143,159
Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2038
 
180,000
189,197
Chicago IL O'Hare Intl Arpt Rev Series 2018A, 4% 1/1/2043 (d)
  
45,000
42,977
Chicago IL O'Hare Intl Arpt Rev Series A, 5% 1/1/2027
 
20,000
20,744
Chicago IL O'Hare Intl Arpt Rev Series B, 5% 1/1/2029
 
95,000
95,000
Chicago IL O'Hare Intl Arpt Rev Series B, 5% 1/1/2033
 
90,000
92,512
Chicago IL O'Hare Intl Arpt Rev Series C, 5% 1/1/2041
 
100,000
101,827
Chicago IL O'Hare Intl Arpt Rev Series D, 4% 1/1/2035
 
85,000
85,000
Chicago IL O'Hare Intl Arpt Rev Series D, 5% 1/1/2042 (d)
  
55,000
55,426
Illinois St Toll Hwy Auth Hwy Rev 5% 1/1/2040
 
25,000
25,089
Illinois St Toll Hwy Auth Hwy Rev 5% 1/1/2040
 
55,000
55,424
Illinois St Toll Hwy Auth Hwy Rev 5% 12/1/2031
 
60,000
60,972
Illinois St Toll Hwy Auth Hwy Rev Series 2017 A, 5% 1/1/2042
 
50,000
51,413
Illinois St Toll Hwy Auth Hwy Rev Series 2019 B, 5% 1/1/2027
 
35,000
36,296
Illinois St Toll Hwy Auth Hwy Rev Series 2019 B, 5% 1/1/2030
 
5,000
5,439
Illinois St Toll Hwy Auth Hwy Rev Series 2019 C, 5% 1/1/2030
 
30,000
32,640
Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2045
 
100,000
106,234
 
  
  
1,215,149
Water & Sewer - 0.2%
  
  
  
Chicago IL Wtr Rev Series 2000, 5% 11/1/2030
 
35,000
35,980
Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2019, 5% 1/1/2031
 
115,000
124,473
Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2019, 5% 7/1/2027
 
15,000
15,764
 
  
  
176,217
TOTAL ILLINOIS
  
  
3,663,105
Indiana - 0.4%
 
  
  
Education - 0.1%
  
  
  
Indiana Univ Lease Purch Oblig (Indiana Univ Revs Proj.) Series 2020A, 4% 6/1/2045
 
5,000
4,937
Purdue University Series EE, 5% 7/1/2036
 
80,000
86,949
 
  
  
91,886
Escrowed/Pre-Refunded - 0.0%
  
  
  
Indiana Bond Bank Series 2008 B, 0% 6/1/2032 (Escrowed to Maturity) (e)
  
70,000
54,575
Special Tax - 0.1%
  
  
  
Carmel Ind Loc Pub Impt Bd Bank (Carmel Ind Proj.) Series 2016, 5% 7/15/2030
 
10,000
10,254
Indianapolis Ind Loc Pub Impt Bd Bank Series 2017 C, 5% 1/1/2033
 
15,000
15,753
Indianapolis Ind Loc Pub Impt Bd Bank Series 2019A, 5% 2/1/2033
 
15,000
15,974
Indianapolis Ind Loc Pub Impt Bd Bank Series 2019A, 5% 2/1/2054
 
25,000
25,691
 
  
  
67,672
Water & Sewer - 0.2%
  
  
  
Indiana Finance Authority Series 2021 1, 5% 10/1/2027
 
55,000
58,005
Indiana St Fin Auth Rev (Indiana State Revolving Fund Program Proj.) Series 2019E, 5% 2/1/2036
 
25,000
26,584
Indianapolis IN Loc Pub Impt Bond Bank 0% 2/1/2028 (Ambac Assurance Corp Insured) (e)
  
50,000
44,754
 
  
  
129,343
TOTAL INDIANA
  
  
343,476
Iowa - 0.4%
 
  
  
Tobacco Bonds - 0.1%
  
  
  
Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 4% 6/1/2040
 
100,000
97,292
Water & Sewer - 0.3%
  
  
  
Iowa Fin Auth Rev (Iowa State Revolving Fund Program Proj.) Series 2016, 5% 8/1/2026
 
30,000
30,963
Iowa Fin Auth Rev (Iowa State Revolving Fund Program Proj.) Series 2017, 5% 8/1/2037
 
50,000
51,936
Iowa Fin Auth Rev (Iowa State Revolving Fund Program Proj.) Series 2020 A, 5% 8/1/2028
 
165,000
176,806
 
  
  
259,705
TOTAL IOWA
  
  
356,997
Kansas - 0.2%
 
  
  
General Obligations - 0.0%
  
  
  
Johnson & Miami Cntys Kans Uni Sch Dist No 230 Series B, 3% 9/1/2037
 
20,000
18,046
Health Care - 0.2%
  
  
  
University Kansas Hosp Auth Hlth Fac Rev (University of Kansas Hospital Authority Proj.) Series 2017 A, 5% 3/1/2047
 
85,000
86,011
University Kansas Hosp Auth Hlth Fac Rev (University of Kansas Hospital Authority Proj.) Series 2019A, 4% 9/1/2048
 
25,000
23,473
 
  
  
109,484
TOTAL KANSAS
  
  
127,530
Kentucky - 0.4%
 
  
  
Education - 0.0%
  
  
  
University of Kentucky Series 2018 A, 3.5% 10/1/2047
 
25,000
21,258
Electric Utilities - 0.1%
  
  
  
Kentucky St Mun Pwr Agy Pwr Sys Rev Series 2015A, 4% 9/1/2039
 
75,000
72,568
Kentucky St Mun Pwr Agy Pwr Sys Rev Series 2015A, 5% 9/1/2042
 
25,000
25,098
 
  
  
97,666
General Obligations - 0.0%
  
  
  
Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series B, 5% 11/1/2028
 
30,000
30,926
Health Care - 0.2%
  
  
  
Kentucky Eco Dev Fa Hlth Rev (Norton Healthcare Inc Proj.) 0% 10/1/2027 (National Public Finance Guarantee Corporation Insured) (e)
  
45,000
39,977
Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2017 A, 5.25% 6/1/2041
 
100,000
101,353
 
  
  
141,330
Water & Sewer - 0.1%
  
  
  
Louisville & Jefferson KY Swr Sys Rev Series 2016 A, 3% 5/15/2046
 
60,000
47,995
TOTAL KENTUCKY
  
  
339,175
Louisiana - 0.3%
 
  
  
Education - 0.1%
  
  
  
Louisiana Pub Facs Auth Lease (Provident Properties Proj.) Series 2017, 5% 7/1/2057
 
50,000
50,255
Escrowed/Pre-Refunded - 0.0%
  
  
  
New Orl LA Wtr Series 2015, 5% 12/1/2040 (Pre-refunded to 12/1/2025 at 100)
 
20,000
20,375
General Obligations - 0.2%
  
  
  
Louisiana St Gen. Oblig. Series 2021 A, 5% 3/1/2041
 
115,000
123,550
Health Care - 0.0%
  
  
  
Louisiana Pub Fac Auth Hsp Rev (Franciscan Missionaries Proj.) Series 2017 A, 3.75% 7/1/2047
 
25,000
22,442
Louisiana Pub Facs Rev (Ochsner Clinic Foundation Proj.) Series 2016, 4% 5/15/2041
 
20,000
19,481
 
  
  
41,923
Transportation - 0.0%
  
  
  
Louisiana St Grnt Antic Rev Series 2019A, 5% 9/1/2029
 
20,000
21,306
Water & Sewer - 0.0%
  
  
  
Shreveport LA Wtr & Swr Rev Series 2014B, 4% 12/1/2038
 
25,000
23,989
TOTAL LOUISIANA
  
  
281,398
Maine - 0.1%
 
  
  
Health Care - 0.1%
  
  
  
Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2021 A, 4% 7/1/2050 (Assured Guaranty Municipal Corp Insured)
 
75,000
70,956
Maryland - 1.7%
 
  
  
Education - 0.1%
  
  
  
University MD Sys Auxiliary Fac & Tuition Series 2018 A, 3.25% 4/1/2036
 
50,000
48,303
General Obligations - 1.1%
  
  
  
Anne Arundel Cnty MD Gen. Oblig. Series 2021, 5% 4/1/2029
 
150,000
162,797
Prince Georges County MD Gen. Oblig. Series 2018 A, 3.25% 7/15/2036
 
155,000
145,937
State of Maryland Gen. Oblig. Series 2018 A, 5% 3/15/2030
 
30,000
31,812
State of Maryland Gen. Oblig. Series 2018, 5% 8/1/2031
 
100,000
106,619
State of Maryland Gen. Oblig. Series 2020 SECOND  A, 5% 8/1/2029
 
150,000
163,706
State of Maryland Gen. Oblig. Series FIRST, 5% 3/15/2030
 
30,000
32,443
State of Maryland Gen. Oblig. Series FIRST, 5% 3/15/2031
 
55,000
59,375
Washington Suburban San Dist MD Series 2016 SECOND, 5% 6/1/2034
 
65,000
66,586
Washington Suburban San Dist MD Series 2016, 3% 6/1/2046
 
150,000
119,942
 
  
  
889,217
Health Care - 0.0%
  
  
  
Maryland St Hlth & HI Ed Facs (MedStar Health Inc Proj.) Series 2017 A, 4% 5/15/2047
 
50,000
47,650
Housing - 0.0%
  
  
  
Maryland Community Development Administration (Residential Revenue Bonds Proj.) Series 2019 C, 3% 3/1/2042
 
20,000
16,642
Special Tax - 0.2%
  
  
  
State of Maryland Built to Learn Revenue Series 2021, 2.75% 6/1/2051
 
205,000
145,855
Transportation - 0.3%
  
  
  
Maryland St Transn Auth Transn 2.25% 7/1/2039
 
185,000
142,529
Maryland St Transn Auth Transn 4% 7/1/2040
 
85,000
84,995
 
  
  
227,524
TOTAL MARYLAND
  
  
1,375,191
Maryland,Virginia - 0.2%
 
  
  
Special Tax - 0.2%
  
  
  
Washington Metropolitan Area Transit Authority Series 2021 A, 3% 7/15/2036
 
150,000
133,978
Massachusetts - 2.4%
 
  
  
Education - 0.1%
  
  
  
Massachusetts St Dev Fin Agy Rev (Boston University Mass Proj.) Series BB 1, 4% 10/1/2046
 
30,000
29,013
Massachusetts St Dev Fin Agy Rev (President and Fellows of Harvard College Proj.) Series 2016 A, 5% 7/15/2040
 
40,000
47,834
 
  
  
76,847
General Obligations - 1.4%
  
  
  
Massachusetts St Gen. Oblig. 5% 1/1/2049
 
70,000
72,449
Massachusetts St Gen. Oblig. 5% 10/1/2047
 
100,000
106,848
Massachusetts St Gen. Oblig. 5% 11/1/2032
 
150,000
171,545
Massachusetts St Gen. Oblig. Series 2016A, 5% 7/1/2031
 
30,000
30,836
Massachusetts St Gen. Oblig. Series 2016B, 4% 7/1/2033
 
25,000
25,120
Massachusetts St Gen. Oblig. Series 2016B, 5% 7/1/2026
 
25,000
25,782
Massachusetts St Gen. Oblig. Series 2016G, 3% 9/1/2046
 
110,000
87,808
Massachusetts St Gen. Oblig. Series 2017D, 5% 7/1/2026
 
30,000
30,938
Massachusetts St Gen. Oblig. Series 2017F, 5% 11/1/2044
 
5,000
5,151
Massachusetts St Gen. Oblig. Series 2019 A, 5% 1/1/2038
 
60,000
63,524
Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2030
 
40,000
44,271
Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2031
 
85,000
95,536
Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2041
 
35,000
36,820
Massachusetts St Gen. Oblig. Series 2020 D, 5% 7/1/2041
 
55,000
58,701
Massachusetts St Gen. Oblig. Series 2020 E, 5% 11/1/2045
 
55,000
58,289
Massachusetts St Gen. Oblig. Series 2021 B, 3% 4/1/2047
 
150,000
118,242
Massachusetts St Gen. Oblig. Series 2023A, 5% 5/1/2048
 
140,000
149,872
 
  
  
1,181,732
Health Care - 0.0%
  
  
  
Massachusetts St Dev Fin Agy Rev (Beth Israel Lahey Health Proj.) Series 2016 I, 3% 7/1/2032
 
25,000
23,575
Housing - 0.1%
  
  
  
Massachusetts St Hsg Fin Agy (Housing Bond Resolution 12/10/02 Proj.) Series A, 4.5% 12/1/2048 (d)
  
5,000
4,630
Massachusetts St Hsg Fin Agy Series 2019 B 1, 2.75% 12/1/2034
 
80,000
69,004
 
  
  
73,634
Special Tax - 0.6%
  
  
  
Mass Bay Tran Auth Sls Tax 5.25% 7/1/2028
 
10,000
10,831
Mass Bay Tran Auth Sls Tax Series B, 5% 7/1/2033
 
85,000
85,641
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2050
 
10,000
10,513
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016B, 5% 11/15/2046
 
20,000
20,364
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016C, 5% 11/15/2034
 
20,000
20,586
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2018 B, 4% 2/15/2040
 
85,000
84,041
Massachusetts St Spl Oblig Dedicated Tax Rev 5.5% 1/1/2030 (National Public Finance Guarantee Corporation Insured)
 
65,000
71,995
Massachusetts St Transn Fd Rev 5% 6/1/2047
 
145,000
148,421
 
  
  
452,392
Transportation - 0.2%
  
  
  
Massachusetts St Fed Hwy Series 2016A, 5% 6/15/2027
 
55,000
56,447
Massachusetts St Port Auth Rev 5% 7/1/2034 (d)
  
70,000
74,900
 
  
  
131,347
TOTAL MASSACHUSETTS
  
  
1,939,527
Michigan - 1.0%
 
  
  
Education - 0.1%
  
  
  
Michigan St Univ Revs Series 2019 B, 4% 2/15/2037
 
60,000
60,633
Escrowed/Pre-Refunded - 0.0%
  
  
  
Michigan St Hosp Fin Auth Rev 4% 11/15/2047 (Pre-refunded to 11/15/2026 at 100)
 
20,000
20,321
General Obligations - 0.2%
  
  
  
Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2015 I, 5% 4/15/2026
 
10,000
10,138
Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2015 I, 5% 4/15/2038
 
50,000
50,435
Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2016 I, 5% 10/15/2028
 
20,000
20,685
Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2016 I, 5% 10/15/2030
 
35,000
36,131
 
  
  
117,389
Health Care - 0.2%
  
  
  
Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 3.25% 11/15/2042
 
25,000
20,033
Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2026
 
70,000
72,449
Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2027
 
25,000
26,304
 
  
  
118,786
Housing - 0.1%
  
  
  
Michigan Hsg Dev Auth Rent Hsg Rev Series 2023 B, 5.75% 6/1/2054
 
95,000
100,762
Michigan Hsg Dev Rental Hsg (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2020 A 1, 2.7% 10/1/2045
 
40,000
29,278
Michigan St Hsg Dev Auth Sfmr Series 2016, 3.35% 12/1/2031
 
10,000
9,814
 
  
  
139,854
Special Tax - 0.1%
  
  
  
Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 5% 11/1/2029
 
55,000
58,624
Michigan St Trunk Line Fd 4% 11/15/2037
 
10,000
10,217
 
  
  
68,841
Transportation - 0.2%
  
  
  
Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2026 (d)
  
50,000
50,945
Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2031 (d)
  
15,000
15,516
Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 6/30/2028 (d)
  
45,000
46,424
Wayne Cnty Mich Arpt Auth Rev Series 2021 B, 5% 12/1/2035 (d)
  
100,000
106,011
 
  
  
218,896
Water & Sewer - 0.1%
  
  
  
Great Lakes Sewer Auth Mich Series C, 5% 7/1/2036
 
35,000
35,621
Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2018 A, 5% 7/1/2027
 
35,000
36,661
Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2023A, 5% 7/1/2038
 
35,000
38,871
 
  
  
111,153
TOTAL MICHIGAN
  
  
855,873
Minnesota - 1.0%
 
  
  
General Obligations - 0.7%
  
  
  
Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2021 C, 4% 8/1/2043
 
75,000
72,596
Minnesota St Gen. Oblig. Series 2017 A, 5% 10/1/2028
 
30,000
31,620
Minnesota St Gen. Oblig. Series 2018 B, 3.25% 8/1/2036
 
55,000
53,265
Minnesota St Gen. Oblig. Series 2022B, 5% 8/1/2032
 
90,000
102,627
Owatonna MN Ind Sch Dist 761 Series 2020 A, 2.125% 2/1/2040 (Minnesota St Guaranteed)
 
90,000
65,430
Rochester MN Ind Sch Dst No535 Series 2020A, 2% 2/1/2033 (Minnesota St Guaranteed)
 
210,000
175,864
Virginia MN Series 2019A, 3% 2/1/2036 (Minnesota St Guaranteed)
 
85,000
77,487
 
  
  
578,889
Health Care - 0.2%
  
  
  
Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2018 A, 4% 11/15/2037
 
95,000
92,048
Rochester MN Health Care Facs (Mayo Clinic Proj.) Series 2016B, 5% 11/15/2029
 
25,000
27,221
St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2016A, 3.25% 5/1/2039
 
15,000
13,029
St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2019, 5% 5/1/2048
 
20,000
20,505
 
  
  
152,803
Housing - 0.1%
  
  
  
Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2021 D, 2.45% 1/1/2052
 
100,000
65,339
Minnesota Housing Finance Agency (MN Residential Hsg Proj.) Series 2019 F, 3.75% 1/1/2050
 
20,000
19,914
 
  
  
85,253
Transportation - 0.0%
  
  
  
Minneapolis Met Airport Commis Series 2019 A, 5% 1/1/2049
 
35,000
36,204
TOTAL MINNESOTA
  
  
853,149
Mississippi - 0.4%
 
  
  
Escrowed/Pre-Refunded - 0.3%
  
  
  
Mississippi St Gen. Oblig. Series 2016 B, 5% 12/1/2031 (Pre-refunded to 12/1/2026 at 100)
 
75,000
77,840
Mississippi St Gen. Oblig. Series 2016 B, 5% 12/1/2035 (Pre-refunded to 12/1/2026 at 100)
 
55,000
57,082
West Rankin Miss Util Auth Rev Series 2018, 5% 1/1/2048 (Pre-refunded to 1/1/2028 at 100)
 
100,000
106,064
 
  
  
240,986
Special Tax - 0.1%
  
  
  
Mississippi Dev Bank Spl Oblg Series A, 5% 8/1/2026
 
45,000
46,149
Mississippi Gaming Tax Rev Series 2019 A, 5% 10/15/2028
 
5,000
5,299
 
  
  
51,448
TOTAL MISSISSIPPI
  
  
292,434
Missouri - 0.7%
 
  
  
Electric Utilities - 0.2%
  
  
  
City of Springfield MO Public Utility Revenue Series 2015, 4% 8/1/2031
 
35,000
35,046
Missouri Joint Muni Elec Util Comm Pwr Proj Rev Series 2016 A, 5% 12/1/2040
 
150,000
151,881
 
  
  
186,927
Escrowed/Pre-Refunded - 0.1%
  
  
  
Metropolitian St Louis MO Swr Dist Wastewtr Sys Rev Series 2015 B, 5% 5/1/2045 (Pre-refunded to 5/1/2025 at 100)
 
80,000
80,406
General Obligations - 0.0%
  
  
  
Missouri St Brd Pub Bldgs Spl (Missouri St Proj.) Series 2014A, 3% 10/1/2029
 
15,000
14,575
Health Care - 0.4%
  
  
  
Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2012, 4% 11/15/2042
 
85,000
80,599
Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2014F, 4.25% 11/15/2048
 
15,000
14,341
Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2017 C, 3.625% 11/15/2047
 
25,000
22,083
Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2017 C, 4% 11/15/2049
 
55,000
51,906
Missouri Hlth & Edl Facs Rev (St Lukes Hospital,Kan City, MO Proj.) Series 2016, 5% 11/15/2028
 
30,000
30,712
Missouri St Health & Edl Facs (Lutheran Senior Services Proj.) Series 2019 A, 5% 2/1/2042
 
125,000
127,213
 
  
  
326,854
TOTAL MISSOURI
  
  
608,762
Montana - 0.1%
 
  
  
Health Care - 0.1%
  
  
  
Montana Facility Fin Auth Rev (Benefis Health System Proj.) Series 2016, 5% 2/15/2028
 
20,000
20,573
Montana Facility Finance Authority (Logan Health Proj.) Series 2018 B, 4.125% 7/1/2038
 
75,000
74,241
 
  
  
94,814
TOTAL MONTANA
  
  
94,814
Nebraska - 0.3%
 
  
  
Education - 0.0%
  
  
  
University NE Facs Corp Rev Series 2021A, 4% 7/15/2062
 
40,000
38,341
Electric Utilities - 0.2%
  
  
  
Omaha Public Power District Series 2021 B, 4% 2/1/2046
 
125,000
122,788
Escrowed/Pre-Refunded - 0.0%
  
  
  
University NE Univ Revs Series 2016A, 3% 7/1/2039 (Pre-refunded to 7/1/2026 at 100)
 
5,000
5,002
Health Care - 0.1%
  
  
  
Douglas Cnty NE Hosp Auth #2 (Nebraska Methodist Hospital Proj.) Series 2015, 4.25% 11/1/2045
 
35,000
33,048
Nebraska Edl Health Cultural & Social Svcs Fin Auth Rev (Immanuel Retirement Communitis Proj.) Series 2019 A, 4% 1/1/2049
 
85,000
75,530
 
  
  
108,578
TOTAL NEBRASKA
  
  
274,709
Nevada - 0.5%
 
  
  
Electric Utilities - 0.1%
  
  
  
Clark NV Pollutn Ctl Rev (Southern California Edison Co Proj.) Series 2010, 2.1% 6/1/2031
 
100,000
87,410
General Obligations - 0.2%
  
  
  
Clark Cnty NV Gen. Oblig. Series 2017, 3% 11/1/2038
 
15,000
13,394
Clark Cnty NV Gen. Oblig. Series 2018 A, 5% 6/1/2043
 
100,000
103,349
Clark Cnty NV Gen. Oblig. Series 2019 A, 5% 12/1/2028
 
15,000
16,165
Clark Cnty NV School Dist Series 2019 A, 3% 6/15/2039 (Assured Guaranty Municipal Corp Insured)
 
30,000
26,142
Washoe Cnty Nev Sch Dist Series 2017 C, 3.25% 10/1/2042 (Assured Guaranty Municipal Corp Insured)
 
50,000
42,717
 
  
  
201,767
Special Tax - 0.2%
  
  
  
Clark Cnty NV Hwy Impt Rev Series 2017, 5% 7/1/2030
 
50,000
52,174
Las Vegas Nev Redev Agy Tax Increment Rev Series 2016, 5% 6/15/2040
 
100,000
100,673
 
  
  
152,847
TOTAL NEVADA
  
  
442,024
New Jersey - 3.7%
 
  
  
Education - 0.4%
  
  
  
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019 B, 3.25% 12/1/2039 (d)
  
20,000
18,720
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019A, 5% 12/1/2027
 
35,000
36,597
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) Series 2017 A, 4% 7/1/2047
 
40,000
37,610
New Jersey St Edl Facs Auth Rev (Princeton Univ Proj.) Series 2024 C, 5% 3/1/2028
 
210,000
224,175
 
  
  
317,102
Electric Utilities - 0.0%
  
  
  
NJ Econ Dev Auth (New Jersey Natural Gas Co Proj.) Series 2011 C, 3% 8/1/2041 (d)
  
20,000
16,209
General Obligations - 2.5%
  
  
  
New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 LLL, 5% 6/15/2030
 
80,000
86,397
New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series B, 5% 11/1/2026
 
5,000
5,146
New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series WW, 5.25% 6/15/2028
 
45,000
45,337
New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series XX, 4.375% 6/15/2027
 
15,000
15,045
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 11/1/2037
 
60,000
60,086
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2031
 
105,000
112,986
New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2017 B, 5% 6/15/2026
 
20,000
20,522
New Jersey St Gen. Oblig. 3% 6/1/2032
 
200,000
193,138
New Jersey St Gen. Oblig. 4% 6/1/2034 (Pre-refunded to 6/1/2025 at 100)
 
15,000
15,051
New Jersey Trans Trust Fund Auth 0% 12/15/2026 (e)
  
70,000
65,638
New Jersey Trans Trust Fund Auth 0% 12/15/2027 (e)
  
30,000
27,197
New Jersey Trans Trust Fund Auth 0% 12/15/2029 (Assured Guaranty Municipal Corp Insured) (e)
  
5,000
4,224
New Jersey Trans Trust Fund Auth 0% 12/15/2032 (e)
  
35,000
26,152
New Jersey Trans Trust Fund Auth 0% 12/15/2032 (Assured Guaranty Municipal Corp Insured) (e)
  
385,000
290,382
New Jersey Trans Trust Fund Auth 0% 12/15/2033 (e)
  
110,000
78,732
New Jersey Trans Trust Fund Auth 0% 12/15/2033 (e)
  
90,000
64,417
New Jersey Trans Trust Fund Auth 0% 12/15/2037 (e)
  
5,000
2,985
New Jersey Trans Trust Fund Auth 0% 12/15/2038 (e)
  
65,000
37,028
New Jersey Trans Trust Fund Auth 4.5% 6/15/2049
 
5,000
5,017
New Jersey Trans Trust Fund Auth 5% 6/15/2028
 
85,000
90,224
New Jersey Trans Trust Fund Auth 5% 6/15/2030
 
50,000
54,550
New Jersey Trans Trust Fund Auth 5% 6/15/2034
 
85,000
89,599
New Jersey Trans Trust Fund Auth Series 2015AA, 5.25% 6/15/2027 (Pre-refunded to 6/15/2025 at 100)
 
30,000
30,279
New Jersey Trans Trust Fund Auth Series 2015AA, 5.25% 6/15/2029 (Pre-refunded to 6/15/2025 at 100)
 
45,000
45,419
New Jersey Trans Trust Fund Auth Series 2015AA, 5.25% 6/15/2032
 
5,000
5,037
New Jersey Trans Trust Fund Auth Series 2018 A, 4% 12/15/2031
 
80,000
81,678
New Jersey Trans Trust Fund Auth Series 2018 A, 4.25% 12/15/2038
 
95,000
96,087
New Jersey Trans Trust Fund Auth Series 2019 BB, 4% 6/15/2037
 
160,000
160,206
New Jersey Trans Trust Fund Auth Series 2019 BB, 5% 6/15/2032
 
80,000
84,793
NJ Health Care Facs Fing Auth St Contract (New Jersey St Proj.) Series 2017, 5% 10/1/2026
 
90,000
92,830
NJ Health Care Facs Fing Auth St Contract (New Jersey St Proj.) Series 2017, 5% 10/1/2027
 
10,000
10,492
 
  
  
1,996,674
Health Care - 0.0%
  
  
  
New Jersey Health Care (Hackensack Meridian Health Inc Proj.) Series 2017A, 4% 7/1/2052
 
25,000
23,465
New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 3% 7/1/2032
 
25,000
22,593
 
  
  
46,058
Housing - 0.1%
  
  
  
New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2018 A, 3.75% 10/1/2035
 
70,000
67,613
Tobacco Bonds - 0.0%
  
  
  
Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2029
 
30,000
31,400
Transportation - 0.7%
  
  
  
New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 4.1% 6/15/2031
 
55,000
55,377
New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2030
 
25,000
25,501
New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2018 A, 5% 6/15/2031
 
75,000
76,482
New Jersey Turnpike Authority 5% 1/1/2033
 
100,000
113,366
New Jersey Turnpike Authority Series 2016A, 5% 1/1/2033
 
30,000
30,461
New Jersey Turnpike Authority Series 2017 A, 5% 1/1/2033
 
70,000
72,282
New Jersey Turnpike Authority Series 2017B, 4% 1/1/2035
 
5,000
5,070
New Jersey Turnpike Authority Series 2017E, 5% 1/1/2029
 
10,000
10,581
New Jersey Turnpike Authority Series 2021 A, 4% 1/1/2051
 
190,000
189,063
 
  
  
578,183
TOTAL NEW JERSEY
  
  
3,053,239
New Jersey,New York - 1.5%
 
  
  
Transportation - 1.5%
  
  
  
Port Auth NY & NJ 5% 11/15/2026
 
110,000
114,303
Port Auth NY & NJ 5% 9/15/2026 (d)
  
5,000
5,117
Port Auth NY & NJ 5.25% 11/15/2057
 
175,000
181,293
Port Auth NY & NJ Series 175TH, 3.25% 12/1/2042
 
130,000
108,614
Port Auth NY & NJ Series 189, 5% 5/1/2027
 
60,000
60,355
Port Auth NY & NJ Series 189, 5% 5/1/2030
 
80,000
80,434
Port Auth NY & NJ Series 189, 5% 5/1/2031
 
50,000
50,266
Port Auth NY & NJ Series 194, 4% 10/15/2045
 
105,000
102,297
Port Auth NY & NJ Series 194, 5% 10/15/2030
 
15,000
15,194
Port Auth NY & NJ Series 194, 5% 10/15/2034
 
55,000
55,622
Port Auth NY & NJ Series 198, 5% 11/15/2046
 
50,000
50,798
Port Auth NY & NJ Series 202, 5% 10/15/2030 (d)
  
30,000
30,765
Port Auth NY & NJ Series 209, 5% 7/15/2031
 
30,000
31,747
Port Auth NY & NJ Series 209, 5% 7/15/2036
 
115,000
120,235
Port Auth NY & NJ Series TWO HUNDRED ELEVENTH, 4% 9/1/2043
 
55,000
54,743
Port Auth NY & NJ Series TWO HUNDRED THIRTEEN, 5% 9/1/2030
 
70,000
76,160
Port Auth NY & NJ Series TWO HUNDREDSEVENTEEN, 5% 11/1/2032
 
50,000
54,315
 
  
  
1,192,258
TOTAL NEW JERSEY,NEW YORK
  
  
1,192,258
New Jersey,Pennsylvania - 0.0%
 
  
  
Transportation - 0.0%
  
  
  
Delaware Rvr Jt Toll Brg PA NJ Series 2017, 5% 7/1/2036
 
65,000
67,448
New Mexico - 0.4%
 
  
  
Health Care - 0.0%
  
  
  
New Mexico St Hosp Equip Ln Council Hosp Rev (Presbyterian Hlthcare Serv Sys Proj.) Series 2019 A, 3% 8/1/2048
 
10,000
7,668
Housing - 0.4%
  
  
  
New Mexico Mtg Fin Auth (NM Sf Mortgage 2005 Proj.) Series 2021 C CL I, 3% 1/1/2052
 
85,000
82,508
New Mexico Mtg Fin Auth (NM Sf Mortgage 2005 Proj.) Series 2021 D CL I, 3% 7/1/2052
 
125,000
120,521
New Mexico Mtg Fin Auth (NM Sf Mortgage 2005 Proj.) Series 2022 C, 3.95% 9/1/2047
 
165,000
149,212
 
  
  
352,241
TOTAL NEW MEXICO
  
  
359,909
New York - 19.0%
 
  
  
Education - 1.0%
  
  
  
New York St Dorm Auth Revs Non St Supportd Debt (Columbia Univ, NY Proj.) Series 2018B, 5% 10/1/2038
 
45,000
47,404
New York St Dorm Auth Revs Non St Supportd Debt (New School (The) Proj.) Series 2016 A, 4% 7/1/2043
 
55,000
53,411
New York St Dorm Auth Revs Non St Supportd Debt (New School (The) Proj.) Series 2016 A, 5% 7/1/2037
 
5,000
5,106
New York St Dorm Auth Revs Non St Supportd Debt (New York Univ, NY Proj.) Series 2016 A, 5% 7/1/2026
 
65,000
67,052
New York St Dorm Auth Revs Non St Supported Debt (Barnard College, NY Proj.) Series 2015 A, 3.75% 7/1/2046
 
55,000
48,236
New York St Dorm Auth Revs Non St Supported Debt (Cornell University Proj.) Series 2020 A2, 5% 7/1/2031
 
25,000
27,889
New York St Dorm Auth Revs Non St Supported Debt (Cornell University Proj.) Series 2020A, 4% 7/1/2050
 
95,000
94,666
New York St Dorm Auth Revs Non St Supported Debt (New York Univ, NY Proj.) Series 2019A, 4% 7/1/2045
 
30,000
29,080
New York St Dorm Auth Revs Non St Supported Debt (St Johns Univ, NY Proj.) 5% 7/1/2026
 
100,000
102,577
New York State Dormitory Authority (New York Univ, NY Proj.) Series 2015A, 3% 7/1/2029
 
50,000
50,031
Onondaga Cnty NY Tr Cultural Res Rev (Syracuse University, NY Proj.) Series 2019, 5% 12/1/2039
 
75,000
79,977
Onondaga Cnty NY Tr Cultural Res Rev (Syracuse University, NY Proj.) Series 2019, 5% 12/1/2040
 
65,000
69,079
Troy NY Cap Resource Corp Rev (Rensselaer Polytechnic Institute Proj.) Series 2020A, 5% 9/1/2037
 
135,000
144,397
 
  
  
818,905
Electric Utilities - 0.5%
  
  
  
Long Island Pwr Auth NY Elec Series 1998 A, 0% 12/1/2026 (Assured Guaranty Municipal Corp Insured) (e)
  
125,000
117,487
Long Island Pwr Auth NY Elec Series 2016 B, 5% 9/1/2046
 
10,000
10,147
Long Island Pwr Auth NY Elec Series 2017, 5% 9/1/2047
 
20,000
20,513
Long Island Pwr Auth NY Elec Series 2018, 5% 9/1/2035
 
30,000
31,629
Long Island Pwr Auth NY Elec Series 2024A, 5% 9/1/2034
 
130,000
151,012
Utility Debt Securitization Authority Series 2015, 3% 12/15/2032
 
15,000
14,690
Utility Debt Securitization Authority Series 2017, 5% 12/15/2041
 
50,000
51,861
 
  
  
397,339
Escrowed/Pre-Refunded - 0.0%
  
  
  
New York St Dorm Auth St Pers Income Tax Rev Series 2016 D, 5% 2/15/2026 (Escrowed to Maturity)
 
35,000
35,743
General Obligations - 2.8%
  
  
  
City of New York NY Gen. Oblig. 4% 8/1/2050
 
140,000
134,341
City of New York NY Gen. Oblig. Series 2018  1, 5% 8/1/2028
 
30,000
31,455
City of New York NY Gen. Oblig. Series 2018 E 1, 5% 3/1/2044
 
385,000
397,171
City of New York NY Gen. Oblig. Series 2018 F 1, 3.5% 4/1/2046
 
200,000
174,122
City of New York NY Gen. Oblig. Series 2019   D1, 5% 12/1/2034
 
25,000
26,454
City of New York NY Gen. Oblig. Series 2019 E, 5% 8/1/2034
 
70,000
74,399
City of New York NY Gen. Oblig. Series A(A 1), 5% 8/1/2035
 
150,000
160,179
City of New York NY Gen. Oblig. Series C, 3% 8/1/2029
 
50,000
49,229
City of New York NY Gen. Oblig. Series E, 5% 8/1/2026
 
25,000
25,774
City of New York NY Gen. Oblig. Series F 1, 3.5% 3/1/2038
 
120,000
111,739
City of New York NY Gen. Oblig. Series FISCAL 2008 J 9, 3% 8/1/2026
 
45,000
44,979
City of New York NY Gen. Oblig. Series FISCAL 2020 D 1, 3% 3/1/2045
 
100,000
79,644
City of New York NY Gen. Oblig. Series FISCAL 2020 SUB B 1, 5% 10/1/2032
 
55,000
59,275
City of New York NY Gen. Oblig. Series FISCAL 2020 SUB B 1, 5% 10/1/2034
 
95,000
101,825
Nassau Cnty NY Gen. Oblig. Series 2016 A, 3.5% 1/1/2037
 
130,000
126,907
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2015 IS S 1, 5% 7/15/2026
 
100,000
100,161
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2015 S 2, 5% 7/15/2040
 
80,000
80,494
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 3, 3.625% 7/15/2047
 
125,000
112,607
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 4A, 5% 7/15/2031
 
10,000
10,593
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 4A, 5.25% 7/15/2035
 
35,000
37,103
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series FISCAL 2020S1 SUBS1B, 3% 7/15/2049
 
50,000
38,902
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series FISCAL 2023 SUB S 1A, 5% 7/15/2032
 
100,000
114,040
New York St Dorm Auth Revs Non St Supportd Debt (Scio N Y Cent Sch Dist Proj.) Series A, 5% 10/1/2029
 
35,000
36,925
New York St Dorm Auth Revs Non St Supported Debt (NY School Bond Program Proj.) Series 2023 A, 5% 10/1/2032
 
90,000
102,156
New York St Gen. Oblig. Series 2013A, 3.5% 3/1/2043
 
10,000
9,063
Suffolk Cnty NY Gen. Oblig. Series 2015 C, 5% 5/1/2027
 
10,000
10,015
Westchester Cnty NY Gen. Oblig. Series 2021 A, 5% 10/15/2029
 
65,000
71,477
 
  
  
2,321,029
Health Care - 0.2%
  
  
  
New York St Dorm Auth Revs Non St Supported Debt (Memorial Sloan-Kettering Cancer Center Proj.) Series 2019  1, 3% 7/1/2034
 
25,000
22,949
New York St Dorm Auth Revs Non St Supported Debt (Memorial Sloan-Kettering Cancer Center Proj.) Series 2019  1, 5% 7/1/2030
 
30,000
32,565
New York St Dorm Auth Revs Non St Supported Debt (Memorial Sloan-Kettering Cancer Center Proj.) Series 2022 1  A, 4% 7/1/2051
 
90,000
87,151
New York State Dormitory Authority (Northwell Health Proj.) Series 2015A, 5% 5/1/2033
 
35,000
35,161
Westchester County Local Development Corp (Westchester Cnty NY Healthcare Proj.) Series 2016, 3.75% 11/1/2037
 
30,000
25,799
 
  
  
203,625
Housing - 0.8%
  
  
  
New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series C 1, 3.65% 11/1/2047
 
100,000
85,665
New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series H, 2.95% tender 11/1/2045 (Liquidity Facility Fannie Mae) (b)
  
60,000
59,593
New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series I 1, 3.95% 11/1/2036
 
10,000
9,854
New York NY City Hsg Dev Corp Rev (NY City Mhsg Rev 2019 Proj.) Series 2020 A, 2.55% 8/1/2040
 
110,000
83,056
New York St Hsg Fin Agy (Affordable Housing Revenue Bonds 8/22/2007 Proj.) Series 2017 L, 3.45% 11/1/2042
 
15,000
13,242
New York St Hsg Fin Agy (Affordable Housing Revenue Bonds 8/22/2007 Proj.) Series 2019  N, 3.05% 11/1/2052
 
65,000
48,868
New York St Hsg Fin Agy Series 2019 P, 3.15% 11/1/2054
 
5,000
3,828
New York St Mtg Agy Rev (NY Mortgage Proj.) Series FORTY EIGHTH, 3.45% 10/1/2033
 
15,000
14,299
NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 E 1, 3.25% 11/1/2049
 
30,000
23,915
NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 G 1, 2.15% 11/1/2036
 
165,000
129,319
NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 K 1, 2.45% 11/1/2041
 
130,000
98,439
State of New York Mortgage Agency (NY Mortgage Proj.) Series 220, 2.4% 10/1/2034
 
75,000
62,830
State of New York Mortgage Agency (NY Mortgage Proj.) Series 220, 2.85% 10/1/2044
 
15,000
11,471
 
  
  
644,379
Industrial Development - 0.2%
  
  
  
Liberty NY Dev Corp Rev (Goldman Sachs Group Inc/The Proj.) 5.25% 10/1/2035
 
75,000
85,315
New York Liberty Dev Corp Series 2021, 2.75% 2/15/2044
 
55,000
41,425
 
  
  
126,740
Other - 0.1%
  
  
  
New York City Trust Cultural Resources Rev (Museum of Modern Art, NY Proj.) Series 2016 ONE E, 4% 4/1/2026
 
50,000
50,661
New York City Trust Cultural Resources Rev (Museum of Modern Art, NY Proj.) Series 2016 ONE E, 4% 4/1/2028
 
40,000
40,865
New York St Dorm Auth Revs Non St Supported Debt (Rockefeller Univ, NY Proj.) 4% 7/1/2049
 
30,000
28,690
 
  
  
120,216
Special Tax - 8.8%
  
  
  
Battery Pk City Auth NY Rev Series 2019 B, 5% 11/1/2034
 
190,000
207,010
Battery Pk City Auth NY Rev Series 2019 B, 5% 11/1/2039
 
60,000
64,600
Battery Pk City Auth NY Rev Series 2019A, 5% 11/1/2049
 
80,000
84,545
Brooklyn Arena Local Dev Corp N Y Series A, 3% 7/15/2043 (Assured Guaranty Municipal Corp Insured)
 
