# EDGAR Filing Document

**Accession Number:** 0001562565
**File Stem:** 0001562565-25-000145
**Filing Date:** 2025-8
**Character Count:** 217101
**Document Hash:** 110d9e0222b8f34f9dc8b8d9177948f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562565-25-000145.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001562565-25-000145

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fidelity Merrimack Street Trust
- **CENTRAL INDEX KEY:** 0001562565

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22796
- **FILM NUMBER:** 251244814

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

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

## Series and Classes Contracts Data

### Fidelity Systematic Municipal Bond Index ETF (Series ID: S000089371)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000255893 | Fidelity Systematic Municipal Bond Index ETF | FMUN            |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22796</u>

<u>Fidelity Merrimack Street Trust</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

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

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Systematic Municipal Bond Index ETF<br> **Fidelity® Systematic Municipal Bond Index ETF : FMUN** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

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

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

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

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

• Differences in the way fund holdings and index holdings were priced modestly detracted from the fund's performance versus the benchmark. Fund holdings were priced by a third-party pricing service and validated daily by Fidelity Management and Research's (FMR) fair-value processes. Securities within the index, however, were priced by the index provider. Effective April 4, 2025, the ETF and its new benchmark use the same pricing source.

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

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

**CUMULATIVE PERFORMANCE**

July 11, 2019 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Systematic Municipal Bond Index ETF<br>| $10146 | $10518<br>| $9544<br>| $9796<br>| $10091<br>| $10163<br>|
| Fidelity Systematic U.S. Municipal Bond Index<br>| $10146 | $10518<br>| $9544<br>| $9796<br>| $10075<br>| $10199<br>|
| Bloomberg Municipal Bond Index<br>| $10410 | $10843<br>| $9914<br>| $10230<br>| $10558<br>| $10676<br>|
|  | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110599_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** B |
| Fidelity® Systematic Municipal Bond Index ETF - NAV A  | 0.71% | 0.03% | 0.27% |
| Fidelity Systematic U.S. Municipal Bond IndexC | 1.23%<br>| n/a  | n/a  |
| Bloomberg Municipal Bond Index | 1.11%<br>| 0.51%<br>| 1.10% |

---

**A** Returns prior to the conversion are those of the former corresponding fund

**B** From July 11, 2019

**C** From May 30, 2024

---

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

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $164547238<br>|
| Number of Holdings | 1171<br>|
| Total Advisory Fee | $111349<br>|
| Portfolio Turnover | 69%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 35.9 |
| Transportation | 17.5 |
| Special Tax | 13.2 |
| Health Care | 10.1 |
| Water & Sewer | 6.5 |
| Electric Utilities | 6.4 |
| Education | 5.0 |
| Others(Individually Less Than 5%) | 3.7 |
| 98.3 | 98.3 |

---

---

| | |
|:---|:---|
| AAA | 8.2 |
| AA | 56.2 |
| A | 30.5 |
| BBB | 2.9 |
| BB | 0.1 |
| CCC,CC,C | 0.0 |
| Not Rated | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img8347_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 56.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 30.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 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. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| California | 21.5 |
| New York | 19.1 |
| Texas | 5.8 |
| Illinois | 4.9 |
| New Jersey | 4.2 |

---

**How has the Fund changed?**

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

&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® Municipal Bond Index Fund converted to Fidelity® Systematic Municipal Bond Index ETF on April 4, 2025. The ETF is managed to a new proprietary index, Fidelity® Systematic U.S. Municipal Bond Index. The ETF's principal investment strategies and principal investment risks reflect the ETF structure and new index.<br>

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img8347_20250630_2.jpg)<br>| ![](img110599_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9917226.100 8347-TSRA-0825 <br>|

---

Item 2.

<u>Code of Ethics</u>

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

Item 3.

<u>Audit Committee Financial Expert</u>

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

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Systematic Municipal Bond Index ETF (the "Fund"):

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Systematic Municipal Bond Index ETF | &nbsp;&nbsp; $35400  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5700  | &nbsp;&nbsp; $200  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Systematic Municipal Bond Index ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

---

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

<sup>B</sup> Fidelity Systematic Municipal Bond Index ETF commenced operations on April 4, 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 Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

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

---

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

---

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

<sup>B</sup> May include amounts billed prior to the Fidelity Systematic Municipal Bond Index ETF'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), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **<u>Billed By</u>** | &nbsp;&nbsp; **<u>June 30, 2025</u><sup>A,B</sup>** | &nbsp;&nbsp; **<u>June 30, 2024</u><sup>A,B</sup>** |
| &nbsp;&nbsp; PwC | &nbsp;&nbsp; $14643500  | &nbsp;&nbsp; $15008400  |

---

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

<sup>B</sup> May include amounts billed prior to the Fidelity Systematic Municipal Bond Index ETF'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 FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

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

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

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

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

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

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

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

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

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

Item 5.

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

The Audit Committee is a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. As of June 30, 2025, the members of the Audit Committee were Laura M. Bishop, Elizabeth S. Acton, Ann E. Dunwoody, Robert W. Helm, Mark A. Murray, Lester Owens, Edward Wiese, and Carol J. Zierhoffer.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

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

**Fidelity® Systematic Municipal Bond Index ETF**

**Annual Report**

**June 30, 2025**

![](img110562_1.jpg)

