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   811-21991

Fidelity Rutland Square Trust II

 (Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 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:	May 31
Date of reporting period:	May 31, 2026

Item 1.

Reports to Stockholders

ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
Strategic Advisers® Municipal Bond Fund Strategic Advisers® Municipal Bond Fund :  FSMUX

This annual shareholder report contains information about Strategic Advisers® Municipal Bond Fund for the period June 1, 2025 to May 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Strategic Advisers® Municipal Bond Fund	$ 8	0.08%

What affected the Fund's performance this period?

•U.S. tax-exempt municipal bonds notched a strong gain for the 12 months ending May 31, 2026, driven by some of the highest starting yields in years, three policy interest-rate cuts by the U.S. Federal Reserve, resilient credit fundamentals, and robust demand amid investors' growing concern about the federal deficit and potentially higher tax rates.

•Against this backdrop, most of the Fund's sub-advisers notably contributed to performance versus the benchmark for the fiscal year, led by sub-adviser MacKay Shields (+8%) and the Municipal High Income strategy from T. Rowe Price (+9%). The former benefited from yield-curve positioning, including outsized exposure to longer-maturity credits, as well as security selection across various segments of the bond market. The extra yield generated by lower-rated municipals helped T. Rowe Price, even during periods of widening credit spreads, as did greater-than-benchmark exposure to bonds issued by hospitals and airports. 

•The Municipal Bond mandate from T. Rowe Price (+8%) also added value, propelled by favorable yield-curve positioning and sector allocations.

•Sub-adviser FIAM® (+7.5%) provided a further boost to the Fund's relative result, aided by favorable yield-curve positioning, along with overweight exposure to hospitals and airports.

•There were no material relative detractors for the reporting period, although the Fund's cash stake slightly hurt.

•Late in the 12-month reporting period, we reduced the portfolio's duration though it remained somewhat longer than the benchmark. We also began the process of shifting assets from exchange-traded funds in the portfolio to active managers, with the goal of benefiting from their bond selection expertise.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

June 17, 2021 through May 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	Life of Fund A
Strategic Advisers® Municipal Bond Fund	7.56%	0.96%
Bloomberg Municipal Bond Index	6.67%	0.85%

A   From June 17, 2021

 

Visit www.fidelity.com for more recent performance information. 

The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of May 31, 2026)

KEY FACTS
Fund Size	$14,350,303,944
Number of Holdings	6,878
Total Advisory Fee	$9,637,432
Portfolio Turnover	24%

What did the Fund invest in?
(as of May 31, 2026)

REVENUE SOURCES (% of Fund's net assets)
General Obligations	16.7
Transportation	13.3
Health Care	8.9
Special Tax	8.1
Others(Individually Less Than 5%)	19.0
66.0

QUALITY DIVERSIFICATION (% of Fund's net assets)

 

	AAA - 3.0
	AA - 25.5
	A - 19.6
	BBB - 7.9
	BB - 1.6
	B - 0.3
	CCC,CC,C - 0.0
	D - 0.0
	Not Rated - 8.1
	Equities - 29.7
	Short-Term Investments and Net Other Assets (Liabilities) - 4.3
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)
New York	6.6
Texas	5.7
California	5.6
Illinois	5.3
Florida	2.9

How has the Fund changed?

This is a summary of certain changes to the Fund since June 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-3455  or by sending an e-mail to fidfunddocuments@fidelity.com.

 

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

Strategic Advisers terminated certain sub-advisory agreements on behalf of the fund.

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. © 2026 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 1.9913326.102    6352-TSRA-0726

ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
Strategic Advisers® Fidelity® U.S. Total Stock Fund Strategic Advisers® Fidelity® U.S. Total Stock Fund :  FCTDX

This annual shareholder report contains information about Strategic Advisers® Fidelity® U.S. Total Stock Fund for the period June 1, 2025 to May 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Strategic Advisers® Fidelity® U.S. Total Stock Fund	$ 14	0.12%

What affected the Fund's performance this period?

•U.S. stocks achieved a strong gain for the 12 months ending May 31, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

•Against this backdrop, Fidelity® Growth Company Fund (+57%) was the top contributor versus the benchmark for the fiscal year. Substantial exposure to stocks benefiting from the expansion of artificial intelligence, including chipmaker Nvidia, fueled this fund's high-growth approach. 

•The Sector Managed mandate from sub-adviser FIAM® (+36%) added value as well this period. This sector-neutral approach benefited from outsized stakes among semiconductor companies, along with positive stock selection and an underweight in the software industry.

•The FIAM sub-advised U.S. Equity (+33%) mandate also helped. This relative-value approach has stuck with its winning investments for an extended period which has paid off. For example, it has held General Electric through the spin-offs that have become GE Vernova and GE Aerospace.

•On the downside, FIAM Value Discovery (+26%) was the biggest relative detractor, as its quality-focused value strategy could not keep pace amid the small-cap and technology-led market trend.

•The U.S. SMID-Cap Quality Focus mandate from sub-adviser Geode (+18%) - which invests in high-quality small- and mid-cap companies - was hurt by adverse stock selection in the health care, financials and technology sectors.

•In terms of notable positioning changes the past 12 months, we initiated a holding in the Large Cap Put Spread mandate from Geode. This strategy seeks to exploit volatility mispricing in the options market and collects premiums for doing so. We also increased the allocation to the Select U.S. Equity mandate from FIAM - a strategy which selects stocks that Fidelity's analysts have rated as buys, then incorporates risk-control factors.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

March 20, 2018 through May 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Strategic Advisers® Fidelity® U.S. Total Stock Fund	31.60%	13.38%	14.60%
Dow Jones U.S. Total Stock Market Index℠	29.84%	12.89%	14.43%

A   From March 20, 2018

 

Visit www.fidelity.com for more recent performance information. 

The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of May 31, 2026)

KEY FACTS
Fund Size	$250,791,622,246
Number of Holdings	1,989
Total Advisory Fee	$231,918,251
Portfolio Turnover	37%

What did the Fund invest in?
(as of May 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	16.4
Financials	7.6
Industrials	6.9
Health Care	5.5
Communication Services	5.1
Consumer Discretionary	5.0
Consumer Staples	3.0
Energy	2.7
Materials	1.4
Utilities	1.0
Real Estate	1.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 55.2                    

Domestic Equity Funds - 42.9            

Bonds - 0.8                             

Preferred Stocks - 0.0                  

Options - 0.0                           

Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 97.6                    

United Kingdom - 0.8                    

Taiwan - 0.5                            

Canada - 0.4                            

Netherlands - 0.2                       

Korea (South) - 0.1                     

Belgium - 0.1                           

Japan - 0.1                             

France - 0.1                            

Others - 0.1                            

TOP HOLDINGS (% of Fund's net assets)
Fidelity Growth Company Fund	10.5
Fidelity SAI U.S. Quality Index Fund	10.5
Fidelity SAI U.S. Low Volatility Index Fund	5.3
Fidelity Advisor Magellan Fund - Class Z	3.8
Fidelity Advisor Blue Chip Growth Fund - Class Z	3.6
NVIDIA Corp	3.4
Fidelity SAI U.S. Value Index Fund	3.0
Apple Inc	2.4
Amazon.com Inc	2.0
Microsoft Corp	1.9
	46.4

How has the Fund changed?

This is a summary of certain changes to the Fund since June 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-3455  or by sending an e-mail to fidfunddocuments@fidelity.com.

 

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

• Management fee
• Operating expenses
• Expense reductions

 

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. © 2026 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 1.9913320.102    3080-TSRA-0726

ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026

Strategic Advisers® Fidelity® Emerging Markets Fund

Strategic Advisers® Fidelity® Emerging Markets Fund :  FGOMX 

This annual shareholder report contains information about Strategic Advisers® Fidelity® Emerging Markets Fund for the period June 1, 2025 to May 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Strategic Advisers® Fidelity® Emerging Markets Fund	$ 28	0.22%

What affected the Fund's performance this period?

•Emerging-markets equities gained for the 12 months ending May 31, 2026, reflecting a late-period surge that followed a downturn amid conflict in the Middle East and growing concern about the viability of investments in artificial intelligence.

•Against this backdrop, Fidelity® SAI Emerging Markets Value Index Fund (+64%) was the top relative contributor versus the benchmark for the fiscal year. This fund benefited, in part, from the general tailwind of value stocks outpacing their growth-oriented counterparts. More specifically, security selection in China, India and Brazil, along with an underweight in the lagging Indian market, notably helped.

•Two sub-advised Emerging Markets mandates from FIAM® - Select (+64%) and Concentrated (+68%) - also added meaningful value during the reporting period. The former was propelled by picks in Taiwan, South Korea and South Africa, while the latter was aided by investment choices in South Korea, a large underweight in India and favorable positioning in Mexico.

•The Global Emerging Markets mandate from sub-adviser FIL® (+73%) further boosted to the Fund's relative result. Here, sizable underweights in China and India, coupled with stock selection in Taiwan and China, proved advantageous. 

•On the downside, Fidelity® SAI Emerging Markets Low Volatility Index Fund (+24%) was the only material relative detractor this period. The fund's emphasis on stocks exhibiting relatively low volatility could not keep pace in a strongly up-trending market environment. 

•In terms of notable positioning changes, in the fourth quarter of 2025, we initiated a holding in Fidelity® SAI Emerging Markets Momentum Index Fund, which focuses on companies with improving earnings revisions whose stocks are in an uptrend.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 30, 2018 through May 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Strategic Advisers® Fidelity® Emerging Markets Fund	60.37%	8.55%	12.65%
MSCI Emerging Markets Index	54.28%	7.54%	11.20%

A   From October 30, 2018

 

Visit www.fidelity.com for more recent performance information. 

The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of May 31, 2026)

KEY FACTS
Fund Size	$42,000,757,470
Number of Holdings	319
Total Advisory Fee	$65,290,491
Portfolio Turnover	53%

What did the Fund invest in?
(as of May 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	25.9
Financials	9.9
Industrials	6.2
Consumer Discretionary	4.2
Materials	4.0
Communication Services	3.0
Energy	2.2
Health Care	1.5
Consumer Staples	1.3
Utilities	0.5
Real Estate	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 58.5                    

International Equity Funds - 36.0       

Preferred Stocks - 0.4                  

Short-Term Investments and Net Other Assets (Liabilities) - 5.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 41.8                    

Taiwan - 15.7                           

China - 12.3                            

Korea (South) - 12.0                    

India - 3.5                             

Brazil - 2.3                            

South Africa - 1.9                      

Mexico - 1.4                            

Hungary - 1.0                           

Others - 8.1                            

TOP HOLDINGS (% of Fund's net assets)
Fidelity SAI Emerging Markets Value Index Fund	23.4
Taiwan Semiconductor Manufacturing Co Ltd	9.1
Fidelity SAI Emerging Markets Low Volatility Index Fund	5.4
Fidelity SAI Emerging Markets Index Fund	5.2
Samsung Electronics Co Ltd	5.0
Invesco Government & Agency Portfolio Institutional Class	3.7
SK Hynix Inc	3.6
Tencent Holdings Ltd	1.9
MediaTek Inc	1.3
Fidelity SAI Emerging Markets Momentum Index Fund	1.1
	59.7

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. © 2026 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 1.9913322.102    3310-TSRA-0726

ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
Strategic Advisers® Fidelity® Core Income Fund Strategic Advisers® Fidelity® Core Income Fund :  FIWGX

This annual shareholder report contains information about Strategic Advisers® Fidelity® Core Income Fund for the period June 1, 2025 to May 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

•U.S. taxable investment-grade bonds achieved a solid gain for the 12 months ending May 31, 2026, buoyed by attractive starting yields, a resilient economy and three policy interest-rate cuts by the Federal Reserve, though the resurgence of inflation in the period's final months dampened the full-year result.

•Against this backdrop, the Fixed Income Securitized mandate from sub-adviser FIAM® (+7%) was the top contributor versus the benchmark for the fiscal year. This strategy benefited from its concentrated focus on securitized assets, including collateralized loan obligations, non-government-agency mortgage-backed securities and asset-backed securities, reflecting the strong relative performance of these segments of the bond market.

•Fidelity Advisor® New Markets Income - along with the sub-advised mandate it was converted into in March - also notably aided the Fund's relative result. This strategy focuses on emerging-markets debt, which was the top-performing category within fixed-income this period. 

•Fidelity® SAI Total Bond Fund (+6%) stood out to the upside as well, boosted by favorable yield-curve positioning, in addition to its high-yield corporate credit and emerging-markets debt holdings. 

•On the downside, the Fund's exposure to U.S. Treasury investments collectively dampened its relative return. These securities are held in the portfolio primarily for liquidity and hedging purposes. This period, however, intermediate- and long-term U.S. Treasurys trailed the broad investment-grade bond market amid rising yields.

•In terms of notable positioning changes the past 12 months, in December we initiated a holding in the FIAM sub-advised Securitized Credit strategy. This mandate's benchmark includes all types of securitized investment vehicles with the exception agency MBS.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 16, 2018 through May 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Strategic Advisers® Fidelity® Core Income Fund	5.83%	0.81%	2.93%
Bloomberg U.S. Aggregate Bond Index	5.13%	0.17%	2.17%

A   From October 16, 2018

 

Visit www.fidelity.com for more recent performance information. 

The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of May 31, 2026)

KEY FACTS
Fund Size	$93,540,617,429
Number of Holdings	7,582
Total Advisory Fee	$36,132,815
Portfolio Turnover	167%

What did the Fund invest in?
(as of May 31, 2026)

QUALITY DIVERSIFICATION (% of Fund's net assets)

 

	U.S. Government and U.S. Government Agency Obligations - 30.1
	AAA - 3.2
	AA - 0.6
	A - 4.0
	BBB - 8.9
	BB - 1.4
	B - 0.5
	CCC,CC,C - 0.4
	D - 0.0
	Not Rated - 6.9
	Equities - 45.7
Short-Term Investments and Net Other Assets (Liabilities) - (1.7)%
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.

ASSET ALLOCATION (% of Fund's net assets)

	Fixed-Income Funds - 45.0
	U.S. Government Agency - Mortgage Securities - 16.2
	U.S. Treasury Obligations - 13.9
	Corporate Bonds - 12.9
	CMOs and Other Mortgage Related Securities - 6.8
	Asset-Backed Securities - 4.6
	Foreign Government and Government Agency Obligations - 1.5
	Short-Term Funds - 0.7
	Preferred Securities - 0.1
	Others - 0.0
Short-Term Investments and Net Other Assets (Liabilities) - (1.7)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 94.1                    

Grand Cayman (UK Overseas Ter) - 1.1    

United Kingdom - 0.7                    

Canada - 0.5                            

Mexico - 0.4                            

Ireland - 0.4                           

Bailiwick Of Jersey - 0.2               

Germany - 0.2                           

Japan - 0.2                             

Others - 2.2                            

TOP HOLDINGS (% of Fund's net assets)
Fidelity SAI Total Bond Fund	21.1
US Treasury Notes	10.5
Fidelity SAI U.S. Treasury Bond Index Fund	6.8
Fannie Mae Mortgage pass-thru certificates	5.6
Ginnie Mae II Pool	4.5
Freddie Mac Gold Pool	3.8
US Treasury Bonds	3.4
Fidelity SAI Long-Term Treasury Bond Index Fund	2.8
Fidelity SAI Enhanced Core Bond Fund	2.7
Fidelity SAI International Credit Fund	2.4
	63.6

How has the Fund changed?

This is a summary of certain changes to the Fund since June 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-3455  or by sending an e-mail to fidfunddocuments@fidelity.com.

 

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 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 1.9913321.102    3306-TSRA-0726

ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
Strategic Advisers® Alternatives Fund Strategic Advisers® Alternatives Fund :  FSLTX

This annual shareholder report contains information about Strategic Advisers® Alternatives Fund for the period June 1, 2025 to May 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Strategic Advisers® Alternatives Fund	$ 15	0.15%

What affected the Fund's performance this period?

•Global risk assets achieved strong gains for the 12 months ending May 31, 2026, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks. But momentum faded in late February, as conflict in the Middle East took center stage and sent a shockwave through oil markets, with potential to dampen growth and stoke inflation.

•The Fund is designed to achieve low correlation with stocks over a full market cycle and it accomplished that goal the past 12 months, in addition to meeting its volatility target.

•For the fiscal year, BlackRock Global Equity Market Neutral Fund (+20%) and Fidelity® SAI Convertible Arbitrage Fund (+12%) - the Fund's largest investment, on average this period - were the top relative contributors. The former benefited primarily from long/short equity positions guided by defensive and sentiment signals, whereas the latter profited from a record level of new issuance in the convertible bond market.

•Eaton Vance Global Macro Absolute Return Advantage Fund (+19%) also notably aided the broader Fund's performance. Here, local-currency sovereign bond holdings and corporate credit in Kazakhstan, Egypt, Venezuela and Ukraine, along with long exposure to Nigeria's currency, fueled its result. 

•On the downside, Fidelity® SAI ARP Commodity Strategy Fund (-19%) was the largest relative detractor this period. The upward spike in oil prices in March and resulting supply disruption triggered the unusual situation of near-dated crude oil futures contracts being priced higher than longer-dated contracts. The fund's short exposure to the former, coupled with long exposure to the latter, pressured performance.

•The Fund's defensively oriented managers - primarily AGF Market Neutral Anti-Beta Fund (-34%) and the Equity Market Protective Put mandate from sub-adviser FAMS® - performed as expected, lagging the benchmark in an environment of rising equity markets.

•In terms of notable positioning changes this period, I initiated a holding in Miller Market Neutral Income Fund in the first quarter of 2026. This fund invests in convertible bonds and typically hedges its market risk by selling stocks short against its convertible positions. In May, I added BlackRock Tactical Opportunities Fund, which pursues a global macro approach incorporating both discretionary and systematic strategies.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

July 12, 2022 through May 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	Life of Fund A
Strategic Advisers® Alternatives Fund	10.51%	5.67%
ICE® BofA® US 3-Month Treasury Bill Index	3.88%	4.43%
Bloomberg U.S. Aggregate Bond Index	5.13%	2.78%

A   From July 12, 2022

 

Visit www.fidelity.com for more recent performance information. 

The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of May 31, 2026)

KEY FACTS
Fund Size	$2,714,355,648
Number of Holdings	933
Total Advisory Fee	$3,472,629
Portfolio Turnover	52%

What did the Fund invest in?
(as of May 31, 2026)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	83.6
Swaps	13.4
Forward Foreign Currency Contracts	8.9

ASSET ALLOCATION (% of Fund's total exposure)

Futures Contracts - 40.5                

Alternative Funds - 34.4                

Swaps - 6.4                             

Forward Foreign Currency Contracts - 6.1

Fixed-Income Funds - 4.7                

Corporate Bonds - 0.2                   

Asset-Backed Securities - 0.1           

U.S. Treasury Obligations - 0.1         

CMOs and Other Mortgage Related Securities - 0.1

U.S. Government Agency - Mortgage Securities - 0.0

Options - 0.0                           

Foreign Government and Government Agency Obligations - 0.0

Short-Term Investments and Net Other Assets (Liabilities) - 7.4

TOP HOLDINGS (% of Fund's net assets)
Fidelity SAI Convertible Arbitrage Fund	21.4
BlackRock Global Equity Market Neutral Fund A Shares	11.3
Eaton Vance Global Macro Absolute Return Advantage Fund Class A	10.2
Stone Ridge Diversified Alternatives Fund Class I	8.1
Federated Hermes MDT Market Neutral Fund A Shares	6.9
State Street Institutional U.S. Government Money Market Fund Premier Class	6.7
The Merger Fund Class A	5.6
Absolute Convertible Arbitrage Fund Investor Shares	4.7
Fidelity Investments Money Market Government Portfolio - Institutional Class	4.2
BlackRock Systematic Multi-Strategy Fund Investor A Shares	2.9
	82.0

How has the Fund changed?

This is a summary of certain changes to the Fund since June 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-3455  or by sending an e-mail to fidfunddocuments@fidelity.com.

 

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 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 1.9913342.102    6570-TSRA-0726

ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
Strategic Advisers® U.S. Total Stock Fund Strategic Advisers® U.S. Total Stock Fund :  FSAKX

This annual shareholder report contains information about Strategic Advisers® U.S. Total Stock Fund for the period June 1, 2025 to May 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Strategic Advisers® U.S. Total Stock Fund	$ 20	0.17%

What affected the Fund's performance this period?

•U.S. stocks achieved a strong gain for the 12 months ending May 31, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

•Against this backdrop, Fidelity® Growth Company Fund (+57%) was the top contributor versus the benchmark for the fiscal year. Substantial exposure to stocks benefiting from the expansion of artificial intelligence, including chipmaker Nvidia, fueled this fund's high-growth approach. 

•A position in sub-adviser Portolan Capital Management (+58%) also helped, thanks to a flexible approach that enabled it to capitalize on top-performing stocks in the industrials, materials and information technology sectors.

•The Sector Managed mandate from sub-adviser FIAM® (+37%) added value as well this period. This sector-neutral approach benefited from outsized stakes among semiconductor companies, along with positive stock selection and an underweight in the software industry.

•On the downside, fundamentally driven managers - including sub-adviser JPMorgan Investment Management (+24%) - struggled in the latter half of the reporting period. Specifically, this Large Cap manager's AI-related holdings underperformed. At the same time, its stakes in software and other companies that it believed had been overly punished by the market, also lagged. Similarly, Fidelity® SAI U.S. Quality Index Fund (+21%) further detracted, partially due to an overweight in software firms.

•In terms of notable positioning changes the past 12 months, we sold the Fund's investment in the Small-Mid Cap Core mandate from William Blair due to the pending retirement of one of the strategy's co-managers and reallocated the proceeds across several SMID-cap managers to maintain exposure to that segment of the equity market.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

May 31, 2016 through May 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Strategic Advisers® U.S. Total Stock Fund	29.84%	13.86%	15.72%
Strategic Advisers® U.S. Total Stock Fund Linked Index	29.84%	14.13%	15.63%
Dow Jones U.S. Total Stock Market Index℠	29.84%	12.89%	15.08%

   

Visit www.fidelity.com for more recent performance information. 

The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of May 31, 2026)

KEY FACTS
Fund Size	$98,929,102,688
Number of Holdings	3,241
Total Advisory Fee	$141,536,965
Portfolio Turnover	77%

What did the Fund invest in?
(as of May 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	27.2
Financials	10.3
Consumer Discretionary	8.0
Industrials	7.9
Communication Services	7.8
Health Care	7.3
Consumer Staples	3.3
Energy	2.8
Utilities	1.6
Materials	1.6
Real Estate	1.1

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 78.8                    

Domestic Equity Funds - 19.3            

Bonds - 1.4                             

Options - 0.0                           

Short-Term Investments and Net Other Assets (Liabilities) - 0.5

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 98.1                    

Canada - 0.6                            

Netherlands - 0.3                       

Taiwan - 0.3                            

United Kingdom - 0.1                    

Switzerland - 0.1                       

Thailand - 0.1                          

China - 0.1                             

Germany - 0.1                           

Others - 0.2                            

TOP HOLDINGS (% of Fund's net assets)
Fidelity Growth Company Fund	5.5
NVIDIA Corp	5.4
Apple Inc	4.2
Microsoft Corp	3.6
Fidelity SAI U.S. Quality Index Fund	3.3
Amazon.com Inc	3.2
Broadcom Inc	2.4
Alphabet Inc Class C	2.2
iShares Core S&P 500 ETF	2.1
Alphabet Inc Class A	2.0
	33.9

How has the Fund changed?

This is a summary of certain changes to the Fund since June 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-3455  or by sending an e-mail to fidfunddocuments@fidelity.com.

 

Strategic Advisers entered into a new sub-advisory agreement on behalf of the fund.

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. © 2026 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 1.9916851.101    7609-TSRA-0726

ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026

Strategic Advisers® Fidelity® Alternatives Fund

Strategic Advisers® Fidelity® Alternatives Fund :  FSAOX 

This annual shareholder report contains information about Strategic Advisers® Fidelity® Alternatives Fund for the period June 23, 2025 to May 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Strategic Advisers® Fidelity® Alternatives FundA	$ 17	0.17%

A Expenses for the full reporting period would be higher.

 

What affected the Fund's performance this period?

•Global risk assets achieved strong gains for the 12 months ending May 31, 2026, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks. But momentum faded in late February, as conflict in the Middle East took center stage and sent a shockwave through oil markets, with potential to dampen growth and stoke inflation.

•The Fund is designed to achieve low correlation with stocks over a full market cycle and it accomplished that goal the past 12 months, in addition to meeting its volatility target.

•For the fiscal year, BlackRock Global Equity Market Neutral Fund (+21%) and Fidelity® SAI Convertible Arbitrage Fund (+12%) - the Fund's largest investment, on average this period - were the top relative contributors. The former benefited primarily from long/short equity positions guided by defensive and sentiment signals, whereas the latter profited from a record level of new issuance in the convertible bond market.

•Eaton Vance Global Macro Absolute Return Advantage Fund (+18%) also notably aided the broader Fund's performance. Here, local-currency sovereign bond holdings and corporate credit in Kazakhstan, Egypt, Venezuela and Ukraine, along with long exposure to Nigeria's currency, fueled its result. 

•On the downside, Fidelity® SAI ARP Commodity Strategy Fund (-20%) was the largest relative detractor by far this period. The upward spike in oil prices in March and resulting supply disruption triggered the unusual situation of near-dated crude oil futures contracts being priced higher than longer-dated contracts. The fund's short exposure to the former, coupled with long exposure to the latter, pressured performance.

•The defensively oriented Equity Market Protective Put mandate from sub-adviser FAMS®, performed as expected, lagging the benchmark in an environment of rising equity markets.

•In terms of notable positioning changes this period, in February, I initiated a holding in the Absolute Convertible Arbitrage Fund, which pursues a relative-value arbitrage strategy by investing in convertible securities and common stocks to capitalize on price discrepancies. Elsewhere, I reduced the overall allocation to convertible arbitrage strategies, while increasing exposure to equity market neutral and merger arbitrage strategies.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

June 23, 2025 through May 31, 2026.

Initial investment of $10,000.

Visit www.fidelity.com for more recent performance information. 

The Fund's past performance is not a good predictor of the Fund's future performance.  The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of May 31, 2026)

KEY FACTS
Fund Size	$5,135,484,147
Number of Holdings	392
Total Advisory Fee	$3,621,344
Portfolio Turnover	47%

What did the Fund invest in?
(as of May 31, 2026)

DERIVATIVE EXPOSURE (% of Fund's net assets)
Futures Contracts	80.3
Swaps	17.4
Forward Foreign Currency Contracts	5.3
Options	0.0

ASSET ALLOCATION (% of Fund's total exposure)

Futures Contracts - 39.8                

Alternative Funds - 29.4                

Swaps - 8.7                             

Fixed-Income Funds - 5.2                

Common Stocks - 4.9                     

Forward Foreign Currency Contracts - 2.7

Options - 0.0                           

Short-Term Investments and Net Other Assets (Liabilities) - 9.3

TOP HOLDINGS (% of Fund's net assets)
Fidelity SAI Convertible Arbitrage Fund	13.2
Fidelity SAI Merger Arbitrage Fund	11.8
BlackRock Global Equity Market Neutral Fund A Shares	11.2
Eaton Vance Global Macro Absolute Return Advantage Fund Class A	10.6
Fidelity Investments Money Market Government Portfolio - Institutional Class	8.7
BlackRock Systematic Multi-Strategy Fund Investor A Shares	7.9
State Street Institutional U.S. Government Money Market Fund Premier Class	7.7
Stone Ridge Diversified Alternatives Fund Class I	5.5
Fidelity SAI Managed Futures Fund	4.7
Absolute Convertible Arbitrage Fund Investor Shares	3.4
	84.7

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. © 2026 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 1.9918626.100    9037-TSRA-0726

ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
Strategic Advisers® Fidelity® Short Duration Fund Strategic Advisers® Fidelity® Short Duration Fund :  FFPLX

This annual shareholder report contains information about Strategic Advisers® Fidelity® Short Duration Fund for the period December 30, 2025 to May 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Strategic Advisers® Fidelity® Short Duration FundA	$ 3	0.07%

A Expenses for the full reporting period would be higher.

 

Key Fund Statistics

(as of May 31, 2026)

KEY FACTS
Fund Size	$8,707,497,238
Number of Holdings	1,329
Total Advisory Fee	$704,011
Portfolio TurnoverA	129%

A Amount not annualized

What did the Fund invest in?
(as of May 31, 2026)

QUALITY DIVERSIFICATION (% of Fund's net assets)

 

	U.S. Government and U.S. Government Agency Obligations - 30.7
	AAA - 7.1
	AA - 0.6
	A - 14.2
	BBB - 14.3
	BB - 0.9
	B - 0.1
	Not Rated - 2.6
	Equities - 27.5
	Short-Term Investments and Net Other Assets (Liabilities) - 2.0
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

ASSET ALLOCATION (% of Fund's net assets)

U.S. Treasury Obligations - 30.3        

Corporate Bonds - 29.3                  

Short-Term Funds - 21.6                 

Asset-Backed Securities - 7.0           

Fixed-Income Funds - 5.9                

CMOs and Other Mortgage Related Securities - 2.0

Foreign Government and Government Agency Obligations - 1.2

U.S. Government Agency - Mortgage Securities - 0.4

Other Investments - 0.2                 

Preferred Securities - 0.1              

Short-Term Investments and Net Other Assets (Liabilities) - 2.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 82.7                    

United Kingdom - 3.2                    

Germany - 2.8                           

Grand Cayman (UK Overseas Ter) - 2.7    

Canada - 2.2                            

France - 1.4                            

Ireland - 0.8                           

Japan - 0.7                             

Netherlands - 0.7                       

Others - 2.8                            

TOP HOLDINGS (% of Fund's net assets)
US Treasury Notes	30.3
Fidelity Advisor Limited Term Bond Fund - Class Z	7.0
Fidelity SAI Low Duration Bond Fund	6.9
Fidelity SAI Short-Term Treasury Bond Index Fund	4.2
Fidelity Short-Term Bond Index Fund	3.5
Fidelity Low Duration Bond Factor ETF	2.2
Fidelity Intermediate Bond Fund	2.0
Fidelity Advisor Floating Rate High Income Fund - Class Z	1.7
Fidelity Investments Money Market Government Portfolio - Institutional Class	1.0
JPMorgan Chase & Co	0.8
	59.6

How has the Fund changed?

This is a summary of certain changes to the Fund since December 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-3455  or by sending an e-mail to fidfunddocuments@fidelity.com.

 

The fund's contractual expense cap expired during the reporting period.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 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 1.9921314.100    9165-TSRA-0726

ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026

Strategic Advisers® Tax-Sensitive Short Duration Fund

Strategic Advisers® Tax-Sensitive Short Duration Fund :  FGNSX 

This annual shareholder report contains information about Strategic Advisers® Tax-Sensitive Short Duration Fund for the period June 1, 2025 to May 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

•U.S. tax-exempt municipal bonds notched a strong gain for the 12 months ending May 31, 2026, driven by some of the highest starting yields in years, three policy interest-rate cuts by the U.S. Federal Reserve, resilient credit fundamentals, and robust demand amid investors' growing concern about the federal deficit and potentially higher tax rates.

•Against this backdrop, all the Fund's sub-advisers notably contributed to performance versus the benchmark for the fiscal year.

•More specifically, Allspring, T. Rowe Price and the Conservative Income mandate from FIAM® each gained about 3%, propelled by their greater interest-rate-sensitivity compared with the broader Fund's benchmark, along with allocations to lower-rated investment-grade securities.

•Elsewhere, the Limited Term strategy from FIAM® rose about 4% and helped as well. Similar factors aided this sub-adviser's performance, with an added boost provided from security selection in the airport, prepaid gas and housing market segments of the municipal market. 

•A stake in Vanguard Ultra Short-Term Tax-Exempt Fund (+4%) added value as well the past 12 months. 

•There were no material relative detractors to speak of for the reporting period.

•As of May 31, the portfolio's duration was somewhat longer than the benchmark. The goal here is to continue capturing the higher yields offered by slightly longer-maturity securities.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

December 28, 2017 through May 31, 2026.

Initial investment of $10,000.

 

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Strategic Advisers® Tax-Sensitive Short Duration Fund	3.32%	2.39%	2.02%
Strategic Advisers Tax Sensitive Short Duration Composite Index℠	2.74%	2.25%	1.85%
Bloomberg Municipal Bond 1 Year (1-2 Y) Index	3.12%	1.87%	1.86%
Bloomberg Municipal Bond Index	6.67%	0.92%	2.28%

A   From December 28, 2017

 

Visit www.fidelity.com for more recent performance information. 

The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of May 31, 2026)

KEY FACTS
Fund Size	$2,973,365,700
Number of Holdings	1,178
Total Advisory Fee	$2,196,884
Portfolio Turnover	64%

What did the Fund invest in?
(as of May 31, 2026)

REVENUE SOURCES (% of Fund's net assets)
General Obligations	18.5
Health Care	12.7
Transportation	10.0
Housing	7.2
Industrial Development	6.0
Resource Recovery	5.8
Electric Utilities	5.1
Others(Individually Less Than 5%)	20.5
85.8

QUALITY DIVERSIFICATION (% of Fund's net assets)

 

	AAA - 4.2
	AA - 34.4
	A - 33.3
	BBB - 5.8
	BB - 0.0
	Not Rated - 5.0
	Equities - 11.4
	Short-Term Investments and Net Other Assets (Liabilities) - 5.9
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

TOP STATES (% of Fund's net assets)
Texas	13.3
Pennsylvania	5.2
California	4.6
New York	4.6
Florida	4.4

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. © 2026 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 1.9913319.102    3058-TSRA-0726

ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
Strategic Advisers® Short Duration Fund Strategic Advisers® Short Duration Fund :  FAUDX

This annual shareholder report contains information about Strategic Advisers® Short Duration Fund for the period June 1, 2025 to May 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

•U.S. taxable investment-grade bonds achieved a solid gain for the 12 months ending May 31, 2026, buoyed by attractive starting yields, a resilient economy and three policy interest-rate cuts by the Federal Reserve, though the resurgence of inflation in the period's final months dampened the full-year result.

•Against this backdrop, sub-advised mandates from FIAM® and T. Rowe Price (+5%) were the top contributors versus the benchmark. The former benefited from the relatively high yields of its stakes in asset-backed securities and commercial mortgage-backed securities. Meanwhile, the latter outperformed due to its longer-duration and outsized exposure to corporate credit.

•PIMCO Short-Term Fund (+5%) also notably helped due to its interest-rate and yield-curve strategies that were aided by rising rates. Furthermore, timely purchases of floating-rate securities at attractive valuations at a time when market participants were anticipating further U.S. Federal Reserve rate cuts added value as well.

•There were no material relative detractors to speak of for the reporting period, though an allocation to the iShares® 3-7 Year Treasury Bond exchange-traded fund (-0.31%) hurt slightly given that this portion of the yield curve underperformed shorter maturities.

•On January 1, 2026, the Fund's benchmark was changed from the FTSE 6-Month U.S. Treasury Bill Index to the Bloomberg 1-3 Year Government/Credit Bond Index. The switch to a new benchmark allows for greater flexibility in managing the Fund's duration versus the index.

•In light of this, there were several positioning modifications the past 12 months, including defunding the existing FIAM sub-advisory mandate and replacing it with a Short-Term Bond strategy, also managed by FIAM. Exposure to the JPMorgan Ultra-Short Income ETF and PIMCO Short-Term Fund came down substantially in order to fund several new investments, including the PIMCO Enhanced Low-Duration Active ETF.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

May 31, 2016 through May 31, 2026.

Initial investment of $10,000.

Effective January 1, 2026, the fund began comparing its performance to Bloomberg U.S. 1-3 Year Government/Credit Bond Index rather than FTSE® 6-Month U.S. Treasury Bill Index because the Bloomberg U.S. 1-3 Year Government/Credit Bond Index conforms more closely to the fund's investment policies.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Strategic Advisers® Short Duration Fund	4.01%	3.24%	2.64%
Strategic Advisers Short Duration Fund Linked Index	3.24%	3.47%	2.35%
Bloomberg U.S. 1-3 Year Government/Credit Bond Index	3.72%	2.08%	2.05%
FTSE® 6-Month U.S. Treasury Bill Index	4.18%	3.66%	2.45%
Bloomberg U.S. Aggregate Bond Index	5.13%	0.17%	1.70%

   

Effective January 1, 2026, the fund began comparing its performance to Bloomberg U.S. 1-3 Year Government/Credit Bond Index rather than FTSE® 6-Month U.S.

Treasury Bill Index because the Bloomberg U.S. 1-3 Year Government/Credit Bond Index conforms more closely to the fund's investment policies.

Visit www.fidelity.com for more recent performance information. 

The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of May 31, 2026)

KEY FACTS
Fund Size	$4,778,688,572
Number of Holdings	1,340
Total Advisory Fee	$1,460,268
Portfolio Turnover	132%

What did the Fund invest in?
(as of May 31, 2026)

ASSET ALLOCATION (% of Fund's net assets)

Fixed-Income Funds - 33.5               

Short-Term Funds - 19.3                 

Corporate Bonds - 17.0                  

U.S. Treasury Obligations - 15.3        

Asset-Backed Securities - 7.5           

CMOs and Other Mortgage Related Securities - 2.8

U.S. Government Agency - Mortgage Securities - 1.7

Other Investments - 0.1                 

Foreign Government and Government Agency Obligations - 0.0

Short-Term Investments and Net Other Assets (Liabilities) - 2.8

TOP HOLDINGS (% of Fund's net assets)
US Treasury Notes	15.3
Baird Short-Term Bond Fund Institutional Class	9.3
PIMCO Short-Term Fund Institutional Class	7.2
iShares 3-7 Year Treasury Bond ETF	6.7
JPMorgan Ultra-Short Income ETF	5.6
T. Rowe Price Ultra Short-Term Bond Fund	5.3
DoubleLine Low Duration Bond Fund Class N	5.0
PIMCO Enhanced Low Duration Active ETF	5.0
iShares Short Duration Bond Active ETF	4.9
iShares 1-3 Year Treasury Bond ETF	2.6
	66.9

How has the Fund changed?

This is a summary of certain changes to the Fund since June 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-3455  or by sending an e-mail to fidfunddocuments@fidelity.com.

 

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 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 1.9913318.102    2387-TSRA-0726

Item 2.

Code of Ethics

As of the end of the period, May 31, 2026, Fidelity Rutland Square Trust II (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

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

Item 4.  

Principal Accountant Fees and Services

Fees and Services

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

Services Billed by PwC

May 31, 2026 Fees^A,C

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Strategic Advisers Alternatives Fund	$68,100	$500	$19,500	$900
Strategic Advisers Fidelity Alternatives Fund	$58,200	$-	$19,500	$-
Strategic Advisers Fidelity Core Income Fund	$45,600	$300	$10,000	$600
Strategic Advisers Fidelity Emerging Markets Fund	$27,600	$200	$6,900	$400
Strategic Advisers Fidelity Short Duration Fund	$26,900	$-	$7,900	$-
Strategic Advisers Fidelity U.S. Total Stock Fund	$41,400	$300	$8,900	$500
Strategic Advisers Municipal Bond Fund	$53,500	$300	$5,700	$600
Strategic Advisers Short Duration Fund	$39,000	$300	$8,200	$500
Strategic Advisers Tax-Sensitive Short Duration Fund	$39,600	$300	$6,900	$500
Strategic Advisers U.S. Total Stock Fund	$41,600	$300	$8,900	$500

May 31, 2025 Fees^A,B,C

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Strategic Advisers Alternatives Fund	$65,800	$5,600	$19,500	$12,100
Strategic Advisers Fidelity Alternatives Fund	$-	$-	$-	$-
Strategic Advisers Fidelity Core Income Fund	$46,800	$4,000	$10,000	$8,600
Strategic Advisers Fidelity Emerging Markets Fund	$28,200	$2,400	$6,900	$5,300
Strategic Advisers Fidelity Short Duration Fund	$-	$-	$-	$-
Strategic Advisers Fidelity U.S. Total Stock Fund	$45,400	$3,500	$8,900	$7,600
Strategic Advisers Municipal Bond Fund	$57,000	$4,300	$5,700	$9,200
Strategic Advisers Short Duration Fund	$39,800	$3,400	$8,200	$7,400
Strategic Advisers Tax-Sensitive Short Duration Fund	$40,400	$3,400	$6,900	$7,300
Strategic Advisers U.S. Total Stock Fund	$37,000	$2,900	$8,900	$6,300

^A Amounts may reflect rounding.
^B Strategic Advisers U.S. Total Stock Fund commenced operations on June 26, 2024.
^C Strategic Advisers Fidelity Alternatives Fund commenced operations on June 23, 2025, and Strategic Advisers Fidelity Short Duration Fund commenced operations on December 30, 2025.

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

Services Billed by PwC

	May 31, 2026A,C	May 31, 2025A,B,C
Audit-Related Fees	$9,348,700	$9,845,100
Tax Fees	$1,000	$1,000
All Other Fees	$-	$35,000

^A Amounts may reflect rounding.
^B May include amounts billed prior to the Strategic Advisers U.S. Total Stock Fund’s commencement of operations.
^C May include amounts billed prior to the Strategic Advisers Fidelity Alternatives Fund and Strategic Advisers Fidelity Short Duration Fund’s commencement of operations.

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

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

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

Assurance services must be performed by an independent public accountant.

* * *

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

Billed By	May 31, 2026A,C	May 31, 2025A,B,C
PwC	$14,670,500	$15,045,900

^A Amounts may reflect rounding.
^B May include amounts billed prior to the Strategic Advisers U.S. Total Stock Fund’s commencement of operations.
^C May include amounts billed prior to the Strategic Advisers Fidelity Alternatives Fund and Strategic Advisers Fidelity Short Duration Fund’s commencement of operations.

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

Audit Committee Pre-Approval Policies and Procedures

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

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

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

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

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)

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

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

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

Item 5.