25,000
19,646
Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2030
 
320,000
332,264
Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2039
 
70,000
71,864
Hudson Yds Infrastructure Corp NY Rev Series FISCAL 2022 A, 4% 2/15/2039
 
50,000
51,128
New York NY City Ida Rev (Queens Ballpark Company LLC Proj.) Series 2021A, 3% 1/1/2037 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)
 
145,000
129,323
New York NY City Ida Rev (Yankees Hldgs LP Proj.) 0% 3/1/2039 (Assured Guaranty Inc Insured) (e)
  
20,000
10,487
New York NY City Ida Rev (Yankees Hldgs LP Proj.) 0% 3/1/2045 (Assured Guaranty Inc Insured) (e)
  
15,000
5,636
New York NY City Ida Rev (Yankees Hldgs LP Proj.) 0% 3/1/2046 (Assured Guaranty Inc Insured) (e)
  
25,000
8,884
New York NY City Ida Rev (Yankees Hldgs LP Proj.) Series 2009A, 0% 3/1/2044 (e)
  
90,000
35,752
New York NY City Transitional Fin Auth Rev Series 2016 F 3, 3.25% 2/1/2042
 
50,000
43,111
New York NY City Transitional Fin Auth Rev Series 2016, 5% 2/1/2035
 
120,000
121,854
New York NY City Transitional Fin Auth Rev Series 2016, 5% 2/1/2037
 
130,000
131,773
New York NY City Transitional Fin Auth Rev Series 2017 B, 4% 8/1/2037
 
50,000
50,107
New York NY City Transitional Fin Auth Rev Series 2017, 5% 5/1/2040
 
105,000
106,609
New York NY City Transitional Fin Auth Rev Series 2018 A 2, 5% 8/1/2039
 
55,000
56,824
New York NY City Transitional Fin Auth Rev Series 2018 B 1, 3.375% 8/1/2045
 
65,000
55,523
New York NY City Transitional Fin Auth Rev Series 2019 A 1, 5% 8/1/2040
 
75,000
77,828
New York NY City Transitional Fin Auth Rev Series 2019 C 1, 3.25% 11/1/2043
 
40,000
34,299
New York NY City Transitional Fin Auth Rev Series 2019 C 1, 4% 11/1/2037
 
70,000
70,660
New York NY City Transitional Fin Auth Rev Series 2022  F 1, 5% 2/1/2026
 
50,000
51,074
New York NY City Transitional Fin Auth Rev Series B 1, 4% 8/1/2039
 
5,000
5,001
New York NY City Transitional Fin Auth Rev Series B1, 5% 11/1/2037
 
100,000
101,096
New York NY City Transitional Fin Auth Rev Series C 3, 4% 5/1/2044
 
10,000
9,722
New York NY City Transitional Fin Auth Rev Series FISCAL 2017 E, 5% 2/1/2040
 
115,000
117,964
New York NY City Transitional Fin Auth Rev Series FISCAL 2020 B 1, 4% 11/1/2043
 
50,000
48,932
New York NY City Transitional Fin Auth Rev Series FISCAL 2021 A, 3% 11/1/2037
 
115,000
101,517
New York NY City Transitional Fin Auth Rev Series FISCAL 2021 A, 4% 11/1/2035
 
45,000
46,272
New York NY City Transitional Fin Auth Rev Series FISCAL 2021 A, 5% 11/1/2031
 
80,000
87,943
New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2044
 
120,000
117,552
New York NY City Transitional Fin Auth Rev Series FISCAL 2022 A 1, 5% 11/1/2028
 
175,000
187,994
New York NY City Transitional Fin Auth Rev Series FISCAL 2022 A 1, 5% 11/1/2032
 
200,000
222,416
New York NY City Transitional Fin Auth Rev Series FISCAL 2023 SUB E1, 5% 11/1/2032
 
105,000
118,744
New York NY City Transitional Fin Auth Rev Series FISCAL 2023F SUB F 1, 4% 2/1/2051
 
200,000
190,902
New York NY City Transitional Fin Auth Rev Series FISCAL 2023F SUB F 1, 5.25% 2/1/2047
 
255,000
277,336
New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2048 (Pre-refunded to 3/15/2048 at 100)
 
25,000
25,811
New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2016 A, 5% 3/15/2029 (Pre-refunded to 9/15/2026 at 100)
 
70,000
72,353
New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2017 A, 5% 3/15/2043
 
75,000
76,923
New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2017 A, 5% 3/15/2044
 
15,000
15,368
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2015B GROUP C, 5% 2/15/2042
 
35,000
35,076
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2016 D, 5% 2/15/2026 (Escrowed to Maturity)
 
5,000
5,112
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2040
 
15,000
15,773
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2021 A, 4% 3/15/2037
 
165,000
168,122
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2033
 
240,000
272,961
New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2017 A, 3.5% 3/15/2039
 
100,000
95,693
New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2042
 
10,000
10,403
New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2044
 
25,000
25,935
New York State Dormitory Authority (New York State Pit Proj.) 5% 2/15/2039
 
110,000
113,996
New York State Dormitory Authority 5% 3/15/2042
 
100,000
104,768
New York State Urban Development Corp (New York State Pit Proj.) 3% 3/15/2040
 
180,000
155,468
New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 3% 3/15/2050
 
250,000
190,479
New York State Urban Development Corp (New York State Pit Proj.) Series 2023B, 5% 3/15/2037
 
300,000
336,383
New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2021A 1, 5% 3/15/2031
 
190,000
212,015
New York Urban Eev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) 5% 3/15/2054
 
330,000
353,527
New York Urban Eev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2021 A, 3% 3/15/2041
 
50,000
42,660
NY Convention Ctr Dev Corp Rev Series B, 0% 11/15/2032 (e)
  
135,000
98,509
NY Convention Ctr Dev Corp Rev Series B, 0% 11/15/2038 (e)
  
105,000
56,261
NY Convention Ctr Dev Corp Rev Series B, 0% 11/15/2044 (e)
  
25,000
9,488
NY Mta Dedicated Tax Fund 5% 11/15/2047
 
165,000
167,811
NY Mta Dedicated Tax Fund Series 2012A, 0% 11/15/2032 (e)
  
60,000
44,738
NY Mta Dedicated Tax Fund Series 2016 A, 5% 11/15/2026
 
35,000
36,332
NY Payroll Mobility Tax Series 2021 B 1, 5% 5/15/2056
 
80,000
82,010
NY Payroll Mobility Tax Series 2021 C 2, 3% 5/15/2032
 
325,000
317,081
NY Payroll Mobility Tax Series 2021 C 2, 3% 5/15/2033
 
230,000
222,547
Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2023A, 4% 5/15/2048
 
130,000
126,108
Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2023A, 4.125% 5/15/2053
 
150,000
146,550
 
  
  
7,090,453
Transportation - 2.8%
  
  
  
Metropolitan Transn Auth NY Rv 5% 11/15/2028
 
50,000
53,290
Metropolitan Transn Auth NY Rv Series 2015 F, 3.25% 11/15/2031
 
160,000
152,322
Metropolitan Transn Auth NY Rv Series 2015B, 4% 11/15/2045
 
50,000
46,440
Metropolitan Transn Auth NY Rv Series 2016 B, 5% 11/15/2029
 
115,000
118,060
Metropolitan Transn Auth NY Rv Series 2016 D, 5% 11/15/2027
 
30,000
30,814
Metropolitan Transn Auth NY Rv Series 2017 B, 5% 11/15/2026
 
95,000
98,143
Metropolitan Transn Auth NY Rv Series 2017 D, 4% 11/15/2042
 
15,000
14,440
Metropolitan Transn Auth NY Rv Series 2017 D, 5% 11/15/2027
 
50,000
52,510
Metropolitan Transn Auth NY Rv Series 2017C 1, 3.25% 11/15/2036
 
260,000
232,059
Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2028
 
35,000
37,044
Metropolitan Transn Auth NY Rv Series 2018 B, 5% 11/15/2026
 
80,000
82,647
Metropolitan Transn Auth NY Rv Series 2020 E, 5% 11/15/2027
 
130,000
136,526
Metropolitan Transn Auth NY Rv Series C 1, 4% 11/15/2026
 
65,000
65,968
Metropolitan Transn Auth NY Rv Series D 1, 5% 11/15/2031
 
130,000
131,598
New York St Twy Auth Gen Rev Series 2016 A, 5% 1/1/2051
 
35,000
35,249
New York St Twy Auth Gen Rev Series 2019 B, 4% 1/1/2045 (Assured Guaranty Municipal Corp Insured)
 
125,000
122,703
New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2030 (d)
  
15,000
15,423
New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2030
 
100,000
108,424
New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2032 (d)
  
80,000
85,171
New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.5% 6/30/2060 (d)
  
265,000
277,793
New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 4% 1/1/2051 (Assured Guaranty Municipal Corp Insured) (d)
  
20,000
17,891
Triborough Brdg & Tunl NY Revs Series 2002 F, 5% 11/1/2027
 
65,000
68,893
Triborough Brdg & Tunl NY Revs Series 2002 F, 5% 11/1/2031
 
75,000
84,677
Triborough Brdg & Tunl NY Revs Series 2008B 3, 5% 11/15/2037
 
60,000
60,719
Triborough Brdg & Tunl NY Revs Series 2013A, 0% 11/15/2030 (e)
  
85,000
68,690
Triborough Brdg & Tunl NY Revs Series 2013A, 0% 11/15/2032 (e)
  
90,000
66,952
Triborough Brdg & Tunl NY Revs Series 2016A, 5% 11/15/2041
 
25,000
25,400
Triborough Brdg & Tunl NY Revs Series 2016A, 5% 11/15/2046
 
50,000
50,687
 
  
  
2,340,533
Water & Sewer - 1.8%
  
  
  
New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2017 A, 3.5% 6/15/2036
 
40,000
39,458
New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2018 A, 5% 6/15/2030
 
30,000
32,171
New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2019 B, 5% 6/15/2031
 
25,000
27,254
New York NY Cty Muni Wtr Fin Auth 5.25% 6/15/2047
 
60,000
61,577
New York NY Cty Muni Wtr Fin Auth Series 2015HH, 5% 6/15/2029
 
5,000
5,042
New York NY Cty Muni Wtr Fin Auth Series 2016, 4% 6/15/2038
 
25,000
25,056
New York NY Cty Muni Wtr Fin Auth Series 2018 AA, 5% 6/15/2037
 
25,000
25,907
New York NY Cty Muni Wtr Fin Auth Series 2018 EE, 5% 6/15/2034
 
45,000
45,689
New York NY Cty Muni Wtr Fin Auth Series 2018 FF, 5% 6/15/2040
 
210,000
218,752
New York NY Cty Muni Wtr Fin Auth Series 2020 BB1, 3% 6/15/2049
 
105,000
81,296
New York NY Cty Muni Wtr Fin Auth Series 2020 BB1, 5% 6/15/2049
 
90,000
94,239
New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 CC 1, 4% 6/15/2042
 
15,000
15,018
New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 CC 1, 5% 6/15/2030
 
25,000
27,298
New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 SUB GG 2, 5% 6/15/2029
 
135,000
142,473
New York NY Cty Muni Wtr Fin Auth Series FISCAL 2024 SUB BB2, 5% 6/15/2035
 
260,000
297,474
New York NY Cty Muni Wtr Fin Auth Series FISCAL 2024 SUB BB2, 5% 6/15/2039
 
200,000
225,335
New York St Env Facs Corp Rev Series 2019 A, 5% 2/15/2049
 
30,000
31,356
Suffolk Cnty NY Wtr Auth Wtrwk Series 2018 A, 4% 6/1/2041
 
45,000
45,009
 
  
  
1,440,404
TOTAL NEW YORK
  
  
15,539,366
North Carolina - 1.0%
 
  
  
Escrowed/Pre-Refunded - 0.0%
  
  
  
North Carolina Cap Fac Fin Agy Rev Series 2015 B, 5% 10/1/2041 (Pre-refunded to 10/1/2025 at 100)
 
10,000
10,141
General Obligations - 0.4%
  
  
  
Mecklenburg Cnty NC Gen. Oblig. Series 2018, 3.25% 3/1/2034
 
65,000
62,972
North Carolina St Gen. Oblig. Series 2016 A, 5% 6/1/2027
 
40,000
41,170
North Carolina St Gen. Oblig. Series 2018 A, 5% 6/1/2029
 
75,000
80,121
State of North Carolina (North Carolina St Proj.) Series 2020 B, 5% 5/1/2028
 
50,000
53,365
State of North Carolina (North Carolina St Proj.) Series 2020 B, 5% 5/1/2029
 
35,000
37,964
Wake Cnty NC (Wake Cnty NC Proj.) Series 2021, 5% 3/1/2031
 
85,000
94,851
 
  
  
370,443
Health Care - 0.3%
  
  
  
Atrium Health Series 2016 A, 4% 1/15/2045
 
150,000
142,879
North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) Series 2012 A, 4% 12/1/2045
 
10,000
9,583
 
  
  
152,462
Transportation - 0.2%
  
  
  
Charlotte NC Arpt Rev Series A, 5% 7/1/2047
 
55,000
56,172
North Carolina St Grant Antic Rev Series 2019, 5% 3/1/2031
 
5,000
5,364
North Carolina St Grant Antic Rev Series 2019, 5% 3/1/2032
 
40,000
42,855
North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2018, 5% 1/1/2030
 
55,000
58,085
 
  
  
162,476
Water & Sewer - 0.1%
  
  
  
Charlotte NC Wtr & Swr Sys Rev Series 2018, 4% 7/1/2047
 
25,000
24,549
Union Cnty NC Enterprise Sys Rev Series 2021, 3% 6/1/2037
 
80,000
71,672
 
  
  
96,221
TOTAL NORTH CAROLINA
  
  
791,743
North Dakota - 0.2%
 
  
  
Health Care - 0.1%
  
  
  
Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 5% 12/1/2027
 
85,000
87,474
Housing - 0.1%
  
  
  
North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 2.25% 7/1/2041
 
50,000
35,640
North Dakota St Hsg Fin Agy Series 2019 C, 3.35% 7/1/2042
 
20,000
17,435
 
  
  
53,075
TOTAL NORTH DAKOTA
  
  
140,549
Ohio - 2.5%
 
  
  
Electric Utilities - 0.0%
  
  
  
Cleveland OH Pub Pwr Sys Rev 0% 11/15/2038 (National Public Finance Guarantee Corporation Insured) (e)
  
45,000
23,600
General Obligations - 0.8%
  
  
  
City of Columbus OH Gen. Oblig. Series 2016 A, 4% 8/15/2027
 
30,000
30,159
City of Columbus OH Gen. Oblig. Series 2018 A, 5% 4/1/2030
 
30,000
32,162
Gahanna-Jefferson OH Sch Dist Series 2021, 2% 12/1/2050 (Assured Guaranty Municipal Corp Insured)
 
100,000
56,344
Northeastern OH Local Sch Dist Clark Cnty Series 2018, 4% 12/1/2055 (Assured Guaranty Municipal Corp Insured)
 
100,000
92,619
Ohio St Parks & Rec Cap Facs (State of Ohio Proj.) Series 2017A, 5% 12/1/2031
 
40,000
42,100
Ohio St Spl Oblig (State of Ohio Proj.) Series A, 5% 4/1/2029
 
40,000
40,174
Southwest Licking OH Local Sch Dist Series 2017 A, 3.375% 11/1/2047
 
15,000
12,812
State of Ohio Gen. Oblig. Series 2015A, 5% 9/15/2026
 
35,000
36,231
State of Ohio Gen. Oblig. Series 2015C, 5% 11/1/2028
 
25,000
25,150
State of Ohio Gen. Oblig. Series 2017B, 5% 9/1/2028
 
60,000
64,385
State of Ohio Gen. Oblig. Series 2017C, 5% 8/1/2026
 
20,000
20,651
State of Ohio Gen. Oblig. Series 2018 A, 5% 2/1/2029
 
15,000
15,319
State of Ohio Gen. Oblig. Series 2021 A, 4% 3/1/2038
 
55,000
56,305
Willoughby-Eastlake Ohio Csd Series 2016, 4% 12/1/2050
 
160,000
144,248
 
  
  
668,659
Health Care - 0.6%
  
  
  
Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) Series 2020, 4% 11/15/2037
 
5,000
4,783
Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 5% 12/1/2035
 
60,000
64,622
Chillicothe Ohio Hosp Facs Rev (Adena Health Sys Proj.) Series 2017, 4% 12/1/2042
 
100,000
91,808
Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) Series 2017, 5% 2/15/2052
 
5,000
5,009
Franklin Cnty OH Rev (Trinity Health Proj.) Series 2017 OH, 5% 12/1/2046
 
85,000
86,237
Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2021 A, 3% 1/15/2046
 
50,000
38,907
Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2028
 
145,000
153,377
Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2033
 
40,000
42,076
 
  
  
486,819
Housing - 0.1%
  
  
  
Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2022 A, 3.25% 9/1/2052
 
95,000
93,326
Ohio St Hsg Fin Agy Residential Mtg Rev Series 2019A, 3.5% 9/1/2034
 
5,000
4,761
Ohio St Hsg Fin Agy Residential Mtg Rev Series 2019A, 4% 3/1/2049
 
10,000
9,464
 
  
  
107,551
Special Tax - 0.1%
  
  
  
Franklin Cnty Ohio Sales Tax Rev Series 2018, 5% 6/1/2048
 
30,000
30,993
Hamilton OH Sales Tax Series 2016 A, 5% 12/1/2027
 
55,000
58,167
 
  
  
89,160
Transportation - 0.1%
  
  
  
Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2037 (e)
  
80,000
50,068
Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2043 (e)
  
30,000
13,699
 
  
  
63,767
Water & Sewer - 0.8%
  
  
  
Hamilton Cnty OH Swr Sys Rev Series 2019A, 5% 12/1/2029
 
150,000
164,081
Northeast OH Regl Swr Wstwtr Rev Series 2019, 3% 11/15/2040
 
100,000
85,766
Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020 A, 5% 12/1/2038
 
65,000
70,227
Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020B, 4% 12/1/2038
 
260,000
264,637
 
  
  
584,711
TOTAL OHIO
  
  
2,024,267
Oklahoma - 0.5%
 
  
  
Education - 0.0%
  
  
  
University of Oklahoma/The Series 2015C, 5% 7/1/2036
 
5,000
5,027
Electric Utilities - 0.0%
  
  
  
Oklahoma St Mun Pwr Auth Pwr Series 2016 A, 5% 1/1/2047
 
10,000
10,091
General Obligations - 0.3%
  
  
  
Oklahoma Cap Imp Auth St Hwy Cap Impt Rev (Oklahoma St Proj.) Series 2016, 4% 7/1/2033
 
40,000
40,308
Oklahoma Development Finance Authority (Oklahoma St Proj.) Series 2016 D, 4% 6/1/2036
 
200,000
200,215
 
  
  
240,523
Transportation - 0.2%
  
  
  
Oklahoma St Tpk Auth Tpk Rev Series 2017C, 4% 1/1/2042
 
30,000
30,000
Oklahoma St Tpk Auth Tpk Rev Series 2017C, 5% 1/1/2047
 
30,000
30,606
Oklahoma St Tpk Auth Tpk Rev Series 2017E, 4% 1/1/2031
 
100,000
101,234
 
  
  
161,840
TOTAL OKLAHOMA
  
  
417,481
Oregon - 0.9%
 
  
  
Education - 0.0%
  
  
  
Oregon St Facs Auth Rev (University of Portland Proj.) Series 2015A, 5% 4/1/2045
 
35,000
35,065
General Obligations - 0.5%
  
  
  
Clackamas & Wash Cnty OR Sch Dist No 3 Series 2020 A, 0% 6/15/2035 (e)
  
165,000
107,400
Clackamas Cnty Ore Sch Dis No 46 Oregon Trail 0% 6/15/2032 (Oregon St Guaranteed) (e)
  
50,000
38,276
Clackamas Cnty Ore Sch Dis No 46 Oregon Trail 0% 6/15/2034 (Oregon St Guaranteed) (e)
  
20,000
14,036
Clackamas Cnty Ore Sch Dis No 46 Oregon Trail 0% 6/15/2039 (Oregon St Guaranteed) (e)
  
10,000
5,461
Deschutes & Jefferson Cnties School District #2 0% 6/15/2026 (Oregon St Guaranteed) (e)
  
10,000
9,518
Washington Clackamas & Yamhill Cntys OR Sch Dist No 88j Series 2018 A, 0% 6/15/2048 (Oregon St Guaranteed) (e)
  
255,000
79,611
Washington Cnty OR Sch Dist 48j Beaverton 0% 6/15/2039 (Oregon St Guaranteed) (e)
  
200,000
105,588
 
  
  
359,890
Health Care - 0.4%
  
  
  
Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 2.5% 8/15/2035 (Assured Guaranty Municipal Corp Insured)
 
190,000
164,143
Oregon Hlth Sciences Univ Rev Series 2016 B, 5% 7/1/2039
 
35,000
35,550
Oregon St Facs Auth Rev (Legacy Health System, or Proj.) Series 2022 A, 5% 6/1/2052
 
110,000
114,114
 
  
  
313,807
TOTAL OREGON
  
  
708,762
Pennsylvania - 3.7%
 
  
  
Electric Utilities - 0.2%
  
  
  
Philadelphia PA Gas Wks Rev Series 15TH, 5% 8/1/2042
 
150,000
154,178
General Obligations - 0.7%
  
  
  
Allegheny County PA Gen. Oblig. Series C 77, 5% 11/1/2043
 
25,000
26,031
Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 4% 6/1/2039 (Assured Guaranty Municipal Corp Insured)
 
15,000
14,924
Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018 A, 4% 7/1/2046
 
55,000
52,355
Pennsylvania St Gen. Oblig. 5% 9/1/2031
 
155,000
173,223
Pennsylvania St Gen. Oblig. Series 2015, 4% 8/15/2034
 
25,000
25,048
Pennsylvania St Gen. Oblig. Series 2015, 5% 8/15/2032
 
60,000
60,554
Pennsylvania St Gen. Oblig. Series 2016, 3% 9/15/2036
 
15,000
13,837
Pennsylvania St Gen. Oblig. Series 2016, 5% 9/15/2027
 
10,000
10,326
Pennsylvania St Gen. Oblig. Series FIRST 2021, 5% 5/15/2031
 
60,000
66,809
Philadelphia PA Sch Dist 5% 6/1/2027 (National Public Finance Guarantee Corporation Insured)
 
10,000
10,431
Philadelphia PA Sch Dist Series 2019 A, 5% 9/1/2044
 
25,000
26,001
State Pub Sch Bldg Auth PA Lease Rev (Philadelphia PA Sch Dist Proj.) Series 2016 A, 5% 6/1/2033
 
90,000
92,355
State Pub Sch Bldg Auth PA Sch Rev (Harrisburg PA Sch Dist Proj.) Series 2016 A, 5% 12/1/2027
 
50,000
51,589
 
  
  
623,483
Health Care - 1.5%
  
  
  
Alleg Cnty PA Dev Auth (Allegheny Health System Proj.) Series 2018A, 4% 4/1/2038
 
30,000
28,872
Chester Cnty PA Hlth & Ed Facs Auth (Main Line Health Inc Proj.) Series 2020A, 4% 9/1/2050
 
100,000
93,368
Cumberland Cnty PA Mun Auth Rv (Penn State Hlth System Proj.) Series 2019, 3% 11/1/2039
 
170,000
145,280
Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2017 A 2, 4% 2/15/2039
 
100,000
97,833
Lancaster Cnty PA Hosp Aut Rev (Univ of Penn Health Systems Proj.) Series 2016 A, 5% 8/15/2042
 
10,000
10,146
Lehigh Cnty PA Gen Purp Auth Hosp Rev (Lehigh Valley Health Proj.) Series 2015 A, 4.125% 7/1/2040
 
90,000
87,116
Monroeville PA Fin Auth UPMC Rev (UPMC Proj.) Series 2022B, 4% 2/15/2040
 
105,000
102,904
Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2016 A, 3.125% 8/15/2035
 
10,000
9,212
Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2017 A, 5% 11/15/2028
 
85,000
88,930
Pennsylvania St Higher Edl Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2015A, 5% 9/1/2039
 
135,000
135,340
Pennsylvania St Higher Edl Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2015A, 5% 9/1/2045
 
135,000
135,340
Pennsylvania St Higher Edl Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2015A, 5.25% 9/1/2050
 
70,000
70,204
Pennsylvania St Higher Edl Rev (Univ of Penn Health Systems Proj.) Series 2016 C, 3% 8/15/2041
 
35,000
30,226
Philadelphia PA Auth For Indl Dev Hosp Rev (Childrens Hosp of Phil, PA Proj.) Series 2017, 4% 7/1/2037
 
45,000
44,901
Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 A, 4% 9/1/2042
 
25,000
23,913
Pocono Mtns PA Indl Pk Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2015A, 4% 8/15/2045
 
110,000
102,862
 
  
  
1,206,447
Housing - 0.1%
  
  
  
Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series 2017 125 B, 3.65% 10/1/2042
 
20,000
17,830
Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series B, 3.45% 10/1/2032
 
15,000
14,677
Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 134 A, 1.85% 4/1/2036
 
100,000
74,533
 
  
  
107,040
Other - 0.1%
  
  
  
Chester Cnty PA Indl Dev Auth (Longwood Gardens Proj.) Series 2021, 4% 12/1/2046
 
110,000
104,643
Transportation - 1.0%
  
  
  
Delaware Riv Port Auth PA & NJ Series 2018 A, 5% 1/1/2032
 
10,000
10,670
Pennslyvania Dev Fing Auth Rev (Plenary Walsh Keystone Partners LLC Proj.) Series 2015, 4.125% 12/31/2038 (d)
  
20,000
19,235
Pennslyvania Dev Fing Auth Rev (Plenary Walsh Keystone Partners LLC Proj.) Series 2015, 5% 12/31/2028 (d)
  
70,000
71,088
Pennsylvania Econ Dev Fing Auth Private Activity Rev (PA Dot Major Bridges I Proj.) 5.25% 6/30/2053 (d)
  
110,000
112,888
Pennsylvania Turnpike Commission Series 2014 A 2, 5.125% 12/1/2039 (c)
  
35,000
37,255
Pennsylvania Turnpike Commission Series 2016, 5% 6/1/2036
 
50,000
50,861
Pennsylvania Turnpike Commission Series 2017, 5% 12/1/2030
 
10,000
10,506
Pennsylvania Turnpike Commission Series 2017, 5% 12/1/2040
 
10,000
10,371
Pennsylvania Turnpike Commission Series 2019 A, 4% 12/1/2049
 
100,000
95,850
Pennsylvania Turnpike Commission Series 2019 A, 4% 12/1/2049 (Assured Guaranty Municipal Corp Insured)
 
100,000
95,862
Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2034
 
30,000
32,170
Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2035
 
35,000
37,604
Pennsylvania Turnpike Commission Series 2019, 5% 12/1/2032
 
10,000
10,677
Pennsylvania Turnpike Commission Series A 2, 5% 12/1/2028
 
115,000
120,600
Pennsylvania Turnpike Commission Series B 2, 0% 12/1/2041 (c)
  
20,000
18,815
Philadelphia PA Airport Rev Series 2020 A, 4% 7/1/2038
 
60,000
60,027
 
  
  
794,479
Water & Sewer - 0.1%
  
  
  
Pittsburgh PA Wtr & Swr Auth 0% 9/1/2028 (Financial Guaranty Ins CO Insured) (e)
  
15,000
13,156
Westmoreland Cnty PA Mun Auth Series 2016, 3% 8/15/2042
 
50,000
42,679
 
  
  
55,835
TOTAL PENNSYLVANIA
  
  
3,046,105
Rhode Island - 0.4%
 
  
  
General Obligations - 0.2%
  
  
  
Rhode Island & Providence Plantations (Rhode Island St Proj.) Gen. Oblig. Series 2019C, 3% 1/15/2036
 
95,000
87,396
Rhode Island St Gen. Oblig. Series 2021 E, 2% 8/1/2038
 
70,000
51,332
Rhode Island St Gen. Oblig. Series 2021 E, 2% 8/1/2039
 
50,000
35,749
 
  
  
174,477
Housing - 0.2%
  
  
  
Rhode Island Hsg & Mtg Fin Cp Series 70, 2.8% 10/1/2034
 
145,000
128,293
TOTAL RHODE ISLAND
  
  
302,770
South Carolina - 0.6%
 
  
  
Electric Utilities - 0.4%
  
  
  
South Carolina St Svc Auth Rev 3% 12/1/2041
 
20,000
15,928
South Carolina St Svc Auth Rev 5.75% 12/1/2047
 
200,000
221,763
South Carolina St Svc Auth Rev Series 2016 A, 3.25% 12/1/2035
 
10,000
9,090
South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2030
 
80,000
81,679
 
  
  
328,460
General Obligations - 0.1%
  
  
  
Lexington County School District No 1/SC Series 2019 B, 2.25% 2/1/2034
 
85,000
73,478
Lexington County School District No 2 Series 2016, 3% 3/1/2038
 
20,000
17,746
 
  
  
91,224
Health Care - 0.0%
  
  
  
South Carolina Jobs-Economic Development Authority (Carealliance Health Svcs Proj.) Series 2016 A, 3% 8/15/2038
 
25,000
19,538
Special Tax - 0.1%
  
  
  
South Carolina Trans Infrastructure Bank Rev Series 2017 A, 5% 10/1/2038
 
45,000
46,663
TOTAL SOUTH CAROLINA
  
  
485,885
Tennessee - 1.0%
 
  
  
Electric Utilities - 0.1%
  
  
  
Tennessee Engy Acq Crp Gas Rev 5.625% 9/1/2026 (Goldman Sachs Group Inc/The Guaranteed)
 
50,000
51,410
General Obligations - 0.6%
  
  
  
Memphis TN Gen. Oblig. Series 2021, 4% 5/1/2046
 
50,000
48,952
Memphis TN Gen. Oblig. Series 2021, 5% 5/1/2030
 
80,000
87,958
Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. 5% 1/1/2029
 
200,000
215,837
Tennessee Engy Acq Crp Gas Rev 5% 2/1/2027 (Goldman Sachs Group Inc/The Guaranteed)
 
15,000
15,186
Tennessee Engy Acq Crp Gas Rev 5.25% 9/1/2026 (Goldman Sachs Group Inc/The Guaranteed)
 
20,000
20,283
Tennessee St Gen. Oblig. Series A, 5% 8/1/2035
 
50,000
51,384
Tennessee St Sch Bd Auth (Tennessee St Proj.) Series 2017A, 5% 11/1/2042
 
50,000
51,391
 
  
  
490,991
Health Care - 0.0%
  
  
  
Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 3% 8/1/2039
 
20,000
16,364
Knox Cnty Tenn Health Edl & Hsg Fac Brd Hosp Rev (Covenant Health TN Proj.) Series 2016 A, 4% 1/1/2042
 
15,000
14,495
Knox Cnty Tenn Health Edl & Hsg Fac Brd Hosp Rev (East Tenn Children's Hospital Proj.) Series 2019, 4% 11/15/2043
 
5,000
4,720
 
  
  
35,579
Housing - 0.0%
  
  
  
Tennessee Housing Development Agency Series 2016 2B, 3.5% 1/1/2047
 
30,000
29,915
Tennessee Housing Development Agency Series 2020 1A, 2.4% 1/1/2044
 
10,000
7,188
 
  
  
37,103
Transportation - 0.3%
  
  
  
Metro Nashville Arpt Auth Rev Series 2019A, 4% 7/1/2054
 
35,000
33,360
Metro Nashville Arpt Auth Rev Series 2019A, 5% 7/1/2054
 
140,000
144,814
 
  
  
178,174
TOTAL TENNESSEE
  
  
793,257
Texas - 8.4%
 
  
  
Education - 0.8%
  
  
  
Arlington Higher Education Finance Corp Series 2018, 4% 8/15/2048 (Permanent Sch Fund of Texas Guaranteed)
 
80,000
75,344
Board of Regents of the University of Texas System Series 2016 J, 5% 8/15/2026
 
20,000
20,639
Board of Regents of the University of Texas System Series 2017 B, 3.375% 8/15/2044
 
15,000
13,086
Board of Regents of the University of Texas System Series 2019 A, 5% 8/15/2031
 
15,000
16,225
Board of Regents of the University of Texas System Series 2021 A, 5% 8/15/2031
 
165,000
184,583
Board of Regents of the University of Texas System Series 2022A, 4% 8/15/2042
 
65,000
65,122
Texas A&M Univ Revs Series 2017E, 5% 5/15/2035
 
50,000
51,864
Texas A&M Univ Revs Series 2021 A, 3% 5/15/2037
 
115,000
103,685
University Houston TX Univ Rev Series 2017 C, 3.25% 2/15/2041
 
165,000
145,869
 
  
  
676,417
Electric Utilities - 0.9%
  
  
  
Austin TX Elec Util Sys Rev Series 2015A, 5% 11/15/2045
 
100,000
100,737
Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2044
 
260,000
264,431
Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2020 A, 5% 5/15/2050
 
55,000
56,950
Matagorda Cnty TX Nav Dist No1 (AEP Texas Central Co Proj.) 4.4% 5/1/2030 (Ambac Assurance Corp Insured)
 
10,000
10,355
Matagorda Cnty TX Nav Dist No1 (AEP Texas Central Co Proj.) 4.55% 5/1/2030 (b)(d)
  
50,000
51,353
San Antonio TX Elec & Gas Rev Series 2015, 5% 2/1/2027
 
30,000
30,606
San Antonio TX Elec & Gas Rev Series 2015, 5% 2/1/2032
 
45,000
45,780
San Antonio TX Elec & Gas Rev Series 2019, 4% 2/1/2028
 
110,000
112,906
San Antonio TX Elec & Gas Rev Series 2024D, 5% 2/1/2036
 
110,000
124,847
 
  
  
797,965
Escrowed/Pre-Refunded - 0.3%
  
  
  
Denton Independent School District Series 2015  A, 5% 8/15/2045 (Pre-refunded to 8/15/2025 at 100)
 
100,000
101,167
Houston TX Wtr & Swr Sys Rev 0% 12/1/2027 (e)
  
50,000
45,398
Leander Independent School District Series 2016 A, 0% 8/16/2044 (Pre-refunded to 8/16/2026 at 48.51) (e)
  
10,000
4,598
Midland County Fresh Water Supply District No 1 Series 2012 A, 0% 9/15/2033 (Pre-refunded to 9/15/2027 at 75.85) (e)
  
150,000
103,384
Midland County Fresh Water Supply District No 1 Series 2012 A, 0% 9/15/2035 (Pre-refunded to 9/15/2027 at 68.05) (e)
  
50,000
30,916
 
  
  
285,463
General Obligations - 3.0%
  
  
  
Aldine TX Indpt Sch Dist Series 2017 A, 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)
 
50,000
51,909
Alvin Tex Indpt Sch Dist Series 2019, 3.375% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)
 
15,000
13,722
Alvin Tex Indpt Sch Dist Series 2020, 4% 2/15/2048 (Permanent Sch Fund of Texas Guaranteed)
 
100,000
95,805
Austin TX Indpt Sch Dist Series 2017, 4% 8/1/2033 (Permanent Sch Fund of Texas Guaranteed)
 
5,000
5,035
Austin TX Indpt Sch Dist Series 2019, 4% 8/1/2035 (Permanent Sch Fund of Texas Guaranteed)
 
25,000
25,411
Bexar Cnty TX Hosp Dist Gen. Oblig. Series 2020, 3% 2/15/2036
 
15,000
13,651
College of the Mainland Gen. Oblig. Series 2019, 3.75% 8/15/2049
 
50,000
45,281
Collin Cnty TX Cmnty Coll Dist Gen. Oblig. Series 2018, 3.25% 8/15/2033
 
40,000
38,286
Conroe TX Isd Series 2020 A, 2.25% 2/15/2046 (Permanent Sch Fund of Texas Guaranteed)
 
85,000
55,771
Cypress-Fairbanks TX Isd Series 2019, 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)
 
45,000
48,615
Cypress-Fairbanks TX Isd Series 2020A, 3% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)
 
180,000
164,150
Dallas Cnty Tex Hosp Dist Gen. Oblig. Series 2019, 5% 8/15/2030
 
75,000
79,546
Dallas TX Isd Series 2019 B, 3% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)
 
20,000
18,026
Dallas TX Isd Series 2024, 5% 2/15/2032 (Permanent Sch Fund of Texas Guaranteed)
 
115,000
129,121
Del Mar TX College Dist Gen. Oblig. Series 2018 B, 4% 8/15/2048
 
150,000
138,421
Eagle Mtn & Saginaw TX Isd Series 2019, 4% 8/15/2050 (Permanent Sch Fund of Texas Guaranteed)
 
20,000
18,968
Frisco Tex Indpt Sch Dis Series 2017, 4% 8/15/2035 (Permanent Sch Fund of Texas Guaranteed)
 
30,000
30,152
Frisco Tex Indpt Sch Dis Series 2019, 4% 8/15/2039 (Permanent Sch Fund of Texas Guaranteed)
 
35,000
35,210
Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2017 A, 4% 10/1/2038
 
200,000
200,684
Harris Cnty TX Series 2016 A, 5% 8/15/2033
 
35,000
35,861
Houston TX Indpt Sch Dist Series 2016, 5% 2/15/2031 (Permanent Sch Fund of Texas Guaranteed)
 
55,000
56,056
Houston TX Indpt Sch Dist Series 2017, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)
 
30,000
31,292
Katy TX Ind Sch Dist Series 2019, 4% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)
 
35,000
35,037
Katy TX Ind Sch Dist Series 2022, 4% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)
 
125,000
125,254
Keller Texas Indpt School Dist Series 2020, 4% 2/15/2044 (Permanent Sch Fund of Texas Guaranteed)
 
100,000
97,753
Lamar TX Isd Series 2018, 4% 2/15/2050
 
75,000
72,496
Leander Independent School District Series 2016 A, 0% 8/16/2044 (Permanent Sch Fund of Texas Guaranteed) (e)
  
130,000
52,488
Northside TX Indpt Sch Dist Series 2019A, 4% 8/15/2036 (Permanent Sch Fund of Texas Guaranteed)
 
190,000
192,099
Northwest Tex Indpt Sch Dist Series 2024 A, 5% 2/15/2034 (Permanent Sch Fund of Texas Guaranteed)
 
100,000
112,451
San Antonio TX Indpt Sch Dist Series 2019, 5% 8/15/2030 (Permanent Sch Fund of Texas Guaranteed)
 
20,000
21,347
San Jacinto TX Cmnty College Dist Gen. Oblig. Series 2019A, 5% 2/15/2044
 
20,000
20,652
Sherman TX Indpt Sch Dist Series 2018 A, 5% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)
 
50,000
51,898
Texas State Gen. Oblig. Series 2016 A, 5% 4/1/2030
 
50,000
51,109
Texas State Gen. Oblig. Series 2018A, 5% 10/1/2026
 
65,000
67,348
Texas State Gen. Oblig. Series B, 5% 10/1/2033
 
35,000
36,474
Tomball TX Indpt Sch Dist Series 2018, 5% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)
 
125,000
129,707
Waller TX Indpt Sch Dist Series 2020, 4% 2/15/2050 (Permanent Sch Fund of Texas Guaranteed)
 
15,000
14,210
 
  
  
2,411,296
Health Care - 0.2%
  
  
  
Harris Cnty Tex Cultural Ed Facs Fin Corp Thermal Util Rev (Texas Medical Center,Tx Proj.) Series 2017, 4% 11/15/2037
 
55,000
54,469
Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Childrens Hospital, TX Proj.) Series 2019 A, 3% 10/1/2039
 
55,000
49,448
Harris Cnty TX Hosp Dist Rev Series 2016, 3.25% 2/15/2042
 
60,000
49,519
 
  
  
153,436
Housing - 0.0%
  
  
  
Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) 3% 3/1/2050
 
35,000
25,636
Special Tax - 0.3%
  
  
  
Denton TX Gen. Oblig. Series 2017, 4% 2/15/2047
 
15,000
13,953
El Paso Tex Gen. Oblig. Series 2020, 4% 8/15/2045
 
100,000
97,257
Harris Cnty Houston Tex Sports Auth Rev Series A, 0% 11/15/2048 (Assured Guaranty Municipal Corp Insured) (e)
  
40,000
12,233
Harris Cnty Houston Tex Sports Auth Rev Series A, 0% 11/15/2049 (Assured Guaranty Municipal Corp Insured) (e)
  
35,000
10,141
Houston TX Hotel Occ Tx & Spl Rev 0% 9/1/2033 (Ambac Assurance Corp Insured) (e)
  
120,000
83,816
 
  
  
217,400
Transportation - 1.6%
  
  
  
Central TX Regl Mobility Auth Rev Series 2016, 3.375% 1/1/2041
 
45,000
39,325
City of Houston TX Airport System Revenue 4% 7/1/2041 (d)
  
110,000
105,647
City of Houston TX Airport System Revenue Series 2018D, 5% 7/1/2038
 
20,000
20,851
Dallas Fort Worth International Airport 5% 11/1/2032
 
215,000
241,878
Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2013 B, 5.3% 10/1/2032 (c)
  
35,000
37,674
Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2013 B, 5.85% 10/1/2048 (c)
  