![](img110562_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SMBI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Systematic Municipal Bond Index ETF](#Sub_Sec_Fund_8347_SMBI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements8347_SMBI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SMBI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SMBI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SMBI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SMBI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SMBI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SMBI-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Systematic Municipal Bond Index ETF**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 98.3%** | &nbsp;&nbsp;**Municipal Securities - 98.3%** | &nbsp;&nbsp;**Municipal Securities - 98.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 3.1%  |  |  |
| General Obligations - 2.6% |  |  |
| Alabama St Corrections Instn Fin Auth Rev (Alabama St Proj.) 5.25% 7/1/2047  | 150000 | 153432 |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (b) | 300000 | 315484 |
| Black Belt Energy Gas District Series 2021 C 1, 4% tender 10/1/2052 (Goldman Sachs Group Inc/The Guaranteed) (b) | 970000 | 972447 |
| Black Belt Energy Gas District Series 2024 B, 5% tender 10/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (b) | 240000 | 252671 |
| Black Belt Energy Gas District Series 2024 C, 5% tender 5/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 680000 | 712255 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2024B, 5.25% tender 7/1/2054 (Morgan Stanley Guaranteed) (b) | 200000 | 213946 |
| Southeast AL District Gas Supply Rev Series 2024 B, 5% tender 6/1/2049 (Morgan Stanley Guaranteed) (b) | 220000 | 231920 |
| Southeast Energy Auth Commodity Supply Rev Ala 5.5% tender 1/1/2053 (Morgan Stanley Guaranteed) (b) | 345000 | 368147 |
| Southeast Energy Authority A Cooperative District 5.25% tender 3/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 850000 | 887992 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 200000 | 210769 |
|  |  | 4319063 |
| Health Care - 0.2% |  |  |
| UAB Medicine Fin Auth Rev (University AL At Birmingham Hosp Rev Proj.) Series 2016 B, 3.625% 9/1/2041  | 195000 | 174763 |
| UAB Medicine Fin Auth Rev (University AL At Birmingham Hosp Rev Proj.) Series 2016 B, 5% 9/1/2034  | 130000 | 131800 |
|  |  | 306563 |
| Special Tax - 0.3% |  |  |
| Alabama St Pub Sch & Coll Auth Series 2020 A, 4% 11/1/2040  | 100000 | 96253 |
| Alabama St Pub Sch & Coll Auth Series 2020 A, 5% 11/1/2039  | 320000 | 334534 |
|  |  | 430787 |
| TOTAL ALABAMA |  | 5056413 |
| Arizona - 1.9%  |  |  |
| Education - 0.1% |  |  |
| Arizona Indl Dev Auth Student Hsg Rev (Provident Properties Proj.) Series 2019A, 5% 6/1/2058  | 65000 | 63056 |
| University AZ Univ Revs Series 2020 A, 4% 8/1/2044  | 100000 | 90257 |
|  |  | 153313 |
| Electric Utilities - 1.4% |  |  |
| Salt River Proj AZ Agric & Pwr Series 2016 A, 5% 1/1/2027  | 50000 | 51744 |
| Salt River Proj AZ Agric & Pwr Series 2016 A, 5% 1/1/2031  | 1495000 | 1540138 |
| Salt River Proj AZ Agric & Pwr Series 2016 A, 5% 1/1/2036  | 40000 | 40842 |
| Salt River Proj AZ Agric & Pwr Series 2017A, 5% 1/1/2028  | 100000 | 105819 |
| Salt River Proj AZ Agric & Pwr Series 2017A, 5% 1/1/2031  | 40000 | 42037 |
| Salt River Proj AZ Agric & Pwr Series 2017A, 5% 1/1/2033  | 130000 | 135852 |
| Salt River Proj AZ Agric & Pwr Series 2022A, 5% 1/1/2032  | 255000 | 286152 |
|  |  | 2202584 |
| General Obligations - 0.0% |  |  |
| Maricopa County Special Health Care District Gen. Oblig. Series C, 4% 7/1/2038  | 55000 | 53017 |
| Salt Verde Finl Corp Gas Rev AZ 5% 12/1/2032 (Citigroup Inc Guaranteed)  | 50000 | 53136 |
| Salt Verde Finl Corp Gas Rev AZ 5.25% 12/1/2026 (Citigroup Inc Guaranteed)  | 15000 | 15323 |
|  |  | 121476 |
| Health Care - 0.2% |  |  |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2021 A, 4% 9/1/2051  | 135000 | 114377 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2016 A, 5% 1/1/2038  | 220000 | 222698 |
|  |  | 337075 |
| Transportation - 0.2% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2045  | 175000 | 175124 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2018, 5% 7/1/2048 (c) | 150000 | 148499 |
|  |  | 323623 |
| TOTAL ARIZONA |  | 3138071 |
| California - 21.5%  |  |  |
| Education - 2.3% |  |  |
| California Edl Facs Auth Rev (Stanford University Proj.) 5% 3/15/2039  | 60000 | 68218 |
| California Edl Facs Auth Rev (Stanford University Proj.) Series U 6, 5% 5/1/2045  | 35000 | 38238 |
| California Educational Facilities Authority (Stanford University Proj.) Series V3, 5% 6/1/2033  | 175000 | 202862 |
| California St Univ Rev Series 2015A, 5% 11/1/2027  | 20000 | 20125 |
| California St Univ Rev Series 2015A, 5% 11/1/2033  | 105000 | 105453 |
| California St Univ Rev Series 2015A, 5% 11/1/2043  | 40000 | 40020 |
| California St Univ Rev Series 2016A, 3.125% 11/1/2036  | 155000 | 142068 |
| California St Univ Rev Series 2016A, 5% 11/1/2026  | 45000 | 45931 |
| California St Univ Rev Series 2016A, 5% 11/1/2045  | 125000 | 125294 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2017, 5% 5/15/2042  | 100000 | 100077 |
| University CA Revs 5% 5/15/2035  | 250000 | 272253 |
| University CA Revs Series 2016AR, 5% 5/15/2035  | 135000 | 136611 |
| University CA Revs Series 2017 AY, 5% 5/15/2028  | 20000 | 20826 |
| University CA Revs Series 2017M, 5% 5/15/2032  | 75000 | 77533 |
| University CA Revs Series 2017M, 5% 5/15/2036  | 80000 | 81854 |
| University CA Revs Series 2018 O, 4% 5/15/2048  | 165000 | 149580 |
| University CA Revs Series 2018 O, 5% 5/15/2058  | 105000 | 105327 |
| University CA Revs Series 2023 BN, 5% 5/15/2030  | 150000 | 165974 |
| University CA Revs Series 2023 BQ, 5% 5/15/2035  | 50000 | 55781 |
| University CA Revs Series 2024 BS, 5% 5/15/2044  | 20000 | 21006 |
| University CA Revs Series 2024 BV, 5% 5/15/2038  | 270000 | 294716 |
| University CA Revs Series 2024 BW, 5% 5/15/2031  | 1000000 | 1121047 |
| University CA Revs Series 2025 BZ, 5% 5/15/2039  | 315000 | 344192 |
|  |  | 3734986 |
| Electric Utilities - 1.9% |  |  |
| Imperial CA Irr Dist Elec Rev Series 2016B 1, 5% 11/1/2046  | 140000 | 140807 |
| Los Angeles CA Wtr & Pwr Rev Series 2016 A, 5% 7/1/2040  | 125000 | 125039 |
| Los Angeles CA Wtr & Pwr Rev Series 2016 A, 5% 7/1/2046  | 70000 | 68993 |
| Los Angeles CA Wtr & Pwr Rev Series 2018 A, 5% 7/1/2031  | 15000 | 15503 |
| Los Angeles CA Wtr & Pwr Rev Series 2019 B, 5% 7/1/2030  | 55000 | 57838 |
| Los Angeles CA Wtr & Pwr Rev Series 2020 A, 5% 7/1/2027  | 135000 | 139790 |
| Los Angeles CA Wtr & Pwr Rev Series 2022 A, 5% 7/1/2040  | 275000 | 284415 |
| Los Angeles CA Wtr & Pwr Rev Series 2023 A, 5% 7/1/2029  | 680000 | 723902 |
| Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2038  | 285000 | 300865 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 B, 5% 7/1/2038  | 140000 | 148200 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 C, 5% 7/1/2035  | 595000 | 645787 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2054  | 255000 | 255199 |
| Turlock CA Series 2016, 5% 1/1/2046  | 205000 | 207561 |
|  |  | 3113899 |
| Escrowed/Pre-Refunded - 0.5% |  |  |
| Anaheim CA Pub Fin Auth Lease Rev 0% 9/1/2036 (Escrowed to Maturity) (d) | 170000 | 115139 |
| California Infra & Econ Dev Bank 5% 7/1/2029 (National Public Finance Guarantee Corporation Insured) (Pre-refunded to 1/1/2028 at 100)  | 165000 | 174716 |
| Foothill/Estrn Transn CA Toll 0% 1/1/2027 (d) | 40000 | 38370 |
| Foothill/Estrn Transn CA Toll 0% 1/1/2029 (d) | 195000 | 176662 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2033 (Escrowed to Maturity)  | 50000 | 57156 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2034 (Pre-refunded to 10/1/2033 at 100)  | 10000 | 11431 |
| San Diego CA Comm Coll Dist Gen. Oblig. Series 2016, 5% 8/1/2041 (Pre-refunded to 8/1/2026 at 100)  | 5000 | 5136 |
| San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/1/2028 (d) | 200000 | 187369 |
| San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev Series 1993 CABS, 0% 1/1/2028 (Escrowed to Maturity) (d) | 35000 | 32790 |
|  |  | 798769 |
| General Obligations - 10.1% |  |  |
| Antelope Valley CA Cmnty College Dist Gen. Oblig. Series B, 3% 8/1/2050  | 55000 | 39362 |
| California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 2775000 | 2866843 |
| California Community Choice Financing Authority Series 2022A 1, 4% tender 5/1/2053 (Morgan Stanley Guaranteed) (b) | 670000 | 675774 |
| California Community Choice Financing Authority Series 2024 A 1, 5% tender 5/1/2054 (Morgan Stanley Guaranteed) (b) | 275000 | 289769 |
| California St Pub Wks Brd Lse Series 2021 C, 4% 11/1/2038  | 260000 | 258133 |
| California St Pub Wks Brd Lse Series 2024 A, 5% 4/1/2042  | 350000 | 370503 |
| Cerritos CA Cmnty College Dist Gen. Oblig. Series 2019 C, 3% 8/1/2044  | 25000 | 19229 |
| Chaffey CA Unified Hsd Series D, 4% 8/1/2049  | 20000 | 18081 |
| Chino Valley CA Uni Sch Dist Series 2017A, 5.25% 8/1/2047  | 25000 | 25528 |
| City of Fresno Unified School Series 2016A, 4% 8/1/2041  | 150000 | 140120 |
| Compton CA Uni Sch Dist Series 2019 B, 3% 6/1/2049  | 10000 | 7366 |
| El Camino CA Cmty College Dist Series 2012C, 0% 8/1/2034 (d) | 165000 | 119592 |
| El Camino CA Cmty College Dist Series 2012C, 0% 8/1/2038 (d) | 65000 | 37952 |
| Fremont Union High Sch Dist Santa Clara Series 2019 A, 4% 8/1/2046  | 30000 | 27582 |
| Hayward CA Uni Sch Dist Series 2019 A, 4% 8/1/2048  | 200000 | 179055 |
| Livermore Valley CA Jt Uni Sch Series 2019, 4% 8/1/2046  | 190000 | 166883 |
| Long Beach CA Bd Fin Auth Nat Gas Pur Rev 5% 11/15/2035 (Merrill Lynch & Co Inc Guaranteed)  | 25000 | 26661 |
| Long Beach CA Uni Sch Dist 0% 8/1/2035 (d) | 150000 | 104635 |
| Los Angeles CA Ccd Gen. Oblig. Series 2024, 5% 8/1/2030  | 15000 | 16803 |
| Los Angeles CA Ccd Gen. Oblig. Series L 1, 5% 8/1/2036  | 10000 | 11199 |
| Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2033  | 35000 | 39678 |
| Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2034  | 5000 | 5638 |
| Los Angeles Unified School District/CA Series 2017A, 5% 7/1/2026  | 175000 | 179495 |
| Los Angeles Unified School District/CA Series 2018 B 1, 5% 7/1/2033  | 125000 | 130687 |
| Los Angeles Unified School District/CA Series 2018 B 1, 5.25% 7/1/2042  | 50000 | 51122 |
| Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2028  | 130000 | 139168 |
| Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2029  | 15000 | 16362 |
| Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2030  | 50000 | 54326 |
| Los Angeles Unified School District/CA Series 2020 C, 4% 7/1/2032  | 25000 | 26225 |
| Los Angeles Unified School District/CA Series 2020 C, 5% 7/1/2030  | 60000 | 66553 |
| Los Angeles Unified School District/CA Series 2023 QRR, 5% 7/1/2033  | 110000 | 126009 |
| Los Angeles Unified School District/CA Series 2023 QRR, 5% 7/1/2036  | 15000 | 16793 |
| Los Angeles Unified School District/CA Series 2023 QRR, 5% 7/1/2043  | 25000 | 26413 |
| Los Angeles Unified School District/CA Series 2024A, 5% 7/1/2029  | 250000 | 272703 |
| Los Angeles Unified School District/CA Series 2024A, 5% 7/1/2031  | 630000 | 708224 |
| Los Angeles Unified School District/CA Series A, 5% 7/1/2040  | 30000 | 30000 |
| M-S-R Energy Auth Calif Gas Rev 6.125% 11/1/2029 (Citigroup Inc Guaranteed)  | 45000 | 47461 |
| M-S-R Energy Auth Calif Gas Rev 6.5% 11/1/2039 (Citigroup Inc Guaranteed)  | 30000 | 35853 |
| M-S-R Energy Auth Calif Gas Rev 6.5% 11/1/2039 (Citigroup Inc Guaranteed)  | 25000 | 29878 |
| Marin Healthcare District Gen. Oblig. Series 2017A, 4% 8/1/2047  | 135000 | 118327 |
| Montebello CA Unified Sch Dist Series 2016A, 5% 8/1/2041  | 50000 | 50436 |
| Napa Valley CA Uni Sch Dist 4% 8/1/2044 (Assured Guaranty Municipal Corp Insured)  | 175000 | 162917 |
| Newport Mesa CA Uni Sch Dist 0% 8/1/2036 (d) | 230000 | 155212 |
| Newport Mesa CA Uni Sch Dist Series 2017, 0% 8/1/2039 (d) | 495000 | 269881 |
| Oakland CA Uni Sch Dist Alameda Cnty Series 2021 A, 4% 8/1/2046  | 205000 | 190014 |
| Palo Alto Calif Uni Sch Dist 0% 8/1/2033 (d) | 35000 | 27377 |
| Poway CA Unified Sch Dist 0% 8/1/2046 (d) | 190000 | 67033 |
| San Bernardino CA Cmnty College Dist Gen. Oblig. 0% 8/1/2048 (d) | 5000 | 1702 |
| San Bernardino CA Cmnty College Dist Gen. Oblig. Series E, 4.125% 8/1/2049  | 40000 | 37278 |
| San Diego CA Uni Sch Dist 0% 7/1/2030 (d) | 35000 | 30024 |
| San Diego CA Uni Sch Dist 0% 7/1/2038 (d) | 250000 | 149722 |
| San Diego CA Uni Sch Dist 0% 7/1/2043 (d) | 10000 | 4504 |
| San Diego CA Uni Sch Dist 0% 7/1/2049 (d) | 125000 | 39910 |
| San Diego CA Uni Sch Dist 5.5% 7/1/2026 (Assured Guaranty Municipal Corp Insured)  | 80000 | 82359 |
| San Diego CA Uni Sch Dist Series 2017 K 2, 0% 7/1/2031 (d) | 430000 | 347553 |
| San Diego CA Uni Sch Dist Series G 1, 5.25% 7/1/2028 (Assured Guaranty Municipal Corp Insured)  | 25000 | 27093 |
| San Diego CA Uni Sch Dist Series R 4, 5% 7/1/2028  | 70000 | 70000 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series 2019 B 1, 3% 8/1/2049  | 200000 | 146427 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series 2022D 1, 4.125% 8/1/2052  | 195000 | 179500 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series A 1, 4% 8/1/2042  | 10000 | 9371 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series A 1, 5% 8/1/2047  | 80000 | 80156 |
| San Jose California Gen. Oblig. Series 2019 C, 5% 9/1/2030  | 265000 | 288213 |
| San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. 0% 9/1/2033 (National Public Finance Guarantee Corporation Insured) (d) | 130000 | 99497 |
| San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. 0% 9/1/2035 (National Public Finance Guarantee Corporation Insured) (d) | 200000 | 139927 |
| Santa Clara CA Uni Sch Dist Series 2019, 4% 7/1/2048  | 35000 | 31454 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) 3% 5/15/2037  | 200000 | 177749 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2019 A, 3.125% 5/1/2047  | 225000 | 172166 |
| Saugus Union School District School Facilities Improvement District No 2014-1 Series C, 2.375% 8/1/2044  | 150000 | 102073 |
| State Center CA Cmnty College Dist Gen. Oblig. Series 2020 B, 2.25% 8/1/2045  | 250000 | 162535 |
| State of California Gen. Oblig. 2% 11/1/2036  | 60000 | 47819 |
| State of California Gen. Oblig. 3% 10/1/2033  | 70000 | 68838 |
| State of California Gen. Oblig. 3% 10/1/2034  | 50000 | 48066 |
| State of California Gen. Oblig. 3% 10/1/2037  | 190000 | 170627 |
| State of California Gen. Oblig. 3% 11/1/2035  | 250000 | 235670 |
| State of California Gen. Oblig. 3% 11/1/2041  | 185000 | 151535 |
| State of California Gen. Oblig. 3% 11/1/2050  | 575000 | 425916 |
| State of California Gen. Oblig. 3% 3/1/2028  | 50000 | 50368 |
| State of California Gen. Oblig. 4% 3/1/2050  | 40000 | 35799 |
| State of California Gen. Oblig. 4% 8/1/2037  | 25000 | 24773 |
| State of California Gen. Oblig. 5% 10/1/2048  | 100000 | 101667 |
| State of California Gen. Oblig. 5% 11/1/2027  | 50000 | 52801 |
| State of California Gen. Oblig. 5% 3/1/2032  | 50000 | 54562 |
| State of California Gen. Oblig. 5% 3/1/2032  | 50000 | 54562 |
| State of California Gen. Oblig. 5% 3/1/2035  | 215000 | 231159 |
| State of California Gen. Oblig. 5% 3/1/2035 (Pre-refunded to 3/1/2030 at 100)  | 5000 | 5500 |
| State of California Gen. Oblig. 5% 4/1/2029  | 140000 | 151941 |
| State of California Gen. Oblig. 5% 4/1/2030  | 100000 | 108020 |
| State of California Gen. Oblig. 5% 8/1/2026  | 65000 | 65122 |
| State of California Gen. Oblig. 5% 8/1/2029  | 20000 | 20024 |
| State of California Gen. Oblig. 5% 8/1/2045  | 360000 | 360216 |
| State of California Gen. Oblig. 5% 9/1/2026  | 160000 | 164557 |
| State of California Gen. Oblig. 5% 9/1/2031  | 230000 | 258803 |
| State of California Gen. Oblig. 5% 9/1/2033  | 145000 | 165622 |
| State of California Gen. Oblig. 5.25% 8/1/2030  | 95000 | 95131 |
| State of California Gen. Oblig. Series 2016, 3% 9/1/2033  | 355000 | 345899 |
| State of California Gen. Oblig. Series 2016, 4% 9/1/2028  | 110000 | 111145 |
| State of California Gen. Oblig. Series 2016, 4% 9/1/2036  | 200000 | 198742 |
| State of California Gen. Oblig. Series 2016, 5% 8/1/2027  | 45000 | 46097 |
| State of California Gen. Oblig. Series 2016, 5% 9/1/2045  | 10000 | 10070 |
| State of California Gen. Oblig. Series 2016B, 4% 9/1/2035  | 50000 | 49980 |
| State of California Gen. Oblig. Series 2016B, 5% 9/1/2030  | 15000 | 15360 |
| State of California Gen. Oblig. Series 2016B, 5% 9/1/2032  | 50000 | 51088 |
| State of California Gen. Oblig. Series 2017, 3.5% 8/1/2027  | 25000 | 25451 |
| State of California Gen. Oblig. Series 2017, 5% 11/1/2027  | 75000 | 79201 |