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

Strategic Advisers® Tax-Sensitive Short Duration Fund

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

Annual Report

May 31, 2026

Contents

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

Strategic Advisers® Tax-Sensitive Short Duration Fund

Schedule of Investments May 31, 2026

Showing Percentage of Net Assets   

Fixed-Income Funds - 11.4%
	Shares	Value ($)
Federated Hermes Municipal Ultrashort Fund Institutional Shares	6,517,061	65,366,126
JPMorgan Ultra-Short Municipal Inc ETF	1,378,669	70,256,972
Vanguard Ultra Short-Term Tax-Exempt Fund Class Admiral	12,893,328	204,488,181
TOTAL FIXED-INCOME FUNDS  (Cost $340,628,174)		340,111,279

Municipal Securities - 85.8%
	Principal Amount (a)	Value ($)
Alabama - 4.4%
Electric Utilities - 0.2%
Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3.78% tender 6/1/2034 (b)	740,000	740,231
Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2007 A, 3.375% tender 6/1/2034 (b)	235,000	237,199
Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2008, 2.75% tender 7/15/2034 (b)	1,255,000	1,246,141
Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) 2.85% 12/1/2036 VRDN (b)(c)	1,800,000	1,800,000
Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) Series FIRST  2023, 2.93% 8/1/2063 VRDN (b)(c)	1,455,000	1,455,000
TOTAL ELECTRIC UTILITIES		5,478,571
General Obligations - 3.3%
Black Belt Energy Gas Dist Ala Gas Supply Rev 4% tender 7/1/2052 (Liquidity Facility Royal Bank of Canada),  (Royal Bank of Canada Guaranteed) (b)	7,825,000	7,896,419
Black Belt Energy Gas Dist Ala Gas Supply Rev U.S. SOFR Index + 1.4%, 3.832% tender 7/1/2052 (Liquidity Facility Royal Bank of Canada) (b)(h)	5,000,000	5,021,259
Black Belt Energy Gas District 5% 5/1/2029 (BP PLC Guaranteed)	375,000	389,421
Black Belt Energy Gas District 5% 7/1/2028 (Goldman Sachs Group Inc/The Guaranteed)	250,000	257,635
Black Belt Energy Gas District 5% 7/1/2029 (Goldman Sachs Group Inc/The Guaranteed)	755,000	785,941
Black Belt Energy Gas District 5% 7/1/2031 (Goldman Sachs Group Inc/The Guaranteed)	1,000,000	1,051,121
Black Belt Energy Gas District 5.25% 6/1/2026 (Morgan Stanley Guaranteed)	575,000	575,000
Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (b)	9,090,000	9,532,293
Black Belt Energy Gas District Series 2021 B, 4% tender 10/1/2052 (Goldman Sachs Group Inc/The Guaranteed) (b)	8,700,000	8,723,210
Black Belt Energy Gas District Series 2021 C 1, 4% tender 10/1/2052 (Goldman Sachs Group Inc/The Guaranteed) (b)	11,350,000	11,379,720
Black Belt Energy Gas District Series 2021 C 2, SIFMA Municipal Swap Index + 0.35%, 1.92% tender 10/1/2052 (Goldman Sachs Group Inc/The Guaranteed) (b)(h)	5,350,000	5,352,022
Black Belt Energy Gas District Series 2022 E, 5% 6/1/2026 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)	1,140,000	1,140,000
Black Belt Energy Gas District Series 2022 E, 5% tender 5/1/2053 (Canadian Imperial Bank of Commerce/New York NY Guaranteed) (b)	4,660,000	4,815,154
Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b)	2,110,000	2,213,542
Black Belt Energy Gas District Series 2023C, 5.5% 6/1/2027 (Goldman Sachs Group Inc/The Guaranteed)	685,000	699,737
Black Belt Energy Gas District Series 2024 C, 5% 7/1/2026	1,750,000	1,752,272
Black Belt Energy Gas District Series 2024 C, 5% 7/1/2027	1,250,000	1,272,362
Black Belt Energy Gas District Series 2025 D, 5% 2/1/2028 (Pacific Life Insurance Co Guaranteed)	290,000	297,470
Black Belt Energy Gas District Series 2025 F, 5% 12/1/2028 (Pacific Life Global Funding II Guaranteed)	1,000,000	1,036,407
Black Belt Energy Gas District Series 2026 A, 5% 12/1/2027 (PNC Financial Services Group Inc/The Guaranteed)	1,000,000	1,020,421
Black Belt Energy Gas District Series 2026 A, 5% 12/1/2028 (PNC Financial Services Group Inc/The Guaranteed)	1,000,000	1,032,289
Black Belt Energy Gas District Series 2026F, 5% 6/1/2027	800,000	811,256
Lower Ala Gas Dist Gas Proj Rev Series 2025 A, 5% 12/1/2031 (Equitable Financial Life Global Funding Guaranteed)	750,000	784,427
Lower Ala Gas Dist Gas Proj Rev Series 2025 A, 5% 12/1/2032 (Equitable Financial Life Global Funding Guaranteed)	825,000	864,052
Lower Ala Gas Dist Gas Proj Rev Series 2025 A, 5% 12/1/2033 (Equitable Financial Life Global Funding Guaranteed)	1,955,000	2,047,324
Southeast AL District Gas Supply Rev Series 2024A, 5% 4/1/2027 (Pacific Life Insurance Co Guaranteed)	2,500,000	2,534,326
Southeast Energy Auth Commodity Supply Rev Ala Series 2021 A, 4% tender 11/1/2051 (Goldman Sachs Group Inc/The Guaranteed) (b)	395,000	400,231
Southeast Energy Auth Commodity Supply Rev Ala Series 2023 A, 5% 7/1/2027	1,185,000	1,203,919
Southeast Energy Auth Commodity Supply Rev Ala Series 2023 A, 5.25% 7/1/2028	1,945,000	2,013,308
Southeast Energy Authority A Cooperative District 5% 1/1/2029 (Athene Annuity and Life Co Guaranteed)	1,310,000	1,331,207
Southeast Energy Authority A Cooperative District 5% 6/1/2030 (Athene Annuity and Life Co Guaranteed)	175,000	178,533
Southeast Energy Authority A Cooperative District 5% 7/1/2028 (Athene Annuity and Life Co Guaranteed)	1,250,000	1,267,560
Southeast Energy Authority A Cooperative District Series 2024C, 5% 11/1/2026 (Pacific Life Insurance Co Guaranteed)	395,000	397,691
Southeast Energy Authority A Cooperative District Series 2024C, 5% 11/1/2027 (Pacific Life Insurance Co Guaranteed)	895,000	915,964
Southeast Energy Authority A Cooperative District Series 2024C, 5% 11/1/2028 (Pacific Life Insurance Co Guaranteed)	1,000,000	1,035,500
Southeast Energy Authority A Cooperative District Series 2024C, 5% 11/1/2029 (Pacific Life Insurance Co Guaranteed)	1,000,000	1,045,448
Southeast Energy Authority A Cooperative District Series 2025A, 5% 6/1/2031 (Athene Annuity and Life Co Guaranteed)	325,000	331,975
Southeast Energy Authority A Cooperative District Series 2025A, 5% 6/1/2032 (Athene Annuity and Life Co Guaranteed)	825,000	842,781
Southeast Energy Authority A Cooperative District Series 2025D, 5% 9/1/2028 (New York Life Insurance Co Guaranteed)	930,000	964,161
Southeast Energy Authority A Cooperative District Series 2025D, 5% 9/1/2029 (New York Life Insurance Co Guaranteed)	685,000	719,524
Southeast Energy Authority A Cooperative District Series 2025D, 5% 9/1/2030 (New York Life Insurance Co Guaranteed)	690,000	732,984
Southeast Energy Authority A Cooperative District Series 2025E, 5% 10/1/2027 (JPMorgan Securities LLC Guaranteed)	3,550,000	3,640,816
Southeast Energy Authority A Cooperative District Series 2025E, 5% 10/1/2028 (JPMorgan Securities LLC Guaranteed)	2,600,000	2,711,891
Southeast Energy Authority A Cooperative District Series 2025E, 5% 10/1/2030 (JPMorgan Securities LLC Guaranteed)	4,525,000	4,845,447
TOTAL GENERAL OBLIGATIONS		97,864,020
Health Care - 0.1%
Health Care Auth For Bapt Hlth Ala Series 2013B, 2.95% 11/1/2042 VRDN (b)	2,346,000	2,346,000
Industrial Development - 0.2%
Decatur AL Indl Dev Brd Exempt (Nucor Corp Proj.) 1.85% 8/1/2036 VRDN (b)(c)	5,500,000	5,500,000
Other - 0.2%
Black Belt Energy Gas District 5% 11/1/2026	2,225,000	2,239,417
Black Belt Energy Gas District 5% 11/1/2029	4,500,000	4,697,150
TOTAL OTHER		6,936,567
Synthetics - 0.4%
Black Belt Energy Gas District Participating VRDN 1.87% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(d)	6,800,000	6,800,000
Black Belt Energy Gas District Participating VRDN 3.2% 2/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d)	2,460,000	2,460,000
Southeast Energy Auth Commodity Supply Rev Ala Participating VRDN Series 2022 XM1062, 1.87% 1/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(d)	1,600,000	1,600,000
TOTAL SYNTHETICS		10,860,000
Water & Sewer - 0.0%
Jefferson Cnty AL Swr Rev 5% 10/1/2026	445,000	448,108
Jefferson Cnty AL Swr Rev 5% 10/1/2027	410,000	421,477
TOTAL WATER & SEWER		869,585
TOTAL ALABAMA		129,854,743
Alaska - 0.1%
General Obligations - 0.1%
Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2026	840,000	843,176
Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2027	465,000	477,878
Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2028	185,000	194,496
TOTAL GENERAL OBLIGATIONS		1,515,550
Housing - 0.0%
Alaska Hsg Fin Corp Mtg Rev Series 2022A, 3% 6/1/2051	310,000	305,232
Other - 0.0%
Alaska Municipal Bond Bank Authority Series 2023 TWO, 5% 12/1/2026 (c)	510,000	514,620
Tobacco Bonds - 0.0%
Northern Tobacco Securitization AK 5% 6/1/2026	1,000,000	1,000,000
Transportation - 0.0%
Alaska Airport 5% 10/1/2028 (c)	1,000,000	1,046,210
TOTAL ALASKA		4,381,612
Arizona - 3.5%
Education - 0.1%
Northern Ariz Univ Ctfs Partn 5% 9/1/2026 (Assured Guaranty Inc Insured)	1,540,000	1,548,690
Electric Utilities - 0.1%
Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 1.77% 5/1/2029 VRDN (b)	3,300,000	3,300,000
Health Care - 0.1%
Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2023 A 2, 5% tender 1/1/2053 (b)	2,120,000	2,194,499
Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024  A, 5% 8/1/2027	750,000	768,241
Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024  A, 5% 8/1/2028	700,000	732,441
TOTAL HEALTH CARE		3,695,181
Housing - 0.7%
Arizona St Indl Dev Auth Multifamily Hsg Rev 2.76% tender 7/1/2047 (b)	2,794,000	2,766,943
Arizona St Indl Dev Auth Multifamily Hsg Rev Series 2024, 5% tender 2/1/2058 (b)	3,000,000	3,013,474
Arizona St Indl Dev Auth Multifamily Hsg Rev Series 2024, 5% tender 3/1/2058 (b)	3,000,000	3,024,830
Phoenix AZ Indl Rev Auth Mfh Series 2025, 3.1% tender 2/1/2059 (b)	3,500,000	3,503,396
Pima Cnty AZ Ida Multifamily 2.71% tender 10/1/2059 (b)	8,015,000	7,952,621
TOTAL HOUSING		20,261,264
Industrial Development - 0.9%
Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c)	11,300,000	11,438,965
Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2007, 4.1% tender 12/1/2037 (b)(c)	3,025,000	3,061,359
Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series FIRST  2022 1, 5% tender 9/1/2042 (b)(c)	7,400,000	7,489,612
Chandler AZ Indl Deve Auth Idr Series 2019, 4% tender 6/1/2049 (b)(c)	4,000,000	4,061,974
TOTAL INDUSTRIAL DEVELOPMENT		26,051,910
Resource Recovery - 1.2%
Phoenix Ariz Indl Dev Auth Solid Waste Disp Rev (Republic Services Inc Proj.) 2.95% tender 12/1/2035 (b)(c)	36,200,000	36,200,001
Synthetics - 0.4%
Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2023 MIZ9157, 1.8% 12/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e)	1,500,000	1,500,000
Arizona Indl Dev Auth Participating VRDN Series 2023 XF3174, 1.85% 11/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)	7,015,000	7,015,000
Salt River Proj AZ Agric & Pwr Participating VRDN Series 2025 1009, 1.65% 1/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(d)	3,815,000	3,815,000
TOTAL SYNTHETICS		12,330,000
Water & Sewer - 0.0%
Phoenix Arizona Civic Imp Wtr Series 2014B, 5% 7/1/2027	400,000	401,393
TOTAL ARIZONA		103,788,439
Arkansas - 0.4%
Health Care - 0.0%
Pulaski Cnty AR Hosp Rev (Arkansas Childrens Hospital AR Proj.) Series 2026, 5% 3/1/2031 (i)	1,150,000	1,251,278
Housing - 0.1%
Arkansas St Dfa Sfmly Mtg Rev (AR Single Family Mortgage Proj.) Series 2026B, 2.875% tender 7/1/2057 (b)	3,000,000	2,997,571
Industrial Development - 0.3%
Blytheville AR Indl Dev Rev (Nucor Corp Proj.) 1.85% 6/1/2028 VRDN (b)(c)	400,000	400,000
Lowell Ark Indl Dev Rev Series 1996, 1.77% 6/1/2031 VRDN (b)(c)	5,800,000	5,800,000
TOTAL INDUSTRIAL DEVELOPMENT		6,200,000
TOTAL ARKANSAS		10,448,849
California - 4.6%
Education - 0.0%
California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2017, 5% 5/15/2027	405,000	412,261
California Stwd Cmnty Dev Auth Student Hsg Rev Series 2021, 5% 5/15/2029 (Build America Mutual Assurance Co Insured)	900,000	953,669
TOTAL EDUCATION		1,365,930
Electric Utilities - 0.2%
Los Angeles CA Wtr & Pwr Rev Series 2025 D, 5% 7/1/2028	1,000,000	1,043,638
Southern CA Pub Pwr Auth Proj Series 2025B, 3.7% tender 7/1/2040 (b)	3,000,000	3,003,824
Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern Ca Pub Pwr Auth Proj.) Series 2025 2, 5% tender 7/1/2053 (b)	1,850,000	1,936,210
TOTAL ELECTRIC UTILITIES		5,983,672
General Obligations - 0.7%
California Community Choice Financing Authority 5% 9/1/2027 (Morgan Stanley Guaranteed)	1,100,000	1,123,918
California Community Choice Financing Authority Series 2023C, 5% 10/1/2026	625,000	627,508
California Community Choice Financing Authority Series 2025C, 5% 10/1/2028 (American General Life Insurance Co Guaranteed)	1,565,000	1,611,674
California Community Choice Financing Authority Series 2025C, 5% 10/1/2029 (American General Life Insurance Co Guaranteed)	1,250,000	1,298,413
California Community Choice Financing Authority Series 2025C, 5% 4/1/2030 (American General Life Insurance Co Guaranteed)	1,250,000	1,299,905
Los Angeles CA TRAN Series 2025, 5% 6/25/2026	9,000,000	9,013,965
Northern California Energy Authority Series 2024, 5% 8/1/2026	450,000	451,224
San Joaquin Valley Clean Energy Authority 5% 7/1/2028 (Goldman Sachs Group Inc/The Guaranteed)	1,000,000	1,031,359
San Joaquin Valley Clean Energy Authority 5% 7/1/2029 (Goldman Sachs Group Inc/The Guaranteed)	1,125,000	1,171,771
Southern CA Pub Pwr Auth Series 2024 A, 5% 9/1/2029 (American General Life Insurance Co Guaranteed)	650,000	674,633
State of California Gen. Oblig. 5% 10/1/2026	2,905,000	2,929,180
State of California Gen. Oblig. 5% 3/1/2028	65,000	65,124
TOTAL GENERAL OBLIGATIONS		21,298,674
Health Care - 0.4%
California Statewide Community Development Authority Rev 5% 10/1/2028 (f)	10,000,000	10,471,782
Housing - 0.5%
California Hsg Fin Agy Ltd Oblig Multifamily Hsg Rev Series 2023 ISSUE V, 5% tender 5/1/2054 (b)	5,000,000	5,024,683
California Hsg Fin Agy Ltd Oblig Multifamily Hsg Rev Series 2026 T, 2.9% tender 5/1/2056 (b)	4,809,000	4,803,445
California Mun Fin Auth Multifamily Hsg Rev Series 2026 A, 3.25% tender 6/1/2056 (b)	968,000	971,511
Los Angeles CA Multifamily Rev Series 2026D, 2.85% tender 5/1/2060 (b)	623,000	621,338
Los Angeles Cnty Calif Dev Auth Multifamily Hsg Rev (La County West La Va 156/157 Proj.) Series 2023C, 3.75% tender 12/1/2046 (b)	3,000,000	3,001,012
TOTAL HOUSING		14,421,989
Other - 0.1%
California Health Facs Fing Auth Rev 0% tender 6/2/2026 CP mode	4,000,000	4,000,207
California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (b)	395,000	376,059
TOTAL OTHER		4,376,266
Resource Recovery - 1.6%
California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021 B, 3.25% tender 7/1/2051 (b)(c)	500,000	499,977
California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021A, 2.95% tender 7/1/2041 (b)(c)	3,800,000	3,796,217
California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2026A, 2.8% tender 3/1/2056 (b)(c)	1,700,000	1,699,689
California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2017 A, 3.45% tender 12/1/2044 (b)(c)	5,900,000	5,914,626
California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020, 2.875% tender 10/1/2045 (b)(c)	14,540,000	14,540,001
California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020B, 3.85% tender 11/1/2041 (b)(c)	5,000,000	5,000,000
California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2022A, 3.45% tender 10/1/2041 (b)(c)	3,700,000	3,724,940
California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2017 A 2, 2.95% tender 11/1/2042 (b)(c)(f)	2,300,000	2,299,142
California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2023, 2.875% tender 7/1/2043 (b)(c)(f)	2,900,000	2,897,577
California Pcf Solid Wst Disp (Waste Management Inc Del Proj.) Series B 2, 3.45% tender 11/1/2040 (b)(c)	3,100,000	3,107,076
TOTAL RESOURCE RECOVERY		43,479,245
Synthetics - 0.6%
California Community Choice Financing Authority Participating VRDN Series 2026 XL0727, 1.82% 4/1/2056 (Liquidity Facility Morgan Stanley Bank NA) (b)(d)	2,200,000	2,200,000
California Community Choice Financing Authority Participating VRDN Series 2026 XM1346, 2.63% 4/1/2056 (b)(d)	2,520,000	2,520,000
California Hsg Fin Agcy Ltd Obl Participating VRDN Series 2023 XF3127, 1.85% 6/1/2030 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)	1,500,000	1,500,000
California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9232, 1.85% 10/8/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d)(e)	2,600,000	2,600,000
California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9233, 1.85% 12/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d)(e)	7,310,000	7,310,000
Rib Floater Trust Various States Participating VRDN Series 2026 1006, 1.82% 11/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(d)	1,000,000	1,000,000
San Jose CA Mf Hsg Participating VRDN Series 2025 CF7005, 1.69% 9/1/2048 (b)(d)	1,980,181	1,980,181
TOTAL SYNTHETICS		19,110,181
Transportation - 0.5%
Los Angeles CA Dept Arpts Rev 5% 5/15/2028 (c)	6,515,000	6,787,458
Los Angeles CA Dept Arpts Rev Series 2021 A, 5% 5/15/2027 (c)	1,300,000	1,327,618
Port Oakland Calif Rev Series 2017E, 5% 11/1/2026	3,910,000	3,944,578
Port Oakland Calif Rev Series 2021 H, 5% 5/1/2028 (c)	1,705,000	1,767,103
Sacramento Cnty CA Arpt Sys Rv Series 2025A, 5% 7/1/2029 (c)	1,100,000	1,165,463
TOTAL TRANSPORTATION		14,992,220
Water & Sewer - 0.0%
Castaic Lake Wtr Agy CA Ctfs Series 1999 A, 0% 8/1/2028 (Ambac Assurance Corp Insured) (g)	225,000	212,734
TOTAL CALIFORNIA		135,712,693
Colorado - 1.5%
Education - 0.0%
Colorado Edl & Cultural Fac Auth Rev (Mesivta Of Greater Los Angeles Proj.) 1.92% 6/1/2029, LOC Deutsche Bank AG VRDN (b)	375,000	375,000
Health Care - 0.6%
Colorado Health Facilities Authority (Advent Health Proj.) 5% tender 11/15/2049 (b)	905,000	914,077
Colorado Health Facilities Authority (Advent Health Proj.) Series A 1, 5% tender 11/15/2058 (b)	4,420,000	4,630,203
Colorado Health Facilities Authority (CommonSpirit Health Proj.) 5% 11/1/2026	400,000	403,271
Colorado Health Facilities Authority (Commonspirit Health Proj.) Series 2019 B 2, 5% tender 8/1/2049 (b)	340,000	340,277
Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022B, 5% tender 5/15/2062 (b)	2,155,000	2,164,842
Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022C, 5% tender 5/15/2062 (b)	7,000,000	7,328,347
TOTAL HEALTH CARE		15,781,017
Housing - 0.3%
Colorado Hsg & Fin Auth Multifamily Hsg Rev Series 2024, 3.5% tender 11/1/2043 (b)	9,090,000	9,093,762
Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 F, 4.25% 11/1/2049	45,000	45,407
Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 H, 4.25% 11/1/2049	30,000	30,338
Denver Colo City & Cnty Hsg Auth Multifamily Hsg Rev Series 2025A, 5% 6/1/2029	135,000	140,535
Maiker Hsg Partners Colo Multifamily Hsg Rev Series 2023, 2.75% tender 5/1/2042 (b)	1,100,000	1,099,940
TOTAL HOUSING		10,409,982
Other - 0.0%
Colorado Hsg & Fin Auth Multifamily Hsg Rev Series 2025, 3.375% tender 7/1/2044 (b)	1,145,000	1,150,501
Special Tax - 0.2%
Baseline Met Dist No 1 Spl Revcolo Series 2024A, 5% 12/1/2027 (Assured Guaranty Inc Insured)	1,000,000	1,032,418
Denver Colo Convention Ctr Hotel Auth Rev Series 2016, 5% 12/1/2026	1,500,000	1,512,255
Denver Colo Convention Ctr Hotel Auth Rev Series 2016, 5% 12/1/2027	400,000	403,274
Park Creek Met Dist Colo Ltd Ppty Tax Supported Rev Series 2025, 5% 12/1/2029 (Assured Guaranty Inc Insured)	1,000,000	1,072,280
Park Creek Met Dist Colo Ltd Ppty Tax Supported Rev Series 2025, 5% 12/1/2030 (Assured Guaranty Inc Insured)	800,000	871,469
Park Creek Met Dist Colo Ltd Ppty Tax Supported Rev Series 2025, 5% 12/1/2031 (Assured Guaranty Inc Insured)	800,000	883,115
TOTAL SPECIAL TAX		5,774,811
Synthetics - 0.1%
Denver CO City & Cnty Arpt Participating VRDN Series 2018 XM0715, 1.87% 12/1/2043 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d)	1,935,000	1,935,000
Transportation - 0.3%
Denver CO City & Cnty Arpt 5% 11/15/2026	800,000	808,386
Denver CO City & Cnty Arpt 5.25% 11/15/2026 (c)	775,000	783,889
Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2030 (c)	2,530,000	2,600,826
Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2027 (c)	2,315,000	2,387,876
Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2028 (c)	400,000	419,238
Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2029 (c)	185,000	193,806
Denver CO City & Cnty Arpt Series 2023B, 5% 11/15/2027 (c)	3,035,000	3,127,667
TOTAL TRANSPORTATION		10,321,688
TOTAL COLORADO		45,747,999
Connecticut - 0.6%
Education - 0.1%
Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2010A 3, 2.95% tender 7/1/2049 (b)	1,000,000	1,002,864
Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2017 B2, 3.2% tender 7/1/2037 (b)	2,575,000	2,575,378
TOTAL EDUCATION		3,578,242
General Obligations - 0.2%
Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2027 (Build America Mutual Assurance Co Insured)	200,000	205,101
Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2028 (Build America Mutual Assurance Co Insured)	1,250,000	1,309,025
Connecticut St Gen. Oblig. 4% 1/15/2029	1,750,000	1,808,596
New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2028 (Assured Guaranty Inc Insured)	710,000	743,715
West Haven CT Gen. Oblig. BAN 4.25% 6/24/2026	1,025,000	1,025,582
West Haven CT Gen. Oblig. Series 2021, 4% 9/15/2026	255,000	255,647
TOTAL GENERAL OBLIGATIONS		5,347,666
Health Care - 0.0%
Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 5% 7/1/2026	260,000	260,314
Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2026	200,000	200,241
TOTAL HEALTH CARE		460,555
Housing - 0.3%
Norwalk Conn Hsg Auth Multifamily Hsg Rev Series 2024, 3.05% tender 9/1/2058 (b)	5,000,000	5,003,886
Other - 0.0%
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog Series 2025 SUB D 2, 3.1% tender 11/15/2064 (b)	1,225,000	1,225,543
Special Tax - 0.0%
Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2031	500,000	525,160
Connecticut St Spl Tax Oblig Series 2024 B, 5% 7/1/2028	605,000	634,573
TOTAL SPECIAL TAX		1,159,733
TOTAL CONNECTICUT		16,775,625
District Of Columbia - 0.6%
Education - 0.0%
District Columbia Rev Series 2017 A, 5% 7/1/2027	500,000	507,828
General Obligations - 0.4%
District Columbia 0% 8/6/2026, LOC Barclays Bank PLC CP	1,700,000	1,700,307
District Columbia Gen. Oblig. 1.72% 6/1/2051 VRDN (b)	9,000,000	9,000,000
TOTAL GENERAL OBLIGATIONS		10,700,307
Housing - 0.2%
District Columbia Hsg Fin Mult Series 2022, 2.875% tender 9/1/2041 (b)	2,750,000	2,748,171
District Columbia Hsg Fin Mult Series 2024, 3.65% tender 7/1/2028 (b)	1,790,000	1,802,836
District Columbia Hsg Fin Mult Series 2025A, 5% 3/1/2028	1,025,000	1,058,063
TOTAL HOUSING		5,609,070
Other - 0.0%
District of Columbia Housing Finance Agency Series 2025 B, 5% tender 3/1/2029 (b)	1,425,000	1,468,070
TOTAL DISTRICT OF COLUMBIA		18,285,275
District Of Columbia,Virginia - 0.5%
Transportation - 0.5%
Metropolitan Wash DC Arpts Ath 5% 10/1/2026 (c)	145,000	146,075
Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2026 (c)	325,000	327,410
Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2027 (c)	1,760,000	1,810,338
Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2028 (c)	1,005,000	1,051,209
Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2027 (c)	1,785,000	1,836,054
Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2026 (c)	920,000	926,823
Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2028 (c)	700,000	732,185
Metropolitan Wash DC Arpts Ath Series 2023 A, 5% 10/1/2028 (c)	1,690,000	1,767,705
Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2026 (c)	1,695,000	1,707,571
Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2027 (c)	3,985,000	4,098,978
Metropolitan Wash DC Arpts Ath Series 2025A, 5% 10/1/2027 (c)	550,000	565,731
TOTAL DISTRICT OF COLUMBIA,VIRGINIA		14,970,079
Florida - 4.4%
Education - 0.0%
Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2028	500,000	522,088
Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2029	625,000	664,035
Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 5% 10/15/2026	750,000	756,095
Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 5% 10/15/2027	165,000	169,723
TOTAL EDUCATION		2,111,941
Electric Utilities - 0.1%
Florida St Mun Pwr Agy Rev (Fmpa St Lucie Project Proj.) Series 2021 A, 5% 10/1/2026	300,000	301,974
Florida St Mun Pwr Agy Rev Series 2016A, 5% 10/1/2028	1,405,000	1,415,531
Jacksonville FL Elec Auth Sys Rev Series 2017B, 5% 10/1/2027	885,000	910,900
TOTAL ELECTRIC UTILITIES		2,628,405
Escrowed/Pre-Refunded - 0.1%
Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2031 (Pre-refunded to 10/1/2026 at 100) (c)	625,000	629,424
Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2032 (Pre-refunded to 10/1/2026 at 100) (c)	500,000	503,539
Orange Cnty FL Health Facs Auth Rev 5% tender 11/15/2052 (b)	745,000	752,278
TOTAL ESCROWED/PRE-REFUNDED		1,885,241
General Obligations - 0.3%
Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2022 A, 5% 7/1/2027	1,015,000	1,039,575
Broward County FL School District Series 2025, 5% 7/1/2028 (Assured Guaranty Inc Insured)	2,105,000	2,204,092
Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL School Board Proj.) 5% 7/1/2029 (Assured Guaranty Inc Insured)	1,000,000	1,068,253
Flagler Cnty FL Sch Brd Ctfs Partn (Flagler Cnty Fla Sch Dist Proj.) Series 2024, 5% 8/1/2029 (Assured Guaranty Inc Insured)	2,000,000	2,126,066
Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2026	65,000	65,511
Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2027	55,000	56,719
Lake Cnty Fla Sch Brd Cop (Lake County FL School Board Proj.) Series 2025A, 5% 6/1/2028 (Assured Guaranty Inc Insured)	1,300,000	1,356,392
Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2025A, 5% 8/1/2029	720,000	768,535
Seminole Cnty FL Sch Brd Ctfs (Seminole Cnty FL Sch Dist Proj.) 5% 7/1/2026	25,000	25,045
TOTAL GENERAL OBLIGATIONS		8,710,188
Health Care - 0.6%
Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2028	325,000	336,728
City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 5% 7/1/2026	175,000	175,279
City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 5% 7/1/2027	150,000	153,323
Highlands County Health Facilities Authority (Advent Health Proj.) Series 2012I 5, 1.5% 11/15/2035 VRDN (b)	2,100,000	2,100,000
Highlands County Health Facilities Authority (Advent Health Proj.) Series 2025 C, 2.9% 11/15/2060 (Liquidity Facility PNC Bank NA) VRDN (b)	2,500,000	2,500,000
Jacksonville Fla Health Care Facs Rev (Baptist Medical Center, Fl Proj.) Series 2019 D, 1.61% 8/1/2036 VRDN (b)	180,000	180,000
Jacksonville Fla Health Care Facs Rev (Baptist Medical Center, Fl Proj.) Series 2019E, 1.61% 8/1/2036 VRDN (b)	690,000	690,000
Lakeland FL Hosp Sys Rev Series 2016, 5% 11/15/2026	1,500,000	1,513,675
Lee County Industrial Development Authority/FL (Lee Mem Health Sys Fl Hosp Rev Proj.) Series 2026A 2, 5% tender 4/1/2065 (b)	401,000	440,414
Miami Beach FL Hlth Facs Auth Hosp Rev (MT Sinai Hospital Proj.) Series 2026A, 5% 11/15/2029	1,505,000	1,606,832
Orange Cnty FL Health Facs Auth Rev (Advent Health Proj.) 5% tender 11/15/2052 (b)	5,370,000	5,422,523
Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2019B, 5% 10/1/2026	1,400,000	1,409,726
South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2027	505,000	518,055
TOTAL HEALTH CARE		17,046,555
Housing - 0.4%
Fla Hsg Fin Corp Multifamily Mtg Rev (Brownsville Transit Vge Proj.) 3.35% tender 10/1/2027 (b)	2,250,000	2,253,986
Fla Hsg Fin Corp Multifamily Mtg Rev Series 2023 C, 3.08% tender 12/1/2026 (b)	4,000,000	4,000,000
Florida Hsg Fin Corp Mltfmy Rv Series 2024 E, 3.8% tender 6/1/2042 (b)	1,370,000	1,370,523
Lee Cnty FL Hsg Fin Auth Mfh Series 2025 B, 3.125% tender 10/1/2029 (b)	1,750,000	1,753,217
Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2025B, 3.55% tender 3/1/2029 (b)	2,000,000	2,019,251
TOTAL HOUSING		11,396,977
Other - 0.2%
Fla Hsg Fin Corp Multifamily Mtg Rev Series 2025 S, 2.85% tender 10/1/2043 (b)	2,000,000	1,992,762
Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2024, 3.4% tender 1/1/2045 (b)	5,000,000	5,021,025
TOTAL OTHER		7,013,787
Resource Recovery - 0.2%
Florida Dev Fin Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025A, 3.4% tender 9/1/2050 (b)(c)	2,035,000	2,043,972
Miami-Dade Cnty FL Ida Sld Waste Disp Rev (Waste Management Inc Del Proj.) Series 2018 B, 4% tender 11/1/2048 (b)(c)	3,800,000	3,802,944
TOTAL RESOURCE RECOVERY		5,846,916
Special Tax - 0.9%
County of Pasco FL Series 2023 A, 5.25% 9/1/2026 (Assured Guaranty Inc Insured)	275,000	276,617
Florida Ins Assistance Interlocal Agy Fla Ins Assmt Rev Series 2023 A2, 2.31% 9/1/2032 (Liquidity Facility Florida St) VRDN (b)	19,800,000	19,800,000
Monroe Cnty FL School Dist TAN Series 2025, 4% 6/30/2026	6,055,000	6,061,010
Southeast Overtown Park West Community Redevelopment Agency Series 2025 A, 5% 3/1/2028 (Assured Guaranty Inc Insured)	670,000	693,921
Southeast Overtown Park West Community Redevelopment Agency Series 2025B, 5% 3/1/2028 (Assured Guaranty Inc Insured)	745,000	771,598
TOTAL SPECIAL TAX		27,603,146
Synthetics - 0.8%
Cap Trust FL Landfill Participating VRDN Series 2025 YX1371, 3.1% 12/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)	1,400,000	1,400,000
Florida Dev Fin Corp Rev Participating VRDN 3.15% 7/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)	1,400,000	1,400,000
Florida Dev Fin Corp Rev Participating VRDN Series 2024 XF1704, 1.77% 7/1/2053 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d)	3,610,000	3,610,000
Greater Orlando Aviation Auth Participating VRDN 3.03% 10/1/2036 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d)	2,390,000	2,390,000
Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 1.8% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e)	920,000	920,000
Miami-Dade Cnty FL Aviat Rev Participating VRDN Series 2025 CF7044, 1.72% 10/1/2040 (Liquidity Facility Citibank NA) (b)(c)(d)	6,000,000	6,000,000
Orlando Health Participating VRDN Series 2022 026, 1.82% 10/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(d)	495,000	495,000
Palm Beach Cnty FL Health Facs Participating VRDN Series 2023 003, 1.92% 10/1/2054 (Liquidity Facility Barclays Bank PLC) (b)(d)	3,395,000	3,395,000
Tender Opt Bd Tr Rcpts / Ctfs Var Sts Participating VRDN Series 2026 XG0636, 3.05% 1/1/2065 (Liquidity Facility Barclays Bank PLC) (b)(d)	4,360,000	4,360,000
TOTAL SYNTHETICS		23,970,000
Transportation - 0.8%
Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2026 (c)	1,000,000	1,006,277
Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2027 (c)	1,250,000	1,282,605
Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2027 (Pre-refunded to 10/1/2026 at 100) (c)	500,000	503,539
Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2029 (Pre-refunded to 10/1/2026 at 100) (c)	500,000	503,539
Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2030 (Pre-refunded to 10/1/2026 at 100) (c)	1,000,000	1,007,078
Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2033 (Pre-refunded to 10/1/2026 at 100) (c)	1,000,000	1,007,078
Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2034 (Pre-refunded to 10/1/2026 at 100) (c)	1,000,000	1,007,078
Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2035 (Pre-refunded to 10/1/2026 at 100) (c)	1,000,000	1,007,078
Greater Orlando Aviation Auth Series 2017A, 5% 10/1/2026 (c)	10,000	10,071
Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2028 (c)	3,400,000	3,553,197
Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2022A, 5% 10/1/2027 (c)	535,000	549,451
Lee Cnty FL Airport 5% 10/1/2027 (c)	1,450,000	1,488,398
Lee Cnty FL Airport 5% tender 10/1/2056 (b)(c)	125,000	134,125
Miami-Dade Cnty FL Aviat Rev Series 2024 A, 5% 10/1/2028 (c)	4,100,000	4,284,738
Miami-Dade Cnty FL Seaport Rev 5% 10/1/2027 (c)	2,625,000	2,683,775
Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2026 (c)	105,000	105,659
Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2027 (c)	2,100,000	2,154,777
Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2028 (c)	1,250,000	1,307,762
TOTAL TRANSPORTATION		23,596,225
TOTAL FLORIDA		131,809,381
Georgia - 3.6%
Electric Utilities - 1.1%
Appling Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) 1.55% 1/1/2038 VRDN (b)	12,390,000	12,390,000
Bartow Cnty GA Dev Auth Pollution Cont Rev (Georgia Power Co Proj.) Series FIRST  2013, 2.9% tender 8/1/2043 (b)	1,200,000	1,197,120
Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 2.93% 11/1/2062 VRDN (b)(c)	1,250,000	1,250,000
Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2013 FIRST, 3.375% tender 11/1/2053 (b)	1,385,000	1,390,583
Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIFTH  1994, 3.7% tender 10/1/2032 (b)	1,165,000	1,183,846
Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2008, 3.35% tender 11/1/2048 (b)	6,000,000	6,073,505
Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FOURTH 1994, 3% tender 10/1/2032 (b)	1,525,000	1,530,638
Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FOURTH 1995, 3% tender 10/1/2032 (b)	1,000,000	1,003,697
Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series NINTH 1994, 3% tender 10/1/2032 (b)	1,315,000	1,319,862
Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 1994, 3% tender 10/1/2032 (b)	355,000	356,312
Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2012, 3.3% tender 12/1/2049 (b)	2,000,000	2,019,601
Georgia Mun Elec Auth Pwr Rev 5% 11/1/2026	870,000	878,675
Georgia Mun Elec Auth Pwr Rev 5% 7/1/2026 (Assured Guaranty Inc Insured)	310,000	310,613
Georgia Mun Elec Auth Pwr Rev 5% 7/1/2026 (Assured Guaranty Inc Insured)	300,000	300,592
Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2027	420,000	425,913
Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2028	375,000	389,524
Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2008, 3.35% tender 11/1/2048 (b)	610,000	617,033
Monroe Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2013A, 3.6% tender 1/1/2039 (b)	565,000	573,088
TOTAL ELECTRIC UTILITIES		33,210,602
General Obligations - 1.6%
Main Street Natural Gas Inc 4% 12/1/2026 (Citigroup Inc Guaranteed)	2,200,000	2,207,817
Main Street Natural Gas Inc 4% 12/1/2027 (Citigroup Inc Guaranteed)	3,235,000	3,264,596
Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (b)	2,380,000	2,411,256
Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (b)	2,730,000	2,763,838
Main Street Natural Gas Inc 5% 12/1/2027 (Toronto Dominion Bank Guaranteed)	1,000,000	1,023,804
Main Street Natural Gas Inc 5% 12/1/2028 (Toronto Dominion Bank Guaranteed)	1,420,000	1,474,113
Main Street Natural Gas Inc 5% 6/1/2026 (Citigroup Inc Guaranteed)	2,100,000	2,100,000
Main Street Natural Gas Inc 5% 6/1/2026 (Toronto Dominion Bank Guaranteed)	700,000	700,000
Main Street Natural Gas Inc 5% 6/1/2030 (Toronto Dominion Bank Guaranteed)	250,000	263,564
Main Street Natural Gas Inc 5% tender 6/1/2053 (Citigroup Inc Guaranteed) (b)	480,000	503,311
Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (b)	1,115,000	1,197,995
Main Street Natural Gas Inc Series 2019 C, 4% tender 3/1/2050 (Citigroup Inc Guaranteed) (b)	4,055,000	4,062,262
Main Street Natural Gas Inc Series 2022 C, 4% tender 8/1/2052 (b)(f)	12,050,000	12,073,182
Main Street Natural Gas Inc Series 2022A, 4% 12/1/2026 (Citigroup Inc Guaranteed)	245,000	245,833
Main Street Natural Gas Inc Series 2022B, 5% 6/1/2026 (Citigroup Inc Guaranteed)	800,000	800,000
Main Street Natural Gas Inc Series 2022B, 5% tender 12/1/2052 (Citigroup Inc Guaranteed) (b)	1,300,000	1,353,507
Main Street Natural Gas Inc Series 2023B, 5% tender 7/1/2053 (Royal Bank of Canada Guaranteed) (b)	1,220,000	1,288,105
Main Street Natural Gas Inc Series 2023D, 5% 12/1/2026 (Citigroup Inc Guaranteed)	620,000	625,314
Main Street Natural Gas Inc Series 2023D, 5% 12/1/2027 (Citigroup Inc Guaranteed)	1,700,000	1,740,217
Main Street Natural Gas Inc Series 2023D, 5% 12/1/2028 (Citigroup Inc Guaranteed)	1,850,000	1,915,108
Main Street Natural Gas Inc Series 2024 A 1, 5% 3/1/2028 (Royal Bank of Canada Guaranteed)	1,025,000	1,055,022
Main Street Natural Gas Inc Series 2024 A 1, 5% 9/1/2026 (Royal Bank of Canada Guaranteed)	550,000	552,551
Main Street Natural Gas Inc Series 2024 A 1, 5% 9/1/2028 (Royal Bank of Canada Guaranteed)	900,000	932,663
Main Street Natural Gas Inc Series 2024 A 1, 5% tender 5/1/2054 (Royal Bank of Canada Guaranteed) (b)	310,000	332,766
Main Street Natural Gas Inc Series 2024B, 5% 9/1/2026 (Royal Bank of Canada Guaranteed)	275,000	276,275
Main Street Natural Gas Inc Series 2024C, 5% 12/1/2026 (Citigroup Inc Guaranteed)	875,000	882,500
Main Street Natural Gas Inc Series 2024D, 5% tender 4/1/2054 (Toronto Dominion Bank Guaranteed) (b)	1,000,000	1,063,307
TOTAL GENERAL OBLIGATIONS		47,108,906
Health Care - 0.2%
Cobb Cnty GA Kennestone Hosp (Wellstar Health System Inc Proj.) Series 2025 A, 1.57% 4/1/2047, LOC Bank of America NA VRDN (b)	4,850,000	4,850,000
Housing - 0.3%
Atlanta GA Urban Resdtl Fin Auth Mf Hsg Rev (North Block Assoc Proj.) 3.4% tender 2/1/2029 (b)	2,500,000	2,510,719
Atlanta GA Urban Resdtl Fin Auth Mf Hsg Rev Series 2025, 3.15% tender 12/1/2029 (b)	3,602,000	3,610,291
Decatur GA Hsg Auth Multifamily Hsg Rev Series 2025, 3.6% tender 8/1/2028 (b)	1,225,000	1,232,375
Warner Robins GA Hsg Auth Multifamily Rev Series 2024, 5% tender 2/1/2029 (b)	2,500,000	2,580,916
TOTAL HOUSING		9,934,301
Other - 0.1%
Columbia GA Hsg Au Mlti Fam Rv 5% tender 4/1/2028 (b)	1,250,000	1,269,769
Fulton Cnty GA Dev Auth Rev Series 2025, 5% 6/1/2027	750,000	767,151
TOTAL OTHER		2,036,920
Special Tax - 0.1%
Metro Atlanta Rapid Tran Sales 2.4% 7/7/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP	2,000,000	1,999,757
Synthetics - 0.0%
Buford Hsg Auth Multi Fam Participating VRDN Series 2023 XF3118, 1.85% 3/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)	1,600,000	1,600,000
Transportation - 0.2%
Atlanta GA Arpt Rev Series 2023G, 5% 7/1/2027 (c)	2,045,000	2,091,424
Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2029 (c)	3,655,000	3,873,623
TOTAL TRANSPORTATION		5,965,047
TOTAL GEORGIA		106,705,533
Hawaii - 0.4%
General Obligations - 0.2%
Hawaii St Gen. Oblig. Series 2016 FB, 4% 4/1/2029	6,000,000	6,006,800
Honolulu HI City & Cnty Gen. Oblig. Series 2022 A, 5% 11/1/2026	815,000	822,772
TOTAL GENERAL OBLIGATIONS		6,829,572
Housing - 0.2%
Hawaii St Hsg Fin & Dev Corp Multifamily Rev 3.3% tender 12/1/2029 (b)	4,205,000	4,225,369
Honolulu HI City & Cnty Mfr Series 2023, 5% tender 6/1/2027 (b)	2,080,000	2,080,000
TOTAL HOUSING		6,305,369
TOTAL HAWAII		13,134,941
Idaho - 0.2%
Health Care - 0.1%
Idaho Health Facilities Authority (Trinity Health Proj.) Series 2013ID, 2.45% tender 12/1/2048 (b)	2,000,000	2,000,000
Idaho Health Facs Auth Rev (St Lukes Regional Med Ctr, ID Proj.) Series 2021 A, 5% 3/1/2032	505,000	552,963
TOTAL HEALTH CARE		2,552,963
Housing - 0.1%
Idaho Hsg & Fin Assn (ID Single Family Hsg 7/1/19 Proj.) Series 2019 A, 4% 1/1/2050	20,000	20,110
Idaho Hsg & Fin Assn Multifamily Hsg Rev 3.35% tender 6/10/2050 (b)	2,500,000	2,513,961
TOTAL HOUSING		2,534,071
TOTAL IDAHO		5,087,034
Illinois - 4.0%
Education - 0.3%
Illinois Fin Auth Rev (Bradley University Proj.) Series 2017 C, 5% 8/1/2026	35,000	35,088
Illinois Fin Auth Rev 2.5% 10/5/2026 CP	4,900,000	4,898,986
Illinois Fin Auth Rev 2.55% 9/17/2026 CP	3,000,000	3,000,431
TOTAL EDUCATION		7,934,505
Escrowed/Pre-Refunded - 0.1%
Metropolitan Pier & Expo Auth Hosp Facs Rev 7% 7/1/2026 (Escrowed to Maturity)	575,000	576,889
Railsplitter Tobacco Settlement Auth Settlement Rev Series 2017, 5% 6/1/2026 (Escrowed to Maturity)	940,000	940,000
Railsplitter Tobacco Settlement Auth Settlement Rev Series 2017, 5% 6/1/2027 (Pre-refunded to 6/1/2026 at 100)	2,385,000	2,385,000
TOTAL ESCROWED/PRE-REFUNDED		3,901,889
General Obligations - 1.6%
Chicago IL Brd Ed Series 2018 A, 5% 12/1/2026 (Assured Guaranty Inc Insured)	2,000,000	2,018,713
Chicago IL Brd Ed Series 2025 B, 5.25% 12/1/2031	650,000	678,645
Chicago IL Brd Ed Series 2025C, 5.25% 12/1/2028	1,000,000	1,025,810
Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2027	3,600,000	3,624,833
Chicago IL Gen. Oblig. Series 2021 B, 4% 1/1/2030	1,652,000	1,651,136
Chicago IL Met Water Recl Dist Gen. Oblig. Series A, 5% 12/1/2027	3,320,000	3,356,985
Cook Cnty IL Gen. Oblig. 5% 11/15/2026	1,200,000	1,211,213
Cook Cnty IL Gen. Oblig. Series 2016 A, 5% 11/15/2026	1,620,000	1,636,612
Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2026	235,000	236,354
Illinois St Gen. Oblig. 5% 2/1/2027	3,380,000	3,428,093
Illinois St Gen. Oblig. Series 2016, 5% 1/1/2030	3,000,000	3,004,478
Illinois St Gen. Oblig. Series 2017C, 5% 11/1/2029	1,000,000	1,030,015
Illinois St Gen. Oblig. Series 2017D, 3.25% 11/1/2026	4,910,000	4,918,245
Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026	1,755,000	1,770,565
Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2027	1,175,000	1,210,179
Illinois St Gen. Oblig. Series MARCH 2021 C, 4% 3/1/2028	2,300,000	2,339,646
Illinois St Gen. Oblig. Series MAY 2023 C, 5% 5/1/2029	1,005,000	1,064,305
Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2026	5,000,000	5,008,586
Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2027	2,920,000	2,977,014
Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2028	625,000	650,106
Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2029	1,000,000	1,059,010
Illinois St Gen. Oblig. Series OCT 2020 B, 5% 10/1/2028	1,030,000	1,079,670
Kane Cook & DuPage Cntys IL Sch Dist Series 2024, 5% 1/1/2027	500,000	506,456
Kane Cook & DuPage Cntys IL Sch Dist Series 2024, 5% 1/1/2030	550,000	592,378
Kane McHenry Cook & DuPage Cntys IL Sch Dist Series 2015, 5% 1/1/2027	395,000	395,484
TOTAL GENERAL OBLIGATIONS		46,474,531
Health Care - 0.3%
Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2026	95,000	95,130
Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 5% 5/15/2027	140,000	140,187
Illinois Finance Authority Rev (Northwestern Memorial Hosp,Il Proj.) Series 2021 B, 2.75% 7/15/2055 (Liquidity Facility Royal Bank of Canada) VRDN (b)	200,000	200,000
Illinois Finance Authority Rev (Osf Healthcare System Proj.) Series 2020 B 2, 5% tender 5/15/2050 (b)	3,000,000	3,002,245
Illinois Finance Authority Rev (University Of Chicago Hosps,Il Proj.) 5% tender 8/15/2052 (b)	5,035,000	5,127,896
TOTAL HEALTH CARE		8,565,458
Housing - 0.0%
Illinois Housing Dev Auth (IL Homeowner Mortgage Proj.) Series C, 2.9% 8/1/2031	40,000	39,056
Other - 0.1%
Illinois Fin Auth Rev Series 2019, U.S. SOFR Index + 1.2%, 3.691% tender 11/1/2034 (b)(h)	1,935,000	1,940,457
Illinois Finance Authority 0% 10/6/2026 CP	1,000,000	999,793
Illinois Finance Authority 0% 9/10/2026 CP	2,000,000	2,000,269
TOTAL OTHER		4,940,519
Special Tax - 0.2%
Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2027	500,000	516,715
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2029 (National Public Finance Guarantee Corporation Insured) (g)	575,000	512,748
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2029 (National Public Finance Guarantee Corporation Insured) (g)	1,000,000	906,735
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 12/15/2028	1,000,000	1,027,785
Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 6/15/2029	1,675,000	1,718,767
TOTAL SPECIAL TAX		4,682,750
Synthetics - 0.1%
Chicago IL O'Hare Intl Arpt Rev Participating VRDN Series 2023 XF1457, 3.15% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d)	1,385,000	1,385,000