70,000
74,815
Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2037
 
40,000
41,858
Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2018 A, 4% 8/15/2048
 
105,000
99,778
North East Texas Regional Mobility Authority Series B, 5% 1/1/2041
 
40,000
40,259
North TX Twy Auth Rev 0% 1/1/2034 (Assured Guaranty Inc Insured) (e)
  
75,000
53,439
North TX Twy Auth Rev 0% 1/1/2036 (Assured Guaranty Inc Insured) (e)
  
25,000
16,294
North TX Twy Auth Rev 0% 1/1/2038 (Assured Guaranty Inc Insured) (e)
  
100,000
59,417
North TX Twy Auth Rev Series 2018, 4.25% 1/1/2049
 
5,000
4,806
North TX Twy Auth Rev Series 2018, 5% 1/1/2048
 
70,000
71,277
Port of Houston Auth 4% 10/1/2039
 
115,000
115,343
Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2031
 
65,000
65,694
Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2019, 5% 6/30/2058 (d)
  
105,000
106,483
Texas Private Activity Bd Surface Transn Corp Rev Series 2019 A, 5% 12/31/2032
 
55,000
58,284
Texas St Tpk Auth Cent TX Tpk Sys Rev (Central Texas Turnpike Proj.) 0% 8/15/2029 (Ambac Assurance Corp Insured) (e)
  
15,000
12,636
 
  
  
1,265,758
Water & Sewer - 1.3%
  
  
  
Dallas TX Wtrwks & Swr Sys Rev Series 2018 C, 4% 10/1/2043
 
100,000
98,807
Dallas TX Wtrwks & Swr Sys Rev Series 2020 C, 4% 10/1/2049
 
75,000
71,070
Houston TX Util Sys Rev 4% 11/15/2049
 
155,000
147,403
Texas Wtr Dev Brd 3% 10/15/2034
 
10,000
9,453
Texas Wtr Dev Brd 3% 8/1/2039
 
300,000
259,142
Texas Wtr Dev Brd 5% 8/1/2033
 
55,000
60,172
Texas Wtr Dev Brd Series 2017 A, 5% 10/15/2047
 
60,000
61,361
Texas Wtr Dev Brd Series 2018 B, 4% 10/15/2034
 
5,000
5,053
Texas Wtr Dev Brd Series 2018A, 4% 10/15/2037
 
10,000
10,033
Texas Wtr Dev Brd Series 2019 A, 4% 10/15/2049
 
200,000
189,478
Texas Wtr Dev Brd Series 2022, 5% 10/15/2034
 
125,000
140,101
 
  
  
1,052,073
TOTAL TEXAS
  
  
6,885,444
Utah - 0.8%
 
  
  
Education - 0.4%
  
  
  
University UT Univ Revs (University UT Univ Revs Proj.) Series 2021 A 1, 4% 8/1/2041
 
80,000
80,499
University UT Univ Revs Series 2017 A, 5% 8/1/2029
 
20,000
20,971
University UT Univ Revs Series 2020 A, 4% 8/1/2039
 
65,000
65,694
University UT Univ Revs Series 2020 A, 5% 8/1/2037
 
60,000
64,906
 
  
  
232,070
Electric Utilities - 0.1%
  
  
  
Intermountain Pwr Agy UT Pwr Series 2023 A, 5% 7/1/2033
 
50,000
56,249
Escrowed/Pre-Refunded - 0.0%
  
  
  
Utah Tran Auth Sales Tax Rev Series 2015 A, 5% 6/15/2026 (Pre-refunded to 6/15/2025 at 100)
 
10,000
10,087
Utah Tran Auth Sales Tax Rev Series 2015 A, 5% 6/15/2029 (Pre-refunded to 6/15/2025 at 100)
 
20,000
20,173
 
  
  
30,260
Health Care - 0.1%
  
  
  
Utah Cnty Utah Hosp Rev (IHC Health Services Inc Proj.) Series 2018 A, 5% 5/15/2041
 
120,000
121,558
Special Tax - 0.0%
  
  
  
Utah Tran Auth Sales Tax Rev 4% 12/15/2029
 
25,000
25,220
Transportation - 0.1%
  
  
  
Salt Lake City UT Arpt Rev 4% 7/1/2038 (d)
  
90,000
88,333
Water & Sewer - 0.1%
  
  
  
Salt Lake City Utah Pub Util Rev Series 2020, 4% 2/1/2044
 
100,000
98,186
TOTAL UTAH
  
  
651,876
Virginia - 2.0%
 
  
  
Education - 0.1%
  
  
  
University VA Univ Revs Series 2015 A 1, 4% 4/1/2045
 
55,000
53,540
Virginia Small Business Fing Auth Rev (Hampton Univ, VA Proj.) Series 2014, 4% 10/1/2038
 
5,000
4,823
 
  
  
58,363
Escrowed/Pre-Refunded - 0.1%
  
  
  
Fairfax Cnty VA Economic Dev Auth Transn Contract Rev Series A, 3% 4/1/2036 (Pre-refunded to 4/1/2026 at 100)
 
30,000
29,970
Henrico Cnty VA Wtr & Swr Rev Series 2016, 5% 5/1/2046 (Pre-refunded to 5/1/2026 at 100)
 
30,000
30,778
Virginia Port Auth Port Fac Rev Series 2015A, 5% 7/1/2033 (Pre-refunded to 7/1/2025 at 100) (d)
  
35,000
35,250
 
  
  
95,998
General Obligations - 1.4%
  
  
  
Chesterfield Cnty VA Economic Dev Auth Rev (Chesterfield Cnty VA Proj.) 4% 4/1/2050
 
20,000
19,402
County of Loudoun VA Gen. Oblig. Series 2023A, 5% 12/1/2029
 
155,000
170,079
Fairfax Cnty VA Gen. Oblig. Series 2020A, 5% 10/1/2036
 
270,000
292,709
Richmond VA Series 2019 A, 3% 7/15/2034
 
40,000
37,785
Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2019 C, 5% 2/1/2030
 
45,000
48,392
Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2020 A, 5% 2/1/2031
 
100,000
109,259
Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2022A, 5% 2/1/2026
 
100,000
102,178
Virginia Comwlth Transn Brd Tr (Virginia St Proj.) Series 2017, 3% 5/15/2036
 
125,000
115,960
Virginia St Gen. Oblig. Series 2018A, 3% 6/1/2032
 
5,000
4,900
Virginia St Pub Bldg Auth Pub (Virginia St Proj.) Series 2013A, 3% 8/1/2030
 
100,000
95,914
Virginia St Pub Bldg Auth Pub (Virginia St Proj.) Series 2019A, 5% 8/1/2029
 
60,000
65,239
Virginia St Pub Bldg Auth Pub (Virginia St Proj.) Series A, 3% 8/1/2035
 
15,000
13,938
Virginia St Pub Bldg Auth Pub Facs Rev (Virginia St Proj.) Series 2022 A, 5% 8/1/2031
 
80,000
89,565
 
  
  
1,165,320
Health Care - 0.1%
  
  
  
Lynchburg Economic Development Authority (Centra Health Proj.) Series 2017 A, 4% 1/1/2047
 
35,000
33,237
Lynchburg Economic Development Authority (Centra Health Proj.) Series 2021, 3% 1/1/2051
 
50,000
37,370
Roanoke VA Economic Dev Auth Hosp Rev (Carilion Health System Proj.) Series 2020 D, 5% tender 7/1/2053 (b)
  
30,000
32,248
 
  
  
102,855
Special Tax - 0.2%
  
  
  
Fairfax Cnty VA Economic Dev Auth Transn Contract Rev (Fairfax County Economic Development Authority Proj.) 2.875% 4/1/2035
 
45,000
40,553
Fairfax Cnty VA Economic Dev Auth Transn Contract Rev 3% 4/1/2036
 
125,000
115,084
 
  
  
155,637
Transportation - 0.1%
  
  
  
VA Commlth Trn Bd Grnt Antic Rev Series 2017, 5% 3/15/2027
 
15,000
15,685
Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 3% 1/1/2041 (d)
  
50,000
40,377
 
  
  
56,062
TOTAL VIRGINIA
  
  
1,634,235
Washington - 4.1%
 
  
  
Education - 0.3%
  
  
  
University Wash Univ Revs Series 2012C, 3.25% 7/1/2043
 
135,000
113,785
Washington St Higher Ed Facs (Gonzaga University Proj.) Series 2019 A, 3% 4/1/2049
 
40,000
30,886
Washington St Higher Ed Facs (Seattle Pacific Univ Proj.) Series 2020 A, 5% 10/1/2042
 
75,000
71,228
Washington St Univ Revs Series 2015, 5% 4/1/2040
 
35,000
35,143
 
  
  
251,042
Electric Utilities - 1.1%
  
  
  
Energy Norwthwest WA Elec Rev Series 2015 A, 5% 7/1/2028 (Bonneville Power Administration Guaranteed)
 
75,000
75,670
Energy Norwthwest WA Elec Rev Series 2016 A, 5% 7/1/2028 (Bonneville Power Administration Guaranteed)
 
55,000
56,458
Energy Norwthwest WA Elec Rev Series 2017 A, 5% 7/1/2028 (Bonneville Power Administration Guaranteed)
 
95,000
99,620
Energy Norwthwest WA Elec Rev Series 2018 C, 5% 7/1/2033 (Bonneville Power Administration Guaranteed)
 
65,000
68,814
Energy Norwthwest WA Elec Rev Series 2024A, 5% 7/1/2032 (Bonneville Power Administration Guaranteed)
 
140,000
158,081
Seattle WA Mun Lt & Pwr Rev Series 2019 A, 5% 4/1/2042
 
100,000
104,723
Seattle WA Mun Lt & Pwr Rev Series 2020 A, 5% 7/1/2027
 
90,000
94,567
Seattle WA Mun Lt & Pwr Rev Series 2021 A, 4% 7/1/2043
 
100,000
99,521
Tacoma WA Elec Sys Rev Series 2021, 4% 1/1/2051
 
135,000
129,089
 
  
  
886,543
General Obligations - 1.6%
  
  
  
Clark Cnty WA Sch Dist 114 Evergreen Series 2019, 3% 12/1/2038 (State of Washington Guaranteed)
 
20,000
17,685
King Cnty WA Sch Dist #403 Renton Series 2020, 4% 12/1/2035 (State of Washington Guaranteed)
 
100,000
102,307
King Cnty Wash Hsg Auth Rev Series 2018, 3.5% 5/1/2038 (King County WA Guaranteed)
 
35,000
31,980
King County WA Gen. Oblig. Series 2015E, 5% 12/1/2029
 
45,000
45,741
State of Washington Gen. Oblig. Series 2015B, 5% 2/1/2028
 
40,000
40,055
State of Washington Gen. Oblig. Series 2016C, 5% 2/1/2035
 
30,000
30,485
State of Washington Gen. Oblig. Series 2020 E, 5% 6/1/2045
 
55,000
57,729
State of Washington Gen. Oblig. Series 2020A, 5% 8/1/2028
 
230,000
246,632
State of Washington Gen. Oblig. Series 2021 A, 5% 8/1/2029
 
75,000
81,718
State of Washington Gen. Oblig. Series 2021 A, 5% 8/1/2043
 
175,000
185,979
State of Washington Gen. Oblig. Series R 2015C, 5% 7/1/2027
 
25,000
25,000
State of Washington Gen. Oblig. Series R 2015H, 5% 7/1/2026
 
25,000
25,000
State of Washington Gen. Oblig. Series R 2015H, 5% 7/1/2029
 
15,000
14,999
State of Washington Gen. Oblig. Series R 2016B, 5% 7/1/2032
 
50,000
50,810
State of Washington Gen. Oblig. Series R 2018 D, 5% 8/1/2028
 
30,000
31,517
State of Washington Gen. Oblig. Series R 2020A, 5% 1/1/2026
 
20,000
20,410
State of Washington Gen. Oblig. Series R 2022A, 5% 2/1/2031
 
100,000
111,114
State of Washington Gen. Oblig. Series R 2023 B, 5% 7/1/2033
 
95,000
108,497
Thurston & Pierce Cntys WA Sch Series 2019, 4% 12/1/2035 (State of Washington Guaranteed)
 
50,000
50,861
 
  
  
1,278,519
Health Care - 0.5%
  
  
  
Washington St Health Care Facs Auth Rev (Multicare Medical Ctr,Tacom,Wa Proj.) Series 2017B, 3.5% 8/15/2038
 
125,000
111,320
Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2014C, 4% 10/1/2044
 
55,000
50,610
Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2014D, 5% 10/1/2038
 
5,000
5,010
Washington St Health Care Facs Auth Rev (Seattle Cancer Care Proj.) 4% 9/1/2050
 
115,000
103,064
Washington St Health Care Facs Auth Rev (Virginia Mason Medical Ctr WA Proj.) Series 2017, 5% 8/15/2037
 
125,000
127,157
 
  
  
397,161
Special Tax - 0.1%
  
  
  
Central Puget Sound WA Regl Tran Auth Sales & Use Tax Rev Series 2016 S 1, 5% 11/1/2027
 
45,000
46,557
Central Puget Sound WA Regl Tran Auth Sales & Use Tax Rev Series 2016 S 1, 5% 11/1/2035
 
65,000
66,736
 
  
  
113,293
Transportation - 0.2%
  
  
  
Port Seattle WA Rev Series 2019, 5% 4/1/2034 (d)
  
150,000
155,746
Water & Sewer - 0.3%
  
  
  
King Cnty WA Swr Rev Series 2020 A, 4% 1/1/2044
 
225,000
222,820
Seattle WA Wtr Sys Rev Series 2015, 4% 5/1/2045
 
50,000
47,855
 
  
  
270,675
TOTAL WASHINGTON
  
  
3,352,979
West Virginia - 0.2%
 
  
  
Health Care - 0.0%
  
  
  
West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2016A, 3% 6/1/2033
 
20,000
18,746
Transportation - 0.2%
  
  
  
West Virginia Parkways Authority Series 2021, 4% 6/1/2051
 
145,000
138,844
TOTAL WEST VIRGINIA
  
  
157,590
Wisconsin - 0.6%
 
  
  
Education - 0.0%
  
  
  
Public Fin Auth WI Lease Dev Rev (University Kans Univ Revs Proj.) Series 2016, 5% 3/1/2029
 
40,000
40,812
Escrowed/Pre-Refunded - 0.1%
  
  
  
Wisconsin General Fund Annual Appropiation Series 2017 B, 5% 5/1/2036
 
35,000
35,931
Wisconsin Health & Educational Facilities Authority Series 2016 A, 3.125% 11/15/2036 (Pre-refunded to 5/15/2026 at 100)
 
50,000
49,900
 
  
  
85,831
General Obligations - 0.5%
  
  
  
Milwaukee WI Gen. Oblig. Series 2016 B3, 3% 3/1/2031
 
50,000
46,834
Wisconsin St Gen. Oblig. 5% 5/1/2031
 
95,000
105,945
Wisconsin St Gen. Oblig. Series 2016  2, 5% 11/1/2029
 
65,000
66,622
Wisconsin St Gen. Oblig. Series 2017 3, 5% 11/1/2031
 
25,000
26,125
Wisconsin St Gen. Oblig. Series 2017, 5% 11/1/2026
 
40,000
41,539
Wisconsin St Gen. Oblig. Series 2019 A, 4% 5/1/2027
 
20,000
20,222
 
  
  
307,287
Health Care - 0.0%
  
  
  
Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) Series 2016 A, 3% 6/1/2036
 
5,000
4,352
Wisconsin Health & Educational Facilities Authority (Froedtert Thedacare Proj.) Series 2017 A, 5% 4/1/2028
 
5,000
5,177
Wisconsin Health & Educational Facilities Authority (Hospital Sisters Svcs Inc Proj.) Series 2014A, 5% 11/15/2025
 
10,000
10,010
 
  
  
19,539
Housing - 0.0%
  
  
  
Wisconsin Hsg & Economic Dev Auth Home Ownership Mtg Rev 2.69% 7/1/2047
 
7,996
6,910
Special Tax - 0.0%
  
  
  
Public Fin Auth WI Revenue Series 2021, 4% 3/31/2056 (d)
  
5,000
4,178
Wisconsin St Transn Rev Series 2017 1, 5% 7/1/2028
 
10,000
10,502
 
  
  
14,680
TOTAL WISCONSIN
  
  
475,059
Wyoming - 0.0%
 
  
  
Electric Utilities - 0.0%
  
  
  
Campbell Cnty WY Solid Waste Facs Rev (County of Mercer ND Proj.) Series 2019 A, 3.625% 7/15/2039
 
30,000
27,103
 
TOTAL MUNICIPAL SECURITIES
 (Cost $85,254,703)
  
  
  
82,042,663
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $85,254,703)
 
  
 
82,042,663
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(150,816)
NET ASSETS - 100.0%
81,891,847
 
  
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(c)
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
 
(d)
Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
 
(e)
Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.
 
(f)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
 
 
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Municipal Cash Central Fund
-
4,702,697
4,702,697
2,854
-
-
-
-
0.0%
Total
-
4,702,697
4,702,697
2,854
-
-
-
-
  
 
  
  
  
  
  
  
  
  
  
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 December 31, 2024, 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:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Municipal Securities
  
  
  
  
Education
4,693,890
-
4,693,890
-
Electric Utilities
4,919,596
-
4,919,596
-
Escrowed/Pre-Refunded
1,422,130
-
1,422,130
-
General Obligations
28,555,405
-
28,555,405
-
Health Care
6,974,740
-
6,974,740
-
Housing
2,164,137
-
2,164,137
-
Industrial Development
249,486
-
249,486
-
Lease Revenue
231,204
-
231,204
-
Other
531,863
-
531,863
-
Resource Recovery
35,833
-
35,833
-
Special Tax
12,188,626
-
12,188,626
-
Tobacco Bonds
128,692
-
128,692
-
Transportation
12,476,497
-
12,476,497
-
Water & Sewer
7,470,564
-
7,470,564
-
 
  
  
  
  
 Total Investments in Securities:
82,042,663
-
82,042,663
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of December 31, 2024 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value - See accompanying schedule
Unaffiliated issuers (cost $85,254,703):
  
  
$
82,042,663
Receivable for fund shares sold
  
  
52,427
Interest receivable
  
  
974,170
Distributions receivable from Fidelity Central Funds
  
  
306
Prepaid expenses
  
  
70
Receivable from investment adviser for expense reductions
  
  
4,957
Other receivables
  
  
12
  Total assets
  
  
83,074,605
Liabilities
  
  
  
  
Payable to custodian bank
$
424,134
  
  
Payable for investments purchased
  
  
  
  
Regular delivery
353,962
  
  
Delayed delivery
137,563
  
  
Payable for fund shares redeemed
31,762
  
  
Distributions payable
198,402
  
  
Accrued management fee
3,463
  
  
Other payables and accrued expenses
33,472
  
  
  Total liabilities
  
  
  
1,182,758
Net Assets  
  
  
$
81,891,847
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
88,375,076
Total accumulated earnings (loss)
  
  
  
(6,483,229)
Net Assets
  
  
$
81,891,847
Net Asset Value, offering price and redemption price per share ($81,891,847 ÷ 4,444,359 shares)
  
  
$
18.43
Statement of Operations
Six months ended December 31, 2024 (Unaudited)
 
 
Investment Income
  
  
  
  
Interest  
  
  
$
1,185,990
Income from Fidelity Central Funds  
  
  
2,854
 Total income
  
  
  
1,188,844
Expenses
  
  
  
  
Management fee
$
20,268
  
  
Custodian fees and expenses
1,222
  
  
Independent trustees' fees and expenses
101
  
  
Registration fees
8,786
  
  
Audit fees
32,261
  
  
Legal
63
  
  
Miscellaneous
125
  
  
 Total expenses before reductions
  
62,826
  
  
 Expense reductions
  
(34,135)
  
  
 Total expenses after reductions
  
  
  
28,691
Net Investment income (loss)
  
  
  
1,160,153
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(60,716)
  
  
Total net realized gain (loss)
  
  
  
(60,716)
Change in net unrealized appreciation (depreciation) on investment securities
 
  
  
186,943
Net gain (loss)
  
  
  
126,227
Net increase (decrease) in net assets resulting from operations
  
  
$
1,286,380
Statement of Changes in Net Assets
 
 
Six months ended
December 31, 2024
(Unaudited)
  
Year ended
June 30, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
1,160,153
$
2,265,630
Net realized gain (loss)
  
(60,716)
  
(1,027,813)
Change in net unrealized appreciation (depreciation)
  
186,943
  
563,471
Net increase (decrease) in net assets resulting from operations
  
1,286,380
  
1,801,288
Distributions to shareholders
  
(1,142,739)
  
(2,222,794)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
14,391,350
  
59,628,992
  Reinvestment of distributions
  
175
  
289
Cost of shares redeemed
  
(13,390,887)
  
(67,272,229)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
1,000,638
  
(7,642,948)
Total increase (decrease) in net assets
  
1,144,279
  
(8,064,454)
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
80,747,568
  
88,812,022
End of period
$
81,891,847
$
80,747,568
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
773,738
  
3,336,429
  Issued in reinvestment of distributions
  
9
  
16
Redeemed
  
(722,085)
  
(3,783,308)
Net increase (decrease)
  
51,662
  
(446,863)
 
  
  
  
  
Financial Highlights
 
Fidelity® SAI Municipal Bond Index Fund
 
 
Six months ended
(Unaudited) December 31, 2024 
  
Years ended June 30, 2024 
  
2023  
  
2022 
  
2021 
  
2020 A  
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
18.38
$
18.35
$
18.33
$
20.65
$
20.26
$
20.00
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) B,C
  
.266
 
.501
 
.470
 
.330
 
.314
 
.333
     Net realized and unrealized gain (loss)
 
.046
 
.021 D
  
.012
 
(2.320)
 
.391
 
.254
  Total from investment operations
 
.312  
  
.522  
  
.482  
  
(1.990)  
  
.705
 
.587
  Distributions from net investment income
 
(.260)
 
(.492)
 
(.462)
 
(.330)
 
(.315)
 
(.327)
  Distributions from net realized gain
 
(.002)
 
-
 
-
 
-
 
-
 
-
     Total distributions
 
(.262)
 
(.492)
 
(.462)
 
(.330)
 
(.315)
 
(.327)
  Net asset value, end of period
$
18.43
$
18.38
$
18.35
$
18.33
$
20.65
$
20.26
 Total Return E,F
  
1.69
%
 
2.90%
 
2.68%
 
(9.74)%
 
3.50%
 
2.96%
 Ratios to Average Net Assets C,G,H
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.15% I
  
.17%
 
.18%
 
.20%
 
.17%
 
.45% I
    Expenses net of fee waivers, if any
 
.07
% I
  
.07%
 
.07%
 
.07%
 
.07%
 
.07% I
    Expenses net of all reductions
 
.07% I
  
.07%
 
.07%
 
.07%
 
.07%
 
.07% I
    Net investment income (loss)
 
2.84% I
  
2.75%
 
2.57%
 
1.65%
 
1.53%
 
1.72% I
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
81,892
$
80,748
$
88,812
$
86,256
$
90,154
$
54,824
    Portfolio turnover rate J
  
19
% I
  
17%
 
17%
 
59%
 
13%
 
8% I
 
AFor the period July 11, 2019 (commencement of operations) through June 30, 2020.
BCalculated based on average shares outstanding during the period.
CNet 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.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees 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.
HExpense 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.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
 (Unaudited)
For the period ended December 31, 2024
 
1. Organization.
Fidelity SAI Municipal Bond Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) 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.
 
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 December 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to market discount and capital loss carryforwards.
 
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$203,870
Gross unrealized depreciation
(3,309,251)
Net unrealized appreciation (depreciation)
$(3,105,381)
Tax cost
$85,148,044
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(1,214,161)
 Long-term
(2,085,361)
Total capital loss carryforward
$(3,299,522)
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
New Accounting Pronouncement. 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI Municipal Bond Index Fund
9,794,338
7,890,073
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .05% of the Fund's average net assets.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
 
The line of credit agreement will expire in March 2025 unless extended or renewed.
 
 
Amount ($)
Fidelity SAI Municipal Bond Index Fund
55
7. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .07% of average net assets. This reimbursement will remain in place through October 31, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $34,119.
 
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 $16.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI Municipal Bond Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
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 renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
 
1.9894030.105
MBX-SANN-0325
Fidelity® Municipal Bond Index Fund
 
 
Semi-Annual Report
December 31, 2024

Contents

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

Fidelity® Municipal Bond Index Fund

Notes to Financial Statements

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

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

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

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
BLOOMBERG ® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Municipal Bond Index Fund
Schedule of Investments December 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 99.6%
 
  
Principal
Amount (a)
 
Value ($)
 
Alabama - 1.8%
 
  
  
Education - 0.0%
  
  
  
University AL Gen Rev Series 2017B, 3% 7/1/2035
 
10,000
9,117
University of Ala At Birmingham Gen Rev Series 2019B, 3% 10/1/2041
 
50,000
42,431
 
  
  
51,548
Escrowed/Pre-Refunded - 0.1%
  
  
  
Alabama Fed Aid Hwy Fin Auth Spl Oblig Rev Series 2017A, 4% 6/1/2037 (Pre-refunded to 9/1/2027 at 100)
 
25,000
25,519
Alabama Fed Aid Hwy Fin Auth Spl Oblig Rev Series 2017B, 5% 9/1/2026 (Escrowed to Maturity)
 
75,000
77,145
Birmingham Ala Wtrwks Brd Wtr Rev Series 2016 B, 3% 1/1/2043 (Pre-refunded to 1/1/2027 at 100)
 
5,000
5,007
Birmingham Ala Wtrwks Brd Wtr Rev Series 2016 B, 5% 1/1/2030 (Pre-refunded to 1/1/2027 at 100)
 
135,000
140,481
Tuscaloosa Cnty AL Brd Ed Spl Tax Sch Dist Series 2017, 5% 2/1/2043 (Pre-refunded to 2/1/2027 at 100)
 
45,000
46,938
 
  
  
295,090
General Obligations - 1.2%
  
  
  
Alabama St Corrections Instn Fin Auth Rev (Alabama St Proj.) 5.25% 7/1/2047
 
150,000
159,902
Black Belt Energy Gas District Series 2024 B, 5% tender 10/1/2055 (b)
  
240,000
253,082
Black Belt Energy Gas District Series 2024 C, 5% tender 5/1/2055 (Pacific Life Insurance Co Guaranteed) (b)
  
680,000
718,125
Energy Southeast Ala Coop Dist Energy Supply Rev Series 2024B, 5.25% tender 7/1/2054 (b)
  
200,000
215,827
Southeast Energy Auth Commodity Supply Rev Ala 5.5% tender 1/1/2053 (Morgan Stanley Guaranteed) (b)
  
345,000
367,476
Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 11/1/2055 (Pacific Life Insurance Co Guaranteed) (b)
  
200,000
212,614
 
  
  
1,927,026
Health Care - 0.2%
  
  
  
Infirmary Hlth Sys Spl Care Series 2016A, 3% 2/1/2030
 
40,000
38,078
UAB Medicine Fin Auth Rev (University AL At Birmingham Hosp Rev Proj.) Series 2016 B, 3.625% 9/1/2041
 
195,000
184,425
UAB Medicine Fin Auth Rev (University AL At Birmingham Hosp Rev Proj.) Series 2016 B, 5% 9/1/2034
 
130,000
132,538
UAB Medicine Fin Auth Rev (University AL At Birmingham Hosp Rev Proj.) Series 2017B1, 3.25% 9/1/2031
 
5,000
4,791
 
  
  
359,832
Special Tax - 0.3%
  
  
  
Alabama St Pub Sch & Coll Auth Series 2020 A, 4% 11/1/2040
 
100,000
100,357
Alabama St Pub Sch & Coll Auth Series 2020 A, 5% 11/1/2039
 
320,000
343,874
Birmingham Jeffrsn AL Cvc Ctr Series 2018 B, 4% 7/1/2048
 
30,000
27,560
 
  
  
471,791
Water & Sewer - 0.0%
  
  
  
Decatur Ala Wtr & Swr Rev Series 2021 A, 2.125% 2/15/2051
 
35,000
20,915
TOTAL ALABAMA
  
  
3,126,202
Alaska - 0.1%
 
  
  
General Obligations - 0.0%
  
  
  
Alaska St Gen. Oblig. Series 2015B, 5% 8/1/2027
 
50,000
50,533
Housing - 0.1%
  
  
  
Alaska St Hsg Fin Corp Series 2017 A, 5% 12/1/2030
 
75,000
78,117
TOTAL ALASKA
  
  
128,650
Arizona - 1.0%
 
  
  
Education - 0.1%
  
  
  
Arizona Indl Dev Auth Student Hsg Rev (Provident Properties Proj.) Series 2019A, 5% 6/1/2058
 
65,000
66,806
Arizona St Univ Revs Series 2019 B, 4% 7/1/2049
 
15,000
14,589
University AZ Univ Revs Series 2016B, 5% 6/1/2042
 
45,000
45,764
University AZ Univ Revs Series 2020 A, 4% 8/1/2044
 
100,000
97,892
 
  
  
225,051
Electric Utilities - 0.5%
  
  
  
Salt River Proj AZ Agric & Pwr Series 2016 A, 5% 1/1/2027
 
50,000
52,084
Salt River Proj AZ Agric & Pwr Series 2016 A, 5% 1/1/2031
 
45,000
46,643
Salt River Proj AZ Agric & Pwr Series 2016 A, 5% 1/1/2036
 
40,000
41,226
Salt River Proj AZ Agric & Pwr Series 2017A, 5% 1/1/2028
 
100,000
106,077
Salt River Proj AZ Agric & Pwr Series 2017A, 5% 1/1/2031
 
40,000
42,258
Salt River Proj AZ Agric & Pwr Series 2017A, 5% 1/1/2033
 
130,000
136,861
Salt River Proj AZ Agric & Pwr Series 2019 A, 4% 1/1/2041
 
175,000
175,467
Salt River Proj AZ Agric & Pwr Series 2022A, 5% 1/1/2032
 
255,000
287,340
 
  
  
887,956
General Obligations - 0.0%
  
  
  
Maricopa County Special Health Care District Gen. Oblig. Series C, 4% 7/1/2038
 
55,000
55,300
Salt Verde Finl Corp Gas Rev AZ 5% 12/1/2032 (Citigroup Inc Guaranteed)
 
50,000
53,163
Salt Verde Finl Corp Gas Rev AZ 5.25% 12/1/2026 (Citigroup Inc Guaranteed)
 
15,000
15,420
 
  
  
123,883
Health Care - 0.1%
  
  
  
Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2021 A, 4% 9/1/2051
 
135,000
124,698
Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2016 A, 5% 1/1/2038
 
40,000
40,816
 
  
  
165,514
Special Tax - 0.1%
  
  
  
Phoenix Ariz Civic Impt Corp Distr Rev 5.5% 7/1/2036 (National Public Finance Guarantee Corporation Insured) (c)
  
75,000
89,226
Phoenix AZ Civic Impt Corp Series 2015A, 5% 7/1/2031
 
25,000
25,201
 
  
  
114,427
Transportation - 0.1%
  
  
  
Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2045
 
175,000
175,618
Water & Sewer - 0.1%
  
  
  
Mesa AZ Util Sys Rev Series 2020, 4% 7/1/2043
 
180,000
177,751
TOTAL ARIZONA
  
  
1,870,200
Arkansas - 0.1%
 
  
  
Water & Sewer - 0.1%
  
  
  
Fort Smith AR Wtr & Swr Rev Series 2018, 5% 10/1/2034
 
110,000
116,017
California - 21.8%
 
  
  
Education - 2.3%
  
  
  
California Edl Facs Auth Rev (Loyola Marymount University Proj.) 0% 10/1/2029 (National Public Finance Guarantee Corporation Insured) (d)
  
165,000
139,657
California Edl Facs Auth Rev (Loyola Marymount University Proj.) 0% 10/1/2034 (National Public Finance Guarantee Corporation Insured) (d)
  
15,000
10,375
California Edl Facs Auth Rev (Loyola Marymount University Proj.) Series 2001A, 0% 10/1/2030 (d)
  
70,000
57,052
California Edl Facs Auth Rev (Stanford University Proj.) 5% 3/15/2039
 
60,000
71,788
California Edl Facs Auth Rev (Stanford University Proj.) Series U 6, 5% 5/1/2045
 
35,000
41,883
California Educational Facilities Authority (Loyola Marymount University Proj.) Series 2018 B, 5% 10/1/2043
 
100,000
104,812
California Educational Facilities Authority (Stanford University Proj.) Series V3, 5% 6/1/2033
 
175,000
205,080
California St Univ Rev Series 2015A, 5% 11/1/2027
 
20,000
20,353
California St Univ Rev Series 2015A, 5% 11/1/2033
 
105,000
106,519
California St Univ Rev Series 2015A, 5% 11/1/2043
 
40,000
40,428
California St Univ Rev Series 2016A, 3.125% 11/1/2036
 
155,000
146,808
California St Univ Rev Series 2016A, 5% 11/1/2026
 
45,000
46,308
California St Univ Rev Series 2016A, 5% 11/1/2045
 
125,000
127,061
California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2017, 5% 5/15/2042
 
100,000
101,670
University CA Revs 5% 5/15/2035
 
250,000
279,929
University CA Revs Series 2015 AO, 5% 5/15/2040
 
125,000
125,657
University CA Revs Series 2015 I, 5% 5/15/2028
 
40,000
40,262
University CA Revs Series 2016AR, 5% 5/15/2035
 
135,000
138,270
University CA Revs Series 2017 AY, 5% 5/15/2028
 
20,000
21,036
University CA Revs Series 2017M, 5% 5/15/2032
 
75,000
78,431
University CA Revs Series 2017M, 5% 5/15/2036
 
80,000
83,113
University CA Revs Series 2018 O, 4% 5/15/2029
 
25,000
25,849
University CA Revs Series 2018 O, 4% 5/15/2048
 
165,000
163,367
University CA Revs Series 2018 O, 5% 5/15/2058
 
105,000
109,076
University CA Revs Series 2020 BE, 5% 5/15/2031
 
235,000
262,499
University CA Revs Series 2023 BN, 5% 5/15/2030
 
150,000
167,707
University CA Revs Series 2023 BQ, 5% 5/15/2035
 
50,000
57,729
University CA Revs Series 2024 BS, 5% 5/15/2044
 
20,000
22,402
University CA Revs Series 2024 BV, 5% 5/15/2038
 
20,000
23,114
University CA Revs Series 2024 BW, 5% 5/15/2031
 
1,000,000
1,137,048
 
  
  
3,955,283
Electric Utilities - 1.0%
  
  
  
Glendale CA Elec Series 2024, 5% 2/1/2049
 
85,000
92,096
Imperial CA Irr Dist Elec Rev Series 2016B 1, 5% 11/1/2046
 
140,000
143,089
Los Angeles CA Wtr & Pwr Rev Series 2016 A, 5% 7/1/2040
 
125,000
126,797
Los Angeles CA Wtr & Pwr Rev Series 2016 A, 5% 7/1/2046
 
70,000
70,815
Los Angeles CA Wtr & Pwr Rev Series 2017A, 5% 7/1/2028
 
5,000
5,218
Los Angeles CA Wtr & Pwr Rev Series 2018 A, 5% 7/1/2031
 
15,000
15,960
Los Angeles CA Wtr & Pwr Rev Series 2019 B, 5% 7/1/2030
 
55,000
59,874
Los Angeles CA Wtr & Pwr Rev Series 2019 C, 5% 7/1/2037
 
25,000
26,940
Los Angeles CA Wtr & Pwr Rev Series 2020 A, 5% 7/1/2027
 
135,000
142,721
Los Angeles CA Wtr & Pwr Rev Series 2022 A, 5% 7/1/2040
 
275,000
303,490
Los Angeles CA Wtr & Pwr Rev Series 2023 B, 5% 7/1/2036
 
30,000
34,298
Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2038
 
35,000
40,129
Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2039
 
35,000
39,905
Los Angeles CA Wtr & Pwr Rev Series 2024 B, 5% 7/1/2038
 
140,000
161,567
Sacramento CA Muni Util Dist Elec Rev Series 2019 G, 5% 8/15/2032
 
245,000
268,036
Sacramento CA Muni Util Dist Elec Rev Series 2020 H, 5% 8/15/2039
 
70,000
76,430
Turlock CA Series 2016, 5% 1/1/2046
 
205,000
210,250
 
  
  
1,817,615
Escrowed/Pre-Refunded - 0.8%
  
  
  
Anaheim CA Pub Fin Auth Lease Rev 0% 9/1/2036 (Escrowed to Maturity) (d)
  
170,000
113,271
California Health Facilities Financing Authority Series 2016A, 3.25% 11/15/2036 (Pre-refunded to 11/15/2025 at 100)
 
110,000
110,523
California Health Facilities Financing Authority Series 2016B, 5% 11/15/2046 (Pre-refunded to 11/15/2026 at 100)
 
10,000
10,405
California Infra & Econ Dev Bank 5% 7/1/2029 (Pre-refunded to 1/1/2028 at 100)
 
165,000
174,906
Foothill/Estrn Transn CA Toll 0% 1/1/2027 (d)
  
40,000
37,610
Foothill/Estrn Transn CA Toll 0% 1/1/2029 (d)
  
195,000
172,249
Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2015A, 4% 6/1/2031 (Pre-refunded to 6/1/2025 at 100)
 
100,000
100,477
Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2015A, 5% 6/1/2035 (Pre-refunded to 6/1/2025 at 100)
 
20,000
20,177
Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2015A, 5% 6/1/2040 (Pre-refunded to 6/1/2025 at 100)
 
10,000
10,088
Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2015A, 5% 6/1/2040 (Pre-refunded to 6/1/2025 at 100)
 
10,000
10,088
Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2015A, 5% 6/1/2045 (Pre-refunded to 6/1/2025 at 100)
 
140,000
141,239
Riverside County Public Financing Authority Series 2015, 4.125% 11/1/2040 (Pre-refunded to 11/1/2025 at 100)
 
100,000
101,167
Riverside County Public Financing Authority Series 2015, 5.25% 11/1/2045 (Pre-refunded to 11/1/2025 at 100)
 
180,000
183,751
San Diego CA Comm Coll Dist Gen. Oblig. Series 2016, 5% 8/1/2041 (Pre-refunded to 8/1/2026 at 100)
 
5,000
5,179
San Diego CA Uni Sch Dist Series 2009 1, 0% 7/1/2030 (Escrowed to Maturity) (d)
  
20,000
16,798
San Diego CA Uni Sch Dist Series G 1, 5.25% 7/1/2028 (Escrowed to Maturity)
 
5,000
5,400
San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/1/2026 (d)
  
30,000
29,135
San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/1/2028 (d)
  
200,000
183,468
San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev Series 1993 CABS, 0% 1/1/2028 (Escrowed to Maturity) (d)
  
35,000
32,107
San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev Series 2014A, 5% 1/15/2044 (Pre-refunded to 1/15/2025 at 100)
 
95,000
95,067
Solano Calif Cmnty College Dist Gen. Oblig. Series 2013 A, 5.125% 8/1/2041 (Pre-refunded to 8/1/2028 at 100) (c)
  
40,000
42,787
 
  
  
1,595,892
General Obligations - 10.4%
  
  
  
Anaheim City School District/CA Series 2016, 3% 8/1/2046
 
50,000
40,010
Antelope Valley CA Cmnty College Dist Gen. Oblig. Series B, 3% 8/1/2050
 
55,000
43,138
California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity And Life Company Guaranteed) (b)
  
810,000
854,269
California Community Choice Financing Authority Series 2022A 1, 4% tender 5/1/2053 (Morgan Stanley Guaranteed) (b)
  
670,000
672,327
California St Pub Wks Brd Lse 5% 8/1/2028
 
50,000
53,651
California St Pub Wks Brd Lse Series 2020 B, 4% 3/1/2045
 
175,000
175,039
California St Pub Wks Brd Lse Series 2021 C, 4% 11/1/2038
 
260,000
266,415
Carlsbad CA Unified School Dis 0% 8/1/2035 (c)
  
180,000
207,035
Cerritos CA Cmnty College Dist Gen. Oblig. Series 2019 C, 3% 8/1/2044
 
25,000
20,810
Chaffey CA Unified Hsd Series D, 4% 8/1/2049
 
20,000
19,651
Chino Valley CA Uni Sch Dist Series 2017A, 5.25% 8/1/2047
 
25,000
25,948
City of Fresno Unified School Series 2016A, 4% 8/1/2041
 
150,000
149,845
Compton CA Uni Sch Dist Series 2019 B, 3% 6/1/2049
 
10,000
8,043
Desert Calif Cmty College Dist Gen. Oblig. Series 2024, 4% 8/1/2042
 
90,000
91,506
Downey CA Uni Sch Dist Series B, 3.625% 8/1/2042
 
355,000
337,884
El Camino CA Cmty College Dist Series 2012C, 0% 8/1/2034 (d)
  
165,000
118,372
El Camino CA Cmty College Dist Series 2012C, 0% 8/1/2038 (d)
  
65,000
38,463
Elk Grove Calif Uni Sch Dist Ctfs Partn (Elk Grove CA Uni Sch Dist Proj.) 3% 2/1/2035
 