| State of California Gen. Oblig. Series 2017, 5% 11/1/2027  | 65000 | 68641 |
| State of California Gen. Oblig. Series 2017, 5% 11/1/2031  | 100000 | 104719 |
| State of California Gen. Oblig. Series 2017, 5% 8/1/2026  | 80000 | 82113 |
| State of California Gen. Oblig. Series 2017, 5% 8/1/2033  | 100000 | 101921 |
| State of California Gen. Oblig. Series C, 5% 9/1/2026  | 20000 | 20075 |
| State of California Gen. Oblig. Series C, 5% 9/1/2028  | 50000 | 50124 |
| Sunnyvale CA Fin Auth Lease Rev Series 2020, 4% 4/1/2050  | 380000 | 341137 |
| Sweetwater CA Un High Sch Dist Series 2016, 4% 8/1/2042  | 350000 | 328172 |
| Twin Rivers Uni Sch Dist Calif 0% 8/1/2041 (Assured Guaranty Municipal Corp Insured) (d) | 135000 | 61008 |
| West Hollywood Public Financing Authority Series 2016, 3% 4/1/2041  | 140000 | 113636 |
| William S Hart Uni High School Dist 0% 8/1/2033 (d) | 50000 | 38158 |
| Yuba CA Gen. Oblig. Series 2016, 3% 8/1/2036  | 165000 | 148878 |
|  |  | 16364781 |
| Health Care - 1.5% |  |  |
| California Health Facilities Financing Authority (Adventist Health System-West Proj.) Series 2024A, 5% 12/1/2028  | 380000 | 400912 |
| California Health Facilities Financing Authority (Cedars-Sinai Medical Center,Ca Proj.) Series 2015, 5% 11/15/2026  | 50000 | 50370 |
| California Health Facilities Financing Authority (Kaiser Permanente Hlth System Proj.) Series 2006C, 5% tender 6/1/2041 (b) | 330000 | 358623 |
| California Health Facilities Financing Authority (Kaiser Permanente Hlth System Proj.) Series A 1, 5% 11/1/2027  | 40000 | 42203 |
| California Health Facilities Financing Authority (Kaiser Permanente Hlth System Proj.) Series A 2, 5% 11/1/2047  | 70000 | 74005 |
| California Health Facilities Financing Authority (Providence Health Systems Proj.) Series 2016A, 3% 10/1/2041  | 50000 | 39869 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2016B, 4% 11/15/2038  | 150000 | 145026 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2016B, 5% 11/15/2046  | 15000 | 14977 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 4% 11/15/2042  | 65000 | 59358 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 5% 11/15/2026  | 35000 | 36091 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 5% 11/15/2033  | 25000 | 25913 |
| California Hlth Facs Fin Auth (Adventist Health System-West Proj.) Series 2013 A, 4% 3/1/2033  | 260000 | 256728 |
| California Hlth Facs Fin Auth (Adventist Health System-West Proj.) Series 2013 A, 4% 3/1/2043  | 35000 | 29202 |
| California Hlth Facs Fin Auth (Stanford Health Care Proj.) Series 2015A, 5% 8/15/2054  | 280000 | 279999 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2017A, 5% 4/1/2047  | 55000 | 52594 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2048  | 260000 | 261500 |
| California Statewide Community Development Authority Rev (Kaiser Permanente Hlth System Proj.) Series 2004 J, 5% tender 4/1/2036 (b) | 25000 | 27168 |
| Univ CA Regts Med Ctr Pooled Rev Series 2022 P, 4% 5/15/2053  | 235000 | 202198 |
| Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2047  | 80000 | 79575 |
|  |  | 2436311 |
| Lease Revenue - 0.1% |  |  |
| California Infrastructure & Economic Dev Bank Lease Rev (California State Teachers' Retirement System Proj.) 5% 8/1/2044  | 170000 | 172058 |
| Garden Grove Calif Pub Fing Auth Lease Rev Series 2024A, 4% 4/1/2054  | 65000 | 56984 |
|  |  | 229042 |
| Other - 0.1% |  |  |
| California Infrastructure & Economic Development Bank (CA Academy of Science Proj.) Series 2021 B, 4% 5/1/2046  | 200000 | 175406 |
| California Infrastructure & Economic Development Bank (J Paul Getty Trust/The Proj.) Series 2023A, 5% 4/1/2033  | 30000 | 34793 |
|  |  | 210199 |
| Special Tax - 0.6% |  |  |
| Anaheim CA Pub Fin Auth Lease Rev (Anaheim CA Lpmr Disney Proj.) Series 1997 C, 0% 9/1/2028 (Assured Guaranty Municipal Corp Insured) (d) | 95000 | 86059 |
| Irvine Calif Facs Fing Auth Spl Tax Rev Series 2023A, 4% 9/1/2058 (Build America Mutual Assurance Co Insured)  | 160000 | 139593 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2019 A, 5% 7/1/2044  | 45000 | 45963 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2021 A, 5% 7/1/2044  | 190000 | 198264 |
| Sacramento CA Fin Auth 0% 12/1/2034 (Financial Guaranty Ins CO Insured) (d) | 90000 | 60861 |
| Sacramento CA Transn Auth Sales Tax Rev Series 2023, 5% 10/1/2033  | 140000 | 162713 |
| Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2043  | 55000 | 55165 |
| San Francisco CA BART Dist Tax Series 2019 A, 3% 7/1/2044  | 5000 | 3874 |
| Santa Clara Valley CA Trans Auth Sales Tax Rev 5% 4/1/2033  | 185000 | 214139 |
| Westminster Calif Redev Agy Successor Agy Tax Allocation Series 2016, 3% 11/1/2041  | 125000 | 100562 |
|  |  | 1067193 |
| Transportation - 2.3% |  |  |
| Bay Area Toll Auth CA Bridge Rev 2.95% tender 4/1/2047 (b) | 110000 | 109680 |
| Bay Area Toll Auth CA Bridge Rev Series 2017 S 7, 4% 4/1/2038  | 275000 | 270211 |
| Bay Area Toll Auth CA Bridge Rev Series 2017 S 7, 4% 4/1/2047  | 5000 | 4452 |
| Bay Area Toll Auth CA Bridge Rev Series 2018 A, 2.625% tender 4/1/2045 (b) | 130000 | 129313 |
| Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024A, 4% 7/1/2054 (Assured Guaranty Municipal Corp Insured)  | 205000 | 180074 |
| California Mun Fn Auth Rev (Linxs Apm Project Proj.) Series 2018 A, 5% 12/31/2028 (c) | 60000 | 62062 |
| Foothill/Estrn Transn CA Toll Series B 1, 3.95% 1/15/2053 (b) | 110000 | 94642 |
| Los Angeles CA Dept Arpts Rev Series 2018 B, 5% 5/15/2034 (c) | 10000 | 10256 |
| Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2037 (c) | 75000 | 75896 |
| Los Angeles CA Dept Arpts Rev Series 2018 D, 5% 5/15/2031 (c) | 80000 | 83908 |
| Los Angeles CA Dept Arpts Rev Series 2019 A, 5% 5/15/2049 (c) | 230000 | 228812 |
| Los Angeles CA Dept Arpts Rev Series 2019 D, 5% 5/15/2049 (c) | 270000 | 266758 |
| Los Angeles CA Dept Arpts Rev Series 2020 A, 5% 5/15/2040  | 20000 | 20788 |
| Los Angeles CA Dept Arpts Rev Series 2021B, 5% 5/15/2048  | 65000 | 66307 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021A, 4% 7/1/2056  | 545000 | 475822 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series A, 5% 7/1/2047  | 50000 | 50283 |
| San Francisco CA City & County Airports Commission International Airport Revenue 4% 5/1/2052 (c) | 500000 | 412211 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2016A, 5% 5/1/2026  | 25000 | 25460 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2016C, 5% 5/1/2046  | 180000 | 180476 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2017A, 5% 5/1/2047 (c) | 40000 | 39576 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2049 (c) | 25000 | 24700 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2019D, 5% 5/1/2034  | 325000 | 346177 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2023 C, 5.75% 5/1/2048 (c) | 275000 | 289226 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2025 A, 5.25% 5/1/2055 (c) | 200000 | 202589 |
| San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/15/2032 (National Public Finance Guarantee Corporation Insured) (d) | 30000 | 23541 |
| San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2042  | 20000 | 20156 |
|  |  | 3693376 |
| Water & Sewer - 2.1% |  |  |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) 5% 10/1/2035  | 15000 | 16922 |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) 5% 10/1/2052  | 20000 | 20829 |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) Series 2016, 5% 10/1/2026  | 15000 | 15296 |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) Series 2017, 5% 10/1/2029  | 405000 | 421706 |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) Series 2018, 5% 10/1/2026  | 25000 | 25817 |
| California St Dept Wtr Res Cen Series AW, 4% 12/1/2034  | 235000 | 235363 |
| California St Dept Wtr Res Cen Series AX, 5% 12/1/2031  | 435000 | 456904 |
| California St Dept Wtr Res Cen Series BA, 5% 12/1/2032  | 65000 | 70434 |
| California St Dept Wtr Res Cen Series BB, 5% 12/1/2035  | 200000 | 219651 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2016B, 5% 7/1/2029  | 50000 | 50379 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 B, 4% 7/1/2049  | 140000 | 122868 |
| Metropolitan Wtr Dist Southn Calif Series 2020 C, 5% 7/1/2039  | 225000 | 239640 |
| Metropolitan Wtr Dist Southn Calif Series 2020A, 5% 7/1/2027  | 140000 | 147566 |
| Sacramento Cnty CA Santn Dist Series 2021, 5% 12/1/2031  | 200000 | 229056 |
| Sacramento Cnty CA Santn Dist Series 2021, 5% 12/1/2032  | 235000 | 272073 |
| Sacramento Cnty CA Santn Dist Series 2021, 5% 12/1/2033  | 15000 | 16953 |
| San Diego CA Pub Facs Fing Auth Wtr Rev 5.25% 8/1/2047  | 30000 | 30486 |
| San Diego County Water Authority 5% 5/1/2047  | 140000 | 146293 |
| San Francisco CA Pub Util Comm Wstwtr Rev Series 2023A, 5% 10/1/2032  | 190000 | 217572 |
| San Francisco CA Pub Util Comm Wstwtr Rev Series 2023A, 5% 10/1/2034  | 230000 | 259308 |
| San Francisco CA Pub Util Comm Wtr Rev Series 2020 SUB A, 5% 11/1/2050  | 185000 | 187409 |
| San Mateo Foster City Calif Pub Fing Auth Wastewater Rev (City of San Mateo CA Sewer Revenue Proj.) Series 2019, 5% 8/1/2049  | 15000 | 15369 |
| Upper Santa Clara Vy Jt Pwrs Auth Calif Rev Series 2020 A, 4% 8/1/2050  | 85000 | 76263 |
|  |  | 3494157 |
| TOTAL CALIFORNIA |  | 35142713 |
| Colorado - 1.9%  |  |  |
| General Obligations - 0.5% |  |  |
| Colorado Ctfs of Prtn (Colorado St Proj.) Series 2020 A, 3% 12/15/2036  | 105000 | 91449 |
| Colorado Ctfs of Prtn (Colorado St Proj.) Series 2021A, 4% 12/15/2038  | 285000 | 276973 |
| Park Creek Met Dist Colo Rev Series 2015 A, 5% 12/1/2045  | 445000 | 443317 |
|  |  | 811739 |
| Health Care - 0.8% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2018A, 4% 11/15/2048  | 100000 | 85979 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2021 A, 4% 11/15/2050  | 20000 | 16897 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series A 1, 5% tender 11/15/2058 (b) | 290000 | 306995 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2037  | 75000 | 72093 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2039  | 655000 | 611799 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2044  | 55000 | 47764 |
| Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2022 A, 4% 5/15/2052  | 190000 | 164014 |
|  |  | 1305541 |
| Other - 0.1% |  |  |
| Denver CO Cty & Cnty Sch Dis 1 Series 2025A, 5.25% 12/1/2038  | 150000 | 167925 |
| Transportation - 0.5% |  |  |
| Denver CO City & Cnty Arpt 5% 11/15/2042 (c) | 165000 | 166048 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2028 (c) | 30000 | 31126 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2036 (c) | 60000 | 64009 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2041 (c) | 245000 | 248255 |
| Denver CO City & Cnty Arpt Series 2022B, 5% 11/15/2047  | 150000 | 153139 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2030 (National Public Finance Guarantee Corporation Insured) (d) | 25000 | 21237 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2031 (National Public Finance Guarantee Corporation Insured) (d) | 20000 | 16359 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2032 (National Public Finance Guarantee Corporation Insured) (d) | 25000 | 19613 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2037 (National Public Finance Guarantee Corporation Insured) (d) | 100000 | 54736 |
|  |  | 774522 |
| TOTAL COLORADO |  | 3059727 |
| Connecticut - 2.4%  |  |  |
| Education - 0.1% |  |  |
| Connecticut State Health & Educational Facilities Authority (Yale University Proj.) Series A 2, 2% tender 7/1/2042 (b) | 225000 | 221527 |
| General Obligations - 0.9% |  |  |
| Connecticut St Gen. Oblig. 4% 6/1/2031  | 30000 | 31302 |
| Connecticut St Gen. Oblig. Series 2015A, 5% 3/15/2028  | 35000 | 35056 |
| Connecticut St Gen. Oblig. Series 2018 D, 5% 4/15/2026  | 25000 | 25419 |
| Connecticut St Gen. Oblig. Series 2018 D, 5% 4/15/2027  | 105000 | 109249 |
| Connecticut St Gen. Oblig. Series 2018 E, 5% 9/15/2028  | 370000 | 396608 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2027  | 25000 | 26012 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2035  | 810000 | 853834 |
| Connecticut St Gen. Oblig. Series A, 5% 4/15/2027  | 25000 | 26012 |
| Connecticut St Gen. Oblig. Series E, 3.375% 10/15/2036  | 30000 | 28015 |
|  |  | 1531507 |
| Special Tax - 1.4% |  |  |
| Connecticut St Spl Tax Oblig 4% 5/1/2037  | 35000 | 35160 |
| Connecticut St Spl Tax Oblig 5% 7/1/2027  | 1000000 | 1046101 |
| Connecticut St Spl Tax Oblig Series 2018 A, 5% 1/1/2027  | 35000 | 36222 |
| Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2028  | 120000 | 128734 |
| Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2033  | 10000 | 10540 |
| Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2036  | 85000 | 88309 |
| Connecticut St Spl Tax Oblig Series 2020 A, 5% 5/1/2026  | 150000 | 152817 |
| Connecticut St Spl Tax Oblig Series 2020 A, 5% 5/1/2030  | 200000 | 219947 |
| Connecticut St Spl Tax Oblig Series 2023B, 5% 7/1/2031  | 265000 | 295762 |
| Connecticut St Spl Tax Oblig Series A, 4% 9/1/2035  | 145000 | 144802 |
| Connecticut St Spl Tax Oblig Series A, 5% 9/1/2030  | 60000 | 61397 |
| Connecticut St Spl Tax Oblig Series A, 5% 9/1/2031  | 5000 | 5110 |
|  |  | 2224901 |
| TOTAL CONNECTICUT |  | 3977935 |
| Delaware - 0.1%  |  |  |
| General Obligations - 0.0% |  |  |
| Delaware St Gen. Oblig. 3.25% 3/1/2037  | 4000 | 3702 |
| Delaware St Gen. Oblig. Series 2021, 5% 2/1/2029  | 45000 | 48699 |
|  |  | 52401 |
| Health Care - 0.1% |  |  |
| Delaware St Hlth Facs Auth Rev (Christiana Health Svcs Proj.) Series 2020 A, 4% 10/1/2049  | 155000 | 132037 |
| TOTAL DELAWARE |  | 184438 |
| District Of Columbia - 1.5%  |  |  |
| Education - 0.0% |  |  |
| District Columbia Univ Rev (Georgetown Univ, DC Proj.) Series 2017, 5% 4/1/2031  | 25000 | 25627 |
| General Obligations - 0.7% |  |  |
| District Columbia Gen. Oblig. 5% 10/15/2044  | 15000 | 15177 |
| District Columbia Gen. Oblig. 5% 12/1/2026  | 350000 | 361522 |
| District Columbia Gen. Oblig. Series 2016 A, 4% 6/1/2036  | 400000 | 394665 |
| District Columbia Gen. Oblig. Series 2017D, 5% 6/1/2042  | 35000 | 35254 |
| District Columbia Gen. Oblig. Series 2019 A, 5% 10/15/2031  | 80000 | 85757 |
| District Columbia Gen. Oblig. Series 2019 A, 5% 10/15/2040  | 295000 | 302221 |
|  |  | 1194596 |
| Special Tax - 0.4% |  |  |
| District Columbia Income Tax Rev Series 2019 C, 5% 10/1/2029  | 180000 | 196392 |
| District Columbia Income Tax Rev Series 2019 C, 5% 10/1/2033  | 205000 | 219285 |
| District Columbia Income Tax Rev Series 2020 C, 4% 5/1/2040  | 195000 | 184672 |
|  |  | 600349 |
| Transportation - 0.4% |  |  |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2027 (c) | 65000 | 67481 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 4% 10/1/2041 (c) | 205000 | 188520 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2031 (Assured Guaranty Inc Insured) (d) | 35000 | 28222 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2034 (Assured Guaranty Inc Insured) (d) | 70000 | 49031 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2036 (Assured Guaranty Inc Insured) (d) | 20000 | 12529 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 3% 10/1/2050 (Assured Guaranty Municipal Corp Insured)  | 100000 | 70343 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 4% 10/1/2044  | 100000 | 88971 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 4% 10/1/2053  | 45000 | 37241 |
|  |  | 542338 |
| Water & Sewer - 0.0% |  |  |
| District Columbia Wtr & Swr Auth Pub Util Rev Series 2019 A, 5% 10/1/2044  | 130000 | 132222 |
| TOTAL DISTRICT OF COLUMBIA |  | 2495132 |
| District Of Columbia,Maryland,Virginia - 0.1%  |  |  |
| Special Tax - 0.1% |  |  |
| Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2042  | 70000 | 70282 |
| Washington Metropolitan Area Transit Authority Series 2021 A, 5% 7/15/2046  | 150000 | 151494 |
|  |  | 221776 |
| TOTAL DISTRICT OF COLUMBIA,MARYLAND,VIRGINIA |  | 221776 |
| Florida - 3.1%  |  |  |
| Education - 0.0% |  |  |
| Miami-Dade Cnty FL Edl Fac Rev (University of Miami, FL Proj.) Series 2015A, 4% 4/1/2045  | 100000 | 90276 |
| Electric Utilities - 0.2% |  |  |
| Jacksonville FL Elec Auth Sys Rev Series 2017B, 5% 10/1/2027  | 125000 | 131080 |
| Putnam Cnty Fla Dev Auth Pcr (Seminole Electric Coop Inc Proj.) Series 2018 A, 5% 3/15/2042  | 90000 | 90377 |
|  |  | 221457 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Greater Orlando Aviation Auth 5% 10/1/2030 (Pre-refunded to 10/1/2027 at 100) (c) | 60000 | 62688 |
| General Obligations - 0.2% |  |  |
| Florida St Gen. Oblig. Series 2021 B, 5% 7/1/2032  | 115000 | 130508 |
| Hillsborough Cnty FL Sch Brd 5% 7/1/2029  | 75000 | 80743 |
| Miami-Dade Cnty Fla Seaport Rev (Miami-Dade Cnty Fla Proj.) Series SUB 2021 B2, 4% 10/1/2043  | 110000 | 98687 |