Chicago IL O'Hare Intl Arpt Rev Participating VRDN Series 2025 XF8113, 3.07% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d)	1,000,000	1,000,000
Illinois Fin Auth Lease Rev Participating VRDN Series 2024 MIZ9167, 3% 5/15/2034 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)	2,000,000	2,000,000
TOTAL SYNTHETICS		4,385,000
Transportation - 1.1%
Chicago IL Midway Arpt Rev Series 2023 C, 5% 1/1/2027 (c)	1,595,000	1,614,200
Chicago IL Midway Arpt Rev Series 2023 C, 5% 1/1/2029 (c)	2,500,000	2,608,047
Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2027 (c)	2,500,000	2,530,096
Chicago IL Midway Arpt Rev Series 2025 A, 5% 1/1/2027 (c)	1,815,000	1,836,850
Chicago IL Midway Arpt Rev Series 2025 A, 5% 1/1/2028 (c)	2,150,000	2,221,395
Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2027 (c)	7,500,000	7,590,287
Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2027 (c)	85,000	86,023
Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2028 (c)	6,580,000	6,803,679
Chicago IL Tran Auth Cap Grnt Rcpts Rev Series 5307, 5% 6/1/2026	2,140,000	2,140,000
Chicago IL Tran Auth Cap Grnt Rcpts Rev Series 5337, 5% 6/1/2026	2,750,000	2,750,000
TOTAL TRANSPORTATION		30,180,577
Water & Sewer - 0.2%
Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2030 (Build America Mutual Assurance Co Insured)	1,825,000	1,955,297
Illinois Fin Auth Wtr Fac Rev 3.875% tender 5/1/2040 (b)	1,500,000	1,523,305
Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2027	1,275,000	1,293,247
Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2028	465,000	483,304
Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 7/1/2029	2,000,000	2,139,998
TOTAL WATER & SEWER		7,395,151
TOTAL ILLINOIS		118,499,436
Indiana - 2.0%
Education - 0.1%
Indiana Univ Revs 2.42% 6/24/2026 CP	1,592,000	1,591,924
Electric Utilities - 0.3%
Indiana Mun Pwr Agy Pwr Supply Series 2025A, 5% 1/1/2027 (Assured Guaranty Inc Insured)	4,000,000	4,053,977
Rockport Ind Pollution Ctl Rev (Indiana Michigan Power Co Proj.) Series 2025 A, 3.7% tender 6/1/2047 (b)	5,120,000	5,219,976
TOTAL ELECTRIC UTILITIES		9,273,953
General Obligations - 0.1%
Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 1/15/2029 (Build America Mutual Assurance Co Insured)	450,000	474,925
Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2027 (Build America Mutual Assurance Co Insured)	500,000	511,476
Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2028 (Build America Mutual Assurance Co Insured)	1,175,000	1,228,356
Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2029 (Build America Mutual Assurance Co Insured)	600,000	639,043
TOTAL GENERAL OBLIGATIONS		2,853,800
Health Care - 0.2%
Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2027	230,000	233,289
Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2028	340,000	350,474
Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2029	380,000	398,006
Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2030	500,000	531,249
Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2023B1, 5% tender 10/1/2062 (b)	4,880,000	5,069,709
Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2026	205,000	206,042
TOTAL HEALTH CARE		6,788,769
Housing - 0.0%
Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 3% 1/1/2052	600,000	588,646
Industrial Development - 0.8%
Whiting Ind Environmental Facs (Bp Products North America Inc Proj.) Series 2019A, 5% tender 12/1/2044 (BP PLC Guaranteed) (b)(c)	20,985,000	20,989,380
Lease Revenue - 0.2%
Fort Wayne IN Redev Auth Lease Rent Rev Series 2022, 4% 8/1/2026	895,000	896,716
Indiana St Fin Auth Rev Series 2025A, 5% 2/1/2030	5,000,000	5,357,981
TOTAL LEASE REVENUE		6,254,697
Resource Recovery - 0.2%
Indiana St Dev Fin Au Sol Wst (Waste Management Inc Del Proj.) 4.6% tender 10/1/2031 (b)(c)	5,000,000	5,026,582
Indiana St Fin Auth Economic Dev Rev (Republic Services Inc Proj.) Series 2010A, 2.9% tender 5/1/2028 (b)(c)	1,300,000	1,300,000
Indiana St Fin Auth Economic Dev Rev (Republic Services Inc Proj.) Series 2012, 2.9% tender 5/1/2028 (b)(c)	500,000	500,000
TOTAL RESOURCE RECOVERY		6,826,582
Special Tax - 0.1%
Indianapolis IN Local PIB Bank Lo Income Tax Rev (Indianapolis Pub Trans Corp Proj.) Series 2025 A, 5% 1/15/2030	175,000	188,645
Indianapolis IN Local PIB Bank Lo Income Tax Rev (Indianapolis Pub Trans Corp Proj.) Series 2025 A, 5% 7/15/2028	275,000	288,184
Indianapolis IN Local PIB Bank Lo Income Tax Rev (Indianapolis Pub Trans Corp Proj.) Series 2025 A, 5% 7/15/2029	475,000	508,113
Indianapolis IN Local PIB Bank Lo Income Tax Rev (Indianapolis Pub Trans Corp Proj.) Series 2025 A, 5% 7/15/2030	275,000	298,441
Wayne Twp IN Maron CO Schbld C Series 2025B, 5% 7/15/2026	1,160,000	1,162,798
TOTAL SPECIAL TAX		2,446,181
Transportation - 0.0%
Indianapolis Local Public Improvement Bond Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2023I  2, 5% 1/1/2027 (c)	760,000	768,575
TOTAL INDIANA		58,382,507
Iowa - 0.4%
General Obligations - 0.3%
Pefa Inc Iowa Gas Proj Rev Series 2019, 5% tender 9/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b)	7,000,000	7,038,597
Pefa Inc Iowa Gas Proj Rev Series 2026A, 5% 4/1/2027 (MassMutual Global Funding II Guaranteed) (i)	130,000	131,608
Pefa Inc Iowa Gas Proj Rev Series 2026A, 5% 4/1/2028 (MassMutual Global Funding II Guaranteed) (i)	645,000	662,173
Pefa Inc Iowa Gas Proj Rev Series 2026A, 5% 4/1/2029 (MassMutual Global Funding II Guaranteed) (i)	670,000	695,753
Pefa Inc Iowa Gas Proj Rev Series 2026A, 5% 4/1/2030 (MassMutual Global Funding II Guaranteed) (i)	180,000	188,738
TOTAL GENERAL OBLIGATIONS		8,716,869
Other - 0.1%
Iowa Fin Auth Single Family Mtg Rev Series 2020 E, 1.57% 7/1/2049 VRDN (b)	2,050,000	2,050,000
TOTAL IOWA		10,766,869
Kansas - 0.7%
Electric Utilities - 0.2%
Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 1.72% 9/1/2035 VRDN (b)	5,000,000	5,000,000
Health Care - 0.0%
Kansas St Dev Fin Auth Hosp Rev 5% tender 11/15/2054 (b)	1,465,000	1,539,986
Housing - 0.1%
Kansas St Dev Fin Auth Multifamily Hsg Rev (Seasons Proj.) Series 2025F, 2.95% tender 9/1/2059 (b)	2,610,000	2,604,040
Shawnee Cnty KS Mf Hsg Revenue Series 2025 A, 3.75% tender 5/1/2059 (b)	1,700,000	1,710,191
TOTAL HOUSING		4,314,231
Other - 0.4%
Manhattan KS 5% 6/15/2028 (Build America Mutual Assurance Co Insured)	6,000,000	6,008,412
Park City Kans Gen. Oblig. Series 2024 1, 3.625% 10/1/2027	5,000,000	5,001,669
TOTAL OTHER		11,010,081
TOTAL KANSAS		21,864,298
Kentucky - 2.2%
Education - 0.2%
Kentucky Higher Ed Student Ln Corp Student Ln Rev (Federal Family Education Loan Program Proj.) Series 2023 1A 1, 1.76% 6/1/2043, LOC Bank of America NA VRDN (b)(c)	6,500,000	6,500,000
Electric Utilities - 0.3%
Carroll Cnty KY Pollution Ctl Rev (Kentucky Utilities Co Proj.) Series 2016 A, 1.55% tender 9/1/2042 (b)	500,000	496,655
Trimble Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) 4.7% tender 6/1/2054 (b)(c)	8,980,000	9,018,239
TOTAL ELECTRIC UTILITIES		9,514,894
General Obligations - 0.4%
Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2019C 1, 4% tender 2/1/2050 (Morgan Stanley Guaranteed) (b)	8,000,000	8,094,074
Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024A, 5% 7/1/2026 (Goldman Sachs Group Inc/The Guaranteed)	500,000	500,700
Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024A, 5% 7/1/2027 (Goldman Sachs Group Inc/The Guaranteed)	575,000	584,733
Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024B, 5% 2/1/2027	365,000	368,613
Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024B, 5% 8/1/2026	250,000	250,620
Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5.25% tender 6/1/2055 (Morgan Stanley Guaranteed) (b)	1,000,000	1,056,516
TOTAL GENERAL OBLIGATIONS		10,855,256
Health Care - 0.3%
Kentucky Econ Dev Fin Auth (Commonspirit Health Proj.) 1.4% 5/1/2034 VRDN (b)	4,280,000	4,280,000
Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (b)	2,015,000	2,027,284
Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023 A, 5% 10/1/2026	700,000	704,769
Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023 A, 5% 10/1/2027	1,700,000	1,747,946
TOTAL HEALTH CARE		8,759,999
Industrial Development - 0.5%
Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 3.2% 7/1/2060 VRDN (b)(c)	6,820,000	6,820,000
Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 B 1, 3.2% 7/1/2060 VRDN (b)(c)	7,000,000	7,000,000
TOTAL INDUSTRIAL DEVELOPMENT		13,820,000
Resource Recovery - 0.0%
Kentucky Economic Dev Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2010B, 2.55% tender 5/1/2028 (b)	300,000	299,999
Water & Sewer - 0.5%
Rural Wtr Fing Agy KY Pub Projs Rev Series 2024A, 3.7% 5/1/2027	5,000,000	5,000,429
Rural Wtr Fing Agy KY Pub Projs Rev Series 2024B, 3.05% 5/1/2027	5,000,000	4,999,963
Rural Wtr Fing Agy KY Pub Projs Rev Series 2025A, 2.75% 5/1/2028	5,000,000	4,943,090
TOTAL WATER & SEWER		14,943,482
TOTAL KENTUCKY		64,693,630
Louisiana - 1.4%
Health Care - 0.3%
Louisiana Pub Fac Auth Hsp Rev (Louisiana Childrens Medical Center Proj.) Series 2017B, 1.59% 9/1/2057, LOC TD Bank NA VRDN (b)	9,600,000	9,600,000
Housing - 0.2%
Louisiana Housing Corp Series 2025, 3.15% tender 4/1/2030 (b)	6,000,000	5,996,171
Louisiana Hsg Corp Single Family Mtg Rev (LA Home Ownership Proj.) 5.75% 12/1/2053	160,000	172,457
TOTAL HOUSING		6,168,628
Industrial Development - 0.7%
St James Parish LA Rev (Nucor Corp Proj.) 1.82% 11/1/2040 VRDN (b)	9,600,000	9,600,000
St John Baptist Parish LA Rev (Conocophillips Inc Proj.) 4.05% tender 6/1/2037 (b)	4,145,000	4,147,750
St John Baptist Parish LA Rev (Conocophillips Inc Proj.) Series 2017B 2, 2.375% tender 6/1/2037 (b)	2,955,000	2,952,778
St John Baptist Parish LA Rev Series 2017  C, 3.3% tender 6/1/2037 (b)	2,000,000	2,006,474
TOTAL INDUSTRIAL DEVELOPMENT		18,707,002
Synthetics - 0.1%
Los Angeles Hsg Corp Rev Participating VRDN Series 2025 XF3347, 1.85% 7/1/2042 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)	2,100,000	2,100,000
Transportation - 0.1%
New Orleans LA Aviation Board 5% 1/1/2027 (c)	1,430,000	1,446,051
New Orleans LA Aviation Board 5% 1/1/2028 (c)	2,690,000	2,773,414
TOTAL TRANSPORTATION		4,219,465
TOTAL LOUISIANA		40,795,095
Maine - 0.0%
Education - 0.0%
Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) 5% 7/1/2026	975,000	976,430
Maryland - 1.1%
Health Care - 0.5%
Maryland Health & Higher Educational Facilities Authority (Frederick Memorial Hospital MD Proj.) Series 2023, 5% 7/1/2027	1,360,000	1,385,218
Maryland Health & Higher Educational Facilities Authority Series 2026C, 5% 8/15/2027	2,000,000	2,055,308
Montgomery Cnty MD Rev (Trinity Health Proj.) Series 2013 MD, 2.4% tender 12/1/2041 (b)	10,300,000	10,300,001
TOTAL HEALTH CARE		13,740,527
Housing - 0.0%
Maryland Community Development Administration (Residential Revenue Bonds Proj.) Series 2019 B, 4% 9/1/2049	70,000	70,177
Other - 0.0%
Maryland St Econ Dev Corp Rev Series 2024A 1, 5% 6/1/2026	600,000	600,000
Special Tax - 0.1%
Frederick Cnty MD Spl Oblig Series 2020 A, 5% 7/1/2027	980,000	1,002,247
State of Maryland Built to Learn Revenue Series 2022 A, 5% 6/1/2026	850,000	850,000
TOTAL SPECIAL TAX		1,852,247
Synthetics - 0.3%
Baltimore County Gen. Oblig. Participating VRDN 1.92% 1/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(d)	1,600,000	1,600,000
Integrace Obligated Group Participating VRDN Series 2022 024, 1.92% 11/15/2049 (Liquidity Facility Barclays Bank PLC) (b)(d)	5,500,000	5,500,000
Maryland St Econ Dev Corp Participating VRDN Series 2024 XF3222, 1.8% 4/1/2054 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)	2,600,000	2,600,000
TOTAL SYNTHETICS		9,700,000
Transportation - 0.1%
Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2028 (Assured Guaranty Inc Insured) (c)	1,450,000	1,512,501
Maryland Trans Auth Psngr Fac Chrg Rev (Bwi Passenger Facilities Chrge Proj.) Series 2012B, 2.5% 6/1/2026 (c)	670,000	670,000
Maryland Trans Auth Psngr Fac Chrg Rev (Bwi Passenger Facilities Chrge Proj.) Series 2012B, 2.625% 6/1/2027 (c)	550,000	542,654
TOTAL TRANSPORTATION		2,725,155
Water & Sewer - 0.1%
Baltimore MD Proj Rev (Baltimore Wastewater Util Rev Proj.) Series 2017 A, 5% 7/1/2029	755,000	763,371
Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2017 A, 5% 7/1/2028	2,000,000	2,022,489
Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2017 A, 5% 7/1/2029	1,000,000	1,011,087
TOTAL WATER & SEWER		3,796,947
TOTAL MARYLAND		32,485,053
Massachusetts - 1.0%
Education - 0.2%
Massachusetts Ed Ln Auth Ed Ln (Mefa Issue K Proj.) Series 2017 A, 5% 7/1/2026 (c)	1,000,000	1,001,308
Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2021B, 5% 7/1/2026 (c)	2,390,000	2,393,127
Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2026 (c)	365,000	365,478
Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2028 (c)	1,775,000	1,832,541
Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5% 1/1/2027	505,000	509,011
TOTAL EDUCATION		6,101,465
General Obligations - 0.2%
Abington MA Gen. Oblig. BAN 4% 4/22/2027	2,100,000	2,117,437
Bondsville Mass Fire & Wtr Dist Gen. Oblig. BAN 4.875% 11/20/2026	930,000	936,947
Holyoke MA Gen. Oblig. BAN 4% 10/23/2026	2,600,000	2,612,144
Hudson MA Gen. Oblig. BAN 5% 6/11/2026	1,300,000	1,300,360
TOTAL GENERAL OBLIGATIONS		6,966,888
Health Care - 0.0%
Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) 5% 7/1/2026	20,000	20,027
Housing - 0.0%
Massachusetts Hsg Fin Agy Series 2023 C2, 4% 12/1/2027	800,000	803,515
Other - 0.6%
Massachusetts Hsg Fin Agy Series 2024 A 3, 3.6% 12/1/2026	14,985,000	14,991,076
Transportation - 0.0%
Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 5% 7/1/2027 (c)	285,000	290,856
TOTAL MASSACHUSETTS		29,173,827
Michigan - 2.2%
Education - 0.1%
University MI Univ Revs 1.34% 4/1/2036 VRDN (b)	2,000,000	2,000,000
Wayne St Univ MI Univ Revs Series 2024A, 5% 11/15/2027 (Build America Mutual Assurance Co Insured)	500,000	516,715
TOTAL EDUCATION		2,516,715
Electric Utilities - 0.1%
Michigan St Strategic Fd Ltd Oblig Rev (Consumers Energy Co Proj.) Series 2019, 3.35% tender 10/1/2049 (b)(c)	3,465,000	3,457,695
General Obligations - 0.1%
Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2027	1,190,000	1,208,043
Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2028	650,000	670,547
Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2029	290,000	304,622
Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2030	305,000	324,855
Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2031	320,000	344,972
Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2032	335,000	364,085
Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2029 (State of Michigan Guaranteed)	200,000	212,836
Portage MI Pub Schs 5% 11/1/2028	20,000	20,051
TOTAL GENERAL OBLIGATIONS		3,450,011
Health Care - 0.3%
Kent MI Hosp Fin Auth (Corewell Health Proj.) SIFMA Municipal Swap Index + 0.25%, 1.82% tender 1/15/2047 (b)(h)	965,000	965,000
Michigan Fin Auth Rev (Trinity Health Proj.) Series 2013MI 1, 2.4% tender 12/1/2034 (b)	1,250,000	1,250,000
Michigan State Hospital Finance Authority (Bronson Methodist Hsp, MI Proj.) 5% 11/15/2029	7,695,000	8,179,663
TOTAL HEALTH CARE		10,394,663
Housing - 0.1%
Michigan State Housing Development Authority Series 2025, 2.7% tender 10/1/2043 (b)	1,640,000	1,632,956
Industrial Development - 0.0%
Michigan St Strategic Fd Ltd Oblig Rev (Air Products & Chemicals Inc Proj.) 2.95% 12/1/2042 VRDN (b)	950,000	950,000
Lease Revenue - 0.3%
Michigan St Bldg Auth Rev Series 2023 I, 1.67% 4/15/2058 (b)	10,000,000	10,000,000
Other - 0.0%
Michigan Finance Authority Series 2025A 2, 5% 8/20/2026	375,000	376,779
Pooled Loans - 0.3%
Michigan Finance Authority RAN Series 2025 A 1, 5% 7/20/2026	10,225,000	10,253,905
Synthetics - 0.3%
Michigan Finance Authority Participating VRDN Series 2025 XG0634, 1.62% 3/1/2051 (Liquidity Facility Bank of America, N.A.) (b)(d)	3,500,000	3,500,000
Western MI Univ Revs Participating VRDN Series 2025 YX1397, 1.61% 11/15/2054 (b)(d)	4,440,000	4,440,000
TOTAL SYNTHETICS		7,940,000
Transportation - 0.6%
Wayne Cnty MI Arpt Auth Rev Series 2017 E, 4% 12/1/2026 (c)	3,795,000	3,812,572
Wayne Cnty MI Arpt Auth Rev Series 2023 E, 5% 12/1/2028 (Assured Guaranty Inc Insured) (c)	3,000,000	3,147,977
Wayne Cnty MI Arpt Auth Rev Series 2025G, 5% 12/1/2026 (c)	4,990,000	5,037,680
Wayne Cnty MI Arpt Auth Rev Series 2025G, 5% 12/1/2027 (c)	3,750,000	3,859,685
TOTAL TRANSPORTATION		15,857,914
TOTAL MICHIGAN		66,830,638
Minnesota - 0.9%
Education - 0.0%
Minnesota Higher Ed Facs Auth Rev (University Of St Thomas, Mn Proj.) Series 2024 B 1, 5% tender 10/1/2053 (b)	1,000,000	1,013,763
General Obligations - 0.0%
Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 A, 5% 8/1/2026	1,300,000	1,304,726
Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 B, 5% 8/1/2026	100,000	100,364
Minnesota Mun Gas Agy Commodity Supply Rev 4% tender 12/1/2052 (Royal Bank of Canada Guaranteed) (b)	1,725,000	1,750,442
TOTAL GENERAL OBLIGATIONS		3,155,532
Health Care - 0.4%
Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2023A, 5% tender 11/15/2052 (b)	6,470,000	6,746,405
Minnesota Agricultural & Economic Development Board 5% 11/15/2027	385,000	395,826
Minnesota Agricultural & Economic Development Board 5% 11/15/2028	445,000	465,309
St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2026, 5% 5/1/2027	1,500,000	1,529,154
St Cloud Minn Health Care Rv Series 2026, 5% 5/1/2028	1,810,000	1,883,827
TOTAL HEALTH CARE		11,020,521
Housing - 0.1%
Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 F, 5.75% 7/1/2053	110,000	116,382
Minnesota St Hsg Fin Agy Series 2025F2, 3.7% 8/1/2026	2,000,000	2,000,646
TOTAL HOUSING		2,117,028
Other - 0.1%
Minnesota Rural Wtr Fin Auth 3.3% 8/1/2026	2,000,000	2,000,249
Synthetics - 0.1%
Saint Paul Hsg & Redev Auth Rev Participating VRDN Series 2023 MIZ9145, 1.8% 6/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e)	2,420,000	2,420,000
Transportation - 0.2%
Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2027 (c)	1,580,000	1,597,735
Minneapolis Met Airport Commis Series 2024B, 5% 1/1/2027 (c)	4,755,000	4,808,373
TOTAL TRANSPORTATION		6,406,108
TOTAL MINNESOTA		28,133,201
Mississippi - 0.3%
Education - 0.1%
Jackson St Univ Edl Bldg Corp MS Rev Series 2021 A, 0.8% 3/1/2028 (Build America Mutual Assurance Co Insured) (b)	2,430,000	2,336,882
Electric Utilities - 0.0%
Mississippi Bus Fin Corp Sld Wst Disp Rev (Mississippi Power Co Proj.) Series 1998, 2.9% 5/1/2028 VRDN (b)(c)	500,000	500,000
Mississippi Business Fin Corp Gulf Opportunity Zone Rev 3% tender 5/1/2037 (Liquidity Facility National Rural Utilities Cooperative Finance Corp),  (National Rural Utilities Cooperative Finance Corp Guaranteed) (b)	1,000,000	1,000,000
TOTAL ELECTRIC UTILITIES		1,500,000
General Obligations - 0.0%
Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2029	175,000	186,522
Resource Recovery - 0.2%
Mississippi Bus Fin Corp Sld Wst Disp Rev (Waste Management Inc Del Proj.) 4.25% tender 3/1/2027 (b)(c)	5,000,000	5,021,775
TOTAL MISSISSIPPI		9,045,179
Missouri - 1.3%
General Obligations - 0.0%
Jackson Cnty MO Spl Oblig Series 2032 A, 5% 12/1/2028	1,000,000	1,054,073
Kearney MO Gen. Oblig. Series 2020, 2% 3/1/2034	715,000	620,894
TOTAL GENERAL OBLIGATIONS		1,674,967
Health Care - 0.5%
Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 C, 5% tender 5/1/2052 (b)	11,500,000	11,963,817
Missouri Hlth & Edl Facs Rev (Ssm Health Care System Proj.) Series 2022A, 5% 6/1/2027	540,000	551,005
TOTAL HEALTH CARE		12,514,822
Housing - 0.2%
Kansas City MO Planned Indl Expansion Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (b)	1,260,000	1,274,421
Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2019B, 4% 5/1/2050	35,000	35,229
Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2021C, 3.25% 11/1/2052	70,000	69,211
Saint Louis MO Indl Dev Auth (The Brewery Apts Proj.) 3.15% tender 4/1/2046 (b)	3,800,000	3,806,083
TOTAL HOUSING		5,184,944
Lease Revenue - 0.0%
Barry Cnty MO Ctfs Partn 5% 10/1/2026	550,000	552,570
Other - 0.1%
Kansas City MO Indl Dev Auth Arpt Spl Oblig 5% 3/1/2027 (c)	1,000,000	1,015,196
Missouri St Health & Edl Facs Series 2025A, 5% 2/1/2027	970,000	980,319
TOTAL OTHER		1,995,515
Pooled Loans - 0.3%
Missouri St Pub Utils Commn Rev Series 2026, 4% 10/1/2027	9,100,000	9,193,358
Synthetics - 0.2%
Kansas City MO Indl Dev Auth Arpt Spl Oblig Participating VRDN 3.15% 3/1/2057 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d)	4,740,000	4,740,000
St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN 1.8% 10/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e)	1,700,000	1,700,000
TOTAL SYNTHETICS		6,440,000
TOTAL MISSOURI		37,556,176
Montana - 0.1%
Health Care - 0.1%
Montana Fac Fin Auth Health Facs Rev (Bozeman Health Proj.) Series 2026 A, 5% 6/1/2027	605,000	617,631
Montana Fac Fin Auth Health Facs Rev (Bozeman Health Proj.) Series 2026 A, 5% 6/1/2028	300,000	312,300
Montana Fac Fin Auth Health Facs Rev (Bozeman Health Proj.) Series 2026 A, 5% 6/1/2029	230,000	243,772
Montana Facility Fin Auth Rev (Benefis Health System Proj.) Series 2025 B, 5% tender 2/15/2065 (b)	100,000	106,160
TOTAL HEALTH CARE		1,279,863
Housing - 0.0%
Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) 3.5% 6/1/2050	190,000	189,502
Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) Series 2019B, 4% 6/1/2050	20,000	20,177
Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) Series 2022 A, 3% 6/1/2052	165,000	162,985
TOTAL HOUSING		372,664
TOTAL MONTANA		1,652,527
Nebraska - 0.2%
General Obligations - 0.1%
Central Plains Energy Proj NE Gas Proj Rev Series 2023 A 1, 5% tender 5/1/2054 (Bank of Montreal Guaranteed) (b)	2,460,000	2,583,634
Housing - 0.1%
Lincoln Neb Multifamily Hsg Rev Series 2024, 3.37% tender 1/10/2048 (b)	2,260,000	2,274,113
Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 B, 4% 9/1/2049 (c)	35,000	35,040
TOTAL HOUSING		2,309,153
Industrial Development - 0.0%
Stanton Cnty NE Indl Dev Rev (Nucor Corp Proj.) 1.85% 11/1/2026 VRDN (b)(c)	700,000	700,000
Transportation - 0.0%
Omaha NE Arpt Auth Arpt Rev Series 2024, 5% 12/15/2027 (Assured Guaranty Inc Insured) (c)	1,000,000	1,029,235
TOTAL NEBRASKA		6,622,022
Nevada - 0.3%
Electric Utilities - 0.0%
Humboldt Cnty Nev Pcr (Sierra Pacific Power Co Proj.) Series 2016 A, 3.55% 10/1/2029	335,000	340,139
Washoe Cnty NV Wtr Fac Rev (Sierra Pacific Power Co Proj.) Series 2016 G, 3.625% tender 3/1/2036 (b)	270,000	272,774
Washoe Cnty NV Wtr Fac Rev (Sierra Pacific Power Co Proj.) Series 2016C, 4.125% tender 3/1/2036 (b)(c)	370,000	376,082
TOTAL ELECTRIC UTILITIES		988,995
Housing - 0.0%
Nevada Hsg Div Series 2026, 2.95% tender 6/1/2045 (b)	938,000	938,114
Resource Recovery - 0.3%
Nevada Dpt Bus & Ind Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2001, 3.45% tender 12/1/2026 (b)(c)(f)	5,100,000	5,100,000
Transportation - 0.0%
Clark County NV Mccarran Airprt Rev Series 2019 E, 5% 7/1/2027	275,000	282,075
Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2027 (c)	200,000	204,239
Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2028 (c)	225,000	232,459
Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2029 (c)	580,000	607,534
TOTAL TRANSPORTATION		1,326,307
TOTAL NEVADA		8,353,416
New Hampshire - 0.8%
Education - 0.5%
New Hampshire Health and Education Facilities Authority Act (Dartmouth College Proj.) Series 2015 C, 3.3% tender 6/1/2038 (b)	2,750,000	2,754,431
New Hampshire Health and Education Facilities Authority Act (Dartmouth College Proj.) Series 2015A, 3.3% tender 6/1/2040 (b)	8,480,000	8,493,663
New Hampshire Health and Education Facilities Authority Act (Dartmouth College Proj.) Series 2015B, 3.3% tender 6/1/2040 (b)	500,000	500,805
New Hampshire Health and Education Facilities Authority Act (Dartmouth College Proj.) Series 2015D, 3.3% tender 6/1/2038 (b)	3,740,000	3,746,026
TOTAL EDUCATION		15,494,925
Housing - 0.1%
New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) 3.8% 7/1/2026	1,010,000	1,010,509
New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.7% 1/1/2027	670,000	670,407
TOTAL HOUSING		1,680,916
Resource Recovery - 0.1%
National Fin Auth NH Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A 3, 4% tender 7/1/2033 (b)(c)	2,100,000	2,101,620
Synthetics - 0.1%
Nat'l Fin Auth NH Specialty Bonds Series 2024 MS0023, 1.87% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA) (b)(d)(e)	3,945,000	3,945,000
TOTAL NEW HAMPSHIRE		23,222,461
New Jersey - 2.6%
Education - 0.6%
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2018 Proj.) Series 2018 B, 5% 12/1/2027 (c)	1,245,000	1,278,536
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 B, 5% 12/1/2026 (c)	1,425,000	1,438,857
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2026 (c)	2,000,000	2,019,448
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2028 (c)	1,000,000	1,042,303
Higher Ed Student Assistance Auth NJ Student Ln Rev (Nj Stud Loan 2025 Proj.) 5% tender 12/1/2056 (b)(c)	2,000,000	2,000,115
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2027 (c)	2,700,000	2,772,729
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2025 1 A, 5% 12/1/2027 (c)	1,900,000	1,951,179
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2025 1 A, 5% 12/1/2028 (c)	2,000,000	2,084,606
Montclair State University Inc Series 2025A, 5% 7/1/2028 (Assured Guaranty Inc Insured)	1,250,000	1,307,599
New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2029 (Build America Mutual Assurance Co Insured)	580,000	619,977
New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2030 (Build America Mutual Assurance Co Insured)	460,000	500,773
TOTAL EDUCATION		17,016,122
General Obligations - 1.2%
Belleville NJ Tan Gen. Oblig. BAN 4% 7/7/2026	8,100,000	8,106,192
Hudson Cnty NJ Gen. Oblig. BAN Series 2026, 4% 2/24/2027	535,000	540,476
Hudson Cnty NJ Impt Auth Lease Rev Gen. Oblig. RAN Series 2026B 1, 4% 6/11/2027 (i)	1,250,000	1,267,481
Monmouth Cnty NJ Impt Auth Rev Gen. Oblig. BAN Series 2026, 4% 3/12/2027	3,500,000	3,539,571
Morristown NJ Gen. Oblig. BAN 4% 5/28/2027 (i)	1,800,000	1,822,194
New Jersey Econom Dev Auth Rev (New Jersey St Proj.) 5.5% 9/1/2027 (National Public Finance Guarantee Corporation Insured)	4,640,000	4,802,532
New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 GGG, 5.25% 9/1/2026 (f)	1,510,000	1,519,337
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2026	1,100,000	1,110,371
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 6/15/2026	555,000	555,471
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2026	1,970,000	1,971,673
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2027	155,000	158,729
New Jersey St Edl Facs Auth Rev (New Jersey St Proj.) Series 2023 A, 5% 9/1/2027	400,000	411,719
New Jersey St Edl Facs Auth Rev (New Jersey St Proj.) Series 2023 A, 5% 9/1/2027	200,000	205,860
New Jersey Trans Trust Fund Auth 0% 12/15/2027 (g)	145,000	138,581
Newark NJ Bd of Ed Bd 5% 7/15/2026 (Build America Mutual Assurance Co Insured)	300,000	300,835
Newark NJ Gen. Oblig. BAN 4% 12/11/2026	4,000,000	4,022,500
Newark NJ Gen. Oblig. Series 2020 A, 5% 10/1/2027	2,200,000	2,265,845
NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2026	595,000	598,843
NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2027	585,000	602,450
NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2028	245,000	256,967
NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2029	155,000	165,591
Piscataway Twp NJ Gen. Oblig. 2% 2/1/2031	500,000	471,748
TOTAL GENERAL OBLIGATIONS		34,834,966
Housing - 0.3%
New Jersey Housing & Mortgage Finance Agency Series 2025B, 2.95% 11/1/2028	3,000,000	2,992,120
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2023 C, 5% 11/1/2026 (c)	1,000,000	1,007,236
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 2, 2.85% 11/1/2026	2,090,000	2,089,879
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 2, 2.9% 11/1/2027	1,285,000	1,278,970
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 2, 2.95% 5/1/2028	1,070,000	1,064,081
TOTAL HOUSING		8,432,286
Other - 0.1%
New Jersey Housing & Mortgage Finance Agency Series 2025 D 2, 3.1% tender 7/1/2029 (b)	600,000	600,908
New Jersey Housing & Mortgage Finance Agency Series 2025, 3.15% tender 12/1/2043 (b)	1,000,000	1,002,031
NJ Hsg & Mtg Fin Agy Multi Fam Rev Series 2024B, 3.375% 11/1/2027	2,250,000	2,258,159
TOTAL OTHER		3,861,098
Tobacco Bonds - 0.4%
Tobacco Settlement Fin Corp NJ 5% 6/1/2026	9,265,000	9,265,000
Tobacco Settlement Fin Corp NJ 5% 6/1/2027	1,340,000	1,368,874
Tobacco Settlement Fin Corp NJ 5% 6/1/2028	740,000	770,555
TOTAL TOBACCO BONDS		11,404,429
Transportation - 0.0%
New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2027	90,000	90,125
New Jersey Turnpike Authority 5% 1/1/2028	455,000	472,622
South Jersey Trans Auth NJ Trans Sys Rev Series 2025A, 5% 11/1/2028 (Build America Mutual Assurance Co Insured)	1,000,000	1,055,747
TOTAL TRANSPORTATION		1,618,494
TOTAL NEW JERSEY		77,167,395
New Jersey,New York - 0.4%
Transportation - 0.4%
Port Auth NY & NJ 5% 10/15/2028 (c)	975,000	1,021,332
Port Auth NY & NJ 5% 9/15/2029 (c)	250,000	258,364
Port Auth NY & NJ Series 242, 5% 12/1/2026 (c)	4,640,000	4,692,655
Port Auth NY & NJ Series 242, 5% 12/1/2027 (c)	5,000,000	5,161,125
TOTAL NEW JERSEY,NEW YORK		11,133,476
New Mexico - 0.4%
Electric Utilities - 0.1%
Farmington NM Pollution Ctl Series 2010 D, 3.9% tender 6/1/2040 (b)	3,000,000	3,045,971
General Obligations - 0.0%
New Mexico Mun Energy Acquisition Auth Gas Supply Rev 5% tender 6/1/2054 (Royal Bank of Canada Guaranteed) (b)	1,255,000	1,339,098
Housing - 0.2%
New Mexico Mtg Fin Auth (Nm Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) 3% tender 9/1/2057 (b)	3,470,000	3,470,134
New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2018 A 1, 4% 1/1/2049	75,000	75,306
New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2023 C, 5.75% 3/1/2054	255,000	272,599
New Mexico Mtg Fin Auth (NM Single Family Mortgage Proj.) Series 2019 C, 4% 1/1/2050	170,000	170,766
Santa Fe Cnty N Mex Multifamily Rev Series 2024, 3.29% tender 12/10/2049 (b)	3,000,000	3,008,373
TOTAL HOUSING		6,997,178
Synthetics - 0.1%
New Mexico St Hosp Equip Ln Co Participating VRDN 1.92% 7/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(d)	1,825,000	1,825,000
TOTAL NEW MEXICO		13,207,247
New York - 4.6%
Education - 0.0%
New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2026	200,000	200,296
New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2027	500,000	510,275
TOTAL EDUCATION		710,571
Electric Utilities - 0.1%
Long Island Pwr Auth NY Elec 1.5% tender 9/1/2051 (b)	470,000	467,785
Long Island Pwr Auth NY Elec Series 2025B, 3% tender 9/1/2055 (b)	1,935,000	1,936,009
TOTAL ELECTRIC UTILITIES		2,403,794
General Obligations - 1.3%
Bellmore NY Un Free Sch Dist 2% 6/15/2029	530,000	502,872
City of New York NY Gen. Oblig. 2.054% tender 1/1/2032 (Assured Guaranty Inc Insured) (b)	225,000	225,000
City of New York NY Gen. Oblig. 2.85% 5/1/2052 (Liquidity Facility State Street Bank & Trust Co) VRDN (b)	5,000,000	5,000,000
City of New York NY Gen. Oblig. 4% tender 8/1/2026 (Assured Guaranty Inc Insured) (b)	675,000	675,000
City of New York NY Gen. Oblig. 5% 8/1/2027	1,080,000	1,111,423
City of New York NY Gen. Oblig. Series B 5, 2.85% 10/1/2046 (Liquidity Facility Barclays Bank PLC) VRDN (b)	5,000,000	5,000,000
City of New York NY Gen. Oblig. Series C, 5% 8/1/2026	220,000	220,877
City of New York NY Gen. Oblig. Series FISCAL 2008 J 11, 5% 8/1/2026	260,000	261,036
City of New York NY Gen. Oblig. Series FISCAL 2018 A, 5% 8/1/2026	565,000	567,251
City of New York NY Gen. Oblig. Series FISCAL 2021 2, 2.85% 4/1/2042 VRDN (b)	2,000,000	2,000,000
City of New York NY Gen. Oblig. Series FISCAL 2025 A, 5% 8/1/2028	2,700,000	2,839,812
City of New York NY Series FISCAL 2008 SUB A 3, 2.015% tender 8/1/2026 (Assured Guaranty Inc Insured) (b)	625,000	625,000
East Hampton NY Un Free Sh Dis 2.1% 6/1/2027	340,000	334,367
East Syracuse-Minoa NY Cent SD BAN Series 2025, 4% 6/25/2026	3,000,000	3,001,837
Greenburgh NY Cent Sch Dist BAN Series 2026, 4% 5/28/2027	1,400,000	1,418,770
Ithaca City New York Gen. Oblig. BAN 4.5% 7/17/2026	1,300,000	1,301,690
Massapequa NY Un Free Sch Dist 2% 10/1/2031	530,000	481,149
New Hartford NY Cent Sch Dist BAN Series 2025, 4% 6/25/2026	1,500,000	1,501,139
New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series FISCAL 2023 SUB S 1A, 5% 7/15/2026	940,000	942,794
North Tonawanda NY Gen. Oblig. BAN Series 2026, 4% 5/14/2027	4,500,000	4,541,225
Ogdensburg NY Enlrg Cty Sch Ds BAN Series 2025, 4% 7/22/2026	2,000,000	2,003,002
South Ctry Cent Sch Dist NY Br BAN Series 2026 A, 4.5% 5/28/2027 (f)	1,000,000	1,006,944
Suffolk Cnty NY Gen. Oblig. Series 2022 B, 5% 10/1/2026	175,000	176,391
TOTAL GENERAL OBLIGATIONS		35,737,579
Health Care - 0.1%
Monroe Cnty NY Indl Dev Corp (Rochester General Hospital,Ny Proj.) Series 2017, 5% 12/1/2026	350,000	352,759
Monroe Cnty NY Indl Dev Corp (Rochester General Hospital,Ny Proj.) Series 2020 A, 5% 12/1/2028	1,000,000	1,042,988
New York St Dorm Auth Revs Non St Supported Debt 2.65% 8/4/2026 CP	3,000,000	3,000,539
TOTAL HEALTH CARE		4,396,286
Housing - 0.6%
Monroe Cnty NY Indl Dev Agy Multi-Family Hsg Rev 5% tender 7/1/2028 (b)	780,000	796,229
New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2023E 2, 3.8% tender 11/1/2063 (b)	115,000	115,888
New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 A2, 3.625% tender 11/1/2063 (b)	765,000	770,124
New York St Hsg Fin Agy 1.1% tender 11/1/2061 (b)	510,000	497,940
New York St Hsg Fin Agy Series 2023 E 2, 3.8% tender 11/1/2063 (b)	670,000	670,290
New York St Hsg Fin Agy Series 2023 E 2, 3.875% tender 11/1/2063 (b)	120,000	120,050
New York St Hsg Fin Agy Series 2024 A, 3.375% tender 11/1/2063 (b)	7,285,000	7,286,696
NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) 3.7% tender 5/1/2063 (b)	6,000,000	6,002,374
NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) 3.73% tender 5/1/2063 (b)	1,000,000	1,000,335
NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2023 D, 4.3% tender 11/1/2063 (b)	375,000	379,933
State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 221, 3.5% 10/1/2032 (c)	15,000	14,951
State of New York Mortgage Agency Series 262, 3.8% 10/1/2026 (c)	680,000	680,672
State of New York Mortgage Agency Series 262, 3.85% 4/1/2027 (c)	775,000	777,952
TOTAL HOUSING		19,113,434
Industrial Development - 0.0%
New York St Energy Rda Pcr 4.44% tender 10/1/2028 (Ambac Assurance Corp Insured) (b)	300,000	299,999
Other - 0.5%
Dutchess Cnty NY Loc Dev Corp Rev Series 2025, 5% 7/1/2026	200,000	200,302
Dutchess Cnty NY Loc Dev Corp Rev Series 2025, 5% 7/1/2027	230,000	234,585
Dutchess Cnty NY Loc Dev Corp Rev Series 2025, 5% 7/1/2028	325,000	337,244
Frankfort Schuyler NY Cent Sch Dist BAN Series 2026, 4% 7/31/2026	3,000,000	3,002,851
New York State Housing Finance Agency Series 2026 B 2, 3% tender 11/1/2055 (b)	10,000,000	10,011,930
TOTAL OTHER		13,786,912
Special Tax - 0.5%
Battery Pk City Auth NY Rev Series 2019D 1, 2.84% 11/1/2038 (Liquidity Facility TD Bank NA) VRDN (b)	800,000	800,000
New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2027	3,355,000	3,466,967
New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2026 SUB G1, 5% 11/1/2028 (i)	2,500,000	2,634,947
New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2026 SUB G1, 5% 11/1/2029 (i)	1,710,000	1,835,865
New York NY City Transitional Fin Auth Rev 5% 11/1/2027	775,000	800,864
NY Mta Dedicated Tax Fund Series 2016 A, 5% 11/15/2026	1,055,000	1,066,506
NY Mta Dedicated Tax Fund Series 2017 A, 3% 11/15/2030	425,000	423,492
NY Payroll Mobility Tax 2% tender 5/15/2045 (b)	450,000	438,831
Triborough Brdg & Tunl NY Rett Series 2025 A, 5% 12/1/2027	2,000,000	2,073,720
TOTAL SPECIAL TAX		13,541,192
Synthetics - 0.3%
Liberty NY Dev Corp Rev Participating VRDN 1.92% 10/1/2035 (Liquidity Facility Morgan Stanley Bank NA) (b)(d)	2,200,000	2,200,000
Metropolitan Transn Auth NY Rv Participating VRDN Series 2022 XF1321, 1.82% 11/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d)	1,595,000	1,595,000
New York State Dormitory Authority Participating VRDN Series 2025 ZL0699, 1.6% 3/15/2053 (Liquidity Facility Bank of America, N.A.) (b)(d)	3,400,000	3,400,000
Oneida County Local Development Corp Participating VRDN Series 2026 1002, 1.65% 7/1/2046 (Liquidity Facility Barclays Bank PLC) (b)(d)	3,000,000	3,000,000
TOTAL SYNTHETICS		10,195,000
Transportation - 1.1%
Metropolitan Transn Auth NY Rv Series 2016 D, 5% 11/15/2027	1,070,000	1,080,170
Metropolitan Transn Auth NY Rv Series 2017 B, 5% 11/15/2027	1,185,000	1,225,699
Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2028	660,000	687,883
Metropolitan Transn Auth NY Rv Series 2025B, 5% 11/15/2026	7,000,000	7,077,941
New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2027 (c)	5,000,000	5,060,963
New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2029 (c)	3,900,000	4,011,794
New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2027 (c)	1,025,000	1,050,609
New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2026 (c)	5,870,000	5,917,695
New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2027 (c)	1,915,000	1,962,846
Port Auth NY & NJ Series 227, 3% 10/1/2027 (c)	3,500,000	3,509,167
TOTAL TRANSPORTATION		31,584,767
Water & Sewer - 0.1%
New York NY Cty Muni Wtr Fin Auth Series BB 1, 2.85% 6/15/2049 (Liquidity Facility Bank of America NA) VRDN (b)	3,800,000	3,800,000
TOTAL NEW YORK		135,569,534
North Carolina - 1.9%
Education - 0.0%
North Carolina Edl Facs Fin (Duke Univ Nc Rev Proj.) 1.1% 6/1/2027 VRDN (b)	1,435,000	1,435,000
North Carolina St Ed Assistance Auth Rev Series 2020A, 5% 6/1/2026 (c)	1,000,000	1,000,000
TOTAL EDUCATION		2,435,000
Escrowed/Pre-Refunded - 0.4%
Cumberland Cnty NC Series 2024, 3.125% tender 12/1/2027 (b)(c)	12,350,000	12,333,682
General Obligations - 0.0%
North Carolina St Gen. Oblig. Series 2016 B, 2% 6/1/2030	170,000	162,367
Health Care - 0.6%
Atrium Health Series 2018 B, 1.95% tender 1/15/2048 (b)	3,075,000	2,909,874
Atrium Health Series 2018 D, 3.625% tender 1/15/2048 (b)	4,960,000	4,998,523
Atrium Health Series 2021 B, 3.25% tender 1/15/2050 (b)	4,555,000	4,573,020
Atrium Health Series 2021C, 5% tender 1/15/2050 (b)	1,095,000	1,153,369
North Carolina Med Care Commn Health Care Facs Rev (Duke Univ Health System Inc Proj.) Series 2025 D, 1.5% 6/1/2055 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b)	3,400,000	3,400,000
TOTAL HEALTH CARE		17,034,786
Housing - 0.2%
North Carolina Hsg Fin Agy (NC Homeownership Proj.) Series 59 B, 2.8% 1/1/2057 (Liquidity Facility Royal Bank of Canada) VRDN (b)	6,400,000	6,400,000
Industrial Development - 0.3%
Hertford Cnty NC Indl Facs & Pollutn Ctl Fing Auth Indl Dev Rev (Nucor Corp Proj.) 1.8% 11/1/2033 VRDN (b)(c)	9,100,000	9,100,000
Resource Recovery - 0.2%
North Carolina Cap Facs Fin Agy Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2013, 2.95% tender 6/1/2038 (b)(c)	5,000,000	4,999,381
Transportation - 0.2%
Charlotte NC Arpt Rev Series 2023B, 5% 7/1/2026 (c)	455,000	455,733
Charlotte NC Arpt Rev Series 2023B, 5% 7/1/2028 (c)	400,000	416,622
Charlotte NC Arpt Rev Series 2023B, 5% 7/1/2029 (c)	1,150,000	1,218,787
North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2018, 5% 1/1/2027	2,460,000	2,486,656
Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2027 (c)	130,000	132,455
Raleigh Durham NC Arpt Auth Arpt Rev Series 2017 A, 5% 5/1/2027 (c)	745,000	759,072
TOTAL TRANSPORTATION		5,469,325
TOTAL NORTH CAROLINA		57,934,541
North Dakota - 0.4%
Electric Utilities - 0.1%
County of Mercer ND 2.65% 8/13/2026 (Liquidity Facility National Rural Utilities Cooperative Finance Corp) CP	4,000,000	4,000,815
Housing - 0.0%
North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) Series 2023 F, 6.25% 1/1/2054	60,000	64,664
Other - 0.3%
County of Mercer ND 0% 6/15/2026 CP	7,400,000	7,399,957
TOTAL NORTH DAKOTA		11,465,436
Ohio - 2.9%
Education - 0.0%
Ohio St Higher Ed Fac Comm (Case Western Reserve Univ, Oh Proj.) 1.625% tender 12/1/2034 (b)	605,000	598,944
Ohio St Univ Gen Rcpts Series 2024A, 5% 12/1/2026	1,000,000	1,012,047
TOTAL EDUCATION		1,610,991
Electric Utilities - 0.4%
Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014C, 3.65% 12/1/2027 (c)	3,575,000	3,590,786
Ohio St Air Quality Dev Auth (Duke Energy Corp New Proj.) Series 2022A, 4.25% tender 11/1/2039 (b)(c)	9,140,000	9,208,107
TOTAL ELECTRIC UTILITIES		12,798,893
General Obligations - 0.1%
Lancaster Port Auth OH Gas Rev Series 2024 A, 5% tender 2/1/2055 (Royal Bank of Canada Guaranteed) (b)	2,765,000	2,942,224
Trumbull Cnty OH Gen. Oblig. BAN 4% 3/11/2027	1,000,000	1,008,313
TOTAL GENERAL OBLIGATIONS		3,950,537
Health Care - 1.5%
Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 5% 8/1/2026	575,000	576,824
Allen Cnty OH Hosp Facs Rev (Mercy Healthcare System Proj.) Series 2012 B, 1.6% 5/1/2036, LOC TD Bank NA VRDN (b)	2,600,000	2,600,000
Allen Cnty OH Hosp Facs Rev Series 2022B 1, 5% tender 10/1/2049 (b)	7,950,000	8,138,188
Butler Cnty OH Hosp Facs Rev (Uc Health Proj.) Series 2017, 5% 11/15/2027	1,040,000	1,064,912
Franklin Cnty OH Hosp Facs Rev (Nationwide Children'S Hospital Proj.) 1.45% 11/1/2064 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b)	5,500,000	5,500,000
Franklin Cnty OH Rev (Trinity Health Proj.) Series 2013OH, 2.45% tender 12/1/2046 (b)	3,000,000	3,000,000
Miami Cnty OH Hosp Facs Rev (Kettering Med Ctr Inc, OH Proj.) 5% 8/1/2026	535,000	536,588
Ohio St Hosp Rev (Cleveland Clinic Foundation Proj.) Series 2019 C, 2.75% tender 1/1/2052 (b)	710,000	706,155
Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) 2.8% 1/15/2047, LOC Royal Bank of Canada/New York NY VRDN (b)	8,000,000	8,000,001
Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2025A, 5% 1/15/2027	2,000,000	2,022,861
Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2025A, 5% 1/15/2028	6,735,000	6,942,451
Ohio St Hosp Rev Series 2021B, 1.83% 1/15/2049 VRDN (b)	3,000,000	3,000,000
Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2019, 5% 2/15/2029	300,000	307,544
TOTAL HEALTH CARE		42,395,524
Housing - 0.3%
Columbus-Franklin Cnty Ohio Fin Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (b)	765,000	769,696
Columbus-Franklin Cnty Ohio Fin Auth Multifamily Hsg Rev Series 2025, 3.19% tender 6/1/2044 (b)	6,687,000	6,711,839
Ohio Hsg Fin Agy Mf Hsg Rev Series 2026, 2.96% tender 12/1/2045 (b)	2,000,000	2,003,148
Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2019B, 4.5% 3/1/2050	25,000	25,233
Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2023 B, 6% 3/1/2055	225,000	245,249
TOTAL HOUSING		9,755,165
Other - 0.5%
American Mun Pwr Rev 5% 2/15/2027	695,000	704,778
American Mun Pwr Rev 5% 2/15/2028	480,000	496,199
Cuyahoga Ohio Met Hsg Auth Multifamily Hsg Rev Series 2024, 3.45% tender 2/1/2028 (b)	4,440,000	4,451,918
Lancaster OH Gen. Oblig. BAN 4.125% 6/10/2026	1,500,000	1,500,367
Ohio Hsg Fin Agy Mf Hsg Rev Series 2025, 3.35% tender 7/1/2043 (b)	4,000,000	4,025,104
Warrensville Heights OH Gen. Oblig. BAN Series 2025, 4.5% 6/24/2026 (f)	2,000,000	2,001,747
TOTAL OTHER		13,180,113
Transportation - 0.1%
Cleveland OH Arpt Sys Rev Series 2018A, 5% 1/1/2027 (c)	2,990,000	3,023,562