60,000
55,976
Foothill-De Anza CA Cmty College Dist Gen. Oblig. 0% 8/1/2025 (d)
  
5,000
4,911
Foothill-De Anza CA Cmty College Dist Gen. Oblig. 0% 8/1/2036 (Ambac Assurance Corp Insured) (d)
  
200,000
133,085
Fremont Union High Sch Dist Santa Clara Series 2019 A, 4% 8/1/2046
 
30,000
30,022
Grossmont CA Union High School Dist 0% 8/1/2030 (d)
  
10,000
8,352
Grossmont CA Union High School Dist Series 2016B, 3% 8/1/2045
 
20,000
15,967
Hayward CA Uni Sch Dist Series 2019 A, 4% 8/1/2048
 
200,000
200,077
Livermore Valley CA Jt Uni Sch Series 2019, 4% 8/1/2046
 
190,000
188,112
Long Beach CA Bd Fin Auth Nat Gas Pur Rev 5% 11/15/2035 (Merrill Lynch & Co Inc Guaranteed)
 
25,000
27,153
Long Beach CA Uni Sch Dist 0% 8/1/2035 (d)
  
150,000
102,777
Long Beach CA Uni Sch Dist Series 2016, 3% 8/1/2032
 
35,000
34,006
Los Angeles CA Ccd Gen. Oblig. Series 2024, 5% 8/1/2030
 
15,000
16,833
Los Angeles CA Ccd Gen. Oblig. Series J, 4% 8/1/2036
 
30,000
30,370
Los Angeles CA Ccd Gen. Oblig. Series J, 5% 8/1/2028
 
30,000
31,760
Los Angeles CA Ccd Gen. Oblig. Series L 1, 5% 8/1/2031
 
100,000
114,137
Los Angeles CA Ccd Gen. Oblig. Series L 1, 5% 8/1/2036
 
10,000
11,378
Los Angeles CA Mun Imp Crp Lse (Los Angeles CA Proj.) Series 2016 B, 4% 11/1/2037
 
490,000
492,853
Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) Series 2023 A, 5% 10/1/2033
 
85,000
97,766
Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) Series 2023 A, 5% 10/1/2034
 
15,000
17,207
Los Angeles Unified School District/CA 5% 7/1/2035
 
55,000
63,180
Los Angeles Unified School District/CA 5% 7/1/2042
 
15,000
16,847
Los Angeles Unified School District/CA Series 2017A, 5% 7/1/2026
 
175,000
181,085
Los Angeles Unified School District/CA Series 2018 B 1, 5% 7/1/2033
 
125,000
132,275
Los Angeles Unified School District/CA Series 2018 B 1, 5.25% 7/1/2042
 
50,000
52,630
Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2028
 
130,000
140,508
Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2029
 
15,000
16,527
Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2030
 
50,000
54,731
Los Angeles Unified School District/CA Series 2020 C, 4% 7/1/2032
 
25,000
26,415
Los Angeles Unified School District/CA Series 2020 C, 5% 7/1/2030
 
60,000
67,335
Los Angeles Unified School District/CA Series 2020 RYQ, 5% 7/1/2027
 
65,000
68,798
Los Angeles Unified School District/CA Series 2021 RYRR, 5% 7/1/2031
 
15,000
17,119
Los Angeles Unified School District/CA Series 2023 QRR, 5% 7/1/2033
 
110,000
128,492
Los Angeles Unified School District/CA Series 2023 QRR, 5% 7/1/2036
 
15,000
17,384
Los Angeles Unified School District/CA Series 2023 QRR, 5% 7/1/2043
 
25,000
28,196
Los Angeles Unified School District/CA Series A, 5% 7/1/2040
 
30,000
30,172
M-S-R Energy Auth Calif Gas Rev 6.125% 11/1/2029 (Citigroup Inc Guaranteed)
 
45,000
47,748
M-S-R Energy Auth Calif Gas Rev 6.5% 11/1/2039 (Citigroup Inc Guaranteed)
 
25,000
31,139
M-S-R Energy Auth Calif Gas Rev 6.5% 11/1/2039 (Citigroup Inc Guaranteed)
 
30,000
37,367
Marin Healthcare District Gen. Oblig. Series 2017A, 3% 8/1/2037
 
170,000
151,163
Marin Healthcare District Gen. Oblig. Series 2017A, 4% 8/1/2047
 
135,000
131,176
Montebello CA Unified Sch Dist Series 2016A, 5% 8/1/2041
 
50,000
51,058
Mt Diablo CA Unified Sch Dist 4% 8/1/2036
 
250,000
260,307
Napa Valley CA Uni Sch Dist 4% 8/1/2044 (Assured Guaranty Municipal Corp Insured)
 
175,000
173,683
Newport Mesa CA Uni Sch Dist 0% 8/1/2036 (d)
  
230,000
154,447
Newport Mesa CA Uni Sch Dist Series 2017, 0% 8/1/2039 (d)
  
495,000
279,287
North Orange Cnty Calif Cmnty College Dist Gen. Oblig. Series 2016A, 3% 8/1/2040
 
15,000
13,035
Norwalk-Mirada CA Uni Sch Dist 0% 8/1/2028 (National Public Finance Guarantee Corporation Insured) (d)
  
70,000
62,273
Oakland CA Uni Sch Dist Alameda Cnty Series 2021 A, 4% 8/1/2046
 
205,000
203,841
Palo Alto Calif Uni Sch Dist 0% 8/1/2033 (d)
  
35,000
26,316
Palomar Calif Cmnty College Dist Gen. Oblig. 0% 8/1/2045 (c)
  
65,000
60,430
Palomar Pomerado Health Calif (Palomar Health Calif Proj.) Gen. Oblig. 0% 8/1/2028 (Assured Guaranty Inc Insured) (d)
  
200,000
174,267
Poway CA Unified Sch Dist 0% 8/1/2046 (d)
  
190,000
73,149
Riverside CA Cmnty College Dst Gen. Oblig. Series 2019, 3% 8/1/2036
 
200,000
186,824
San Bernardino CA Cmnty College Dist Gen. Oblig. 0% 8/1/2048 (d)
  
5,000
1,813
San Bernardino CA Cmnty College Dist Gen. Oblig. Series E, 4.125% 8/1/2049
 
40,000
40,324
San Diego CA Uni Sch Dist 0% 7/1/2030 (d)
  
5,000
4,202
San Diego CA Uni Sch Dist 0% 7/1/2030 (d)
  
35,000
29,270
San Diego CA Uni Sch Dist 0% 7/1/2030 (Escrowed to Maturity) (d)
  
25,000
20,998
San Diego CA Uni Sch Dist 0% 7/1/2031 (Escrowed to Maturity) (d)
  
15,000
12,180
San Diego CA Uni Sch Dist 0% 7/1/2043 (d)
  
10,000
4,820
San Diego CA Uni Sch Dist 0% 7/1/2049 (d)
  
125,000
44,361
San Diego CA Uni Sch Dist 5.25% 7/1/2027 (Assured Guaranty Municipal Corp Insured)
 
5,000
5,332
San Diego CA Uni Sch Dist 5.5% 7/1/2026 (Assured Guaranty Municipal Corp Insured)
 
80,000
83,413
San Diego CA Uni Sch Dist Series 2016 R 5, 5% 7/1/2026
 
50,000
51,731
San Diego CA Uni Sch Dist Series 2017 K 2, 0% 7/1/2031 (d)
  
430,000
341,757
San Diego CA Uni Sch Dist Series 2022 F 2, 5% 7/1/2042
 
90,000
100,407
San Diego CA Uni Sch Dist Series 2023 SR 3A, 5% 7/1/2035
 
25,000
28,964
San Diego CA Uni Sch Dist Series 2025 SR 4C, 5% 7/1/2034 (e)
  
255,000
297,614
San Diego CA Uni Sch Dist Series G 1, 5.25% 7/1/2028 (Assured Guaranty Municipal Corp Insured)
 
25,000
27,299
San Diego CA Uni Sch Dist Series R 4, 5% 7/1/2028
 
70,000
70,694
San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series 2019 B 1, 3% 8/1/2049
 
200,000
158,085
San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series 2022D 1, 4.125% 8/1/2052
 
195,000
196,295
San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series A 1, 4% 8/1/2042
 
10,000
9,988
San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series A 1, 5% 8/1/2047
 
80,000
82,467
San Francisco CA City & Cnty Ctfs Partn (San Francisco CA City & Cnty Proj.) Series 2019 A, 4% 4/1/2041
 
30,000
30,082
San Jose California Gen. Oblig. Series 2019 C, 5% 9/1/2030
 
265,000
288,943
San Mateo CA Unified Sch Dist 6.7% 9/1/2041 (c)
  
50,000
52,786
San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. 0% 9/1/2033 (National Public Finance Guarantee Corporation Insured) (d)
  
130,000
97,098
San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. 0% 9/1/2035 (National Public Finance Guarantee Corporation Insured) (d)
  
200,000
137,856
Santa Clara CA Uni Sch Dist 4% 7/1/2040
 
160,000
164,422
Santa Clara CA Uni Sch Dist Series 2019, 4% 7/1/2048
 
35,000
35,015
Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) 3% 5/15/2037
 
200,000
182,714
Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2019 A, 3.125% 5/1/2047
 
225,000
184,638
Saugus Union School District School Facilities Improvement District No 2014-1 Series C, 2.375% 8/1/2044
 
150,000
107,026
Sequoia Calif Un High Sch Dist Series 2016, 3% 7/1/2031
 
145,000
143,840
Sierra CA Jt Cmty College Dist Gen. Oblig. Series B, 2% 8/1/2046
 
100,000
62,875
Sonoma Cnty Calif Jr College Gen. Oblig. Series B, 3% 8/1/2036
 
200,000
186,824
Sonoma Cnty Calif Jr College Gen. Oblig. Series B, 3% 8/1/2041
 
5,000
4,306
Southern California Pub Pwr Auth Nat Gas Proj Rev 5.25% 11/1/2026 (Goldman Sachs Group Inc/The Guaranteed)
 
30,000
30,599
Southwestern Cmnty College Dist CA Gen. Oblig. Series 2021 C, 2.375% 8/1/2046
 
100,000
68,130
State Center CA Cmnty College Dist Gen. Oblig. Series 2020 B, 2.25% 8/1/2045
 
250,000
170,665
State of California Gen. Oblig. 2% 11/1/2036
 
60,000
48,477
State of California Gen. Oblig. 3% 10/1/2033
 
70,000
69,249
State of California Gen. Oblig. 3% 10/1/2034
 
50,000
49,165
State of California Gen. Oblig. 3% 10/1/2037
 
190,000
178,200
State of California Gen. Oblig. 3% 11/1/2035
 
250,000
244,050
State of California Gen. Oblig. 3% 11/1/2041
 
185,000
161,609
State of California Gen. Oblig. 3% 11/1/2050
 
25,000
19,513
State of California Gen. Oblig. 3% 3/1/2028
 
50,000
50,040
State of California Gen. Oblig. 4% 3/1/2028
 
40,000
41,317
State of California Gen. Oblig. 4% 3/1/2029
 
175,000
182,351
State of California Gen. Oblig. 4% 3/1/2050
 
40,000
40,015
State of California Gen. Oblig. 4% 8/1/2037
 
25,000
25,242
State of California Gen. Oblig. 5% 10/1/2048
 
100,000
104,270
State of California Gen. Oblig. 5% 11/1/2027
 
50,000
52,926
State of California Gen. Oblig. 5% 11/1/2031
 
295,000
326,758
State of California Gen. Oblig. 5% 12/1/2031
 
265,000
298,292
State of California Gen. Oblig. 5% 3/1/2032
 
50,000
54,731
State of California Gen. Oblig. 5% 3/1/2032
 
50,000
54,731
State of California Gen. Oblig. 5% 3/1/2035
 
220,000
239,300
State of California Gen. Oblig. 5% 4/1/2027
 
10,000
10,465
State of California Gen. Oblig. 5% 4/1/2029
 
140,000
151,769
State of California Gen. Oblig. 5% 4/1/2030
 
100,000
108,589
State of California Gen. Oblig. 5% 8/1/2026
 
5,000
5,007
State of California Gen. Oblig. 5% 8/1/2026
 
65,000
65,720
State of California Gen. Oblig. 5% 8/1/2026
 
70,000
70,111
State of California Gen. Oblig. 5% 8/1/2029
 
20,000
20,219
State of California Gen. Oblig. 5% 8/1/2045
 
40,000
40,208
State of California Gen. Oblig. 5% 9/1/2026
 
160,000
165,757
State of California Gen. Oblig. 5% 9/1/2031
 
230,000
258,073
State of California Gen. Oblig. 5% 9/1/2033
 
145,000
166,674
State of California Gen. Oblig. 5.25% 8/1/2030
 
95,000
96,163
State of California Gen. Oblig. Series 2016, 3% 9/1/2033
 
355,000
345,027
State of California Gen. Oblig. Series 2016, 4% 9/1/2028
 
110,000
111,620
State of California Gen. Oblig. Series 2016, 4% 9/1/2036
 
200,000
200,944
State of California Gen. Oblig. Series 2016, 5% 8/1/2027
 
45,000
46,442
State of California Gen. Oblig. Series 2016, 5% 9/1/2045
 
10,000
10,204
State of California Gen. Oblig. Series 2016B, 4% 9/1/2035
 
50,000
50,276
State of California Gen. Oblig. Series 2016B, 5% 9/1/2030
 
15,000
15,467
State of California Gen. Oblig. Series 2016B, 5% 9/1/2032
 
50,000
51,480
State of California Gen. Oblig. Series 2017, 3.5% 8/1/2027
 
25,000
25,353
State of California Gen. Oblig. Series 2017, 5% 11/1/2027
 
75,000
79,389
State of California Gen. Oblig. Series 2017, 5% 11/1/2027
 
65,000
68,804
State of California Gen. Oblig. Series 2017, 5% 11/1/2031
 
100,000
105,067
State of California Gen. Oblig. Series 2017, 5% 8/1/2026
 
80,000
82,731
State of California Gen. Oblig. Series 2017, 5% 8/1/2033
 
100,000
102,669
State of California Gen. Oblig. Series 2024, 5% 9/1/2031
 
300,000
336,617
State of California Gen. Oblig. Series C, 5% 9/1/2026
 
20,000
20,253
State of California Gen. Oblig. Series C, 5% 9/1/2028
 
50,000
50,628
Sunnyvale CA Fin Auth Lease Rev Series 2020, 4% 4/1/2050
 
380,000
377,542
Sweetwater CA Un High Sch Dist Series 2016, 4% 8/1/2042
 
350,000
348,761
Twin Rivers Uni Sch Dist Calif 0% 8/1/2041 (Assured Guaranty Municipal Corp Insured) (d)
  
135,000
63,960
Twin Rivers Uni Sch Dist Calif 4% 8/1/2043 (Assured Guaranty Municipal Corp Insured)
 
400,000
400,035
West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) 0% 8/1/2027 (Assured Guaranty Inc Insured) (d)
  
15,000
13,818
West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) Series C 1, 0% 8/1/2028 (d)
  
60,000
53,490
West Hollywood Public Financing Authority Series 2016, 3% 4/1/2041
 
140,000
117,517
William S Hart Uni High School Dist 0% 8/1/2033 (d)
  
50,000
37,311
Yuba CA Gen. Oblig. Series 2016, 3% 8/1/2036
 
165,000
151,051
Yuba CA Gen. Oblig. Series 2016, 3% 8/1/2037
 
35,000
31,638
 
  
  
18,151,270
Health Care - 0.8%
  
  
  
California Health Facilities Financing Authority (Cedars-Sinai Medical Center,Ca Proj.) Series 2015, 5% 11/15/2026
 
50,000
50,865
California Health Facilities Financing Authority (Kaiser Permanente Hlth System Proj.) Series A 1, 5% 11/1/2027
 
40,000
42,608
California Health Facilities Financing Authority (Kaiser Permanente Hlth System Proj.) Series A 2, 5% 11/1/2047
 
70,000
81,172
California Health Facilities Financing Authority (Providence Health Systems Proj.) 2% tender 10/1/2036 (b)
  
150,000
148,353
California Health Facilities Financing Authority (Providence Health Systems Proj.) Series 2016A, 3% 10/1/2041
 
50,000
42,868
California Health Facilities Financing Authority (Stanford Health Care Proj.) Series 2017 A, 5% 11/15/2026
 
275,000
286,423
California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2016B, 5% 11/15/2046
 
15,000
15,287
California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 4% 11/15/2042
 
65,000
64,510
California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 5% 11/15/2026
 
35,000
36,369
California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 5% 11/15/2033
 
25,000
26,343
California Hlth Facs Fin Auth (Adventist Health System-West Proj.) Series 2013 A, 4% 3/1/2043
 
35,000
32,848
California Statewide Communities Development Authority (University of Southern California Proj.) Series 2018, 4.375% 1/1/2048
 
40,000
40,055
California Statewide Communities Development Authority (University of Southern California Proj.) Series 2018, 5% 1/1/2032
 
20,000
21,056
California Statewide Community Development Authority Rev (Adventist Health System-West Proj.) Series 2018 A, 3.5% 3/1/2038
 
125,000
117,984
California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2017A, 5% 4/1/2047
 
55,000
55,459
California Statewide Community Development Authority Rev (Kaiser Permanente Hlth System Proj.) Series 2004 J, 5% tender 4/1/2036 (b)
  
25,000
27,120
Univ CA Regts Med Ctr Pooled Rev Series 2022 P, 4% 5/15/2053
 
235,000
230,479
Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2047
 
80,000
81,639
 
  
  
1,401,438
Lease Revenue - 0.1%
  
  
  
California Infrastructure & Economic Dev Bank Lease Rev (California State Teachers' Retirement System Proj.) 5% 8/1/2044
 
170,000
178,822
Garden Grove Calif Pub Fing Auth Lease Rev Series 2024A, 4% 4/1/2054
 
65,000
64,210
 
  
  
243,032
Other - 0.4%
  
  
  
California Infrastructure & Economic Development Bank (Academy of Motion Picture Arts and Sciences Proj.) Series 2023 A, 5% 11/1/2036
 
65,000
74,967
California Infrastructure & Economic Development Bank (Academy of Motion Picture Arts and Sciences Proj.) Series 2023 A, 5% 11/1/2038
 
55,000
62,981
California Infrastructure & Economic Development Bank (CA Academy of Science Proj.) Series 2021 B, 4% 5/1/2046
 
200,000
193,846
California Infrastructure & Economic Development Bank (J Paul Getty Trust/The Proj.) Series 2020 A 1, 5% 4/1/2032
 
225,000
259,336
California Infrastructure & Economic Development Bank (J Paul Getty Trust/The Proj.) Series 2023A, 5% 4/1/2033
 
30,000
35,014
 
  
  
626,144
Resource Recovery - 0.0%
  
  
  
Los Angeles CA Sld Wst Res Rev Series 2023 A, 5% 2/1/2033
 
35,000
40,741
Los Angeles CA Sld Wst Res Rev Series 2023 A, 5% 2/1/2037
 
25,000
28,502
 
  
  
69,243
Special Tax - 0.7%
  
  
  
Anaheim CA Pub Fin Auth Lease Rev (Anaheim CA Lpmr Disney Proj.) Series 1997 C, 0% 9/1/2028 (Assured Guaranty Municipal Corp Insured) (d)
  
95,000
84,061
Brea California Redev Agy 0% 8/1/2029 (Ambac Assurance Corp Insured) (d)
  
105,000
88,943
Irvine Calif Facs Fing Auth Spl Tax Rev Series 2023A, 4% 9/1/2058 (Build America Mutual Assurance Co Insured)
 
160,000
155,063
Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2019 A, 5% 7/1/2044
 
45,000
47,325
Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2021 A, 5% 7/1/2044
 
190,000
206,958
Riverside Cnty CA Transn Commn Series 2017B, 5% 6/1/2027
 
40,000
42,230
Sacramento CA Fin Auth 0% 12/1/2029 (National Public Finance Guarantee Corporation Insured) (d)
  
80,000
66,872
Sacramento CA Fin Auth 0% 12/1/2034 (Financial Guaranty Ins CO Insured) (d)
  
100,000
67,802
Sacramento CA Transn Auth Sales Tax Rev Series 2023, 5% 10/1/2033
 
140,000
164,459
Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2043
 
55,000
57,464
San Francisco CA BART Dist Tax Series 2019 A, 3% 7/1/2044
 
5,000
4,146
Santa Clara Valley CA Trans Auth Sales Tax Rev 5% 4/1/2033
 
185,000
216,065
Westminster Calif Redev Agy Successor Agy Tax Allocation Series 2016, 3% 11/1/2041
 
125,000
107,753
 
  
  
1,309,141
Transportation - 2.1%
  
  
  
Bay Area Toll Au CA Bridge Rev 2.95% tender 4/1/2047 (b)
  
110,000
109,323
Bay Area Toll Au CA Bridge Rev Series 2017 S 7, 4% 4/1/2034
 
95,000
96,140
Bay Area Toll Au CA Bridge Rev Series 2017 S 7, 4% 4/1/2038
 
275,000
275,995
Bay Area Toll Au CA Bridge Rev Series 2017 S 7, 4% 4/1/2047
 
5,000
4,961
Bay Area Toll Au CA Bridge Rev Series 2018 A, 2.625% tender 4/1/2045 (b)
  
130,000
128,689
Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024A, 4% 7/1/2054 (Assured Guaranty Municipal Corp Insured)
 
205,000
199,416
California Mun Fn Auth Rev (Linxs Apm Project Proj.) Series 2018 A, 3.25% 12/31/2032 (Assured Guaranty Municipal Corp Insured) (f)
  
20,000
18,654
California Mun Fn Auth Rev (Linxs Apm Project Proj.) Series 2018 A, 5% 12/31/2028 (f)
  
60,000
62,062
California Mun Fn Auth Rev (Linxs Apm Project Proj.) Series 2018 A, 5% 12/31/2047 (f)
  
100,000
100,528
Foothill/Estrn Transn CA Toll Series B 1, 3.95% 1/15/2053 (b)
  
80,000
75,284
Los Angeles CA Dept Arpts Rev Series 2018 A, 5% 5/15/2035 (f)
  
390,000
402,838
Los Angeles CA Dept Arpts Rev Series 2018 B, 5% 5/15/2034 (f)
  
10,000
10,348
Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2033 (f)
  
90,000
92,832
Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2037 (f)
  
75,000
76,870
Los Angeles CA Dept Arpts Rev Series 2018 D, 5% 5/15/2026 (f)
  
65,000
66,621
Los Angeles CA Dept Arpts Rev Series 2018 D, 5% 5/15/2031 (f)
  
80,000
84,563
Los Angeles CA Dept Arpts Rev Series 2018 D, 5% 5/15/2034 (f)
  
120,000
125,909
Los Angeles CA Dept Arpts Rev Series 2019 A, 5% 5/15/2036 (f)
  
50,000
52,233
Los Angeles CA Dept Arpts Rev Series 2020 A, 5% 5/15/2040
 
20,000
21,667
Los Angeles CA Dept Arpts Rev Series 2021B, 5% 5/15/2040
 
15,000
16,508
Los Angeles CA Dept Arpts Rev Series 2021B, 5% 5/15/2048
 
65,000
69,579
Los Angeles CA Dept Arpts Rev Series 2022 I, 5% 5/15/2042
 
285,000
312,722
Port Oakland Calif Rev Series 2017E, 5% 11/1/2026
 
30,000
31,072
San Diego Cnty CA Reg Arpt Auth Arpt Rev Series A, 5% 7/1/2047
 
50,000
51,496
San Francisco CA City & County Airports Commission International Airport Revenue Series 2016A, 5% 5/1/2026
 
25,000
25,720
San Francisco CA City & County Airports Commission International Airport Revenue Series 2017A, 5% 5/1/2047 (f)
  
40,000
40,309
San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2049 (f)
  
25,000
25,531
San Francisco CA City & County Airports Commission International Airport Revenue Series 2019D, 5% 5/1/2026
 
135,000
138,891
San Francisco CA City & County Airports Commission International Airport Revenue Series 2019D, 5% 5/1/2034
 
325,000
351,976
San Francisco CA City & County Airports Commission International Airport Revenue Series 2019D, 5% 5/1/2039
 
30,000
32,103
San Francisco CA City & County Airports Commission International Airport Revenue Series 2023 C, 5.75% 5/1/2048 (f)
  
275,000
303,145
San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND  2019E, 5% 5/1/2034 (f)
  
175,000
183,564
San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND  2020 A, 4% 5/1/2039 (f)
  
15,000
14,725
San Francisco Municipal Transportation Agency Series 2017, 4% 3/1/2042
 
135,000
134,834
San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/15/2031 (National Public Finance Guarantee Corporation Insured) (d)
  
90,000
71,895
San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/15/2032 (National Public Finance Guarantee Corporation Insured) (d)
  
30,000
22,924
San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2042
 
20,000
20,606
 
  
  
3,852,533
Water & Sewer - 3.2%
  
  
  
Anaheim Housing & Public Improvements Authority (Anaheim CA Water Rev Proj.) Series 2022 A, 5% 10/1/2052
 
525,000
538,830
California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) 5% 10/1/2032
 
25,000
29,013
California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) 5% 10/1/2035
 
15,000
17,234
California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) 5% 10/1/2052
 
20,000
21,692
California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) Series 2016, 5% 10/1/2026
 
15,000
15,434
California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) Series 2016, 5% 10/1/2029
 
25,000
25,661
California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) Series 2017, 5% 10/1/2029
 
405,000
425,023
California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) Series 2018, 5% 10/1/2026
 
25,000
26,029
California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) Series 2024, 5% 10/1/2035
 
15,000
17,485
California St Dept Wtr Res Cen Series 2016, 4% 12/1/2031
 
40,000
40,603
California St Dept Wtr Res Cen Series AW, 4% 12/1/2034
 
235,000
238,695
California St Dept Wtr Res Cen Series AX, 5% 12/1/2031
 
435,000
462,642
California St Dept Wtr Res Cen Series BA, 5% 12/1/2032
 
65,000
71,077
California St Dept Wtr Res Cen Series BB, 5% 12/1/2035
 
200,000
223,186
County of Orange CA Series 2017A, 5% 8/15/2029
 
75,000
78,471
County of Orange CA Series 2019C, 5% 8/15/2032
 
150,000
165,151
East Bay CA Mun Util Dist Wtr Sys Rev Series 2015A, 5% 6/1/2037
 
65,000
65,445
East Bay CA Mun Util Dist Wtr Sys Rev Series 2017B, 5% 6/1/2027
 
5,000
5,281
Long Beach CA Wtr Rev Series 2024, 4% 5/1/2054
 
155,000
154,431
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2016B, 5% 7/1/2029
 
50,000
51,012
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2017A, 5% 7/1/2033
 
20,000
20,795
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2018 A, 5% 7/1/2033
 
25,000
26,492
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 B, 4% 7/1/2049
 
140,000
140,140
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 B, 5% 7/1/2028
 
430,000
464,307
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2023 A, 5% 7/1/2042
 
15,000
16,841
Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024 A, 5% 7/1/2035
 
15,000
17,475
Metropolitan Wtr Dist Southn Calif Series 2020 A, 5% 10/1/2033
 
55,000
60,477
Metropolitan Wtr Dist Southn Calif Series 2020 C, 5% 7/1/2039
 
225,000
246,928
Metropolitan Wtr Dist Southn Calif Series 2020A, 5% 7/1/2027
 
140,000
148,390
Metropolitan Wtr Dist Southn Calif Series 2022A, 5% 10/1/2034
 
200,000
230,490
Rancho CA Wtr Dist Fing Auth Series 2019 A, 4% 8/1/2039
 
50,000
51,611
Sacramento Cnty CA Santn Dist Series 2021, 5% 12/1/2031
 
200,000
229,160
Sacramento Cnty CA Santn Dist Series 2021, 5% 12/1/2032
 
235,000
272,976
Sacramento Cnty CA Santn Dist Series 2021, 5% 12/1/2033
 
15,000
17,083
San Diego CA Pub Facs Fing Auth Wtr Rev 5.25% 8/1/2047
 
30,000
31,490
San Diego County Water Authority 5% 5/1/2047
 
140,000
152,049
San Francisco CA Pub Util Comm Wstwtr Rev Series 2023A, 5% 10/1/2032
 
190,000
220,219
San Francisco CA Pub Util Comm Wstwtr Rev Series 2023A, 5% 10/1/2034
 
230,000
264,332
San Francisco CA Pub Util Comm Wtr Rev Series 2015A, 5% 11/1/2029
 
15,000
15,101
San Francisco CA Pub Util Comm Wtr Rev Series 2020 SUB A, 5% 11/1/2050
 
185,000
196,297
San Mateo Foster City Calif Pub Fing Auth Wastewater Rev (City of San Mateo CA Sewer Revenue Proj.) Series 2019, 5% 8/1/2049
 
15,000
15,727
Santa Clara Valley Water District Public Facilities Financing Corp Series A, 5% 6/1/2033
 
75,000
76,319
Upper Santa Clara Vy Jt Pwrs Auth Calif Rev Series 2020 A, 4% 8/1/2050
 
85,000
83,384
 
  
  
5,670,478
TOTAL CALIFORNIA
  
  
38,692,069
Colorado - 1.6%
 
  
  
Education - 0.0%
  
  
  
University Colo Enterprise Sys Series 2016 B, 2.75% 6/1/2030
 
85,000
79,173
Electric Utilities - 0.0%
  
  
  
Colorado Springs Colo Utils Series 2018A 2, 5% 11/15/2048
 
25,000
25,867
Colorado Springs Colo Utils Series 2021 B, 4% 11/15/2040
 
20,000
20,131
 
  
  
45,998
Escrowed/Pre-Refunded - 0.1%
  
  
  
Colorado Health Facilities Authority Series B, 5% 11/15/2030
 
150,000
153,597
General Obligations - 0.5%
  
  
  
Colorado Ctfs of Prtn (Colorado St Proj.) Series 2020 A, 3% 12/15/2036
 
105,000
95,252
Colorado Ctfs of Prtn (Colorado St Proj.) Series 2021A, 4% 12/15/2038
 
285,000
287,342
Park Creek Met Dist Colo Rev Series 2015 A, 5% 12/1/2045
 
445,000
447,168
 
  
  
829,762
Health Care - 0.4%
  
  
  
Colorado Health Facilities Authority (Advent Health Proj.) Series 2018A, 4% 11/15/2048
 
100,000
95,646
Colorado Health Facilities Authority (Advent Health Proj.) Series 2021 A, 4% 11/15/2050
 
20,000
18,534
Colorado Health Facilities Authority (Bethesda Living Ctr Proj.) Series 2018 B, 5% 9/15/2053
 
90,000
78,315
Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2037
 
75,000
74,222
Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2039
 
85,000
82,969
Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2044
 
55,000
51,316
Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2026
 
60,000
61,578
Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2022 A, 4% 5/15/2052
 
190,000
181,740
Colorado Health Facilities Authority (Sanford Health, SD Proj.) Series 2019A, 5% 11/1/2029
 
35,000
37,708
 
  
  
682,028
Special Tax - 0.0%
  
  
  
Denver Colo Convention Ctr Hotel Auth Rev Series 2016, 5% 12/1/2026
 
50,000
51,133
Transportation - 0.5%
  
  
  
Denver CO City & Cnty Arpt 5% 11/15/2042 (f)
  
165,000
172,863
Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2028 (f)
  
30,000
31,063
Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2036 (f)
  
60,000
65,089
Denver CO City & Cnty Arpt Series 2018 B, 3.5% 12/1/2035
 
15,000
14,050
Denver CO City & Cnty Arpt Series 2019 C, 5% 11/15/2031
 
30,000
32,494
Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2041 (f)
  
245,000
256,362
E-470 Pub Hwy Auth Colo Rev 0% 9/1/2030 (National Public Finance Guarantee Corporation Insured) (d)
  
25,000
20,482
E-470 Pub Hwy Auth Colo Rev 0% 9/1/2031 (National Public Finance Guarantee Corporation Insured) (d)
  
20,000
15,760
E-470 Pub Hwy Auth Colo Rev 0% 9/1/2032 (National Public Finance Guarantee Corporation Insured) (d)
  
25,000
18,910
E-470 Pub Hwy Auth Colo Rev 0% 9/1/2037 (National Public Finance Guarantee Corporation Insured) (d)
  
100,000
53,716
E-470 Pub Hwy Auth Colo Rev 5% 9/1/2035
 
15,000
16,243
 
  
  
697,032
Water & Sewer - 0.1%
  
  
  
Denver CO City & Cnty Brd Wtr Series 2022 A, 5% 12/15/2045
 
165,000
178,799
Metro Wastewtr Reclamation Dist Cnty Swr Rev Series 2020A, 2% 4/1/2039
 
100,000
72,941
 
  
  
251,740
TOTAL COLORADO
  
  
2,790,463
Connecticut - 1.4%
 
  
  
Education - 0.1%
  
  
  
Connecticut State Health & Educational Facilities Authority (Yale University Proj.) Series A 2, 2% tender 7/1/2042 (b)
  
225,000
220,482
General Obligations - 0.6%
  
  
  
Connecticut St Gen. Oblig. 3% 6/1/2029
 
90,000
89,100
Connecticut St Gen. Oblig. 3% 6/1/2039
 
440,000
386,812
Connecticut St Gen. Oblig. 3% 6/1/2040
 
100,000
87,071
Connecticut St Gen. Oblig. 4% 6/1/2031
 
30,000
31,277
Connecticut St Gen. Oblig. 4% 6/1/2031
 
65,000
68,499
Connecticut St Gen. Oblig. Series 2015A, 5% 3/15/2028
 
35,000
35,120
Connecticut St Gen. Oblig. Series 2015B, 3.375% 6/15/2029
 
25,000
24,945
Connecticut St Gen. Oblig. Series 2016 A, 5% 3/15/2026
 
30,000
30,729
Connecticut St Gen. Oblig. Series 2016 D, 4% 8/15/2031
 
15,000
15,098
Connecticut St Gen. Oblig. Series 2018 D, 5% 4/15/2026
 
25,000
25,648
Connecticut St Gen. Oblig. Series 2018 D, 5% 4/15/2027
 
105,000
109,855
Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2027
 
25,000
26,156
Connecticut St Gen. Oblig. Series A, 5% 4/15/2027
 
25,000
26,156
Connecticut St Gen. Oblig. Series E, 3.375% 10/15/2036
 
30,000
28,871
University Connecticut (Connecticut St Proj.) Series 2018 A, 5% 4/15/2029
 
25,000
26,500
 
  
  
1,011,837
Health Care - 0.1%
  
  
  
Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2030
 
50,000
53,051
Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 4% 7/1/2034
 
30,000
29,690
Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 5% 7/1/2033
 
135,000
140,075
 
  
  
222,816
Housing - 0.0%
  
  
  
Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series A 1, 3.5% 5/15/2033
 
5,000
4,911
Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series B 1, 3.45% 11/15/2041
 
5,000
4,503
Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series D 1, 3.2% 11/15/2032
 
15,000
14,382
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2020C 1, 2.05% 5/15/2037
 
75,000
57,073
 
  
  
80,869
Special Tax - 0.6%
  
  
  
Connecticut St Spl Tax Oblig 4% 5/1/2037
 
35,000
35,831
Connecticut St Spl Tax Oblig Series 2018 A, 5% 1/1/2027
 
35,000
36,406
Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2028
 
120,000
128,735
Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2033
 
10,000
10,613
Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2036
 
85,000
89,466
Connecticut St Spl Tax Oblig Series 2020 A, 5% 5/1/2026
 
150,000
153,771
Connecticut St Spl Tax Oblig Series 2020 A, 5% 5/1/2030
 
200,000
219,384
Connecticut St Spl Tax Oblig Series A, 4% 9/1/2035
 
145,000
144,844
Connecticut St Spl Tax Oblig Series A, 5% 9/1/2030
 
60,000
61,644
Connecticut St Spl Tax Oblig Series A, 5% 9/1/2031
 
5,000
5,125
Connecticut St Spl Tax Oblig Series B, 5% 8/1/2026
 
110,000
111,111
 
  
  
996,930
TOTAL CONNECTICUT
  
  
2,532,934
Delaware - 0.4%
 
  
  
General Obligations - 0.3%
  
  
  
Delaware St Gen. Oblig. 3.25% 3/1/2037
 
4,000
3,762
Delaware St Gen. Oblig. Series 2020 A, 5% 1/1/2030
 
255,000
280,689
Delaware St Gen. Oblig. Series 2021, 5% 2/1/2029
 
45,000
48,774
Delaware St Gen. Oblig. Series 2023A, 5% 5/1/2034
 
150,000
171,681
Delaware St Gen. Oblig. Series 2024A, 5% 5/1/2035
 
45,000
51,866
 
  
  
556,772
Health Care - 0.1%
  
  
  
Delaware St Hlth Facs Auth Rev (Christiana Health Svcs Proj.) Series 2020 A, 4% 10/1/2049
 
155,000
146,447
Delaware St Hlth Facs Auth Rev (Christiana Health Svcs Proj.) Series 2020 A, 5% 10/1/2032
 
15,000
16,151
 
  
  
162,598
Transportation - 0.0%
  
  
  
Delaware Trans Auth US 301 Rev Series 2015, 4% 6/1/2045 (DE TT Trust 301 Project Guaranteed)
 
50,000
48,490
TOTAL DELAWARE
  
  
767,860
District Of Columbia - 1.6%
 
  
  
Education - 0.0%
  
  
  
District Columbia Univ Rev (Georgetown Univ, DC Proj.) Series 2017, 5% 4/1/2031
 
25,000
25,697
General Obligations - 0.7%
  
  
  
District Columbia Gen. Oblig. 5% 10/15/2044
 
15,000
15,696
District Columbia Gen. Oblig. Series 2016 A, 4% 6/1/2036
 
400,000
401,450
District Columbia Gen. Oblig. Series 2017 A, 5% 6/1/2029
 
45,000
47,097
District Columbia Gen. Oblig. Series 2017D, 5% 6/1/2028
 
100,000
104,797
District Columbia Gen. Oblig. Series 2017D, 5% 6/1/2042
 
35,000
35,988
District Columbia Gen. Oblig. Series 2019 A, 5% 10/15/2031
 
80,000
86,414
District Columbia Gen. Oblig. Series 2019 A, 5% 10/15/2040
 
295,000
310,825
District Columbia Gen. Oblig. Series 2021 D, 5% 2/1/2031
 
60,000
66,808
 
  
  
1,069,075
Special Tax - 0.5%
  
  
  
District Columbia Income Tax Rev Series 2019 C, 5% 10/1/2029
 
180,000
196,725
District Columbia Income Tax Rev Series 2019 C, 5% 10/1/2033
 
205,000
221,711
District Columbia Income Tax Rev Series 2020 C, 4% 5/1/2040
 
195,000
196,603
Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2042
 
70,000
71,800
Washington DC Met Area Tran Auth Rev Series A 1, 5% 7/1/2029
 
10,000
10,409
Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2037
 
200,000
222,769
 
  
  
920,017
Transportation - 0.3%
  
  
  
District Columbia Rev (DC Garvee Proj.) Series 2020, 5% 12/1/2027
 
180,000
190,267
Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2027 (f)
  
65,000
67,487
Metropolitan Wash DC Arpts Ath Series 2021 A, 4% 10/1/2041 (f)
  
205,000
198,693
Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2025 (Assured Guaranty Inc Insured) (d)
  
5,000
4,879
Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2031 (Assured Guaranty Inc Insured) (d)
  
35,000
27,640
Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2034 (Assured Guaranty Inc Insured) (d)
  
70,000
48,643
Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2036 (Assured Guaranty Inc Insured) (d)
  
20,000
12,654
Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 3% 10/1/2050 (Assured Guaranty Municipal Corp Insured)
 
20,000
14,998
Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 4% 10/1/2044
 
100,000
94,552
Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 4% 10/1/2053
 
45,000
40,887
 
  
  
700,700
Water & Sewer - 0.1%
  
  
  
District Columbia Wtr & Swr Auth Pub Util Rev Series 2019 A, 5% 10/1/2044
 
130,000
136,406
TOTAL DISTRICT OF COLUMBIA
  
  
2,851,895
Florida - 4.2%
 
  
  
Education - 0.3%
  
  
  
Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2034
 
215,000
222,900
Florida Higher Edl Facs Fing Auth Rev (Nova Southeastern University Proj.) Series 2016, 5% 4/1/2035
 
40,000
40,424
Miami-Dade Cnty FL Edl Fac Rev (University of Miami, FL Proj.) Series 2015A, 4% 4/1/2045
 
100,000
95,017
Volusia Cnty FL Edl Fac Ath Rv (Stetson University, FL Proj.) Series 2015, 5% 6/1/2045
 
305,000
301,580
 
  
  
659,921
Electric Utilities - 0.2%
  
  
  
Gainesville FL Utils Sys Rev Series 2021 A 1, 5% 10/1/2046
 
100,000
106,174
Jacksonville FL Elec Auth Sys Rev Series 2017B, 5% 10/1/2027
 
125,000
131,118
Orlando Fla Utils Commn Util Sys Rev Series 2018 A, 5% 10/1/2034
 
5,000
5,228
Putnam Cnty Fla Dev Auth Pcr (Seminole Electric Coop Inc Proj.) Series 2018 A, 5% 3/15/2042
 