|  |  | 309938 |
| Health Care - 0.7% |  |  |
| Brevard Cnty FL Health Facs Au Th Health Care Facs Rev (Health First Inc Proj.) Series 2014, 4% 4/1/2036  | 180000 | 175517 |
| Miami Beach FL Hlth Facs Auth Hosp Rev (MT Sinai Hospital Proj.) Series 2014, 5% 11/15/2039  | 25000 | 25000 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2016B, 4% 10/1/2045  | 65000 | 58101 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2022, 4% 10/1/2052  | 190000 | 159786 |
| Palm Beach Cnty FL Health Facs Auth Retirement Cmnty Rev (Acts Ret-Life Cmntys Inc Proj.) Series 2016, 5% 11/15/2032  | 25000 | 25398 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2032  | 520000 | 537051 |
| Tampa FL Health Sys Rev (Baycare Health System Proj.) Series 2016 A, 4% 11/15/2046  | 140000 | 121384 |
|  |  | 1102237 |
| Special Tax - 0.2% |  |  |
| County of Broward FL Tourist Development Tax Revenue Series 2021, 4% 9/1/2051  | 225000 | 188051 |
| Florida St Brd of Ed Lottery Rev Series 2016 B, 5% 7/1/2026  | 65000 | 66522 |
| Miami-Dade Cnty FL Spl Oblig 0% 10/1/2044 (d) | 155000 | 62906 |
| Miami-Dade Cnty FL Spl Oblig 0% 10/1/2046 (d) | 10000 | 3610 |
| Miami-Dade Cnty FL Spl Oblig Series 2009, 0% 10/1/2047 (d) | 50000 | 17076 |
| Miami-Dade Cnty FL Spl Oblig Series 2016, 0% 10/1/2031 (d) | 5000 | 3903 |
| Miami-Dade Cnty FL Spl Oblig Series 2016, 0% 10/1/2032 (d) | 15000 | 11150 |
| Miami-Dade Cty FL Sports Fac Tax 0% 10/1/2048 (Assured Guaranty Inc Insured) (d) | 15000 | 4978 |
| Orange Cnty FL Tourist Dev Tax Series 2016 B, 4% 10/1/2036  | 30000 | 29804 |
| Tampa FL Tax Alloc 0% 9/1/2053 (d) | 5000 | 1064 |
|  |  | 389064 |
| Transportation - 1.0% |  |  |
| Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2049 (c) | 100000 | 98240 |
| Florida Dev Fin Corp Rev (Brightline FL Proj.) Series 2024, 5% 7/1/2041 (c) | 205000 | 186645 |
| Florida St Dept Transn Tpk Rev Series 2016 B, 2.625% 7/1/2027  | 60000 | 59296 |
| Greater Orlando Aviation Auth 5% 10/1/2036 (c) | 160000 | 162114 |
| Greater Orlando Aviation Auth Series 2022 A, 4% 10/1/2052 (c) | 230000 | 193744 |
| Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2039  | 130000 | 125528 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2041  | 20000 | 20063 |
| Miami-Dade Cnty Fla Aviat Rev Series 2019A, 5% 10/1/2049 (c) | 320000 | 314370 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2016 B, 4% 7/1/2040  | 20000 | 19284 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2019 B, 5% 7/1/2044  | 125000 | 126662 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 5% 7/1/2026 (Assured Guaranty Municipal Corp Insured)  | 265000 | 271156 |
|  |  | 1577102 |
| Water & Sewer - 0.8% |  |  |
| Broward Cnty FL Wtr & Swr Util Series 2019 A, 4% 10/1/2043  | 200000 | 188540 |
| JEA FL Wtr & Swr Sys Rev Series 2020 A, 3% 10/1/2036  | 475000 | 429794 |
| Miami Beach Fla Wtr & Swr Rev Series 2017, 5% 9/1/2047  | 115000 | 115733 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2017 B, 3.125% 10/1/2039  | 5000 | 4320 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2017A, 4% 10/1/2039  | 75000 | 73959 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2019 B, 3% 10/1/2049  | 10000 | 7144 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2019, 5% 10/1/2046  | 165000 | 165797 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2024A, 4.125% 10/1/2050  | 160000 | 142591 |
| Tampa Fla Wtr & Wastewtr Sys Series 2020 A, 5% 10/1/2054  | 260000 | 263429 |
|  |  | 1391307 |
| TOTAL FLORIDA |  | 5144069 |
| Georgia - 2.6%  |  |  |
| Education - 0.2% |  |  |
| Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2020 B, 4% 9/1/2041  | 245000 | 229568 |
| Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2020 B, 5% 9/1/2030  | 100000 | 109590 |
|  |  | 339158 |
| Electric Utilities - 0.1% |  |  |
| Burke Cnty GA Dev Auth Pcr (Oglethorpe Power Corp Proj.) Series 2017 D, 4.125% 11/1/2045  | 20000 | 17576 |
| Georgia Mun Elec Auth Pwr Rev Series HH, 4.125% 1/1/2049 (Assured Guaranty Municipal Corp Insured)  | 175000 | 159975 |
|  |  | 177551 |
| General Obligations - 1.8% |  |  |
| Georgia St Gen. Oblig. Series 2018A, 3% 7/1/2033  | 25000 | 24317 |
| Georgia St Gen. Oblig. Series 2018A, 4% 7/1/2034  | 155000 | 156950 |
| Georgia St Gen. Oblig. Series 2018A, 5% 7/1/2027  | 5000 | 5241 |
| Georgia St Gen. Oblig. Series 2021 A, 4% 7/1/2035  | 105000 | 107401 |
| Georgia St Gen. Oblig. Series 2022C, 5% 7/1/2031  | 205000 | 230601 |
| Gwinnett Cnty GA Sch Dist Series 2019, 5% 2/1/2039  | 100000 | 103709 |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (b) | 200000 | 201052 |
| Main Street Natural Gas Inc Series 2019 A, 4% 5/15/2039 (Macquarie Group Ltd Guaranteed)  | 100000 | 92040 |
| Main Street Natural Gas Inc Series 2022A, 4% tender 9/1/2052 (Citigroup Inc Guaranteed) (b) | 1000000 | 1004659 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% tender 5/1/2054 (Royal Bank of Canada Guaranteed) (b) | 700000 | 739702 |
| Main Street Natural Gas Inc Series 2024E, 5% tender 5/1/2055 (Citigroup Inc Guaranteed) (b) | 230000 | 242061 |
|  |  | 2907733 |
| Health Care - 0.4% |  |  |
| Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 4% 7/1/2049  | 105000 | 90103 |
| Cobb Cnty GA Kennestone Hosp Series 2022A, 4% 4/1/2052  | 70000 | 59073 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series A, 5% 2/15/2045  | 255000 | 252768 |
| Griffin-Spalding Cnty GA Hosp Rev (Wellstar Health System Inc Proj.) 3.75% 4/1/2047  | 275000 | 225872 |
| Savannah GA Candler Hosp (St Joseph Candler Health Proj.) Series 2019A, 3.125% 7/1/2044  | 110000 | 84777 |
|  |  | 712593 |
| Transportation - 0.1% |  |  |
| Atlanta GA Arpt Rev Series 2019 B, 4% 7/1/2049 (c) | 125000 | 107064 |
| Water & Sewer - 0.0% |  |  |
| Atlanta GA Wtr & Wastewtr Rev 5% 11/1/2028  | 25000 | 25049 |
| Atlanta GA Wtr & Wastewtr Rev 5% 11/1/2029  | 5000 | 5010 |
| Atlanta GA Wtr & Wastewtr Rev Series 2015, 5% 11/1/2040  | 40000 | 40002 |
| Atlanta GA Wtr & Wastewtr Rev Series 2018 C, 4% 11/1/2037  | 15000 | 14788 |
| County of Paulding GA Water & Sewerage Revenue Series 2016, 3% 12/1/2048  | 20000 | 14282 |
|  |  | 99131 |
| TOTAL GEORGIA |  | 4343230 |
| Hawaii - 0.4%  |  |  |
| General Obligations - 0.3% |  |  |
| Hawaii St Gen. Oblig. Series 2018 FT, 5% 1/1/2027  | 50000 | 51769 |
| Hawaii St Gen. Oblig. Series 2018 FT, 5% 1/1/2032  | 65000 | 68032 |
| Hawaii St Gen. Oblig. Series EY, 5% 10/1/2026  | 130000 | 130715 |
| Hawaii St Gen. Oblig. Series FG, 5% 10/1/2030  | 30000 | 30728 |
| Honolulu HI City & Cnty Gen. Oblig. Series A, 5% 10/1/2039  | 100000 | 100050 |
|  |  | 381294 |
| Health Care - 0.0% |  |  |
| Hawaii Dpt Bg & Fin Spl Pur Rev (Queens Health System Proj.) Series 2015A, 4% 7/1/2040  | 35000 | 34999 |
| Transportation - 0.1% |  |  |
| Hawaii St Arpts Sys Rev Series 2020 A, 4% 7/1/2035 (c) | 80000 | 79825 |
| Hawaii St Arpts Sys Rev Series 2020 D, 4% 7/1/2039  | 100000 | 97406 |
|  |  | 177231 |
| TOTAL HAWAII |  | 593524 |
| Idaho - 0.2%  |  |  |
| Health Care - 0.1% |  |  |
| Idaho Health Facs Auth Rev (St Lukes Regional Med Ctr, Id Proj.) 5% tender 3/1/2060 (b) | 190000 | 204946 |
| Idaho Health Facs Auth Rev (Trinity Health Proj.) Series 2015ID, 5.5% 12/1/2029  | 20000 | 20092 |
|  |  | 225038 |
| Transportation - 0.1% |  |  |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 4% 7/15/2038  | 105000 | 102476 |
| TOTAL IDAHO |  | 327514 |
| Illinois - 4.9%  |  |  |
| Education - 0.2% |  |  |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series A, 5% 8/1/2042  | 105000 | 103157 |
| Illinois Fin Auth Rev (Univ of Chicago, IL Proj.) Series 2018 A, 5% 10/1/2048  | 20000 | 19843 |
| Illinois Finance Authority Rev (Bradley University Proj.) Series 2021 A, 4% 8/1/2043  | 80000 | 65367 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2021 A, 5% 10/1/2032  | 60000 | 66553 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5% 4/1/2033  | 35000 | 38895 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5.25% 4/1/2045  | 20000 | 20720 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024B, 5% 4/1/2034  | 15000 | 16699 |
|  |  | 331234 |
| General Obligations - 2.1% |  |  |
| Chicago IL Gen. Oblig. 5% 1/1/2041  | 370000 | 363951 |
| Chicago IL Gen. Oblig. Series 1999, 0% 1/1/2033 (d) | 50000 | 37015 |
| Chicago IL Gen. Oblig. Series 2019A, 5% 1/1/2040  | 265000 | 261839 |
| Chicago IL Gen. Oblig. Series 2021 A, 4% 1/1/2035  | 35000 | 33495 |
| Cook Cnty IL Gen. Oblig. Series 2018, 5% 11/15/2034  | 100000 | 101611 |
| Illinois St Gen. Oblig. 5% 12/1/2036  | 25000 | 26467 |
| Illinois St Gen. Oblig. 5% 2/1/2027  | 140000 | 143947 |
| Illinois St Gen. Oblig. Series 2017 A, 4.5% 12/1/2041  | 35000 | 33341 |
| Illinois St Gen. Oblig. Series 2017 A, 5% 12/1/2026  | 100000 | 102529 |
| Illinois St Gen. Oblig. Series 2017C, 5% 11/1/2029  | 10000 | 10337 |
| Illinois St Gen. Oblig. Series 2017D, 3.25% 11/1/2026  | 40000 | 39938 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 190000 | 194652 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2028  | 140000 | 144998 |
| Illinois St Gen. Oblig. Series 2019 C, 4% 11/1/2044  | 25000 | 21193 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 A, 5% 12/1/2031  | 20000 | 21699 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 B, 3% 12/1/2041  | 390000 | 290540 |
| Illinois St Gen. Oblig. Series JUNE 2016, 3.5% 6/1/2030  | 210000 | 206203 |
| Illinois St Gen. Oblig. Series JUNE 2016, 3.5% 6/1/2031  | 70000 | 68167 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2027  | 50000 | 51481 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2030  | 160000 | 170906 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2032  | 160000 | 173582 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2037  | 780000 | 824357 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2049  | 100000 | 100562 |
| Illinois St Gen. Oblig. Series OCT 2020 C, 4% 10/1/2040  | 85000 | 76534 |
|  |  | 3499344 |
| Health Care - 0.5% |  |  |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 3.25% 5/15/2039  | 160000 | 134102 |
| Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2016, 3.25% 11/15/2045  | 15000 | 11426 |
| Illinois Fin Auth Rev (Rush University Medical Center Proj.) Series 2015A, 4% 11/15/2039  | 565000 | 520305 |
| Illinois Finance Authority Rev (Advocate Aurora Health Inc Proj.) Series 2015, 4.125% 5/1/2045  | 125000 | 109749 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) Series 2020 A, 3% 5/15/2050  | 80000 | 53833 |
|  |  | 829415 |
| Special Tax - 0.6% |  |  |
| Chicago IL Board of Education Series 2016, 5.75% 4/1/2035  | 100000 | 102716 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2031 (National Public Finance Guarantee Corporation Insured) (d) | 30000 | 23492 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2034 (National Public Finance Guarantee Corporation Insured) (d) | 20000 | 13509 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2038 (National Public Finance Guarantee Corporation Insured) (d) | 10000 | 5343 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2032 (National Public Finance Guarantee Corporation Insured) (d) | 20000 | 15295 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2036 (National Public Finance Guarantee Corporation Insured) (d) | 35000 | 21763 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2037 (National Public Finance Guarantee Corporation Insured) (d) | 170000 | 99765 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2038 (National Public Finance Guarantee Corporation Insured) (d) | 90000 | 49572 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2047 (Assured Guaranty Municipal Corp Insured) (d) | 650000 | 210248 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2002 A, 0% 12/15/2026 (d) | 95000 | 90377 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 0% 12/15/2056 (Assured Guaranty Municipal Corp Insured) (d) | 15000 | 2841 |
| Sales Tax Securitization Corp Series 2017 A, 5% 1/1/2028  | 50000 | 52327 |
| Sales Tax Securitization Corp Series 2024 A, 5% 1/1/2036  | 250000 | 273609 |
|  |  | 960857 |
| Transportation - 1.5% |  |  |
| Chicago IL Midway Arpt Rev Series B, 5% 1/1/2046  | 160000 | 159500 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037  | 45000 | 46792 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2038  | 20000 | 20659 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2048  | 10000 | 10002 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 4% 1/1/2043 (c) | 35000 | 31273 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 4.375% 1/1/2053 (c) | 455000 | 399431 |
| Chicago IL O'Hare Intl Arpt Rev Series B, 5% 1/1/2033  | 30000 | 30655 |
| Chicago IL O'Hare Intl Arpt Rev Series C, 5% 1/1/2037  | 100000 | 100404 |
| Chicago IL O'Hare Intl Arpt Rev Series D, 5% 1/1/2047  | 370000 | 369496 |
| Chicago IL O'Hare Intl Arpt Rev Series D, 5.25% 1/1/2042  | 250000 | 251770 |
| Illinois St Toll Hwy Auth Hwy Rev 5% 1/1/2040  | 25000 | 24998 |
| Illinois St Toll Hwy Auth Hwy Rev 5% 12/1/2031  | 50000 | 50387 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 B, 5% 1/1/2027  | 25000 | 25892 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 B, 5% 1/1/2030  | 50000 | 54526 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 C, 5% 1/1/2030  | 95000 | 103600 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 C, 5% 1/1/2031  | 120000 | 130161 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2045  | 145000 | 146260 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2023 A, 5% 1/1/2044  | 40000 | 41413 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2024 A, 5% 1/1/2033  | 405000 | 454549 |
|  |  | 2451768 |
| Water & Sewer - 0.0% |  |  |
| Chicago IL Wtr Rev Series 2000, 5% 11/1/2030  | 15000 | 15287 |
| TOTAL ILLINOIS |  | 8087905 |
| Indiana - 0.4%  |  |  |
| General Obligations - 0.2% |  |  |
| Fishers Town Hall Bldg Corp Ind Lease Rent Rev Series 2023 A, 5.75% 7/15/2058  | 345000 | 375284 |
| Health Care - 0.1% |  |  |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) Series 2017 C, 5% 11/1/2032  | 70000 | 72490 |
| Indiana Health & Edl Fac Fing Auth Rev (Ascension Health Credit Group Proj.) Series 2006B 8, 5% 11/15/2046  | 100000 | 98764 |
|  |  | 171254 |
| Special Tax - 0.0% |  |  |
| Indianapolis Ind Loc Pub Impt Bd Bank Series 2019A, 5% 2/1/2054  | 25000 | 24894 |
| Water & Sewer - 0.1% |  |  |
| Indiana Finance Authority Series 2021 1, 3% 10/1/2040  | 45000 | 36519 |
| Indianapolis IN Loc Pub Impt Bond Bank 0% 2/1/2028 (Ambac Assurance Corp Insured) (d) | 5000 | 4590 |
| Indianapolis Ind Wtr Sys Rev (Citizens Energy Group Water Proj.) Series 2018 A, 5% 10/1/2030  | 55000 | 58460 |
|  |  | 99569 |
| TOTAL INDIANA |  | 671001 |
| Iowa - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Iowa St Spl Oblig (Iowa St Proj.) Series 2019 A, 5% 6/1/2033  | 30000 | 32032 |
| Kansas - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Johnson & Miami Cntys Kans Uni Sch Dist No 230 Series B, 3% 9/1/2037  | 30000 | 26507 |
| Kentucky - 1.4%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Kentucky St Mun Pwr Agy Pwr Sys Rev Series 2015A, 4% 9/1/2039  | 160000 | 148696 |
| Kentucky St Mun Pwr Agy Pwr Sys Rev Series 2015A, 5% 9/1/2042  | 5000 | 5004 |
|  |  | 153700 |
| General Obligations - 1.0% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5.25% tender 6/1/2055 (Morgan Stanley Guaranteed) (b) | 1530000 | 1617449 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series B, 5% 11/1/2028  | 30000 | 30724 |
|  |  | 1648173 |
| Health Care - 0.0% |  |  |
| Kentucky Eco Dev Fa Hlth Rev (Norton Healthcare Inc Proj.) 0% 10/1/2026 (National Public Finance Guarantee Corporation Insured) (d) | 100000 | 95106 |
| Resource Recovery - 0.2% |  |  |
| Carroll Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) Series 2008 A, 2% 2/1/2032 (c) | 365000 | 311627 |
| Water & Sewer - 0.1% |  |  |
| Louisville & Jefferson KY Swr Sys Rev Series 2016 A, 3% 5/15/2046  | 70000 | 50550 |
| Louisville & Jefferson KY Swr Sys Rev Series 2017 A, 3.25% 5/15/2046  | 100000 | 76557 |
|  |  | 127107 |
| TOTAL KENTUCKY |  | 2335713 |
| Louisiana - 0.2%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| New Orl LA Wtr Series 2015, 5% 12/1/2040 (Pre-refunded to 12/1/2025 at 100)  | 25000 | 25207 |
| Health Care - 0.2% |  |  |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth (Womens Hospital Foundation Proj.) Series 2017 A, 4% 10/1/2041  | 50000 | 44809 |
| Louisiana Pub Facs Auth Rev (Ochsner Clinic Foundation Proj.) Series 2015, 5% 5/15/2047  | 190000 | 189632 |
|  |  | 234441 |
| Special Tax - 0.0% |  |  |
| Jefferson LA Sales Tax Dist Series 2019 B, 4% 12/1/2042 (Assured Guaranty Municipal Corp Insured)  | 5000 | 4568 |
| TOTAL LOUISIANA |  | 264216 |
| Maryland - 1.0%  |  |  |
| General Obligations - 0.8% |  |  |