Cleveland OH Arpt Sys Rev Series 2019 B, 5% 1/1/2027 (c)	350,000	353,928
TOTAL TRANSPORTATION		3,377,490
TOTAL OHIO		87,068,713
Oklahoma - 1.6%
General Obligations - 0.4%
Oklahoma Cnty Indep Sch Dist 89 Oklahoma City 3% 7/1/2026	5,990,000	5,990,621
Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2027	3,230,000	3,291,706
Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2029	3,000,000	3,182,503
TOTAL GENERAL OBLIGATIONS		12,464,830
Health Care - 0.6%
OK Dev Fin Auth Health Sys Rev (Integris Baptist Medical Ctr Proj.) Series 2015A, 5% 8/15/2027	1,590,000	1,591,594
OK Dev Fin Auth Health Sys Rev (Integris Baptist Medical Ctr Proj.) Series 2020B, 2.21% 8/15/2031 VRDN (b)	5,735,000	5,735,000
OK Dev Fin Auth Health Sys Rev Series 2020 C, 2.05% 8/15/2031 (b)	6,320,000	6,320,000
TOTAL HEALTH CARE		13,646,594
Housing - 0.1%
Oklahoma Hsg Fin Agy Collateralized Rev 3.2% tender 10/1/2042 (b)	1,500,000	1,500,450
Oklahoma Hsg Fin Agy Collateralized Rev Series 2024, 3.35% tender 12/1/2027 (b)	2,280,000	2,286,457
Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) 6% 3/1/2054	45,000	49,173
Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) Series 2023D, 6.5% 9/1/2054	50,000	55,674
TOTAL HOUSING		3,891,754
Lease Revenue - 0.3%
Creek Cnty OK Edl Facs Auth Lease Rev Series 2024, 5% 9/1/2027	2,650,000	2,709,195
Creek Cnty OK Edl Facs Auth Lease Rev Series 2024, 5% 9/1/2029	2,000,000	2,104,835
Dewey Cnty Okla Edl Facs Authedl Facs Lease Rev Series 2016, 5% 9/1/2026	1,230,000	1,236,040
OK Cnty Okla Fin Auth Edl Facs Lease Rev Series 2025, 5% 9/1/2029	1,620,000	1,677,578
Washington Cnty OK Edl Facs Auth Edl Facs Lease Rev Series 2023, 5% 9/1/2027	455,000	463,647
TOTAL LEASE REVENUE		8,191,295
Other - 0.1%
Kingfisher Cnty Okla Indpt Schdist No 89 Cashion 5% 5/1/2027	2,175,000	2,205,211
Oklahoma Hsg Fin Agy Multifamily Hsg Rev Series 2026, 3.125% tender 6/1/2045 (b)	1,000,000	1,003,597
TOTAL OTHER		3,208,808
Special Tax - 0.1%
Oklahoma City Public Property Authority Series 2026, 5% 6/1/2029 (i)	1,040,000	1,105,035
Oklahoma City Public Property Authority Series 2026, 5% 6/1/2030 (i)	2,165,000	2,339,746
TOTAL SPECIAL TAX		3,444,781
Synthetics - 0.0%
Steele Duncan Plaza LLC Participating VRDN Series 2022 MIZ9103, 1.8% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e)	1,269,247	1,269,247
TOTAL OKLAHOMA		46,117,309
Oregon - 0.4%
General Obligations - 0.0%
Redmond or Gen. Oblig. Series 2025 A, 5% 6/1/2030 (c)	450,000	480,473
Salem Keizer School Dist 0% 6/15/2028 (g)	370,000	346,872
TOTAL GENERAL OBLIGATIONS		827,345
Health Care - 0.0%
Oregon St Facs Auth Rev 5% 10/1/2029	1,000,000	1,001,315
Industrial Development - 0.1%
Oregon State Business Development Commission (Intel Corp Proj.) Series 232, 3.8% tender 12/1/2040 (b)	2,000,000	2,022,827
Lease Revenue - 0.1%
Oregon St Gen. Oblig. Series 2024 D, 5% 6/1/2028	2,500,000	2,624,396
Other - 0.0%
Oregon St Hsg & Cmnty Svcs Dept Hsg Dev Rev Series 2025Q, 3.125% tender 7/1/2044 (b)	700,000	701,328
Transportation - 0.2%
Port of Portland Arpt Rev 5% 7/1/2026 (c)	1,150,000	1,151,931
Port of Portland Arpt Rev Series THIRTY B, 5% 7/1/2028 (c)	720,000	751,107
Port of Portland Arpt Rev Series THIRTY B, 5% 7/1/2029 (c)	2,860,000	3,028,470
TOTAL TRANSPORTATION		4,931,508
TOTAL OREGON		12,108,719
Pennsylvania - 5.2%
Education - 0.1%
Lycoming County Authority Series 2013 S2, 3.85% tender 11/1/2035 (b)	2,000,000	2,001,168
Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2017, 5% 5/1/2028	1,600,000	1,639,196
TOTAL EDUCATION		3,640,364
General Obligations - 1.0%
Pennsylvania St 5% 9/1/2026	6,590,000	6,629,520
Pennsylvania St 5% 9/1/2027	1,000,000	1,031,049
Pennsylvania St Gen. Oblig. Series 2018, 3.2% 3/1/2029	640,000	641,206
Pennsylvania St Gen. Oblig. Series 2018, 3.35% 3/1/2030	950,000	953,616
Pennsylvania St Gen. Oblig. Series 2018, 5% 3/1/2028	1,215,000	1,267,850
Pennsylvania St Series 2019, 5% 7/15/2026	1,650,000	1,654,781
Philadelphia PA Sch Dist Series 2026 A, 5% 9/1/2027 (i)	2,760,000	2,835,202
Philadelphia PA Sch Dist Series 2026 A, 5% 9/1/2028 (i)	2,000,000	2,093,072
Philadelphia PA Sch Dist Series 2026 A, 5% 9/1/2029 (i)	2,345,000	2,497,061
Philadelphia PA Sch Dist Series 2026B, 5% 9/1/2027 (i)	5,750,000	5,906,671
Philadelphia PA Sch Dist Series 2026B, 5% 9/1/2028 (i)	3,930,000	4,112,887
Reading PA Sch Dist Series 2017, 5% 3/1/2027 (Assured Guaranty Inc Insured)	5,000	5,073
Reading PA Sch Dist Series 2017, 5% 3/1/2028 (Assured Guaranty Inc Insured)	5,000	5,083
TOTAL GENERAL OBLIGATIONS		29,633,071
Health Care - 2.0%
Alleg Cnty PA Dev Auth Series 2017 D 2 SUB  E, SIFMA Municipal Swap Index x 0.7%, 2.27% tender 11/15/2047 (b)(h)	4,000,000	3,975,355
Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2020 B, 5% tender 4/1/2043 (b)	7,975,000	8,011,608
Lancaster Cnty PA Hosp Aut Rev (Masonic Villages of The Grand Lodge of Pennsylvania Proj.) Series 2025 A, 5% 11/1/2026	1,020,000	1,027,924
Lancaster Cnty PA Hosp Aut Rev (Masonic Villages of The Grand Lodge of Pennsylvania Proj.) Series 2025 A, 5% 11/1/2027	1,160,000	1,190,091
Lancaster Municipal Authority (Garden Spot Village Proj.) Series 2024A, 5% 5/1/2027	200,000	202,856
Lancaster Municipal Authority (Garden Spot Village Proj.) Series 2024A, 5% 5/1/2028	210,000	216,177
Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 D, 2.38% 9/1/2050 VRDN (b)	6,700,000	6,700,000
Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 5% 9/1/2026	1,250,000	1,256,296
Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) Series 2024D1, 2.85% 11/1/2061, LOC Bank of America NA VRDN (b)	5,000,000	5,000,000
Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) Series 2024D2, 2.9% 11/1/2061, LOC PNC Bank NA VRDN (b)	5,000,000	5,000,000
Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 B, 2.38% 9/1/2050 VRDN (b)	7,895,000	7,895,000
Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2025 B, 1.6% 6/1/2055 (Liquidity Facility TD Bank NA) VRDN (b)	15,000,000	15,000,000
TOTAL HEALTH CARE		55,475,307
Housing - 0.1%
Pennsylvania Housing Finance Agency (PA Single Family Mortgage Proj.) Series 2026 153A, 5.5% 10/1/2028 (i)	280,000	296,759
Pennsylvania Housing Finance Agency (PA Single Family Mortgage Proj.) Series 2026 153A, 5.5% 10/1/2030 (i)	290,000	319,771
Pennsylvania Housing Finance Agency (PA Single Family Mortgage Proj.) Series 2026 153A, 5.5% 10/1/2031 (i)	200,000	223,878
Pennsylvania Housing Finance Agency (PA Single Family Mortgage Proj.) Series 2026 153A, 5.5% 10/1/2032 (i)	325,000	368,564
Pennsylvania Housing Finance Agency (PA Single Family Mortgage Proj.) Series 2026 153A, 5.5% 10/1/2033 (i)	325,000	373,324
Pennsylvania Housing Finance Agency (PA Single Family Mortgage Proj.) Series 2026 153A, 5.5% 4/1/2027 (i)	275,000	280,647
Pennsylvania Housing Finance Agency (PA Single Family Mortgage Proj.) Series 2026 153A, 5.5% 4/1/2029 (i)	220,000	235,627
Pennsylvania Housing Finance Agency (PA Single Family Mortgage Proj.) Series 2026 153A, 5.5% 4/1/2031 (i)	250,000	277,488
Pennsylvania Housing Finance Agency (PA Single Family Mortgage Proj.) Series 2026 153A, 5.5% 4/1/2032 (i)	250,000	281,836
Pennsylvania Housing Finance Agency (PA Single Family Mortgage Proj.) Series 2026 153A, 5.5% 4/1/2033 (i)	350,000	399,245
Pennsylvania Housing Finance Agency (PA Single Family Mortgage Proj.) Series 2026 153A, 5.5% 4/1/2034 (i)	350,000	404,174
Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 137, 5% 10/1/2026	280,000	281,977
TOTAL HOUSING		3,743,290
Resource Recovery - 1.2%
Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2014, 3% tender 6/1/2044 (b)(c)	6,500,000	6,498,611
Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2019 B 2, 3.25% tender 4/1/2049 (b)(c)	2,100,000	2,099,905
Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2019 B, 2.95% tender 4/1/2049 (b)(c)	2,775,000	2,773,965
Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2019 A, 3.875% tender 8/1/2038 (b)(c)	4,000,000	4,006,117
Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A 2, 4.6% tender 10/1/2046 (b)(c)	10,405,000	10,419,878
Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A, 4% tender 6/1/2041 (b)(c)	8,800,000	8,806,868
Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2025 A, 2.875% tender 6/1/2049 (b)(c)	1,800,000	1,800,000
TOTAL RESOURCE RECOVERY		36,405,344
Synthetics - 0.1%
Allegheny Cnty PA San Auth Swr Participating VRDN Series 2025 1007, 1.65% 12/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(d)	3,290,000	3,290,000
Transportation - 0.6%
Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5% 1/1/2027 (Assured Guaranty Inc Insured) (c)	680,000	688,780
Pennsylvania Turnpike Commission Series 2019, 1.55% 12/1/2038 VRDN (b)	1,000,000	1,000,000
Pennsylvania Turnpike Commission Series 2025, 1.57% 12/1/2045, LOC Bank of America NA VRDN (b)	5,000,000	5,000,000
Pennsylvania Turnpike Commission Series B 2, 5% 6/1/2028	410,000	419,055
Pennsylvania Turnpike Commission Series B 2, 5% 6/1/2029	690,000	705,069
Philadelphia PA Airport Rev 5% 7/1/2026 (c)	3,360,000	3,366,126
Philadelphia PA Airport Rev Series 2020 C, 5% 7/1/2028 (c)	460,000	478,642
Philadelphia PA Airport Rev Series 2021, 5% 7/1/2027 (c)	640,000	654,184
Philadelphia PA Airport Rev Series 2021, 5% 7/1/2028 (c)	3,170,000	3,298,466
Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2026 (c)	1,625,000	1,627,963
Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2027 (c)	1,145,000	1,170,376
Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2028 (c)	1,000,000	1,040,526
Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2030 (c)	355,000	380,793
TOTAL TRANSPORTATION		19,829,980
Water & Sewer - 0.1%
Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2028	275,000	288,580
Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2029 (Assured Guaranty Inc Insured)	275,000	295,176
Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2030 (Assured Guaranty Inc Insured)	200,000	218,332
Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2031 (Assured Guaranty Inc Insured)	300,000	332,266
Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2032 (Assured Guaranty Inc Insured)	385,000	431,523
Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2033 (Assured Guaranty Inc Insured)	350,000	396,564
TOTAL WATER & SEWER		1,962,441
TOTAL PENNSYLVANIA		153,979,797
Rhode Island - 0.7%
Education - 0.4%
Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2028	350,000	364,627
Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2029	350,000	371,693
Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2030	335,000	361,605
Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2031	350,000	382,351
Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2032	465,000	513,167
Rhode Island Health & Edl Bldg Corp Rev 2.57% 10/6/2026 CP	7,000,000	7,001,170
Rhode Island St Student Ln 5% 12/1/2027 (c)	1,000,000	1,026,788
Rhode Island St Student Ln Series 2017A, 4% 12/1/2026 (c)	145,000	145,063
Rhode Island St Student Ln Series 2019, 5% 12/1/2026 (c)	570,000	575,174
Rhode Island St Student Ln Series 2019, 5% 12/1/2028 (c)	490,000	510,609
TOTAL EDUCATION		11,252,247
General Obligations - 0.3%
Bristol-Warren RI Regl Sch Dis BAN Series 2025 1, 5% 6/4/2026	5,000,000	5,000,861
Bristol-Warren RI Regl Sch Dis BAN Series 2026   2, 4% 6/2/2027 (i)	1,800,000	1,821,807
Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2028 (Build America Mutual Assurance Co Insured)	900,000	940,790
Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2029 (Build America Mutual Assurance Co Insured)	800,000	851,962
TOTAL GENERAL OBLIGATIONS		8,615,420
Housing - 0.0%
Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 70, 4% 10/1/2049	25,000	25,106
Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 76 A, 5% 4/1/2027	35,000	35,620
Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 76 A, 5% 4/1/2028	250,000	259,722
Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 76 A, 5% 4/1/2029	300,000	317,728
TOTAL HOUSING		638,176
Lease Revenue - 0.0%
Providence RI Pub Bldgs Auth Rev 5% 9/15/2027 (Assured Guaranty Inc Insured)	1,000,000	1,025,849
Tobacco Bonds - 0.0%
Tobacco Setlement Fing Corp RI Series 2015 A, 5% 6/1/2026	75,000	75,000
Tobacco Setlement Fing Corp RI Series 2015 A, 5% 6/1/2027	20,000	20,033
TOTAL TOBACCO BONDS		95,033
TOTAL RHODE ISLAND		21,626,725
South Carolina - 0.6%
Education - 0.0%
Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2028	435,000	454,153
Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2029	475,000	506,106
Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2030	390,000	423,365
TOTAL EDUCATION		1,383,624
Electric Utilities - 0.4%
South Carolina St Svc Auth Rev (Santee Cooper Sys Sc Proj.) Series 2019 A, 1.77% 1/1/2036 VRDN (b)	8,000,000	8,000,001
South Carolina St Svc Auth Rev 5% 12/1/2026	170,000	171,844
South Carolina St Svc Auth Rev 5% 12/1/2027	870,000	900,505
South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2027	550,000	569,284
South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2028	550,000	581,393
TOTAL ELECTRIC UTILITIES		10,223,027
General Obligations - 0.0%
Scago Edl Facs Corp For Colleton Sch Dist SC Installment Pur Rev (Colleton County School District Proj.) Series 2015, 5% 12/1/2026	25,000	25,034
Housing - 0.0%
South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2019 A, 4% 1/1/2050	45,000	45,327
South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2023 B, 6% 1/1/2054	135,000	147,080
South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2025 C, 5% 1/1/2029	285,000	300,461
South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2025 C, 5% 1/1/2030	310,000	331,696
South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2025 C, 5% 7/1/2029	300,000	319,166
South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2025 C, 5% 7/1/2030	305,000	328,544
TOTAL HOUSING		1,472,274
Other - 0.2%
South Carolina Hsg Fin Dev Mfh Series 2025, 3.25% tender 1/1/2046 (b)	3,500,000	3,506,886
Synthetics - 0.0%
South Carolina Conway Hosp Participating VRDN Series 2022 019, 1.92% 7/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(d)	1,400,000	1,400,000
Transportation - 0.0%
South Carolina St Ports Auth Series 2019 B, 5% 7/1/2026 (c)	185,000	185,296
TOTAL SOUTH CAROLINA		18,196,141
South Dakota - 0.1%
Health Care - 0.1%
South Dakota St Hlth & Edl Fac (Sanford Health, Sd Proj.) 5% tender 11/1/2052 (b)	855,000	903,131
South Dakota St Hlth & Edl Fac Series 2025B, 5% 11/1/2027	1,500,000	1,540,972
TOTAL HEALTH CARE		2,444,103
Housing - 0.0%
South Dakota Housing Development Authority (SD Mortgage Proj.) Series 2017D, 4% 11/1/2047	80,000	80,056
South Dakota Housing Development Authority (SD Mortgage Proj.) Series 2023G, 6.25% 5/1/2055	85,000	91,496
TOTAL HOUSING		171,552
TOTAL SOUTH DAKOTA		2,615,655
Tennessee - 1.8%
Electric Utilities - 0.1%
Tennessee Engy Acq Crp Gas Rev 5.625% 9/1/2026 (Goldman Sachs Group Inc/The Guaranteed)	2,000,000	2,011,138
General Obligations - 0.3%
Metropolitan Govt Nashville & Davidson Cnty TN 2.54% 8/11/2026 (Liquidity Facility TD Bank NA) CP	3,200,000	3,199,999
Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2017, 4% 7/1/2028	1,440,000	1,459,440
Tennessee St 2.55% 6/24/2026 CP	1,000,000	1,000,103
Tennessee St 2.57% 10/8/2026 CP	2,500,000	2,499,999
TOTAL GENERAL OBLIGATIONS		8,159,541
Health Care - 0.6%
Chatanooga TN Health Ed & Hsg Fac Brd Rev (Commonspirit Health Proj.) 1.7% 5/1/2039 VRDN (b)	3,800,000	3,800,000
Jackson TN Hosp Rev (West Tennessee Healthcare Proj.) Series 2015, 5% 4/1/2027	5,750,000	5,754,307
Johnson City TN Health  & Edl (Ballad Health Proj.) Series 2023A, 5% 7/1/2026	400,000	400,570
Metro Gov Nashville & Davidson Cnty Tenn Hlth & Edl Facs Brd Rev (Vanderbilt Hospital, TN Proj.) Series 2026 B, 5% 7/1/2029	6,000,000	6,373,642
Shelby County Health Educational & Housing Facilities Board (Baptist Memorial Hlth Car Corp Proj.) Series 2025 B, 5% tender 9/1/2044 (b)	200,000	213,022
TOTAL HEALTH CARE		16,541,541
Housing - 0.4%
Chattanooga Tenn Health Edl & Hsg Fac Brd Multifamily Hsg 3.6% tender 6/1/2048 (b)	4,090,000	4,121,408
Dickson TN Health & Edl Facs Brd Multifamily Rev 3.05% tender 4/1/2044 (b)	2,000,000	2,001,170
Kingsport Tenn Indl Dev Brd Collateralized Multifamily Hsg Rev Series 2025, 2.95% tender 9/1/2029 (b)	3,225,000	3,215,272
Knoxville Cnty Tenn Health Edl& Hsg Fac Brd Multifamily Hsgrev Series 2024, 3.1% tender 9/1/2029 (b)	2,315,000	2,315,907
Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series 2021 3A, 3% 1/1/2052	160,000	157,746
Tennessee Hsg Dev Agy Series 2015A, 3.5% 7/1/2045	60,000	59,977
TOTAL HOUSING		11,871,480
Other - 0.2%
Chattanooga Tenn Health Edl & Hsg Fac Brd Multifamily Hsg Series 2023, 3.8% tender 12/1/2029 (b)	2,000,000	2,007,537
Jackson TN Health & Hsg Mfh Rv 4% tender 4/1/2045 (b)	2,000,000	2,019,638
Knoxville TN Cmnty Dev Corp Multi Fam Rev 3.5% tender 12/1/2029 (b)	3,262,000	3,282,056
TOTAL OTHER		7,309,231
Resource Recovery - 0.1%
Lewisburg Tenn Indl Dev Brd So Lid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2012, 2.95% tender 7/2/2035 (b)(c)	2,000,000	2,000,000
Metropolitan Govt Nashville & Davidson Cnty Tenn Indl Dev Brd Exempt Facs Rev (Waste Management Inc Del Proj.) Series 2001, 3.875% tender 8/1/2031 (b)(c)	2,000,000	2,003,001
TOTAL RESOURCE RECOVERY		4,003,001
Synthetics - 0.0%
Metropolitan Govt Nashville & Davidson County Hlth & Edl Facs Participating VRDN Series 2024 MIZ9163, 1.8% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e)	1,300,000	1,300,000
Transportation - 0.1%
Metro Nashville Arpt Auth Rev 5% 7/1/2026 (c)	600,000	600,824
Metro Nashville Arpt Auth Rev 5% 7/1/2027 (c)	435,000	444,219
Metro Nashville Arpt Auth Rev Series 2026 B, 5% 7/1/2029 (c)	1,375,000	1,455,163
Metro Nashville Arpt Auth Rev Series 2026 D, 5% 7/1/2027 (c)	400,000	408,477
Metro Nashville Arpt Auth Rev Series 2026 D, 5% 7/1/2028 (c)	400,000	416,622
TOTAL TRANSPORTATION		3,325,305
TOTAL TENNESSEE		54,521,237
Texas - 13.3%
Education - 1.0%
Board of Regents of the University of Texas System 2.49% 9/10/2026 (Liquidity Facility University of Texas Investment Management Company) CP	4,000,000	3,999,916
Brazos Tex Higher Ed Auth Inc Student Loan Prog Rev 5% 4/1/2029 (c)	1,050,000	1,087,376
Clifton Higher Education Finance Corp 5% 8/15/2026	475,000	476,545
Clifton Higher Education Finance Corp Series 2024, 5% 8/15/2026	325,000	326,373
Clifton Higher Education Finance Corp Series 2024, 5% 8/15/2027	340,000	348,830
Clifton Higher Education Finance Corp Series 2024A, 5% 8/15/2026	715,000	717,910
Clifton Higher Education Finance Corp Series 2024A, 5% 8/15/2027	1,275,000	1,306,981
Clifton Higher Education Finance Corp Series 2024A, 5% 8/15/2028	675,000	704,465
Clifton Higher Education Finance Corp Series 2025, 5% 8/15/2026	800,000	803,256
Clifton Higher Education Finance Corp Series 2025, 5% 8/15/2027	2,015,000	2,065,542
Clifton Higher Education Finance Corp Series 2025A, 5% 2/15/2027	3,000,000	3,043,579
Clifton Higher Education Finance Corp Series 2025A, 5% 2/15/2028	3,660,000	3,784,445
Clifton Higher Education Finance Corp Series 2025A, 5% 2/15/2029	600,000	631,322
Texas St Univ Sys Fing Rev Series 2026C, 5% 3/15/2028 (i)	1,170,000	1,198,992
Texas St Univ Sys Fing Rev Series 2026C, 5% 3/15/2030 (i)	2,065,000	2,188,439
Texas State Gen. Oblig. Series 2017, 5% 8/1/2028 (c)	1,325,000	1,369,545
University TX Perm Univ Fd 0% 7/1/2026 CP	5,000,000	4,999,467
TOTAL EDUCATION		29,052,983
Electric Utilities - 0.8%
Austin TX Elec Util Sys Rev Series 2024, 5% 11/15/2028	1,750,000	1,847,607
Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2028 (Assured Guaranty Inc Insured)	1,400,000	1,459,573
Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2028	400,000	416,774
Lower Colorado River Authority 2.7% 7/22/2026, LOC Truist Bank CP	3,098,000	3,098,450
New Braunfels TX Util Rev Series 2026, 5% 7/1/2027	680,000	696,949
New Braunfels TX Util Rev Series 2026, 5% 7/1/2029	1,000,000	1,068,433
San Antonio TX Elec & Gas Rev 2% tender 2/1/2049 (b)	1,555,000	1,524,862
San Antonio TX Elec & Gas Rev Series 2023, 3.65% tender 2/1/2053 (b)	4,000,000	4,006,553
San Antonio TX Elec & Gas Rev Series 2025A, 3.08% tender 2/1/2055 (b)	4,795,000	4,782,933
San Antonio TX Elec & Gas Rev Series 2026A, 2.9% tender 2/1/2055 (b)	1,215,000	1,207,322
San Antonio TX Elec & Gas Rev Series 2026A, 3% tender 2/1/2055 (b)	5,000,000	4,960,612
TOTAL ELECTRIC UTILITIES		25,070,068
General Obligations - 4.1%
Alvin Tex Indpt Sch Dist Series 2024, 5% 2/15/2029 (Permanent Sch Fund of Texas Guaranteed)	750,000	797,458
Argyle TX Indpt Sch Dist Series 2025 B 1, 4% tender 8/15/2057 (Permanent Sch Fund of Texas Guaranteed) (b)	1,470,000	1,488,888
Argyle TX Indpt Sch Dist Series 2025 B 2, 4% tender 8/15/2057 (Permanent Sch Fund of Texas Guaranteed) (b)	2,270,000	2,317,942
Boerne TX Isd Series 2023, 3.125% tender 2/1/2053 (Permanent Sch Fund of Texas Guaranteed) (b)	6,720,000	6,723,397
Boerne TX Isd Series 2024, 4% tender 2/1/2054 (Permanent Sch Fund of Texas Guaranteed) (b)	1,295,000	1,316,277
Dallas TX ISD Series 2026B, 5% tender 2/15/2056 (Permanent Sch Fund of Texas Guaranteed) (b)	1,520,000	1,622,713
Denton Independent School District Series B1, 4% tender 8/15/2055 (Permanent Sch Fund of Texas Guaranteed) (b)	8,325,000	8,499,035
El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2026	840,000	843,873
El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2027	600,000	616,925
El Paso Tex Gen. Oblig. Series 2025, 5% 8/15/2027	2,295,000	2,359,737
Fort Bend TX Indpt Sch Dist Series 2021 B, 0.72% tender 8/1/2051 (Permanent Sch Fund of Texas Guaranteed) (b)	2,030,000	2,022,947
Fort Bend TX Indpt Sch Dist Series 2024B, 4% tender 8/1/2054 (Permanent Sch Fund of Texas Guaranteed) (b)	10,000,000	10,132,339
Goose Creek TX Cons Indpt Sch 0.6% tender 2/15/2035 (Permanent Sch Fund of Texas Guaranteed) (b)	500,000	497,421
Harris Cnty TX 2.47% 8/12/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP	4,920,000	4,919,387
Harris Cnty TX 2.47% 8/12/2026 (Liquidity Facility State Street Bank & Trust Co) CP	1,000,000	999,876
Harris Cnty TX 2.47% 8/12/2026 CP	200,000	199,975
Harris Cnty TX 2.47% 8/12/2026, LOC Sumitomo Mitsui Banking Corp/New York CP	5,810,000	5,809,277
Harris County Hospital District Gen. Oblig. Series 2025, 5% 2/15/2029	2,000,000	2,107,978
Hidalgo Cnty Tex Gen. Oblig. Series 2025, 5% 8/15/2028	850,000	892,623
Houston TX Indpt Sch Dist Series 2017, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)	3,015,000	3,068,155
Katy TX Ind Sch Dist Series 2021 C, 4% tender 8/15/2050 (b)	6,000,000	6,012,887
Leander Independent School District 0% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed) (g)	1,000,000	979,694
Leander Independent School District Series 2025 B, 0% 8/15/2028 (g)	950,000	889,123
Leander Independent School District Series 2025 B, 0% 8/15/2029 (g)	600,000	543,602
Mckinney Tex Gen. Oblig. Series 2023A, 5% 8/15/2027	180,000	185,077
Mckinney Tex Gen. Oblig. Series 2023A, 5% 8/15/2028	350,000	367,551
New Caney TX Indpt Sch Dist New Series 2024, 5% 2/15/2029 (Permanent Sch Fund of Texas Guaranteed)	1,400,000	1,485,947
North East Indpt Sch Dist TX Series 2024, 3.75% tender 8/1/2049 (Permanent Sch Fund of Texas Guaranteed) (b)	3,895,000	3,925,705
Northside TX Indpt Sch Dist Series 2020, 3.55% tender 6/1/2050 (Permanent Sch Fund of Texas Guaranteed) (b)	7,325,000	7,411,194
Northside TX Indpt Sch Dist Series 2023 B, 3% tender 8/1/2053 (Permanent Sch Fund of Texas Guaranteed) (b)	5,135,000	5,131,474
Northside TX Indpt Sch Dist Series 2024B, 3.45% tender 8/1/2054 (Permanent Sch Fund of Texas Guaranteed) (b)	8,715,000	8,721,045
Plainview Tex Indpt Sch Dist Series 2020B, 4% tender 2/15/2050 (b)	2,000,000	2,004,296
Port of Port Arthur TX Nav Dist Gen. Oblig. Series 2017, 5% 3/1/2028 (c)	1,645,000	1,665,986
Prosper Tex Indpt Sch Dist Series 2019 B, 4% tender 2/15/2050 (Permanent Sch Fund of Texas Guaranteed) (b)	2,900,000	2,906,770
Round Rock TX Indpt Sch Dist Series 2025A, 5% tender 8/1/2044 (b)	3,000,000	3,253,006
Texarkana Tex Indpt Sch Dist Series 2024, 4% tender 2/15/2053 (Permanent Sch Fund of Texas Guaranteed) (b)	2,835,000	2,841,089
Texas Mun Gas Acquisition & Supply Corp I Gas Supply Rev 5.25% 12/15/2026 (Merrill Lynch & Co Inc Guaranteed)	500,000	505,257
Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023B, 5.25% 1/1/2027 (BP PLC Guaranteed)	1,070,000	1,081,073
Texas Municipal Gas Acquisition And Supply Corp VI Series 2025, 5% 1/1/2028	400,000	409,980
Texas Municipal Gas Acquisition And Supply Corp VI Series 2025, 5% 1/1/2029	645,000	669,985
Texas State Gen. Oblig. Series 2015, 5% 8/1/2026 (c)	7,875,000	7,887,725
TOTAL GENERAL OBLIGATIONS		116,114,689
Health Care - 0.9%
Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 5% tender 7/1/2049 (b)	1,475,000	1,491,856
Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) Series 2020 C 3, 5% tender 6/1/2032 (b)	6,165,000	6,235,453
Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025 E, 2.85% 12/1/2060 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b)	9,000,000	9,000,000
New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev Series 2025, 5% 1/1/2027	605,000	609,634
New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev Series 2025, 5% 1/1/2028	800,000	817,135
Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) Series 2024A, 2.55% 11/15/2050 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b)	6,000,000	6,000,000
Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) Series 2026F, 5% tender 11/15/2055 (b)	210,000	225,876
Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev Series 2026E, 5% 11/15/2028	2,150,000	2,267,433
Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Christus Health Proj.) 1.3% 7/1/2047, LOC TD Bank NA VRDN (b)	610,000	610,000
Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Health Resources Proj.) Series 2025 B, 5% tender 11/15/2064 (b)	1,425,000	1,519,022
TOTAL HEALTH CARE		28,776,409
Housing - 0.4%
Bexar Mgmt & Dev Corp Tex Multifamily Hsg Rev Series 2026, 2.65% tender 3/1/2029 (b)	315,000	312,033
Capital Area Hsg Fin Corp Tex Multi Family Hsg Rev Series 2024, 3.125% tender 9/1/2029 (b)	2,660,000	2,666,397
Dallas Tex Hsg Fin Corp Multi Family Hsg Rev 5% tender 8/1/2027 (b)	1,785,000	1,790,583
Houston Tex Fin Corp Multifamilty Hsg Rev 5% tender 8/1/2041 (b)	290,000	291,215
Legacy Denton Public Facility Corp 2.96% tender 4/1/2043 (b)	700,000	698,903
Smha Fin Pub Fac Corp Tex Multifamily Hsg Rev Series 2024, 3.7% tender 7/1/2028 (b)	3,695,000	3,723,059
Texas Dept Hsg & Cmnty Affrs Res Mtg Rev (TX Residential Mortgage Proj.) Series 2023B, 6% 1/1/2054	595,000	650,515
Texas St Affordable Hsg Corp Multifamily Hsg Rev Series 2023, 3.625% tender 1/1/2045 (b)	1,120,000	1,123,832
Thf Pub Fac Corp Tex Multifamily Hsg Rev Series 2025, 3.34% tender 2/1/2044 (b)	2,500,000	2,516,153
TOTAL HOUSING		13,772,690
Industrial Development - 1.5%
Jewett Economic Dev Corp Tex I (Nucor Corp Proj.) 1.85% 8/1/2038 VRDN (b)(c)	1,325,000	1,325,000
Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 1.77% 11/1/2040 VRDN (b)	1,800,000	1,800,000
Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 1.82% 12/1/2027 VRDN (b)(c)	40,615,000	40,615,000
TOTAL INDUSTRIAL DEVELOPMENT		43,740,000
Lease Revenue - 0.2%
County of Wise TX Series 2021, 5% 8/15/2027	1,000,000	1,016,302
Texas State Gen. Oblig. Series 2016, 5.5% 8/1/2028 (c)	3,535,000	3,550,002
Texas State Gen. Oblig. Series 2019, 5% 8/1/2028 (c)	1,500,000	1,565,106
TOTAL LEASE REVENUE		6,131,410
Other - 0.6%
Alamo Tex Area Hsg Fin Corp Multifamily Hsg Rev Series 2024, 3.39% tender 7/10/2044 (b)	6,000,000	6,049,948
Austin Affordable Pfc Inc Texmultifamily Hsg Rev Series 2024B, 5% tender 9/1/2028 (b)	1,050,000	1,076,761
El Paso Independent School District Series 2026B, 5% 8/15/2029	2,000,000	2,142,352
Fort Bend Cnty Tex Mun Util Dist No 182 Gen. Oblig. 5.25% 9/1/2026 (Build America Mutual Assurance Co Insured)	1,005,000	1,010,289
Harris Cnty TX Cultural Ed Facs Fin Corp Rev Series 2020 A, 5% tender 5/15/2050 (b)	2,500,000	2,705,833
Housing Options Inc Tex Multifamily Rev 3.75% tender 11/1/2045 (b)	3,000,000	3,036,935
Legacy Denton Public Facility Corp Series 2025, 2.7% tender 10/1/2043 (b)	2,000,000	1,980,226
Texas Municipal Gas Acquisition & Supply Corp V 5% 1/1/2027	500,000	504,690
TOTAL OTHER		18,507,034
Resource Recovery - 0.2%
Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2018, 4% tender 11/1/2048 (b)(c)	4,000,000	4,003,101
Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020 B, 2.875% tender 7/1/2040 (b)(c)	1,700,000	1,700,000
TOTAL RESOURCE RECOVERY		5,703,101
Special Tax - 0.1%
Dallas TX Rapid Transit Sales Tax Rev 2.45% 10/27/2026 CP	3,450,000	3,448,382
East Downtown Redevelopment Authority 5% 9/1/2026	300,000	300,720
Houston TX Hotel Occ Tx & Spl Rev Series 2021, 4% 9/1/2026 (Escrowed to Maturity)	275,000	275,804
TOTAL SPECIAL TAX		4,024,906
Synthetics - 0.7%
Austin TX Elec Util Sys Rev Participating VRDN Series 2025 1012, 1.65% 11/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(d)	5,600,000	5,600,000
El Paso TX Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 1.8% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e)	1,118,240	1,118,240
Rbc Mun Prods Inc Tr Var Sts Participating VRDN 1.6% 2/15/2056 (Liquidity Facility Royal Bank of Canada NY) (b)(d)	2,010,000	2,010,000
Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 1.8% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e)	11,100,000	11,100,000
TOTAL SYNTHETICS		19,828,240
Transportation - 2.2%
Austin Tex Airport Sys Series 2025, 5% 11/15/2026 (c)	440,000	443,791
Austin Tex Airport Sys Series 2025, 5% 11/15/2027 (c)	2,850,000	2,930,436
Austin Tex Airport Sys Series 2025, 5% 11/15/2028 (c)	1,525,000	1,596,366
Austin Tex Airport Sys Series 2026 B, 5% 11/15/2028 (c)	1,000,000	1,046,798
Austin Tex Airport Sys Series 2026 B, 5% 11/15/2029 (c)	895,000	951,286
Central TX Regl Mobility Auth Rev (Central TX Regl Mobility Auth Rev Proj.) 5% 1/1/2027	900,000	911,809
City of Houston TX Airport System Revenue 5% 7/1/2026 (c)	1,250,000	1,251,780
City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2027 (c)	2,380,000	2,430,442
City of Houston TX Airport System Revenue Series 2023A, 5% 7/1/2026 (Assured Guaranty Inc Insured) (c)	1,000,000	1,001,423
City of Houston TX Airport System Revenue Series 2023A, 5% 7/1/2028 (Assured Guaranty Inc Insured) (c)	4,000,000	4,166,220
City of Houston TX Airport System Revenue Series 2025 A, 5% 7/1/2028 (c)	1,500,000	1,558,322
City of Houston TX Airport System Revenue Series 2025 A, 5% 7/1/2029 (c)	6,000,000	6,335,294
Dallas Fort Worth International Airport Series 2023 C, 5% 11/1/2026 (c)	1,800,000	1,815,393
Dallas Fort Worth International Airport Series 2025 A 1, 5% 11/1/2026 (c)	5,390,000	5,436,094
Dallas Fort Worth International Airport Series 2025 A 1, 5% 11/1/2027 (c)	13,170,000	13,535,279
Dallas Fort Worth International Airport Series 2025 A 2, 5% tender 11/1/2050 (b)(c)	7,500,000	7,878,462
Fort Bend Cnty TX Toll Rd Rev Series 2025, 5% 3/1/2028 (Assured Guaranty Inc Insured)	500,000	519,791
Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2023, 5% tender 10/1/2052 (b)	550,000	566,280
Love Field TX Arpt Mod Rev 5% 11/1/2026 (c)	405,000	408,210
Love Field TX Arpt Mod Rev 5% 11/1/2027 (c)	415,000	426,103
North East Texas Regional Mobility Authority Series 2025A, 5% 1/1/2027	370,000	374,332
North East Texas Regional Mobility Authority Series 2025A, 5% 1/1/2028	500,000	515,763
North East Texas Regional Mobility Authority Series 2025B, 5% 1/1/2027	850,000	859,457
North East Texas Regional Mobility Authority Series 2025B, 5% 1/1/2028	500,000	514,588
North TX Twy Auth Rev Series 2023 A, 5% 1/1/2027	275,000	278,881
North TX Twy Auth Rev Series 2025 B, 5% 1/1/2028	5,100,000	5,273,850
Port of Houston Auth Series 2023, 5% 10/1/2026	955,000	962,358
San Antonio TX Arpt Sys Rev 5% 7/1/2026 (c)	500,000	500,818
TOTAL TRANSPORTATION		64,489,626
Water & Sewer - 0.6%
City of El Paso TX Water & Sewer Revenue Series 2017, 5% 3/1/2030	1,000,000	1,016,202
Houston TX Util Sys Rev Series 2018 C, 1.59% 5/15/2034 (Liquidity Facility Bank of America NA) VRDN (b)	10,000,000	10,000,000
Houston TX Util Sys Rev Series 2021 A, 5% 11/15/2027	1,000,000	1,035,989
San Antonio TX Wtr Rev Series 2013 F, 1% tender 5/1/2043 (b)	4,250,000	4,208,138
Temple Tex Util Sys Rev Series 2025, 5% 8/1/2028	500,000	524,742
Temple Tex Util Sys Rev Series 2025, 5% 8/1/2029	600,000	641,636
Temple Tex Util Sys Rev Series 2025, 5% 8/1/2030	405,000	439,761
TOTAL WATER & SEWER		17,866,468
TOTAL TEXAS		393,077,624
Utah - 0.5%
Electric Utilities - 0.0%
Intermountain Pwr Agy UT Pwr Series 2023 A, 5% 7/1/2026	935,000	936,725
Housing - 0.1%
UT Hsg Corp Multifamily Rev Series 2024 B, 3.4% tender 2/1/2028 (b)	1,500,000	1,506,820
UT Hsg Corp Multifamily Rev Series 2025, 3% tender 9/1/2045 (b)	1,000,000	998,845
TOTAL HOUSING		2,505,665
Industrial Development - 0.0%
Box Elder Cnty Utah Pollution Ctl Rev (Nucor Corp Proj.) 1.95% 4/1/2028 VRDN (b)	660,000	660,000
Special Tax - 0.0%
Vineyard Redev Agy Utah Tax Increment Rev Series 2021, 5% 5/1/2027 (Assured Guaranty Inc Insured)	240,000	244,612
Synthetics - 0.1%
Utah Hsg Corp Single Family Mtg Rev Participating VRDN 1.6% 1/1/2054 (b)(d)	1,675,000	1,675,000
Transportation - 0.3%
Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2026 (c)	2,000,000	2,003,324
Salt Lake City UT Arpt Rev Series 2023A, 5% 7/1/2026 (c)	2,390,000	2,393,972
Salt Lake City UT Arpt Rev Series 2023A, 5% 7/1/2028 (c)	1,000,000	1,040,526
Salt Lake City UT Arpt Rev Series 2025A, 5% 7/1/2027 (c)	1,300,000	1,327,552
Salt Lake City UT Arpt Rev Series 2025A, 5% 7/1/2028 (c)	1,800,000	1,872,946
Salt Lake City UT Arpt Rev Series 2025A, 5% 7/1/2032 (c)	1,535,000	1,680,104
TOTAL TRANSPORTATION		10,318,424
TOTAL UTAH		16,340,426
Vermont - 0.1%
Education - 0.0%
Vermont St Stud Assit Corp 5% 6/15/2027 (c)	665,000	673,775
Housing - 0.1%
Vermont Hsg Fin Agy Series 2024 E 2, 3.5% 11/1/2026	2,954,000	2,955,642
Transportation - 0.0%
Burlington VT Arpt Rev Series 2022A, 5% 7/1/2028	540,000	560,242
TOTAL VERMONT		4,189,659
Virginia - 1.3%
Electric Utilities - 0.5%
Chesapeake VA Economic Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) Series 2008A, 3.65% tender 2/1/2032 (b)	6,360,000	6,410,564
Halifax Cnty VA Indl Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) 3.8% tender 12/1/2041 (b)	2,160,000	2,176,418
Louisa VA (Virginia Electric And Power Co Proj.) Series 2008 A, 3.65% tender 11/1/2035 (b)	4,450,000	4,485,378
Wise Cnty VA Indl Dev Auth Solid Waste & Sew Disp Rev (Virginia Electric And Power Co Proj.) Series 2009A, 3.125% tender 10/1/2040 (b)	250,000	249,264
Wise Cnty VA Indl Dev Auth Solid Waste & Sew Disp Rev (Virginia Electric And Power Co Proj.) Series 2010A, 3.8% tender 11/1/2040 (b)	2,800,000	2,821,283
TOTAL ELECTRIC UTILITIES		16,142,907
General Obligations - 0.1%
Virginia St Pub Bldg Auth Pub (Virginia St Proj.) 5% 8/1/2026 (c)	2,410,000	2,417,767
Health Care - 0.1%
Lynchburg Economic Development Authority (Centra Health Proj.) Series 2026B, 5% 1/1/2027	400,000	404,536
Lynchburg Economic Development Authority (Centra Health Proj.) Series 2026B, 5% 1/1/2028	750,000	773,375
Norfolk VA Economic Dev Auth Hosp Facs Rev (Sentara Hlth Sys Obl Group Proj.) Series 2016 B, 1.55% 11/1/2034 VRDN (b)	700,000	700,000
Norfolk VA Economic Dev Auth Hosp Facs Rev (Sentara Hlth Sys Obl Group Proj.) Series 2018 A, 5% tender 11/1/2048 (b)	300,000	315,054
Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2026	35,000	35,020
TOTAL HEALTH CARE		2,227,985
Housing - 0.0%
Fairfax Cnty VA Redev & Hsg Auth Multi-Family Hsg Rev 5% tender 1/1/2045 (b)	170,000	173,482
Industrial Development - 0.3%
Botetourt Cnty Ind Dv Au Idr (Altec Industries Inc Proj.) 1.75% 1/1/2027 VRDN (b)(c)	1,500,000	1,500,000
Virginia Small Business Fing Auth Rev (Virginia Everywhere, Llc Proj.) 2.45% tender 9/3/2026, LOC Credit Agricole Corporate and Investment Bank/New York CP mode (c)	6,750,000	6,750,000
TOTAL INDUSTRIAL DEVELOPMENT		8,250,000
Other - 0.2%
Arlington Cnty VA Indl Dev Auth Multifamily Rev Series 2025, 3.1% tender 12/1/2055 (b)	3,350,000	3,350,023
Virginia Small Business Fing Auth Rev Series 2025, 5% 10/1/2027	1,205,000	1,242,027
TOTAL OTHER		4,592,050
Synthetics - 0.1%
Nat'l Sr Campuses Participating VRDN Series 2022 028, 1.92% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(d)	3,600,000	3,600,000
Transportation - 0.0%
Virginia Port Auth Port Fac Rev Series 2016 B, 5% 7/1/2033 (Pre-refunded to 7/1/2026 at 100) (c)	715,000	716,090
TOTAL VIRGINIA		38,120,281
Washington - 1.3%
Health Care - 0.4%
Skagit Cnty Wash Pub Hosp Dist No 1 Rev 4% 12/1/2026	1,300,000	1,302,767
Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2026	115,000	115,452
Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2027	50,000	51,215
Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) 5% 8/15/2026	5,045,000	5,063,894
Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) 5% 8/15/2029	2,105,000	2,226,828
Washington St Health Care Facs Auth Rev 5% 7/1/2027	1,250,000	1,250,628
Washington St Health Care Facs Auth Rev Series 2025A, 5% 3/1/2027	500,000	508,234
Washington St Health Care Facs Auth Rev Series 2025A, 5% 3/1/2028	610,000	631,853
TOTAL HEALTH CARE		11,150,871
Housing - 0.3%
Community Roots Housing Foundation Series 2024, 3.4% tender 2/1/2029 (b)	5,165,000	5,199,695
King Cnty Wash Hsg Auth Affordable Hsg Rev 5% 1/1/2028	65,000	65,739
King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 1/1/2031	450,000	477,683
King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 1/1/2032	490,000	522,767
King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 7/1/2028	390,000	402,563
King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 7/1/2030	350,000	371,755
Seattle Wash Hsg Auth Rev Series 2023, 5% 6/1/2027	650,000	652,996
Washington St Hsg Fin Commn Multifamily Hsg Rev Series 2023, 5% tender 12/1/2043 (b)	805,000	806,226
TOTAL HOUSING		8,499,424
Transportation - 0.4%
Port Seattle WA Rev Series 2018A, 5% 5/1/2027 (c)	2,140,000	2,183,352
Port Seattle WA Rev Series 2019, 5% 4/1/2027 (c)	500,000	509,178
Port Seattle WA Rev Series 2021C, 5% 8/1/2027 (c)	200,000	205,166
Port Seattle WA Rev Series 2021C, 5% 8/1/2029 (c)	645,000	684,511
Port Seattle WA Rev Series 2022B, 5% 8/1/2026 (c)	835,000	837,931
Port Seattle WA Rev Series 2024B, 5% 7/1/2027 (c)	3,000,000	3,071,988
Port Seattle WA Rev Series 2025 B, 5% 10/1/2028 (c)	1,930,000	2,021,410
Port Seattle WA Rev Series 2025 B, 5% 10/1/2029 (c)	1,000,000	1,064,149
TOTAL TRANSPORTATION		10,577,685
Water & Sewer - 0.2%
King Cnty WA Swr Rev Series 2025 B, 2.8% 1/1/2042 (Liquidity Facility Bank of America NA) VRDN (b)	7,000,000	7,000,000
TOTAL WASHINGTON		37,227,980
West Virginia - 0.4%
Electric Utilities - 0.0%
West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2009A, 3.7% tender 12/1/2042 (b)	1,000,000	1,012,883
Health Care - 0.1%
West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2018 E, 2.19% 6/1/2033 VRDN (b)	3,050,000	3,050,000
Industrial Development - 0.2%
West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2011A, 3.3% tender 1/1/2041 (b)(c)	3,980,000	3,998,303
West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Nucor Steel West Virginia Llc Proj.) Series 2025A 1, 1.85% 11/1/2065 (Nucor Corp Guaranteed) VRDN (b)(c)	1,500,000	1,500,000
TOTAL INDUSTRIAL DEVELOPMENT		5,498,303
Resource Recovery - 0.1%
West Virginia Economic Dev Auth Sold Waste Disp Facs Rev Series 2014A, 4.7% tender 4/1/2036 (b)(c)	3,085,000	3,087,139
Special Tax - 0.0%
Ohio Cnty WV Cnty Commn Spl Dist Excise Tax Rev Series 2025A, 5% 6/1/2027 (Assured Guaranty Inc Insured)	300,000	306,123
TOTAL WEST VIRGINIA		12,954,448
Wisconsin - 1.5%
General Obligations - 0.1%
City of Racine WI Gen. Oblig. 2% 12/1/2033	250,000	214,131
Milwaukee WI Gen. Oblig. 2% 3/1/2027	1,610,000	1,595,733
PMA Levy & Aid Anticipation Notes Program TRAN (Wauwatosa Wis Sch Dist Proj.) 5% 9/24/2026	1,900,000	1,911,548
Racine WI Uni Sch Dist 5% 4/1/2027 (Assured Guaranty Inc Insured)	150,000	152,790
Racine WI Uni Sch Dist 5% 4/1/2028 (Assured Guaranty Inc Insured)	175,000	182,048
Racine WI Uni Sch Dist 5% 4/1/2029 (Assured Guaranty Inc Insured)	250,000	265,265
Wisconsin St Gen. Oblig. Series 2027 1, 5% 5/1/2030 (i)	250,000	266,638
TOTAL GENERAL OBLIGATIONS		4,588,153
Health Care - 0.6%
Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 5% 6/1/2026	515,000	515,000
Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) Series 2025 A, 5% 6/1/2028	1,000,000	1,038,823
Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2018 C, 2.85% 4/1/2048 (Liquidity Facility BMO Bank NA) VRDN (b)	3,000,000	3,000,000
Wisconsin Health & Edl Facs Auth Health Facs Rev (Unitypoint Health Proj.) Series 2014A, 5% 12/1/2026	2,175,000	2,176,610
Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2019 A, 5% 11/15/2028	285,000	300,080
Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2026	200,000	201,911
Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b)	3,825,000	3,830,059
Wisconsin St Health & Edl Facs Auth Rev (Froedtert Thedacare Proj.) Series 2025 B, 5% 10/1/2029	2,190,000	2,342,132
Wisconsin St Health & Edl Facs Auth Rev (Mercy Alliance Inc Proj.) Series 2025A, 5% 6/1/2029	735,000	776,627
Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 5% 2/15/2027	790,000	801,276
Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 5% 2/15/2028	515,000	531,763
Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 5% 2/15/2029	1,910,000	2,003,208
TOTAL HEALTH CARE		17,517,489
Housing - 0.1%
Wisconsin Hsg & Econ Dev Auth Home Ownership (WI Home Ownership Proj.) Series 2004E, 1.42% 9/1/2035 VRDN (b)(c)	4,260,000	4,260,000
Wisconsin Hsg & Eda Hsg Rev (Wi Mhsg Rev 2007 Proj.) Series 2023 E, 3.875% tender 11/1/2054 (b)	255,000	255,112
TOTAL HOUSING		4,515,112
Industrial Development - 0.2%
Wisconsin St Health & Edl Facs Auth Rev (WI Forensic Science Proj Proj.) Series 2024, 5% 8/1/2027 (f)	5,675,000	5,685,343
Other - 0.2%
Milwaukee WI Gen. Oblig. Series 2023 N3, 5% 4/1/2028 (Assured Guaranty Inc Insured)	1,690,000	1,758,676
Peshtigo School District 4.75% 3/1/2027	905,000	906,201
Wisconsin Hsg & Economic Dev Auth Multifamily Hsg 5% tender 11/1/2058 (b)	3,250,000	3,291,464
Wisconsin St Health & Edl Facs Auth Rev 4% 9/15/2026	220,000	220,020
TOTAL OTHER		6,176,361
Resource Recovery - 0.2%
Public Fin Auth Wis Pollutionctl Rev (Duke Energy Progress Llc Proj.) Series 2022A 1, 3.3% tender 10/1/2046 (b)	3,300,000	3,300,612
Public Fin Auth Wis Sld Waste (Waste Management Inc Del Proj.) Series A 3, 2.95% tender 9/1/2027 (b)(c)	1,400,000	1,400,000
TOTAL RESOURCE RECOVERY		4,700,612
Water & Sewer - 0.1%
Sharon Wis Util Sys Rev Series 2024A, 5% 12/1/2026	2,150,000	2,150,000
TOTAL WISCONSIN		45,333,070
Wyoming - 0.1%
Health Care - 0.1%
Sublette Cnty Wyo Hosp Dist Rev 5% 6/15/2026	2,000,000	2,000,080
Housing - 0.0%
Wyoming Community Development Authority (WY Single Family Proj.) Series 2022  1, 3.5% 6/1/2052	930,000	925,894
TOTAL WYOMING		2,925,974
TOTAL MUNICIPAL SECURITIES  (Cost $2,544,401,570)		2,548,636,355