90,000
92,489
 
  
  
335,009
Escrowed/Pre-Refunded - 0.2%
  
  
  
Greater Orlando Aviation Auth 5% 10/1/2030 (Pre-refunded to 10/1/2027 at 100) (f)
  
60,000
62,209
Jacksonville Transportation Authority Series 2015, 5% 8/1/2035
 
150,000
151,340
Palm Beach Cnty FL Pub Impt Rev Series D, 5% 12/1/2040 (Pre-refunded to 12/1/2025 at 100)
 
40,000
40,722
Palm Beach Cnty FL Pub Impt Rev Series D, 5% 12/1/2045 (Pre-refunded to 12/1/2025 at 100)
 
100,000
101,806
 
  
  
356,077
General Obligations - 0.7%
  
  
  
Florida St Brd Ed Pub Ed (Florida St Proj.) Gen. Oblig. Series 2016D, 4% 6/1/2032
 
25,000
25,231
Florida St Brd Ed Pub Ed (Florida St Proj.) Gen. Oblig. Series 2018 A, 4% 6/1/2037
 
55,000
55,922
Florida St Brd Ed Pub Ed (Florida St Proj.) Gen. Oblig. Series 2019 D, 4% 6/1/2030
 
35,000
36,471
Florida St Gen. Oblig. Series 2021 B, 5% 7/1/2032
 
190,000
216,167
Hillsborough Cnty FL Sch Brd 5% 7/1/2029
 
75,000
80,625
Jacksonville Fla Spl Rev (Jacksonville FL Proj.) Series 2019 A, 5% 10/1/2027
 
80,000
84,066
Jacksonville Fla Spl Rev (Jacksonville FL Proj.) Series 2019 A, 5% 10/1/2029
 
25,000
27,103
Jacksonville Fla Spl Rev (Jacksonville FL Proj.) Series 2019 A, 5% 10/1/2032
 
60,000
64,691
Jacksonville Fla Spl Rev (Jacksonville FL Proj.) Series 2019 A, 5% 10/1/2034
 
100,000
107,332
Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2015A, 5% 5/1/2026
 
100,000
100,614
Miami-Dade Cnty Fla Gen. Oblig. Series 2013 A, 5% 7/1/2026
 
55,000
55,503
Miami-Dade Cnty Fla Gen. Oblig. Series 2015 D, 3% 7/1/2039
 
10,000
8,796
Miami-Dade Cnty Fla Seaport Rev (Miami-Dade Cnty Fla Proj.) Series SUB  2021 B2, 4% 10/1/2043
 
420,000
408,093
 
  
  
1,270,614
Health Care - 0.5%
  
  
  
Brevard Cnty FL Health Facs Au Th Health Care Facs Rev (Health First Inc Proj.) Series 2014, 4% 4/1/2036
 
180,000
177,979
Florida Development Finance Corp (Lakeland FL Hosp Sys Rev Proj.) Series 2021, 5% 11/15/2026
 
100,000
103,137
Lakeland FL Hosp Sys Rev Series 2016, 3% 11/15/2032
 
10,000
9,291
Miami Beach FL Hlth Facs Auth Hosp Rev (MT Sinai Hospital Proj.) Series 2014, 5% 11/15/2039
 
25,000
25,005
North Broward Cnty Hospital FL Series 2017B, 5% 1/1/2032
 
10,000
10,349
Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2016B, 4% 10/1/2045
 
65,000
62,089
Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2022, 4% 10/1/2052
 
85,000
77,851
Palm Beach Cnty FL Health Facs Auth Retirement Cmnty Rev (Acts Ret-Life Cmntys Inc Proj.) Series 2016, 5% 11/15/2032
 
25,000
25,516
South Broward Hosp Dist FL Rev Series 2017, 5% 5/1/2028
 
55,000
57,161
South Broward Hosp Dist FL Rev Series 2021 A, 2.375% 5/1/2045
 
375,000
266,583
Tampa FL Health Sys Rev (Baycare Health System Proj.) Series 2016 A, 4% 11/15/2046
 
140,000
135,903
 
  
  
950,864
Special Tax - 0.5%
  
  
  
County of Broward FL Tourist Development Tax Revenue Series 2021, 4% 9/1/2051
 
225,000
213,022
Florida St Brd of Ed Lottery Rev Series 2016 B, 5% 7/1/2026
 
65,000
66,993
Hillsborough Cnty FL Cap Impt Non-Ad Valorem Rev Series 2019, 3.125% 8/1/2046
 
50,000
41,883
Hillsborough Cnty FL Cap Impt Non-Ad Valorem Rev Series 2019, 3.25% 8/1/2049
 
20,000
16,662
Miami-Dade Cnty FL Spl Oblig 0% 10/1/2044 (d)
  
155,000
63,679
Miami-Dade Cnty FL Spl Oblig 0% 10/1/2046 (d)
  
10,000
3,673
Miami-Dade Cnty FL Spl Oblig Series 2009, 0% 10/1/2047 (d)
  
50,000
17,403
Miami-Dade Cnty FL Spl Oblig Series 2016, 0% 10/1/2031 (d)
  
5,000
3,795
Miami-Dade Cnty FL Spl Oblig Series 2016, 0% 10/1/2032 (d)
  
15,000
10,871
Miami-Dade Cnty FL Spl Oblig Series 2016, 5% 10/1/2026
 
145,000
149,908
Miami-Dade Cnty FL Tran Sys Sales Surtax Rev Series 2019, 5% 7/1/2031
 
20,000
21,556
Miami-Dade Cty FL Sports Fac Tax 0% 10/1/2048 (Assured Guaranty Inc Insured) (d)
  
15,000
5,063
Miami-Dade Cty FL Sports Fac Tax 6.875% 10/1/2034 (Assured Guaranty Inc Insured) (c)
  
255,000
294,987
Orange Cnty FL Tourist Dev Tax Series 2016 A, 4% 10/1/2034
 
20,000
20,002
Orange Cnty FL Tourist Dev Tax Series 2016 B, 4% 10/1/2036
 
30,000
30,006
Tampa FL Tax Alloc 0% 9/1/2053 (d)
  
5,000
1,230
 
  
  
960,733
Transportation - 0.8%
  
  
  
Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2049 (f)
  
100,000
101,667
Broward Cnty FL Arpt Sys Rev Series A, 5% 10/1/2033 (f)
  
35,000
35,224
Broward Cnty FL Prt Facs Rev Series 2019 B, 4% 9/1/2038 (f)
  
75,000
72,094
Florida Dev Fin Corp Rev (Brightline FL Proj.) Series 2024, 5% 7/1/2041 (f)
  
205,000
200,088
Florida St Dept Transn Tpk Rev Series 2016 B, 2.625% 7/1/2027
 
60,000
58,484
Greater Orlando Aviation Auth Series 2022 A, 4% 10/1/2052 (f)
  
200,000
184,950
Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2039
 
130,000
128,987
Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2041
 
20,000
20,253
Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2016 B, 3% 7/1/2037 (Assured Guaranty Municipal Corp Insured)
 
50,000
45,191
Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2016 B, 4% 7/1/2040
 
20,000
19,885
Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2017, 3.375% 7/1/2042
 
70,000
63,543
Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2019 B, 5% 7/1/2044
 
125,000
130,257
Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 5% 7/1/2026 (Assured Guaranty Municipal Corp Insured)
 
265,000
272,808
Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2038 (d)
  
55,000
29,967
 
  
  
1,363,398
Water & Sewer - 1.0%
  
  
  
Broward Cnty FL Wtr & Swr Util Series 2019 A, 4% 10/1/2043
 
200,000
199,729
City of North Miami Beach FL Series 2020A, 5% 8/1/2044
 
60,000
62,899
JEA FL Wtr & Swr Sys Rev Series 2017A, 4% 10/1/2034
 
15,000
15,202
JEA FL Wtr & Swr Sys Rev Series 2020 A, 3% 10/1/2036
 
475,000
435,471
Miami Beach Fla Wtr & Swr Rev Series 2017, 5% 9/1/2047
 
115,000
117,895
Miami-Dade Cnty FL Wtr & Swr Rev Series 2017 B, 3.125% 10/1/2039
 
5,000
4,549
Miami-Dade Cnty FL Wtr & Swr Rev Series 2017A, 4% 10/1/2039
 
75,000
75,493
Miami-Dade Cnty FL Wtr & Swr Rev Series 2019 B, 3% 10/1/2049
 
10,000
7,735
Miami-Dade Cnty FL Wtr & Swr Rev Series 2019, 5% 10/1/2046
 
165,000
170,200
Miami-Dade Cnty FL Wtr & Swr Rev Series 2024A, 4.125% 10/1/2050
 
160,000
156,843
Tampa Fla Wtr & Wastewtr Sys Series 2020 A, 4% 10/1/2038
 
100,000
102,585
Tampa Fla Wtr & Wastewtr Sys Series 2020 A, 5% 10/1/2054
 
260,000
272,985
 
  
  
1,621,586
TOTAL FLORIDA
  
  
7,518,202
Georgia - 2.3%
 
  
  
Education - 0.2%
  
  
  
Fulton Cnty GA Dev Auth Rev (University System of GA Proj.) 5% 6/15/2044
 
20,000
20,794
Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2020 B, 4% 9/1/2041
 
245,000
247,724
Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2020 B, 5% 9/1/2030
 
100,000
110,431
 
  
  
378,949
Electric Utilities - 0.2%
  
  
  
Burke Cnty GA Dev Auth Pcr (Oglethorpe Power Corp Proj.) Series 2017 D, 4.125% 11/1/2045
 
20,000
18,468
Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2035
 
225,000
251,863
Georgia Mun Elec Auth Pwr Rev Series HH, 4.125% 1/1/2049 (Assured Guaranty Municipal Corp Insured)
 
65,000
62,335
 
  
  
332,666
Escrowed/Pre-Refunded - 0.0%
  
  
  
Atlanta GA Wtr & Wastewtr Rev Series 2015, 5% 11/1/2035 (Pre-refunded to 5/1/2025 at 100)
 
30,000
30,195
Atlanta GA Wtr & Wastewtr Rev Series 2015, 5% 11/1/2043 (Pre-refunded to 5/1/2025 at 100)
 
25,000
25,162
Metro Atlanta Rapid Tran Sales 5.25% 7/1/2027 (Escrowed to Maturity)
 
65,000
68,681
 
  
  
124,038
General Obligations - 1.1%
  
  
  
Georgia St Gen. Oblig. Series 2016 F, 5% 1/1/2026
 
25,000
25,522
Georgia St Gen. Oblig. Series 2018A, 3% 7/1/2033
 
25,000
24,202
Georgia St Gen. Oblig. Series 2018A, 4% 7/1/2034
 
155,000
158,433
Georgia St Gen. Oblig. Series 2018A, 5% 7/1/2027
 
5,000
5,261
Georgia St Gen. Oblig. Series 2021 A, 4% 7/1/2035
 
105,000
110,568
Georgia St Gen. Oblig. Series 2022C, 5% 7/1/2031
 
205,000
230,689
Gwinnett Cnty GA Sch Dist Series 2019, 5% 2/1/2039
 
100,000
105,888
Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (b)
  
200,000
200,888
Main Street Natural Gas Inc Series 2019 A, 4% 5/15/2039 (Macquarie Group Ltd Guaranteed)
 
100,000
94,946
Main Street Natural Gas Inc Series 2024 A 1, 5% tender 5/1/2054 (Royal Bank of Canada Guaranteed) (b)
  
690,000
731,433
Main Street Natural Gas Inc Series 2024E, 5% tender 5/1/2055 (b)
  
230,000
242,729
 
  
  
1,930,559
Health Care - 0.6%
  
  
  
Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 4% 7/1/2049
 
105,000
101,811
Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 5% 7/1/2026
 
20,000
20,571
Cobb Cnty GA Kennestone Hosp Series 2022A, 4% 4/1/2052
 
70,000
64,829
Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2020 A, 5% 2/15/2031
 
50,000
53,896
Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series A, 5% 2/15/2045
 
255,000
258,665
Griffin-Spalding Cnty GA Hosp Rev (Wellstar Health System Inc Proj.) 3.75% 4/1/2047
 
275,000
245,586
Richmond Cnty GA Hosp Auth Rev Anticipation Ctfs (University Health Services Inc Proj.) Series 2016, 4% 1/1/2035
 
70,000
69,725
Richmond Cnty GA Hosp Auth Rev Anticipation Ctfs (University Health Services Inc Proj.) Series 2016, 5% 1/1/2027
 
105,000
107,687
Savannah GA Candler Hosp (St Joseph Candler Health Proj.) Series 2019A, 3.125% 7/1/2044
 
110,000
89,669
 
  
  
1,012,439
Housing - 0.1%
  
  
  
Georgia Hsg & Fin Auth Rev (GA Single Family Mortgage Proj.) Series 2017 C, 3.75% 6/1/2048
 
110,000
95,392
Georgia Hsg & Fin Auth Rev (GA Single Family Mortgage Proj.) Series 2018 A, 3.95% 12/1/2043
 
50,000
46,955
 
  
  
142,347
Special Tax - 0.0%
  
  
  
Metro Atlanta Rapid Tran Sales Series 2019 A, 3.125% 7/1/2046
 
25,000
20,457
Transportation - 0.0%
  
  
  
Atlanta GA Arpt Rev Series 2019 B, 4% 7/1/2049 (f)
  
125,000
116,599
Water & Sewer - 0.1%
  
  
  
Atlanta GA Wtr & Wastewtr Rev 5% 11/1/2028
 
25,000
25,146
Atlanta GA Wtr & Wastewtr Rev 5% 11/1/2029
 
5,000
5,027
Atlanta GA Wtr & Wastewtr Rev Series 2015, 5% 11/1/2040
 
40,000
40,116
Atlanta GA Wtr & Wastewtr Rev Series 2017 A, 5% 11/1/2032 (Pre-refunded to 11/1/2027 at 100)
 
25,000
26,432
Atlanta GA Wtr & Wastewtr Rev Series 2018 C, 4% 11/1/2037
 
15,000
14,990
County of Paulding GA Water & Sewerage Revenue Series 2016, 3% 12/1/2048
 
20,000
15,290
 
  
  
127,001
TOTAL GEORGIA
  
  
4,185,055
Hawaii - 0.9%
 
  
  
General Obligations - 0.3%
  
  
  
Hawaii St Gen. Oblig. Series 2018 FT, 5% 1/1/2027
 
50,000
52,078
Hawaii St Gen. Oblig. Series 2018 FT, 5% 1/1/2032
 
65,000
68,509
Hawaii St Gen. Oblig. Series 2019 FW, 3.5% 1/1/2038
 
35,000
34,188
Hawaii St Gen. Oblig. Series EY, 5% 10/1/2026
 
130,000
131,872
Hawaii St Gen. Oblig. Series FG, 5% 10/1/2030
 
30,000
30,954
Honolulu HI City & Cnty Gen. Oblig. Series A, 5% 10/1/2039
 
100,000
100,902
Honolulu HI City & Cnty Gen. Oblig. Series C, 3% 10/1/2028
 
135,000
133,416
 
  
  
551,919
Health Care - 0.0%
  
  
  
Hawaii Dpt Bg & Fin Spl Pur Rev (Queens Health System Proj.) Series 2015A, 4% 7/1/2040
 
35,000
34,225
Transportation - 0.4%
  
  
  
Hawaii St Arpts Sys Rev Series 2020 A, 4% 7/1/2035 (f)
  
80,000
79,507
Hawaii St Arpts Sys Rev Series 2020 D, 4% 7/1/2039
 
100,000
99,453
Hawaii St Hbr Sys Rev Series 2020 C, 4% 7/1/2032
 
470,000
486,514
 
  
  
665,474
Water & Sewer - 0.2%
  
  
  
Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2018 A, 3.375% 7/1/2042
 
40,000
36,196
Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2019A, 4% 7/1/2037
 
100,000
101,263
Honolulu HI Cty & Cnty Wastewtr Sys Rev Series B, 4% 7/1/2033
 
235,000
236,707
 
  
  
374,166
TOTAL HAWAII
  
  
1,625,784
Idaho - 0.1%
 
  
  
Health Care - 0.1%
  
  
  
Idaho Health Facs Auth Rev (St Lukes Regional Med Ctr, ID Proj.) Series 2018 A, 5% 3/1/2027
 
25,000
25,922
Idaho Health Facs Auth Rev (Trinity Health Proj.) 5.5% 12/1/2027
 
60,000
60,545
Idaho Health Facs Auth Rev (Trinity Health Proj.) Series 2015ID, 5.5% 12/1/2029
 
20,000
20,175
 
  
  
106,642
Transportation - 0.0%
  
  
  
Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 4% 7/15/2038
 
105,000
105,395
TOTAL IDAHO
  
  
212,037
Illinois - 4.1%
 
  
  
Education - 0.2%
  
  
  
Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series A, 5% 8/1/2042
 
105,000
105,868
Illinois Fin Auth Rev (Univ of Chicago, IL Proj.) Series 2018 A, 5% 10/1/2041
 
25,000
25,591
Illinois Fin Auth Rev (Univ of Chicago, IL Proj.) Series 2018 A, 5% 10/1/2048
 
20,000
20,327
Illinois Finance Authority Rev (Bradley University Proj.) Series 2021 A, 4% 8/1/2043
 
80,000
72,110
Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2021 A, 5% 10/1/2032
 
60,000
67,696
Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5% 4/1/2033
 
35,000
39,680
Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5.25% 4/1/2045
 
20,000
21,990
Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024B, 5% 4/1/2034
 
15,000
17,132
 
  
  
370,394
Electric Utilities - 0.1%
  
  
  
Northern Ill Mun Pwr Agy Pwr Proj Rev Series 2016 A, 5% 12/1/2029
 
45,000
46,489
Springfield IL Elec Rev Series 2015, 4% 3/1/2040 (Assured Guaranty Municipal Corp Insured)
 
35,000
35,037
Springfield IL Elec Rev Series 2015, 5% 3/1/2031
 
60,000
60,161
Springfield IL Elec Rev Series 2015, 5% 3/1/2032
 
115,000
115,309
 
  
  
256,996
Escrowed/Pre-Refunded - 0.0%
  
  
  
Chicago IL Gen. Oblig. 5% 1/1/2026 (Pre-refunded to 1/1/2025 at 100)
 
10,000
9,999
Chicago IL Gen. Oblig. Series 2008C, 0% 1/1/2026 (Escrowed to Maturity) (d)
  
85,000
82,073
 
  
  
92,072
General Obligations - 1.5%
  
  
  
Chicago IL Gen. Oblig. Series 1999, 0% 1/1/2031 (d)
  
40,000
31,424
Chicago IL Gen. Oblig. Series 1999, 0% 1/1/2033 (d)
  
50,000
35,748
Chicago IL Gen. Oblig. Series 2008C, 0% 1/1/2030 (d)
  
85,000
69,384
Chicago IL Gen. Oblig. Series 2015 C, 5% 1/1/2027
 
195,000
197,125
Chicago IL Gen. Oblig. Series 2019A, 5% 1/1/2040
 
15,000
15,222
Chicago IL Gen. Oblig. Series 2021 A, 4% 1/1/2035
 
35,000
34,293
Cook Cnty IL Gen. Oblig. Series 2018, 5% 11/15/2034
 
100,000
102,791
Illinois St Gen. Oblig. 5% 12/1/2036
 
25,000
27,322
Illinois St Gen. Oblig. 5% 2/1/2027
 
140,000
144,677
Illinois St Gen. Oblig. Series 2016, 4% 1/1/2031
 
70,000
70,137
Illinois St Gen. Oblig. Series 2017 A, 4.5% 12/1/2041
 
35,000
35,117
Illinois St Gen. Oblig. Series 2017C, 5% 11/1/2029
 
10,000
10,422
Illinois St Gen. Oblig. Series 2017D, 3.25% 11/1/2026
 
40,000
39,910
Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026
 
190,000
195,541
Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2028
 
140,000
146,008
Illinois St Gen. Oblig. Series 2019 C, 4% 11/1/2044
 
25,000
23,590
Illinois St Gen. Oblig. Series DECEMBER 2021 A, 5% 12/1/2031
 
20,000
21,910
Illinois St Gen. Oblig. Series DECEMBER 2021 B, 3% 12/1/2041
 
245,000
203,697
Illinois St Gen. Oblig. Series JUNE 2016, 3.5% 6/1/2030
 
210,000
208,431
Illinois St Gen. Oblig. Series JUNE 2016, 3.5% 6/1/2031
 
70,000
68,700
Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2027
 
50,000
51,747
Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2030
 
160,000
172,090
Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2032
 
160,000
176,142
Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2049
 
100,000
106,744
Illinois St Gen. Oblig. Series NOVEMBER 2016, 4.125% 11/1/2031
 
40,000
40,135
Illinois St Gen. Oblig. Series NOVEMBER 2016, 5% 11/1/2036
 
100,000
101,708
Illinois St Gen. Oblig. Series OCT 2020 C, 4% 10/1/2040
 
85,000
82,889
Kendall Kane & Will Cnty IL Uni Sch Dist No 308 Series 2016, 5% 2/1/2031
 
65,000
65,906
 
  
  
2,478,810
Health Care - 0.7%
  
  
  
Illinois Fin Auth Rev (Lurie Childrens Hospital Proj.) Series 2017, 5% 8/15/2026
 
135,000
138,922
Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 4% 12/1/2031
 
25,000
25,076
Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 4% 12/1/2040
 
210,000
202,102
Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 3.25% 5/15/2039
 
160,000
134,765
Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2016, 3.25% 11/15/2045
 
15,000
12,109
Illinois Fin Auth Rev (Rush University Medical Center Proj.) Series 2015A, 4% 11/15/2039
 
565,000
533,539
Illinois Finance Authority Rev (Advocate Aurora Health Inc Proj.) Series 2015, 4.125% 5/1/2045
 
125,000
118,652
Illinois Finance Authority Rev (Osf Healthcare System Proj.) Series 2020 A, 3% 5/15/2050
 
80,000
61,169
 
  
  
1,226,334
Housing - 0.0%
  
  
  
Illinois Housing Dev Auth (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2018A, 4.125% 10/1/2038
 
15,000
14,924
Special Tax - 0.5%
  
  
  
Chicago IL Board of Education Series 2016, 5.75% 4/1/2035
 
100,000
103,528
Illinois St Sales Tax Rev Series 2021 A, 4% 6/15/2030
 
60,000
62,280
Illinois St Sales Tax Rev Series SEPTEMBER 2016 A, 3% 6/15/2033
 
25,000
22,692
Illinois St Sales Tax Rev Series SEPTEMBER 2016 D, 3% 6/15/2031
 
35,000
32,778
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2031 (National Public Finance Guarantee Corporation Insured) (d)
  
30,000
23,414
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2034 (National Public Finance Guarantee Corporation Insured) (d)
  
20,000
13,707
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2038 (National Public Finance Guarantee Corporation Insured) (d)
  
10,000
5,697
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2032 (National Public Finance Guarantee Corporation Insured) (d)
  
20,000
15,277
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2036 (National Public Finance Guarantee Corporation Insured) (d)
  
35,000
22,459
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2037 (National Public Finance Guarantee Corporation Insured) (d)
  
170,000
104,273
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2038 (National Public Finance Guarantee Corporation Insured) (d)
  
90,000
52,487
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2047 (Assured Guaranty Municipal Corp Insured) (d)
  
600,000
216,880
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2002 A, 0% 12/15/2026 (d)
  
95,000
89,012
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 0% 12/15/2056 (Assured Guaranty Municipal Corp Insured) (d)
  
15,000
3,334
Sales Tax Securitization Corp Series 2017 A, 5% 1/1/2028
 
50,000
52,623
 
  
  
820,441
Transportation - 1.1%
  
  
  
Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2029
 
60,000
64,260
Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2030
 
125,000
128,699
Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037 (f)
  
225,000
227,868
Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037
 
45,000
47,400
Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2038
 
20,000
21,022
Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2048
 
10,000
10,319
Chicago IL O'Hare Intl Arpt Rev Series 2018A, 4% 1/1/2043 (f)
  
35,000
33,426
Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5% 1/1/2036 (f)
  
200,000
214,200
Chicago IL O'Hare Intl Arpt Rev Series B, 5% 1/1/2033
 
30,000
30,837
Chicago IL O'Hare Intl Arpt Rev Series C, 5% 1/1/2037
 
100,000
101,010
Chicago IL O'Hare Intl Arpt Rev Series D, 5% 1/1/2046
 
110,000
110,000
Chicago IL O'Hare Intl Arpt Rev Series D, 5.25% 1/1/2042
 
250,000
255,944
Illinois St Toll Hwy Auth Hwy Rev 5% 1/1/2040
 
25,000
25,089
Illinois St Toll Hwy Auth Hwy Rev 5% 12/1/2031
 
50,000
50,810
Illinois St Toll Hwy Auth Hwy Rev Series 2014C, 5% 1/1/2030
 
100,000
100,196
Illinois St Toll Hwy Auth Hwy Rev Series 2017 A, 5% 1/1/2036
 
50,000
51,968
Illinois St Toll Hwy Auth Hwy Rev Series 2019 B, 5% 1/1/2027
 
25,000
25,926
Illinois St Toll Hwy Auth Hwy Rev Series 2019 B, 5% 1/1/2030
 
50,000
54,399
Illinois St Toll Hwy Auth Hwy Rev Series 2019 C, 5% 1/1/2030
 
95,000
103,359
Illinois St Toll Hwy Auth Hwy Rev Series 2019 C, 5% 1/1/2031
 
120,000
130,382
Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2045
 
145,000
154,039
Illinois St Toll Hwy Auth Hwy Rev Series 2023 A, 5% 1/1/2044
 
40,000
43,345
Illinois St Toll Hwy Auth Hwy Rev Series 2024 A, 5% 1/1/2033
 
35,000
39,488
 
  
  
2,023,986
Water & Sewer - 0.0%
  
  
  
Chicago IL Wtr Rev Series 2000, 5% 11/1/2030
 
15,000
15,420
Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2016, 4% 7/1/2030
 
60,000
60,349
 
  
  
75,769
TOTAL ILLINOIS
  
  
7,359,726
Indiana - 0.8%
 
  
  
Electric Utilities - 0.1%
  
  
  
Indiana Mun Pwr Agy Pwr Supply Series 2016 C, 5% 1/1/2039
 
230,000
233,673
Escrowed/Pre-Refunded - 0.0%
  
  
  
Indiana Bond Bank Series 2008 B, 0% 6/1/2032 (Escrowed to Maturity) (d)
  
70,000
54,574
General Obligations - 0.3%
  
  
  
Fishers Town Hall Bldg Corp Ind Lease Rent Rev Series 2023 A, 5.75% 7/15/2058
 
345,000
391,489
Health Care - 0.1%
  
  
  
Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) Series 2017 C, 5% 11/1/2032
 
70,000
73,025
Indiana Health & Edl Fac Fing Auth Rev (Ascension Health Credit Group Proj.) Series 2006B 8, 5% 11/15/2046
 
100,000
101,086
 
  
  
174,111
Special Tax - 0.1%
  
  
  
Carmel Ind Loc Pub Impt Bd Bank (Carmel Ind Proj.) Series 2016, 5% 7/15/2030
 
45,000
46,143
Indianapolis Ind Loc Pub Impt Bd Bank Series 2017 C, 5% 1/1/2033
 
40,000
42,007
Indianapolis Ind Loc Pub Impt Bd Bank Series 2019A, 5% 2/1/2033
 
100,000
106,496
Indianapolis Ind Loc Pub Impt Bd Bank Series 2019A, 5% 2/1/2054
 
25,000
25,691
 
  
  
220,337
Water & Sewer - 0.2%
  
  
  
Indiana Finance Authority (Citizens Energy Group Water Proj.) Series 2021 A, 4% 10/1/2051
 
20,000
19,210
Indiana Finance Authority Series 2021 1, 3% 10/1/2040
 
45,000
39,561
Indiana St Fin Auth Rev (Indiana State Revolving Fund Program Proj.) Series 2019E, 5% 2/1/2036
 
25,000
26,584
Indiana St Fin Auth Rev (Indiana State Revolving Fund Program Proj.) Series 2019E, 5% 2/1/2040
 
65,000
68,357
Indiana St Fin Auth Rev (Indiana State Revolving Fund Program Proj.) Series 2021 B, 5% 2/1/2041
 
150,000
160,484
Indianapolis IN Loc Pub Impt Bond Bank 0% 2/1/2028 (Ambac Assurance Corp Insured) (d)
  
5,000
4,474
Indianapolis Ind Wtr Sys Rev (Citizens Energy Group Water Proj.) Series 2018 A, 5% 10/1/2030
 
55,000
58,489
 
  
  
377,159
TOTAL INDIANA
  
  
1,451,343
Iowa - 0.3%
 
  
  
General Obligations - 0.0%
  
  
  
Iowa St Spl Oblig (Iowa St Proj.) Series 2019 A, 5% 6/1/2033
 
30,000
32,298
Housing - 0.0%
  
  
  
Iowa Fin Auth Single Family Mtg Rev Series 2019 A, 4% 7/1/2047
 
55,000
55,159
Tobacco Bonds - 0.1%
  
  
  
Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 4% 6/1/2040
 
215,000
209,177
Water & Sewer - 0.2%
  
  
  
Iowa Fin Auth Rev (Iowa State Revolving Fund Program Proj.) Series 2017, 5% 8/1/2037
 
115,000
119,453
Iowa Fin Auth Rev (Iowa State Revolving Fund Program Proj.) Series 2020 A, 5% 8/1/2036
 
105,000
114,730
Iowa Fin Auth Rev Series 2023 C, 5% 8/1/2035
 
40,000
45,434
 
  
  
279,617
TOTAL IOWA
  
  
576,251
Kansas - 0.0%
 
  
  
General Obligations - 0.0%
  
  
  
Johnson & Miami Cntys Kans Uni Sch Dist No 230 Series B, 3% 9/1/2037
 
30,000
27,070
Health Care - 0.0%
  
  
  
University Kansas Hosp Auth Hlth Fac Rev (University of Kansas Hospital Authority Proj.) Series 2019A, 4% 9/1/2048
 
50,000
46,945
TOTAL KANSAS
  
  
74,015
Kentucky - 0.5%
 
  
  
Electric Utilities - 0.1%
  
  
  
Kentucky St Mun Pwr Agy Pwr Sys Rev Series 2015A, 4% 9/1/2039
 
160,000
154,811
Kentucky St Mun Pwr Agy Pwr Sys Rev Series 2015A, 5% 9/1/2042
 
5,000
5,019
 
  
  
159,830
General Obligations - 0.0%
  
  
  
Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2019C 1, 4% 8/1/2027 (Morgan Stanley Guaranteed)
 
50,000
50,220
Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series B, 5% 11/1/2028
 
30,000
30,926
 
  
  
81,146
Health Care - 0.1%
  
  
  
Kentucky Eco Dev Fa Hlth Rev (Norton Healthcare Inc Proj.) 0% 10/1/2026 (National Public Finance Guarantee Corporation Insured) (d)
  
100,000
92,776
Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2016 A, 3% 10/1/2037
 
95,000
81,386
 
  
  
174,162
Resource Recovery - 0.2%
  
  
  
Carroll Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) Series 2008 A, 2% 2/1/2032 (f)
  
365,000
301,680
Water & Sewer - 0.1%
  
  
  
Louisville & Jefferson KY Swr Sys Rev Series 2016 A, 3% 5/15/2046
 
70,000
55,994
Louisville & Jefferson KY Swr Sys Rev Series 2017 A, 3.25% 5/15/2046
 
100,000
84,067
 
  
  
140,061
TOTAL KENTUCKY
  
  
856,879
Louisiana - 0.3%
 
  
  
Education - 0.0%
  
  
  
Louisiana Pub Facs Auth Rev (Loyola University, LA Proj.) Series 2017, 5.25% 10/1/2046 (c)
  
35,000
36,306
Escrowed/Pre-Refunded - 0.0%
  
  
  
New Orl LA Wtr Series 2015, 5% 12/1/2040 (Pre-refunded to 12/1/2025 at 100)
 
25,000
25,470
General Obligations - 0.0%
  
  
  
Louisiana St Gen. Oblig. Series 2021 A, 5% 3/1/2032
 
25,000
27,726
Louisiana St Gen. Oblig. Series 2023 A, 5% 4/1/2036
 
15,000
16,964
 
  
  
44,690
Health Care - 0.0%
  
  
  
Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth (Womens Hospital Foundation Proj.) Series 2017 A, 4% 10/1/2041
 
50,000
48,635
Louisiana Pub Fac Auth Hsp Rev (Franciscan Missionaries Proj.) Series 2017 A, 3.75% 7/1/2047
 
30,000
26,929
 
  
  
75,564
Special Tax - 0.0%
  
  
  
Jefferson LA Sales Tax Dist Series 2019 B, 4% 12/1/2042 (Assured Guaranty Municipal Corp Insured)
 
5,000
4,889
Transportation - 0.3%
  
  
  
Louisiana St Grnt Antic Rev Series 2019A, 5% 9/1/2029
 
80,000
85,227
Louisiana St Grnt Antic Rev Series 2021, 5% 9/1/2033
 
100,000
109,423
New Orleans Aviation Board Series 2018A, 4% 10/1/2043 (Assured Guaranty Municipal Corp Insured)
 
150,000
142,940
 
  
  
337,590
TOTAL LOUISIANA
  
  
524,509
Maryland - 1.4%
 
  
  
Education - 0.2%
  
  
  
University MD Sys Auxiliary Fac & Tuition Series 2021 A, 4% 4/1/2047
 
290,000
283,088
Escrowed/Pre-Refunded - 0.0%
  
  
  
Maryland St Hlth & HI Ed Facs Series 2015, 4% 7/1/2035 (Pre-refunded to 7/1/2025 at 100)
 
100,000
100,444
General Obligations - 0.7%
  
  
  
Baltimore Cnty MD Gen. Oblig. Series 2019, 4% 3/1/2035
 
40,000
40,792
Baltimore Cnty MD Gen. Oblig. Series 2022, 5% 3/1/2028
 
295,000
314,209
Montgomery Cnty MD Gen. Oblig. Series 2020 B, 4% 11/1/2031
 
100,000
106,176
State of Maryland Gen. Oblig. Series 2018 A, 5% 3/15/2030
 
30,000
31,812
State of Maryland Gen. Oblig. Series 2020 SECOND  A, 5% 8/1/2029
 
150,000
163,707
State of Maryland Gen. Oblig. Series FIRST, 5% 3/15/2030
 
50,000
54,071
State of Maryland Gen. Oblig. Series FIRST, 5% 3/15/2031
 
70,000
75,568
State of Maryland Gen. Oblig. Series SECOND  2021 A, 5% 8/1/2028
 
120,000
128,762
State of Maryland Gen. Oblig. Series SECOND  2021 A, 5% 8/1/2032
 
130,000
145,561
State of Maryland Gen. Oblig. Series SECOND 2020A, 5% 8/1/2035
 
55,000
59,941
Washington Suburban San Dist MD Series 2016 SECOND, 4% 6/1/2042
 
10,000
9,852
Washington Suburban San Dist MD Series 2016 SECOND, 5% 6/1/2034
 
65,000
66,586
Washington Suburban San Dist MD Series 2023, 5% 6/1/2036
 
45,000
50,898
 
  
  
1,247,935
Health Care - 0.0%
  
  
  
Maryland Health & Higher Educational Facilities Authority (Greater Baltimore Med Ctr, MD Proj.) Series 2021 A, 2.5% 7/1/2051
 
90,000
59,256
Maryland St Hlth & HI Ed Facs (MedStar Health Inc Proj.) Series 2017 A, 4% 5/15/2047
 
55,000
52,415
Maryland St Hlth & HI Ed Facs (Trinity Health Proj.) Series 2017 MD, 4% 12/1/2046
 
15,000
14,310
 
  
  
125,981
Special Tax - 0.2%
  
  
  
Maryland St Dept Transn Cons Series 2018, 3% 5/1/2031
 
40,000
38,756
State of Maryland Built to Learn Revenue Series 2021, 2.75% 6/1/2051
 
190,000
135,183
State of Maryland Built to Learn Revenue Series 2021, 4% 6/1/2037
 
115,000
116,475
 
  
  
290,414
Transportation - 0.3%
  
  
  
Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 4% 8/1/2051 (f)
  
100,000
92,181
Maryland St Transn Auth Transn 2.25% 7/1/2039
 
65,000
50,078
Maryland St Transn Auth Transn 3% 7/1/2047
 
145,000
114,353
Maryland St Transn Auth Transn 4% 7/1/2040
 
180,000
179,989
Maryland Trans Auth Psngr Fac Chrg Rev (Bwi Passenger Facilities Chrge Proj.) Series 2012B, 2.625% 6/1/2027 (f)
  
40,000
38,345
 
  
  
474,946
TOTAL MARYLAND
  
  
2,522,808
Maryland,Virginia - 0.1%
 
  
  
Special Tax - 0.1%
  
  
  
Washington Metropolitan Area Transit Authority Series 2021 A, 5% 7/15/2046
 
150,000
158,124
Massachusetts - 3.2%
 
  
  
Education - 0.2%
  
  
  
Massachusetts Development Finance Agency (Springfield College, MA Proj.) Series 2021 B, 4% 6/1/2050
 
35,000
28,833
Massachusetts Development Finance Agency (Wellesley College, MA Proj.) Series 2018 L, 4% 7/1/2044
 
165,000
165,510
Massachusetts St Dev Fin Agy Rev (Boston University Mass Proj.) Series BB 1, 4% 10/1/2046
 
25,000
24,177
Massachusetts St Hlth & Ed Fac (Boston College Proj.) 5.5% 6/1/2035
 
65,000
75,946
 
  
  
294,466
Escrowed/Pre-Refunded - 0.1%
  
  
  
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 4.75% 8/15/2032 (Pre-refunded to 8/15/2025 at 100)
 
185,000
186,877
General Obligations - 1.9%
  
  
  
Boston Mass Gen. Oblig. Series 2017A, 5% 4/1/2026
 
40,000
41,059
Massachusetts St Gen. Oblig. 5% 1/1/2049
 
70,000
72,449
Massachusetts St Gen. Oblig. 5% 9/1/2029
 
150,000
164,202
Massachusetts St Gen. Oblig. Series 2016A, 5% 7/1/2029
 
70,000
71,987
Massachusetts St Gen. Oblig. Series 2016A, 5% 7/1/2031
 
45,000
46,254
Massachusetts St Gen. Oblig. Series 2016B, 4% 7/1/2033
 
75,000
75,361
Massachusetts St Gen. Oblig. Series 2016B, 5% 7/1/2026
 
40,000
41,251
Massachusetts St Gen. Oblig. Series 2016B, 5% 7/1/2027
 
5,000
5,265
Massachusetts St Gen. Oblig. Series 2016B, 5% 7/1/2028
 
200,000
214,571
Massachusetts St Gen. Oblig. Series 2016G, 3% 9/1/2046
 
10,000
7,982
Massachusetts St Gen. Oblig. Series 2016G, 4% 9/1/2032
 
75,000
75,446
Massachusetts St Gen. Oblig. Series 2017 E, 5% 11/1/2026
 
20,000
20,769
Massachusetts St Gen. Oblig. Series 2017D, 5% 7/1/2026
 
40,000
41,251
Massachusetts St Gen. Oblig. Series 2017F, 5% 11/1/2040
 
15,000
15,539
Massachusetts St Gen. Oblig. Series 2017F, 5% 11/1/2041
 
200,000
206,871
Massachusetts St Gen. Oblig. Series 2017F, 5% 11/1/2044
 
20,000
20,607
Massachusetts St Gen. Oblig. Series 2018 B, 5% 7/1/2027
 
20,000
21,064
Massachusetts St Gen. Oblig. Series 2018C, 5% 9/1/2030
 
150,000
166,912
Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2030
 
35,000
38,737
Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2041
 
25,000
26,300
Massachusetts St Gen. Oblig. Series 2019 G, 3% 9/1/2039
 
200,000
176,138
Massachusetts St Gen. Oblig. Series 2020 A, 5% 3/1/2029
 
175,000
189,951
Massachusetts St Gen. Oblig. Series 2020 B, 2% 3/1/2034
 
170,000
144,215
Massachusetts St Gen. Oblig. Series 2020 D, 4% 11/1/2041
 
150,000
149,295
Massachusetts St Gen. Oblig. Series 2020 D, 5% 7/1/2028
 
205,000
219,935
Massachusetts St Gen. Oblig. Series 2020 E, 5% 11/1/2033
 
165,000
181,745
Massachusetts St Gen. Oblig. Series 2021 B, 3% 4/1/2047
 
140,000
110,360
Massachusetts St Gen. Oblig. Series 2021 C, 5% 9/1/2029
 
50,000
54,734
Massachusetts St Gen. Oblig. Series 2023B, 5% 5/1/2034
 
20,000
22,828
Massachusetts St Gen. Oblig. Series 2024 I, 5% 12/1/2049
 
220,000
237,227
Massachusetts St Gen. Oblig. Series 2024B, 5% 11/1/2032
 
55,000
62,900
Massachusetts St Gen. Oblig. Series A, 5% 4/1/2035
 
100,000
103,717
Massachusetts St Gen. Oblig. Series A, 5% 4/1/2047
 
155,000
158,378
Massachusetts St Gen. Oblig. Series A, 5% 7/1/2026
 
130,000
134,064
 
  
  