| State of Maryland Gen. Oblig. Series 2017, 5% 3/15/2031  | 660000 | 680977 |
| State of Maryland Gen. Oblig. Series 2018 A, 5% 3/15/2030  | 30000 | 31665 |
| State of Maryland Gen. Oblig. Series 2020 SECOND A, 5% 8/1/2029  | 150000 | 163738 |
| State of Maryland Gen. Oblig. Series FIRST, 5% 3/15/2030  | 50000 | 53895 |
| State of Maryland Gen. Oblig. Series FIRST, 5% 3/15/2031  | 70000 | 75075 |
| State of Maryland Gen. Oblig. Series SECOND 2021 A, 5% 8/1/2028  | 120000 | 128634 |
| State of Maryland Gen. Oblig. Series SECOND 2021 A, 5% 8/1/2032  | 130000 | 144684 |
| State of Maryland Gen. Oblig. Series SECOND 2020A, 5% 8/1/2035  | 55000 | 59117 |
|  |  | 1337785 |
| Health Care - 0.0% |  |  |
| Maryland St Hlth & HI Ed Facs (MedStar Health Inc Proj.) Series 2017 A, 4% 5/15/2047  | 55000 | 47499 |
| Special Tax - 0.1% |  |  |
| State of Maryland Built to Learn Revenue Series 2021, 2.75% 6/1/2051  | 190000 | 123517 |
| Transportation - 0.1% |  |  |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 4% 8/1/2051 (c) | 100000 | 82866 |
| Maryland St Transn Auth Transn 3% 7/1/2047  | 145000 | 106609 |
|  |  | 189475 |
| TOTAL MARYLAND |  | 1698276 |
| Massachusetts - 3.3%  |  |  |
| Education - 0.3% |  |  |
| Massachusetts Development Finance Agency (Wellesley College, MA Proj.) Series 2018 L, 4% 7/1/2044  | 165000 | 152954 |
| Massachusetts St Dev Fin Agy Rev (Boston University Mass Proj.) Series BB 1, 4% 10/1/2046  | 25000 | 22148 |
| Massachusetts St Dev Fin Agy Rev (President and Fellows of Harvard College Proj.) Series 2016 A, 4% 7/15/2036  | 300000 | 295653 |
| Massachusetts St Hlth & Ed Fac (Boston College,Ma Proj.) 5.5% 6/1/2035  | 65000 | 75368 |
|  |  | 546123 |
| General Obligations - 2.2% |  |  |
| Massachusetts St Gen. Oblig. 5% 1/1/2049  | 70000 | 70258 |
| Massachusetts St Gen. Oblig. 5% 9/1/2029  | 150000 | 163850 |
| Massachusetts St Gen. Oblig. Series 2016A, 5% 7/1/2029  | 70000 | 71506 |
| Massachusetts St Gen. Oblig. Series 2016A, 5% 7/1/2031  | 45000 | 45907 |
| Massachusetts St Gen. Oblig. Series 2016B, 4% 7/1/2033  | 75000 | 75151 |
| Massachusetts St Gen. Oblig. Series 2016B, 5% 7/1/2026  | 40000 | 40953 |
| Massachusetts St Gen. Oblig. Series 2016B, 5% 7/1/2027  | 5000 | 5241 |
| Massachusetts St Gen. Oblig. Series 2016B, 5% 7/1/2028  | 200000 | 213939 |
| Massachusetts St Gen. Oblig. Series 2016G, 3% 9/1/2046  | 305000 | 226609 |
| Massachusetts St Gen. Oblig. Series 2016G, 4% 9/1/2032  | 75000 | 75418 |
| Massachusetts St Gen. Oblig. Series 2017 E, 5% 11/1/2026  | 20000 | 20634 |
| Massachusetts St Gen. Oblig. Series 2017D, 5% 7/1/2026  | 40000 | 40953 |
| Massachusetts St Gen. Oblig. Series 2017F, 5% 11/1/2040  | 15000 | 15245 |
| Massachusetts St Gen. Oblig. Series 2017F, 5% 11/1/2041  | 200000 | 202710 |
| Massachusetts St Gen. Oblig. Series 2017F, 5% 11/1/2044  | 20000 | 20156 |
| Massachusetts St Gen. Oblig. Series 2018 B, 5% 7/1/2027  | 20000 | 20966 |
| Massachusetts St Gen. Oblig. Series 2018C, 5% 9/1/2030  | 150000 | 166280 |
| Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2030  | 35000 | 38607 |
| Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2041  | 25000 | 25629 |
| Massachusetts St Gen. Oblig. Series 2019 G, 3% 9/1/2039  | 200000 | 170761 |
| Massachusetts St Gen. Oblig. Series 2020 A, 5% 3/1/2029  | 175000 | 189514 |
| Massachusetts St Gen. Oblig. Series 2020 B, 2% 3/1/2034  | 170000 | 144763 |
| Massachusetts St Gen. Oblig. Series 2020 D, 4% 11/1/2041  | 150000 | 143390 |
| Massachusetts St Gen. Oblig. Series 2020 D, 5% 7/1/2028  | 205000 | 219287 |
| Massachusetts St Gen. Oblig. Series 2020 E, 5% 11/1/2033  | 165000 | 179789 |
| Massachusetts St Gen. Oblig. Series 2021 B, 3% 4/1/2047  | 140000 | 102981 |
| Massachusetts St Gen. Oblig. Series 2021 C, 5% 9/1/2029  | 50000 | 54617 |
| Massachusetts St Gen. Oblig. Series 2023B, 5% 5/1/2034  | 20000 | 22483 |
| Massachusetts St Gen. Oblig. Series 2024 I, 5% 12/1/2049  | 220000 | 226080 |
| Massachusetts St Gen. Oblig. Series 2024B, 5% 11/1/2032  | 55000 | 62336 |
| Massachusetts St Gen. Oblig. Series A, 5% 4/1/2035  | 100000 | 102518 |
| Massachusetts St Gen. Oblig. Series A, 5% 4/1/2047  | 155000 | 155535 |
| Massachusetts St Gen. Oblig. Series A, 5% 7/1/2026  | 130000 | 133096 |
|  |  | 3447162 |
| Health Care - 0.1% |  |  |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2018 J 2, 5% 7/1/2048  | 160000 | 156129 |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2020 C, 3% 10/1/2045 (Assured Guaranty Municipal Corp Insured)  | 10000 | 7329 |
| Massachusetts St Dev Fin Agy Rev (Boston Medical Center Proj.) Series 2015D, 4% 7/1/2045  | 25000 | 21292 |
|  |  | 184750 |
| Special Tax - 0.6% |  |  |
| Mass Bay Tran Auth Assemnt Series 2022 A 2, 5% 7/1/2052  | 200000 | 203621 |
| Mass Bay Tran Auth Sls Tax 5.25% 7/1/2028  | 20000 | 21565 |
| Mass Bay Tran Auth Sls Tax Series 2023 A SUB A 1, 5.25% 7/1/2053  | 250000 | 258640 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2045  | 50000 | 50784 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016B, 5% 11/15/2046  | 30000 | 30114 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016C, 5% 11/15/2034  | 35000 | 35873 |
| Massachusetts St Spl Oblig Dedicated Tax Rev 5.5% 1/1/2030 (National Public Finance Guarantee Corporation Insured)  | 10000 | 11116 |
| Massachusetts St Transn Fd Rev 5% 6/1/2047  | 20000 | 20079 |
| Massachusetts St Transn Fd Rev 5% 6/1/2048  | 130000 | 130680 |
| Massachusetts St Transn Fd Rev Series 2016B, 4% 6/1/2046  | 260000 | 238045 |
|  |  | 1000517 |
| Transportation - 0.0% |  |  |
| Massachusetts St Port Auth Rev Series 2019 B, 3% 7/1/2049  | 70000 | 49921 |
| Water & Sewer - 0.1% |  |  |
| Massachusetts St Wtr Res Auth 5.25% 8/1/2030 (Assured Guaranty Municipal Corp Insured)  | 145000 | 162953 |
| Massachusetts St Wtr Res Auth 5.25% 8/1/2032 (Assured Guaranty Municipal Corp Insured)  | 25000 | 28909 |
|  |  | 191862 |
| TOTAL MASSACHUSETTS |  | 5420335 |
| Michigan - 1.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) 3% 10/15/2045  | 60000 | 45686 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2016 I, 5% 10/15/2030  | 15000 | 15371 |
|  |  | 61057 |
| Health Care - 0.3% |  |  |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 3% 11/15/2033  | 240000 | 225834 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 3.25% 11/15/2042  | 25000 | 19269 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 4% 11/15/2046  | 50000 | 42075 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 4% 2/15/2047  | 40000 | 34837 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2019 A, 4% 12/1/2049  | 20000 | 17021 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2019MI 1, 4% 12/1/2048  | 150000 | 128125 |
|  |  | 467161 |
| Housing - 0.2% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) Series 2019B, 3.1% 12/1/2044  | 210000 | 167593 |
| Michigan Hsg Dev Rental Hsg Series 2018 A, 4.05% 10/1/2048  | 100000 | 88495 |
| Michigan St Hsg Dev Auth Sfmr (MI Single Family Mortgage Proj.) Series B, 3.1% 12/1/2031  | 50000 | 48113 |
|  |  | 304201 |
| Special Tax - 0.2% |  |  |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 4% 11/1/2048  | 10000 | 8603 |
| Michigan St Trunk Line Fd 4% 11/15/2037  | 25000 | 24772 |
| Michigan St Trunk Line Fd Series 2021 A, 4% 11/15/2040  | 80000 | 75968 |
| Michigan St Trunk Line Fd Series 2021 A, 4% 11/15/2046  | 210000 | 189473 |
|  |  | 298816 |
| Water & Sewer - 0.3% |  |  |
| Great Lakes Sewer Auth Mich Series 2023A, 5% 7/1/2038  | 25000 | 27016 |
| Great Lakes Sewer Auth Mich Series C, 5% 7/1/2036  | 415000 | 419052 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2023A, 5% 7/1/2038  | 15000 | 16220 |
|  |  | 462288 |
| TOTAL MICHIGAN |  | 1593523 |
| Minnesota - 0.8%  |  |  |
| General Obligations - 0.6% |  |  |
| Forest Lake Minn Inpt Sch Dist Series 2016 A, 3.25% 2/1/2046 (Minnesota St Guaranteed)  | 200000 | 157741 |
| Minnesota St Gen. Oblig. Series 2021 A, 4% 9/1/2039  | 455000 | 451730 |
| Minnesota St Gen. Oblig. Series 2021 A, 5% 9/1/2029  | 125000 | 136420 |
| Owatonna MN Ind Sch Dist 761 Series 2020 A, 2.125% 2/1/2040 (Minnesota St Guaranteed)  | 145000 | 100815 |
|  |  | 846706 |
| Health Care - 0.0% |  |  |
| Apple Vy Minn Sr Living Rev (Minnesota Senior Living Proj.) Series 2016 A 1, 4.25% 1/1/2037  | 30000 | 26257 |
| Deluth MN Clinic (Essentia Health Proj.) 5% 2/15/2043  | 180000 | 180036 |
|  |  | 206293 |
| Housing - 0.2% |  |  |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2021 H, 2.55% 1/1/2046  | 285000 | 188862 |
| Minnesota Housing Finance Agency (MN Residential Hsg Proj.) Series 2019 F, 3.75% 1/1/2050  | 80000 | 80162 |
|  |  | 269024 |
| TOTAL MINNESOTA |  | 1322023 |
| Mississippi - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Mississippi St Gen. Oblig. Series 2017 A, 5% 10/1/2030  | 65000 | 67865 |
| Missouri - 0.6%  |  |  |
| Electric Utilities - 0.0% |  |  |
| City of Springfield MO Public Utility Revenue Series 2015, 4% 8/1/2031  | 50000 | 50102 |
| Health Care - 0.4% |  |  |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 A, 5% 7/1/2031  | 260000 | 286417 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2017 C, 3.625% 11/15/2047  | 60000 | 48464 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2020, 4% 6/1/2053  | 190000 | 159906 |
| Missouri Hlth & Edl Facs Rev (Mosaic Health Proj.) Series 2019A, 4% 2/15/2049  | 140000 | 119107 |
|  |  | 613894 |
| Special Tax - 0.1% |  |  |
| Bi-State Dev Agy MO Tran Sales Tax Approp Rev Series 2019, 4% 10/1/2048  | 180000 | 155328 |
| Transportation - 0.1% |  |  |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 5% 3/1/2057 (Assured Guaranty Municipal Corp Insured) (c) | 230000 | 224618 |
| TOTAL MISSOURI |  | 1043942 |
| Nebraska - 0.4%  |  |  |
| Education - 0.0% |  |  |
| University NE Facs Corp Rev Series 2021A, 4% 7/15/2062  | 85000 | 71716 |
| Electric Utilities - 0.3% |  |  |
| Omaha Public Power District Series 2022 A, 4% 2/1/2042  | 40000 | 37207 |
| Omaha Public Power District Series 2024 B, 5% 2/1/2035  | 325000 | 363306 |
|  |  | 400513 |
| Health Care - 0.1% |  |  |
| Sarpy Cnty NE Hosp Auth No 1 Series 2016, 4% 5/15/2051  | 140000 | 118634 |
| TOTAL NEBRASKA |  | 590863 |
| Nevada - 0.1%  |  |  |
| General Obligations - 0.0% |  |  |
| Clark Cnty NV Gen. Oblig. Series 2016B, 5% 11/1/2027  | 50000 | 51289 |
| Special Tax - 0.1% |  |  |
| Las Vegas Convention & Visitors Authority Series 2018 B, 4% 7/1/2049  | 95000 | 81075 |
| Transportation - 0.0% |  |  |
| Clark Cnty NV Arpt Rev Series 2019B, 5% 7/1/2042  | 40000 | 40527 |
| TOTAL NEVADA |  | 172891 |
| New Jersey - 4.2%  |  |  |
| Education - 0.1% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019 B, 3.25% 12/1/2039 (c) | 20000 | 18842 |
| New Jersey St Edl Facs Auth Rev (Princeton Univ Proj.) Series 2024B, 5.25% 3/1/2054  | 200000 | 209122 |
|  |  | 227964 |
| Electric Utilities - 0.1% |  |  |
| NJ Econ Dev Auth (New Jersey Natural Gas Co Proj.) Series 2011 C, 3% 8/1/2041 (c) | 205000 | 156825 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| New Jersey Econom Dev Auth Rev Series 2016 AAA, 5% 6/15/2041 (Pre-refunded to 12/15/2026 at 100)  | 55000 | 56859 |
| General Obligations - 2.9% |  |  |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series WW, 5.25% 6/15/2028  | 30000 | 30029 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series XX, 4.375% 6/15/2027  | 60000 | 60033 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 11/1/2037  | 40000 | 38165 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2031  | 35000 | 37493 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 6/15/2043  | 460000 | 460400 |
| New Jersey St Gen. Oblig. 2% 6/1/2037  | 105000 | 78742 |
| New Jersey St Gen. Oblig. 3% 6/1/2032  | 90000 | 87647 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2026 (d) | 90000 | 86198 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2027 (d) | 30000 | 27847 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2029 (d) | 20000 | 17314 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2029 (Assured Guaranty Municipal Corp Insured) (d) | 45000 | 39127 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (d) | 510000 | 407806 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2032 (Assured Guaranty Municipal Corp Insured) (d) | 40000 | 30803 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2033 (d) | 15000 | 10971 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2034 (d) | 140000 | 97590 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2037 (d) | 45000 | 26484 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2038 (d) | 35000 | 19324 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2039 (d) | 395000 | 204546 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2050  | 200000 | 173987 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2030  | 305000 | 333023 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2038  | 250000 | 265059 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2044  | 200000 | 204213 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2046  | 550000 | 557079 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2048 (Pre-refunded to 12/15/2032 at 100)  | 230000 | 261567 |
| New Jersey Trans Trust Fund Auth Series 2015AA, 5.25% 6/15/2032  | 45000 | 45046 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2034  | 250000 | 259085 |
| New Jersey Trans Trust Fund Auth Series 2019 AA, 4% 6/15/2036  | 20000 | 19607 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 3.25% 6/15/2039  | 25000 | 21409 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 4% 6/15/2050  | 200000 | 173987 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 5% 6/15/2033  | 75000 | 78455 |
| New Jersey Trans Trust Fund Auth Series 2020 AA, 5% 6/15/2050  | 160000 | 160681 |
| New Jersey Trans Trust Fund Auth Series 2022 BB, 4% 6/15/2040  | 250000 | 235052 |
|  |  | 4548769 |
| Health Care - 0.1% |  |  |
| New Jersey Health Care (Rwj Barnabas Health Proj.) Series 2021 A, 3% 7/1/2051  | 250000 | 178607 |
| Tobacco Bonds - 0.3% |  |  |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 4% 6/1/2037  | 30000 | 28122 |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2029  | 130000 | 134037 |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2035  | 330000 | 335429 |
|  |  | 497588 |
| Transportation - 0.7% |  |  |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 4.1% 6/15/2031  | 15000 | 15092 |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2030  | 25000 | 25386 |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2018 A, 5% 6/15/2030  | 50000 | 50787 |
| New Jersey Turnpike Authority 4.25% 1/1/2043  | 50000 | 48116 |
| New Jersey Turnpike Authority 5% 1/1/2046  | 225000 | 230896 |
| New Jersey Turnpike Authority Series 2017 A, 5% 1/1/2035  | 110000 | 112201 |
| New Jersey Turnpike Authority Series 2017B, 4% 1/1/2035  | 30000 | 30176 |
| New Jersey Turnpike Authority Series 2017B, 5% 1/1/2030  | 255000 | 267846 |
| New Jersey Turnpike Authority Series 2017B, 5% 1/1/2032  | 200000 | 209183 |
| New Jersey Turnpike Authority Series 2017E, 5% 1/1/2029  | 15000 | 15780 |
| New Jersey Turnpike Authority Series 2017E, 5% 1/1/2031  | 155000 | 162549 |
|  |  | 1168012 |
| TOTAL NEW JERSEY |  | 6834624 |
| New Jersey,New York - 1.3%  |  |  |
| Transportation - 1.3% |  |  |
| Port Auth NY & NJ 5% 11/15/2047  | 170000 | 170882 |
| Port Auth NY & NJ 5% 9/15/2026 (c) | 185000 | 188893 |
| Port Auth NY & NJ 5% 9/15/2032 (c) | 160000 | 164917 |
| Port Auth NY & NJ Series 177TH, 4% 1/15/2043 (c) | 195000 | 167102 |
| Port Auth NY & NJ Series 194, 5% 10/15/2030  | 35000 | 35118 |
| Port Auth NY & NJ Series 194, 5% 10/15/2032  | 55000 | 55179 |
| Port Auth NY & NJ Series 194, 5% 10/15/2035  | 100000 | 100306 |
| Port Auth NY & NJ Series 194, 5.25% 10/15/2055  | 50000 | 50146 |
| Port Auth NY & NJ Series 198, 5% 11/15/2046  | 15000 | 15089 |
| Port Auth NY & NJ Series 202, 5% 10/15/2034 (c) | 580000 | 588555 |
| Port Auth NY & NJ Series 209, 5% 7/15/2031  | 30000 | 31707 |
| Port Auth NY & NJ Series 209, 5% 7/15/2034  | 70000 | 73223 |
| Port Auth NY & NJ Series 222, 5% 7/15/2031  | 75000 | 82533 |
| Port Auth NY & NJ Series 246, 5% 9/1/2028 (c) | 440000 | 462923 |
|  |  | 2186573 |
| TOTAL NEW JERSEY,NEW YORK |  | 2186573 |
| New Mexico - 0.3%  |  |  |
| Housing - 0.2% |  |  |
| New Mexico Mtg Fin Auth (NM Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) Series 2019 F, 3.5% 7/1/2050  | 35000 | 34888 |
| New Mexico Mtg Fin Auth (NM Sf Mortgage 2005 Proj.) Series 2021 C CL I, 3% 1/1/2052  | 275000 | 270377 |
|  |  | 305265 |
| Special Tax - 0.1% |  |  |
| New Mexico St Severance Tax Series 2022B, 5% 7/1/2031  | 135000 | 150322 |
| TOTAL NEW MEXICO |  | 455587 |
| New York - 19.1%  |  |  |
| Education - 0.8% |  |  |
| New York St Dorm Auth Revs Non St Supportd Debt (Columbia Univ, NY Proj.) Series 2018B, 5% 10/1/2038  | 45000 | 46044 |