Money Market Funds - 4.3%
	Yield (%)	Shares	Value ($)
Fidelity Investments Money Market Government Portfolio - Institutional Class (j)(k)	3.55	45,696,202	45,696,202
Fidelity Municipal Cash Central Fund (l)(m)	2.01	32,604,013	32,610,534
Fidelity SAI Municipal Money Market Fund (j)(k)	1.87	44,995,378	45,004,377
State Street Institutional U.S. Government Money Market Fund Premier Class (k)	3.56	5,830,352	5,830,352
TOTAL MONEY MARKET FUNDS  (Cost $129,128,614)			129,141,465

TOTAL INVESTMENT IN SECURITIES - 101.5%  (Cost $3,014,158,358)	3,017,889,099
NET OTHER ASSETS (LIABILITIES) - (1.5)%	(44,523,399)
NET ASSETS - 100.0%	2,973,365,700

Security Type Abbreviations

BAN	-	BOND ANTICIPATION NOTE
ETF	-	EXCHANGE-TRADED FUND
RAN	-	REVENUE ANTICIPATION NOTE
TAN	-	TAX ANTICIPATION NOTE
TRAN	-	TAX AND REVENUE ANTICIPATION NOTE
VRDN	-	VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

Legend

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

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

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

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

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $35,182,487 or 1.2% of net assets.  

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $43,055,054 or 1.4% of net assets.  

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

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

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

(j) Affiliated fund.  

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

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

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2023 MIZ9157, 1.8% 12/1/2063 (Liquidity Facility Mizuho Capital Markets LLC)	12/21/2023	1,500,000
California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9232, 1.85% 10/8/2028 (Liquidity Facility Mizuho Capital Markets LLC)	10/9/2025	2,600,000
California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9233, 1.85% 12/1/2027 (Liquidity Facility Mizuho Capital Markets LLC)	10/9/2025	7,310,000
El Paso TX Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 1.8% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC)	8/5/2022	1,118,240
Metropolitan Govt Nashville & Davidson County Hlth & Edl Facs Participating VRDN Series 2024 MIZ9163, 1.8% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC)	1/18/2024	1,300,000
Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 1.8% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC)	1/27/2022	920,000
Nat'l Fin Auth NH Specialty Bonds Series 2024 MS0023, 1.87% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA)	4/16/2024	3,945,000
Saint Paul Hsg & Redev Auth Rev Participating VRDN Series 2023 MIZ9145, 1.8% 6/1/2063 (Liquidity Facility Mizuho Capital Markets LLC)	9/26/2024	2,420,000
St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN 1.8% 10/1/2063 (Liquidity Facility Mizuho Capital Markets LLC)	11/17/2023	1,700,000
Steele Duncan Plaza LLC Participating VRDN Series 2022 MIZ9103, 1.8% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC)	8/11/2022	1,269,247
Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 1.8% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC)	1/27/2023	11,100,000

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	70,423,183	342,024,501	379,837,129	764,505	-	(21)	32,610,534	32,604,013	0.9%
Total	70,423,183	342,024,501	379,837,129	764,505	-	(21)	32,610,534

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

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

Affiliated Underlying Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Investments Money Market Government Portfolio - Institutional Class	97,567,726	508,742,265	560,613,789	2,045,043	-	-	45,696,202	45,696,202
Fidelity SAI Municipal Money Market Fund	43,912,669	1,091,708	-	1,091,792	-	-	45,004,377	44,995,378
	141,480,395	509,833,973	560,613,789	3,136,835	-	-	90,700,579

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

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

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2026, 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:
Fixed-Income Funds	340,111,279	340,111,279	-	-
Municipal Securities
Education	121,729,917	-	121,729,917	-
Electric Utilities	157,983,008	-	157,983,008	-
Escrowed/Pre-Refunded	18,120,812	-	18,120,812	-
General Obligations	545,163,290	-	545,163,290	-
Health Care	360,338,256	-	360,338,256	-
Housing	221,298,902	-	221,298,902	-
Industrial Development	168,174,764	-	168,174,764	-
Lease Revenue	34,780,217	-	34,780,217	-
Other	144,916,271	-	144,916,271	-
Pooled Loans	19,447,263	-	19,447,263	-
Resource Recovery	163,774,716	-	163,774,716	-
Special Tax	67,080,239	-	67,080,239	-
Synthetics	151,117,668	-	151,117,668	-
Tobacco Bonds	12,499,462	-	12,499,462	-
Transportation	301,813,369	-	301,813,369	-
Water & Sewer	60,398,201	-	60,398,201	-
Money Market Funds	129,141,465	129,141,465	-	-
Total Investments in Securities:	3,017,889,099	469,252,744	2,548,636,355	-

Financial Statements

Statement of Assets and Liabilities
As of May 31, 2026
Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $2,890,860,075)	$	2,894,577,986
Fidelity Central Funds (cost $32,610,534)		32,610,534
Other affiliated issuers (cost $90,687,749)		90,700,579
Total Investment in Securities (cost $3,014,158,358)			$	3,017,889,099
Receivable for investments sold				10,357,016
Receivable for fund shares sold				5,353,615
Dividends receivable				536,580
Interest receivable				27,115,816
Distributions receivable from Fidelity Central Funds				66,259
Prepaid expenses				5,090
Other receivables				14,925
Total assets				3,061,338,400
Liabilities
Payable to custodian bank	$	4,049,008
Payable for investments purchased
Regular delivery		32,450,001
Delayed delivery		40,184,203
Payable for fund shares redeemed		3,668,830
Distributions payable		7,383,806
Accrued management fee		168,762
Other payables and accrued expenses		68,090
Total liabilities				87,972,700
Net Assets			$	2,973,365,700
Net Assets consist of:
Paid in capital			$	2,982,779,355
Total accumulated earnings (loss)				(9,413,655)
Net Assets			$	2,973,365,700
Net Asset Value, offering price and redemption price per share ($2,973,365,700 ÷ 296,035,658 shares)			$	10.04

Statement of Operations
Year ended May 31, 2026
Investment Income
Dividends:
Unaffiliated issuers			$	10,734,613
Affiliated issuers				3,136,641
Interest				86,621,073
Income from Fidelity Central Funds				764,505
Total income				101,256,832
Expenses
Management fee	$	10,301,005
Custodian fees and expenses		29,262
Independent trustees' fees and expenses		13,569
Registration fees		46,043
Audit fees		63,662
Legal		2,977
Miscellaneous		13,229
Total expenses before reductions		10,469,747
Expense reductions		(8,129,133)
Total expenses after reductions				2,340,614
Net Investment income (loss)				98,916,218
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		1,283,296
Capital gain distributions from underlying funds:
Affiliated issuers		194
Total net realized gain (loss)				1,283,490
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		7,892,378
Fidelity Central Funds		(21)
Total change in net unrealized appreciation (depreciation)				7,892,357
Net gain (loss)				9,175,847
Net increase (decrease) in net assets resulting from operations			$	108,092,065

Statement of Changes in Net Assets
		Year ended May 31, 2026		Year ended May 31, 2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	98,916,218	$	117,993,506
Net realized gain (loss)		1,283,490		168,558
Change in net unrealized appreciation (depreciation)		7,892,357		22,216,859
Net increase (decrease) in net assets resulting from operations		108,092,065		140,378,923
Distributions to shareholders		(98,476,206)		(117,742,552)
Share transactions
Proceeds from sales of shares		762,603,657		908,905,836
Reinvestment of distributions		11,287		13,833
Cost of shares redeemed		(1,215,214,179)		(1,419,872,768)
Net increase (decrease) in net assets resulting from share transactions		(452,599,235)		(510,953,099)
Total increase (decrease) in net assets		(442,983,376)		(488,316,728)
Net Assets
Beginning of period		3,416,349,076		3,904,665,804
End of period	$	2,973,365,700	$	3,416,349,076
Other Information
Shares
Sold		75,867,458		90,733,794
Issued in reinvestment of distributions		1,123		1,381
Redeemed		(120,855,831)		(141,746,646)
Net increase (decrease)		(44,987,250)		(51,011,471)

Financial Highlights

 

Strategic Advisers® Tax-Sensitive Short Duration Fund

Years ended May 31,		2026		2025		2024		2023		2022
Selected Per-Share Data
Net asset value, beginning of period	$	10.02	$	9.96	$	9.92	$	9.92	$	10.05
Income from Investment Operations
Net investment income (loss) A,B		.310		.328		.318		.190		.044
Net realized and unrealized gain (loss)		.018		.059		.041		.001		(.130)
Total from investment operations		.328		.387		.359		.191		(.086)
Distributions from net investment income		(.308)		(.327)		(.319)		(.191)		(.044)
Total distributions		(.308)		(.327)		(.319)		(.191)		(.044)
Net asset value, end of period	$	10.04	$	10.02	$	9.96	$	9.92	$	9.92
Total Return C		3.32 %		3.94%		3.67%		1.94%		(.85)%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.33%		.32%		.32%		.32%		.32%
Expenses net of fee waivers, if any		.07 %		.07%		.07%		.07%		.07%
Expenses net of all reductions, if any		.07%		.07%		.07%		.07%		.07%
Net investment income (loss)		3.08%		3.28%		3.20%		1.92%		.44%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,973,366	$	3,416,349	$	3,904,666	$	4,111,702	$	4,559,412
Portfolio turnover rate F		64 %		70%		68%		80%		53%

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

DFees 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.

EExpense 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.

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

Notes to Financial Statements

 

For the period ended May 31, 2026

1. Organization.

Strategic Advisers Tax-Sensitive Short Duration Fund (the Fund) is a fund of Fidelity Rutland Square Trust II (the Trust), and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund is offered exclusively to certain managed account clients of Strategic Advisers LLC (Strategic Advisers), an affiliate of Fidelity Management & Research Company LLC (FMR).

2. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2026 is included at the end of the Fund's Schedule of Investments.

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of May 31, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

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

 

Gross unrealized appreciation	$7,133,265
Gross unrealized depreciation	(3,021,306)
Net unrealized appreciation (depreciation)	$4,111,959
Tax Cost	$3,013,777,140

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

 

Capital loss carryforward	$(13,522,661)
Net unrealized appreciation (depreciation) on securities and other investments	$4,111,959

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

 

Short-term	$(3,173,651)
Long-term	(10,349,010)
Total capital loss carryforward	$(13,522,661)

The tax character of distributions paid was as follows:

 

	May 31, 2026	May 31, 2025
Tax-exempt Income	$95,976,722	$112,712,765
Ordinary Income	$2,499,484	$5,029,787
Total	$98,476,206	$117,742,552

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

3. Purchases and Sales of Investments.

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

 

	Purchases ($)	Sales ($)
Strategic Advisers Tax-Sensitive Short Duration Fund	1,576,550,183	1,994,921,430

4. Fees and Other Transactions with Affiliates.

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

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

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

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

 

Strategic Advisers Tax-Sensitive Short Duration Fund $14,925

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

 

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Strategic Advisers Tax-Sensitive Short Duration Fund	33,402,881	44,493,852	755

5. Investments in Fidelity Central Funds.

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

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

 

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

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

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

6. Committed Line of Credit.

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

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

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (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 2027 unless extended or renewed.

 

	Amount ($)
Strategic Advisers Tax-Sensitive Short Duration Fund	3,989

7. Expense Reductions.

The investment adviser has contractually agreed to waive the Fund's management fee in an amount equal to .25% of the Fund's average net assets until September 30, 2028. During the period, this waiver reduced the Fund's management fee by $8,025,240. Expense reductions also include certain voluntary fee discount arrangements, which are currently in effect for the Fund. During the period, these voluntary arrangements amounted to $78,881.

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 $25,012.

8. Other.

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

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

 

Fund	Strategic Advisers Tax-Sensitive Short Duration Fund
Fidelity SAI Municipal Money Market Fund	99%

9. Risk and Uncertainties.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Advisers Tax-Sensitive Short Duration Fund (one of the funds constituting Fidelity Rutland Square Trust II, referred to hereafter as the "Fund") as of May 31, 2026, the related statement of operations for the year ended May 31, 2026, the statement of changes in net assets for each of the two years in the period ended May 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2026 and the financial highlights for each of the five years in the period ended May 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

July 15, 2026

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

Distributions

 (Unaudited)

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

A total of 50.73% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

During fiscal year ended 2026, 96.54% of the fund's income dividends was free from federal income tax, and 27.71% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