3,319,364
Health Care - 0.1%
  
  
  
Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2020 C, 3% 10/1/2045 (Assured Guaranty Municipal Corp Insured)
 
10,000
7,942
Massachusetts St Dev Fin Agy Rev (Beth Israel Lahey Health Proj.) Series 2016 I, 3% 7/1/2032
 
25,000
23,575
Massachusetts St Dev Fin Agy Rev (Boston Medical Center Proj.) Series 2015D, 4% 7/1/2045
 
25,000
22,565
Massachusetts St Dev Fin Agy Rev (Mass General Brigham Inc Proj.) Series 2016Q, 4% 7/1/2036
 
200,000
200,188
 
  
  
254,270
Housing - 0.0%
  
  
  
Massachusetts St Hsg Fin Agy (Housing Bond Resolution 12/10/02 Proj.) Series A, 4.5% 12/1/2048 (f)
  
10,000
9,260
Special Tax - 0.7%
  
  
  
Mass Bay Tran Auth Assemnt Series 2022 A 2, 5% 7/1/2052
 
200,000
212,766
Mass Bay Tran Auth Sls Tax 5.25% 7/1/2028
 
40,000
43,326
Mass Bay Tran Auth Sls Tax 5.25% 7/1/2028
 
20,000
21,663
Mass Bay Tran Auth Sls Tax Series 2023 A SUB A 1, 5.25% 7/1/2053
 
200,000
217,794
Mass Bay Tran Auth Sls Tax Series B, 5% 7/1/2033
 
5,000
5,038
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2037
 
15,000
16,310
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2039
 
15,000
16,209
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2045
 
50,000
52,945
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016B, 5% 11/15/2046
 
30,000
30,545
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016C, 5% 11/15/2034
 
35,000
36,025
Massachusetts St Spl Oblig Dedicated Tax Rev 5.5% 1/1/2030 (National Public Finance Guarantee Corporation Insured)
 
10,000
11,076
Massachusetts St Transn Fd Rev 5% 6/1/2047
 
20,000
20,472
Massachusetts St Transn Fd Rev 5% 6/1/2048
 
130,000
134,081
Massachusetts St Transn Fd Rev Series 2015 A, 3.25% 6/1/2035
 
150,000
142,573
Massachusetts St Transn Fd Rev Series 2016B, 4% 6/1/2045
 
175,000
170,600
Massachusetts St Transn Fd Rev Series 2021A, 3% 6/1/2050
 
185,000
141,231
 
  
  
1,272,654
Transportation - 0.0%
  
  
  
Massachusetts St Port Auth Rev Series 2019 B, 3% 7/1/2049
 
70,000
53,537
Water & Sewer - 0.2%
  
  
  
Massachusetts St Wtr Res Auth 5.25% 8/1/2030 (Assured Guaranty Municipal Corp Insured)
 
145,000
163,780
Massachusetts St Wtr Res Auth 5.25% 8/1/2032 (Assured Guaranty Municipal Corp Insured)
 
25,000
29,130
Massachusetts St Wtr Res Auth Series 2020 B, 5% 8/1/2043
 
140,000
149,726
 
  
  
342,636
TOTAL MASSACHUSETTS
  
  
5,733,064
Michigan - 1.5%
 
  
  
Escrowed/Pre-Refunded - 0.1%
  
  
  
University MI Univ Revs Series 2015, 5% 4/1/2032 (Pre-refunded to 4/1/2026 at 100)
 
125,000
128,032
General Obligations - 0.5%
  
  
  
Detroit Mich Sch Dist Series 2005A, 5.25% 5/1/2029 (Assured Guaranty Municipal Corp Insured), (State of Michigan Guaranteed)
 
180,000
195,672
Lincoln MI Cons Sch Dist Series 2016 A, 5% 5/1/2040 (Assured Guaranty Municipal Corp Insured), (State of Michigan Guaranteed)
 
330,000
333,670
Michigan St Bldg Auth Rev (State of Michigan Proj.) 3% 10/15/2045
 
60,000
50,130
Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2015 I, 5% 4/15/2026
 
40,000
40,553
Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2016 I, 5% 10/15/2028
 
25,000
25,856
Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2016 I, 5% 10/15/2030
 
15,000
15,485
Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2016 I, 5% 4/15/2036
 
115,000
118,133
Muskegon MI Pub Schs Series 2021 II, 5% 5/1/2051 (State of Michigan Guaranteed)
 
60,000
62,797
 
  
  
842,296
Health Care - 0.2%
  
  
  
Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 3% 11/15/2033
 
240,000
224,647
Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 3.25% 11/15/2042
 
25,000
20,033
Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 4% 11/15/2046
 
50,000
45,137
Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 4% 2/15/2047
 
40,000
37,195
Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 5% 2/15/2034
 
55,000
58,166
Michigan Fin Auth Rev (Trinity Health Proj.) Series 2019 A, 4% 12/1/2049
 
20,000
18,564
Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2027
 
35,000
36,825
 
  
  
440,567
Housing - 0.2%
  
  
  
Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) Series 2019B, 3.1% 12/1/2044
 
210,000
169,753
Michigan Hsg Dev Rental Hsg (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2020 A 1, 2.7% 10/1/2045
 
160,000
117,114
Michigan Hsg Dev Rental Hsg Series 2018 A, 4.05% 10/1/2048
 
100,000
92,114
Michigan St Hsg Dev Auth Sfmr (MI Single Family Mortgage Proj.) Series B, 3.1% 12/1/2031
 
50,000
47,711
 
  
  
426,692
Special Tax - 0.1%
  
  
  
Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 4% 11/1/2048
 
10,000
9,450
Michigan St Trunk Line Fd 4% 11/15/2037
 
25,000
25,541
Michigan St Trunk Line Fd Series 2021 A, 4% 11/15/2040
 
80,000
81,100
 
  
  
116,091
Transportation - 0.2%
  
  
  
Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2026 (f)
  
35,000
35,662
Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2028 (f)
  
55,000
56,953
Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2031 (f)
  
20,000
20,688
Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 6/30/2028 (f)
  
15,000
15,474
Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 6/30/2029 (f)
  
60,000
62,113
Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 6/30/2031 (f)
  
70,000
72,452
Wayne Cnty Mich Arpt Auth Rev Series 2018A, 5% 12/1/2034
 
50,000
52,814
Wayne Cnty Mich Arpt Auth Rev Series 2021 B, 5% 12/1/2035 (f)
  
50,000
53,005
 
  
  
369,161
Water & Sewer - 0.2%
  
  
  
Great Lakes Sewer Auth Mich Series 2023A, 5% 7/1/2038
 
25,000
27,908
Great Lakes Sewer Auth Mich Series C, 5% 7/1/2036
 
15,000
15,266
Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2018 A, 5% 7/1/2027
 
65,000
68,087
Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2022 A, 5% 7/1/2035
 
50,000
55,605
Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2022 B, 5% 7/1/2035
 
15,000
16,650
Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2023A, 5% 7/1/2038
 
15,000
16,659
Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series C, 5% 7/1/2033
 
50,000
50,979
Michigan Fin Auth Rev (MI St Clean Wtr Revolving Fnd Proj.) Series 2018B, 5% 10/1/2028
 
130,000
139,546
 
  
  
390,700
TOTAL MICHIGAN
  
  
2,713,539
Minnesota - 1.1%
 
  
  
General Obligations - 1.0%
  
  
  
Forest Lake Minn Inpt Sch Dist Series 2016 A, 3.25% 2/1/2046 (Minnesota St Guaranteed)
 
200,000
169,320
Hennepin Cnty Minn Gen. Oblig. Series 2019 B, 5% 12/15/2029
 
120,000
129,614
Hennepin Cnty Minn Gen. Oblig. Series 2020 C, 5% 12/15/2035
 
250,000
272,032
Minnesota St Gen. Oblig. Series 2015 A, 5% 8/1/2028
 
110,000
111,250
Minnesota St Gen. Oblig. Series 2015B, 2.95% 8/1/2027
 
40,000
39,443
Minnesota St Gen. Oblig. Series 2017 A, 5% 10/1/2028
 
25,000
26,350
Minnesota St Gen. Oblig. Series 2018 B, 3.25% 8/1/2036
 
5,000
4,842
Minnesota St Gen. Oblig. Series 2019 B, 5% 8/1/2027
 
100,000
105,368
Minnesota St Gen. Oblig. Series 2020 A, 5% 8/1/2033
 
100,000
110,222
Minnesota St Gen. Oblig. Series 2021 A, 4% 9/1/2039
 
455,000
465,255
Minnesota St Gen. Oblig. Series 2021 A, 5% 9/1/2029
 
125,000
136,663
Owatonna MN Ind Sch Dist 761 Series 2020 A, 2.125% 2/1/2040 (Minnesota St Guaranteed)
 
145,000
105,415
 
  
  
1,675,774
Health Care - 0.0%
  
  
  
Apple Vy Minn Sr Living Rev (Minnesota Senior Living Proj.) Series 2016 A   1, 4.25% 1/1/2037
 
30,000
26,958
St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2019, 5% 5/1/2048
 
15,000
15,378
 
  
  
42,336
Housing - 0.1%
  
  
  
Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2021 H, 2.55% 1/1/2046
 
285,000
202,997
Minnesota Housing Finance Agency (MN Residential Hsg Proj.) Series 2019 F, 3.75% 1/1/2050
 
95,000
94,591
 
  
  
297,588
Transportation - 0.0%
  
  
  
Minneapolis Met Airport Commis Series 2019 A, 5% 1/1/2049
 
35,000
36,204
TOTAL MINNESOTA
  
  
2,051,902
Mississippi - 0.1%
 
  
  
General Obligations - 0.0%
  
  
  
Mississippi Dev Bank Spl Oblig (Mississippi St Proj.) Series 2013C, 5% 1/1/2027
 
15,000
15,561
Mississippi St Gen. Oblig. Series 2017 A, 5% 10/1/2030
 
65,000
68,327
 
  
  
83,888
Special Tax - 0.1%
  
  
  
Mississippi Dev Bank Spl Oblg Series A, 5% 8/1/2026
 
65,000
66,659
Mississippi Dev Bank Spl Oblg Series A, 5% 8/1/2027
 
50,000
52,048
Mississippi Gaming Tax Rev Series 2019 A, 5% 10/15/2028
 
25,000
26,495
 
  
  
145,202
TOTAL MISSISSIPPI
  
  
229,090
Missouri - 0.3%
 
  
  
Electric Utilities - 0.0%
  
  
  
City of Springfield MO Public Utility Revenue Series 2015, 4% 8/1/2031
 
50,000
50,065
Missouri Joint Muni Elec Util Comm Pwr Proj Rev Series 2016 A, 4% 12/1/2036
 
40,000
39,805
 
  
  
89,870
General Obligations - 0.0%
  
  
  
Missouri St Brd Pub Bldgs Spl (Missouri St Proj.) Series 2014A, 3% 10/1/2029
 
30,000
29,151
Health Care - 0.1%
  
  
  
Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2017 C, 3.625% 11/15/2047
 
60,000
53,001
Missouri Hlth & Edl Facs Rev (Mosaic Health Proj.) Series 2019A, 4% 2/15/2049
 
140,000
134,139
Missouri Hlth & Edl Facs Rev (St Lukes Hospital,Kan City, MO Proj.) Series 2016, 5% 11/15/2028
 
10,000
10,237
 
  
  
197,377
Housing - 0.0%
  
  
  
Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2019B, 3.35% 11/1/2049
 
30,000
24,685
Special Tax - 0.1%
  
  
  
Bi-State Dev Agy MO Tran Sales Tax Approp Rev Series 2019, 4% 10/1/2048
 
180,000
171,223
Transportation - 0.1%
  
  
  
Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 5% 3/1/2057 (Assured Guaranty Municipal Corp Insured) (f)
  
90,000
91,462
TOTAL MISSOURI
  
  
603,768
Montana - 0.2%
 
  
  
Health Care - 0.2%
  
  
  
Montana Facility Fin Auth Rev (Benefis Health System Proj.) Series 2016, 5% 2/15/2028
 
65,000
66,863
Montana Facility Fin Auth Rev (IHC Health Services Inc Proj.) Series 2019A, 4% 1/1/2036
 
110,000
111,184
Montana Facility Fin Auth Rev (IHC Health Services Inc Proj.) Series 2019A, 5% 1/1/2030
 
150,000
163,351
 
  
  
341,398
TOTAL MONTANA
  
  
341,398
Nebraska - 0.4%
 
  
  
Education - 0.0%
  
  
  
University NE Facs Corp Rev Series 2021A, 4% 7/15/2062
 
85,000
81,474
Electric Utilities - 0.3%
  
  
  
Omaha Public Power District Series 2022 A, 4% 2/1/2042
 
40,000
40,087
Omaha Public Power District Series 2024 B, 5% 2/1/2035
 
325,000
367,787
 
  
  
407,874
Escrowed/Pre-Refunded - 0.0%
  
  
  
University NE Univ Revs Series 2016A, 3% 7/1/2039 (Pre-refunded to 7/1/2026 at 100)
 
45,000
45,025
Health Care - 0.1%
  
  
  
Sarpy Cnty NE Hosp Auth No 1 Series 2016, 4% 5/15/2051
 
140,000
128,903
TOTAL NEBRASKA
  
  
663,276
Nevada - 0.5%
 
  
  
General Obligations - 0.2%
  
  
  
Clark Cnty NV Gen. Oblig. Series 2016B, 5% 11/1/2027
 
50,000
51,741
Clark Cnty NV Gen. Oblig. Series 2019 A, 5% 12/1/2028
 
40,000
43,107
Clark Cnty NV Gen. Oblig. Series 2019, 3% 6/1/2038
 
65,000
57,981
Clark Cnty NV School Dist 5.25% 6/15/2035
 
205,000
231,001
Clark Cnty NV School Dist Series 2019 A, 3% 6/15/2039 (Assured Guaranty Municipal Corp Insured)
 
20,000
17,428
Washoe Cnty Nev Sch Dist Series 2017 C, 3.125% 10/1/2040 (Assured Guaranty Municipal Corp Insured)
 
50,000
43,160
 
  
  
444,418
Special Tax - 0.1%
  
  
  
Clark Cnty NV Hwy Impt Rev Series 2017, 5% 7/1/2030
 
10,000
10,434
Las Vegas Convention & Visitors Authority Series 2018 B, 4% 7/1/2049
 
95,000
89,751
Las Vegas Convention & Visitors Authority Series 2018 C, 4% 7/1/2048
 
50,000
47,547
 
  
  
147,732
Transportation - 0.0%
  
  
  
Clark Cnty NV Arpt Rev Series 2019B, 5% 7/1/2042
 
40,000
41,985
Water & Sewer - 0.2%
  
  
  
Clark Cnty NV Wtr Reclamation Dist Gen. Oblig. Series 2016, 3% 7/1/2030
 
75,000
73,428
Las Vegas Valley NV Gen. Oblig. Series 2022A, 4% 6/1/2041
 
215,000
215,080
 
  
  
288,508
TOTAL NEVADA
  
  
922,643
New Jersey - 3.5%
 
  
  
Education - 0.0%
  
  
  
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019 B, 3.25% 12/1/2039 (f)
  
20,000
18,720
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019A, 5% 12/1/2027
 
35,000
36,597
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) Series 2017 A, 4% 7/1/2047
 
40,000
37,610
 
  
  
92,927
Electric Utilities - 0.1%
  
  
  
New Jersey Eda Wtr Facs Rev (New Jersey American Wtr Co Inc Proj.) Series 2019 B, 2.05% tender 10/1/2039 (b)
  
75,000
66,256
NJ Econ Dev Auth (New Jersey Natural Gas Co Proj.) Series 2011 C, 3% 8/1/2041 (f)
  
205,000
166,157
 
  
  
232,413
Escrowed/Pre-Refunded - 0.2%
  
  
  
New Jersey Bldg Auth St Bldg Series 2016A, 5% 6/15/2029 (Pre-refunded to 6/15/2026 at 100)
 
225,000
231,226
New Jersey Econom Dev Auth Rev Series 2016 AAA, 5% 6/15/2041 (Pre-refunded to 12/15/2026 at 100)
 
55,000
57,220
New Jersey Econom Dev Auth Rev Series 2018EEE, 5% 6/15/2033
 
80,000
86,260
New Jersey Econom Dev Auth Rev Series WW, 5% 6/15/2037 (Pre-refunded to 6/15/2025 at 100)
 
30,000
30,265
 
  
  
404,971
General Obligations - 2.2%
  
  
  
Edison Twp NJ Gen. Oblig. 2% 3/15/2037
 
100,000
76,338
New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series WW, 5.25% 6/15/2028
 
30,000
30,225
New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series XX, 4.375% 6/15/2027
 
60,000
60,178
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 11/1/2037
 
40,000
40,057
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2031
 
35,000
37,662
New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2017 B, 5% 6/15/2026
 
15,000
15,391
New Jersey St Gen. Oblig. 2% 6/1/2037
 
105,000
79,968
New Jersey St Gen. Oblig. 3% 6/1/2032
 
90,000
86,913
New Jersey St Gen. Oblig. 4% 6/1/2034 (Pre-refunded to 6/1/2025 at 100)
 
10,000
10,034
New Jersey Trans Trust Fund Auth 0% 12/15/2025 (d)
  
60,000
58,158
New Jersey Trans Trust Fund Auth 0% 12/15/2025 (d)
  
40,000
38,772
New Jersey Trans Trust Fund Auth 0% 12/15/2026 (d)
  
90,000
84,392
New Jersey Trans Trust Fund Auth 0% 12/15/2027 (d)
  
30,000
27,197
New Jersey Trans Trust Fund Auth 0% 12/15/2029 (d)
  
20,000
16,856
New Jersey Trans Trust Fund Auth 0% 12/15/2029 (Assured Guaranty Municipal Corp Insured) (d)
  
45,000
38,018
New Jersey Trans Trust Fund Auth 0% 12/15/2031 (d)
  
510,000
397,218
New Jersey Trans Trust Fund Auth 0% 12/15/2032 (d)
  
65,000
48,568
New Jersey Trans Trust Fund Auth 0% 12/15/2032 (Assured Guaranty Municipal Corp Insured) (d)
  
40,000
30,169
New Jersey Trans Trust Fund Auth 0% 12/15/2033 (d)
  
15,000
10,736
New Jersey Trans Trust Fund Auth 0% 12/15/2034 (d)
  
140,000
95,764
New Jersey Trans Trust Fund Auth 0% 12/15/2037 (d)
  
45,000
26,862
New Jersey Trans Trust Fund Auth 0% 12/15/2038 (d)
  
35,000
19,938
New Jersey Trans Trust Fund Auth 4% 6/15/2050
 
200,000
190,150
New Jersey Trans Trust Fund Auth 5% 6/15/2030
 
305,000
332,759
New Jersey Trans Trust Fund Auth 5% 6/15/2038
 
250,000
275,796
New Jersey Trans Trust Fund Auth 5% 6/15/2048 (Pre-refunded to 12/15/2032 at 100)
 
230,000
262,500
New Jersey Trans Trust Fund Auth 5% 6/15/2050 (Pre-refunded to 12/15/2030 at 100)
 
45,000
49,828
New Jersey Trans Trust Fund Auth Series 2015AA, 4.625% 6/15/2030
 
165,000
165,815
New Jersey Trans Trust Fund Auth Series 2015AA, 5.25% 6/15/2027 (Pre-refunded to 6/15/2025 at 100)
 
20,000
20,186
New Jersey Trans Trust Fund Auth Series 2015AA, 5.25% 6/15/2031
 
135,000
136,041
New Jersey Trans Trust Fund Auth Series 2015AA, 5.25% 6/15/2032
 
70,000
70,512
New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2034
 
250,000
263,045
New Jersey Trans Trust Fund Auth Series 2019 AA, 4% 6/15/2036
 
20,000
20,086
New Jersey Trans Trust Fund Auth Series 2019 BB, 3.25% 6/15/2039
 
25,000
22,546
New Jersey Trans Trust Fund Auth Series 2019 BB, 5% 6/15/2033
 
75,000
79,305
New Jersey Trans Trust Fund Auth Series 2020 AA, 5% 6/15/2050
 
160,000
165,987
New Jersey Trans Trust Fund Auth Series 2022 BB, 4% 6/15/2040
 
250,000
246,589
NJ Health Care Facs Fing Auth St Contract (New Jersey St Proj.) Series 2017, 5% 10/1/2026
 
135,000
139,245
NJ Health Care Facs Fing Auth St Contract (New Jersey St Proj.) Series 2017, 5% 10/1/2027
 
15,000
15,738
South Jersey Port Corp NJ Rev (New Jersey St Proj.) Series 2017B, 5% 1/1/2037 (f)
  
25,000
25,652
 
  
  
3,811,194
Health Care - 0.2%
  
  
  
New Jersey Health Care (Hackensack Meridian Health Inc Proj.) Series 2017A, 4% 7/1/2052
 
125,000
117,322
New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 3% 7/1/2032
 
25,000
22,593
New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 3.125% 7/1/2033
 
150,000
134,824
 
  
  
274,739
Tobacco Bonds - 0.1%
  
  
  
Tobacco Settlement Fin Corp NJ Series 2018 A, 4% 6/1/2037
 
30,000
29,697
Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2029
 
130,000
136,066
 
  
  
165,763
Transportation - 0.7%
  
  
  
New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 4.1% 6/15/2031
 
15,000
15,102
New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2030
 
25,000
25,502
New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2018 A, 5% 6/15/2030
 
50,000
50,996
New Jersey Turnpike Authority 4.25% 1/1/2043
 
50,000
50,781
New Jersey Turnpike Authority 5% 1/1/2046
 
225,000
244,208
New Jersey Turnpike Authority 5.25% 1/1/2026 (Assured Guaranty Municipal Corp Insured)
 
30,000
30,697
New Jersey Turnpike Authority Series 2016A, 5% 1/1/2033
 
50,000
50,768
New Jersey Turnpike Authority Series 2017 A, 5% 1/1/2035
 
110,000
113,081
New Jersey Turnpike Authority Series 2017B, 4% 1/1/2035
 
30,000
30,419
New Jersey Turnpike Authority Series 2017B, 5% 1/1/2030
 
255,000
269,182
New Jersey Turnpike Authority Series 2017B, 5% 1/1/2032
 
200,000
210,567
New Jersey Turnpike Authority Series 2017E, 5% 1/1/2029
 
15,000
15,872
New Jersey Turnpike Authority Series 2017E, 5% 1/1/2031
 
155,000
163,345
 
  
  
1,270,520
TOTAL NEW JERSEY
  
  
6,252,527
New Jersey,New York - 1.1%
 
  
  
Transportation - 1.1%
  
  
  
Port Auth NY & NJ 5% 9/15/2026 (f)
  
185,000
189,331
Port Auth NY & NJ Series 177TH, 3% 7/15/2028 (f)
  
50,000
48,194
Port Auth NY & NJ Series 177TH, 4% 1/15/2043 (f)
  
195,000
178,912
Port Auth NY & NJ Series 189, 5% 5/1/2030
 
20,000
20,109
Port Auth NY & NJ Series 189, 5% 5/1/2045
 
140,000
140,357
Port Auth NY & NJ Series 194, 5% 10/15/2030
 
35,000
35,453
Port Auth NY & NJ Series 194, 5% 10/15/2032
 
55,000
55,665
Port Auth NY & NJ Series 194, 5% 10/15/2035
 
100,000
101,092
Port Auth NY & NJ Series 194, 5.25% 10/15/2055
 
50,000
50,405
Port Auth NY & NJ Series 198, 5% 11/15/2046
 
15,000
15,238
Port Auth NY & NJ Series 202, 5% 10/15/2030 (f)
  
20,000
20,510
Port Auth NY & NJ Series 202, 5% 10/15/2034 (f)
  
580,000
592,874
Port Auth NY & NJ Series 209, 5% 7/15/2031
 
30,000
31,747
Port Auth NY & NJ Series 209, 5% 7/15/2034
 
70,000
73,530
Port Auth NY & NJ Series 222, 5% 7/15/2031
 
75,000
82,947
Port Auth NY & NJ Series 223, 5% 7/15/2031 (f)
  
55,000
59,437
Port Auth NY & NJ Series 244, 5% 7/15/2045
 
225,000
246,159
Port Auth NY & NJ Series TWO HUNDREDSEVENTEEN, 5% 11/1/2030
 
100,000
109,140
 
  
  
2,051,100
TOTAL NEW JERSEY,NEW YORK
  
  
2,051,100
New Jersey,Pennsylvania - 0.0%
 
  
  
Transportation - 0.0%
  
  
  
Delaware Rvr Jt Toll Brg PA NJ Series 2017, 5% 7/1/2036
 
5,000
5,188
New Mexico - 0.4%
 
  
  
Escrowed/Pre-Refunded - 0.0%
  
  
  
New Mexico St Hosp Equip Ln Council Hosp Rev Series 2015A, 4.125% 8/1/2044 (Pre-refunded to 8/1/2025 at 100)
 
40,000
40,158
Housing - 0.3%
  
  
  
New Mexico Mtg Fin Auth (NM Sf Mortgage 2005 Proj.) Series 2021 C CL I, 3% 1/1/2052
 
295,000
286,356
New Mexico Mtg Fin Auth (NM Sf Mortgage 2005 Proj.) Series 2022 C, 3.95% 9/1/2047
 
195,000
176,341
New Mexico Mtg Fin Auth Series 2019 F, 3.05% 7/1/2044
 
100,000
79,445
New Mexico Mtg Fin Auth Series 2019 F, 3.5% 7/1/2050
 
40,000
39,666
 
  
  
581,808
Special Tax - 0.1%
  
  
  
New Mexico St Severance Tax Series 2022B, 5% 7/1/2031
 
135,000
150,145
TOTAL NEW MEXICO
  
  
772,111
New York - 16.9%
 
  
  
Education - 1.1%
  
  
  
Monroe Cnty NY Indl Dev Corp (University of Rochester, NY Proj.) Series 2015A, 5% 7/1/2027
 
105,000
105,944
New York St Dorm Auth Revs Non St Supportd Debt (Columbia Univ, NY Proj.) Series 2018B, 5% 10/1/2038
 
45,000
47,404
New York St Dorm Auth Revs Non St Supportd Debt (Columbia Univ, NY Proj.) Series A, 5% 10/1/2047
 
30,000
34,876
New York St Dorm Auth Revs Non St Supportd Debt (New School (The) Proj.) Series 2016 A, 4% 7/1/2043
 
165,000
160,234
New York St Dorm Auth Revs Non St Supportd Debt (New School (The) Proj.) Series 2016 A, 5% 7/1/2037
 
100,000
102,116
New York St Dorm Auth Revs Non St Supportd Debt (New York Univ, NY Proj.) Series 2016 A, 4% 7/1/2043
 
100,000
97,614
New York St Dorm Auth Revs Non St Supportd Debt (New York Univ, NY Proj.) Series 2016 A, 5% 7/1/2029
 
60,000
61,691
New York St Dorm Auth Revs Non St Supportd Debt (New York Univ, NY Proj.) Series 2018 A, 5% 7/1/2040
 
30,000
31,625
New York St Dorm Auth Revs Non St Supported Debt (Cornell University Proj.) Series 2020 A2, 5% 7/1/2031
 
25,000
27,890
New York St Dorm Auth Revs Non St Supported Debt (Cornell University Proj.) Series 2020A, 4% 7/1/2050
 
130,000
129,543
New York St Dorm Auth Revs Non St Supported Debt (Cornell University Proj.) Series 2020A, 5% 7/1/2030
 
190,000
212,294
New York St Dorm Auth Revs Non St Supported Debt (New York Univ, NY Proj.) Series 2019A, 5% 7/1/2027
 
20,000
21,038
New York St Dorm Auth Revs Non St Supported Debt (St Johns Univ, NY Proj.) 5% 7/1/2026
 
100,000
102,577
New York St Dorm Auth Revs Non St Supported Debt (State University of New York Proj.) Series 2021 B, 3% 7/1/2045
 
100,000
78,418
New York State Dormitory Authority (MT Sinai - Icahn Sch of Medicine Proj.) Series 2015A, 5% 7/1/2040
 
235,000
234,616
Onondaga Cnty NY Tr Cultural Res Rev (Syracuse University, NY Proj.) Series 2019, 5% 12/1/2039
 
25,000
26,659
Onondaga Cnty NY Tr Cultural Res Rev (Syracuse University, NY Proj.) Series 2019, 5% 12/1/2040
 
160,000
170,041
Troy NY Cap Resource Corp Rev (Rensselaer Polytechnic Institute Proj.) Series 2020A, 5% 9/1/2037
 
375,000
401,103
 
  
  
2,045,683
Electric Utilities - 0.6%
  
  
  
Long Island Pwr Auth NY Elec 0% 6/1/2029 (Assured Guaranty Municipal Corp Insured) (d)
  
90,000
76,572
Long Island Pwr Auth NY Elec 5% 9/1/2030
 
120,000
133,188
Long Island Pwr Auth NY Elec Series 2016 B, 5% 9/1/2046
 
40,000
40,589
Long Island Pwr Auth NY Elec Series 2017, 5% 9/1/2047
 
30,000
30,769
Long Island Pwr Auth NY Elec Series 2018, 5% 9/1/2035
 
20,000
21,086
Long Island Pwr Auth NY Elec Series 2019 A, 5% 9/1/2026
 
150,000
155,321
Long Island Pwr Auth NY Elec Series 2024A, 5% 9/1/2034
 
220,000
255,559
New York St Pwr Auth Series 2024A, 5% 11/15/2035
 
200,000
233,133
Utility Debt Securitization Authority Series 2015, 3% 12/15/2032
 
80,000
78,349
Utility Debt Securitization Authority Series 2017, 5% 12/15/2038
 
25,000
26,047
Utility Debt Securitization Authority Series 2017, 5% 12/15/2041
 
50,000
51,860
 
  
  
1,102,473
Escrowed/Pre-Refunded - 0.1%
  
  
  
New York St Dorm Auth St Pers Income Tax Rev Series 2016 D, 5% 2/15/2026 (Escrowed to Maturity)
 
105,000
107,230
New York St Dorm Auth St Pers Income Tax Rev Series 2017 A, 5% 2/15/2027
 
110,000
114,754
 
  
  
221,984
General Obligations - 2.8%
  
  
  
City of New York NY Gen. Oblig. Series 2008 L 6, 5% 4/1/2031
 
50,000
53,641
City of New York NY Gen. Oblig. Series 2017, 5% 12/1/2037
 
760,000
780,899
City of New York NY Gen. Oblig. Series 2018  1, 5% 8/1/2028
 
10,000
10,485
City of New York NY Gen. Oblig. Series 2018 B 1, 4% 10/1/2040
 
260,000
256,100
City of New York NY Gen. Oblig. Series 2018 C, 5% 8/1/2027
 
25,000
26,316
City of New York NY Gen. Oblig. Series 2018 E 1, 5% 3/1/2031
 
240,000
253,035
City of New York NY Gen. Oblig. Series 2019   D1, 4% 12/1/2041
 
50,000
49,163
City of New York NY Gen. Oblig. Series 2021 C, 5% 8/1/2026
 
200,000
206,190
City of New York NY Gen. Oblig. Series 2021 C, 5% 8/1/2029
 
260,000
282,592
City of New York NY Gen. Oblig. Series A(A 1), 4% 8/1/2044
 
20,000
19,402
City of New York NY Gen. Oblig. Series A(A 1), 5% 8/1/2035
 
120,000
128,143
City of New York NY Gen. Oblig. Series A, 5% 8/1/2026
 
150,000
151,512
City of New York NY Gen. Oblig. Series B 1, 3.25% 10/1/2042
 
55,000
47,481
City of New York NY Gen. Oblig. Series C, 3% 8/1/2034
 
25,000
23,656
City of New York NY Gen. Oblig. Series E, 5% 8/1/2026
 
75,000
77,321
City of New York NY Gen. Oblig. Series FISCAL 2008 J 9, 5% 8/1/2026
 
250,000
257,738
City of New York NY Gen. Oblig. Series FISCAL 2020 D 1, 4% 3/1/2042
 
125,000
123,319
City of New York NY Gen. Oblig. Series FISCAL 2020 SUB B 1, 5% 10/1/2032
 
70,000
75,441
City of New York NY Gen. Oblig. Series FISCAL 2023B SUB B 1, 5.25% 10/1/2047
 
235,000
254,326
City of New York NY Gen. Oblig. Series FISCAL 2025 A, 5% 8/1/2035
 
115,000
130,666
City of New York NY Gen. Oblig. Series FISCAL 2025 SUB C1, 5% 9/1/2048
 
365,000
392,914
Hempstead Town New York Gen. Oblig. Series 2021, 2.125% 6/15/2040
 
250,000
185,303
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2016 S 1, 5% 7/15/2026
 
50,000
51,033
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 3, 3.625% 7/15/2047
 
155,000
139,633
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 4A, 5% 7/15/2031
 
30,000
31,778
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 4A, 5% 7/15/2034
 
5,000
5,266
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series FISCAL 2023 SUB S 1A, 5% 7/15/2028
 
400,000
429,847
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series S 1, 5% 7/15/2035
 
35,000
36,336
New York St Dorm Auth Revs Non St Supportd Debt (Scio N Y Cent Sch Dist Proj.) Series A, 5% 10/1/2029
 
15,000
15,825
New York St Dorm Auth Revs Non St Supported Debt (NY School Bond Program Proj.) 5% 10/1/2031 (Assured Guaranty Municipal Corp Insured)
 
225,000
238,934
New York St Gen. Oblig. Series 2013A, 3.5% 3/1/2043
 
40,000
36,252
Westchester Cnty NY Gen. Oblig. Series 2018 A, 4% 12/1/2027
 
50,000
51,308
Westchester Cnty NY Gen. Oblig. Series 2019 D, 4% 12/15/2028
 
20,000
20,654
 
  
  
4,842,509
Health Care - 0.3%
  
  
  
Dutchess Cnty NY Loc Dev Corp Rev (Nuvance Health Proj.) Series 2016 B, 3% 7/1/2029
 
150,000
139,302
Dutchess Cnty NY Loc Dev Corp Rev (Nuvance Health Proj.) Series 2016 B, 4% 7/1/2041
 
40,000
37,494
New York St Dorm Auth Revs Non St Supported Debt (Maimonides Medical Center Proj.) Series 2020, 3% 2/1/2050
 
55,000
42,845
New York St Dorm Auth Revs Non St Supported Debt (Memorial Sloan-Kettering Cancer Center Proj.) Series 2019  1, 3% 7/1/2034
 
120,000
110,154
New York St Dorm Auth Revs Non St Supported Debt (Memorial Sloan-Kettering Cancer Center Proj.) Series 2019  1, 5% 7/1/2030
 
20,000
21,710
New York St Dorm Auth Revs Non St Supported Debt (Montefiore Medical Center Proj.) Series 2018 A, 4% 8/1/2038
 
60,000
57,842
New York St Dorm Auth Revs Non St Supported Debt (Northwell Health Proj.) Series 2022 A, 4.25% 5/1/2052
 
40,000
38,605
New York State Dormitory Authority (Northwell Health Proj.) Series 2015A, 4.125% 5/1/2042
 
50,000
50,088
New York State Dormitory Authority (Northwell Health Proj.) Series 2015A, 5% 5/1/2033
 
40,000
40,184
Westchester County Local Development Corp (Westchester Cnty NY Healthcare Proj.) Series 2016, 3.75% 11/1/2037
 
45,000
38,699
 
  
  
576,923
Housing - 0.6%
  
  
  
New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series H, 2.95% tender 11/1/2045 (Liquidity Facility Fannie Mae) (b)
  
15,000
14,898
New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series I 1, 3.95% 11/1/2036
 
70,000
68,980
New York St Hsg Fin Agy (Affordable Housing Revenue Bonds 8/22/2007 Proj.) Series 2017 L, 3.45% 11/1/2042
 
25,000
22,071
New York St Hsg Fin Agy (Affordable Housing Revenue Bonds 8/22/2007 Proj.) Series 2019  N, 3.05% 11/1/2052
 
55,000
41,350
New York St Hsg Fin Agy Series 2019 P, 3.15% 11/1/2054
 
25,000
19,138
New York St Hsg Fin Agy Series 2021G, 2.4% 11/1/2041
 
210,000
156,733
New York St Mtg Agy Rev (NY Mortgage Proj.) Series FORTY EIGHTH, 3.45% 10/1/2033
 
5,000
4,766
NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 E 1, 3.25% 11/1/2049
 
30,000
23,915
NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 E 1, 3.45% 5/1/2059
 
10,000
7,959
NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2020 D 1B, 2.4% 11/1/2050
 
75,000
47,923
NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 A 1, 2.05% 11/1/2033
 
135,000
111,504
NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 C 1, 2.25% 11/1/2041
 
110,000
79,182
NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 G 1, 2.15% 11/1/2036
 
205,000
160,668
NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 K 1, 2.45% 11/1/2041
 
160,000
121,156
State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 225, 2.3% 10/1/2040
 
155,000
115,434
State of New York Mortgage Agency (NY Mortgage Proj.) Series 220, 2.85% 10/1/2044
 
25,000
19,118
 
  
  
1,014,795
Industrial Development - 0.2%
  
  
  
Liberty NY Dev Corp Rev (Goldman Sachs Group Inc/The Proj.) 5.25% 10/1/2035
 
135,000
153,567
Liberty NY Dev Corp Rev (Goldman Sachs Group Inc/The Proj.) 5.5% 10/1/2037
 
25,000
29,145
New York Liberty Dev Corp Series 2019 CL 2, 2.625% 9/15/2069
 
150,000
139,635
 
  
  
322,347
Other - 0.1%
  
  
  
New York City Trust Cultural Resources Rev (Museum of Modern Art, NY Proj.) Series 2016 ONE E, 4% 4/1/2027
 
15,000
15,306
New York City Trust Cultural Resources Rev (Museum of Modern Art, NY Proj.) Series 2016 ONE E, 4% 4/1/2028
 
75,000
76,622
New York St Dorm Auth Revs Non St Supported Debt (Rockefeller Univ, NY Proj.) 4% 7/1/2049
 
45,000
43,035
 
  
  
134,963
Special Tax - 6.7%
  
  
  
Battery Pk City Auth NY Rev Series 2019A, 5% 11/1/2049
 
190,000
200,795
Battery Pk City Auth NY Rev Series 2023 A, 5% 11/1/2053
 
145,000
156,201
Brooklyn Arena Local Dev Corp N Y Series A, 3% 7/15/2043 (Assured Guaranty Municipal Corp Insured)
 
25,000
19,646
Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 4% 2/15/2036
 
120,000
121,092
Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 4% 2/15/2044
 
35,000
34,316
Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2030
 
55,000
57,108
Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2039
 
40,000
41,065
Hudson Yds Infrastructure Corp NY Rev Series FISCAL 2022 A, 4% 2/15/2039
 
95,000
97,143
New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024D SUB D 1, 5% 11/1/2041
 
20,000
22,054
New York NY City Ida Rev (Yankees Hldgs LP Proj.) 0% 3/1/2039 (Assured Guaranty Inc Insured) (d)
  
10,000
5,243
New York NY City Ida Rev (Yankees Hldgs LP Proj.) 0% 3/1/2045 (Assured Guaranty Inc Insured) (d)
  
25,000
9,393
New York NY City Ida Rev (Yankees Hldgs LP Proj.) Series 2009A, 0% 3/1/2027 (d)
  
90,000
83,144
New York NY City Ida Rev (Yankees Hldgs LP Proj.) Series 2009A, 0% 3/1/2037 (d)
  
50,000
29,459
New York NY City Ida Rev (Yankees Hldgs LP Proj.) Series 2009A, 0% 3/1/2044 (d)
  
45,000
17,876
New York NY City Transitional Fin Auth Rev 5% 11/1/2032
 
170,000
187,793
New York NY City Transitional Fin Auth Rev 5% 8/1/2045
 
50,000
51,294
New York NY City Transitional Fin Auth Rev Series 2017, 3% 5/1/2034
 
50,000
47,297
New York NY City Transitional Fin Auth Rev Series 2017, 4% 5/1/2037
 
80,000
80,321
New York NY City Transitional Fin Auth Rev Series 2017, 5% 5/1/2040
 
15,000
15,229
New York NY City Transitional Fin Auth Rev Series 2018 A 2, 5% 8/1/2038
 
55,000
56,914
New York NY City Transitional Fin Auth Rev Series 2018 B 1, 5% 8/1/2029
 
150,000
156,945
New York NY City Transitional Fin Auth Rev Series 2018 C 2, 5% 5/1/2033
 
360,000
377,733
New York NY City Transitional Fin Auth Rev Series 2018 C 2, 5% 5/1/2036
 
240,000
250,374
New York NY City Transitional Fin Auth Rev Series 2019 A 1, 5% 8/1/2036
 
465,000
486,299
New York NY City Transitional Fin Auth Rev Series 2019 C 1, 3.25% 11/1/2043
 