| New York St Dorm Auth Revs Non St Supportd Debt (Columbia Univ, NY Proj.) Series A, 5% 10/1/2047  | 30000 | 31708 |
| New York St Dorm Auth Revs Non St Supportd Debt (New School (The) Proj.) Series 2016 A, 4% 7/1/2043  | 165000 | 147512 |
| New York St Dorm Auth Revs Non St Supportd Debt (New York Univ, NY Proj.) Series 2016 A, 4% 7/1/2043  | 100000 | 90305 |
| New York St Dorm Auth Revs Non St Supportd Debt (New York Univ, NY Proj.) Series 2016 A, 5% 7/1/2029  | 60000 | 61210 |
| New York St Dorm Auth Revs Non St Supportd Debt (New York Univ, NY Proj.) Series 2018 A, 5% 7/1/2040  | 30000 | 30741 |
| New York St Dorm Auth Revs Non St Supported Debt (Cornell University Proj.) Series 2020A, 4% 7/1/2050  | 130000 | 113368 |
| New York St Dorm Auth Revs Non St Supported Debt (Cornell University Proj.) Series 2020A, 5% 7/1/2030  | 190000 | 210468 |
| Onondaga Cnty NY Tr Cultural Res Rev (Syracuse University, NY Proj.) Series 2019, 5% 12/1/2039  | 25000 | 25932 |
| Onondaga Cnty NY Tr Cultural Res Rev (Syracuse University, NY Proj.) Series 2019, 5% 12/1/2040  | 160000 | 165394 |
| Troy NY Cap Resource Corp Rev (Rensselaer Polytechnic Institute Proj.) Series 2020A, 5% 9/1/2037  | 375000 | 389060 |
|  |  | 1311742 |
| Electric Utilities - 0.5% |  |  |
| Long Island Pwr Auth NY Elec 0% 6/1/2029 (Assured Guaranty Municipal Corp Insured) (d) | 90000 | 78723 |
| Long Island Pwr Auth NY Elec Series 2016 B, 5% 9/1/2046  | 40000 | 40022 |
| Long Island Pwr Auth NY Elec Series 2017, 5% 9/1/2047  | 30000 | 30003 |
| Long Island Pwr Auth NY Elec Series 2018, 5% 9/1/2035  | 20000 | 20958 |
| Long Island Pwr Auth NY Elec Series 2024A, 5% 9/1/2034  | 220000 | 253315 |
| New York St Pwr Auth Series 2024A, 5% 11/15/2035  | 200000 | 228908 |
| Utility Debt Securitization Authority Series 2015, 3% 12/15/2032  | 80000 | 78469 |
| Utility Debt Securitization Authority Series 2017, 5% 12/15/2038  | 25000 | 25600 |
| Utility Debt Securitization Authority Series 2017, 5% 12/15/2041  | 50000 | 50914 |
|  |  | 806912 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| New York St Dorm Auth St Pers Income Tax Rev Series 2017 A, 5% 2/15/2027  | 110000 | 114443 |
| New York State Urban Development Corp Series 2016 A, 5% 3/15/2026 (Escrowed to Maturity)  | 20000 | 20328 |
|  |  | 134771 |
| General Obligations - 3.0% |  |  |
| City of New York NY Gen. Oblig. Series 2008 L 6, 5% 4/1/2031  | 50000 | 53347 |
| City of New York NY Gen. Oblig. Series 2017, 5% 12/1/2037  | 760000 | 772416 |
| City of New York NY Gen. Oblig. Series 2018 1, 5% 8/1/2028  | 10000 | 10453 |
| City of New York NY Gen. Oblig. Series 2018 B 1, 4% 10/1/2040  | 260000 | 241569 |
| City of New York NY Gen. Oblig. Series 2018 C, 5% 8/1/2027  | 25000 | 26216 |
| City of New York NY Gen. Oblig. Series 2019 D1, 4% 12/1/2041  | 50000 | 46278 |
| City of New York NY Gen. Oblig. Series 2021 C, 5% 8/1/2026  | 200000 | 205000 |
| City of New York NY Gen. Oblig. Series 2023 SUB F 1, 5% 8/1/2031  | 190000 | 211343 |
| City of New York NY Gen. Oblig. Series A(A 1), 4% 8/1/2044  | 20000 | 17821 |
| City of New York NY Gen. Oblig. Series A(A 1), 5% 8/1/2035  | 120000 | 126392 |
| City of New York NY Gen. Oblig. Series A, 5% 8/1/2026  | 150000 | 150232 |
| City of New York NY Gen. Oblig. Series B 1, 3.25% 10/1/2042  | 55000 | 44127 |
| City of New York NY Gen. Oblig. Series C, 3% 8/1/2034  | 25000 | 23370 |
| City of New York NY Gen. Oblig. Series E, 5% 8/1/2026  | 75000 | 76875 |
| City of New York NY Gen. Oblig. Series FISCAL 2008 J 9, 5% 8/1/2026  | 250000 | 256250 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 D 1, 4% 3/1/2042  | 125000 | 116421 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 SUB B 1, 5% 10/1/2032  | 70000 | 74806 |
| City of New York NY Gen. Oblig. Series FISCAL 2023B SUB B 1, 5.25% 10/1/2047  | 485000 | 500639 |
| City of New York NY Gen. Oblig. Series FISCAL 2024 D, 5.25% 4/1/2054  | 220000 | 227320 |
| City of New York NY Gen. Oblig. Series FISCAL 2025 A, 5% 8/1/2035  | 115000 | 127986 |
| City of New York NY Gen. Oblig. Series FISCAL 2025 SUB C1, 5% 9/1/2048  | 365000 | 371634 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2016 S 1, 5% 7/15/2026  | 50000 | 50638 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 3, 3.625% 7/15/2047  | 155000 | 126372 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 4A, 5% 7/15/2031  | 30000 | 31599 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 4A, 5% 7/15/2034  | 275000 | 286449 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series FISCAL 2023 SUB S 1A, 5% 7/15/2028  | 400000 | 427558 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series S 1, 5% 7/15/2035  | 35000 | 36079 |
| New York St Dorm Auth Revs Non St Supported Debt (NY School Bond Program Proj.) 5% 10/1/2031 (Assured Guaranty Municipal Corp Insured)  | 225000 | 238549 |
| New York St Gen. Oblig. Series 2013A, 3.5% 3/1/2043  | 40000 | 33701 |
| Westchester Cnty NY Gen. Oblig. Series 2018 A, 4% 12/1/2027  | 50000 | 51213 |
|  |  | 4962653 |
| Health Care - 0.4% |  |  |
| Dutchess Cnty NY Loc Dev Corp Rev (Nuvance Health Proj.) Series 2016 B, 4% 7/1/2041  | 40000 | 36482 |
| New York St Dorm Auth Revs Non St Supported Debt (Maimonides Medical Center Proj.) Series 2020, 3% 2/1/2050  | 55000 | 38182 |
| New York St Dorm Auth Revs Non St Supported Debt (Memorial Sloan-Kettering Cancer Center Proj.) Series 2019 1, 3% 7/1/2034  | 120000 | 110652 |
| New York St Dorm Auth Revs Non St Supported Debt (Memorial Sloan-Kettering Cancer Center Proj.) Series 2019 1, 5% 7/1/2030  | 20000 | 21724 |
| New York St Dorm Auth Revs Non St Supported Debt (Montefiore Obligated Group Proj.) Series 2018 A, 4% 8/1/2038  | 60000 | 55390 |
| New York St Dorm Auth Revs Non St Supported Debt (Northwell Health Proj.) Series 2022 A, 4.25% 5/1/2052  | 40000 | 35043 |
| New York St Dorm Auth Revs Non St Supported Debt (Northwell Health Proj.) Series 2025A, 5% 5/1/2036  | 240000 | 261697 |
| Westchester County Local Development Corp (Westchester Cnty NY Healthcare Proj.) Series 2016, 3.75% 11/1/2037  | 45000 | 38053 |
|  |  | 597223 |
| Housing - 0.5% |  |  |
| New York St Hsg Fin Agy Series 2019 P, 3.15% 11/1/2054  | 25000 | 17440 |
| New York St Hsg Fin Agy Series 2024 B 2, 3.45% tender 11/1/2063 (b) | 275000 | 275191 |
| New York St Mtg Agy Rev (NY Mortgage Proj.) Series FORTY EIGHTH, 3.45% 10/1/2033  | 5000 | 4878 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 E 1, 3.25% 11/1/2049  | 30000 | 23172 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 E 1, 3.45% 5/1/2059  | 10000 | 7523 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2020 D 1B, 2.4% 11/1/2050  | 75000 | 44781 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 G 1, 2.15% 11/1/2036  | 205000 | 163431 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 K 1, 2.45% 11/1/2041  | 160000 | 114135 |
| NY City Hsg Dev Corp Multifamily Hsg Rev Series 2019 E 1, 3.15% 11/1/2044  | 275000 | 216204 |
| State of New York Mortgage Agency (NY Mortgage Proj.) Series 220, 2.85% 10/1/2044  | 25000 | 18178 |
|  |  | 884933 |
| Industrial Development - 0.3% |  |  |
| Liberty NY Dev Corp Rev (Goldman Sachs Group Inc/The Proj.) 5.25% 10/1/2035  | 135000 | 151379 |
| Liberty NY Dev Corp Rev (Goldman Sachs Group Inc/The Proj.) 5.5% 10/1/2037  | 25000 | 28409 |
| New York Liberty Dev Corp Series 2019 CL 2, 2.625% 9/15/2069  | 150000 | 137917 |
| New York Liberty Dev Corp Series 2021A, 2.5% 11/15/2036  | 200000 | 162249 |
|  |  | 479954 |
| Other - 0.0% |  |  |
| New York St Dorm Auth Revs Non St Supported Debt (Rockefeller Univ, NY Proj.) 4% 7/1/2049  | 45000 | 38787 |
| Special Tax - 7.6% |  |  |
| Battery Pk City Auth NY Rev Series 2019A, 5% 11/1/2049  | 190000 | 194028 |
| Battery Pk City Auth NY Rev Series 2023 A, 5% 11/1/2053  | 145000 | 148761 |
| Brooklyn Arena Local Dev Corp N Y Series A, 3% 7/15/2043 (Assured Guaranty Municipal Corp Insured)  | 25000 | 18210 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 4% 2/15/2036  | 120000 | 120145 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 4% 2/15/2044  | 35000 | 31192 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2030  | 55000 | 56747 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2039  | 40000 | 40551 |
| Hudson Yds Infrastructure Corp NY Rev Series FISCAL 2022 A, 4% 2/15/2039  | 95000 | 93873 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024D SUB D 1, 5% 11/1/2041  | 20000 | 21125 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2025 E, 4.125% 11/1/2053  | 705000 | 621055 |
| New York NY City Transitional Fin Auth Rev 5% 11/1/2032  | 170000 | 186716 |
| New York NY City Transitional Fin Auth Rev 5% 8/1/2045  | 50000 | 50061 |
| New York NY City Transitional Fin Auth Rev Series 2017, 4% 5/1/2037  | 80000 | 79468 |
| New York NY City Transitional Fin Auth Rev Series 2017, 5% 5/1/2040  | 15000 | 15077 |
| New York NY City Transitional Fin Auth Rev Series 2018 A 2, 5% 8/1/2038  | 55000 | 56147 |
| New York NY City Transitional Fin Auth Rev Series 2018 C 2, 5% 5/1/2033  | 360000 | 375791 |
| New York NY City Transitional Fin Auth Rev Series 2018 C 2, 5% 5/1/2036  | 240000 | 247926 |
| New York NY City Transitional Fin Auth Rev Series 2019 A 1, 5% 8/1/2036  | 465000 | 481172 |
| New York NY City Transitional Fin Auth Rev Series 2019 C 1, 4% 11/1/2036  | 50000 | 49196 |
| New York NY City Transitional Fin Auth Rev Series 2019 C 1, 4% 11/1/2037  | 30000 | 29328 |
| New York NY City Transitional Fin Auth Rev Series B 1, 4% 8/1/2038  | 100000 | 96895 |
| New York NY City Transitional Fin Auth Rev Series B 1, 4% 8/1/2039  | 20000 | 19041 |
| New York NY City Transitional Fin Auth Rev Series B1, 5% 11/1/2028  | 30000 | 30163 |
| New York NY City Transitional Fin Auth Rev Series B1, 5% 11/1/2035  | 105000 | 105355 |
| New York NY City Transitional Fin Auth Rev Series C, 5% 11/1/2026  | 40000 | 41220 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020 B 1, 4% 11/1/2045  | 415000 | 374573 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020A SUB A 3, 4% 5/1/2042  | 260000 | 239850 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020C SUB C 1, 4% 5/1/2040  | 10000 | 9516 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020C SUB C 1, 5% 5/1/2041  | 100000 | 102760 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 A, 4% 11/1/2035  | 80000 | 80429 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 A, 5% 11/1/2031  | 150000 | 164232 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 E 1, 3% 2/1/2051  | 255000 | 175459 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2038  | 100000 | 98242 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2044  | 30000 | 27036 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2022C SUB C 1, 5% 2/1/2037  | 100000 | 107089 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023B SUB B 1, 5% 11/1/2033  | 175000 | 195050 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023F SUB F 1, 5.25% 2/1/2047  | 440000 | 455737 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2038  | 235000 | 253336 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2016 A, 5% 3/15/2029 (Pre-refunded to 9/15/2026 at 100)  | 80000 | 82330 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2017 A, 5% 3/15/2043  | 75000 | 75369 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2017 A, 5% 3/15/2044  | 210000 | 210842 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024A, 5% 3/15/2051  | 200000 | 202515 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2018A, 5% 3/15/2032  | 50000 | 52879 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2039  | 100000 | 102757 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2040  | 90000 | 92046 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 3% 2/15/2049  | 165000 | 117943 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 4% 3/15/2054  | 595000 | 513601 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5.25% 3/15/2048  | 600000 | 623080 |
| New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2042  | 15000 | 15196 |
| New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2044  | 25000 | 25223 |
| New York State Dormitory Authority (New York State Pit Proj.) 3% 3/15/2049  | 105000 | 74999 |
| New York State Dormitory Authority (New York State Pit Proj.) 5% 2/15/2039  | 15000 | 15354 |
| New York State Dormitory Authority (New York State Pit Proj.) 5% 2/15/2043  | 50000 | 50822 |
| New York State Dormitory Authority (New York State Pit Proj.) Series 2025A, 5% 3/15/2055  | 570000 | 577830 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 4% 3/15/2045  | 65000 | 58122 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 4% 3/15/2049  | 85000 | 74116 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 5% 3/15/2036  | 500000 | 530121 |
| New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2021A 1, 4% 3/15/2058  | 135000 | 114595 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) 5% 3/15/2048  | 355000 | 361303 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2019 A, 4% 3/15/2043  | 5000 | 4551 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2019 A, 4% 3/15/2046  | 75000 | 66245 |
| NY Mta Dedicated Tax Fund Series 2012A, 0% 11/15/2032 (d) | 225000 | 173000 |
| NY Mta Dedicated Tax Fund Series 2012A, 3% 11/15/2028  | 190000 | 189278 |
| NY Mta Dedicated Tax Fund Series 2016 A, 5.25% 11/15/2028  | 150000 | 154665 |
| NY Payroll Mobility Tax 4% 5/15/2046  | 910000 | 813632 |
| NY Payroll Mobility Tax Series 2021 C 2, 3% 5/15/2033  | 390000 | 375170 |
| NY Payroll Mobility Tax Series 2021 SUB C 3, 4% 5/15/2051  | 540000 | 472683 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2022 A, 4% 5/15/2052  | 215000 | 185882 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2022 A, 5.25% 5/15/2057  | 480000 | 490853 |
|  |  | 12389554 |
| Tobacco Bonds - 0.0% |  |  |
| Tobacco Settlement Asset Securitization Corp NY Rev Series A, 5% 6/1/2032  | 75000 | 75923 |
| Transportation - 4.2% |  |  |
| Metropolitan Transn Auth NY Rv 4% 11/15/2049  | 25000 | 21149 |
| Metropolitan Transn Auth NY Rv Series 2015B, 4% 11/15/2045  | 250000 | 211067 |
| Metropolitan Transn Auth NY Rv Series 2016 B, 5% 11/15/2037  | 325000 | 328015 |
| Metropolitan Transn Auth NY Rv Series 2016 D, 3% 11/15/2032  | 50000 | 45553 |
| Metropolitan Transn Auth NY Rv Series 2016 D, 5% 11/15/2027  | 785000 | 806049 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 4% 11/15/2042  | 95000 | 84214 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 4% 11/15/2034  | 55000 | 55017 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 4% 11/15/2035  | 245000 | 243055 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2028  | 25000 | 26176 |
| Metropolitan Transn Auth NY Rv Series 2018 B, 5% 11/15/2027  | 20000 | 20951 |
| Metropolitan Transn Auth NY Rv Series 2019 B, 4% 11/15/2049 (Assured Guaranty Municipal Corp Insured)  | 40000 | 33875 |
| Metropolitan Transn Auth NY Rv Series 2019 B, 5% 11/15/2052  | 650000 | 639155 |
| Metropolitan Transn Auth NY Rv Series 2020 A 1, 4% 11/15/2052  | 20000 | 16563 |
| Metropolitan Transn Auth NY Rv Series 2021 A 1, 4% 11/15/2049  | 130000 | 109204 |
| Metropolitan Transn Auth NY Rv Series 2024A, 5% 11/15/2044  | 25000 | 25315 |
| Metropolitan Transn Auth NY Rv Series C 1, 4% 11/15/2046  | 120000 | 100574 |
| Metropolitan Transn Auth NY Rv Series C 1, 5% 11/15/2034  | 80000 | 80139 |
| Metropolitan Transn Auth NY Rv Series C 2, 3% 11/15/2038  | 25000 | 19206 |
| New York St Twy Auth Gen Rev 5.25% 1/1/2056  | 250000 | 250222 |
| New York St Twy Auth Gen Rev Series 2016 A, 5% 1/1/2051  | 30000 | 29581 |
| New York St Twy Auth Gen Rev Series 2019 B, 3% 1/1/2046  | 300000 | 215303 |
| New York St Twy Auth Gen Rev Series L, 5% 1/1/2034  | 70000 | 72692 |
| New York St Twy Auth Gen Rev Series N, 4% 1/1/2047  | 200000 | 176137 |
| New York St Twy Auth Gen Rev Series P, 5% 1/1/2031  | 25000 | 27894 |
| New York St Twy Auth Gen Rev Series P, 5% 1/1/2033  | 10000 | 11374 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2030 (c) | 30000 | 30648 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2020, 4.375% 10/1/2045 (c) | 330000 | 294255 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2035 (c) | 150000 | 156429 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.375% 6/30/2060 (c) | 750000 | 735435 |
| New York Transportation Development Corp (Jfk Intl Terminal 6 Proj.) 5.25% 12/31/2054 (Assured Guaranty Municipal Corp Insured) (c) | 250000 | 250193 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 4% 1/1/2051 (Assured Guaranty Municipal Corp Insured) (c) | 30000 | 24803 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 4% 7/1/2041 (c) | 30000 | 26539 |
| Port Auth NY & NJ Series 245, 5% 9/1/2038  | 235000 | 257351 |