1.9885904.108

TSS-ANN-0726

Strategic Advisers® Short Duration Fund

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

Annual Report

May 31, 2026

Contents

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

Strategic Advisers® Short Duration Fund

Schedule of Investments May 31, 2026

Showing Percentage of Net Assets   

Asset-Backed Securities - 7.5%
	Principal Amount (a)	Value ($)
BAILIWICK OF JERSEY - 0.3%
Fortress Credit BSL Ltd Series 2024-2A Class AR, CME Term SOFR 3 month Index + 1.4%, 5.0752% 10/18/2033 (b)(c)(d)	1,523,336	1,524,207
Hartwick Park CLO Ltd Series 2024-1A Class AR, CME Term SOFR 3 month Index + 1.16%, 4.8352% 1/20/2037 (b)(c)(d)	2,899,000	2,898,072
HPS Loan Management Ltd Series 2026-19A Class A1R, CME Term SOFR 3 month Index + 1.26%, 4.8985% 4/15/2037 (b)(c)(d)	570,000	570,997
Neuberger Berman Loan Advisers CLO Ltd Series 2026-51A Class AR2, CME Term SOFR 3 month Index + 1%, 4.6661% 10/23/2036 (b)(c)(d)	2,025,000	2,025,905
Neuberger Berman Loan Advisers Nbla CLO 50 Ltd / Neuberger Berman Ln Series 2026-50A Class AR2, CME Term SOFR 3 month Index + 1.04%, 4.7061% 7/23/2036 (b)(c)(d)	3,825,000	3,826,867
Peebles Park CLO Ltd Series 2026-1A Class AR, CME Term SOFR 3 month Index + 1.22%, 4.8262% 4/21/2037 (b)(c)(d)	645,000	645,000
Symphony CLO Ltd Series 2026-37A Class AR2, CME Term SOFR 3 month Index + 1.13%, 4.8052% 1/20/2037 (b)(c)(d)	1,815,000	1,811,403
Valley Stream Park CLO Ltd / Valley Stream Park CLO LLC Series 2024-1A Class ARR, CME Term SOFR 3 month Index + 1.19%, 4.8652% 1/20/2037 (b)(c)(d)	1,526,000	1,526,380
TOTAL BAILIWICK OF JERSEY		14,828,831
CANADA - 0.0%
Chesapeake Funding II LLC Series 2023-2A Class A1, 6.16% 10/15/2035 (d)	77,064	77,346
Chesapeake Funding II LLC Series 2024-1A Class A1, 5.52% 5/15/2036 (d)	210,862	212,670
Securitized Term Auto Receivables Trust Series 2025-A Class B, 5.038% 7/25/2031 (d)	639,267	644,185
Securitized Term Auto Receivables Trust Series 2025-B Class B, 4.925% 12/29/2032 (d)	154,922	155,979
Securitized Term Auto Receivables Trust Series 2025-B Class C, 5.121% 12/29/2032 (d)	58,871	59,265
Securitized Term Auto Receivables Trust Series 2026-A Class B, 4.284% 3/25/2033 (d)	498,629	496,241
Securitized Term Auto Receivables Trust Series 2026-A Class C, 4.431% 3/25/2033 (d)	180,538	179,620
TOTAL CANADA		1,825,306
GRAND CAYMAN (UK OVERSEAS TER) - 2.3%
AIMCO CLO Series 2026-BA Class AR3, CME Term SOFR 3 month Index + 1.2%, 4.8795% 4/16/2037 (b)(c)(d)	2,650,000	2,650,782
Alinea CLO Ltd Series 2025-1A Class BR, CME Term SOFR 3 month Index + 1.15%, 4.8252% 7/20/2031 (b)(c)(d)	58,974	58,969
Anthelion CLO Ltd Series 2025-1A Class A1, CME Term SOFR 3 month Index + 1.5%, 5.1752% 7/20/2036 (b)(c)(d)	1,140,000	1,141,358
Ares Lx Clo Ltd Series 2026-60A Class CR, CME Term SOFR 3 month Index + 1.75%, 5.4252% 7/18/2034 (b)(c)(d)	2,830,000	2,827,354
Ares XXXIV CLO Ltd Series 2025-2A Class X, CME Term SOFR 3 month Index + 1%, 4.6804% 7/17/2038 (b)(c)(d)	1,457,143	1,457,092
Bain Capital Credit CLO Series 2025-5A Class ARR, CME Term SOFR 3 month Index + 1.15%, 4.8252% 4/20/2034 (b)(c)(d)	1,485,000	1,485,282
Balboa Bay Loan Funding Ltd Series 2025-1A Class ARR, CME Term SOFR 3 month Index + 1.16%, 4.8352% 4/20/2036 (b)(c)(d)	1,285,000	1,285,664
Battalion CLO X Ltd / Battalion CLO X LLC Series 2025-10A Class A2R3, CME Term SOFR 3 month Index + 1.75%, 5.4171% 1/24/2035 (b)(c)(d)	1,945,000	1,946,422
Battalion CLO XV Ltd / Battalion CLO XV LLC Series 2025-15A Class A1RR, CME Term SOFR 3 month Index + 0.98%, 4.6604% 1/17/2033 (b)(c)(d)	1,799,737	1,797,809
Battalion CLO XV Ltd / Battalion CLO XV LLC Series 2025-15A Class CR, CME Term SOFR 3 month Index + 1.9%, 5.5804% 1/17/2033 (b)(c)(d)	715,000	712,993
BETHP Series 2026-1A Class AR, CME Term SOFR 3 month Index + 1.06%, 4.6956% 10/15/2036 (b)(c)(d)	815,000	815,163
BETHP Series 2026-1A Class BR, CME Term SOFR 3 month Index + 1.5%, 5.1356% 10/15/2036 (b)(c)(d)	2,675,000	2,677,771
Bluemountain CLO Ltd / Bluemountain CLO LLC Series 2024-3A Class A1R, CME Term SOFR 3 month Index + 1.19%, 4.8566% 10/25/2030 (b)(c)(d)	145,528	145,835
Bluemountain CLO Ltd Series 2024-3A Class A1R2, CME Term SOFR 3 month Index + 1.2%, 4.8511% 11/15/2030 (b)(c)(d)	87,964	87,993
Buckhorn Park CLO Ltd Series 2024-1A Class ARR, CME Term SOFR 3 month Index + 1.07%, 4.7452% 7/18/2034 (b)(c)(d)	2,500,000	2,501,750
Canyon Capital CLO Ltd Series 2025-2A Class AR2, CME Term SOFR 3 month Index + 1.01%, 4.6831% 10/15/2034 (b)(c)(d)	990,000	988,395
Chenango Park CLO Ltd Series 2025-1A Class A2R, CME Term SOFR 3 month Index + 1.45%, 5.1231% 4/15/2030 (b)(c)(d)	42,410	42,415
Chenango Park CLO Ltd Series 2025-1A Class BR, CME Term SOFR 3 month Index + 1.8%, 5.4731% 4/15/2030 (b)(c)(d)	1,200,000	1,201,785
CIFC Funding Ltd Series 2025-2A Class A1R, CME Term SOFR 3 month Index + 0.97%, 4.6452% 4/19/2035 (b)(c)(d)	3,000,000	2,992,245
CIFC Funding Ltd Series 2025-4A Class AR, CME Term SOFR 3 month Index + 1.09%, 4.7695% 7/16/2035 (b)(c)(d)	375,000	375,188
Clover CLO Ltd Series 2025-1A Class ARR, CME Term SOFR 3 month Index + 1%, 4.6752% 4/18/2035 (b)(c)(d)	1,635,000	1,635,518
Dryden 45 Senior Loan Fund Series 2024-45A Class BRR, CME Term SOFR 3 month Index + 1.65%, 5.3231% 10/15/2030 (b)(c)(d)	1,290,000	1,292,923
Dryden 68 CLO Ltd Series 2024-68A Class ARR, CME Term SOFR 3 month Index + 1.1%, 4.7731% 7/15/2035 (b)(c)(d)	2,331,000	2,332,748
Flatiron CLO 28 Ltd / Flatiron CLO LLC Series 2025-1A Class A1R, CME Term SOFR 3 month Index + 1.08%, 4.7531% 7/15/2036 (b)(c)(d)	3,497,000	3,497,000
Fortress Credit BSL Ltd Series 2024-1A Class A2R, CME Term SOFR 3 month Index + 1.4%, 5.0661% 7/23/2032 (b)(c)(d)	980,000	979,701
Fortress Credit BSL Ltd Series 2024-1A Class BR, CME Term SOFR 3 month Index + 1.65%, 5.3161% 7/23/2032 (b)(c)(d)	1,250,000	1,250,450
Fortress Credit BSL Ltd Series 2024-2A Class A1AR, CME Term SOFR 3 month Index + 1.05%, 4.7221% 10/20/2032 (b)(c)(d)	150,170	150,184
Fortress Credit BSL Ltd Series 2024-2A Class A2R, CME Term SOFR 3 month Index + 1.4%, 5.0721% 10/20/2032 (b)(c)(d)	2,455,000	2,454,760
Fortress Credit BSL Ltd Series 2025-1A Class A1R, CME Term SOFR 3 month Index + 1.57%, 5.2361% 4/23/2036 (b)(c)(d)	265,000	265,288
FTAI MRE Cayman Ltd Series 2026-1A Class A, 5.632% 6/15/2051 (d)	500,000	500,900
Galaxy XXII CLO Ltd Series 2026-22A Class CR4, CME Term SOFR 3 month Index + 1.6%, 5.2795% 4/16/2034 (b)(c)(d)	700,000	699,296
Golub Cap Partners Static Ltd Series 2025-1A Class BR, CME Term SOFR 3 month Index + 1.5%, 5.1752% 7/20/2035 (b)(c)(d)	2,930,000	2,929,877
Invesco CLO Ltd Series 2025-3A Class A1R, CME Term SOFR 3 month Index + 1.08%, 4.7436% 10/22/2034 (b)(c)(d)	2,820,000	2,820,355
Jamestown CLO XV Ltd / Jamestown CLO XV Corp Series 2026-15A Class A1R2, CME Term SOFR 3 month Index + 1.05%, 4.7231% 7/15/2035 (b)(c)(d)	250,000	249,991
KKR CLO 34 Ltd Series 2025-34A Class AR, CME Term SOFR 3 month Index + 1.1%, 4.7731% 7/15/2034 (b)(c)(d)	845,000	845,334
KKR CLO 38 Ltd Series 2025-38A Class A1R, CME Term SOFR 3 month Index + 1.15%, 4.8231% 1/15/2038 (b)(c)(d)	1,480,000	1,478,683
KKR CLO 40 Ltd Series 2024-40A Class AR, CME Term SOFR 3 month Index + 1.3%, 4.9752% 10/20/2034 (b)(c)(d)	1,980,000	1,981,366
KKR CLO Ltd / KKR CLO LLC Series 2025-18 Class A1R2, CME Term SOFR 3 month Index + 1.05%, 4.7252% 10/18/2035 (b)(c)(d)	1,908,022	1,907,956
KKR CLO Ltd Series 2025-33A Class AR, CME Term SOFR 3 month Index + 1.08%, 4.7552% 7/20/2034 (b)(c)(d)	1,800,000	1,799,636
KKR CLO Ltd Series 2025-33A Class BR, CME Term SOFR 3 month Index + 1.6%, 5.2752% 7/20/2034 (b)(c)(d)	1,145,000	1,146,893
Lcm Ltd Series 2026-39A Class A1R2, CME Term SOFR 3 month Index + 1.04%, 4.7131% 10/15/2034 (b)(c)(d)	2,545,000	2,544,911
Madison Park Funding XLV Ltd / Madison Park Funding XLV LLC Series 2024-45A Class ARR, CME Term SOFR 3 month Index + 1.08%, 4.7531% 7/15/2034 (b)(c)(d)	2,860,000	2,860,795
Madison Park Funding XXIV Ltd Series 2024-24A Class CR2, CME Term SOFR 3 month Index + 2.05%, 5.7252% 10/20/2029 (b)(c)(d)	855,000	856,305
Magnetite XXI Ltd Series 2026-21AR Class AR2, CME Term SOFR 3 month Index + 0.98%, 0.98% 4/20/2034 (b)(c)(d)	3,500,000	3,500,000
Magnetite XXII Ltd / Magnetite XXII LLC Series 2024-22A Class ARR, CME Term SOFR 3 month Index + 1.25%, 4.9231% 7/15/2036 (b)(c)(d)	2,408,000	2,408,917
Magnetite XXIII Ltd Series 2026-23A Class AR2, CME Term SOFR 3 month Index + 0.99%, 4.6566% 1/25/2035 (b)(c)(d)	1,780,000	1,780,664
Marble Point CLO XV Ltd Series 2024-1A Class A1R2, CME Term SOFR 3 month Index + 1.04%, 4.7061% 7/23/2032 (b)(c)(d)	904,915	904,550
Marble Point CLO XXI Ltd Series 2026-3A Class BR, CME Term SOFR 3 month Index + 1.5%, 5.1804% 10/17/2034 (b)(c)(d)	2,100,000	2,100,620
Nassau Ltd Series 2026-1A Class B1RR, CME Term SOFR 3 month Index + 1.6%, 0% 1/15/2035 (b)(c)(d)	1,900,000	1,900,000
Northwoods Capital XIV-B Ltd Series 2024-14BA Class AR, CME Term SOFR 3 month Index + 1.25%, 4.894% 11/13/2031 (b)(c)(d)	925,817	925,800
OHA Credit Funding 22 Ltd Series 2025-22A Class A1, CME Term SOFR 3 month Index + 1.33%, 5.0052% 7/20/2038 (b)(c)(d)	1,854,000	1,855,099
Ozlm Funding II Ltd Series 2025-2A Class AR4, CME Term SOFR 3 month Index + 1.2%, 4.8634% 7/30/2037 (b)(c)(d)	1,850,000	1,851,247
Ozlm Funding II Ltd Series 2025-2A Class BR4, CME Term SOFR 3 month Index + 1.75%, 5.4134% 7/30/2037 (b)(c)(d)	1,710,000	1,710,219
Ozlm Xix Ltd Series 2026-19A Class A1R3, CME Term SOFR 3 month Index + 1%, 4.6731% 1/15/2035 (b)(c)(d)	2,155,000	2,153,996
Palmer Square Loan Funding Ltd / Palmer Square Loan Funding LLC Series 2025-2A Class A1, CME Term SOFR 3 month Index + 0.94%, 4.6131% 7/15/2033 (b)(c)(d)	2,251,887	2,251,819
Palmer Square Loan Funding Ltd Series 2026-3A Class BR, CME Term SOFR 3 month Index + 1.45%, 5.0996% 8/8/2032 (b)(c)(d)	680,000	679,930
Post CLO Ltd Series 2026-1A Class BR, CME Term SOFR 3 month Index + 1.45%, 5.1252% 4/20/2035 (b)(c)(d)	1,065,000	1,064,956
Romark CLO Ltd Series 2024-2A Class A2R, CME Term SOFR 3 month Index + 1.65%, 5.3166% 7/25/2031 (b)(c)(d)	2,150,000	2,151,144
RR Ltd Series 2025-16A Class A1R, CME Term SOFR 3 month Index + 1.05%, 4.7231% 7/15/2036 (b)(c)(d)	1,100,000	1,100,717
Sound Point CLO XXII Ltd Series 2024-1A Class BRR, CME Term SOFR 3 month Index + 1.65%, 5.3252% 1/20/2032 (b)(c)(d)	250,000	250,186
Sound Point CLO Xxxi Ltd Series 2026-3AR Class AR, CME Term SOFR 3 month Index + 1.07%, 0% 10/25/2034 (b)(c)(d)	2,240,000	2,240,000
Stratus Funding CLO Series 2025-1A Class B, CME Term SOFR 3 month Index + 1.45%, 5.1231% 7/15/2033 (b)(c)(d)	620,000	619,974
Symphony CLO 43 Ltd Series 2026-43AR Class A1R, CME Term SOFR 3 month Index + 1.23%, 0% 4/15/2037 (b)(c)(d)	1,290,000	1,290,000
Symphony CLO Xxiii Ltd Series 2025-23A Class AR2, CME Term SOFR 3 month Index + 0.9%, 4.5731% 1/15/2034 (b)(c)(d)	929,279	929,606
Trinitas CLO VI Ltd / Trinitas CLO VI LLC Series 2025-6A Class AR4, CME Term SOFR 3 month Index + 1.11%, 4.7766% 1/25/2034 (b)(c)(d)	1,829,989	1,830,851
Voya CLO Ltd / Voya CLO LLC Series 2024-1A Class A1R, CME Term SOFR 3 month Index + 1.25%, 4.9252% 4/20/2035 (b)(c)(d)	1,888,000	1,889,644
Voya CLO Ltd Series 2024-2A Class AR, CME Term SOFR 3 month Index + 1.2%, 4.8752% 7/20/2032 (b)(c)(d)	2,045,502	2,047,083
Wellfleet CLO Ltd Series 2025-1A Class BR, CME Term SOFR 3 month Index + 1.65%, 5.3252% 4/20/2034 (b)(c)(d)	1,510,000	1,510,291
Wind River CLO Ltd Series 2026-1AR Class ARR, CME Term SOFR 3 month Index + 1.15%, 0% 7/20/2035 (b)(c)(d)	3,375,000	3,375,000
Wind River CLO Ltd Series 2026-1AR Class B1RR, CME Term SOFR 3 month Index + 1.5%, 0% 7/20/2035 (b)(c)(d)	2,795,000	2,795,000
TOTAL GRAND CAYMAN (UK OVERSEAS TER)		110,790,448
UNITED STATES - 4.9%
Affirm Asset Securitization Trust Series 2025-X2 Class A, 4.45% 10/15/2030 (d)	1,377,618	1,378,961
Affirm Master Trust Series 2025-2A Class A, 4.67% 7/15/2033 (d)	655,000	657,612
Affirm Master Trust Series 2025-2A Class B, 5.06% 7/15/2033 (d)	685,000	686,997
Affirm Master Trust Series 2025-3A Class A, 4.45% 10/16/2034 (d)	550,000	546,630
Affirm Master Trust Series 2026-1A Class A, 4.37% 2/15/2034 (d)	1,385,000	1,377,312
Affirm Master Trust Series 2026-1A Class B, 4.57% 2/15/2034 (d)	210,000	208,966
Affirm Master Trust Series 2026-1A Class C, 4.72% 2/15/2034 (d)	855,000	850,153
AFFRM Series 2026-X1 Class A, 4.27% 4/15/2031 (d)	2,420,000	2,420,521
AFFRM Series 2026-X1 Class B, 4.59% 4/15/2031 (d)	100,000	99,987
AFFRM Series 2026-X1 Class C, 4.82% 4/15/2031 (d)	275,000	274,888
Ally Auto Receivables Trust Series 2023-A Class C, 6.08% 1/17/2034 (d)	177,134	178,103
Ally Auto Receivables Trust Series 2025-1 Class A2, 4.03% 7/17/2028	1,890,733	1,890,703
Ally Bank/UT Series 2024-A Class C, 6.022% 5/17/2032 (d)	93,649	94,928
Ally Bank/UT Series 2024-B Class A2, 4.97% 9/15/2032 (d)	127,409	128,168
Ally Bank/UT Series 2024-B Class C, 5.215% 9/15/2032 (d)	141,308	142,214
Ally Bank/UT Series 2025-B Class B, 4.501% 9/15/2033 (d)	309,379	308,832
Ally Bank/UT Series 2025-B Class C, 4.697% 9/15/2033 (d)	660,773	659,474
Ally Bank/UT Series 2025-B Class D, 4.942% 9/15/2033 (d)	534,729	533,534
Ally Bank/Utah Series 2026-A Class A2, 4.582% 3/15/2034 (d)	1,510,000	1,510,874
Ally Bank/Utah Series 2026-A Class C, 4.856% 3/15/2034 (d)	575,000	575,327
Ally Bank/Utah Series 2026-A Class D, 5.248% 3/15/2034 (d)	460,000	460,262
Americredit Automobile Receivables Trust Series 2023-1 Class C, 5.8% 12/18/2028	625,000	632,508
Amur Equipment Finance Receivables XIV LLC Series 2024-2A Class C, 5.38% 7/21/2031 (d)	1,553,000	1,568,837
Amur Equipment Finance Receivables XIV LLC Series 2024-2A Class D, 5.97% 10/20/2031 (d)	245,000	248,204
Applebee's Funding LLC / IHOP Funding LLC Series 2023-1A Class A2, 7.824% 3/5/2053 (d)	525,000	530,201
Arbys Funding LLC Series 2020-1A Class A2, 3.237% 7/30/2050 (d)	2,115,913	2,069,375
ARI Fleet Lease Trust Series 2024-B Class A2, 5.54% 4/15/2033 (d)	328,448	329,962
ARI Fleet Lease Trust Series 2026-A Class A2, 3.96% 11/15/2034 (d)	1,345,000	1,340,348
ARI Fleet Lease Trust Series 2026-A Class A3, 4.09% 11/15/2034 (d)	100,000	98,929
Ari Fleet Lease Trust Series 2026-B Class B, 4.74% 2/15/2035 (d)	200,000	199,451
AutoNation Finance Trust Series 2025-1A Class A2, 4.72% 4/10/2028 (d)	101,009	101,082
AutoNation Finance Trust Series 2026-1A Class A3, 4.03% 8/12/2030 (d)	475,000	472,731
Auxilior Term Funding LLC Series 2023-1A Class D, 7.27% 12/16/2030 (d)	1,055,000	1,082,420
Auxilior Term Funding LLC Series 2023-1A Class E, 10.97% 12/15/2032 (d)	230,000	247,375
Auxilior Term Funding LLC Series 2024-1A Class A3, 5.49% 7/15/2031 (d)	409,565	414,066
Avis Budget Rental Car Funding AESOP LLC Series 2024-2A Class C, 6.18% 10/20/2027 (d)	175,000	175,434
Avis Budget Rental Car Funding AESOP LLC Series 2025-3A Class B, 4.46% 2/20/2030 (d)	175,000	172,340
Avis Budget Rental Car Funding AESOP LLC Series 2025-3A Class C, 4.95% 2/20/2030 (d)	100,000	98,492
Bank of America Credit Card Master Trust Series 2026-A1 Class A, 4.22% 4/15/2031	2,257,000	2,251,518
Battalion CLO XII Ltd Series 2025-12A Class BRR, CME Term SOFR 3 month Index + 1.2%, 4.8489% 5/17/2031 (b)(c)(d)	892,552	892,261
Battalion CLO XII Ltd Series 2025-12A Class CRR, CME Term SOFR 3 month Index + 1.55%, 5.1989% 5/17/2031 (b)(c)(d)	1,020,000	1,020,221
Battalion CLO XIX Ltd Series 2026-19A Class BR, CME Term SOFR 3 month Index + 1.6%, 5.2147% 4/15/2034 (b)(c)(d)	2,810,000	2,811,276
Battalion CLO XXI Ltd / Battalion CLO XXI LLC Series 2025-21A Class AR, CME Term SOFR 3 month Index + 1.15%, 4.8231% 7/15/2034 (b)(c)(d)	1,533,131	1,534,065
Battalion CLO XXI Ltd / Battalion CLO XXI LLC Series 2025-21A Class BR, CME Term SOFR 3 month Index + 1.7%, 5.3731% 7/15/2034 (b)(c)(d)	570,000	570,104
Bayview Opportunity Master Fund VII LLC Series 2024-CAR1 Class A, U.S. 30-Day Avg. SOFR Index + 1.1%, 4.7121% 12/26/2031 (b)(c)(d)	140,730	140,878
Bayview Opportunity Master Fund VII LLC Series 2025-EDU1 Class A, U.S. 30-Day Avg. SOFR Index + 1.3%, 4.9121% 7/27/2048 (b)(c)(d)	271,879	271,879
Bayview Opportunity Master Fund VII LLC Series 2025-EDU1 Class B, U.S. 30-Day Avg. SOFR Index + 1.7%, 5.3121% 7/27/2048 (b)(c)(d)	703,002	704,274
Blue Owl Asset Leasing Trust LLC Series 2024-1A Class A2, 5.05% 3/15/2029 (d)	248,417	248,912
Blue Owl Asset Leasing Trust LLC Series 2024-1A Class B, 5.41% 3/15/2030 (d)	240,000	241,657
BofA Auto Trust Series 2025-1A Class A2A, 4.52% 11/22/2027 (d)	165,404	165,522
Bridgecrest Lending Auto Securitization Trust Series 2026-1 Class C, 4.44% 11/17/2031	840,000	830,691
Bridgecrest Lending Auto Securitization Trust Series 2026-2 Class C, 4.88% 2/17/2032	860,000	858,183
Capital One Prime Auto Receivables Trust Series 2025-1 Class A2A, 3.88% 1/16/2029	2,331,686	2,329,419
CarMax Auto Owner Trust Series 2023-2 Class C, 5.57% 11/15/2028	955,000	964,274
CarMax Auto Owner Trust Series 2023-2 Class D, 6.55% 10/15/2029	635,000	645,433
CarMax Auto Owner Trust Series 2023-3 Class C, 5.61% 2/15/2029	975,000	986,183
CarMax Auto Owner Trust Series 2023-3 Class D, 6.44% 12/16/2030	350,000	356,160
CarMax Auto Owner Trust Series 2024-1 Class C, 5.47% 8/15/2029	505,000	511,536
CarMax Auto Owner Trust Series 2024-2 Class D, 6.42% 10/15/2030	70,000	71,743
CarMax Auto Owner Trust Series 2024-3 Class D, 5.67% 1/15/2031	255,000	258,786
CarMax Auto Owner Trust Series 2025-3 Class A2A, 4.42% 8/15/2028	1,478,837	1,480,723
Carmax Auto Owner Trust Series 2025-4 Class A2A, 3.95% 3/15/2029	1,887,680	1,886,192
CarMax Auto Owner Trust Series 2026-2 Class A3, 4.22% 6/16/2031	1,790,000	1,781,683
CarMax Select Receivables Trust Series 2024-A Class B, 5.35% 1/15/2030	270,000	272,903
CarMax Select Receivables Trust Series 2024-A Class C, 5.62% 1/15/2030	1,150,000	1,167,525
Carmax Select Receivables Trust Series 2025-B Class C, 4.83% 6/16/2031	1,429,000	1,427,195
Carvana Auto Receivables Trust Series 2021-P4 Class B, 1.98% 2/10/2028	445,000	439,902
Carvana Auto Receivables Trust Series 2022-N1 Class C, 3.32% 12/11/2028 (d)	42,094	41,699
Carvana Auto Receivables Trust Series 2024-N1 Class C, 5.8% 5/10/2030 (d)	250,000	253,009
Carvana Auto Receivables Trust Series 2024-N2 Class B, 5.67% 9/10/2030 (d)	815,000	820,071
Carvana Auto Receivables Trust Series 2024-N2 Class C, 5.82% 9/10/2030 (d)	1,620,000	1,643,637
Carvana Auto Receivables Trust Series 2025-P1 Class A2, 4.5% 6/12/2028	8,435	8,436
Carvana Auto Receivables Trust Series 2025-P2 Class A2, 4.56% 8/10/2028	717,136	717,841
Carvana Auto Receivables Trust Series 2025-P3 Class A2, 4.07% 2/12/2029	1,331,010	1,330,689
Carvana Auto Receivables Trust Series 2026-P1 Class B, 4.76% 7/12/2032	330,000	325,746
Carvana Auto Receivables Trust Series 2026-P1 Class C, 5.28% 8/10/2032	1,620,000	1,598,645
Carvana Auto Receivables Trust Series 2026-P2 Class A3, 4.77% 4/10/2031	835,000	838,291
Carvana Auto Receivables Trust Series 2026-P2 Class C, 5.8% 10/12/2032	900,000	906,935
Carvana Auto Receivables Trust Series 2026-P2 Class D, 6.18% 6/12/2034	1,595,000	1,608,597
Ccg Receivables Trust Series 2024-1 Class C, 5.22% 3/15/2032 (d)	907,000	915,456
Chase Auto Credit Linked Notes Series 2025-1 Class B, 4.753% 2/25/2033 (d)	476,696	477,335
Clarus Cap Fdg LLC Series 2026-1A Class A2, 4.52% 11/20/2034 (d)	685,000	684,660
Clarus Cap Fdg LLC Series 2026-1A Class B, 5.01% 11/20/2034 (d)	1,160,000	1,155,869
CyrusOne Data Centers Issuer I LLC Series 2024-2A Class A2, 4.5% 5/20/2049 (d)	1,500,000	1,455,349
Dell Equipment Finance Trust Series 2023-3 Class D, 6.75% 10/22/2029 (d)	100,000	100,118
Dell Equipment Finance Trust Series 2024-1 Class C, 5.73% 3/22/2030 (d)	1,125,000	1,132,815
Dell Equipment Finance Trust Series 2024-1 Class D, 6.12% 9/23/2030 (d)	425,000	428,285
Dell Equipment Finance Trust Series 2024-2 Class A2, 4.69% 8/22/2030 (d)	174,964	175,054
Dell Equipment Finance Trust Series 2024-2 Class B, 4.82% 8/22/2030 (d)	105,000	105,512
Dell Equipment Finance Trust Series 2024-2 Class D, 5.29% 2/24/2031 (d)	865,000	869,195
Dell Equipment Finance Trust Series 2025-1 Class A2, 4.68% 7/22/2027 (d)	147,035	147,314
Dell Equipment Finance Trust Series 2025-1 Class C, 5.25% 2/24/2031 (d)	100,000	101,077
Dell Equipment Finance Trust Series 2026-1A Class C, 4.8% 12/22/2031 (d)	100,000	99,669
Dell Equipment Finance Trust Series 2026-1A Class D, 5.19% 11/22/2032 (d)	155,000	154,668
Dext ABS LLC Series 2025-1 Class A2, 4.59% 8/16/2027 (d)	229,525	229,850
Dext ABS LLC Series 2025-1 Class D, 5.65% 2/15/2036 (d)	2,825,000	2,854,727
Dext ABS LLC Series 2025-2 Class A3, 4.23% 4/15/2036 (d)	100,000	99,683
Dext ABS LLC Series 2025-2 Class C, 4.89% 4/15/2036 (d)	150,000	149,101
DLLAA LLC Series 2025-1A Class A2, 4.7% 10/20/2027 (d)	433,149	434,041
DLLAA Series 2023-1A Class A3, 5.64% 2/22/2028 (d)	327,402	329,834
DLLAD LLC Series 2025-1A Class A2, 4.46% 11/20/2028 (d)	1,283,791	1,287,115
DLLAD Series 2024-1A Class A2, 5.5% 8/20/2027 (d)	122,042	122,249
DLLMT LLC Series 2026-1A Class A3, 4.2% 12/20/2029 (d)	160,000	159,203
DLLMT LLC Series 2026-1A Class A4, 4.36% 9/20/2033 (d)	45,000	44,746
DLLST Series 2024-1A Class A3, 5.05% 8/20/2027 (d)	86,495	86,780
DLLST Series 2024-1A Class A4, 4.93% 4/22/2030 (d)	65,000	65,375
Drive Auto Receivables Trust Series 2024-2 Class C, 4.67% 5/17/2032	475,000	476,984
Drive Auto Receivables Trust Series 2025-2 Class C, 4.39% 9/15/2032	380,000	377,232
DRIVE Series 2025-1 Class A2, 4.87% 8/15/2028	115,783	115,829
Eart Series 2025-5A Class B, 4.28% 7/15/2030	840,000	837,979
Elara HGV Timeshare Issuer LLC Series 2023-A Class A, 6.16% 2/25/2038 (d)	138,931	142,229
Elara HGV Timeshare Issuer LLC Series 2023-A Class C, 7.3% 2/25/2038 (d)	190,229	194,732
Elara Hgv Timeshare Issuer LLC Series 2025-A Class A, 4.54% 1/25/2040 (d)	562,176	556,948
Enterprise Fleet Financing LLC Series 2023-3 Class A2, 6.4% 3/20/2030 (d)	211,046	212,706
Enterprise Fleet Financing LLC Series 2024-1 Class A2, 5.23% 3/20/2030 (d)	914,526	918,898
Enterprise Fleet Financing LLC Series 2024-3 Class A2, 5.31% 4/20/2027 (d)	265,656	266,044
Enterprise Fleet Financing LLC Series 2024-3 Class A4, 5.06% 3/20/2031 (d)	205,000	207,202
Enterprise Fleet Financing LLC Series 2024-4 Class A2, 4.69% 7/20/2027 (d)	1,160,782	1,163,057
Enterprise Fleet Financing LLC Series 2025-1 Class A2, 4.65% 10/20/2027 (d)	1,262,166	1,264,828
Enterprise Fleet Financing LLC Series 2025-2 Class A2, 4.51% 2/22/2028 (d)	2,065,190	2,069,842
Enterprise Fleet Financing LLC Series 2026-2 Class A2, 4.33% 2/20/2029 (d)	3,000,000	3,000,652
Enterprise Fleet Financing LLC Series 2026-2 Class A3, 4.51% 6/20/2030 (d)	480,000	479,802
Enterprise Fleet Financing LLC Series 2026-2 Class A4, 4.59% 1/20/2033 (d)	500,000	499,716
ESART Series 2026-1 Class B, 4.99% 10/15/2032	275,000	276,044
ESART Series 2026-1 Class C, 5.37% 10/15/2032	625,000	628,155
Exeter Automobile Receivables Trust Series 2023-1A Class D, 6.69% 6/15/2029	54,369	54,911
Exeter Automobile Receivables Trust Series 2025-3A Class A2, 4.83% 1/18/2028	94,980	95,015
Exeter Automobile Receivables Trust Series 2025-4A Class A2, 4.53% 3/15/2028	562,435	562,784
Exeter Automobile Receivables Trust Series 2025-4A Class B, 4.4% 5/15/2030	255,000	255,088
Exeter Automobile Receivables Trust Series 2025-4A Class C, 4.57% 6/16/2031	915,000	911,422
Exeter Automobile Receivables Trust Series 2026-1A Class B, 4.22% 10/15/2030	275,000	272,559
Exeter Automobile Receivables Trust Series 2026-1A Class C, 4.4% 5/17/2032	800,000	788,917
Exeter Select Automobile Receivables Trust Series 2025-1 Class A2, 4.83% 10/16/2028	17,914	17,934
Exeter Select Automobile Receivables Trust Series 2025-1 Class B, 4.87% 8/15/2031	480,000	480,846
Exeter Select Automobile Receivables Trust Series 2025-2 Class A2, 4.54% 6/15/2029	708,090	709,245
Exeter Select Automobile Receivables Trust Series 2025-2 Class B, 4.63% 11/17/2031	265,000	264,125
Exeter Select Automobile Receivables Trust Series 2025-2 Class C, 4.91% 12/15/2031	540,000	538,974
Fiaot Series 2025-1A Class A2, 4.31% 12/15/2028 (d)	1,338,411	1,339,299
FIGRE Trust Series 2026-HF3 Class A1A, U.S. 30-Day Avg. SOFR Index + 1.4%, 5.0121% 3/25/2056 (b)(c)(d)	2,921,134	2,930,145
Flatiron CLO 23 LLC Series 2025-1A Class AR, CME Term SOFR 3 month Index + 1.24%, 4.9204% 4/17/2036 (b)(c)(d)	2,303,000	2,303,636
Flatiron RR CLO 22 LLC Series 2025-2A Class AR, CME Term SOFR 3 month Index + 0.91%, 4.5831% 10/15/2034 (b)(c)(d)	1,900,000	1,899,054
Ford Credit Auto Owner Trust Series 2021-2 Class D, 2.6% 5/15/2034 (d)	695,000	687,566
Ford Credit Auto Owner Trust Series 2023-A Class B, 5.07% 1/15/2029	1,495,000	1,504,631
Ford Credit Floorplan Master Owner Trust A Series 2024-1 Class B, 5.48% 4/15/2029 (d)	550,000	555,253
Freddie Mac STACR REMIC Trust Series 2023-HQA3 Class A1, U.S. 30-Day Avg. SOFR Index + 1.85%, 5.4621% 11/25/2043 (b)(c)(d)	246,190	247,722
GM Financial Automobile Leasing Trust Series 2025-1 Class A2A, 4.54% 5/20/2027 (b)	908,550	909,272
GM Financial Consumer Automobile Receivables Trust Series 2025-2 Class A2A, 4.4% 2/16/2028	831,710	832,524
GMF Floorplan Owner Revolving Trust Series 2023-1 Class A2, U.S. 30-Day Avg. SOFR Index + 1.15%, 4.7929% 6/15/2028 (b)(c)(d)	1,000,000	1,000,300
GMF Floorplan Owner Revolving Trust Series 2025-1A Class A2, U.S. 30-Day Avg. SOFR Index + 0.6%, 4.2429% 3/15/2029 (b)(c)(d)	1,650,000	1,652,884
Goto Foods Funding LLC Series 2017-1A Class A2II, 5.093% 4/30/2047 (d)	1,915,550	1,910,831
GreatAmerica Leasing Receivables Funding LLC Series 2025-2 Class A3, 4.14% 12/17/2029 (d)	435,000	432,080
GreenSky Home Improvement Issuer Trust Series 2025-2A Class A2, 4.93% 6/25/2060 (d)	54,764	54,926
GreenSky Home Improvement Trust Series 2025-3A Class A1, 4.34% 12/27/2060 (d)	1,236,284	1,237,402
Hardee's Funding LLC / Carl's Jr Funding LLC Series 2018-1A Class A23, 5.71% 6/20/2048 (d)	666,000	658,187
Hardee's Funding LLC / Carl's Jr Funding LLC Series 2020-1A Class A2, 3.981% 12/20/2050 (d)	3,779,351	3,655,774
Hardee's Funding LLC / Carl's Jr Funding LLC Series 2021-1A Class A2, 2.865% 6/20/2051 (d)	3,044,190	2,839,273
Hilton Grand Vacations Trust Series 2020-AA Class A, 2.74% 2/25/2039 (d)	113,645	112,269
Hilton Grand Vacations Trust Series 2020-AA Class B, 4.22% 2/25/2039 (d)	175,093	174,010
Hilton Grand Vacations Trust Series 2022-1D Class A, 3.61% 6/20/2034 (d)	77,164	77,084
Hilton Grand Vacations Trust Series 2023-1A Class B, 6.11% 1/25/2038 (d)	396,885	403,394
Hilton Grand Vacations Trust Series 2023-1A Class C, 6.94% 1/25/2038 (d)	73,604	75,495
Hilton Grand Vacations Trust Series 2025-1A Class A, 4.88% 5/27/2042 (d)	291,014	291,231
Hilton Grand Vacations Trust Series 2025-1A Class B, 5.18% 5/27/2042 (d)	498,881	498,364
Home Partners of America Trust Series 2022-1 Class A, 3.93% 4/17/2039 (d)	313,113	311,346
Hotwire Funding LLC Series 2021-1 Class A2, 2.311% 11/20/2051 (d)	325,000	321,512
HPEFS Equipment Trust Series 2023-2A Class D, 6.97% 7/21/2031 (d)	163,782	164,588
HPEFS Equipment Trust Series 2024-1A Class C, 5.33% 5/20/2031 (d)	1,220,000	1,223,416
HPEFS Equipment Trust Series 2024-1A Class D, 5.82% 11/20/2031 (d)	1,390,000	1,403,765
HPEFS Equipment Trust Series 2024-2A Class B, 5.35% 10/20/2031 (d)	170,000	170,957
HPEFS Equipment Trust Series 2024-2A Class D, 5.82% 4/20/2032 (d)	420,000	424,769
Huntington Bank Auto Credit-Linked Notes Series 2024-1 Class B1, 6.153% 5/20/2032 (d)	449,741	454,569
Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class B1, 5.442% 10/20/2032 (d)	990,826	997,797
Huntington Bank Auto Credit-Linked Notes Series 2025-2 Class B2, U.S. 30-Day Avg. SOFR Index + 1.2%, 4.8251% 9/20/2033 (b)(c)(d)	558,046	559,503
Huntington Bank Auto Credit-Linked Notes Series 2026-1 Class B1, 4.503% 2/20/2034 (d)	538,995	534,872
Huntington National Bank/The Series 2025-1 Class B, 4.957% 3/21/2033 (d)	688,107	689,709
Hyundai Auto Lease Securitization Trust Series 2025-B Class A3, 4.53% 4/17/2028 (d)	390,000	391,386
Hyundai Auto Lease Securitization Trust Series 2025-B Class B, 4.94% 8/15/2029 (d)	805,000	809,108
Hyundai Auto Lease Securitization Trust Series 2025-C Class A3, 4.36% 7/17/2028 (d)	1,700,000	1,701,338
Hyundai Auto Receivables Trust Series 2024-C Class A2A, 4.53% 9/15/2027	191,788	191,865
Hyundai Auto Receivables Trust Series 2025-B Class A2A, 4.45% 8/15/2028	889,471	890,698
Hyundai Auto Receivables Trust Series 2026-A Class C, 4.31% 6/15/2033	165,000	162,143
Jack in the Box Funding LLC Series 2022-1A Class A2I, 3.445% 2/26/2052 (d)	1,980,060	1,926,958
John Deere Owner Trust Series 2024-C Class A2B, U.S. 30-Day Avg. SOFR Index + 0.43%, 4.0729% 8/16/2027 (b)(c)	51,564	51,570
JP Morgan Mortgage Trust Series 2025-HE3 Class A1, U.S. 30-Day Avg. SOFR Index + 1.35%, 4.9751% 3/20/2056 (b)(c)(d)	370,308	372,258
JP Morgan Mortgage Trust Series 2026-HE1 Class A1, U.S. 30-Day Avg. SOFR Index + 1.25%, 4.8751% 9/20/2056 (b)(c)(d)	1,995,438	2,002,564
Juniper Valley Park CLO LLC Series 2025-1A Class ARR, CME Term SOFR 3 month Index + 1.08%, 4.7552% 7/20/2036 (b)(c)(d)	2,500,000	2,501,625
Kubota Credit Owner Trust Series 2024-2A Class A2, 5.45% 4/15/2027 (d)	4,007	4,008
Kubota Credit Owner Trust Series 2025-1A Class A2, 4.61% 12/15/2027 (d)	1,488,983	1,492,258
Kubota Credit Owner Trust Series 2025-2A Class A2, 4.48% 4/17/2028 (d)	937,309	939,408
M&T Bank Auto Receivables Trust Series 2026-1A Class A3, 4.66% 6/16/2031 (d)	2,405,000	2,414,987
M&T Equipment Notes Series 2025-1A Class A2, 4.7% 12/16/2027 (d)	813,986	815,985
Marlette Funding Trust Series 2025-1A Class A, 4.75% 7/16/2035 (d)	32,120	32,143
Marriott Vacations Worldwide Owner Trust Series 2023-2A Class A, 6.18% 11/20/2040 (d)	117,414	120,205
Marriott Vacations Worldwide Owner Trust Series 2023-2A Class B, 6.33% 11/20/2040 (d)	75,367	76,893
Merchants Fleet Funding LLC Series 2025-1A Class A, 4.49% 1/20/2039 (d)	850,000	850,534
Mtg Pass Thru Ctf Series 2021-INV1 Class A1, 0.852% 1/25/2056 (b)(d)	29,466	28,978
MVW  LLC Series 2026-1A Class B, 4.97% 3/20/2043 (d)	960,777	956,169
MVW LLC Series 2020-1A Class A, 1.74% 10/20/2037 (d)	115,710	115,110
MVW LLC Series 2020-1A Class B, 2.73% 10/20/2037 (d)	81,646	81,310
MVW LLC Series 2021-1WA Class B, 1.44% 1/22/2041 (d)	29,514	28,660
MVW LLC Series 2021-1WA Class C, 1.94% 1/22/2041 (d)	47,082	45,728
MVW LLC Series 2023-1A Class A, 4.93% 10/20/2040 (d)	385,849	387,085
Navient Education Loan Trust Series 2026-A Class A, 4.86% 9/15/2056 (d)	770,000	767,612
Navient Private Education Loan Trust Series 2019-D Class A2A, 3.01% 12/15/2059 (d)	136,760	132,899
Navient Private Education Loan Trust Series 2020-CA Class A2A, 2.15% 11/15/2068 (d)	850,372	820,575
Navient Private Education Refi Loan Trust Series 2019-A Class A2A, 3.42% 1/15/2043 (d)	39,569	39,540
Navient Private Education Refi Loan Trust Series 2019-GA Class A, 2.4% 10/15/2068 (d)	82,697	80,684
Navient Private Education Refi Loan Trust Series 2020-DA Class A, 1.69% 5/15/2069 (d)	153,424	146,359
Navient Private Education Refi Loan Trust Series 2024-A Class A, 5.66% 10/15/2072 (d)	231,702	234,194
Navient Refinance Loan Trust Series 2026-A Class A, 4.5% 1/18/2056 (d)	395,145	388,398
Navient Student Loan Trust Series 2019-EA Class A2A, 2.64% 5/15/2068 (d)	154,670	152,734
Navient Student Loan Trust Series 2023-A Class A, 5.51% 10/15/2071 (d)	1,701,984	1,731,577
Navistar Financial Dealer Note Master Trust Series 2025-1 Class B, 4.42% 9/25/2030 (d)	150,000	149,426
Navistar Financial Dealer Note Master Trust Series 2025-1 Class C, 4.72% 9/25/2030 (d)	70,000	69,790
Nelnet Student Loan Trust Series 2020-1A Class A, CME Term SOFR 1 month Index + 0.8545%, 4.4388% 3/26/2068 (b)(c)(d)	126,385	126,023
Nelnet Student Loan Trust Series 2021-CA Class AFX, 1.32% 4/20/2062 (d)	491,038	462,548
Nelnet Student Loan Trust Series 2021-DA Class AFX, 1.63% 4/20/2062 (d)	170,641	162,806
NMEF Funding LLC Series 2025-B Class D, 5.47% 1/18/2033 (d)	2,125,000	2,128,852
NMEF Funding LLC Series 2026-A Class B, 4.48% 2/15/2034 (d)	100,000	99,098
NMEF Funding LLC Series 2026-A Class C, 4.71% 2/15/2034 (d)	170,000	168,777
Nslt Afl Series 2021-BA Class AFX, 1.42% 4/20/2062 (d)	343,179	326,499
Octane Receivables Trust Series 2023-3A Class B, 6.48% 7/20/2029 (d)	230,000	231,276
Octane Receivables Trust Series 2023-3A Class C, 6.74% 8/20/2029 (d)	100,000	101,530
Octane Receivables Trust Series 2024-1A Class A2, 5.68% 5/20/2030 (d)	83,329	83,703
Octane Receivables Trust Series 2024-3A Class A2, 4.94% 5/20/2030 (d)	525,816	527,780
Octane Receivables Trust Series 2024-3A Class C, 5.51% 10/20/2031 (d)	300,000	302,309
Octane Receivables Trust Series 2024-RVM1 Class A, 5.01% 1/22/2046 (d)	208,777	210,236
Octane Receivables Trust Series 2024-RVM1 Class D, 6.3% 1/22/2046 (d)	2,530,000	2,578,165
Octane Receivables Trust Series 2025-RVM1 Class B, 4.83% 12/20/2046 (d)	1,330,000	1,318,043
Octane Receivables Trust Series 2025-RVM1 Class C, 5.26% 12/20/2046 (d)	935,000	927,645
Optn Series 2026-A Class A, 4.32% 1/9/2034 (d)	200,000	198,460
PEAC Solutions Receivables LLC Series 2025-1A Class A2, 4.94% 10/20/2028 (d)	438,056	439,785
PEAC Solutions Receivables LLC Series 2025-1A Class A3, 5.04% 7/20/2032 (d)	510,000	514,397
PEAC Solutions Receivables LLC Series 2026-1A Class A2, 4.27% 10/20/2028 (d)	545,000	543,631
PEAC Solutions Receivables LLC Series 2026-1A Class B, 4.75% 7/20/2033 (d)	630,000	626,557
Post Road Equipment Finance LLC Series 2025-1A Class A2, 4.9% 5/15/2031 (d)	164,677	165,572
Post Road Equipment Finance LLC Series 2026-1A Class B, 4.91% 2/15/2033 (d)	100,000	99,747
Post Road Equipment Finance LLC Series 2026-1A Class C, 5.12% 6/15/2033 (d)	1,780,000	1,779,925
Post Road Equipment Finance Series 2024-1A Class A2, 5.59% 11/15/2029 (d)	8,019	8,030
Progress Residential Trust Series 2021-SFR8 Class B, 1.681% 10/17/2038 (d)	496,000	490,368
Progress Residential Trust Series 2021-SFR8 Class C, 1.931% 10/17/2038 (d)	2,225,000	2,200,776
RCKT Mortgage Trust Series 2025-1A Class A, 4.9% 7/25/2034 (d)	66,524	66,644
RCKTL Series 2025-2A Class A, 4.48% 11/27/2034 (d)	166,518	166,720
Reach ABS Trust Series 2026-2A Class A, 4.34% 2/15/2035 (d)	480,000	479,986
RKTL Series 2026-1A Class A, 4.07% 2/26/2035 (d)	878,468	877,553
Sabey Data Ctr Issuer LLC Series 2021-1 Class A2, 1.881% 6/20/2046 (d)	733,000	731,721
Santander Bank Auto Credit Linked Notes Series 2024-B Class B, 4.965% 1/18/2033 (d)	177,921	178,723
Santander Bank Auto Credit Linked Notes Series 2024-B Class C, 5.141% 1/18/2033 (d)	238,414	239,433
Santander Bank NA - Sbcln Series 2023-B Class A2, 5.644% 12/15/2033 (d)	86,443	87,476
Santander Bank NA - Sbcln Series 2023-B Class D, 6.663% 12/15/2033 (d)	222,818	225,593
Santander Bank NA - Sbcln Series 2024-A Class B, 5.622% 6/15/2032 (d)	174,829	176,580
Santander Bank NA - Sbcln Series 2024-A Class C, 5.818% 6/15/2032 (d)	212,835	214,793
Santander Bank NA - Sbcln Series 2025-A Class B, 4.484% 1/16/2034 (d)	250,000	249,253
Santander Bank NA - Sbcln Series 2025-A Class C, 4.661% 1/16/2034 (d)	250,000	249,368
Santander Drive Auto Receivables Trust Series 2025-2 Class A2, 4.71% 6/15/2028	258,128	258,244
Santander Drive Auto Receivables Trust Series 2025-4 Class B, 4.27% 1/15/2032	770,000	766,608
Santander Drive Auto Receivables Trust Series 2026-1 Class A3, 3.93% 7/15/2030	670,000	665,300
Santander Mortgage Asset Receivable Trust Series 2025-CES1 Class A1A, 5.036% 9/25/2055 (d)	873,293	866,922
SBA Tower Trust Series 2020, 2.328% 7/15/2052 (d)	440,000	423,692
SBA Tower Trust Series 2021, 1.631% 5/15/2051 (d)	1,149,000	1,134,669
Scf Equipment Leasing Series 2023-1A Class A3, 6.17% 5/20/2032 (d)	90,509	90,859
SCLP Series 2025-4 Class A, 4.24% 8/25/2035 (d)	1,415,989	1,415,520
SEB Funding LLC Series 2024-1A Class A2, 7.386% 4/30/2054 (d)	922,688	937,316
SEB Funding LLC Series 2026-1A Class A2, 6.665% 1/30/2056 (d)	2,030,000	2,011,890
SFAST Series 2025-1A Class A2, 4.65% 5/22/2028 (d)	236,252	236,398
SFS Auto Receivables Securitization Trust Series 2024-1A Class A3, 4.95% 5/21/2029 (d)	351,752	353,056
SFS Auto Receivables Securitization Trust Series 2024-1A Class C, 5.51% 1/20/2032 (d)	1,094,000	1,110,918
SFS Auto Receivables Securitization Trust Series 2025-2A Class A2, 4.52% 11/20/2028 (d)	661,397	662,336
SFS Auto Receivables Securitization Trust Series 2025-3A Class A2, 4.11% 3/20/2029 (d)	1,545,662	1,546,014
SFS Auto Receivables Securitization Trust Series 2025-3A Class B, 4.44% 11/20/2031 (d)	2,320,000	2,304,389
SFS Auto Receivables Securitization Trust Series 2026-1A Class C, 4.46% 11/21/2033 (d)	1,590,000	1,561,155
Sfuel Series 2025-BA Class A2, 4.31% 5/22/2028 (d)	2,241,026	2,243,148
Sfuel Series 2025-BA Class C, 4.71% 1/22/2030 (d)	525,000	523,680
Sierra Timeshare Receivables Funding LLC Series 2025-2A Class B, 4.93% 4/20/2044 (d)	260,618	258,941
Sierra Timeshare Receivables Funding LLC Series 2025-3A Class A, 4.44% 8/22/2044 (d)	122,436	122,347
Sierra Timeshare Receivables Funding LLC Series 2025-3A Class B, 4.64% 8/22/2044 (d)	193,858	191,641
SMB Private Education Loan Trust Series 2018-B Class A2B, CME Term SOFR 1 month Index + 0.8345%, 4.4616% 1/15/2037 (b)(c)(d)	117,215	117,145
SMB Private Education Loan Trust Series 2020-B Class A1A, 1.29% 7/15/2053 (d)	99,330	95,298
SMB Private Education Loan Trust Series 2020-PTB Class A2A, 1.6% 9/15/2054 (d)	689,121	652,053
SMB Private Education Loan Trust Series 2025-A Class A1A, 5.13% 4/15/2054 (d)	518,708	519,377
SoFi Consumer Loan Program Trust Series 2025-3 Class A, 4.47% 8/15/2034 (d)	286,104	286,553
Sonic Capital LLC Series 2020-1A Class A2I, 3.845% 1/20/2050 (d)	2,040,512	2,023,650
Sonic Capital LLC Series 2020-1A Class A2II, 4.336% 1/20/2050 (d)	725,725	691,703
Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-CA Class A3, 4.11% 4/20/2029 (d)	1,807,000	1,797,056
Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-CA Class C, 4.44% 8/20/2030 (d)	345,000	341,547
Stellantis Financial Underwritten Enhanced Lease Trust Series 2026-AA Class A3, 4.35% 11/20/2029 (d)	2,473,000	2,466,442
Stellantis Financial Underwritten Enhanced Lease Trust Series 2026-AA Class B, 4.61% 4/22/2030 (d)	2,645,000	2,637,848
Stellantis Financial Underwritten Enhanced Lease Trust Series 2026-AA Class C, 4.8% 12/20/2030 (d)	1,160,000	1,156,255
Systima Capital Management LLC Series 2026-RVM1 Class B1, 4.959% 12/25/2046 (d)	1,281,593	1,263,792
Tesla Lease Electric Vehicle Securitization LLC Series 2025-A Class A2, 4.14% 6/20/2028 (d)	1,525,659	1,525,214
Towd Point Mortgage Trust Series 2019-1 Class A1, 3.75% 3/25/2058 (b)(d)	284,990	276,564
Toyota Auto Receivables Owner Trust Series 2025-B Class A2A, 4.46% 3/15/2028	1,198,589	1,200,209
Toyota Lease Owner Trust Series 2025-A Class A2A, 4.58% 7/20/2027 (d)	208,703	208,851
Tricon Residential Trust Series 2024-SFR2 Class A, 4.75% 6/17/2040 (d)	558,232	555,192
Tricon Residential Trust Series 2024-SFR2 Class D, 6% 6/17/2040 (d)	1,020,000	1,015,533
USAA Auto Owner Trust Series 2025-1A Class A2, 4.51% 6/15/2028 (d)	908,403	908,990
USCLN Series 2023-1 Class B, 6.789% 8/25/2032 (d)	60,670	61,084
Verdant Receivables LLC Series 2023-1A Class A2, 6.24% 1/13/2031 (d)	319,534	323,411
Verdant Receivables LLC Series 2024-1A Class A2, 5.68% 12/12/2031 (d)	144,185	146,189
Verizon Master Trust Series 2024-6 Class B, 4.42% 8/20/2030	1,355,000	1,355,255
Verizon Master Trust Series 2025-2 Class C, 5.34% 1/20/2033 (d)	1,130,000	1,143,980
Verizon Master Trust Series 2025-3 Class A1A, 4.51% 3/20/2030	2,155,000	2,161,660
Volkswagen Auto Lease Trust Series 2025-B Class A2A, 3.97% 4/20/2028	1,931,838	1,929,947
Wheels Fleet Lease Funding LLC Series 2023-2A Class A, 6.46% 8/18/2038 (d)	110,048	110,971
Wheels Fleet Lease Funding LLC Series 2024-1A Class A1, 5.49% 2/18/2039 (d)	597,051	602,250
Wheels Fleet Lease Funding LLC Series 2024-2A Class A1, 4.87% 6/21/2039 (d)	427,971	430,558
Wheels Fleet Lease Funding LLC Series 2025-1A Class A2, CME Term SOFR 1 month Index + 0.67%, 4.2951% 1/18/2040 (b)(c)(d)	2,143,400	2,146,776
Wheels Fleet Lease Funding LLC Series 2025-3A Class A1, 4.08% 9/18/2040 (d)	365,000	362,915
Wheels Fleet Lease Funding LLC Series 2025-3A Class C, 4.79% 9/18/2040 (d)	585,000	578,519
Wingspire Equipment Finance LLC Series 2025-1A Class A2, 4.33% 9/20/2033 (d)	100,000	99,969
Wingspire Equipment Finance LLC Series 2025-1A Class C, 4.76% 9/20/2033 (d)	100,000	99,329
WOART Series 2025-B Class A2A, 4.38% 8/15/2028	1,213,624	1,214,821
WOART Series 2025-C Class A2A, 4.19% 10/16/2028	1,789,131	1,789,811
World Omni Auto Receivables Trust Series 2025-A Class A2A, 4.49% 4/17/2028	415,699	415,958
World Omni Select Auto Trust Series 2023-A Class B, 5.87% 8/15/2028	126,357	126,547
World Omni Select Auto Trust Series 2025-A Class A2A, 4.14% 5/15/2030	1,574,681	1,575,104
Yamaha Motor Master Trust II Series 2026-A Class B, 4.64% 4/15/2031 (d)	165,000	164,086
Yamaha Motor Master Trust II Series 2026-A Class C, 4.89% 4/15/2031 (d)	140,000	139,258
Zaxby's Funding LLC Series 2021-1A Class A2, 3.238% 7/30/2051 (d)	733,425	698,466
TOTAL UNITED STATES		231,998,405
TOTAL ASSET-BACKED SECURITIES  (Cost $358,807,978)		359,442,990

Bank Notes - 0.1%
	Principal Amount (a)	Value ($)
UNITED STATES - 0.1%
Financials - 0.1%
Banks - 0.1%
Huntington National Bank/The 4.871% 4/12/2028 (b)	2,500,000	2,508,147
Morgan Stanley Bank NA 4.788% 5/10/2030 (b)	380,000	381,077
US Bank NA/Cincinnati OH 4.535% 5/20/2029 (b)	3,000,000	3,001,022
TOTAL UNITED STATES		5,890,246
TOTAL BANK NOTES  (Cost $5,894,258)		5,890,246

Collateralized Mortgage Obligations - 1.5%
	Principal Amount (a)	Value ($)
UNITED STATES - 1.5%
Angel Oak Mortgage Trust 2026-2 Series 2026-2 Class A1FC, 4.628% 2/25/2071 (b)(d)	962,195	954,109
Angel Oak Mortgage Trust LLC Series 2020-3 Class A3, 2.872% 4/25/2065 (b)(d)	215,961	210,425
Angel Oak Mortgage Trust LLC Series 2022-2 Class A1, 4.0802% 1/25/2067 (b)(d)	1,288,418	1,228,788
Angel Oak Mortgage Trust Series 2021-1 Class A1, 0.909% 1/25/2066 (d)	301,087	274,400
Angel Oak Mortgage Trust Series 2025-5 Class A1, 5.573% 4/25/2070 (d)	1,513,479	1,522,805
BINOM Mortgage Loan Trust Series 2026-NQM1 Class A1, 5.06% 2/25/2066 (b)(d)	188,002	186,781
BINOM Mortgage Loan Trust Series 2026-NQM1 Class A2, 5.314% 2/25/2066 (b)(d)	376,005	373,949
BINOM Securitization Trust Series 2021-INV1 Class A2, 2.37% 6/25/2056 (d)	638,239	586,329
BINOM Securitization Trust Series 2021-INV1 Class A3, 2.625% 6/25/2056 (d)	200,232	184,840
Bravo Residential Fdg Trust Series 2026-NQM4 Class A1, 5.183% 3/25/2066 (b)(d)	585,206	584,008
BRAVO Residential Funding Trust Series 2026-NQM3 Class A1FC, 4.922% 11/25/2065 (d)(e)	599,021	597,346
BRAVO Residential Funding Trust Series 2026-NQMR1 Class A1, 5.395% 8/25/2062 (b)(d)	808,130	806,620
CFMT LLC Series 2024-HB13 Class A, 3% 5/25/2034 (b)(d)	178,896	178,896
CIM Trust Series 2021-R6 Class A1, 1.425% 7/25/2061 (d)	116,920	107,193
Citigroup Mortgage Loan Trust Series 2020-EXP2 Class A3, 2.5% 8/25/2050 (d)	138,087	118,064
CLIP Trust Series 2026-NQM1 Class A1, 5.221% 5/25/2071 (b)(d)	471,848	469,781
CLIP Trust Series 2026-NQM1 Class A2, 5.474% 5/25/2071 (d)	397,346	396,414
COLT Funding LLC Series 2021-1 Class A2, 1.167% 6/25/2066 (d)	275,731	244,377
COLT Funding LLC Series 2026-3 Class A1, 5.119% 5/25/2071 (b)(d)	315,000	313,651
COLT Mortgage Loan Trust Series 2024-6 Class A2, 5.644% 11/25/2069 (d)	885,998	887,994
COLT Mortgage Loan Trust Series 2024-INV4 Class A3, 6.111% 5/25/2069 (b)(d)	922,340	927,910
COLT Mortgage Loan Trust Series 2025-4 Class A1, 5.794% 4/25/2070 (b)(d)	323,392	326,107
Connecticut Ave Secs Trust Series 2025-R06 Class 1M1, U.S. 30-Day Avg. SOFR Index + 0.95%, 4.5621% 9/25/2045 (b)(c)(d)	358,117	357,751
Connecticut Avenue Securities Trust Series 2025-R03 Class 2A1, U.S. 30-Day Avg. SOFR Index + 1.45%, 5.0621% 3/25/2045 (b)(c)(d)	245,465	246,736
Cross Mortgage Trust Series 2026-NQM6 Class A2, 5.521% 5/25/2071 (d)	139,004	138,726
Deephaven Residential Mortgage Trust Series 2021-1 Class A2, 0.973% 5/25/2065 (d)	23,787	23,288
Deephaven Residential Mortgage Trust Series 2021-2 Class A3, 1.26% 4/25/2066 (d)	135,496	121,797
Deephaven Residential Mortgage Trust Series 2026-INV1 Class A1, 4.797% 12/25/2070 (b)(d)	632,183	625,763
Deephaven Residential Mortgage Trust Series 2026-INV2 Class A1, 5.483% 2/25/2071 (b)(d)	585,503	585,915
EFMT Series 2025-INV2 Class A1, 5.387% 5/26/2070 (d)	326,870	327,571
EFMT Series 2025-INV5 Class A1, 5.077% 12/25/2070 (b)(d)	518,503	517,272
EFMT Series 2025-NQM5 Class A1, 5.033% 11/25/2070 (b)(d)	248,428	247,655
EFMT Series 2025-NQM6 Class A1, 5.001% 12/25/2070 (b)(d)	673,511	670,962
EFMT Series 2026-NQM1 Class A1F, 4.8121% 2/25/2071 (b)(d)	393,078	392,764
EFMT Series 2026-NQM4 Class A1, 5.466% 4/25/2071 (b)(d)	422,974	424,333
EFMT Series 2026-NQM4 Class A2, 5.669% 4/25/2071 (d)	2,562,151	2,565,968
EFMT Series 2026-NQM5 Class A1F, 4.9435% 6/25/2071 (d)	2,795,000	2,795,061
EFMT Trust Series 2024-INV2 Class A2, 5.289% 10/25/2069 (d)	445,908	445,488
Ellington Financial Mortgage Trust Series 2019-2 Class A3, 3.046% 11/25/2059 (d)	24,357	23,956
Ellington Financial Mortgage Trust Series 2021-3 Class A3, 1.55% 9/25/2066 (d)	195,633	165,296
Fannie Mae Guaranteed REMIC Series 2017-90 Class KA, 3% 11/25/2047	286,124	269,812
Flagstar Mortgage Trust Series 2020-1INV Class A11, CME Term SOFR 1 month Index + 0.9645%, 4.5488% 3/25/2050 (b)(c)(d)	172,626	166,852
Freddie Mac STACR REMIC Trust Series 2021-DNA5 Class M2, U.S. 30-Day Avg. SOFR Index + 1.65%, 5.2621% 1/25/2034 (b)(c)(d)	70,512	70,661
Freddie Mac STACR REMIC Trust Series 2021-DNA7 Class M2, U.S. 30-Day Avg. SOFR Index + 1.8%, 5.4121% 11/25/2041 (b)(c)(d)	555,000	556,733
Freddie Mac STACR REMIC Trust Series 2022-DNA2 Class M1B, U.S. 30-Day Avg. SOFR Index + 2.4%, 6.0121% 2/25/2042 (b)(c)(d)	383,604	386,946
Freddie Mac STACR REMIC Trust Series 2022-DNA5 Class M1A, U.S. 30-Day Avg. SOFR Index + 2.95%, 6.5621% 6/25/2042 (b)(c)(d)	359,878	364,344
Freddie Mac STACR REMIC Trust Series 2025-DNA1 Class A1, U.S. 30-Day Avg. SOFR Index + 0.95%, 4.5621% 1/25/2045 (b)(c)(d)	182,875	182,978
Freddie Mac STACR REMIC Trust Series 2025-DNA4 Class A1, U.S. 30-Day Avg. SOFR Index + 0.9%, 4.5121% 10/25/2045 (b)(c)(d)	472,000	472,320
Freddie Mac STACR REMIC Trust Series 2025-DNA4 Class M1, U.S. 30-Day Avg. SOFR Index + 1.1%, 4.7121% 10/25/2045 (b)(c)(d)	163,483	163,595
Freddie Mac STACR REMIC Trust Series 2026-DNA1 Class M1, U.S. 30-Day Avg. SOFR Index + 1%, 4.6121% 2/25/2046 (b)(c)(d)	684,989	684,274
Galton Funding Mortgage Trust Series 2018-1 Class A33, 3.5% 11/25/2057 (d)	36,946	33,652
Galton Funding Mortgage Trust Series 2019-1 Class A21, 4.5% 2/25/2059 (d)	26,275	25,546
Galton Funding Mortgage Trust Series 2019-1 Class A32, 4% 2/25/2059 (d)	13,282	12,629
Galton Funding Mortgage Trust Series 2019-H1 Class M1, 3.339% 10/25/2059 (d)	600,000	571,968
Galton Funding Mortgage Trust Series 2020-H1 Class M1, 2.832% 1/25/2060 (d)	625,000	526,843
GCAT Trust Series 2025-NQM1 Class A1, 5.373% 11/25/2069 (d)	429,435	430,208
GCAT Trust Series 2026-NQM2 Class A1, 5.449% 2/25/2071 (b)(d)	1,381,126	1,382,646
GS Mortgage-Backed Securites Trust Series 2014-EB1A Class 2A1, 5.6265% 7/25/2044 (b)(d)	1,445	1,440
HOMES 2026-AFC1 Trust Series 2026-AFC1 Class A1, 4.846% 2/25/2061 (b)(d)	873,550	864,160
HOMES Trust Series 2025-NQM2 Class A1, 5.425% 2/25/2070 (d)	392,759	393,926
HOMES Trust Series 2025-NQM4 Class A1, 5.22% 8/25/2070 (b)(d)	382,319	382,118
HOMES Trust Series 2026-NQM2 Class A1, 5.488% 1/25/2071 (b)(d)	1,016,921	1,018,780
Imperial Fund Mortgage Trust Series 2021-NQM2 Class A3, 1.516% 9/25/2056 (d)	297,383	254,073
Imperial Fund Mortgage Trust Series 2022-NQM4 Class A1, 5.767% 6/25/2067 (b)(d)	1,039,349	1,039,597
JP Morgan Mortgage Trust Series 2020-INV1 Class A15, 3.5% 8/25/2050 (d)	114,335	101,172
JP Morgan Mortgage Trust Series 2025-DSC1 Class A1, 5.577% 9/25/2065 (b)(d)	919,107	923,448
JP Morgan Mortgage Trust Series 2025-DSC2 Class A1, 5.195% 10/25/2065 (d)	452,603	452,230
JP Morgan Mortgage Trust Series Series 2025-NQM3 Class A1, 5.495% 11/25/2065 (d)	592,245	594,363
MAST LLC Series 2026-R01 Class 2A1, U.S. 30-Day Avg. SOFR Index + 0.85%, 4.4621% 1/25/2046 (b)(c)(d)	1,475,806	1,475,586
MAST LLC Series 2026-R01 Class 2M1, U.S. 30-Day Avg. SOFR Index + 1%, 4.6121% 1/25/2046 (b)(c)(d)	352,026	352,063
MFA Trust Series 2021-NQM2 Class A2, 1.317% 11/25/2064 (d)	130,896	116,830
Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC2 Class A1, 5.443% 7/25/2070 (b)(d)	143,308	143,922
Morgan Stanley Residential Mortgage Loan Trust Series 2026-NQM4 Class A1, 5.075% 3/25/2071 (b)(d)	304,107	301,897
Morgan Stanley Residential Mortgage Loan Trust Series 2026-NQM4 Class A2, 5.4% 3/25/2071 (d)	264,867	263,858
New Residential Mortgage Loan Trust Series 2025-NQM4 Class A1, 5.35% 7/25/2065 (d)	584,414	585,990
New Residential Mortgage Loan Trust Series 2025-NQM4 Class A2, 5.603% 7/25/2065 (d)	1,168,834	1,170,925
New Residential Mortgage Loan Trust Series 2025-NQM7 Class A2, 5.264% 10/26/2065 (d)	442,813	440,629
New Residential Mortgage Loan Trust Series 2026-NQM6 Class A1, 5.293% 5/25/2066 (b)(d)	2,214,787	2,208,683
NRZT Series 2025-NQM6 Class A1, 5.085% 10/25/2065 (b)(d)	1,372,901	1,369,940
NYMT Loan Trust Series 2026-INV1 Class A1, 4.766% 2/25/2061 (b)(d)	365,409	360,964
NYMT Loan Trust Series 2026-INV2 Class A1, 5.475% 4/25/2061 (b)(d)	517,914	518,198
NYMT Loan Trust Series 2026-INV3 Class A1, 5.307% 6/27/2061 (b)(d)	2,825,000	2,824,994
OBX Trust Series 2019-EXP2 Class 2A2, CME Term SOFR 1 month Index + 1.3145%, 4.9688% 6/25/2059 (b)(c)(d)	43,679	43,690
OBX Trust Series 2020-EXP1 Class 2A1B, CME Term SOFR 1 month Index + 0.8645%, 4.4488% 2/25/2060 (b)(c)(d)	877,360	863,754
OBX Trust Series 2020-EXP1 Class 2A2, CME Term SOFR 1 month Index + 1.0645%, 4.6488% 2/25/2060 (b)(c)(d)	83,741	82,844
OBX Trust Series 2020-EXP2 Class A9, 3% 5/25/2060 (d)	70,871	61,259
OBX Trust Series 2020-INV1 Class A5, 3.5% 12/25/2049 (d)	67,305	59,832
OBX Trust Series 2021-NQM1 Class A2, 1.175% 2/25/2066 (d)	181,590	164,349
OBX Trust Series 2025-NQM15 Class A1, 5.143% 7/27/2065 (b)(d)	245,435	245,172
OBX Trust Series 2025-NQM15 Class A1F, 4.7621% 7/27/2065 (b)(d)	256,763	256,858
OBX Trust Series 2025-NQM6 Class A1, 5.603% 3/25/2065 (b)(d)	1,024,686	1,030,591
OBX Trust Series 2026-HYB1 Class A1B, 3.421% 2/25/2055 (b)(d)	3,760,000	3,641,039
OBX Trust Series 2026-NQM5 Class A1, 5.321% 1/25/2066 (b)(d)	737,252	736,746
OBX Trust Series 2026-R1 Class A1, 4.884% 1/25/2063 (b)(d)	223,287	220,739
Ocwen Loan Investment Trust Series 2025-HB1 Class A, 3% 6/25/2038 (b)(d)	238,596	234,184
Ocwen Loan Investment Trust Series 2025-HB2 Class A, 3% 11/25/2038 (b)(d)	124,276	121,454
Ocwen Loan Investment Trust Series 2026-HB2 Class A, 3% 5/25/2039 (b)(d)	490,000	480,004
OSS Mortgage Trust Series 2024-H6 Class A2, 5.383% 9/25/2069 (d)	1,057,409	1,055,808
RCKT Mortgage Trust Series 2024-CES9 Class A1A, 5.582% 12/25/2044 (d)(e)	175,393	176,059
Roc Mortgage Trust Series 2024-RTL1 Class A1, 5.589% 10/25/2039 (d)	980,000	981,286
Rocket Mortgage Trust Series 2024-CES8 Class A1A, 5.4896% 11/25/2044 (d)(e)	900,490	902,761
Santander Mortgage Asset Receivable Trust Series 2025-NQM5 Class A1, 5.067% 8/25/2065 (b)(d)	101,499	101,256
Santander Mortgage Asset Receivable Trust Series 2025-NQM6 Class A1, 5.138% 11/25/2065 (b)(d)	224,857	224,594
Sequoia Mortgage Trust Series 2018-CH2 Class A21, 4% 6/25/2048 (d)	29,340	27,087
Sequoia Mortgage Trust Series 2018-CH2 Class A3, 4% 6/25/2048 (d)	65,749	60,700
Sequoia Mortgage Trust Series 2018-CH3 Class A19, 4.5% 8/25/2048 (d)	1,075	1,068
SG Residential Mortgage Trust Series 2026-3 Class A1, 5.188% 4/25/2066 (b)(d)	507,456	505,425
SG Residential Mortgage Trust Series 2026-3 Class A2, 5.492% 4/25/2066 (d)	343,279	342,600
Spruce Hill Mortgage Loan Trust Series 2022-SH1 Class A1A, 4.1% 7/25/2057 (d)(e)	2,685,322	2,677,621
Starwood Mortgage Residential Trust Series 2019-INV1 Class A3, 2.916% 9/27/2049 (d)	36,881	36,703
Starwood Mortgage Residential Trust Series 2020-1 Class A2, 2.408% 2/25/2050 (d)	232,213	223,424
Starwood Mortgage Residential Trust Series 2021-2 Class A1, 0.943% 5/25/2065 (d)	130,157	126,600
Starwood Mortgage Residential Trust Series 2021-4 Class A1, 1.162% 8/25/2056 (d)	658,830	587,371
Toorak Mortgage Corp Ltd Series 2021-INV1 Class A2, 1.409% 7/25/2056 (d)	103,723	96,504
Towd Point Mortgage Trust Series 2019-HY3 Class M1, CME Term SOFR 1 month Index + 1.6145%, 5.1988% 10/25/2059 (b)(c)(d)	420,000	421,459
Towd Point Mortgage Trust Series 2024-2 Class A1B, 4.8856% 12/25/2064 (b)(d)	872,260	877,681
Towd Point Mortgage Trust Series 2026-1 Class A1B, 4.3154% 1/25/2066 (b)(d)	1,147,529	1,132,049
Verus Securitization Trust Series 2021-1 Class A2, 1.052% 1/25/2066 (d)	111,358	101,760
Verus Securitization Trust Series 2021-1 Class A3, 1.155% 1/25/2066 (d)	65,803	60,205
Verus Securitization Trust Series 2021-2 Class A1, 1.031% 2/25/2066 (d)	160,228	147,160
Verus Securitization Trust Series 2021-R1 Class A2, 1.057% 10/25/2063 (d)	19,247	18,820
Verus Securitization Trust Series 2021-R2 Class A1, 0.918% 2/25/2064 (d)	147,722	142,824
Verus Securitization Trust Series 2023-6 Class A2, 6.939% 9/25/2068 (d)	198,340	198,699
Verus Securitization Trust Series 2023-7 Class A2, 7.272% 10/25/2068 (d)	78,659	78,998
Verus Securitization Trust Series 2023-8 Class A2, 6.6642% 12/25/2068 (d)	156,133	156,872
Verus Securitization Trust Series 2025-3 Class A1, 5.623% 5/25/2070 (b)(d)	315,548	317,576
Verus Securitization Trust Series 2025-7 Class A1F, 4.8121% 8/25/2070 (b)(d)	743,056	743,990
Verus Securitization Trust Series 2026-R2 Class A1FC, 5.282% 10/25/2067 (d)(e)	1,509,330	1,512,248
Verus Series 2026-R3 Class A1, 5.19% 2/27/2068 (b)(d)	719,570	717,063
Vista Point Securitization Trust Series 2020-2 Class A3, 2.496% 4/25/2065 (d)	207,178	204,427
TOTAL UNITED STATES		69,820,095
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS  (Cost $70,507,121)		69,820,095