140,000
120,046
New York NY City Transitional Fin Auth Rev Series 2019 C 1, 4% 11/1/2036
 
50,000
50,785
New York NY City Transitional Fin Auth Rev Series 2019 C 1, 4% 11/1/2037
 
30,000
30,283
New York NY City Transitional Fin Auth Rev Series B 1, 4% 8/1/2038
 
100,000
100,333
New York NY City Transitional Fin Auth Rev Series B 1, 4% 8/1/2039
 
20,000
20,003
New York NY City Transitional Fin Auth Rev Series B1, 5% 11/1/2028
 
30,000
30,457
New York NY City Transitional Fin Auth Rev Series B1, 5% 11/1/2035
 
105,000
106,168
New York NY City Transitional Fin Auth Rev Series C, 5% 11/1/2026
 
40,000
41,386
New York NY City Transitional Fin Auth Rev Series FISCAL 2001 C, 4% 2/1/2027
 
70,000
71,502
New York NY City Transitional Fin Auth Rev Series FISCAL 2020 B 1, 4% 11/1/2045
 
415,000
403,088
New York NY City Transitional Fin Auth Rev Series FISCAL 2020A SUB A 3, 4% 5/1/2042
 
260,000
255,341
New York NY City Transitional Fin Auth Rev Series FISCAL 2020C SUB C 1, 4% 5/1/2040
 
10,000
10,010
New York NY City Transitional Fin Auth Rev Series FISCAL 2020C SUB C 1, 5% 5/1/2041
 
100,000
106,820
New York NY City Transitional Fin Auth Rev Series FISCAL 2021 A, 4% 11/1/2035
 
80,000
82,262
New York NY City Transitional Fin Auth Rev Series FISCAL 2021 A, 5% 11/1/2031
 
150,000
164,892
New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2038
 
100,000
101,245
New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2044
 
30,000
29,388
New York NY City Transitional Fin Auth Rev Series FISCAL 2022C SUB C 1, 5% 2/1/2037
 
100,000
110,110
New York NY City Transitional Fin Auth Rev Series FISCAL 2023B SUB B 1, 5% 11/1/2033
 
445,000
499,773
New York NY City Transitional Fin Auth Rev Series FISCAL 2023F SUB F 1, 5.25% 2/1/2047
 
190,000
206,642
New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2038
 
235,000
262,665
New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2048 (Pre-refunded to 3/15/2048 at 100)
 
75,000
77,434
New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2016 A, 5% 3/15/2029 (Pre-refunded to 9/15/2026 at 100)
 
80,000
82,689
New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2017 A, 5% 3/15/2043
 
75,000
76,923
New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2017 A, 5% 3/15/2044
 
210,000
215,150
New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024A, 5% 3/15/2051
 
200,000
214,486
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2016 D, 5% 2/15/2026 (Escrowed to Maturity)
 
10,000
10,223
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2018A, 5% 3/15/2032
 
50,000
53,337
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2039
 
100,000
105,492
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2040
 
90,000
94,636
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 3% 2/15/2049
 
120,000
91,908
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 4% 3/15/2039
 
220,000
221,998
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 4% 3/15/2054
 
595,000
565,091
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2037
 
500,000
563,615
New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5.25% 3/15/2048
 
600,000
655,024
New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2042
 
15,000
15,604
New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2044
 
25,000
25,935
New York State Dormitory Authority (New York State Pit Proj.) 5% 2/15/2039
 
15,000
15,545
New York State Dormitory Authority 3% 3/15/2049
 
105,000
80,759
New York State Dormitory Authority 5% 2/15/2043
 
50,000
51,563
New York State Urban Development Corp (New York State Pit Proj.) Series 2016 A, 5% 3/15/2026 (Escrowed to Maturity)
 
20,000
20,505
New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 4% 3/15/2045
 
65,000
63,812
New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 4% 3/15/2049
 
85,000
82,914
New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 5% 3/15/2036
 
500,000
543,016
New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2021A 1, 4% 3/15/2058
 
135,000
127,613
New York Urban Eev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) 5% 3/15/2048
 
355,000
380,031
New York Urban Eev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2019 A, 4% 3/15/2046
 
75,000
72,298
NY Convention Ctr Dev Corp Rev Series B, 0% 11/15/2032 (d)
  
90,000
65,673
NY Convention Ctr Dev Corp Rev Series B, 0% 11/15/2036 (d)
  
100,000
59,786
NY Convention Ctr Dev Corp Rev Series B, 0% 11/15/2038 (d)
  
75,000
40,186
NY Convention Ctr Dev Corp Rev Series B, 0% 11/15/2044 (d)
  
75,000
28,465
NY Mta Dedicated Tax Fund Series 2012A, 0% 11/15/2032 (d)
  
225,000
167,769
NY Mta Dedicated Tax Fund Series 2012A, 3% 11/15/2028
 
190,000
186,444
NY Mta Dedicated Tax Fund Series 2016 A, 5% 11/15/2026
 
90,000
93,426
NY Mta Dedicated Tax Fund Series 2016 A, 5.25% 11/15/2028
 
150,000
155,924
NY Payroll Mobility Tax Series 2021 C 2, 3% 5/15/2033
 
390,000
377,363
NY Payroll Mobility Tax Series 2021 SUB C 3, 4% 5/15/2051
 
540,000
518,731
Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2022 A, 5.25% 5/15/2057
 
230,000
247,768
 
  
  
11,857,069
Tobacco Bonds - 0.0%
  
  
  
Tobacco Settlement Asset Securitization Corp NY Rev Series A, 5% 6/1/2032
 
75,000
77,000
Transportation - 2.9%
  
  
  
Metropolitan Transn Auth NY Rv 4% 11/15/2049
 
25,000
23,481
Metropolitan Transn Auth NY Rv Series 2015 F, 3.25% 11/15/2031
 
35,000
33,320
Metropolitan Transn Auth NY Rv Series 2015B, 4% 11/15/2045
 
250,000
232,200
Metropolitan Transn Auth NY Rv Series 2016 B, 5% 11/15/2037
 
325,000
330,369
Metropolitan Transn Auth NY Rv Series 2016 D, 3% 11/15/2032
 
50,000
46,212
Metropolitan Transn Auth NY Rv Series 2016 D, 5% 11/15/2027
 
10,000
10,271
Metropolitan Transn Auth NY Rv Series 2017 D, 4% 11/15/2042
 
95,000
91,455
Metropolitan Transn Auth NY Rv Series 2017 D, 5% 11/15/2027
 
100,000
105,020
Metropolitan Transn Auth NY Rv Series 2017C 1, 4% 11/15/2034
 
55,000
55,327
Metropolitan Transn Auth NY Rv Series 2017C 1, 4% 11/15/2035
 
245,000
246,329
Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2028
 
25,000
26,460
Metropolitan Transn Auth NY Rv Series 2018 B, 5% 11/15/2027
 
20,000
21,004
Metropolitan Transn Auth NY Rv Series 2019 B, 4% 11/15/2049 (Assured Guaranty Municipal Corp Insured)
 
40,000
37,859
Metropolitan Transn Auth NY Rv Series 2020 A 1, 4% 11/15/2052
 
20,000
18,671
Metropolitan Transn Auth NY Rv Series 2021 A 1, 4% 11/15/2049
 
25,000
23,352
Metropolitan Transn Auth NY Rv Series 2024A, 5% 11/15/2044
 
25,000
26,660
Metropolitan Transn Auth NY Rv Series C 1, 4% 11/15/2046
 
120,000
111,555
Metropolitan Transn Auth NY Rv Series C 1, 5% 11/15/2030
 
395,000
404,856
Metropolitan Transn Auth NY Rv Series C 1, 5% 11/15/2034
 
80,000
80,893
Metropolitan Transn Auth NY Rv Series C 2, 3% 11/15/2038
 
25,000
20,520
New York St Twy Auth Gen Rev 5.25% 1/1/2056
 
250,000
252,508
New York St Twy Auth Gen Rev Series 2016 A, 5% 1/1/2051
 
30,000
30,214
New York St Twy Auth Gen Rev Series 2019 B, 3% 1/1/2046
 
50,000
39,418
New York St Twy Auth Gen Rev Series K, 5% 1/1/2026
 
80,000
80,000
New York St Twy Auth Gen Rev Series L, 5% 1/1/2034
 
70,000
73,463
New York St Twy Auth Gen Rev Series N, 4% 1/1/2047
 
200,000
193,491
New York St Twy Auth Gen Rev Series P, 5% 1/1/2031
 
25,000
27,862
New York St Twy Auth Gen Rev Series P, 5% 1/1/2033
 
10,000
11,412
New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2030 (f)
  
30,000
30,847
New York Transportation Development Corp (Jfk International Air Terminal Proj.) 4% 12/1/2040 (f)
  
50,000
47,124
New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2035 (f)
  
150,000
157,937
New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.375% 6/30/2060 (f)
  
500,000
514,721
New York Transportation Development Corp (Jfk Intl Terminal 6 Proj.) 5.25% 12/31/2054 (Assured Guaranty Municipal Corp Insured) (f)
  
210,000
222,722
New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 4% 1/1/2051 (Assured Guaranty Municipal Corp Insured) (f)
  
30,000
26,836
New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 4% 7/1/2041 (f)
  
30,000
27,516
Port Auth NY & NJ Series 245, 5% 9/1/2038
 
235,000
266,996
Triborough Brdg & Tunl NY Revs 5% 11/15/2031
 
200,000
225,920
Triborough Brdg & Tunl NY Revs 5% 11/15/2034
 
150,000
164,783
Triborough Brdg & Tunl NY Revs Series 2008B 3, 5% 11/15/2037
 
40,000
40,479
Triborough Brdg & Tunl NY Revs Series 2012B, 0% 11/15/2032 (d)
  
290,000
217,407
Triborough Brdg & Tunl NY Revs Series 2013A, 0% 11/15/2030 (d)
  
105,000
84,852
Triborough Brdg & Tunl NY Revs Series 2013A, 0% 11/15/2032 (d)
  
35,000
26,037
Triborough Brdg & Tunl NY Revs Series 2016A, 5% 11/15/2031
 
100,000
102,396
Triborough Brdg & Tunl NY Revs Series 2016A, 5% 11/15/2041
 
25,000
25,400
Triborough Brdg & Tunl NY Revs Series 2018 C, 5% 11/15/2037
 
25,000
26,309
Triborough Brdg & Tunl NY Revs Series 2019A, 5% 11/15/2049
 
45,000
46,585
Triborough Brdg & Tunl NY Revs Series A, 5% 11/15/2026
 
50,000
51,864
Triborough Brdg & Tunl NY Revs Series B, 5% 11/15/2036
 
90,000
93,475
 
  
  
5,054,388
Water & Sewer - 1.5%
  
  
  
New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2017 A, 3.5% 6/15/2036
 
10,000
9,864
New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2018 A, 5% 6/15/2030
 
50,000
53,618
New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2019 B, 5% 6/15/2031
 
25,000
27,254
New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2023 B, 5% 6/15/2032
 
210,000
238,941
New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2024A, 5% 6/15/2037
 
15,000
17,301
New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2024A, 5% 6/15/2038
 
85,000
97,626
New York NY Cty Muni Wtr Fin Auth 4% 6/15/2052
 
150,000
143,455
New York NY Cty Muni Wtr Fin Auth 5.25% 6/15/2047
 
60,000
61,577
New York NY Cty Muni Wtr Fin Auth 5.25% 6/15/2049
 
65,000
67,854
New York NY Cty Muni Wtr Fin Auth Series 2015HH, 5% 6/15/2029
 
65,000
65,546
New York NY Cty Muni Wtr Fin Auth Series 2017 EE, 5% 6/15/2036
 
60,000
62,252
New York NY Cty Muni Wtr Fin Auth Series 2018 AA, 5% 6/15/2037
 
5,000
5,180
New York NY Cty Muni Wtr Fin Auth Series 2018 EE, 5% 6/15/2032
 
10,000
10,162
New York NY Cty Muni Wtr Fin Auth Series 2018 FF, 5% 6/15/2040
 
135,000
140,626
New York NY Cty Muni Wtr Fin Auth Series 2019 FF 2, 4% 6/15/2037
 
80,000
81,114
New York NY Cty Muni Wtr Fin Auth Series 2020 AA, 5% 6/15/2027
 
150,000
157,801
New York NY Cty Muni Wtr Fin Auth Series 2020 BB1, 5% 6/15/2049
 
195,000
204,183
New York NY Cty Muni Wtr Fin Auth Series BB 1, 5% 6/15/2046
 
40,000
40,206
New York NY Cty Muni Wtr Fin Auth Series DD, 5% 6/15/2048
 
15,000
15,432
New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 CC 1, 4% 6/15/2039
 
100,000
100,958
New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 CC 1, 4% 6/15/2042
 
90,000
90,111
New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 CC 1, 4% 6/15/2049
 
35,000
33,788
New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 CC 1, 5% 6/15/2030
 
25,000
27,298
New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 FF, 5% 6/15/2041
 
190,000
202,785
New York NY Cty Muni Wtr Fin Auth Series FISCAL2025AA SUB AA1, 5% 6/15/2051
 
255,000
274,515
New York NY Cty Muni Wtr Fin Auth Series FISCAL2025AA SUB AA1, 5.25% 6/15/2053
 
230,000
251,938
New York St Env Facs Corp Rev Series 2017 C, 5% 8/15/2047
 
175,000
180,253
New York St Env Facs Corp Rev Series 2019 A, 5% 2/15/2049
 
30,000
31,356
Suffolk Cnty NY Wtr Auth Wtrwk Series 2018 A, 4% 6/1/2041
 
45,000
45,009
 
  
  
2,738,003
TOTAL NEW YORK
  
  
29,988,137
North Carolina - 1.0%
 
  
  
General Obligations - 0.5%
  
  
  
Charlotte NC Gen. Oblig. Series 2023B, 5% 7/1/2028
 
25,000
26,804
Mecklenburg Cnty NC Gen. Oblig. Series 2019, 4% 3/1/2034
 
210,000
215,229
Mecklenburg Cnty NC Series 2017 A, 3% 4/1/2037
 
50,000
45,442
Mecklenburg Cnty NC Series 2022, 5% 9/1/2032
 
130,000
148,379
North Carolina St Gen. Oblig. Series 2016 A, 5% 6/1/2027
 
70,000
72,048
North Carolina St Gen. Oblig. Series 2018 A, 5% 6/1/2029
 
45,000
48,072
State of North Carolina (North Carolina St Proj.) Series 2020 B, 5% 5/1/2029
 
20,000
21,694
Wake Cnty NC Gen. Oblig. Series 2019 A, 3% 3/1/2036
 
50,000
46,359
Wake Cnty NC Gen. Oblig. Series 2022A, 5% 2/1/2031
 
100,000
111,819
 
  
  
735,846
Health Care - 0.0%
  
  
  
North Carolina Med Care Commn Health Care Facs Rev (Duke Univ Health System Inc Proj.) Series 2016 A, 5% 6/1/2028
 
65,000
69,059
North Carolina Med Care Commn Health Care Facs Rev (Presbyterian Homes Inc Proj.) Series 2020A, 4% 10/1/2045
 
55,000
49,471
 
  
  
118,530
Transportation - 0.4%
  
  
  
Charlotte NC Arpt Rev Series 2021A, 4% 7/1/2041
 
150,000
149,311
North Carolina St Grant Antic Rev Series 2015, 5% 3/1/2027
 
30,000
30,079
North Carolina St Grant Antic Rev Series 2015, 5% 3/1/2028
 
50,000
50,128
North Carolina St Grant Antic Rev Series 2019, 5% 3/1/2031
 
45,000
48,277
North Carolina St Grant Antic Rev Series 2019, 5% 3/1/2033
 
75,000
80,194
North Carolina St Grant Antic Rev Series 2019, 5% 3/1/2034
 
40,000
42,682
North Carolina Tpk Auth Triangle Expwy Sys Rev 0% 1/1/2037 (Assured Guaranty Inc Insured) (d)
  
275,000
170,252
North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2009B, 0% 1/1/2038 (d)
  
110,000
64,696
North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2018, 5% 1/1/2031
 
85,000
89,539
 
  
  
725,158
Water & Sewer - 0.1%
  
  
  
Greensboro NC Ent Sys Rev Series A, 4% 6/1/2047
 
95,000
93,287
Union Cnty NC Enterprise Sys Rev Series 2021, 3% 6/1/2037
 
80,000
71,672
 
  
  
164,959
TOTAL NORTH CAROLINA
  
  
1,744,493
North Dakota - 0.0%
 
  
  
Housing - 0.0%
  
  
  
North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 2.25% 7/1/2041
 
50,000
35,640
Ohio - 2.4%
 
  
  
Electric Utilities - 0.0%
  
  
  
Cleveland OH Pub Pwr Sys Rev 0% 11/15/2038 (National Public Finance Guarantee Corporation Insured) (d)
  
55,000
28,846
General Obligations - 0.5%
  
  
  
City of Columbus OH Gen. Oblig. Series 2016 A, 4% 8/15/2027
 
45,000
45,239
City of Columbus OH Gen. Oblig. Series 2018 A, 5% 4/1/2030
 
120,000
128,647
City of Columbus OH Gen. Oblig. Series 2024 A, 5% 8/15/2040
 
65,000
73,013
Gahanna-Jefferson OH Sch Dist Series 2021, 2% 12/1/2050 (Assured Guaranty Municipal Corp Insured)
 
45,000
25,355
Northeastern OH Local Sch Dist Clark Cnty Series 2018, 4% 12/1/2055 (Assured Guaranty Municipal Corp Insured)
 
65,000
60,202
Ohio St Parks & Rec Cap Facs (State of Ohio Proj.) Series 2017A, 5% 12/1/2031
 
20,000
21,050
Ohio St Spl Oblig (State of Ohio Proj.) Series A, 5% 4/1/2029
 
40,000
40,174
Southwest Licking OH Local Sch Dist Series 2017 A, 3.375% 11/1/2047
 
10,000
8,542
State of Ohio Gen. Oblig. Series 2015A, 5% 9/15/2026
 
20,000
20,703
State of Ohio Gen. Oblig. Series 2015C, 5% 11/1/2028
 
35,000
35,210
State of Ohio Gen. Oblig. Series 2015C, 5% 11/1/2030
 
50,000
50,264
State of Ohio Gen. Oblig. Series 2016, 5% 5/1/2029
 
50,000
51,268
State of Ohio Gen. Oblig. Series 2017C, 5% 8/1/2026
 
25,000
25,814
State of Ohio Gen. Oblig. Series 2018 A, 5% 2/1/2029
 
25,000
25,532
State of Ohio Gen. Oblig. Series 2019 A, 5% 5/1/2027
 
60,000
62,908
State of Ohio Gen. Oblig. Series 2021 B, 5% 9/15/2031
 
120,000
134,546
State of Ohio Gen. Oblig. Series 2024A, 5% 3/1/2039
 
65,000
72,740
 
  
  
881,207
Health Care - 0.5%
  
  
  
Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) Series 2015A, 4% 11/1/2044
 
245,000
226,214
Chillicothe Ohio Hosp Facs Rev (Adena Health Sys Proj.) Series 2017, 5% 12/1/2037
 
100,000
102,489
Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) Series 2017, 5% 2/15/2052
 
55,000
55,099
Franklin Cnty OH Rev (Trinity Health Proj.) Series 2017 OH, 4% 12/1/2046
 
70,000
66,781
Franklin Cnty OH Rev (Trinity Health Proj.) Series 2017 OH, 5% 12/1/2046
 
65,000
65,946
Hamilton Cnty OH Hosp Facs Rev (TriHealth Inc Proj.) Series 2020 A, 4% 8/15/2050
 
20,000
18,632
Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) 5% 1/15/2041
 
20,000
20,170
Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) 5% 1/1/2028
 
100,000
105,777
Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2033
 
40,000
42,076
Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2016, 3.5% 2/15/2038
 
285,000
259,851
 
  
  
963,035
Housing - 0.3%
  
  
  
Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2021A, 3% 3/1/2052
 
115,000
112,462
Ohio St Hsg Fin Agy Residential Mtg Rev Series 2021 C, 2.7% 9/1/2046
 
485,000
350,857
 
  
  
463,319
Special Tax - 0.2%
  
  
  
Cleveland Ohio Income Tax Rev Series 2017B 1, 5% 10/1/2028
 
115,000
121,842
Franklin Cnty Ohio Sales Tax Rev Series 2018, 5% 6/1/2048
 
30,000
30,993
Hamilton OH Sales Tax 0% 12/1/2028 (Ambac Assurance Corp Insured) (d)
  
235,000
204,479
 
  
  
357,314
Tobacco Bonds - 0.1%
  
  
  
Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2034
 
240,000
252,001
Transportation - 0.1%
  
  
  
Ohio St Tpk Commn Tpk Rev 5% 2/15/2051
 
50,000
52,656
Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2037 (d)
  
20,000
12,517
Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2041 (d)
  
60,000
30,373
Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2043 (d)
  
25,000
11,416
 
  
  
106,962
Water & Sewer - 0.7%
  
  
  
Northeast OH Regl Swr Wstwtr Rev Series 2019, 3% 11/15/2033
 
285,000
270,764
Ohio St Wtr Dev Ath Wtr Poll Ctl Rev 5% 12/1/2033
 
30,000
34,326
Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2017 A, 5% 12/1/2028
 
30,000
31,393
Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2019 B, 3% 6/1/2046
 
90,000
72,510
Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020 A, 5% 12/1/2040
 
80,000
85,727
Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020 A, 5% 6/1/2033
 
90,000
98,614
Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020B, 4% 12/1/2038
 
490,000
498,739
Ohio Water Dev Authority (Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Proj.) Series 2019A, 5% 6/1/2027
 
55,000
57,697
 
  
  
1,149,770
TOTAL OHIO
  
  
4,202,454
Oklahoma - 0.3%
 
  
  
Education - 0.0%
  
  
  
University of Oklahoma/The Series 2015C, 5% 7/1/2036
 
85,000
85,463
Electric Utilities - 0.0%
  
  
  
Oklahoma St Mun Pwr Auth Pwr Series 2016 A, 5% 1/1/2047
 
15,000
15,137
General Obligations - 0.0%
  
  
  
Oklahoma Cap Imp Auth St Hwy Cap Impt Rev (Oklahoma St Proj.) Series 2016, 4% 7/1/2033
 
10,000
10,077
Health Care - 0.1%
  
  
  
OK Dev Fin Auth Health Sys Rev (OU Medicine Inc Proj.) Series 2018 B, 4% 8/15/2048 (Assured Guaranty Municipal Corp Insured)
 
140,000
127,420
Special Tax - 0.1%
  
  
  
Edmond OK Pub Wks Auth Sales Tax & Util Sys Rev Series 2017, 4% 7/1/2047
 
145,000
140,985
Transportation - 0.1%
  
  
  
Oklahoma St Tpk Auth Tpk Rev Series 2017 A, 4% 1/1/2047
 
35,000
33,426
Oklahoma St Tpk Auth Tpk Rev Series 2017 D, 5% 1/1/2026
 
65,000
66,223
 
  
  
99,649
Water & Sewer - 0.0%
  
  
  
Oklahoma St Wtr Res Brd Rev Fd Series 2023 A, 4.125% 4/1/2053
 
20,000
19,791
TOTAL OKLAHOMA
  
  
498,522
Oregon - 0.9%
 
  
  
Education - 0.0%
  
  
  
Oregon St Facs Auth Rev (University of Portland Proj.) Series 2015A, 5% 4/1/2045
 
15,000
15,028
General Obligations - 0.4%
  
  
  
Clackamas Cnty Ore Sch Dis No 46 Oregon Trail 0% 6/15/2033 (Oregon St Guaranteed) (d)
  
60,000
44,033
Clackamas Cnty Ore Sch Dis No 46 Oregon Trail 0% 6/15/2034 (Oregon St Guaranteed) (d)
  
35,000
24,562
Clackamas Cnty Ore Sch Dis No 46 Oregon Trail 0% 6/15/2036 (Oregon St Guaranteed) (d)
  
85,000
54,298
Clackamas Cnty Ore Sch Dis No 46 Oregon Trail 0% 6/15/2039 (Oregon St Guaranteed) (d)
  
155,000
84,640
Deschutes & Jefferson Cnties School District #2 0% 6/15/2026 (Oregon St Guaranteed) (d)
  
40,000
38,072
Deschutes Cnty OR Admin Sch Dist No 1 Series 2017, 5% 6/15/2026 (Oregon St Guaranteed)
 
10,000
10,291
Deschutes Ore Pub Libr Dist Gen. Oblig. Series 2021, 3% 12/1/2041
 
205,000
173,934
Greater Albany Sch Dist No 8j or Series 2017, 5% 6/15/2027 (Oregon St Guaranteed)
 
15,000
15,730
Oregon St Gen. Oblig. Series 2019 A, 4% 5/1/2037
 
110,000
112,198
Oregon St Gen. Oblig. Series 2021A, 4% 5/1/2038
 
195,000
198,778
 
  
  
756,536
Health Care - 0.4%
  
  
  
Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 4% 8/15/2050
 
100,000
92,442
Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 5% 8/15/2045
 
50,000
51,844
Oregon Hlth Sciences Univ Rev Series 2016 B, 5% 7/1/2039
 
15,000
15,236
Oregon Hlth Sciences Univ Rev Series 2019 A, 5% 7/1/2030
 
100,000
108,121
Oregon St Facs Auth Rev (Legacy Health System, or Proj.) Series 2022 A, 5% 6/1/2052
 
230,000
238,601
Salem OR Hosp Fac Auth Rev (Salem Health Proj.) Series 2019 A, 3% 5/15/2049
 
45,000
34,844
Salem OR Hosp Fac Auth Rev (Salem Health Proj.) Series 2019 A, 5% 5/15/2029
 
100,000
106,746
 
  
  
647,834
Transportation - 0.1%
  
  
  
Port of Portland Arpt Rev 5% 7/1/2030 (f)
  
155,000
165,027
Tri County Met Dist Series 2018 A, 3.25% 10/1/2034
 
50,000
47,826
 
  
  
212,853
TOTAL OREGON
  
  
1,632,251
Pennsylvania - 3.3%
 
  
  
Education - 0.1%
  
  
  
Delaware Cnty PA College Rev (Haverford College Proj.) Series 2017 A, 5% 10/1/2042
 
5,000
5,100
Delaware Cnty PA College Rev (Haverford College Proj.) Series 2017 A, 5% 10/1/2046
 
135,000
137,248
Northampton Cnty PA Gp College (Lafayette College Proj.) Series 2017, 3.125% 11/1/2034
 
60,000
55,711
 
  
  
198,059
General Obligations - 0.9%
  
  
  
Allegheny County PA Gen. Oblig. Series C 77, 5% 11/1/2043
 
25,000
26,031
Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 4% 6/1/2039 (Assured Guaranty Municipal Corp Insured)
 
60,000
59,697
Pennsylvania St Gen. Oblig. 5% 9/1/2032
 
15,000
16,945
Pennsylvania St Gen. Oblig. 5% 9/15/2029
 
100,000
103,054
Pennsylvania St Gen. Oblig. Series 2015, 4% 8/15/2034
 
175,000
175,338
Pennsylvania St Gen. Oblig. Series 2015, 5% 8/15/2032
 
60,000
60,554
Pennsylvania St Gen. Oblig. Series 2016, 3% 9/15/2036
 
45,000
41,512
Pennsylvania St Gen. Oblig. Series 2018, 3.75% 3/1/2039 (Assured Guaranty Municipal Corp Insured)
 
200,000
198,793
Pennsylvania St Gen. Oblig. Series FIRST  2015, 5% 3/15/2026
 
55,000
55,194
Pennsylvania St Gen. Oblig. Series FIRST  2015, 5% 3/15/2029
 
60,000
60,211
Pennsylvania St Gen. Oblig. Series FIRST  2020, 5% 5/1/2028
 
195,000
208,125
Pennsylvania St Gen. Oblig. Series FIRST 2021, 2% 5/15/2039
 
200,000
141,890
Pennsylvania St Gen. Oblig. Series FIRST 2022, 5% 10/1/2032
 
40,000
45,227
Pennsylvania St Gen. Oblig. Series FIRST 2022, 5% 10/1/2038
 
20,000
22,100
Pennsylvania St Gen. Oblig. Series SECOND 2016, 5% 1/15/2028
 
145,000
150,357
Philadelphia PA Sch Dist 5% 6/1/2027 (National Public Finance Guarantee Corporation Insured)
 
50,000
52,155
Philadelphia PA Sch Dist Series 2018 B, 4% 9/1/2043 (Assured Guaranty Municipal Corp Insured)
 
30,000
29,704
Philadelphia PA Sch Dist Series 2019 A, 5% 9/1/2044
 
30,000
31,201
Philadelphia PA Sch Dist Series F, 5% 9/1/2026
 
110,000
113,198
State Pub Sch Bldg Auth PA Sch Rev (Harrisburg PA Sch Dist Proj.) Series 2016 A, 4% 12/1/2031
 
110,000
111,782
 
  
  
1,703,068
Health Care - 0.7%
  
  
  
Alleg Cnty PA Dev Auth (Allegheny Health System Proj.) Series 2018A, 4% 4/1/2038
 
5,000
4,812
Alleg Cnty PA Dev Auth (Allegheny Health System Proj.) Series 2018A, 5% 4/1/2027
 
100,000
103,520
Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 5% 7/15/2033
 
110,000
117,141
Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2017 A 2, 4% 2/15/2039
 
200,000
195,665
Lancaster Cnty PA Hosp Aut Rev (Univ of Penn Health Systems Proj.) Series 2016 A, 5% 8/15/2042
 
10,000
10,146
Lehigh Cnty PA Gen Purp Auth Hosp Rev (Lehigh Valley Health Proj.) Series 2012B, 4% 7/1/2043
 
40,000
37,053
Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2044
 
90,000
84,492
Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2016 A, 3.125% 8/15/2035
 
35,000
32,242
Pennsylvania Econ Dev Fing Auth UPMC Rev (Univ of Penn Health Systems Proj.) Series 2017 A, 5% 11/15/2027
 
40,000
42,085
Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2017 A, 5% 11/15/2028
 
90,000
94,161
Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2020 A, 4% 4/15/2050
 
25,000
23,383
Pennsylvania St Higher Edl Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2015A, 5.25% 9/1/2050
 
215,000
215,628
Pennsylvania St Higher Edl Rev (Univ of Penn Health Systems Proj.) Series 2016 C, 3% 8/15/2041
 
120,000
103,633
Philadelphia PA Auth For Indl Dev Hosp Rev (Childrens Hosp of Phil, PA Proj.) Series 2017, 4% 7/1/2037
 
5,000
4,989
Pocono Mtns PA Indl Pk Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2015A, 4% 8/15/2045
 
105,000
98,187
 
  
  
1,167,137
Housing - 0.3%
  
  
  
Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series 124A, 4% 10/1/2038 (f)
  
60,000
59,930
Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series 2017 125 B, 3.65% 10/1/2042
 
80,000
71,319
Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series B, 3.45% 10/1/2032
 
5,000
4,892
Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2019 129, 3.15% 10/1/2039
 
195,000
168,723
Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 136, 2.07% 10/1/2036
 
200,000
155,116
Pennsylvania Hsg Fin Agy Single Family Mtg Rev Series 2024 144A, 4.05% 10/1/2039
 
35,000
34,465
 
  
  
494,445
Other - 0.1%
  
  
  
Chester Cnty PA Indl Dev Auth (Longwood Gardens Proj.) Series 2021, 4% 12/1/2046
 
165,000
156,964
Special Tax - 0.1%
  
  
  
Pennsylvania Economic Development Fing Parking System Rev Series 2024 B, 4.25% 1/1/2050
 
230,000
223,662
Transportation - 1.0%
  
  
  
Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2051 (f)
  
465,000
475,202
Delaware Riv Port Auth PA & NJ Series 2018 A, 5% 1/1/2032
 
30,000
32,013
Pennslyvania Dev Fing Auth Rev (Plenary Walsh Keystone Partners LLC Proj.) Series 2015, 4.125% 12/31/2038 (f)
  
25,000
24,044
Pennslyvania Dev Fing Auth Rev (Plenary Walsh Keystone Partners LLC Proj.) Series 2015, 5% 12/31/2028 (f)
  
160,000
162,486
Pennsylvania Turnpike Commission 5% 12/1/2030
 
40,000
41,908
Pennsylvania Turnpike Commission 5% 12/1/2030
 
25,000
27,657
Pennsylvania Turnpike Commission 5% 12/1/2031
 
30,000
33,570
Pennsylvania Turnpike Commission Series 2014 A 2, 5.125% 12/1/2039 (c)
  
5,000
5,322
Pennsylvania Turnpike Commission Series 2016, 5% 6/1/2027
 
160,000
163,659
Pennsylvania Turnpike Commission Series 2017, 5% 12/1/2040
 
50,000
51,855
Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2035
 
35,000
37,604
Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2049
 
200,000
209,006
Pennsylvania Turnpike Commission Series 2019, 5% 12/1/2032
 
30,000
32,032
Pennsylvania Turnpike Commission Series 2021 A, 4% 12/1/2045
 
180,000
173,734
Pennsylvania Turnpike Commission Series A 1, 4% 12/1/2041
 
60,000
60,001
Pennsylvania Turnpike Commission Series B 1, 5.25% 6/1/2047
 
55,000
56,459
Pennsylvania Turnpike Commission Series B 2, 0% 12/1/2037 (c)
  
100,000
95,632
Pennsylvania Turnpike Commission Series B 2, 0% 12/1/2041 (c)
  
40,000
37,629
Philadelphia PA Airport Rev Series 2021, 5% 7/1/2031 (f)
  
100,000
107,558
 
  
  
1,827,371
Water & Sewer - 0.1%
  
  
  
Allegheny Cnty PA San Auth Swr Series 2020 B, 4% 6/1/2050
 
185,000
178,621
Pittsburgh PA Wtr & Swr Auth 0% 9/1/2028 (Financial Guaranty Ins CO Insured) (d)
  
20,000
17,542
 
  
  
196,163
TOTAL PENNSYLVANIA
  
  
5,966,869
Rhode Island - 0.3%
 
  
  
Education - 0.2%
  
  
  
Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Brown University Proj.) Series 2022A, 5% 9/1/2033
 
260,000
294,190
General Obligations - 0.1%
  
  
  
Rhode Island & Providence Plantations (Rhode Island St Proj.) Gen. Oblig. Series 2019C, 3% 1/15/2036
 
30,000
27,599
Rhode Island & Providence Plantations (Rhode Island St Proj.) Gen. Oblig. Series 2019C, 4% 1/15/2033
 
200,000
205,297
 
  
  
232,896
Health Care - 0.0%
  
  
  
Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2016, 5% 5/15/2031
 
50,000
50,732
TOTAL RHODE ISLAND
  
  
577,818
South Carolina - 0.9%
 
  
  
Electric Utilities - 0.4%
  
  
  
South Carolina St Svc Auth Rev 3% 12/1/2041
 
30,000
23,891
South Carolina St Svc Auth Rev 4% 12/1/2037
 
265,000
263,379
South Carolina St Svc Auth Rev Series 2014C, 5% 12/1/2029
 
40,000
40,024
South Carolina St Svc Auth Rev Series 2016 A, 3.25% 12/1/2035
 
55,000
49,999
South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2027
 
50,000
51,113
South Carolina St Svc Auth Rev Series 2021B, 4% 12/1/2047
 
45,000
42,086
South Carolina St Svc Auth Rev Series 2022 A, 5% 12/1/2044
 
125,000
132,241
South Carolina St Svc Auth Rev Series B, 5% 12/1/2033
 
55,000
56,319
 
  
  
659,052
Health Care - 0.3%
  
  
  
South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.5% 11/1/2050
 
200,000
220,200
South Carolina Jobs-Economic Dev Auth Hosp Rev (Anmed Health Proj.) Series 2023, 4% 2/1/2043
 
200,000
196,834
South Carolina Jobs-Economic Development Authority (Carealliance Health Svcs Proj.) Series 2016 A, 3% 8/15/2038
 
40,000
31,262
 
  
  
448,296
Special Tax - 0.0%
  
  
  
South Carolina Trans Infrastructure Bank Rev Series 2017 A, 5% 10/1/2038
 
85,000
88,141
Transportation - 0.0%
  
  
  
South Carolina St Ports Auth Series 2019 A, 5% 7/1/2054
 
115,000
117,125
Water & Sewer - 0.2%
  
  
  
Charleston SC Wtrwks & Swr Series 2022, 5% 1/1/2042
 
150,000
163,901
Charleston SC Wtrwks & Swr Series 2022, 5% 1/1/2047
 
130,000
139,797
 
  
  
303,698
TOTAL SOUTH CAROLINA
  
  
1,616,312
Tennessee - 1.0%
 
  
  
Education - 0.0%
  
  
  
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Belmont University Proj.) Series 2021, 4% 5/1/2051
 
30,000
27,107
General Obligations - 0.7%
  
  
  
Memphis-Shelby County Industrial Development Board (Memphis TN Proj.) Series 2017B, 5% 11/1/2030
 
80,000
82,317
Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. 5% 1/1/2029
 
225,000
242,816
New Memphis Arena Bldg Auth Memphis & Sheby Cnty Tenn (Memphis TN Proj.) Gen. Oblig. Series 2021, 0% 4/1/2037 (d)
  
500,000
286,067
Tennessee Engy Acq Crp Gas Rev 5% 2/1/2027 (Goldman Sachs Group Inc/The Guaranteed)
 
15,000
15,185
Tennessee Engy Acq Crp Gas Rev 5.25% 9/1/2026 (Goldman Sachs Group Inc/The Guaranteed)
 
30,000
30,425
Tennessee Engy Acq Crp Gas Rev Series 2018, 4% tender 11/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b)
  
30,000
30,076
Tennessee St Gen. Oblig. Series 2021 A, 5% 11/1/2031
 
290,000
327,607
Tennessee St Gen. Oblig. Series A, 5% 8/1/2035
 
50,000
51,385
Tennessee St Sch Bd Auth (Tennessee St Proj.) Series 2017A, 5% 11/1/2042
 
105,000
107,920
 
  
  
1,173,798
Health Care - 0.2%
  
  
  
Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 3% 8/1/2039
 
20,000
16,364
Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 3.25% 8/1/2044
 
30,000
24,575
Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 4% 8/1/2038
 
100,000
97,843
Knox Cnty Tenn Health Edl & Hsg Fac Brd Hosp Rev (Covenant Health TN Proj.) Series 2016 A, 4% 1/1/2042
 
10,000
9,663
Knox Cnty Tenn Health Edl & Hsg Fac Brd Hosp Rev (East Tenn Children's Hospital Proj.) Series 2019, 4% 11/15/2043
 
55,000
51,917
Metro Gov Nashville & Davidson Cnty Tenn Hlth & Edl Facs Brd Rev (Vanderbilt Hospital, TN Proj.) Series 2016 A, 5% 7/1/2040
 
70,000
70,954
 
  
  
271,316
Housing - 0.0%
  
  
  
Tennessee Housing Development Agency Series 2018 1, 3.85% 7/1/2038
 
45,000
43,884
Tennessee Housing Development Agency Series 2018 3, 3.75% 7/1/2038
 
30,000
28,687
Tennessee Housing Development Agency Series 2020 1A, 2.4% 1/1/2044
 
15,000
10,783
Tennessee Housing Development Agency Series 2B, 3.875% 7/1/2035
 
5,000
4,916
 
  
  
88,270
Transportation - 0.1%
  
  
  
Metro Nashville Arpt Auth Rev Series 2019A, 4% 7/1/2049
 
55,000
52,649
Metro Nashville Arpt Auth Rev Series 2019A, 4% 7/1/2054
 
35,000
33,360
Metro Nashville Arpt Auth Rev Series 2019A, 5% 7/1/2044
 
65,000
68,193
 
  
  
154,202
TOTAL TENNESSEE
  
  
1,714,693
Texas - 8.2%
 
  
  
Education - 0.6%
  
  
  
Arlington Higher Education Finance Corp Series 2019 A, 3% 8/15/2054 (Permanent Sch Fund of Texas Guaranteed)
 
60,000
44,140
Arlington Higher Education Finance Corp Series 2021 A, 3% 2/15/2046 (Permanent Sch Fund of Texas Guaranteed)
 
210,000
166,969
Board of Regents of the University of Texas System Series 2016 J, 5% 8/15/2026
 
105,000
108,353
Board of Regents of the University of Texas System Series 2017 B, 3.375% 8/15/2044
 
40,000
34,897
Board of Regents of the University of Texas System Series 2019 A, 5% 8/15/2031
 
85,000
91,941
Board of Regents of the University of Texas System Series 2020 A, 3.5% 8/15/2050
 
35,000
29,724
Board of Regents of the University of Texas System Series 2024B, 5% 8/15/2035
 
255,000
295,237
Clifton Higher Education Finance Corp (IDEA Public Schools Proj.) Series 2021 T, 4% 8/15/2047
 
25,000
24,056
El Paso Cnty Tex Cmnty College Dist Rev Series 2016, 5% 4/1/2038 (Assured Guaranty Municipal Corp Insured)
 
70,000
71,067
Waco Texas Educat Fin Corp Rev (Baylor University Proj.) 4% 3/1/2046
 
205,000
197,699
 
  
  