| Port Auth NY & NJ Series TWO HUNDRED EIGHTEEN, 4% 11/1/2034 (c) | 75000 | 73644 |
| Triborough Brdg & Tunl NY Revs 5% 11/15/2031  | 200000 | 225034 |
| Triborough Brdg & Tunl NY Revs Series 2012B, 0% 11/15/2032 (d) | 290000 | 225905 |
| Triborough Brdg & Tunl NY Revs Series 2013A, 0% 11/15/2030 (d) | 105000 | 88132 |
| Triborough Brdg & Tunl NY Revs Series 2013A, 0% 11/15/2032 (d) | 35000 | 27048 |
| Triborough Brdg & Tunl NY Revs Series 2016A, 5% 11/15/2031  | 100000 | 101585 |
| Triborough Brdg & Tunl NY Revs Series 2016A, 5% 11/15/2041  | 520000 | 523507 |
| Triborough Brdg & Tunl NY Revs Series 2018 C, 5% 11/15/2037  | 25000 | 25659 |
| Triborough Brdg & Tunl NY Revs Series 2019A, 5% 11/15/2049  | 45000 | 45264 |
| Triborough Brdg & Tunl NY Revs Series B, 5% 11/15/2036  | 90000 | 92288 |
|  |  | 6852199 |
| Water & Sewer - 1.7% |  |  |
| New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2023 B, 5% 6/15/2032  | 210000 | 239222 |
| New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2024A, 5% 6/15/2037  | 15000 | 16876 |
| New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2024A, 5% 6/15/2038  | 85000 | 94603 |
| New York NY Cty Muni Wtr Fin Auth 4% 6/15/2052  | 480000 | 414439 |
| New York NY Cty Muni Wtr Fin Auth 5.25% 6/15/2047  | 60000 | 60424 |
| New York NY Cty Muni Wtr Fin Auth 5.25% 6/15/2049  | 65000 | 66200 |
| New York NY Cty Muni Wtr Fin Auth Series 2017 EE, 5% 6/15/2036  | 60000 | 61441 |
| New York NY Cty Muni Wtr Fin Auth Series 2018 AA, 5% 6/15/2037  | 5000 | 5106 |
| New York NY Cty Muni Wtr Fin Auth Series 2018 EE, 5% 6/15/2032  | 10000 | 10061 |
| New York NY Cty Muni Wtr Fin Auth Series 2018 FF, 5% 6/15/2040  | 135000 | 138648 |
| New York NY Cty Muni Wtr Fin Auth Series 2019 DD 1, 4% 6/15/2049  | 165000 | 141561 |
| New York NY Cty Muni Wtr Fin Auth Series 2019 FF 2, 4% 6/15/2037  | 80000 | 79704 |
| New York NY Cty Muni Wtr Fin Auth Series 2020 AA, 5% 6/15/2027  | 150000 | 157252 |
| New York NY Cty Muni Wtr Fin Auth Series 2020 BB1, 5% 6/15/2049  | 195000 | 196201 |
| New York NY Cty Muni Wtr Fin Auth Series DD, 5% 6/15/2048  | 15000 | 15068 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 CC 1, 4% 6/15/2049  | 35000 | 30423 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 FF, 5% 6/15/2041  | 190000 | 197116 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2022 SUB AA 1, 3.5% 6/15/2048  | 30000 | 23653 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL2025AA SUB AA1, 5% 6/15/2051  | 255000 | 260815 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL2025AA SUB AA1, 5.25% 6/15/2053  | 540000 | 561774 |
| New York St Env Facs Corp Rev Series 2019 A, 5% 2/15/2049  | 30000 | 30516 |
| Suffolk Cnty NY Wtr Auth Wtrwk Series 2018 A, 4% 6/1/2041  | 45000 | 42759 |
|  |  | 2843862 |
| TOTAL NEW YORK |  | 31378513 |
| North Carolina - 0.5%  |  |  |
| General Obligations - 0.2% |  |  |
| Mecklenburg Cnty NC Series 2022, 5% 9/1/2032  | 130000 | 147925 |
| North Carolina St Gen. Oblig. Series 2016 A, 5% 6/1/2027  | 70000 | 71527 |
| North Carolina St Gen. Oblig. Series 2018 A, 5% 6/1/2029  | 45000 | 47951 |
| State of North Carolina (North Carolina St Proj.) Series 2020 B, 5% 5/1/2029  | 20000 | 21704 |
|  |  | 289107 |
| Health Care - 0.0% |  |  |
| North Carolina Med Care Commn Health Care Facs Rev (Duke Univ Health System Inc Proj.) Series 2016 A, 5% 6/1/2028  | 65000 | 69073 |
| Transportation - 0.3% |  |  |
| North Carolina St Grant Antic Rev Series 2019, 5% 3/1/2031  | 45000 | 48164 |
| North Carolina St Grant Antic Rev Series 2019, 5% 3/1/2033  | 75000 | 79655 |
| North Carolina St Grant Antic Rev Series 2019, 5% 3/1/2034  | 40000 | 42327 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev 0% 1/1/2037 (Assured Guaranty Inc Insured) (d) | 275000 | 170481 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2009B, 0% 1/1/2038 (d) | 110000 | 64250 |
|  |  | 404877 |
| TOTAL NORTH CAROLINA |  | 763057 |
| North Dakota - 0.0%  |  |  |
| Housing - 0.0% |  |  |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 2.25% 7/1/2041  | 50000 | 35311 |
| Ohio - 2.2%  |  |  |
| General Obligations - 0.3% |  |  |
| City of Columbus OH Gen. Oblig. Series 2016 A, 4% 8/15/2027  | 45000 | 45057 |
| Southwest Licking OH Local Sch Dist Series 2017 A, 3.375% 11/1/2047  | 10000 | 8055 |
| State of Ohio Gen. Oblig. Series 2017 U, 5% 5/1/2027  | 280000 | 292291 |
| State of Ohio Gen. Oblig. Series 2017C, 5% 8/1/2026  | 25000 | 25643 |
| State of Ohio Gen. Oblig. Series 2021 B, 5% 9/15/2031  | 120000 | 134689 |
|  |  | 505735 |
| Health Care - 0.8% |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) Series 2015A, 4% 11/1/2044  | 245000 | 216157 |
| Chillicothe Ohio Hosp Facs Rev (Adena Health Sys Proj.) Series 2017, 5% 12/1/2037  | 100000 | 101041 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) Series 2017, 5% 2/15/2052  | 55000 | 50481 |
| Hamilton Cnty OH Hosp Facs Rev (TriHealth Inc Proj.) Series 2020 A, 4% 8/15/2050  | 20000 | 16899 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) 5% 1/15/2041  | 20000 | 19953 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) 5% 1/1/2028  | 100000 | 105334 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2027  | 175000 | 180596 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2031  | 215000 | 225176 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2032  | 160000 | 167167 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2033  | 40000 | 41668 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2016, 3.5% 2/15/2038  | 285000 | 246712 |
|  |  | 1371184 |
| Housing - 0.3% |  |  |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2021A, 3% 3/1/2052  | 105000 | 103456 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2021 C, 2.7% 9/1/2046  | 485000 | 336190 |
|  |  | 439646 |
| Special Tax - 0.1% |  |  |
| Franklin Cnty Ohio Sales Tax Rev Series 2018, 5% 6/1/2048  | 30000 | 30061 |
| Hamilton OH Sales Tax 0% 12/1/2028 (Ambac Assurance Corp Insured) (d) | 235000 | 210020 |
|  |  | 240081 |
| Tobacco Bonds - 0.2% |  |  |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2034  | 320000 | 331224 |
| Transportation - 0.3% |  |  |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2038 (c) | 250000 | 259935 |
| Ohio St Tpk Commn Tpk Rev 5% 2/15/2051  | 50000 | 51141 |
| Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2037 (d) | 20000 | 12188 |
| Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2041 (d) | 60000 | 28294 |
| Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2043 (d) | 25000 | 10504 |
|  |  | 362062 |
| Water & Sewer - 0.2% |  |  |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev 5% 12/1/2033  | 30000 | 34116 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2017 A, 5% 12/1/2028  | 30000 | 31296 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2019 B, 3% 6/1/2046  | 90000 | 66245 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020 A, 5% 12/1/2040  | 80000 | 82972 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020 A, 5% 6/1/2033  | 90000 | 98098 |
| Ohio Water Dev Authority (Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Proj.) Series 2019A, 5% 6/1/2027  | 55000 | 57529 |
|  |  | 370256 |
| TOTAL OHIO |  | 3620188 |
| Oklahoma - 0.4%  |  |  |
| Health Care - 0.0% |  |  |
| OK Dev Fin Auth Health Sys Rev (OU Medicine Inc Proj.) Series 2018 B, 4% 8/15/2048 (Assured Guaranty Municipal Corp Insured)  | 140000 | 122252 |
| Special Tax - 0.1% |  |  |
| Edmond OK Pub Wks Auth Sales Tax & Util Sys Rev Series 2017, 4% 7/1/2047  | 145000 | 129658 |
| Transportation - 0.3% |  |  |
| Oklahoma St Tpk Auth Tpk Rev 4.25% 1/1/2055  | 475000 | 436096 |
| Oklahoma St Tpk Auth Tpk Rev Series 2017 A, 4% 1/1/2047  | 35000 | 30711 |
|  |  | 466807 |
| Water & Sewer - 0.0% |  |  |
| Oklahoma St Wtr Res Brd Rev Fd Series 2023 A, 4.125% 4/1/2053  | 20000 | 17535 |
| TOTAL OKLAHOMA |  | 736252 |
| Oregon - 0.4%  |  |  |
| General Obligations - 0.1% |  |  |
| Clackamas Cnty Ore Sch Dis No 46 Oregon Trail 0% 6/15/2039 (Oregon St Guaranteed) (d) | 155000 | 82735 |
| Deschutes Ore Pub Libr Dist Gen. Oblig. Series 2021, 3% 12/1/2041  | 205000 | 162197 |
|  |  | 244932 |
| Health Care - 0.3% |  |  |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 4% 8/15/2050  | 100000 | 82527 |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 5% 8/15/2045  | 50000 | 49597 |
| Oregon St Facs Auth Rev (Legacy Health System, or Proj.) Series 2022 A, 5% 6/1/2052  | 230000 | 225223 |
| Salem OR Hosp Fac Auth Rev (Salem Health Proj.) Series 2019 A, 3% 5/15/2049  | 45000 | 30825 |
|  |  | 388172 |
| TOTAL OREGON |  | 633104 |
| Pennsylvania - 4.1%  |  |  |
| Education - 0.0% |  |  |
| Delaware Cnty PA College Rev (Haverford College Proj.) Series 2017 A, 5% 10/1/2042  | 5000 | 5026 |
| General Obligations - 1.0% |  |  |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 4% 6/1/2039 (Assured Guaranty Municipal Corp Insured)  | 60000 | 56053 |
| Pennsylvania St Gen. Oblig. 5% 9/1/2032  | 15000 | 16891 |
| Pennsylvania St Gen. Oblig. 5% 9/15/2029  | 100000 | 102407 |
| Pennsylvania St Gen. Oblig. Series 2015, 4% 8/15/2034  | 175000 | 175303 |
| Pennsylvania St Gen. Oblig. Series 2015, 5% 8/15/2032  | 60000 | 60135 |
| Pennsylvania St Gen. Oblig. Series 2016, 3% 9/15/2036  | 45000 | 38953 |
| Pennsylvania St Gen. Oblig. Series 2018, 3.75% 3/1/2039 (Assured Guaranty Municipal Corp Insured)  | 510000 | 494009 |
| Pennsylvania St Gen. Oblig. Series FIRST 2015, 5% 3/15/2026  | 55000 | 55033 |
| Pennsylvania St Gen. Oblig. Series FIRST 2015, 5% 3/15/2029  | 60000 | 60036 |
| Pennsylvania St Gen. Oblig. Series FIRST 2021, 2% 5/15/2039  | 200000 | 142836 |
| Pennsylvania St Gen. Oblig. Series FIRST 2022, 5% 10/1/2032  | 40000 | 45071 |
| Pennsylvania St Gen. Oblig. Series FIRST 2022, 5% 10/1/2038  | 20000 | 21394 |
| Pennsylvania St Gen. Oblig. Series SECOND 2016, 5% 1/15/2028  | 145000 | 149997 |
| Philadelphia PA Sch Dist 5% 6/1/2027 (National Public Finance Guarantee Corporation Insured)  | 50000 | 51986 |
| Philadelphia PA Sch Dist Series 2018 B, 4% 9/1/2043 (Assured Guaranty Municipal Corp Insured)  | 30000 | 27834 |
| Philadelphia PA Sch Dist Series 2019 A, 5% 9/1/2044  | 30000 | 30038 |
| Philadelphia PA Sch Dist Series F, 5% 9/1/2026  | 110000 | 112757 |
| State Pub Sch Bldg Auth PA Sch Rev (Harrisburg PA Sch Dist Proj.) Series 2016 A, 4% 12/1/2031  | 110000 | 111336 |
|  |  | 1752069 |
| Health Care - 1.2% |  |  |
| Alleg Cnty PA Dev Auth (Allegheny Health System Proj.) Series 2018A, 4% 4/1/2038  | 5000 | 4800 |
| Alleg Cnty PA Dev Auth (Allegheny Health System Proj.) Series 2018A, 5% 4/1/2027  | 150000 | 154922 |
| Alleg Cnty PA Dev Auth (Allegheny Health System Proj.) Series 2018A, 5% 4/1/2032  | 300000 | 310915 |
| Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 5% 7/15/2031  | 160000 | 169302 |
| Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 5% 7/15/2032  | 450000 | 474458 |
| Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 5% 7/15/2033  | 110000 | 115532 |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2017 A 2, 4% 2/15/2039  | 200000 | 188393 |
| Lancaster Cnty PA Hosp Aut Rev (Univ of Penn Health Systems Proj.) Series 2016 A, 5% 8/15/2042  | 10000 | 10016 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2012B, 4% 7/1/2043  | 40000 | 35110 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2044  | 90000 | 79388 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2022 B, 3.125% 5/1/2053  | 190000 | 137581 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2020 A, 4% 4/15/2050  | 25000 | 21199 |
| Philadelphia PA Auth For Indl Dev Hosp Rev (Childrens Hosp of Phil, PA Proj.) Series 2017, 4% 7/1/2037  | 5000 | 4872 |
| Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 A, 5% 9/1/2042  | 200000 | 198639 |
|  |  | 1905127 |
| Housing - 0.3% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series 124A, 4% 10/1/2038 (c) | 55000 | 54948 |
| Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series 2017 125 B, 3.65% 10/1/2042  | 80000 | 69830 |
| Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series B, 3.45% 10/1/2032  | 5000 | 4957 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2019 129, 3.15% 10/1/2039  | 195000 | 163159 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 136, 2.07% 10/1/2036  | 200000 | 153694 |
|  |  | 446588 |
| Other - 0.1% |  |  |
| Chester Cnty PA Indl Dev Auth (Longwood Gardens Proj.) Series 2021, 4% 12/1/2046  | 165000 | 146287 |
| Transportation - 1.4% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2051 (c) | 465000 | 457220 |
| Delaware Riv Port Auth PA & NJ Series 2018 A, 5% 1/1/2032  | 20000 | 21311 |
| Pennslyvania Dev Fing Auth Rev (Plenary Walsh Keystone Partners LLC Proj.) Series 2015, 4.125% 12/31/2038 (c) | 25000 | 23032 |
| Pennsylvania Econ Dev Fing Auth Private Activity Rev (PA Dot Major Bridges I Proj.) 5% 12/31/2057 (Assured Guaranty Municipal Corp Insured) (c) | 200000 | 194964 |
| Pennsylvania Turnpike Commission Series 2016, 5% 6/1/2027  | 160000 | 162976 |
| Pennsylvania Turnpike Commission Series 2017, 5% 12/1/2040  | 50000 | 50836 |
| Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2035  | 35000 | 37184 |
| Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2049  | 200000 | 201147 |
| Pennsylvania Turnpike Commission Series 2021 A, 4% 12/1/2045  | 180000 | 162356 |
| Pennsylvania Turnpike Commission Series 2024, 5% 12/1/2040  | 850000 | 908712 |
| Pennsylvania Turnpike Commission Series A 1, 4% 12/1/2041  | 60000 | 56797 |
| Pennsylvania Turnpike Commission Series B 1, 5.25% 6/1/2047  | 55000 | 55337 |
|  |  | 2331872 |
| Water & Sewer - 0.1% |  |  |
| Philadelphia PA Wtr & Wastewtr Series 2021 C, 4% 10/1/2051  | 230000 | 197785 |
| Pittsburgh PA Wtr & Swr Auth 0% 9/1/2028 (National Public Finance Guarantee Corporation Insured) (d) | 20000 | 18115 |
|  |  | 215900 |
| TOTAL PENNSYLVANIA |  | 6802869 |
| South Carolina - 1.6%  |  |  |
| Electric Utilities - 1.0% |  |  |
| South Carolina St Svc Auth Rev 3% 12/1/2041  | 30000 | 22427 |
| South Carolina St Svc Auth Rev 4% 12/1/2037  | 265000 | 257960 |
| South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2033  | 525000 | 528620 |
| South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2035  | 545000 | 546488 |
| South Carolina St Svc Auth Rev Series 2021B, 4% 12/1/2047  | 45000 | 38930 |
| South Carolina St Svc Auth Rev Series 2022 A, 5% 12/1/2044  | 125000 | 126669 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2041  | 200000 | 200044 |
|  |  | 1721138 |
| Health Care - 0.3% |  |  |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5% 11/1/2038  | 280000 | 295810 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.5% 11/1/2050  | 200000 | 207848 |
|  |  | 503658 |
| Special Tax - 0.1% |  |  |
| South Carolina Trans Infrastructure Bank Rev Series 2017 A, 5% 10/1/2038  | 85000 | 86835 |
| Transportation - 0.1% |  |  |
| South Carolina St Ports Auth Series 2019 A, 5% 7/1/2054  | 115000 | 115251 |
| Water & Sewer - 0.1% |  |  |
| Charleston SC Wtrwks & Swr Series 2022, 5% 1/1/2047  | 130000 | 134344 |
| TOTAL SOUTH CAROLINA |  | 2561226 |
| Tennessee - 0.5%  |  |  |
| Education - 0.0% |  |  |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Belmont University Proj.) Series 2021, 4% 5/1/2051  | 30000 | 25105 |
| General Obligations - 0.2% |  |  |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. 5% 1/1/2029  | 225000 | 242442 |
| Tennessee Engy Acq Crp Gas Rev 5% 2/1/2027 (Goldman Sachs Group Inc/The Guaranteed)  | 15000 | 15236 |
| Tennessee Engy Acq Crp Gas Rev 5.25% 9/1/2026 (Goldman Sachs Group Inc/The Guaranteed)  | 30000 | 30458 |
| Tennessee St Sch Bd Auth (Tennessee St Proj.) Series 2017A, 5% 11/1/2042  | 105000 | 106162 |
|  |  | 394298 |
| Health Care - 0.2% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 3.25% 8/1/2044  | 30000 | 23518 |
| Knox Cnty Tenn Health Edl & Hsg Fac Brd Hosp Rev (Covenant Health TN Proj.) Series 2016 A, 4% 1/1/2042  | 10000 | 9118 |
| Knox Cnty Tenn Health Edl & Hsg Fac Brd Hosp Rev (East Tenn Children's Hospital Proj.) Series 2019, 4% 11/15/2043  | 55000 | 48659 |
| Metro Gov Nashville & Davidson Cnty Tenn Hlth & Edl Facs Brd Rev (Vanderbilt Hospital, TN Proj.) Series 2016 A, 5% 7/1/2040  | 70000 | 69891 |
| Metro Gov Nashville & Davidson Cnty Tenn Hlth & Edl Facs Brd Rev (Vanderbilt Hospital, TN Proj.) Series 2017A, 5% 7/1/2048  | 160000 | 158677 |
|  |  | 309863 |
| Transportation - 0.1% |  |  |
| Metro Nashville Arpt Auth Rev Series 2019A, 4% 7/1/2049  | 55000 | 48505 |
| Metro Nashville Arpt Auth Rev Series 2019A, 4% 7/1/2054  | 35000 | 30058 |
| Metro Nashville Arpt Auth Rev Series 2019A, 5% 7/1/2044  | 65000 | 66054 |
|  |  | 144617 |
| TOTAL TENNESSEE |  | 873883 |
| Texas - 5.8%  |  |  |
| Education - 0.7% |  |  |
| Arlington Higher Education Finance Corp Series 2021 A, 3% 2/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 210000 | 151007 |