Commercial Mortgage Securities - 1.3%
	Principal Amount (a)	Value ($)
UNITED STATES - 1.3%
ALA Trust Series 2025-OANA Class A, CME Term SOFR 1 month Index + 1.7426%, 5.3706% 6/15/2040 (b)(c)(d)	1,920,000	1,927,800
BANK Series 2024-BNK47 Class A1, 5.523% 6/15/2057	140,212	142,149
BANK5 Series 2024-5YR11 Class AS, 6.139% 11/15/2057	690,000	707,640
BANK5 Series 2024-5YR12 Class A3, 5.902% 12/15/2057	1,090,000	1,126,257
BANK5 Series 2024-5YR12 Class AS, 6.122% 12/15/2057 (b)	485,000	497,376
BANK5 Series 2024-5YR9 Class A1, 4.8894% 8/15/2057	631,889	633,517
BANK5 Series 2026-5YR21 Class A3, 5.525% 4/15/2059	535,000	549,414
BBCMS Mortgage Trust Series 2026-5C40 Class A1, 4.4309% 2/15/2059	85,674	84,807
Benchmark Mortgage Trust Series 2024-V11 Class AM, 6.201% 11/15/2057	585,000	598,766
Benchmark Mortgage Trust Series 2024-V6 Class A1, 5.5678% 3/15/2057	109,307	109,721
Benchmark Mortgage Trust Series 2025-B41 Class A1, 4.4006% 7/15/2068	398,426	396,062
Benchmark Mortgage Trust Series 2025-V19 Class A3, 5.249% 1/15/2058 (b)	970,000	985,215
Benchmark Mortgage Trust Series 2026-B43 Class A1, 4.6544% 4/15/2063	605,000	603,530
Benchmark Mortgage Trust Series 2026-V20 Class A1, 4.332% 2/15/2059	203,264	201,794
BFLD Commercial Mortgage Trust Series 2025-5MW Class C, 5.4512% 10/10/2042 (b)(d)	300,000	299,522
BLOX Trust Series 2021-BLOX Class A, CME Term SOFR 1 month Index + 1.1145%, 4.7425% 9/15/2026 (b)(c)(d)	2,040,000	2,033,167
BLP Commercial Mortgage Trust Series 2024-IND2 Class A, CME Term SOFR 1 month Index + 1.3422%, 4.9692% 3/15/2041 (b)(c)(d)	583,700	584,430
BMARK Trust Series 2024-V8 Class A1, 5.514% 7/15/2057	311,106	314,600
BMO Mortgage Trust Series 2024-5C4 Class A3, 6.5262% 5/15/2057 (b)	1,000,000	1,043,685
BMO Mortgage Trust Series 2026-5C14 Class A3, 5.2094% 3/15/2059	1,655,000	1,676,758
BMO Mortgage Trust Series 2026-C14 Class A1, 4.3597% 2/15/2059	187,883	185,960
BMO Series 2024-C8 Class A1, 5.5422% 3/15/2057	316,460	317,737
Bridge Commercial Mortgage Trust Series 2026-MF Class A, CME Term SOFR 1 month Index + 1.25%, 4.85% 6/15/2039 (b)(c)(d)	2,617,000	2,617,000
BX 2025-DIME Trust Series 2025-DIME Class A, CME Term SOFR 1 month Index + 1.15%, 4.7771% 2/15/2035 (b)(c)(d)	139,000	138,304
BX 2025-ROIC Trust Series 2025-ROIC Class A, CME Term SOFR 1 month Index + 1.1438%, 4.7709% 3/15/2030 (b)(c)(d)	1,893,207	1,890,250
BX Commercial Mortgage Trust Series 2021-PAC Class A, CME Term SOFR 1 month Index + 0.8036%, 4.4306% 10/15/2036 (b)(c)(d)	1,872,000	1,871,415
BX Commercial Mortgage Trust Series 2024-GPA3 Class A, CME Term SOFR 1 month Index + 1.2928%, 4.9199% 12/15/2039 (b)(c)(d)	217,987	218,395
BX Commercial Mortgage Trust Series 2024-GPA3 Class B, CME Term SOFR 1 month Index + 1.6423%, 5.2694% 12/15/2039 (b)(c)(d)	560,649	562,052
BX Commercial Mortgage Trust Series 2024-MDHS Class A, 5.2684% 5/15/2041 (b)(d)	596,687	597,246
BX Commercial Mortgage Trust Series 2024-MDHS Class B, CME Term SOFR 1 month Index + 1.841%, 5.4681% 5/15/2041 (b)(c)(d)	696,500	697,371
BX Commercial Mortgage Trust Series 2024-SLCT Class B, CME Term SOFR 1 month Index + 1.7928%, 5.4199% 1/15/2042 (b)(c)(d)	410,000	408,975
BX Commercial Mortgage Trust Series 2024-SLCT Class C, CME Term SOFR 1 month Index + 2.392%, 6.019% 1/15/2042 (b)(c)(d)	1,045,000	1,044,996
BX Commercial Mortgage Trust Series 2026-CSMO Class C, CME Term SOFR 1 month Index + 2%, 5.6271% 2/15/2043 (b)(c)(d)	310,000	311,938
BX Commercial Mortgage Trust Series 2026-XL6 Class A, CME Term SOFR 1 month Index + 1.2%, 4.8271% 3/15/2043 (b)(c)(d)	889,501	888,389
BX Series 2026-CLS Class B, CME Term SOFR 1 month Index + 1.7%, 5.3271% 5/15/2043 (b)(c)(d)	185,000	185,116
BX Series 2026-CLS Class C, CME Term SOFR 1 month Index + 2.35%, 5.9771% 5/15/2043 (b)(c)(d)	105,000	105,393
BX Trust Series 2021-ACNT Class A, CME Term SOFR 1 month Index + 0.9645%, 4.5915% 11/15/2038 (b)(c)(d)	1,351,390	1,352,170
BX Trust Series 2024-XL4 Class A, CME Term SOFR 1 month Index + 1.442%, 5.0691% 2/15/2039 (b)(c)(d)	831,950	833,996
BX Trust Series 2025-GW Class A, CME Term SOFR 1 month Index + 1.6%, 5.227% 7/15/2042 (b)(c)(d)	1,150,000	1,152,875
BX Trust Series 2025-VOLT Class A, CME Term SOFR 1 month Index + 1.7%, 5.3271% 12/15/2044 (b)(c)(d)	815,000	815,509
BX Trust Series 2025-VOLT Class B, CME Term SOFR 1 month Index + 2.1%, 5.7271% 12/15/2044 (b)(c)(d)	1,125,000	1,125,704
BX Trust Series 2026-ALOHA Class A, 4.9771% 4/15/2043 (b)(d)	746,000	746,000
BX Trust Series 2026-CIP Class A, CME Term SOFR 1 month Index + 1.2%, 4.85% 5/15/2038 (b)(c)(d)	1,490,000	1,493,725
BX Trust Series 2026-LP3 Class A, 5.0071% 4/15/2043 (d)	939,099	941,740
BX Trust Series 2026-PNDA Class B, CME Term SOFR 1 month Index + 1.5%, 5.15% 5/15/2043 (b)(c)(d)	620,000	621,744
Cent Trust Series 2025-CITY Class A, 5.0909% 7/10/2040 (b)(d)	860,000	860,660
COMM Mortgage Trust Series 2014-CR15 Class B, 3.8145% 2/10/2047 (b)	320,341	308,691
DBC Mortgage Trust Series 2025-DBC Class A, CME Term SOFR 1 month Index + 1.35%, 4.978% 11/15/2042 (b)(c)(d)	1,110,000	1,110,347
Extended Stay America Trust Series 2025-ESH Class A, CME Term SOFR 1 month Index + 1.3%, 4.9271% 10/15/2042 (b)(c)(d)	1,122,050	1,123,453
Extended Stay America Trust Series 2025-ESH Class C, CME Term SOFR 1 month Index + 1.85%, 5.4771% 10/15/2042 (b)(c)(d)	418,963	420,403
Extended Stay America Trust Series 2026-ESH2 Class A, CME Term SOFR 1 month Index + 1.2%, 4.8271% 2/15/2043 (b)(c)(d)	951,911	952,803
Freddie Mac Multifamily Structured pass-thru certificates Series 2023-K753 Class A1, 4.6% 6/25/2030	513,874	516,180
Hilt Commercial Mortgage Trust Series 2024-ORL Class B, CME Term SOFR 1 month Index + 1.9407%, 5.5678% 5/15/2037 (b)(c)(d)	965,000	965,302
HYT Commercial Mortgage Trust Series 2024-RGCY Class A, CME Term SOFR 1 month Index + 1.8415%, 5.4686% 9/15/2041 (b)(c)(d)	1,595,000	1,594,502
JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-BKWD Class A, CME Term SOFR 1 month Index + 1.6145%, 5.2425% 9/15/2029 (b)(c)(d)	738,093	723,616
Life Financial Services Trust Series 2022-BMR2 Class A1, CME Term SOFR 1 month Index + 1.2952%, 4.9223% 5/15/2039 (b)(c)(d)	2,874,000	2,762,633
MARQ Trust Series 2024-HOU Class B, CME Term SOFR 1 month Index + 2.0907%, 5.7178% 6/15/2039 (b)(c)(d)	1,070,000	1,069,871
Medical Commercial Mtg Trust Series 2024-MOB Class A, CME Term SOFR 1 month Index + 1.5915%, 5.2186% 5/15/2041 (b)(c)(d)	995,000	981,305
MHP Commercial Mortgage Trust Series 2021-STOR Class A, CME Term SOFR 1 month Index + 0.8145%, 4.4425% 7/15/2038 (b)(c)(d)(h)	907,000	906,433
Morgan Stanley Bank Amer Trust Series 2025-C35 Class A1, 4.609% 8/15/2058	132,284	132,055
Morgan Stanley Capital I Trust Series 2018-BOP Class A, CME Term SOFR 1 month Index + 0.897%, 4.525% 8/15/2033 (b)(c)(d)	3,654,512	2,972,580
NYC Commercial Mortgage Trust Series 2025-28L Class B, 5.1738% 11/5/2038 (b)(d)	390,000	388,967
NYC Trust Series 2026-9W57 Class B, 5.3531% 6/6/2040 (b)(d)	2,185,000	2,181,764
Penn Commercial Mortgage Trust Series 2025-P11 Class A, 5.5221% 8/10/2042 (b)(d)	680,000	687,865
Plym Commercial Mortgage Trust Series 2026-IND Class A, CME Term SOFR 1 month Index + 1.25%, 4.8771% 3/15/2043 (b)(c)(d)	1,300,000	1,300,813
Rocket Mortgage Trust Series 2024-CNTR Class A, 5.3883% 11/13/2041 (d)	750,000	760,245
SDR Commercial Mortgage Trust Series 2024-DSNY Class B, CME Term SOFR 1 month Index + 1.7412%, 5.3682% 5/15/2039 (b)(c)(d)	790,000	790,988
TCO Commercial Mortgage Trust Series 2024-DPM Class A, CME Term SOFR 1 month Index + 1.2429%, 4.87% 12/15/2039 (b)(c)(d)	1,157,000	1,157,724
Texas Coml Mortgage Trust Series 2025-TWR Class A, CME Term SOFR 1 month Index + 1.2931%, 4.9202% 4/15/2042 (b)(c)(d)	2,103,000	2,102,996
Wells Fargo Commercial Mortgage Trust Series 2024-GRP Class A, CME Term SOFR 1 month Index + 1.7913%, 5.4184% 10/15/2041 (b)(c)(d)	1,060,000	1,055,590
Wells Fargo Commercial Mortgage Trust Series 2025-5C6 Class A1, 4.314% 10/15/2058	226,243	224,372
TOTAL UNITED STATES		63,692,368
TOTAL COMMERCIAL MORTGAGE SECURITIES  (Cost $64,536,908)		63,692,368

Fixed-Income Funds - 33.5%
	Shares	Value ($)
Baird Short-Term Bond Fund Institutional Class	46,253,729	438,947,885
DoubleLine Low Duration Bond Fund Class N	25,091,326	240,625,818
iShares 1-3 Year Treasury Bond ETF	1,504,361	123,808,909
iShares 3-7 Year Treasury Bond ETF	2,719,673	320,214,299
iShares Short Duration Bond Active ETF (i)	4,622,412	234,818,530
PIMCO Enhanced Low Duration Active ETF	2,500,561	239,017,874
TOTAL FIXED-INCOME FUNDS  (Cost $1,604,998,109)		1,597,433,315

Foreign Government and Government Agency Obligations - 0.0%
	Principal Amount (a)	Value ($)
COLOMBIA - 0.0%
Colombian Republic 5.375% 1/21/2029   (Cost $1,450,288)	1,460,000	1,451,604