1,064,083
Electric Utilities - 0.6%
  
  
  
Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2034
 
90,000
95,654
Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2016, 4% 5/15/2035
 
265,000
265,204
Matagorda Cnty TX Nav Dist No1 (AEP Texas Central Co Proj.) 4.4% 5/1/2030 (Ambac Assurance Corp Insured)
 
20,000
20,709
San Antonio TX Elec & Gas Rev 4% 2/1/2043
 
35,000
34,137
San Antonio TX Elec & Gas Rev Series 2015, 5% 2/1/2027
 
40,000
40,809
San Antonio TX Elec & Gas Rev Series 2015, 5% 2/1/2032
 
5,000
5,087
San Antonio TX Elec & Gas Rev Series 2017, 5% 2/1/2029
 
60,000
62,294
San Antonio TX Elec & Gas Rev Series 2019, 4% 2/1/2028
 
10,000
10,264
San Antonio TX Elec & Gas Rev Series 2019, 5% 2/1/2035
 
140,000
150,148
San Antonio TX Elec & Gas Rev Series 2023 C, 5% 2/1/2042
 
15,000
16,322
San Antonio TX Elec & Gas Rev Series 2023A, 5% 2/1/2032
 
140,000
156,181
San Antonio TX Elec & Gas Rev Series 2024D, 5% 2/1/2036
 
240,000
272,394
 
  
  
1,129,203
Escrowed/Pre-Refunded - 0.0%
  
  
  
Leander Independent School District Series 2016 A, 0% 8/16/2044 (Pre-refunded to 8/16/2026 at 48.51) (d)
  
5,000
2,299
Midland County Fresh Water Supply District No 1 Series 2012 A, 0% 9/15/2035 (Pre-refunded to 9/15/2027 at 68.05) (d)
  
5,000
3,092
 
  
  
5,391
General Obligations - 3.7%
  
  
  
Aldine TX Indpt Sch Dist Series 2017 A, 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)
 
50,000
51,908
Aldine TX Indpt Sch Dist Series 2024, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)
 
175,000
199,678
Alvin Tex Indpt Sch Dist Series 2019, 3.375% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)
 
120,000
109,774
Austin TX Indpt Sch Dist 5% 8/1/2041
 
220,000
237,445
Austin TX Indpt Sch Dist Series 2017, 4% 8/1/2033 (Permanent Sch Fund of Texas Guaranteed)
 
20,000
20,142
Austin TX Indpt Sch Dist Series 2019, 4% 8/1/2035 (Permanent Sch Fund of Texas Guaranteed)
 
25,000
25,411
Bexar Cnty TX Hosp Dist Gen. Oblig. Series 2020, 3% 2/15/2036
 
55,000
50,054
Cleveland TX Indpt Sch Dist Series 2020 A, 4% 2/15/2052 (Permanent Sch Fund of Texas Guaranteed)
 
150,000
141,667
College of the Mainland Gen. Oblig. Series 2019, 3.75% 8/15/2049
 
20,000
18,112
Collin Cnty TX Cmnty Coll Dist Gen. Oblig. Series 2018, 3.25% 8/15/2033
 
10,000
9,572
Conroe TX Isd Series 2020 A, 2.25% 2/15/2046 (Permanent Sch Fund of Texas Guaranteed)
 
115,000
75,455
Cypress-Fairbanks TX Isd Series 2019, 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)
 
45,000
48,615
Cypress-Fairbanks TX Isd Series 2020A, 3% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)
 
120,000
109,434
Cypress-Fairbanks TX Isd Series 2023, 4% 2/15/2048 (Permanent Sch Fund of Texas Guaranteed)
 
415,000
399,877
Dallas TX Gen. Oblig. Series 2013 A, 4% 2/15/2032
 
105,000
109,465
Dallas TX Isd Series 2019 B, 4% 2/15/2032 (Permanent Sch Fund of Texas Guaranteed)
 
160,000
164,772
Eagle Mtn & Saginaw TX Isd Series 2019, 4% 8/15/2050 (Permanent Sch Fund of Texas Guaranteed)
 
105,000
99,584
Eagle Mtn & Saginaw TX Isd Series 2021, 3% 8/15/2040 (Permanent Sch Fund of Texas Guaranteed)
 
150,000
126,779
Fort Bend TX Indpt Sch Dist Series 2021A, 2.3% 8/15/2046 (Permanent Sch Fund of Texas Guaranteed)
 
150,000
98,416
Fort Worth Tex Indpt Sch Dist Series 2016, 4% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)
 
130,000
128,680
Frisco Tex Indpt Sch Dis Series 2012 B, 3% 8/15/2042 (Permanent Sch Fund of Texas Guaranteed)
 
200,000
164,185
Frisco Tex Indpt Sch Dis Series 2017, 4% 8/15/2035 (Permanent Sch Fund of Texas Guaranteed)
 
110,000
110,559
Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2017 A, 4% 10/1/2038
 
75,000
75,256
Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2033
 
150,000
154,620
Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2046
 
100,000
97,438
Harris Cnty TX Series 2016 A, 5% 8/15/2033
 
15,000
15,369
Houston TX Gen. Oblig. Series 2017 A, 4% 3/1/2037
 
270,000
270,645
Houston TX Indpt Sch Dist Series 2017, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)
 
50,000
52,152
Houston TX Indpt Sch Dist Series 2018, 5% 7/15/2027
 
55,000
57,710
Humble TX Indpt Sch Dist Series 2020 A, 2% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)
 
25,000
16,779
Katy TX Ind Sch Dist Series 2022, 4% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)
 
350,000
350,709
Klein TX Indpt Sch Dist Series 2017, 4% 8/1/2046
 
215,000
207,470
Lamar TX Isd Series 2023 A, 5% 2/15/2053 (Permanent Sch Fund of Texas Guaranteed)
 
200,000
211,903
Leander Independent School District Series 2016 A, 0% 8/16/2044 (Permanent Sch Fund of Texas Guaranteed) (d)
  
10,000
4,038
Northside TX Indpt Sch Dist Series 2016, 4% 6/15/2035 (Permanent Sch Fund of Texas Guaranteed)
 
400,000
400,661
Northside TX Indpt Sch Dist Series 2019, 4% 8/15/2049 (Permanent Sch Fund of Texas Guaranteed)
 
125,000
118,897
Northside TX Indpt Sch Dist Series 2019A, 4% 8/15/2036 (Permanent Sch Fund of Texas Guaranteed)
 
120,000
121,326
Northwest Tex Indpt Sch Dist Series 2024 A, 5% 2/15/2034 (Permanent Sch Fund of Texas Guaranteed)
 
205,000
230,525
Prosper Tex Indpt Sch Dist Series 2023, 4% 2/15/2053
 
20,000
19,001
San Antonio TX Indpt Sch Dist Series 2019, 5% 8/15/2030 (Permanent Sch Fund of Texas Guaranteed)
 
50,000
53,368
San Jacinto TX Cmnty College Dist Gen. Oblig. Series 2019A, 5% 2/15/2044
 
175,000
180,705
Socorro TX Indpt Sch Dist Series 2019, 5% 8/15/2038 (Permanent Sch Fund of Texas Guaranteed)
 
50,000
52,570
Tarrant Cnty Tex College Dist Gen. Oblig. Series 2020, 5% 8/15/2030
 
130,000
143,135
Texas City Tex Indpt Sch Dist Series 2023, 4% 8/15/2048
 
25,000
23,841
Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023A, 5.5% tender 1/1/2054 (BP PLC Guaranteed) (b)
  
200,000
212,903
Texas State Gen. Oblig. Series 2015 A, 5% 10/1/2026
 
100,000
101,380
Texas State Gen. Oblig. Series 2016 A, 5% 4/1/2030
 
50,000
51,109
Texas State Gen. Oblig. Series A, 5% 10/1/2033
 
50,000
52,106
Texas State Gen. Oblig. Series B, 5% 10/1/2029
 
100,000
104,719
Texas State Gen. Oblig. Series B, 5% 10/1/2033
 
25,000
26,053
Waller TX Indpt Sch Dist Series 2020, 4% 2/15/2050 (Permanent Sch Fund of Texas Guaranteed)
 
100,000
94,731
Williamson Cnty TX (Williamson Cnty Tex Proj.) Gen. Oblig. Series 2022, 4% 2/15/2042
 
395,000
394,739
 
  
  
6,395,442
Health Care - 0.2%
  
  
  
Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) Series 2016 A, 3.125% 7/1/2038
 
210,000
187,416
Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, TX Proj.) Series 2015, 4% 12/1/2045
 
75,000
70,814
Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) Series 2016 A, 4% 11/15/2036
 
140,000
140,032
 
  
  
398,262
Housing - 0.1%
  
  
  
Texas Dept Hsg & Cmnty Affrs Res Mtg Rev (TX Residential Mortgage Proj.) Series 2023B, 4.8% 7/1/2043
 
200,000
202,770
Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) 3% 3/1/2050
 
30,000
21,973
 
  
  
224,743
Lease Revenue - 0.0%
  
  
  
Austin Tex Convention Enterprises Inc Convention Center Series A, 5% 1/1/2025
 
80,000
80,000
Special Tax - 0.4%
  
  
  
Dallas TX Rapid Transit Sales Tax Rev Series 2016 B, 4% 12/1/2036
 
200,000
200,420
Dallas TX Rapid Transit Sales Tax Rev Series 2016 B, 4% 12/1/2038
 
350,000
350,029
Denton TX Gen. Oblig. Series 2017, 4% 2/15/2047
 
50,000
46,510
Harris Cnty Houston Tex Sports Auth Rev Series A, 0% 11/15/2048 (Assured Guaranty Municipal Corp Insured) (d)
  
10,000
3,057
Harris Cnty Houston Tex Sports Auth Rev Series A, 0% 11/15/2049 (Assured Guaranty Municipal Corp Insured) (d)
  
25,000
7,244
Hidalgo Cnty Tex Regl Mobility Auth Toll & Veh Reg Fee Rev Series 2022 A, 4% 12/1/2041
 
80,000
75,296
Houston TX Hotel Occ Tx & Spl Rev 0% 9/1/2033 (Ambac Assurance Corp Insured) (d)
  
80,000
55,878
 
  
  
738,434
Transportation - 1.5%
  
  
  
Central TX Regl Mobility Auth Rev Series 2016, 3.375% 1/1/2041
 
20,000
17,478
City of Houston TX Airport System Revenue 4% 7/1/2040 (f)
  
175,000
169,489
City of Houston TX Airport System Revenue Series 2018D, 5% 7/1/2038
 
55,000
57,342
City of Houston TX Airport System Revenue Series 2023A, 5% 7/1/2035 (Assured Guaranty Municipal Corp Insured) (f)
  
345,000
371,639
Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2030
 
55,000
60,648
Dallas Fort Worth International Airport Series 2020 B, 5% 11/1/2033
 
35,000
38,104
Dallas Fort Worth International Airport Series 2021 A, 3% 11/1/2040
 
315,000
264,779
Dallas Fort Worth International Airport Series 2022B, 4% 11/1/2045
 
20,000
19,599
Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2013 B, 5.3% 10/1/2032 (c)
  
40,000
43,056
Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2013 B, 5.8% 10/1/2046 (c)
  
40,000
42,748
Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2013 B, 5.85% 10/1/2048 (c)
  
30,000
32,063
Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2037
 
40,000
41,858
Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2018 A, 4% 8/15/2048
 
40,000
38,011
Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2019 A, 3% 8/15/2044
 
120,000
96,322
Harris Cnty TX (Harris County Toll Road Auth Proj.) Series 2015 B, 5% 8/15/2028
 
100,000
101,004
Harris Cnty TX (Harris County Toll Road Auth Proj.) Series 2016 A, 5% 8/15/2035
 
140,000
143,109
North East Texas Regional Mobility Authority Series B, 5% 1/1/2041
 
60,000
60,389
North TX Twy Auth Rev 0% 1/1/2030 (Assured Guaranty Inc Insured) (d)
  
35,000
29,250
North TX Twy Auth Rev 0% 1/1/2035 (Assured Guaranty Inc Insured) (d)
  
5,000
3,407
North TX Twy Auth Rev 0% 1/1/2036 (Assured Guaranty Inc Insured) (d)
  
65,000
42,366
North TX Twy Auth Rev 5% 1/1/2031
 
100,000
110,113
North TX Twy Auth Rev Series 2015A, 5% 1/1/2027
 
100,000
100,000
North TX Twy Auth Rev Series 2018, 4.25% 1/1/2049
 
55,000
52,865
North TX Twy Auth Rev Series 2018, 5% 1/1/2048
 
20,000
20,365
North TX Twy Auth Rev Series B, 4% 1/1/2036 (Assured Guaranty Municipal Corp Insured)
 
185,000
185,166
Port of Houston Auth 4% 10/1/2039
 
85,000
85,253
Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2037
 
40,000
39,318
Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2040
 
100,000
96,741
Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2019, 5% 6/30/2058 (f)
  
170,000
172,400
Texas Private Activity Bd Surface Transn Corp Rev Series 2019 A, 5% 12/31/2032
 
75,000
79,480
Texas St Tpk Auth Cent TX Tpk Sys Rev (Central Texas Turnpike Proj.) 0% 8/15/2029 (Ambac Assurance Corp Insured) (d)
  
35,000
29,483
 
  
  
2,643,845
Water & Sewer - 1.1%
  
  
  
Houston TX Util Sys Rev 3% 11/15/2047
 
50,000
38,757
Houston TX Util Sys Rev 4% 11/15/2049
 
25,000
23,775
Houston TX Util Sys Rev Series 2017 B, 5% 11/15/2029
 
45,000
47,201
Houston TX Util Sys Rev Series 2019B, 4% 11/15/2044
 
55,000
53,294
Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2036
 
20,000
22,509
San Antonio TX Wtr Rev Series 2021 A, 4% 5/15/2051
 
300,000
284,950
Texas Wtr Dev Brd 3% 10/15/2034
 
130,000
122,889
Texas Wtr Dev Brd 3% 10/15/2040
 
100,000
86,044
Texas Wtr Dev Brd 5% 8/1/2033
 
15,000
16,411
Texas Wtr Dev Brd Series 2017 A, 5% 10/15/2047
 
60,000
61,361
Texas Wtr Dev Brd Series 2018, 5% 8/1/2032
 
130,000
135,417
Texas Wtr Dev Brd Series 2018A, 4% 10/15/2032
 
50,000
50,725
Texas Wtr Dev Brd Series 2018A, 4% 10/15/2037
 
40,000
40,133
Texas Wtr Dev Brd Series 2019 A, 3% 10/15/2039
 
125,000
107,811
Texas Wtr Dev Brd Series 2019 A, 4% 10/15/2049
 
355,000
336,324
Texas Wtr Dev Brd Series 2021, 5% 10/15/2033
 
170,000
188,769
Texas Wtr Dev Brd Series 2021, 5% 8/1/2026
 
125,000
128,915
Trinity River Auth TX Regl Wastewtr Sys Rev Series 2017, 5% 8/1/2033
 
115,000
119,509
West Harris Cnty TX Regl Wtr Series 2021, 3% 12/15/2051
 
25,000
18,638
 
  
  
1,883,432
TOTAL TEXAS
  
  
14,562,835
Utah - 0.8%
 
  
  
Education - 0.2%
  
  
  
University UT Univ Revs (University UT Univ Revs Proj.) Series 2021 A 1, 4% 8/1/2041
 
145,000
145,902
University UT Univ Revs Series 2017 A, 5% 8/1/2029
 
45,000
47,185
University UT Univ Revs Series 2017 B1, 5% 8/1/2026
 
200,000
206,511
 
  
  
399,598
Electric Utilities - 0.1%
  
  
  
Intermountain Pwr Agy UT Pwr Series 2023 A, 5% 7/1/2033
 
145,000
163,123
Escrowed/Pre-Refunded - 0.1%
  
  
  
Utah Tran Auth Sales Tax Rev Series 2015 A, 5% 6/15/2026 (Pre-refunded to 6/15/2025 at 100)
 
15,000
15,130
Utah Tran Auth Sales Tax Rev Series 2015 A, 5% 6/15/2029 (Pre-refunded to 6/15/2025 at 100)
 
15,000
15,129
Utah Tran Auth Sales Tax Rev Series 2015 A, 5% 6/15/2037 (Pre-refunded to 6/15/2025 at 100)
 
155,000
156,341
 
  
  
186,600
Health Care - 0.0%
  
  
  
Utah Cnty Utah Hosp Rev (IHC Health Services Inc Proj.) Series 2016B, 5% 5/15/2046
 
35,000
35,366
Special Tax - 0.0%
  
  
  
Utah Tran Auth Sales Tax Rev 4% 12/15/2029
 
25,000
25,220
Transportation - 0.4%
  
  
  
Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2029 (f)
  
525,000
539,928
TOTAL UTAH
  
  
1,349,835
Virginia - 2.4%
 
  
  
Education - 0.2%
  
  
  
University VA Univ Revs Series 2017 A, 5% 4/1/2042
 
225,000
232,496
Virginia College Bldg Auth VA Edl Facs Rev Pub Higher Ed Fing Prog (Virginia College Bldg Auth Edl Proj.) Series 2016 A, 3% 9/1/2026
 
55,000
54,733
Virginia Small Business Fing Auth Rev (Hampton Univ, VA Proj.) Series 2014, 4% 10/1/2038
 
35,000
33,765
 
  
  
320,994
Escrowed/Pre-Refunded - 0.5%
  
  
  
Fairfax Cnty VA Economic Dev Auth Transn Contract Rev Series A, 3% 4/1/2036 (Pre-refunded to 4/1/2026 at 100)
 
25,000
24,975
Henrico Cnty VA Wtr & Swr Rev Series 2016, 5% 5/1/2046 (Pre-refunded to 5/1/2026 at 100)
 
170,000
174,410
Loudoun Cnty VA Santn Auth Wtr & Swr Rev Series 2015 A, 4% 1/1/2042
 
745,000
745,000
Virginia Port Auth Port Fac Rev Series 2015A, 5% 7/1/2033 (Pre-refunded to 7/1/2025 at 100) (f)
  
5,000
5,035
 
  
  
949,420
General Obligations - 1.1%
  
  
  
Alexandria VA Gen. Oblig. Series 2023, 5% 12/15/2031
 
170,000
192,129
Arlington Cnty VA Gen. Oblig. Series 2019, 4% 6/15/2035
 
5,000
5,116
Chesterfield Cnty VA Economic Dev Auth Rev (Chesterfield Cnty VA Proj.) 4% 4/1/2050
 
80,000
77,608
Chesterfield Cnty VA Economic Dev Auth Rev (Chesterfield Cnty VA Proj.) Series 2020F, 2% 4/1/2041
 
100,000
69,849
County of Loudoun VA Gen. Oblig. Series 2022A, 4% 12/1/2041
 
145,000
146,727
Fairfax Cnty VA 4% 10/1/2031
 
465,000
493,764
Norfolk VA Gen. Oblig. Series 2021 A, 4% 3/1/2040
 
170,000
173,027
Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2019 C, 5% 2/1/2030
 
15,000
16,130
Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2019A, 5% 2/1/2029
 
75,000
80,951
Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 3% 2/1/2036
 
55,000
50,078
Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 5% 2/1/2030
 
160,000
175,226
Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2023 A, 5% 2/1/2030
 
235,000
257,364
Virginia Comwlth Transn Brd Tr (Virginia St Proj.) Series 2016, 3% 5/15/2040
 
105,000
91,207
Virginia Comwlth Transn Brd Tr Series 2022, 4% 5/15/2047
 
50,000
49,501
 
  
  
1,878,677
Health Care - 0.3%
  
  
  
Lynchburg Economic Development Authority (Centra Health Proj.) Series 2017 A, 4% 1/1/2047
 
90,000
85,467
Roanoke VA Economic Dev Auth Hosp Rev (Carilion Health System Proj.) Series 2020 D, 5% tender 7/1/2053 (b)
  
70,000
75,246
Virginia Small Business Fing Auth Healthcare Facs Rev (Sentara Hlth Sys Obl Group Proj.) Series 2020, 4% 11/1/2036
 
400,000
407,133
 
  
  
567,846
Pooled Loans - 0.1%
  
  
  
Virginia Resources Auth Infrastructure Rev Series 2016 C, 4% 11/1/2036
 
195,000
195,421
Special Tax - 0.1%
  
  
  
Fairfax Cnty VA Economic Dev Auth Transn Contract Rev (Fairfax County Economic Development Authority Proj.) 2.875% 4/1/2035
 
15,000
13,518
Fairfax Cnty VA Economic Dev Auth Transn Contract Rev (Fairfax County Economic Development Authority Proj.) 3% 4/1/2036
 
100,000
92,067
Fairfax Cnty VA Economic Dev Auth Transn Contract Rev 3% 4/1/2036
 
130,000
119,688
Hampton Roads Transportation Accountability Commission (Hampton Rds VA Transn Accountability Commn Rev Proj.) 5.25% 7/1/2060
 
25,000
26,438
 
  
  
251,711
Transportation - 0.1%
  
  
  
Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 7/1/2039 (f)
  
110,000
104,636
TOTAL VIRGINIA
  
  
4,268,705
Washington - 2.7%
 
  
  
Education - 0.2%
  
  
  
University Wash Univ Revs Series 2024B, 5% 7/1/2033
 
185,000
210,650
Washington Biomedical Research Pptys Lease Rev (University Wash Univ Revs Proj.) Series A, 4% 1/1/2048
 
150,000
143,808
Washington St Higher Ed Facs (Gonzaga University Proj.) Series 2019 A, 3% 4/1/2049
 
65,000
50,190
Washington St Higher Ed Facs (Seattle Pacific Univ Proj.) Series 2020 A, 5% 10/1/2042
 
25,000
23,743
Washington St Univ Revs Series 2015, 5% 4/1/2040
 
35,000
35,144
 
  
  
463,535
Electric Utilities - 0.6%
  
  
  
Energy Norwthwest WA Elec Rev Series 2016 A, 5% 7/1/2028 (Bonneville Power Administration Guaranteed)
 
215,000
220,700
Energy Norwthwest WA Elec Rev Series 2018 C, 5% 7/1/2033 (Bonneville Power Administration Guaranteed)
 
30,000
31,760
Energy Norwthwest WA Elec Rev Series 2020 A, 5% 7/1/2028 (Bonneville Power Administration Guaranteed)
 
70,000
74,787
Energy Norwthwest WA Elec Rev Series 2021 A, 4% 7/1/2042 (Bonneville Power Administration Guaranteed)
 
175,000
174,571
Energy Norwthwest WA Elec Rev Series 2024A, 5% 7/1/2032 (Bonneville Power Administration Guaranteed)
 
125,000
141,143
Seattle WA Mun Lt & Pwr Rev Series 2020 A, 4% 7/1/2031
 
205,000
213,858
Seattle WA Mun Lt & Pwr Rev Series 2020 A, 5% 7/1/2026
 
75,000
77,239
 
  
  
934,058
General Obligations - 1.4%
  
  
  
King Cnty WA Sch Dist 210 Fed Series 2018, 5% 12/1/2030 (State of Washington Guaranteed)
 
80,000
84,247
King Cnty Wash Hsg Auth Rev Series 2018, 3.5% 5/1/2038 (King County WA Guaranteed)
 
15,000
13,706
King County WA Gen. Oblig. Series 2015E, 5% 12/1/2029
 
55,000
55,905
Spokane Cnty WA Sch Dist 81 Series 2021, 4% 12/1/2028 (State of Washington Guaranteed)
 
155,000
161,042
State of Washington Gen. Oblig. Series 2016A 1, 5% 8/1/2029
 
10,000
10,099
State of Washington Gen. Oblig. Series 2016C, 5% 2/1/2033
 
200,000
203,445
State of Washington Gen. Oblig. Series 2016C, 5% 2/1/2035
 
20,000
20,323
State of Washington Gen. Oblig. Series 2018 A, 5% 8/1/2041
 
195,000
200,645
State of Washington Gen. Oblig. Series 2020 E, 5% 6/1/2045
 
15,000
15,744
State of Washington Gen. Oblig. Series 2020B, 5% 6/1/2037
 
55,000
58,608
State of Washington Gen. Oblig. Series 2020C, 5% 2/1/2041
 
150,000
159,484
State of Washington Gen. Oblig. Series 2021 A, 5% 8/1/2042
 
165,000
175,938
State of Washington Gen. Oblig. Series 2022 A, 5% 8/1/2043
 
100,000
107,278
State of Washington Gen. Oblig. Series 2023A, 5% 8/1/2031
 
225,000
251,625
State of Washington Gen. Oblig. Series 2023A, 5% 8/1/2046
 
260,000
278,881
State of Washington Gen. Oblig. Series R 2015H, 5% 7/1/2026
 
30,000
30,000
State of Washington Gen. Oblig. Series R 2015H, 5% 7/1/2029
 
40,000
40,000
State of Washington Gen. Oblig. Series R 2017B, 5% 8/1/2029
 
150,000
154,142
State of Washington Gen. Oblig. Series R 2018 D, 5% 8/1/2028
 
30,000
31,517
State of Washington Gen. Oblig. Series R 2018C, 5% 8/1/2028
 
55,000
57,794
State of Washington Gen. Oblig. Series R 2020A, 5% 1/1/2026
 
30,000
30,615
State of Washington Gen. Oblig. Series R 2021 D, 4% 7/1/2041
 
215,000
215,612
State of Washington Gen. Oblig. Series R 2021A, 5% 6/1/2041
 
125,000
133,313
 
  
  
2,489,963
Health Care - 0.1%
  
  
  
Washington St Health Care Facs Auth Rev (Multicare Medical Ctr,Tacom,Wa Proj.) Series 2017B, 3.5% 8/15/2038
 
60,000
53,434
Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) Series 2017 A, 4% 7/1/2042
 
85,000
77,530
Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2014D, 5% 10/1/2038
 
40,000
40,078
 
  
  
171,042
Special Tax - 0.2%
  
  
  
Central Puget Sound WA Regl Tran Auth Sales & Use Tax Rev Series 2016 S 1, 5% 11/1/2027
 
45,000
46,558
Central Puget Sound WA Regl Tran Auth Sales & Use Tax Rev Series 2016 S 1, 5% 11/1/2033
 
155,000
159,416
Central Puget Sound WA Regl Tran Auth Sales & Use Tax Rev Series 2016 S 1, 5% 11/1/2036
 
30,000
30,769
Central Puget Sound WA Regl Tran Auth Sales & Use Tax Rev Series 2016 S 1, 5% 11/1/2041
 
85,000
86,739
Washington St Convention Ctr Pub Facs Dist Series 2018, 4% 7/1/2058
 
130,000
115,882
 
  
  
439,364
Transportation - 0.2%
  
  
  
Port Seattle WA Rev Series 2024B, 5% 7/1/2033 (f)
  
310,000
334,078
TOTAL WASHINGTON
  
  
4,832,040
West Virginia - 0.3%
 
  
  
Education - 0.2%
  
  
  
West Virginia Univ Revs Series 2019 A, 4% 10/1/2047
 
225,000
215,961
General Obligations - 0.0%
  
  
  
West Virginia St Gen. Oblig. Series 2018 B, 5% 12/1/2041
 
80,000
82,624
Health Care - 0.0%
  
  
  
West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2016A, 3% 6/1/2033
 
30,000
28,119
Transportation - 0.1%
  
  
  
West VA Commr of Hwys Spl Oblig Series 2017A, 5% 9/1/2029
 
65,000
67,947
West Virginia Parkways Authority Series 2021, 4% 6/1/2051
 
100,000
95,754
 
  
  
163,701
TOTAL WEST VIRGINIA
  
  
490,405
Wisconsin - 1.1%
 
  
  
Education - 0.1%
  
  
  
Public Fin Auth WI Lease Dev Rev (University Kans Univ Revs Proj.) Series 2016, 5% 3/1/2029
 
40,000
40,812
Public Fin Auth WI Lease Dev Rev (University Kans Univ Revs Proj.) Series 2016, 5% 3/1/2046
 
50,000
50,433
 
  
  
91,245
Escrowed/Pre-Refunded - 0.1%
  
  
  
Wisconsin General Fund Annual Appropiation Series 2017 B, 5% 5/1/2035
 
215,000
220,719
Wisconsin General Fund Annual Appropiation Series 2017 B, 5% 5/1/2036
 
25,000
25,665
 
  
  
246,384
General Obligations - 0.5%
  
  
  
Wisconsin St Gen. Oblig. 5% 5/1/2031
 
135,000
150,553
Wisconsin St Gen. Oblig. Series 2016  2, 5% 11/1/2029
 
70,000
71,747
Wisconsin St Gen. Oblig. Series 2017 3, 5% 11/1/2031
 
30,000
31,350
Wisconsin St Gen. Oblig. Series 2017 A, 5% 5/1/2034
 
120,000
120,648
Wisconsin St Gen. Oblig. Series 2019 A, 4% 5/1/2027
 
30,000
30,332
Wisconsin St Gen. Oblig. Series 2019 A, 5% 5/1/2030
 
125,000
128,384
Wisconsin St Gen. Oblig. Series 2021 B, 5% 5/1/2035
 
85,000
91,213
Wisconsin St Gen. Oblig. Series 2023 2, 5% 5/1/2035
 
215,000
243,675
 
  
  
867,902
Health Care - 0.4%
  
  
  
Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) Series 2016 A, 3% 6/1/2036
 
45,000
39,173
Wisconsin Health & Edl Facs Auth Sr Living Rev (Covenant Communities Inc Proj.) Series 2018A 1, 4.125% 7/1/2053
 
135,000
107,166
Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2016 A, 4% 11/15/2039
 
40,000
38,708
Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2016 A, 5% 11/15/2036
 
55,000
55,819
Wisconsin Health & Educational Facilities Authority (Froedtert Thedacare Proj.) Series 2017 A, 5% 4/1/2028
 
35,000
36,237
Wisconsin Health & Educational Facilities Authority (Hospital Sisters Svcs Inc Proj.) Series 2014A, 5% 11/15/2025
 
40,000
40,040
Wisconsin Health & Educational Facilities Authority (Marshfield Clinic Proj.) Series 2016 A, 3.5% 2/15/2046
 
195,000
146,167
Wisconsin St Health & Edl Facs Auth Rev (Medical College of WI Inc Proj.) Series 2022, 4% 12/1/2051
 
255,000
240,234
 
  
  
703,544
Housing - 0.0%
  
  
  
Wisconsin Hsg & Economic Dev Auth Home Ownership Mtg Rev 2.69% 7/1/2047
 
57,571
49,752
Special Tax - 0.0%
  
  
  
Ashwaubenon WI Cmnty Dev Auth Lease Rev (Brown County Wisconsin Proj.) Series 2019, 0% 6/1/2049 (d)
  
160,000
50,697
Public Fin Auth WI Revenue Series 2021, 4% 3/31/2056 (f)
  
10,000
8,356
Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2050 (Assured Guaranty Municipal Corp Insured) (d)
  
70,000
19,773
 
  
  
78,826
Water & Sewer - 0.0%
  
  
  
State of Wisconsin (Wisconsin State Clean Water Fund Proj.) Series 2017 A, 5% 6/1/2029
 
10,000
10,076
TOTAL WISCONSIN
  
  
2,047,729
Wyoming - 0.0%
 
  
  
Education - 0.0%
  
  
  
University WY Univ Revs (University WY Univ Revs Proj.) Series 2021 C, 4% 6/1/2051 (Assured Guaranty Municipal Corp Insured)
 
25,000
24,016
Electric Utilities - 0.0%
  
  
  
Campbell Cnty WY Solid Waste Facs Rev (County of Mercer ND Proj.) Series 2019 A, 3.625% 7/15/2039
 
25,000
22,585
TOTAL WYOMING
  
  
46,601
 
TOTAL MUNICIPAL SECURITIES
 (Cost $185,054,612)
  
  
  
177,855,968
 
  
  
  
Money Market Funds - 0.7%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Municipal Cash Central Fund (g)(h)
 (Cost $1,233,723)
  
3.99
1,233,476
1,233,723
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
 (Cost $186,288,335)
 
  
 
179,089,691
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(486,021)
NET ASSETS - 100.0%
178,603,670
 
  
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(c)
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
 
(d)
Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(f)
Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
 
(g)
Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Central Fund.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Municipal Cash Central Fund
396,887
15,002,670
14,165,834
15,796
-
-
1,233,723
1,233,476
0.0%
Total
396,887
15,002,670
14,165,834
15,796
-
-
1,233,723
1,233,476
  
 
  
  
  
  
  
  
  
  
  
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 December 31, 2024, 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:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Municipal Securities
  
  
  
  
Education
11,999,721
-
11,999,721
-
Electric Utilities
8,854,377
-
8,854,377
-
Escrowed/Pre-Refunded
5,212,096
-
5,212,096
-
General Obligations
64,033,318
-
64,033,318
-
Health Care
14,876,485
-
14,876,485
-
Housing
4,082,413
-
4,082,413
-
Industrial Development
322,347
-
322,347
-
Lease Revenue
323,032
-
323,032
-
Other
918,071
-
918,071
-
Pooled Loans
195,421
-
195,421
-
Resource Recovery
370,923
-
370,923
-
Special Tax
22,542,607
-
22,542,607
-
Tobacco Bonds
703,941
-
703,941
-
Transportation
26,564,814
-
26,564,814
-
Water & Sewer
16,856,402
-
16,856,402
-
  Money Market Funds
1,233,723
1,233,723
-
-
 Total Investments in Securities:
179,089,691
1,233,723
177,855,968
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of December 31, 2024 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $185,054,612)
$
177,855,968
  
  
Fidelity Central Funds (cost $1,233,723)
1,233,723
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $186,288,335)
  
  
$
179,089,691
Cash
  
  
190,576
Receivable for fund shares sold
  
  
630,907
Interest receivable
  
  
2,093,059
Distributions receivable from Fidelity Central Funds
  
  
428
Other receivables
  
  
27
  Total assets
  
  
182,004,688
Liabilities
  
  
  
  
Payable for investments purchased
  
  
  
  
Regular delivery
$
2,647,643
  
  
Delayed delivery
305,031
  
  
Payable for fund shares redeemed
292,116
  
  
Distributions payable
145,854
  
  
Accrued management fee
10,374
  
  
  Total liabilities
  
  
  
3,401,018
Net Assets  
  
  
$
178,603,670
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
189,401,917
Total accumulated earnings (loss)
  
  
  
(10,798,247)
Net Assets
  
  
$
178,603,670
Net Asset Value, offering price and redemption price per share ($178,603,670 ÷ 9,670,238 shares)
  
  
$
18.47
Statement of Operations
Six months ended December 31, 2024 (Unaudited)
 
 
Investment Income
  
  
  
  
Interest  
  
  
$
2,402,031
Income from Fidelity Central Funds  
  
  
15,796
 Total income
  
  
  
2,417,827
Expenses
  
  
  
  
Management fee
$
60,842
  
  
Independent trustees' fees and expenses
214
  
  
 Total expenses before reductions
  
61,056
  
  
 Expense reductions
  
(42)
  
  
 Total expenses after reductions
  
  
  
61,014
Net Investment income (loss)
  
  
  
2,356,813
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(117,804)
  
  
Total net realized gain (loss)
  
  
  
(117,804)
Change in net unrealized appreciation (depreciation) on investment securities
 
  
  
463,876
Net gain (loss)
  
  
  
346,072
Net increase (decrease) in net assets resulting from operations
  
  
$
2,702,885
Statement of Changes in Net Assets
 
 
Six months ended
December 31, 2024
(Unaudited)
  
Year ended
June 30, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
2,356,813
$
3,886,835
Net realized gain (loss)
  
(117,804)
  
(909,259)
Change in net unrealized appreciation (depreciation)
  
463,876
  
1,162,499
Net increase (decrease) in net assets resulting from operations
  
2,702,885
  
4,140,075
Distributions to shareholders
  
(2,322,821)
  
(3,821,144)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
36,236,237
  
65,069,600
  Reinvestment of distributions
  
1,465,321
  
2,412,193
Cost of shares redeemed
  
(24,290,920)
  
(58,877,357)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
13,410,638
  
8,604,436
Total increase (decrease) in net assets
  
13,790,702
  
8,923,367
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
164,812,968
  
155,889,601
End of period
$
178,603,670
$
164,812,968
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
1,947,084
  
3,556,452
  Issued in reinvestment of distributions
  
78,714
  
132,431
Redeemed
  
(1,306,693)
  
(3,246,568)
Net increase (decrease)
  
719,105
  
442,315
 
  
  
  
  
Financial Highlights
 
Fidelity® Municipal Bond Index Fund
 
 
Six months ended
(Unaudited) December 31, 2024 
  
Years ended June 30, 2024 
  
2023  
  
2022 
  
2021 
  
2020 A  
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
18.41
$
18.32
$
18.24
$
20.39
$
19.97
$
20.00
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) B,C
  
.252
 
.459
 
.402
 
.281
 
.309
 
.324
     Net realized and unrealized gain (loss)
 
.057
 
.082
 
.073
 
(2.152)
 
.421
 
(.035)
  Total from investment operations
 
.309  
  
.541  
  
.475  
  
(1.871)  
  
.730
 
.289
  Distributions from net investment income
 
(.248)
 
(.451)
 
(.395)
 
(.279)
 
(.310)
 
(.319)
  Distributions from net realized gain
 
(.001)
 
-
 
-
 
-
 
-
 
-
     Total distributions
 
(.249)
 
(.451)
 
(.395)
 
(.279)
 
(.310)
 
(.319)
  Net asset value, end of period
$
18.47
$
18.41
$
18.32
$
18.24
$
20.39
$
19.97
 Total Return D,E
  
1.67
%
 
3.01%
 
2.64%
 
(9.26)%
 
3.68%
 
1.46%
 Ratios to Average Net Assets C,F,G
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.07% H
  
.07%
 
.07%
 
.07%
 
.07%
 
.07% H
    Expenses net of fee waivers, if any
 
.07
% H
  
.07%
 
.07%
 
.07%
 
.07%
 
.07% H
    Expenses net of all reductions
 
.07% H
  
.07%
 
.07%
 
.07%
 
.07%
 
.07% H
    Net investment income (loss)
 
2.69% H
  
2.52%
 
2.21%
 
1.43%
 
1.53%
 
1.67% H
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
178,604
$
164,813
$
155,890
$
124,941
$
106,786
$
60,060
    Portfolio turnover rate I
  
14
% H
  
15%
 
18%
 
30%
 
8%
 
76% H
 
AFor the period July 11, 2019 (commencement of operations) through June 30, 2020.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees 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.
GExpense 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.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
 (Unaudited)
For the period ended December 31, 2024
 
1. Organization.
Fidelity Municipal Bond Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
 
Effective the close of business on February 18, 2025, new positions to the fund may no longer be opened.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to market discount, 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
$523,425
Gross unrealized depreciation
(7,529,559)
Net unrealized appreciation (depreciation)
$(7,006,134)
Tax cost
$186,095,825
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(1,850,933)
 Long-term
(1,747,082)
Total capital loss carryforward
$(3,598,015)
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
New Accounting Pronouncement. 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Municipal Bond Index Fund
27,542,906
11,934,793
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .07% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
 
The line of credit agreement will expire in March 2025 unless extended or renewed.
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $42.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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.
10. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) to reorganize the Fund (Target Fund) into a newly created exchange traded fund ("ETF"), as noted in the below table. The Agreement provides for shareholders of the Target Fund to receive ETF shares equal in value to the number of shares of the Target Fund shares they own on the day the reorganization is effective. The Target Fund will be the accounting survivor after the reorganization. As such, performance and financial history prior to the reorganization will be that of the Target Fund (Predecessor Fund). Historical share transactions and per share information for the Predecessor Fund will be retroactively adjusted to reflect the change in capital structure due to the reorganization. The reorganization does not require shareholder approval and is expected to become effective on April 4, 2025. The reorganization will qualify as a tax-free reorganization for federal income tax purposes with no gain or loss to be recognized by the fund or its shareholders.
 
Current Mutual Fund (Target and Predecessor Fund)
New ETF
Fidelity Municipal Bond Index Fund
Fidelity Systematic Municipal Bond Index ETF
 
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Municipal Bond Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
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 renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors.  Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the mapped group for 2023 and above the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked equal to the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
The Board noted that the fund has a unitary fee that covers expenses beyond portfolio management, unlike the majority of funds within the mapped group. The total expense ratio for the fund was below the competitive medians.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be renewed through September 30, 2025.
 
1.9894015.105
MBL-SANN-0325

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies


See Item 7.


Item 9.

Proxy Disclosures for Open-End Management Investment Companies


See Item 7.


Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies


See Item 7.


Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract


See Item 7.


Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 13.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 14.  

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 15.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Salem Street Trust’s Board of Trustees.


Item 16.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Salem Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.




(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.


Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies


Not applicable.


Item 18.

Recovery of Erroneously Awarded Compensation


(a)

Not applicable.


(b)

Not applicable.


Item 19.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(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.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Salem Street Trust



By:

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer (Principal Executive Officer)


Date:

February 21, 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:

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer (Principal Executive Officer)


Date:

February 21, 2025



By:

/s/Stephanie Caron

Stephanie Caron

Chief Financial Officer (Principal Financial Officer)


Date:

February 21, 2025