Non-Convertible Corporate Bonds - 17.0%
	Principal Amount (a)	Value ($)
AUSTRALIA - 0.1%
Energy - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Woodside Finance Ltd 3.7% 9/15/2026 (d)	487,000	485,890
Health Care - 0.0%
Biotechnology - 0.0%
CSL Finance PLC 3.85% 4/27/2027 (d)	2,075,000	2,063,563
Materials - 0.1%
Metals & Mining - 0.1%
Glencore Funding LLC 4.907% 4/1/2028 (d)	1,740,000	1,751,331
Glencore Funding LLC 5.338% 4/4/2027 (d)	2,088,000	2,106,742
TOTAL MATERIALS		3,858,073
TOTAL AUSTRALIA		6,407,526
BERMUDA - 0.1%
Consumer Staples - 0.1%
Beverages - 0.1%
Bacardi Ltd 4.7% 5/15/2028 (d)	3,151,000	3,146,507
Financials - 0.0%
Insurance - 0.0%
Aspen Insurance Holdings Ltd 5.75% 7/1/2030	490,000	505,369
TOTAL BERMUDA		3,651,876
CANADA - 0.9%
Communication Services - 0.2%
Wireless Telecommunication Services - 0.2%
Rogers Communications Inc 3.2% 3/15/2027	4,265,000	4,227,447
Rogers Communications Inc 5% 2/15/2029	3,080,000	3,105,313
TOTAL COMMUNICATION SERVICES		7,332,760
Consumer Staples - 0.0%
Consumer Staples Distribution & Retail - 0.0%
Alimentation Couche-Tard Inc 4.148% 9/29/2028 (d)	2,500,000	2,479,100
Energy - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Canadian Natural Resources Ltd 3.85% 6/1/2027	2,413,000	2,402,896
Enbridge Inc 4.6% 6/20/2028	4,435,000	4,450,020
Enbridge Inc 5.9% 11/15/2026	400,000	402,460
Enbridge Inc 6% 11/15/2028	660,000	682,773
South Bow USA Infrastructure Holdings LLC 4.911% 9/1/2027	1,405,000	1,410,222
TransCanada PipeLines Ltd 4.25% 5/15/2028	260,000	258,933
TOTAL ENERGY		9,607,304
Financials - 0.4%
Banks - 0.4%
Bank of Montreal 4.062% 9/22/2028 (b)	990,000	985,306
Bank of Montreal 4.338% 3/19/2030 (b)	2,038,000	2,025,863
Bank of Montreal 4.547% 6/2/2029 (b)	2,500,000	2,501,444
Bank of Nova Scotia/The 4.247% 2/2/2030 (b)	3,090,000	3,058,618
Bank of Nova Scotia/The 4.932% 2/14/2029 (b)	2,902,000	2,925,656
Canadian Imperial Bank of Commerce 4.283% 1/29/2030 (b)	1,555,000	1,540,970
Canadian Imperial Bank of Commerce 4.862% 1/13/2028 (b)	2,500,000	2,507,441
National Bank of Canada 4.166% 1/20/2029 (b)	980,000	975,708
Royal Bank of Canada 4.4% 4/17/2030 (b)	3,420,000	3,401,019
TOTAL FINANCIALS		19,922,025
Industrials - 0.1%
Commercial Services & Supplies - 0.1%
Element Fleet Management Corp 4.8% 5/29/2029 (d)	400,000	400,482
Element Fleet Management Corp 5.037% 3/25/2030 (d)	1,275,000	1,286,224
Element Fleet Management Corp 5.643% 3/13/2027 (d)	1,330,000	1,341,049
TOTAL INDUSTRIALS		3,027,755
Materials - 0.0%
Chemicals - 0.0%
Nutrien Ltd 4.9% 3/27/2028	1,135,000	1,144,263
TOTAL CANADA		43,513,207
CHILE - 0.0%
Materials - 0.0%
Metals & Mining - 0.0%
Corp Nacional del Cobre de Chile 3% 9/30/2029 (g)	1,400,000	1,319,990
Corp Nacional del Cobre de Chile 3.625% 8/1/2027 (g)	404,000	399,883
TOTAL CHILE		1,719,873
CHINA - 0.0%
Consumer Discretionary - 0.0%
Broadline Retail - 0.0%
Prosus NV 3.257% 1/19/2027 (g)	236,000	233,934
DENMARK - 0.2%
Financials - 0.2%
Banks - 0.2%
Danske Bank A/S 4.298% 4/1/2028 (b)(d)	2,544,000	2,542,858
Danske Bank A/S 4.613% 10/2/2030 (b)(d)	1,220,000	1,213,697
Danske Bank A/S 4.662% 3/27/2029 (b)(d)	4,850,000	4,850,940
Danske Bank A/S 5.427% 3/1/2028 (b)(d)	1,290,000	1,299,687
TOTAL DENMARK		9,907,182
FRANCE - 0.3%
Communication Services - 0.1%
Diversified Telecommunication Services - 0.1%
Orange SA 4% 1/13/2029 (d)	978,000	967,961
Orange SA 4.25% 1/13/2031 (d)	1,505,000	1,475,568
TOTAL COMMUNICATION SERVICES		2,443,529
Financials - 0.2%
Banks - 0.2%
BNP Paribas SA 2.591% 1/20/2028 (b)(d)	3,200,000	3,162,247
BNP Paribas SA 4.792% 5/9/2029 (b)(d)	3,130,000	3,134,024
Credit Agricole SA 5.23% 1/9/2029 (b)(d)	955,000	964,593
Societe Generale SA 5.249% 5/22/2029 (b)(d)	1,000,000	1,009,613
Societe Generale SA 5.5% 4/13/2029 (b)(d)	2,500,000	2,534,420
Societe Generale SA 5.519% 1/19/2028 (b)(d)	1,030,000	1,035,766
TOTAL FINANCIALS		11,840,663
Materials - 0.0%
Chemicals - 0.0%
SPCM SA 5.626% 3/31/2031 (d)	1,405,000	1,421,634
TOTAL FRANCE		15,705,826
GERMANY - 1.0%
Consumer Discretionary - 0.5%
Automobiles - 0.5%
BMW US Capital LLC 4.15% 4/9/2030 (d)	340,000	332,906
BMW US Capital LLC 4.3% 3/17/2028 (d)	2,660,000	2,655,389
BMW US Capital LLC 4.4% 3/19/2029 (d)	2,715,000	2,708,575
BMW US Capital LLC 4.6% 8/13/2027 (d)	2,635,000	2,645,071
Mercedes-Benz Finance North America LLC 4.125% 3/10/2028 (d)	2,700,000	2,684,469
Volkswagen Group of America Finance LLC 4.450%  9/11/2027 (d)	895,000	893,897
Volkswagen Group of America Finance LLC 4.75% 11/13/2028 (d)	870,000	869,443
Volkswagen Group of America Finance LLC 4.85% 8/15/2027 (d)	1,875,000	1,881,523
Volkswagen Group of America Finance LLC 5.05% 3/27/2028 (d)	2,820,000	2,836,972
Volkswagen Group of America Finance LLC 5.7% 9/12/2026 (d)	1,425,000	1,430,675
Volkswagen Group of America Finance LLC 6% 11/16/2026 (d)	2,150,000	2,166,019
Volkswagen Group of America Finance LLC 6.2% 11/16/2028 (d)	1,130,000	1,166,439
TOTAL CONSUMER DISCRETIONARY		22,271,378
Financials - 0.2%
Capital Markets - 0.2%
Deutsche Bank AG/New York NY 2.552% 1/7/2028 (b)	2,600,000	2,570,404
Deutsche Bank AG/New York NY 5.373% 1/10/2029 (b)	3,270,000	3,306,592
Deutsche Bank AG/New York NY 5.706% 2/8/2028 (b)	1,000,000	1,008,400
Deutsche Bank AG/New York NY 6.72% 1/18/2029 (b)	2,792,000	2,882,866
TOTAL FINANCIALS		9,768,262
Health Care - 0.2%
Pharmaceuticals - 0.2%
Bayer US Finance II LLC 4.375% 12/15/2028 (d)	6,088,000	6,035,696
EMD Finance LLC 4.125% 8/15/2028 (d)	2,765,000	2,743,331
TOTAL HEALTH CARE		8,779,027
Industrials - 0.1%
Machinery - 0.1%
Daimler Truck Finance North America LLC 4.15% 1/12/2029 (d)	645,000	637,687
Daimler Truck Finance North America LLC 4.3% 8/12/2027 (d)	870,000	868,754
Daimler Truck Finance North America LLC 4.95% 1/13/2028 (d)	2,500,000	2,519,017
Daimler Truck Finance North America LLC 5.125% 9/25/2027 (d)	1,250,000	1,261,438
TOTAL INDUSTRIALS		5,286,896
TOTAL GERMANY		46,105,563
HONG KONG - 0.0%
Industrials - 0.0%
Commercial Services & Supplies - 0.0%
HPHT Finance 21 II Ltd 1.5% 9/17/2026 (g)	650,000	643,925
INDIA - 0.0%
Financials - 0.0%
Banks - 0.0%
State Bank of India/London 1.8% 7/13/2026 (g)	1,850,000	1,844,602
IRELAND - 0.4%
Financials - 0.3%
Banks - 0.0%
Bank of Ireland Group PLC 2.029% 9/30/2027 (b)(d)	2,200,000	2,183,131
Consumer Finance - 0.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3% 10/29/2028	820,000	790,067
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.875% 1/23/2028	2,500,000	2,472,125
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.125% 2/28/2029	1,478,000	1,458,386
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 5.75% 6/6/2028	2,500,000	2,553,703
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.45% 4/15/2027	2,461,000	2,501,748
		9,776,029
TOTAL FINANCIALS		11,959,160
Industrials - 0.1%
Transportation Infrastructure - 0.1%
Avolon Holdings Funding Ltd 2.528% 11/18/2027 (d)	2,700,000	2,618,603
Avolon Holdings Funding Ltd 4.95% 1/15/2028 (d)	2,500,000	2,509,960
Avolon Holdings Funding Ltd 6.375% 5/4/2028 (d)	870,000	894,654
TOTAL INDUSTRIALS		6,023,217
TOTAL IRELAND		17,982,377
ITALY - 0.1%
Utilities - 0.1%
Electric Utilities - 0.1%
ENEL Finance International NV 1.625% 7/12/2026 (d)(e)	1,605,000	1,599,665
ENEL Finance International NV 4.125% 9/30/2028 (d)	2,412,000	2,387,045
ENEL Finance International NV 5.125% 6/26/2029 (d)	2,450,000	2,479,056
TOTAL ITALY		6,465,766
JAPAN - 0.2%
Communication Services - 0.0%
Diversified Telecommunication Services - 0.0%
NTT Finance Corp 4.567% 7/16/2027 (d)	690,000	691,384
NTT Finance Corp 4.62% 7/16/2028 (d)	965,000	965,732
TOTAL COMMUNICATION SERVICES		1,657,116
Consumer Staples - 0.0%
Tobacco - 0.0%
Japan Tobacco Inc 4.85% 5/15/2028 (d)	2,180,000	2,195,994
Financials - 0.2%
Banks - 0.2%
Mitsubishi UFJ Financial Group Inc 4.592% 4/18/2030 (b)	200,000	199,639
Mitsubishi UFJ Financial Group Inc 5.258% 4/17/2030 (b)	1,650,000	1,676,529
Mizuho Financial Group Inc 5.414% 9/13/2028 (b)	2,500,000	2,530,591
TOTAL FINANCIALS		4,406,759
TOTAL JAPAN		8,259,869
KAZAKHSTAN - 0.0%
Energy - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Tengizchevroil Finance Co International Ltd 4% 8/15/2026 (g)	840,000	838,425
Industrials - 0.0%
Ground Transportation - 0.0%
Kazakhstan Temir Zholy National Co JSC 4.875% 4/29/2031 (d)	630,000	619,763
TOTAL KAZAKHSTAN		1,458,188
KOREA (SOUTH) - 0.1%
Communication Services - 0.0%
Diversified Telecommunication Services - 0.0%
KT Corp 4.125% 2/2/2028 (d)	900,000	896,170
Financials - 0.1%
Financial Services - 0.1%
Korea Housing Finance Corp 4.625% 2/24/2028 (d)	1,600,000	1,610,576
TOTAL KOREA (SOUTH)		2,506,746
KUWAIT - 0.0%
Materials - 0.0%
Chemicals - 0.0%
Equate Petrochemical Co KSCC 4.25% 11/3/2026 (g)	1,850,000	1,841,083
NETHERLANDS - 0.4%
Consumer Staples - 0.1%
Beverages - 0.1%
Heineken NV 3.5% 1/29/2028 (d)	4,438,000	4,382,306
Financials - 0.2%
Banks - 0.2%
Cooperatieve Rabobank UA 4.655% 8/22/2028 (b)(d)	2,100,000	2,103,694
Cooperatieve Rabobank UA 5.564% 2/28/2029 (b)(d)	1,720,000	1,749,640
ING Groep NV 4.017% 3/28/2028 (b)	2,100,000	2,093,413
ING Groep NV 4.803% 3/23/2032 (b)	2,920,000	2,906,801
ING Groep NV 4.858% 3/25/2029 (b)	2,720,000	2,736,203
TOTAL FINANCIALS		11,589,751
Information Technology - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
NXP BV / NXP Funding LLC / NXP USA Inc 3.15% 5/1/2027	2,195,000	2,173,083
NXP BV / NXP Funding LLC / NXP USA Inc 4.3% 6/18/2029	1,458,000	1,446,318
NXP BV / NXP Funding LLC / NXP USA Inc 4.3% 8/19/2028	1,570,000	1,563,882
NXP BV / NXP Funding LLC / NXP USA Inc 4.4% 6/1/2027	155,000	155,141
TOTAL INFORMATION TECHNOLOGY		5,338,424
TOTAL NETHERLANDS		21,310,481
NORWAY - 0.1%
Energy - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Var Energi ASA 5% 5/18/2027 (d)	1,490,000	1,496,420
Financials - 0.1%
Banks - 0.1%
DNB Bank ASA 4.832% 3/30/2032 (b)(d)	3,025,000	3,014,309
TOTAL NORWAY		4,510,729
QATAR - 0.0%
Financials - 0.0%
Banks - 0.0%
QNB Finance Ltd 4.875% 1/30/2029 (g)	1,970,000	1,974,630
SAUDI ARABIA - 0.1%
Energy - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
SA Global Sukuk Ltd 4.125% 9/17/2030 (d)	1,890,000	1,835,804
Materials - 0.0%
Chemicals - 0.0%
Ma'aden Sukuk Ltd 5.25% 2/13/2030 (d)	1,500,000	1,512,600
TOTAL SAUDI ARABIA		3,348,404
SPAIN - 0.1%
Financials - 0.1%
Banks - 0.1%
Banco Santander SA 5.552% 3/14/2028 (b)	1,200,000	1,210,019
CaixaBank SA 4.818% 4/22/2032 (b)(d)	725,000	720,654
CaixaBank SA 6.684% 9/13/2027 (b)(d)	1,865,000	1,876,398
TOTAL SPAIN		3,807,071
SWITZERLAND - 0.1%
Financials - 0.1%
Capital Markets - 0.1%
UBS AG/Stamford CT 4.302% 3/16/2029 (b)	2,836,000	2,830,792
UBS Group AG 1.494% 8/10/2027 (b)(d)	3,000,000	2,982,333
UBS Group AG 3.869% 1/12/2029 (b)(d)	990,000	978,733
TOTAL SWITZERLAND		6,791,858
THAILAND - 0.0%
Communication Services - 0.0%
Wireless Telecommunication Services - 0.0%
Advanced Info Service PCL 4.26% 3/4/2031 (g)	980,000	960,155
UNITED KINGDOM - 1.7%
Consumer Staples - 0.4%
Beverages - 0.0%
Coca-Cola Europacific Partners PLC 1.5% 1/15/2027 (d)	475,000	466,995
Tobacco - 0.4%
BAT Capital Corp 2.259% 3/25/2028	2,700,000	2,597,649
BAT Capital Corp 3.557% 8/15/2027	2,490,000	2,467,134
BAT International Finance PLC 4.448% 3/16/2028	2,975,000	2,976,104
Imperial Brands Finance PLC 3.5% 7/26/2026 (d)	305,000	304,541
Imperial Brands Finance PLC 4.5% 6/30/2028 (d)	3,150,000	3,147,063
Imperial Brands Finance PLC 6.125% 7/27/2027 (d)	2,739,000	2,786,805
		14,279,296
TOTAL CONSUMER STAPLES		14,746,291
Financials - 1.3%
Banks - 1.2%
Barclays PLC 4.219% 5/24/2030 (b)	1,245,000	1,225,495
Barclays PLC 4.476% 11/11/2029 (b)	1,205,000	1,197,824
Barclays PLC 4.836% 5/9/2028	1,475,000	1,478,048
Barclays PLC 4.972% 5/16/2029 (b)	960,000	965,607
Barclays PLC 5.086% 2/25/2029 (b)	1,085,000	1,093,456
Barclays PLC 5.501% 8/9/2028 (b)	2,500,000	2,525,009
Barclays PLC 5.674% 3/12/2028 (b)	2,500,000	2,522,038
Barclays PLC 7.385% 11/2/2028 (b)	2,400,000	2,489,265
HSBC Holdings PLC 4.398% 3/10/2030 (b)	1,125,000	1,115,166
HSBC Holdings PLC 4.583% 6/19/2029 (b)	2,000,000	1,997,864
HSBC Holdings PLC 4.899% 3/3/2029 (b)	2,425,000	2,437,998
HSBC Holdings PLC 5.13% 11/19/2028 (b)	1,890,000	1,904,160
HSBC Holdings PLC 5.597% 5/17/2028 (b)	2,845,000	2,875,752
HSBC Holdings PLC 5.887% 8/14/2027 (b)	2,600,000	2,607,331
HSBC Holdings PLC 7.39% 11/3/2028 (b)	2,000,000	2,076,648
Lloyds Banking Group PLC 3.574% 11/7/2028 (b)	2,600,000	2,567,640
Lloyds Banking Group PLC 4.241% 2/10/2030 (b)	1,463,000	1,446,904
Lloyds Banking Group PLC 4.818% 6/13/2029 (b)	960,000	965,318
Lloyds Banking Group PLC 5.462% 1/5/2028 (b)	1,060,000	1,066,566
Lloyds Banking Group PLC 5.871% 3/6/2029 (b)	2,441,000	2,496,515
NatWest Group PLC 4.892% 5/18/2029 (b)	3,170,000	3,188,484
NatWest Group PLC 5.516% 9/30/2028 (b)	2,500,000	2,534,916
NatWest Group PLC 5.583% 3/1/2028 (b)	700,000	705,853
NatWest Markets PLC 4.654% 3/27/2029 (d)	3,075,000	3,080,946
Santander UK Group Holdings PLC 1.673% 6/14/2027 (b)	420,000	419,546
Santander UK Group Holdings PLC 4.32% 9/22/2029 (b)	885,000	877,350
Standard Chartered PLC 4.299% 1/13/2030 (b)(d)	2,974,000	2,939,432
Standard Chartered PLC 4.3% 2/19/2027 (d)	327,000	326,578
Standard Chartered PLC 5.688% 5/14/2028 (b)(d)	1,340,000	1,354,554
Standard Chartered PLC 6.301% 1/9/2029 (b)(d)	870,000	892,335
		53,374,598
Capital Markets - 0.0%
Rentokil Terminix Funding PLC 4.625% 4/23/2031 (d)	1,305,000	1,286,493
Financial Services - 0.1%
LSEG US Finance Corp 4.25% 3/23/2029 (d)	1,695,000	1,680,955
LSEG US Finance Corp 4.5% 3/23/2031 (d)	830,000	819,877
Nationwide Building Society 6.557% 10/18/2027 (b)(d)	2,500,000	2,519,910
		5,020,742
TOTAL FINANCIALS		59,681,833
Industrials - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce PLC 5.75% 10/15/2027 (d)	1,530,000	1,550,123
TOTAL UNITED KINGDOM		75,978,247
UNITED STATES - 11.1%
Communication Services - 0.3%
Diversified Telecommunication Services - 0.1%
AT&T Inc 4.1% 2/15/2028	600,000	597,396
SBA Tower Trust 4.831% 10/15/2029 (d)	2,245,000	2,242,523
SBA Tower Trust 6.599% 11/15/2052 (d)	1,160,000	1,174,161
		4,014,080
Entertainment - 0.0%
Take-Two Interactive Software Inc 4.95% 3/28/2028	1,355,000	1,365,440
Media - 0.2%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.2% 3/15/2028	4,495,000	4,447,391
Charter Communications Operating LLC / Charter Communications Operating Capital 5.05% 3/30/2029	1,855,000	1,854,190
Cox Communications Inc 3.35% 9/15/2026 (d)	795,000	792,594
Cox Communications Inc 3.5% 8/15/2027 (d)	935,000	923,286
Cox Communications Inc 5.45% 9/15/2028 (d)	1,175,000	1,193,044
		9,210,505
Wireless Telecommunication Services - 0.0%
T-Mobile USA Inc 3.375% 4/15/2029	1,020,000	989,917
TOTAL COMMUNICATION SERVICES		15,579,942
Consumer Discretionary - 0.8%
Automobiles - 0.6%
American Honda Finance Corp 4.55% 4/10/2028	1,367,000	1,366,755
American Honda Finance Corp 4.9% 4/10/2031	620,000	618,490
American Honda Finance Corp 5.65% 11/15/2028	2,055,000	2,106,738
General Motors Financial Co Inc 4.2% 10/27/2028	1,500,000	1,488,839
General Motors Financial Co Inc 4.75% 4/6/2029	1,330,000	1,333,262
General Motors Financial Co Inc 5.05% 4/4/2028	1,265,000	1,275,655
General Motors Financial Co Inc 5.35% 7/15/2027	1,658,000	1,674,874
General Motors Financial Co Inc 5.4% 5/8/2027	3,546,000	3,581,593
General Motors Financial Co Inc 5.8% 1/7/2029	1,000,000	1,028,359
General Motors Financial Co Inc 6% 1/9/2028	2,350,000	2,399,444
Hyundai Capital America 4.25% 1/8/2029 (d)	910,000	899,964
Hyundai Capital America 4.6% 4/6/2028 (d)	2,210,000	2,208,610
Hyundai Capital America 4.85% 3/25/2027 (d)	615,000	617,836
Hyundai Capital America 4.875% 6/23/2027 (d)	3,095,000	3,108,323
Hyundai Capital America 5% 1/7/2028 (d)	985,000	990,940
Hyundai Capital America 5.25% 1/8/2027 (d)	675,000	678,658
Hyundai Capital America 5.45% 6/24/2026 (d)	2,000,000	2,001,770
Hyundai Capital America 5.6% 3/30/2028 (d)	1,190,000	1,209,282
		28,589,392
Diversified Consumer Services - 0.0%
ERAC USA Finance LLC 4.6% 5/1/2028 (d)	1,990,000	1,998,095
ERAC USA Finance LLC 5% 2/15/2029 (d)	730,000	738,523
		2,736,618
Hotels, Restaurants & Leisure - 0.1%
Airbnb Inc 4.4% 3/16/2029	1,085,000	1,083,091
Airbnb Inc 4.65% 3/16/2031	325,000	324,996
Darden Restaurants Inc 4.35% 10/15/2027	1,680,000	1,676,737
Marriott International Inc/MD 3.125% 6/15/2026	1,628,000	1,627,300
		4,712,124
Specialty Retail - 0.1%
AutoNation Inc 1.95% 8/1/2028	2,700,000	2,548,731
AutoZone Inc 5.165% 6/15/2030	1,255,000	1,275,462
O'Reilly Automotive Inc 4.35% 6/1/2028	723,000	722,237
		4,546,430
TOTAL CONSUMER DISCRETIONARY		40,584,564
Consumer Staples - 0.3%
Beverages - 0.2%
Keurig Dr Pepper Inc 3.95% 4/15/2029	198,000	194,403
Keurig Dr Pepper Inc 4.35% 5/15/2028	1,460,000	1,456,558
Keurig Dr Pepper Inc 5.05% 3/15/2029	2,010,000	2,031,126
Maple Parent Holdings Corp 4.75% 3/26/2029 (d)	1,680,000	1,679,654
Molson Coors Beverage Co 4.9% 7/8/2031	845,000	847,823
		6,209,564
Consumer Staples Distribution & Retail - 0.0%
Dollar General Corp 5.2% 7/5/2028	1,034,000	1,046,406
Mars Inc 4.6% 3/1/2028 (d)	1,080,000	1,085,272
		2,131,678
Food Products - 0.1%
Bunge Ltd Finance Corp 4.9% 4/21/2027	1,680,000	1,689,673
Conagra Brands Inc 1.375% 11/1/2027	1,387,000	1,325,459
Conagra Brands Inc 4.85% 11/1/2028	625,000	626,131
Conagra Brands Inc 7% 10/1/2028	630,000	660,088
		4,301,351
Tobacco - 0.0%
Philip Morris International Inc 5.125% 11/17/2027	307,000	310,563
TOTAL CONSUMER STAPLES		12,953,156
Energy - 0.6%
Oil, Gas & Consumable Fuels - 0.6%
Cheniere Corpus Christi Holdings LLC 5.125% 6/30/2027	1,675,000	1,681,998
Cheniere Energy Inc 4.625% 10/15/2028	280,000	279,857
Cheniere Energy Partners LP 4% 3/1/2031	1,245,000	1,201,010
Columbia Pipelines Holding Co LLC 6.042% 8/15/2028 (d)	950,000	976,791
Columbia Pipelines Holding Co LLC 6.055% 8/15/2026 (d)	150,000	150,290
DCP Midstream Operating LP 5.125% 5/15/2029	950,000	963,689
DCP Midstream Operating LP 5.625% 7/15/2027	2,500,000	2,526,004
Diamondback Energy Inc 5.2% 4/18/2027	2,375,000	2,393,981
Energy Transfer LP 4.55% 1/15/2031	1,080,000	1,070,074
Energy Transfer LP 5.25% 7/1/2029	1,095,000	1,115,558
Energy Transfer LP 6.05% 12/1/2026	2,445,000	2,462,475
EQT Corp 3.9% 10/1/2027	581,000	577,305
EQT Corp 5.7% 4/1/2028	2,000,000	2,041,206
Marathon Petroleum Corp 3.8% 4/1/2028	2,600,000	2,568,580
MPLX LP 4% 3/15/2028	2,600,000	2,580,411
ONEOK Inc 4.25% 9/24/2027	2,520,000	2,514,473
ONEOK Inc 5.55% 11/1/2026	1,440,000	1,446,711
ONEOK Inc 5.625% 1/15/2028 (d)	720,000	729,026
Sabine Pass Liquefaction LLC 4.2% 3/15/2028	308,000	306,828
Schlumberger Investment SA 4.5% 5/15/2028	749,000	750,834
Targa Resources Corp 4.35% 1/15/2029	980,000	976,141
Targa Resources Corp 5.2% 7/1/2027	345,000	347,780
Williams Cos Inc/The 4.8% 11/15/2029	895,000	902,115
TOTAL ENERGY		30,563,137
Financials - 4.9%
Banks - 2.0%
Bank of America Corp 1.734% 7/22/2027 (b)	3,465,000	3,452,101
Bank of America Corp 4.271% 7/23/2029 (b)	1,180,000	1,172,989
Bank of America Corp 4.456% 2/6/2032 (b)	1,570,000	1,546,069
Bank of America Corp 4.623% 5/9/2029 (b)	5,177,000	5,189,270
Bank of America Corp 4.948% 7/22/2028 (b)	2,902,000	2,920,417
Bank of America Corp 5.933% 9/15/2027 (b)	2,200,000	2,210,763
Citigroup Inc 3.52% 10/27/2028 (b)	2,300,000	2,272,632
Citigroup Inc 3.887% 1/10/2028 (b)	2,000,000	1,993,862
Citigroup Inc 4.075% 4/23/2029 (b)	2,300,000	2,283,131
Citigroup Inc 4.503% 9/11/2031 (b)	1,680,000	1,662,138
Citigroup Inc 4.786% 3/4/2029 (b)	3,280,000	3,295,161
Citigroup Inc 5.174% 2/13/2030 (b)	1,280,000	1,298,486
Fifth Third Bancorp 4.566% 4/29/2032 (b)	1,820,000	1,789,863
Huntington Bancshares Inc/OH 4.623% 1/28/2032 (b)	2,350,000	2,317,670
Huntington Bancshares Inc/OH 6.208% 8/21/2029 (b)	940,000	970,984
JPMorgan Chase & Co 4.347% 1/22/2032 (b)	1,310,000	1,287,613
JPMorgan Chase & Co 4.408% 4/23/2030 (b)	2,700,000	2,685,689
JPMorgan Chase & Co 4.851% 7/25/2028 (b)	2,491,000	2,503,359
JPMorgan Chase & Co 4.979% 7/22/2028 (b)	3,619,000	3,643,668
JPMorgan Chase & Co 5.04% 1/23/2028 (b)	3,655,000	3,672,219
JPMorgan Chase & Co 5.299% 7/24/2029 (b)	1,150,000	1,167,297
Manufacturers & Traders Trust Co 4.762% 7/6/2028 (b)	940,000	941,930
Morgan Stanley Private Bank NA 4.204% 11/17/2028 (b)	2,557,000	2,549,524
PNC Financial Services Group Inc/The 4.618% 10/26/2029 (b)	2,500,000	2,501,569
PNC Financial Services Group Inc/The 5.354% 12/2/2028 (b)	950,000	963,308
PNC Financial Services Group Inc/The 5.582% 6/12/2029 (b)	1,500,000	1,534,622
Regions Bank/Birmingham AL 4.755% 7/27/2029 (b)	1,075,000	1,078,256
Santander Holdings USA Inc 2.49% 1/6/2028 (b)	1,190,000	1,175,732
Truist Financial Corp 1.887% 6/7/2029 (b)	2,700,000	2,562,356
Truist Financial Corp 4.123% 6/6/2028 (b)	2,511,000	2,505,447
Truist Financial Corp 4.873% 1/26/2029 (b)	2,500,000	2,515,664
Truist Financial Corp 7.161% 10/30/2029 (b)	840,000	888,564
US Bancorp 4.548% 7/22/2028 (b)	1,620,000	1,622,664
US Bancorp 5.775% 6/12/2029 (b)	2,400,000	2,458,824
Wells Fargo & Co 3.196% 6/17/2027 (b)	3,200,000	3,198,258
Wells Fargo & Co 3.526% 3/24/2028 (b)	3,130,000	3,108,352
Wells Fargo & Co 4.577% 5/20/2029 (b)	2,500,000	2,498,842
Wells Fargo & Co 4.9% 1/24/2028 (b)	2,220,000	2,227,565
Wells Fargo & Co 4.97% 4/23/2029 (b)	4,360,000	4,392,940
Wells Fargo & Co 5.707% 4/22/2028 (b)	2,500,000	2,528,492
Wells Fargo & Co 6.303% 10/23/2029 (b)	2,000,000	2,076,843
		92,665,133
Capital Markets - 1.2%
Athene Global Funding 4.83% 5/9/2028 (d)	590,000	588,544
Athene Global Funding 4.86% 8/27/2026 (d)	885,000	886,012
Athene Global Funding 5.339% 1/15/2027 (d)	2,500,000	2,510,863
Athene Global Funding 5.349% 7/9/2027 (d)	860,000	864,992
Athene Global Funding 5.516% 3/25/2027 (d)	2,503,000	2,523,683
Charles Schwab Corp/The 4.343% 11/14/2031 (b)	900,000	886,627
Charles Schwab Corp/The 4.744% 5/21/2030 (b)	1,295,000	1,301,815
Equitable America Global Funding 4.65% 6/9/2028 (d)	3,850,000	3,849,847
GA Global Funding Trust 4.4% 9/23/2027 (d)	1,490,000	1,485,303
Goldman Sachs Group Inc/The 1.542% 9/10/2027 (b)	2,800,000	2,778,660
Goldman Sachs Group Inc/The 4.148% 1/21/2029 (b)	4,585,000	4,553,186
Goldman Sachs Group Inc/The 4.482% 8/23/2028 (b)	3,535,000	3,535,178
Goldman Sachs Group Inc/The 4.937% 4/23/2028 (b)	1,970,000	1,978,324
Goldman Sachs Group Inc/The 5.218% 4/23/2031 (b)	1,735,000	1,760,406
Goldman Sachs Group Inc/The 6.484% 10/24/2029 (b)	1,950,000	2,030,487
LPL Holdings Inc 4.625% 11/15/2027 (d)	470,000	468,329
LPL Holdings Inc 4.9% 4/3/2028	3,105,000	3,115,254
LPL Holdings Inc 5.7% 5/20/2027	1,298,000	1,312,448
LPL Holdings Inc 6.75% 11/17/2028	1,445,000	1,509,951
Morgan Stanley 1.512% 7/20/2027 (b)	2,700,000	2,689,364
Morgan Stanley 3.772% 1/24/2029 (b)	990,000	978,124
Morgan Stanley 4.238% 1/9/2030 (b)	1,215,000	1,201,642
Morgan Stanley 4.708% 3/12/2032 (b)	2,245,000	2,224,460
Morgan Stanley 4.994% 4/12/2029 (b)	1,735,000	1,748,077
Morgan Stanley 5.164% 4/20/2029 (b)	2,500,000	2,525,747
Morgan Stanley 6.296% 10/18/2028 (b)	2,450,000	2,513,096
Morgan Stanley 6.407% 11/1/2029 (b)	2,400,000	2,495,532
Sammons Financial Group Global Funding 5.05% 1/10/2028 (d)	3,478,000	3,493,574
		57,809,525
Consumer Finance - 0.4%
American Express Co 4.444% 5/3/2030 (b)	2,220,000	2,212,131
American Express Co 4.731% 4/25/2029 (b)	1,785,000	1,793,933
American Express Co 5.043% 7/26/2028 (b)	935,000	942,067
American Express Co 5.098% 2/16/2028 (b)	640,000	643,605
American Express Co 5.532% 4/25/2030 (b)	1,295,000	1,328,386
Capital One Financial Corp 7.149% 10/29/2027 (b)	1,080,000	1,091,360
Ford Motor Credit Co LLC 4.97% 4/6/2029	940,000	933,997
Ford Motor Credit Co LLC 5.125% 11/5/2026	1,230,000	1,233,167
Ford Motor Credit Co LLC 5.303% 9/6/2029	400,000	400,536
Ford Motor Credit Co LLC 5.8% 3/5/2027	4,170,000	4,202,713
Ford Motor Credit Co LLC 5.8% 3/8/2029	770,000	781,382
Ford Motor Credit Co LLC 5.85% 5/17/2027	2,500,000	2,523,402
Ford Motor Credit Co LLC 5.918% 3/20/2028	775,000	786,520
Stellantis Financial Services US Corp 4.95% 9/15/2028 (d)	768,000	764,983
Stellantis Financial Services US Corp 5.4% 6/15/2029 (d)	443,000	444,120
		20,082,302
Financial Services - 0.7%
CNH Industrial Capital LLC 4.375% 3/7/2031	2,875,000	2,818,390
CNH Industrial Capital LLC 4.5% 10/8/2027	800,000	800,041
CNH Industrial Capital LLC 4.55% 4/10/2028	1,750,000	1,749,334
Crown Castle Towers LLC 4.241% 7/15/2048 (d)	435,000	431,357
Equitable Holdings Inc 4.35% 4/20/2028	2,500,000	2,489,764
Fidelity National Information Services Inc 4.45% 3/10/2028	1,160,000	1,157,102
Fidelity National Information Services Inc 4.55% 3/10/2029	2,690,000	2,675,250
Fidelity National Information Services Inc 4.8% 3/10/2031	740,000	734,509
Fiserv Inc 3.5% 7/1/2029	1,300,000	1,250,608
Fiserv Inc 4.2% 10/1/2028	1,136,000	1,124,039
Fiserv Inc 4.55% 2/15/2031	940,000	921,095
Fiserv Inc 5.15% 3/15/2027	1,805,000	1,814,538
Fiserv Inc 5.375% 8/21/2028	1,090,000	1,103,877
Gabx Leasing LLC 4.625% 4/15/2031 (d)	785,000	774,739
Global Payments Inc 3.2% 8/15/2029	2,185,000	2,067,482
Global Payments Inc 4.5% 11/15/2028	495,000	490,969
Global Payments Inc 4.55% 3/15/2028	1,860,000	1,854,923
Jackson Financial Inc 5.17% 6/8/2027	2,500,000	2,512,615
Mobility Global Inc 5.05% 6/15/2029 (d)	625,000	627,968
National Rural Utilities Cooperative Finance Corp 4.05% 2/9/2029	2,025,000	2,006,771
Penske Truck Leasing Co Lp / PTL Finance Corp 1.7% 6/15/2026 (d)	364,000	363,619
Penske Truck Leasing Co Lp / PTL Finance Corp 3.4% 11/15/2026 (d)	590,000	587,768
Penske Truck Leasing Co Lp / PTL Finance Corp 4.4% 7/1/2027 (d)	129,000	128,768
Penske Truck Leasing Co Lp / PTL Finance Corp 5.35% 1/12/2027 (d)	515,000	517,203
Penske Truck Leasing Co Lp / PTL Finance Corp 5.55% 5/1/2028 (d)	490,000	497,643
Penske Truck Leasing Co Lp / PTL Finance Corp 5.7% 2/1/2028 (d)	138,000	140,089
Penske Truck Leasing Co Lp / PTL Finance Corp 6.05% 8/1/2028 (d)	1,040,000	1,068,914
		32,709,375
Insurance - 0.6%
Brown & Brown Inc 4.7% 6/23/2028	835,000	836,654
CNO Global Funding 1.75% 10/7/2026 (d)	1,810,000	1,794,042
CNO Global Funding 4.875% 12/10/2027 (d)	410,000	410,426
Corebridge Global Funding 4.25% 8/21/2028 (d)	1,095,000	1,086,988
Corebridge Global Funding 4.65% 8/20/2027 (d)	525,000	525,555
Corebridge Global Funding 4.9% 1/7/2028 (d)	2,500,000	2,514,269
Corebridge Global Funding 5.2% 1/12/2029 (d)	1,140,000	1,154,785
Equitable Financial Life Global Funding 1.8% 3/8/2028 (d)	1,040,000	989,437
Equitable Financial Life Global Funding 4.6% 4/1/2027 (d)	1,597,000	1,602,764
Health Care Service Corp 5.2% 6/15/2029 (d)	2,085,000	2,107,494
Jackson National Life Global Funding 5.55% 7/2/2027 (d)	2,604,000	2,631,966
Lincoln Financial Global Funding 5.3% 1/13/2030 (d)	1,598,000	1,619,850
MassMutual Global Funding II 4% 1/22/2029 (d)	788,000	778,803
Principal Life Global Funding II 4.65% 5/18/2029 (d)	3,000,000	2,997,338
RGA Global Funding 4.35% 8/25/2028 (d)	5,220,000	5,183,892
Western-Southern Global Funding 4.25% 1/29/2029 (d)	1,720,000	1,700,819
		27,935,082
TOTAL FINANCIALS		231,201,417
Health Care - 1.1%
Health Care Equipment & Supplies - 0.3%
Augusta SpinCo Corp 4.398% 3/23/2029	3,514,000	3,494,879
Baxter International Inc 2.272% 12/1/2028	2,190,000	2,059,398
Becton Dickinson & Co 4.693% 2/13/2028	2,290,000	2,301,515
Becton Dickinson & Co 5.081% 6/7/2029	1,050,000	1,059,078
Medline Borrower LP 3.875% 4/1/2029 (d)	6,025,000	5,863,543
Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (d)	133,000	136,503
Solventum Corp 5.45% 2/25/2027	792,000	796,955
Stryker Corp 4.7% 2/10/2028	922,000	926,479
		16,638,350
Health Care Providers & Services - 0.6%
Cencora Inc 3.45% 12/15/2027	525,000	517,891
Cencora Inc 3.95% 2/13/2029	995,000	980,473
Cencora Inc 4.625% 12/15/2027	1,180,000	1,185,332
Centene Corp 4.25% 12/15/2027	680,000	677,918
Centene Corp 4.625% 12/15/2029	1,235,000	1,202,850
CVS Health Corp 1.3% 8/21/2027	3,460,000	3,333,777
CVS Health Corp 2.875% 6/1/2026	733,000	733,000
CVS Health Corp 3% 8/15/2026	415,000	413,965
CVS Health Corp 4.3% 3/25/2028	3,455,000	3,444,146
CVS Health Corp 5.4% 6/1/2029	940,000	961,125
HCA Inc 3.125% 3/15/2027	1,700,000	1,685,915
HCA Inc 4.3% 11/15/2030	715,000	700,810
HCA Inc 5.625% 9/1/2028	2,185,000	2,225,608
Humana Inc 3.7% 3/23/2029	697,000	680,207
Humana Inc 4.875% 4/1/2030	575,000	576,307
Humana Inc 5.75% 12/1/2028	1,582,000	1,623,357
Humana Inc 5.75% 3/1/2028	635,000	647,188
Icon Investments Six DAC 5.809% 5/8/2027	2,390,000	2,409,266
		23,999,135
Health Care Technology - 0.1%
IQVIA Inc 5.7% 5/15/2028	1,720,000	1,749,636
IQVIA Inc 6.25% 2/1/2029	1,295,000	1,339,618
		3,089,254
Life Sciences Tools & Services - 0.0%
Revvity Inc 1.9% 9/15/2028	1,504,000	1,416,267
Pharmaceuticals - 0.1%
Utah Acquisition Sub Inc 3.95% 6/15/2026	1,230,000	1,229,823
Viatris Inc 2.3% 6/22/2027	2,513,000	2,452,078
		3,681,901
TOTAL HEALTH CARE		48,824,907
Industrials - 0.6%
Aerospace & Defense - 0.3%
Boeing Co 3.2% 3/1/2029	1,330,000	1,283,796
Boeing Co 3.25% 2/1/2028	1,500,000	1,471,411
Boeing Co 3.25% 3/1/2028	1,683,000	1,648,501
Boeing Co 6.259% 5/1/2027	2,365,000	2,402,810
Boeing Co 6.298% 5/1/2029	317,000	331,635
Huntington Ingalls Industries Inc 5.353% 1/15/2030	440,000	448,569
RTX Corp 6.7% 8/1/2028	678,000	709,727
RTX Corp 7% 11/1/2028	644,000	675,698
		8,972,147
Building Products - 0.0%
Owens Corning 3.4% 8/15/2026	627,000	625,599
Owens Corning 5.5% 6/15/2027	690,000	698,307
		1,323,906
Electrical Equipment - 0.0%
Regal Rexnord Corp 6.05% 4/15/2028	1,605,000	1,641,057
Regal Rexnord Corp 6.3% 2/15/2030	217,000	226,479
		1,867,536
Ground Transportation - 0.0%
Uber Technologies Inc 4.5% 8/15/2029 (d)	1,842,000	1,827,370
Machinery - 0.0%
Fortive Corp 3.15% 6/15/2026	1,133,000	1,132,448
Passenger Airlines - 0.1%
Delta Air Lines Inc 4.95% 7/10/2028	1,030,000	1,035,088
Southwest Airlines Co 4.375% 11/15/2028	1,980,000	1,966,583
		3,001,671
Professional Services - 0.1%
Booz Allen Hamilton Inc 3.875% 9/1/2028 (d)	3,293,000	3,222,648
Booz Allen Hamilton Inc 4% 7/1/2029 (d)	1,500,000	1,465,676
Leidos Inc 4.1% 3/15/2029	2,185,000	2,157,036
		6,845,360
Trading Companies & Distributors - 0.1%
GATX Corp 3.25% 9/15/2026	455,000	453,475
GATX Corp 3.85% 3/30/2027	1,189,000	1,184,880
GATX Corp 5.4% 3/15/2027	1,155,000	1,163,150
Sumisho Air Lease Corp 4.4% 3/24/2028 (d)	327,000	325,363
Sumisho Air Lease Corp 4.5% 3/24/2029 (d)	324,000	322,029
Sumisho Air Lease Corp 5.3% 2/1/2028	960,000	969,232
		4,418,129
TOTAL INDUSTRIALS		29,388,567
Information Technology - 0.6%
Electronic Equipment, Instruments & Components - 0.1%
Dell International LLC / EMC Corp 4.75% 4/1/2028	2,000,000	2,011,324
Dell International LLC / EMC Corp 4.9% 10/1/2026	1,750,000	1,752,036
		3,763,360
IT Services - 0.0%
Gartner Inc 4.5% 7/1/2028 (d)	3,597,000	3,550,774
Semiconductors & Semiconductor Equipment - 0.2%
Broadcom Inc 5.05% 7/12/2029	2,400,000	2,441,866
Foundry JV Holdco LLC 5.5% 1/25/2031 (d)	605,000	619,871
Foundry JV Holdco LLC 5.9% 1/25/2030 (d)	555,000	574,477
Intel Corp 3.15% 5/11/2027	376,000	372,312
Intel Corp 3.75% 8/5/2027	1,105,000	1,098,227
Marvell Technology Inc 4.75% 7/15/2030	645,000	647,031
Marvell Technology Inc 4.875% 6/22/2028	2,080,000	2,096,494
		7,850,278
Software - 0.2%
Atlassian Corp 5.25% 5/15/2029	685,000	692,876
Oracle Corp 4.45% 9/26/2030	1,870,000	1,813,078
Salesforce Inc 4.5% 3/15/2028	1,235,000	1,236,103
Salesforce Inc 4.65% 3/15/2029	4,435,000	4,444,055
Synopsys Inc 4.65% 4/1/2028	2,745,000	2,755,046
Workday Inc 3.5% 4/1/2027	525,000	521,509
		11,462,667
Technology Hardware, Storage & Peripherals - 0.1%
Hewlett Packard Enterprise Co 4.4% 9/25/2027	980,000	979,302
Hewlett Packard Enterprise Co 4.5% 3/23/2028	2,590,000	2,589,552
		3,568,854
TOTAL INFORMATION TECHNOLOGY		30,195,933
Materials - 0.4%
Chemicals - 0.2%
Celanese US Holdings LLC 1.4% 8/5/2026	930,000	923,376
Chevron Phillips Chemical Co LLC / Chevron Phillips Chemical Co LP 3.4% 12/1/2026 (d)	2,600,000	2,590,731
Chevron Phillips Chemical Co LLC / Chevron Phillips Chemical Co LP 3.7% 6/1/2028 (d)	490,000	482,226
Ecolab Inc 4.6% 6/15/2029	3,030,000	3,043,405
International Flavors & Fragrances Inc 1.832% 10/15/2027 (d)	600,000	578,839
International Flavors & Fragrances Inc 2.3% 11/1/2030 (d)	256,000	230,203
Mosaic Co/The 4.35% 1/15/2029	980,000	971,617
Sherwin-Williams Co/The 4.55% 3/1/2028	1,120,000	1,122,170
		9,942,567
Construction Materials - 0.1%
Amrize Finance US LLC 4.7% 4/7/2028	2,575,000	2,581,907
Amrize Finance US LLC 4.95% 4/7/2030	600,000	605,101
CRH America Finance Inc 3.95% 4/4/2028 (d)	285,000	282,216
		3,469,224
Containers & Packaging - 0.0%
AptarGroup Inc 4.75% 3/30/2031	620,000	614,749
Metals & Mining - 0.1%
Freeport-McMoRan Inc 4.125% 3/1/2028	276,000	274,087
Freeport-McMoRan Inc 4.375% 8/1/2028	160,000	159,229
Freeport-McMoRan Inc 5.25% 9/1/2029	323,000	325,919
Steel Dynamics Inc 4% 12/15/2028	2,790,000	2,756,844
		3,516,079
TOTAL MATERIALS		17,542,619
Real Estate - 0.5%
Diversified REITs - 0.1%
VICI Properties LP 4.75% 4/1/2028	2,400,000	2,399,902
Health Care REITs - 0.2%
DOC DR LLC 3.95% 1/15/2028	2,770,000	2,744,147
Healthcare Realty Holdings LP 3.625% 1/15/2028	859,000	844,179
Healthcare Realty Holdings LP 3.75% 7/1/2027	1,490,000	1,478,787
Ventas Realty LP 4% 3/1/2028	2,500,000	2,478,787
Ventas Realty LP 4.4% 1/15/2029	245,000	243,918
		7,789,818
Real Estate Management & Development - 0.0%
CBRE Services Inc 5.1% 6/15/2030	725,000	726,918
Extra Space Storage LP 3.875% 12/15/2027	1,625,000	1,611,552
		2,338,470
Residential REITs - 0.0%
American Homes 4 Rent LP 4.25% 2/15/2028	1,810,000	1,799,179
Specialized REITs - 0.2%
American Tower Corp 1.5% 1/31/2028	2,700,000	2,572,043
American Tower Corp 3.55% 7/15/2027	980,000	972,295
Crown Castle Inc 1.05% 7/15/2026	1,005,000	1,001,223
Crown Castle Inc 2.9% 3/15/2027	1,115,000	1,102,784
Crown Castle Inc 3.65% 9/1/2027	380,000	376,386
Crown Castle Inc 3.8% 2/15/2028	455,000	449,421
Crown Castle Inc 4.3% 2/15/2029	335,000	332,199
Crown Castle Inc 4.8% 9/1/2028	835,000	839,276
Crown Castle Inc 5% 1/11/2028	600,000	604,622
Crown Castle Inc 5.6% 6/1/2029	515,000	527,899
CubeSmart LP 2.25% 12/15/2028	2,022,000	1,912,460
		10,690,608
TOTAL REAL ESTATE		25,017,977
Utilities - 1.0%
Electric Utilities - 0.7%
American Electric Power Co Inc 5.2% 1/15/2029	1,145,000	1,165,162
Appalachian Power Co 3.3% 6/1/2027	2,008,000	1,987,817
DTE Electric Co 4.25% 5/14/2027	474,000	474,924
Duke Energy Corp 4.3% 3/15/2028	2,500,000	2,496,627
Emera US Finance LLC 4.5% 4/1/2029	2,158,000	2,148,963
Exelon Corp 5.15% 3/15/2029	605,000	615,098
FirstEnergy Corp 3.9% 7/15/2027 (e)	1,957,000	1,944,619
FirstEnergy Transmission LLC 2.866% 9/15/2028 (d)	168,000	161,674
FirstEnergy Transmission LLC 4.55% 1/15/2030	222,000	221,217
Georgia Power Co 4.6% 6/15/2029	4,340,000	4,365,098
Jersey Central Power & Light Co 4.15% 1/15/2029 (d)	2,000,000	1,976,268
Monongahela Power Co 4.45% 8/15/2029 (d)	1,235,000	1,232,511
NextEra Energy Capital Holdings Inc 1.875% 1/15/2027	1,255,000	1,237,487
NextEra Energy Capital Holdings Inc 4.685% 9/1/2027	2,227,000	2,236,667
Niagara Mohawk Power Corp 4.647% 10/3/2030 (d)	1,105,000	1,099,209
Pacific Gas and Electric Co 3.3% 12/1/2027	320,000	314,275
Pacific Gas and Electric Co 3.3% 3/15/2027	266,000	263,820
Pacific Gas and Electric Co 5% 6/4/2028	610,000	614,162
Pacific Gas and Electric Co 5.45% 6/15/2027	135,000	136,282
PacifiCorp 4.65% 4/15/2029	535,000	534,706
Southern California Edison Co 5.15% 6/1/2029	1,365,000	1,378,929
Southern Co/The 5.113% 8/1/2027 (e)	1,190,000	1,199,612
Vistra Operations Co LLC 4.55% 10/30/2028 (d)	1,345,000	1,339,415
Vistra Operations Co LLC 5.05% 12/30/2026 (d)	1,083,000	1,086,163
		30,230,705
Gas Utilities - 0.0%
National Fuel Gas Co 4.75% 5/15/2029 (f)	1,120,000	1,120,928
Southern Co Gas Capital Corp 4.05%  9/15/2028	690,000	685,611
		1,806,539
Independent Power and Renewable Electricity Producers - 0.1%
AES Corp/The 5.45% 6/1/2028	2,500,000	2,526,123
Constellation Energy Generation LLC 5.6% 3/1/2028	269,000	273,932
		2,800,055
Multi-Utilities - 0.2%
Ameren Corp 1.95% 3/15/2027	803,000	789,075
DTE Energy Co 4.875% 6/1/2028	2,350,000	2,368,479
DTE Energy Co 4.95% 7/1/2027	600,000	604,048
DTE Energy Co 5.2% 4/1/2030	1,380,000	1,403,449
NiSource Inc 5.25% 3/30/2028	210,000	212,895
Public Service Enterprise Group Inc 4.9% 3/15/2030	2,060,000	2,080,543
Sempra 5.4% 8/1/2026	330,000	330,354
		7,788,843
TOTAL UTILITIES		42,626,142
TOTAL UNITED STATES		524,478,361
TOTAL NON-CONVERTIBLE CORPORATE BONDS  (Cost $812,255,956)		811,407,479

Short-Term Funds - 19.3%
	Shares	Value ($)
Baird Ultra Short Bond Fund Institutional Class	129,134	1,305,544
JPMorgan Ultra-Short Income ETF	5,300,992	268,336,215
Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio Class IR	5,639,114	56,278,355
PIMCO Short-Term Fund Institutional Class	34,925,511	339,126,714
T. Rowe Price Ultra Short-Term Bond Fund	50,179,352	254,911,109
TOTAL SHORT-TERM FUNDS  (Cost $911,607,392)		919,957,937

U.S. Government Agency - Mortgage Securities - 1.7%
	Principal Amount (a)	Value ($)
UNITED STATES - 1.7%
Connecticut Avenue Securities Trust Series R03 Class 2M1, U.S. 30-Day Avg. SOFR Index + 1.25%, 4.8621% 4/25/2046 (b)(c)(d)	1,754,881	1,755,329
Fannie Mae 5.5% 9/1/2053	72,909	73,997
Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.523%, 6.097% 7/1/2035 (b)(c)	1,292	1,326
Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.613%, 6.095% 12/1/2035 (b)(c)	3,145	3,241
Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.655%, 6.28% 8/1/2037 (b)(c)	585	604
Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.788%, 6.038% 5/1/2038 (b)(c)	2,020	2,096
Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.83%, 5.999% 4/1/2038 (b)(c)	4,492	4,667
Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.853%, 6.574% 8/1/2038 (b)(c)	3,731	3,891
Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.907%, 6.031% 5/1/2038 (b)(c)	4,940	5,135
Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 2.04%, 6.415% 12/1/2036 (b)(c)	790	821
Fannie Mae Mortgage pass-thru certificates 2% 10/1/2050	193,461	156,717
Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052	192,875	155,338
Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2054	710,846	599,928
Fannie Mae Mortgage pass-thru certificates 3% 12/1/2034	312,641	300,264
Fannie Mae Mortgage pass-thru certificates 3% 2/1/2030	4,053	3,978
Fannie Mae Mortgage pass-thru certificates 3% 3/1/2050	180,964	159,708
Fannie Mae Mortgage pass-thru certificates 3% 7/1/2050	107,351	94,725
Fannie Mae Mortgage pass-thru certificates 3% 9/1/2028	93,616	92,503
Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2026	3,554	3,542
Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2048	399,865	368,417
Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2048	53,109	48,933
Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2032	9,250	9,033
Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2050	15,698	14,316
Fannie Mae Mortgage pass-thru certificates 4% 1/1/2047	129,430	123,407
Fannie Mae Mortgage pass-thru certificates 4% 11/1/2049	54,100	51,244
Fannie Mae Mortgage pass-thru certificates 4% 12/1/2049	16,001	15,156
Fannie Mae Mortgage pass-thru certificates 4% 5/1/2052	697,382	656,918
Fannie Mae Mortgage pass-thru certificates 4% 8/1/2052	742,586	698,803
Fannie Mae Mortgage pass-thru certificates 4% 9/1/2052	1,555,372	1,463,181
Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2050	26,320	25,577
Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2048	360,503	352,353
Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2048	5,428	5,280
Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2048	49,549	48,150
Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2054	761,466	732,235
Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2046	247,167	243,195
Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2041	100,403	99,100
Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2049	3,330	3,237
Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2048	32,105	31,249
Fannie Mae Mortgage pass-thru certificates 5% 1/1/2056	1,530,770	1,510,661
Fannie Mae Mortgage pass-thru certificates 5% 1/1/2056	744,435	733,027
Fannie Mae Mortgage pass-thru certificates 5% 10/1/2033	120,524	121,276
Fannie Mae Mortgage pass-thru certificates 5% 10/1/2055	619,352	612,184
Fannie Mae Mortgage pass-thru certificates 5% 11/1/2055	331,187	327,354
Fannie Mae Mortgage pass-thru certificates 5% 2/1/2036	7,797	7,854
Fannie Mae Mortgage pass-thru certificates 5% 2/1/2056	1,129,028	1,114,197
Fannie Mae Mortgage pass-thru certificates 5% 3/1/2050	887,769	891,642
Fannie Mae Mortgage pass-thru certificates 5% 3/1/2056	5,322,919	5,243,795
Fannie Mae Mortgage pass-thru certificates 5% 3/1/2056	2,150,283	2,128,755
Fannie Mae Mortgage pass-thru certificates 5% 4/1/2038	3,873	3,902
Fannie Mae Mortgage pass-thru certificates 5% 6/1/2035	96,508	97,191
Fannie Mae Mortgage pass-thru certificates 5% 6/1/2035	14,742	14,840
Fannie Mae Mortgage pass-thru certificates 5% 6/1/2035	5,483	5,520
Fannie Mae Mortgage pass-thru certificates 5% 6/1/2039	55,529	55,899
Fannie Mae Mortgage pass-thru certificates 5% 6/1/2040	52,544	52,923
Fannie Mae Mortgage pass-thru certificates 5% 7/1/2035	41,682	41,964
Fannie Mae Mortgage pass-thru certificates 5% 7/1/2045	29,311	29,523
Fannie Mae Mortgage pass-thru certificates 5% 9/1/2053	3,726,698	3,698,704
Fannie Mae Mortgage pass-thru certificates 5% 9/1/2053	667,084	663,115
Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2035	141,993	145,019
Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2037	923	943
Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2038	1,406	1,439
Fannie Mae Mortgage pass-thru certificates 5.5% 10/1/2035	13,795	14,102
Fannie Mae Mortgage pass-thru certificates 5.5% 10/1/2053	1,506,654	1,527,742
Fannie Mae Mortgage pass-thru certificates 5.5% 10/1/2055	897,848	907,608
Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2039	12,896	13,205
Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2054	1,277,351	1,294,431
Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2036	3,246	3,320
Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2054	685,235	695,040
Fannie Mae Mortgage pass-thru certificates 5.5% 4/1/2036	6,030	6,166
Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2036	4,154	4,249
Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2039	12,387	12,681
Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2054	136,682	138,425
Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2039	12,272	12,567
Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2034	23,880	24,373
Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2037	31,193	31,873
Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2037	28,288	28,897
Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2037	22,406	22,904
Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2037	9,624	9,831
Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2054	1,294,136	1,312,249
Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2054	3,030,256	3,067,934
Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2055	1,497,443	1,513,722
Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.373%, 5.379% 10/1/2033 (b)(c)	10,623	10,799
Fannie Mae Mortgage pass-thru certificates 6% 1/1/2037	984	1,021
Fannie Mae Mortgage pass-thru certificates 6% 1/1/2041	9,992	10,380
Fannie Mae Mortgage pass-thru certificates 6% 11/1/2034	4,531	4,677
Fannie Mae Mortgage pass-thru certificates 6% 12/1/2034	1,097	1,132
Fannie Mae Mortgage pass-thru certificates 6% 2/1/2037	3,128	3,237
Fannie Mae Mortgage pass-thru certificates 6% 2/1/2049	435,933	451,634
Fannie Mae Mortgage pass-thru certificates 6% 3/1/2034	39,869	40,994
Fannie Mae Mortgage pass-thru certificates 6% 3/1/2037	3,142	3,251
Fannie Mae Mortgage pass-thru certificates 6% 4/1/2035	7,212	7,446
Fannie Mae Mortgage pass-thru certificates 6% 4/1/2040	31,791	33,027
Fannie Mae Mortgage pass-thru certificates 6% 5/1/2037	3,382	3,503
Fannie Mae Mortgage pass-thru certificates 6% 5/1/2038	2,171	2,254
Fannie Mae Mortgage pass-thru certificates 6% 5/1/2055	913,768	940,217
Fannie Mae Mortgage pass-thru certificates 6% 6/1/2036	1,147	1,187
Fannie Mae Mortgage pass-thru certificates 6% 6/1/2054	372,715	383,095
Fannie Mae Mortgage pass-thru certificates 6% 7/1/2054	50,022	51,447
Fannie Mae Mortgage pass-thru certificates 6% 8/1/2054	306,306	314,933
Fannie Mae Mortgage pass-thru certificates 6% 9/1/2039	49,281	51,192
Fannie Mae Mortgage pass-thru certificates 6.5% 1/1/2055	70,188	72,876
Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2032	10,753	11,170
Fannie Mae Mortgage pass-thru certificates 6.5% 2/1/2055	179,864	188,283
Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2032	12,047	12,514
Freddie Mac Gold Pool 2.5% 1/1/2052	726,080	618,911
Freddie Mac Gold Pool 2.5% 4/1/2052	394,447	336,227
Freddie Mac Gold Pool 3% 11/1/2034	119,261	114,707
Freddie Mac Gold Pool 3% 6/1/2052	2,028,226	1,778,273
Freddie Mac Gold Pool 3.5% 12/1/2047	463,826	428,021
Freddie Mac Gold Pool 3.5% 2/1/2052	859,034	784,717
Freddie Mac Gold Pool 4% 12/1/2049	101,176	96,025
Freddie Mac Gold Pool 4.5% 2/1/2053	2,064,344	1,995,741
Freddie Mac Gold Pool 4.5% 5/1/2050	87,617	85,143
Freddie Mac Gold Pool 4.5% 9/1/2052	2,278,485	2,204,190
Freddie Mac Gold Pool 5% 12/1/2041	174,322	175,581
Freddie Mac Gold Pool 5% 2/1/2055	172,059	169,788
Freddie Mac Gold Pool 5% 6/1/2055	15,080	14,898
Freddie Mac Gold Pool 5.5% 10/1/2038	1,175	1,205
Freddie Mac Gold Pool 5.5% 10/1/2055	800,421	807,922
Freddie Mac Gold Pool 5.5% 11/1/2053	1,130,035	1,141,261
Freddie Mac Gold Pool 5.5% 11/1/2055	5,210,001	5,240,314
Freddie Mac Gold Pool 5.5% 4/1/2054	5,198,383	5,241,902
Freddie Mac Gold Pool 5.5% 4/1/2055	1,315,115	1,326,700
Freddie Mac Gold Pool 5.5% 7/1/2053	791,361	799,469
Freddie Mac Gold Pool 5.5% 7/1/2055	701,639	708,214
Freddie Mac Gold Pool 6% 10/1/2054	566,233	581,746
Freddie Mac Gold Pool 6% 10/1/2054	180,600	185,856
Freddie Mac Gold Pool 6% 12/1/2054	874,527	895,535
Freddie Mac Gold Pool 6% 2/1/2035	26,495	27,351
Freddie Mac Gold Pool 6% 2/1/2055	2,101,199	2,154,999
Freddie Mac Gold Pool 6% 5/1/2055	179,119	184,052
Freddie Mac Gold Pool 6% 6/1/2055	655,467	672,749
Freddie Mac Gold Pool 6% 8/1/2055	702,720	722,401
Freddie Mac Gold Pool 6% 9/1/2034	1,458	1,501
Freddie Mac Gold Pool 6% 9/1/2035	8,830	9,124
Freddie Mac Gold Pool 6.5% 9/1/2054	369,269	385,168
Freddie Mac Gold Pool 6.5% 9/1/2054	96,292	100,160
Freddie Mac Gold Pool 7% 3/1/2039	41,310	43,658
Freddie Mac Gold Pool 7.5% 6/1/2038	36,657	38,443
Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.625%, 6.119% 6/1/2038 (b)(c)	6,292	6,489
Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.726%, 6.356% 7/1/2035 (b)(c)	1,516	1,560
Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.733%, 5.983% 2/1/2037 (b)(c)	1,406	1,450
Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.733%, 6.358% 10/1/2036 (b)(c)	3,216	3,317
Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.771%, 6.304% 5/1/2038 (b)(c)	3,974	4,115
Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.775%, 6.114% 5/1/2037 (b)(c)	1,165	1,207
Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.911%, 6.219% 12/1/2036 (b)(c)	2,102	2,183
Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.934%, 6.183% 2/1/2037 (b)(c)	739	766
Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.032%, 6.398% 11/1/2036 (b)(c)	2,142	2,231
Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.0688%, 6.318% 2/1/2037 (b)(c)	1,005	1,045
Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.083%, 6.207% 2/1/2038 (b)(c)	8,853	9,218
Freddie Mac Non Gold Pool 1 year U.S. Treasury Index + 2.347%, 6.111% 11/1/2034 (b)(c)	3,565	3,676
Freddie Mac Non Gold Pool 6% 5/1/2055	596,352	612,075
Freddie Mac Non Gold Pool 6.5% 6/1/2055	912,226	951,545
Freddie Mac STACR REMIC Trust Series DNA3 Class M1, U.S. 30-Day Avg. SOFR Index + 1.1%, 4.7121% 9/25/2045 (b)(c)(d)	494,063	494,212
Freddie Mac STACR REMIC Trust Series DNA5 Class M1B, U.S. 30-Day Avg. SOFR Index + 4.5%, 8.1121% 6/25/2042 (b)(c)(d)	2,815,000	2,914,719
Freddie Mac STACR REMIC Trust Series HQA1 Class A1, U.S. 30-Day Avg. SOFR Index + 1%, 4.6429% 5/25/2046 (b)(c)(d)	860,000	860,806
Ginnie Mae I Pool 3.5% 7/20/2052	638,584	581,247
Ginnie Mae I Pool 3.5% 8/20/2044	127,914	119,212
Ginnie Mae I Pool 4% 10/20/2052	750,487	706,879
Ginnie Mae I Pool 4% 3/20/2048	42,562	40,275
Ginnie Mae I Pool 4% 4/20/2050	37,966	35,819
Ginnie Mae I Pool 4% 4/20/2050	26,935	25,395
Ginnie Mae I Pool 4% 4/20/2050	20,549	19,387
Ginnie Mae I Pool 4% 4/20/2050	17,279	16,291
Ginnie Mae I Pool 6% 7/15/2036	66,901	69,052
Ginnie Mae II Pool 3% 9/20/2047	741,441	668,780
Ginnie Mae II Pool 3.5% 1/20/2047	57,325	53,140
Ginnie Mae II Pool 3.5% 10/20/2046	897	832
Ginnie Mae II Pool 3.5% 11/20/2046	53,453	49,551
Ginnie Mae II Pool 3.5% 11/20/2050	686,876	629,871
Ginnie Mae II Pool 3.5% 2/20/2052	797,857	726,655
Ginnie Mae II Pool 4% 4/20/2050	42,722	40,306
Ginnie Mae II Pool 4% 4/20/2050	18,131	17,106
Ginnie Mae II Pool 4% 4/20/2050	12,449	11,745
Ginnie Mae II Pool 4% 4/20/2050	10,177	9,595
Ginnie Mae II Pool 4% 4/20/2050	4,349	4,100
Ginnie Mae II Pool 4% 8/20/2050	23,321	22,083
Ginnie Mae II Pool 4.5% 7/20/2041	184,563	181,962
Ginnie Mae II Pool 4.5% 9/20/2040	38,395	37,876
Ginnie Mae II Pool 5% 1/20/2036	3,764	3,792
Ginnie Mae II Pool 5% 1/20/2048	39,622	40,099
Ginnie Mae II Pool 5% 11/20/2039	111,398	112,308
Ginnie Mae II Pool 5% 12/20/2034	7,003	7,053
Ginnie Mae II Pool 5% 12/20/2035	4,699	4,734
Ginnie Mae II Pool 5% 2/20/2040	7,773	7,837
Ginnie Mae II Pool 5% 2/20/2048	150,413	152,225
Ginnie Mae II Pool 5% 3/20/2041	4,294	4,329
Ginnie Mae II Pool 5% 5/20/2036	4,936	4,973
Ginnie Mae II Pool 5% 5/20/2048	13,961	14,107
Ginnie Mae II Pool 5.5% 2/20/2049	61,390	63,457
TOTAL UNITED STATES		79,575,548
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES  (Cost $80,593,969)		79,575,548

Commercial Paper - 0.8%
	Yield (%) (j)	Principal Amount (a)	Value ($)
Bacardi-Martini BV yankee 0% 6/26/2026	4.25	2,705,000	2,695,925
Columbia Pipelines Holding Co LLC 0% 6/8/2026	4.14	3,645,000	3,641,023
Harley-Davidson Financial Services Inc 0% 6/18/2026	4.45	2,275,000	2,269,784
HCA Inc 0% 7/13/2026	4.27	3,685,000	3,664,779
HCA Inc 0% 7/8/2026	4.27	2,760,000	2,746,608
International Flavors & Fragrances Inc 0% 6/23/2026	4.26	2,170,000	2,163,963
International Flavors & Fragrances Inc 0% 6/30/2026	4.32	2,255,000	2,246,918
Keurig Dr Pepper Inc 0% 6/22/2026	4.37	2,710,000	2,702,292
Rogers Communications Inc/Ontario yankee 0% 6/25/2026	4.24	3,650,000	3,638,779
Southern California Edison Co 0% 6/18/2026	4.31	3,310,000	3,302,432
Southern California Edison Co 0% 6/26/2026	4.32	3,650,000	3,638,182
Videotron Ltd yankee 0% 6/18/2026	4.42	4,835,000	4,823,157
Western Gas Partners LP 0% 6/11/2026	4.23	2,170,000	2,166,560
TOTAL COMMERCIAL PAPER  (Cost $39,713,249)			39,700,402

U.S. Treasury Obligations - 15.3%
	Yield (%) (j)	Principal Amount (a)	Value ($)
US Treasury Notes 3.5% 11/15/2028	3.53	85,486,000	84,410,747
US Treasury Notes 3.5% 12/15/2028	3.53 to 3.60	109,614,200	108,196,922
US Treasury Notes 3.5% 3/15/2029	3.82	91,054,000	89,752,212
US Treasury Notes 3.75% 4/30/2028	3.84 to 4.11	206,450,000	205,482,266
US Treasury Notes 3.75% 5/15/2028	3.38	23,760,700	23,649,321
US Treasury Notes 3.875% 3/31/2028 (k)	3.78 to 3.96	56,970,000	56,840,928
US Treasury Notes 3.875% 5/15/2029	4.05	57,610,000	57,335,453
US Treasury Notes 3.875% 6/15/2028	3.37	69,946,500	69,757,973
US Treasury Notes 4% 5/31/2028	3.99 to 4.01	35,125,000	35,126,371
TOTAL U.S. TREASURY OBLIGATIONS  (Cost $734,827,278)			730,552,193

Money Market Funds - 2.3%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (l)	3.67	4,903,916	4,904,897
Fidelity Investments Money Market Government Portfolio - Institutional Class (m)(n)	3.55	81,603,245	81,603,245
Fidelity Securities Lending Cash Central Fund (l)(o)	3.67	11,002,100	11,003,200
State Street Institutional U.S. Government Money Market Fund Premier Class (n)	3.56	14,588,511	14,588,511
TOTAL MONEY MARKET FUNDS  (Cost $112,099,853)