| Board of Regents of the University of Texas System Series 2016 J, 5% 8/15/2026  | 105000 | 107732 |
| Board of Regents of the University of Texas System Series 2017 B, 3.375% 8/15/2044  | 40000 | 33100 |
| Board of Regents of the University of Texas System Series 2019 A, 5% 8/15/2031  | 85000 | 91704 |
| Board of Regents of the University of Texas System Series 2020 A, 3.5% 8/15/2050  | 35000 | 28006 |
| Board of Regents of the University of Texas System Series 2024B, 5% 8/15/2029  | 175000 | 190656 |
| Board of Regents of the University of Texas System Series 2024B, 5% 8/15/2035  | 255000 | 289245 |
| Clifton Higher Education Finance Corp (IDEA Public Schools Proj.) Series 2021 T, 4% 8/15/2047  | 25000 | 21936 |
| University TX Perm Univ Fd Series 2024 A, 5% 7/1/2037  | 180000 | 198162 |
| Waco Texas Educat Fin Corp Rev (Baylor University Proj.) 4% 3/1/2046  | 205000 | 177228 |
|  |  | 1288776 |
| Electric Utilities - 0.3% |  |  |
| Matagorda Cnty TX Nav Dist No1 (AEP Texas Central Co Proj.) 4.4% 5/1/2030 (Ambac Assurance Corp Insured)  | 20000 | 20723 |
| San Antonio TX Elec & Gas Rev Series 2015, 5% 2/1/2027  | 40000 | 40470 |
| San Antonio TX Elec & Gas Rev Series 2019, 5% 2/1/2035  | 140000 | 148965 |
| San Antonio TX Elec & Gas Rev Series 2023A, 5% 2/1/2032  | 100000 | 111663 |
| San Antonio TX Elec & Gas Rev Series 2024D, 5.25% 2/1/2049  | 170000 | 177568 |
|  |  | 499389 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Midland County Fresh Water Supply District No 1 Series 2012 A, 0% 9/15/2035 (Pre-refunded to 9/15/2027 at 68.05) (d) | 5000 | 3163 |
| General Obligations - 1.9% |  |  |
| Austin TX Indpt Sch Dist 5% 8/1/2041  | 220000 | 231295 |
| Cleveland TX Indpt Sch Dist Series 2020 A, 4% 2/15/2052 (Permanent Sch Fund of Texas Guaranteed)  | 150000 | 130811 |
| Cypress-Fairbanks TX Isd Series 2023, 4% 2/15/2048 (Permanent Sch Fund of Texas Guaranteed)  | 415000 | 363732 |
| Dallas TX ISD 5% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 260000 | 292944 |
| Dallas TX ISD Series 2019 B, 4% 2/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 20000 | 20574 |
| Denton Independent School District Series 2023, 5% 8/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 210000 | 233401 |
| Eagle Mtn & Saginaw TX Isd Series 2019, 4% 8/15/2050 (Permanent Sch Fund of Texas Guaranteed)  | 105000 | 92721 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2046  | 100000 | 87844 |
| Harris Cnty TX Series 2016 A, 5% 8/15/2033  | 15000 | 15273 |
| Klein TX Indpt Sch Dist Series 2017, 4% 8/1/2046  | 215000 | 195055 |
| Lamar TX Isd Series 2023 A, 5% 2/15/2053 (Permanent Sch Fund of Texas Guaranteed)  | 200000 | 203136 |
| Leander Independent School District Series 2016 A, 0% 8/16/2044 (Permanent Sch Fund of Texas Guaranteed) (d) | 10000 | 3795 |
| Plano Independent School District 5% 2/15/2028  | 150000 | 158658 |
| Prosper Tex Indpt Sch Dist Series 2023, 4% 2/15/2053  | 20000 | 17303 |
| San Jacinto TX Cmnty College Dist Gen. Oblig. Series 2019A, 5% 2/15/2044  | 175000 | 177716 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023A, 5.5% tender 1/1/2054 (BP PLC Guaranteed) (b) | 250000 | 265547 |
| Texas State Gen. Oblig. Series 2015 A, 4% 10/1/2035  | 170000 | 170103 |
| Texas State Gen. Oblig. Series 2015 A, 5% 10/1/2026  | 100000 | 100534 |
| Texas State Gen. Oblig. Series 2016 A, 5% 4/1/2030  | 50000 | 50693 |
| Texas State Gen. Oblig. Series A, 5% 10/1/2033  | 50000 | 52021 |
| Texas State Gen. Oblig. Series B, 5% 10/1/2029  | 100000 | 104843 |
| Texas State Gen. Oblig. Series B, 5% 10/1/2033  | 25000 | 26010 |
| Waller TX Indpt Sch Dist Series 2020, 4% 2/15/2050 (Permanent Sch Fund of Texas Guaranteed)  | 100000 | 88466 |
|  |  | 3082475 |
| Health Care - 0.3% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, TX Proj.) Series 2015, 4% 12/1/2045  | 75000 | 65500 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Christus Health Proj.) Series 2018 B, 5% 7/1/2032  | 360000 | 377785 |
|  |  | 443285 |
| Housing - 0.0% |  |  |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) 3% 3/1/2050  | 30000 | 20946 |
| Special Tax - 0.2% |  |  |
| Dallas TX Rapid Transit Sales Tax Rev Series 2016 B, 4% 12/1/2038  | 350000 | 331375 |
| Harris Cnty Houston Tex Sports Auth Rev Series A, 0% 11/15/2048 (Assured Guaranty Municipal Corp Insured) (d) | 10000 | 2851 |
| Harris Cnty Houston Tex Sports Auth Rev Series A, 0% 11/15/2049 (Assured Guaranty Municipal Corp Insured) (d) | 25000 | 6720 |
|  |  | 340946 |
| Transportation - 1.5% |  |  |
| Central TX Regl Mobility Auth Rev Series 2016, 3.375% 1/1/2041  | 20000 | 16849 |
| City of Houston TX Airport System Revenue Series 2018D, 5% 7/1/2038  | 55000 | 55939 |
| Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2030  | 55000 | 60700 |
| Dallas Fort Worth International Airport Series 2020 B, 5% 11/1/2033  | 35000 | 37915 |
| Dallas Fort Worth International Airport Series 2021 A, 3% 11/1/2040  | 315000 | 250991 |
| Dallas Fort Worth International Airport Series 2022B, 4% 11/1/2045  | 20000 | 18273 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2037  | 40000 | 41142 |
| Grand Parkway Transportation Corp Series 2018 A, 5% 10/1/2048  | 250000 | 248926 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2018 A, 4% 8/15/2048  | 40000 | 35274 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2022A, 5% 8/15/2029  | 390000 | 423537 |
| Harris Cnty TX (Harris County Toll Road Auth Proj.) Series 2016 A, 5% 8/15/2035  | 140000 | 142174 |
| North TX Twy Auth Rev 0% 1/1/2030 (Assured Guaranty Inc Insured) (d) | 35000 | 30131 |
| North TX Twy Auth Rev 0% 1/1/2035 (Assured Guaranty Inc Insured) (d) | 5000 | 3474 |
| North TX Twy Auth Rev 0% 1/1/2036 (Assured Guaranty Inc Insured) (d) | 65000 | 42901 |
| North TX Twy Auth Rev Series 2018, 4.25% 1/1/2049  | 55000 | 47045 |
| North TX Twy Auth Rev Series 2018, 5% 1/1/2048  | 20000 | 20005 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2032  | 300000 | 332695 |
| North TX Twy Auth Rev Series B, 4% 1/1/2036 (Assured Guaranty Municipal Corp Insured)  | 185000 | 183808 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2037  | 40000 | 38214 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2040  | 100000 | 90960 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2019, 5% 6/30/2058 (c) | 170000 | 162329 |
| Texas Private Activity Bd Surface Transn Corp Rev Series 2019 A, 5% 12/31/2032  | 75000 | 79384 |
| Texas St Tpk Auth Cent TX Tpk Sys Rev (Central Texas Turnpike Proj.) 0% 8/15/2029 (Ambac Assurance Corp Insured) (d) | 35000 | 30706 |
|  |  | 2393372 |
| Water & Sewer - 0.9% |  |  |
| Houston TX Util Sys Rev 3% 11/15/2047  | 110000 | 80174 |
| Houston TX Util Sys Rev 4% 11/15/2049  | 25000 | 21462 |
| Houston TX Util Sys Rev Series 2019B, 4% 11/15/2044  | 55000 | 49552 |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2036  | 20000 | 22205 |
| San Antonio TX Wtr Rev Series 2021 A, 4% 5/15/2051  | 300000 | 256049 |
| Texas Wtr Dev Brd 3% 10/15/2040  | 100000 | 82713 |
| Texas Wtr Dev Brd Series 2017 A, 5% 10/15/2047  | 60000 | 60332 |
| Texas Wtr Dev Brd Series 2018A, 4% 10/15/2032  | 50000 | 50570 |
| Texas Wtr Dev Brd Series 2018A, 4% 10/15/2037  | 40000 | 39081 |
| Texas Wtr Dev Brd Series 2019 A, 3% 10/15/2039  | 375000 | 305345 |
| Texas Wtr Dev Brd Series 2019 A, 4% 10/15/2049  | 355000 | 310306 |
| Texas Wtr Dev Brd Series 2023 A, 4.75% 10/15/2043  | 160000 | 162453 |
|  |  | 1440242 |
| TOTAL TEXAS |  | 9512594 |
| Utah - 0.6%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Intermountain Pwr Agy UT Pwr Series 2023 A, 5% 7/1/2033  | 145000 | 158899 |
| Health Care - 0.0% |  |  |
| Utah Cnty Utah Hosp Rev (IHC Health Services Inc Proj.) Series 2016B, 5% 5/15/2046  | 35000 | 34707 |
| Transportation - 0.5% |  |  |
| Salt Lake City UT Arpt Rev 5% 7/1/2051 (c) | 320000 | 313694 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2029 (c) | 525000 | 538475 |
|  |  | 852169 |
| TOTAL UTAH |  | 1045775 |
| Virginia - 1.7%  |  |  |
| Education - 0.2% |  |  |
| University VA Univ Revs Series 2017 A, 5% 4/1/2042  | 225000 | 227633 |
| Virginia College Bldg Auth VA Edl Facs Rev Pub Higher Ed Fing Prog (Virginia College Bldg Auth Edl Proj.) Series 2016 A, 3% 9/1/2026  | 55000 | 55114 |
| Virginia Small Business Fing Auth Rev (Hampton Univ, VA Proj.) Series 2014, 4% 10/1/2038  | 35000 | 33421 |
|  |  | 316168 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Fairfax Cnty VA Economic Dev Auth Transn Contract Rev Series A, 3% 4/1/2036 (Pre-refunded to 4/1/2026 at 100)  | 25000 | 25018 |
| General Obligations - 0.8% |  |  |
| Chesterfield Cnty VA Economic Dev Auth Rev (Chesterfield Cnty VA Proj.) 4% 4/1/2050  | 80000 | 70251 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2019 C, 5% 2/1/2030  | 15000 | 16150 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2019A, 5% 2/1/2029  | 95000 | 102522 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 3% 2/1/2036  | 75000 | 68359 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 5% 2/1/2030  | 160000 | 175525 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2023 A, 5% 2/1/2030  | 235000 | 257803 |
| Virginia Comwlth Transn Brd Tr Series 2022, 4% 5/15/2047  | 50000 | 45373 |
| Virginia St Pub Bldg Auth Pub (Virginia St Proj.) Series 2017A, 5% 8/1/2027  | 300000 | 314688 |
| Virginia St Pub Bldg Auth Pub (Virginia St Proj.) Series 2017A, 5% 8/1/2028  | 355000 | 372222 |
|  |  | 1422893 |
| Health Care - 0.4% |  |  |
| Fairfax Cnty VA Indl Dev Auth Health Care Rev (Inova Health System Proj.) Series 2022, 5% 5/15/2029  | 185000 | 199866 |
| Roanoke VA Economic Dev Auth Hosp Rev (Carilion Health System Proj.) Series 2020 D, 5% tender 7/1/2053 (b) | 70000 | 75430 |
| Virginia Small Business Fing Auth Healthcare Facs Rev (Sentara Hlth Sys Obl Group Proj.) Series 2020, 4% 11/1/2036  | 400000 | 395168 |
|  |  | 670464 |
| Special Tax - 0.2% |  |  |
| Fairfax Cnty VA Economic Dev Auth Transn Contract Rev (Fairfax County Economic Development Authority Proj.) 2.875% 4/1/2035  | 15000 | 13473 |
| Fairfax Cnty VA Economic Dev Auth Transn Contract Rev (Fairfax County Economic Development Authority Proj.) 3% 4/1/2036  | 100000 | 90500 |
| Fairfax Cnty VA Economic Dev Auth Transn Contract Rev 3% 4/1/2036  | 130000 | 117650 |
| Hampton Roads Transportation Accountability Commission (Hampton Rds VA Transn Accountability Commn Rev Proj.) 5.25% 7/1/2060  | 25000 | 25350 |
|  |  | 246973 |
| Transportation - 0.1% |  |  |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 7/1/2039 (c) | 110000 | 101359 |
| TOTAL VIRGINIA |  | 2782875 |
| Washington - 1.9%  |  |  |
| Education - 0.0% |  |  |
| Washington Biomedical Research Pptys Lease Rev (University Wash Univ Revs Proj.) Series A, 4% 1/1/2048  | 150000 | 130728 |
| Electric Utilities - 0.4% |  |  |
| Energy Norwthwest WA Elec Rev Series 2016 A, 5% 7/1/2028 (Bonneville Power Administration Guaranteed)  | 215000 | 219632 |
| Energy Norwthwest WA Elec Rev Series 2018 C, 5% 7/1/2033 (Bonneville Power Administration Guaranteed)  | 140000 | 146676 |
| Energy Norwthwest WA Elec Rev Series 2020 A, 5% 7/1/2028 (Bonneville Power Administration Guaranteed)  | 70000 | 74785 |
| Energy Norwthwest WA Elec Rev Series 2024A, 5% 7/1/2032 (Bonneville Power Administration Guaranteed)  | 125000 | 140750 |
|  |  | 581843 |
| General Obligations - 1.0% |  |  |
| State of Washington Gen. Oblig. Series 2016A 1, 5% 8/1/2029  | 10000 | 10015 |
| State of Washington Gen. Oblig. Series 2018 A, 5% 8/1/2041  | 195000 | 197882 |
| State of Washington Gen. Oblig. Series 2020C, 5% 2/1/2041  | 150000 | 154602 |
| State of Washington Gen. Oblig. Series 2021 A, 5% 8/1/2042  | 165000 | 169670 |
| State of Washington Gen. Oblig. Series 2022 A, 5% 8/1/2043  | 100000 | 103221 |
| State of Washington Gen. Oblig. Series 2023A, 5% 8/1/2031  | 225000 | 251812 |
| State of Washington Gen. Oblig. Series 2023A, 5% 8/1/2046  | 490000 | 500596 |
| State of Washington Gen. Oblig. Series R 2018 D, 5% 8/1/2028  | 30000 | 31307 |
| State of Washington Gen. Oblig. Series R 2018C, 5% 8/1/2028  | 55000 | 57384 |
| State of Washington Gen. Oblig. Series R 2021A, 5% 6/1/2041  | 125000 | 129038 |
|  |  | 1605527 |
| Health Care - 0.2% |  |  |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) Series 2017 A, 4% 7/1/2042  | 85000 | 76101 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) 4.25% 10/1/2040  | 160000 | 150487 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2014D, 5% 10/1/2038  | 40000 | 40014 |
|  |  | 266602 |
| Special Tax - 0.1% |  |  |
| Central Puget Sound WA Regl Tran Auth Sales & Use Tax Rev Series 2016 S 1, 5% 11/1/2041  | 85000 | 85882 |
| Washington St Convention Ctr Pub Facs Dist Series 2018, 4% 7/1/2058  | 130000 | 100785 |
|  |  | 186667 |
| Transportation - 0.2% |  |  |
| Port Seattle WA Rev Series 2024B, 5% 7/1/2033 (c) | 310000 | 334414 |
| TOTAL WASHINGTON |  | 3105781 |
| West Virginia - 0.1%  |  |  |
| General Obligations - 0.0% |  |  |
| West Virginia St Gen. Oblig. Series 2018 B, 5% 12/1/2041  | 80000 | 81301 |
| Transportation - 0.1% |  |  |
| West VA Commr of Hwys Spl Oblig Series 2017A, 5% 9/1/2029  | 65000 | 67676 |
| West Virginia Parkways Authority Series 2021, 4% 6/1/2051  | 100000 | 85045 |
|  |  | 152721 |
| TOTAL WEST VIRGINIA |  | 234022 |
| Wisconsin - 0.7%  |  |  |
| Education - 0.0% |  |  |
| Public Fin Auth WI Lease Dev Rev (University Kans Univ Revs Proj.) Series 2016, 5% 3/1/2046  | 50000 | 50156 |
| General Obligations - 0.4% |  |  |
| Wisconsin St Gen. Oblig. 5% 5/1/2031  | 135000 | 151314 |
| Wisconsin St Gen. Oblig. Series 2016 2, 5% 11/1/2029  | 70000 | 71209 |
| Wisconsin St Gen. Oblig. Series 2023 2, 5% 5/1/2035  | 215000 | 239049 |
|  |  | 461572 |
| Health Care - 0.3% |  |  |
| Wisconsin Health & Edl Facs Auth Sr Living Rev (Covenant Communities Inc Proj.) Series 2018A 1, 4.125% 7/1/2053  | 135000 | 105065 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2016 A, 4% 11/15/2039  | 40000 | 36594 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2016 A, 5% 11/15/2036  | 55000 | 55365 |
| Wisconsin Health & Educational Facilities Authority (Marshfield Clinic Proj.) Series 2016 A, 3.5% 2/15/2046  | 195000 | 148143 |
| Wisconsin St Health & Edl Facs Auth Rev (Medical College of WI Inc Proj.) Series 2022, 4% 12/1/2051  | 255000 | 221654 |
|  |  | 566821 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Mtg Rev 2.69% 7/1/2047  | 55354 | 48826 |
| Special Tax - 0.0% |  |  |
| Ashwaubenon WI Cmnty Dev Auth Lease Rev (Brown County Wisconsin Proj.) Series 2019, 0% 6/1/2049 (d) | 160000 | 45431 |
| Public Fin Auth WI Revenue Series 2021, 4% 3/31/2056 (c) | 10000 | 7687 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2050 (Assured Guaranty Municipal Corp Insured) (d) | 70000 | 19479 |
|  |  | 72597 |
| TOTAL WISCONSIN |  | 1199972 |
| Wyoming - 0.0%  |  |  |
| Education - 0.0% |  |  |
| University WY Univ Revs (University WY Univ Revs Proj.) Series 2021 C, 4% 6/1/2051 (Assured Guaranty Municipal Corp Insured)  | 25000 | 21991 |
| Electric Utilities - 0.0% |  |  |
| Campbell Cnty WY Solid Waste Facs Rev (County of Mercer ND Proj.) Series 2019 A, 3.625% 7/15/2039  | 25000 | 21815 |
| TOTAL WYOMING |  | 43806 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $169,538,130) |  | <br> **161817646** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (e)(f)<br>(Cost $1,975,125)<br>| 2.90 | 1974730 | **1975125** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.5%**<br> (Cost $171,513,255)<br>| <br>**163792771** |
| **NET OTHER ASSETS (LIABILITIES) - 0.5%**  | **754467** |
| **NET ASSETS - 100.0%** | **164547238** |

---

**Legend**

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

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

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

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 396887 | 52616709 | 51038471 | 38700 | - | - | 1975125 | 1974730 | 0.1% |
| Total | 396887 | 52616709 | 51038471 | 38700 | - | - | 1975125 |  |  |

---

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

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

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization transactions, if applicable.

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 8891616 | - | 8891616 | - |
| Electric Utilities | 10266627 | - | 10266627 | - |
| Escrowed/Pre-Refunded | 1106475 | - | 1106475 | - |
| General Obligations | 58739063 | - | 58739063 | - |
| Health Care | 16987879 | - | 16987879 | - |
| Housing | 2754740 | - | 2754740 | - |
| Industrial Development | 479954 | - | 479954 | - |
| Lease Revenue | 229042 | - | 229042 | - |
| Other | 563198 | - | 563198 | - |
| Resource Recovery | 311627 | - | 311627 | - |
| Special Tax | 21427275 | - | 21427275 | - |
| Tobacco Bonds | 904735 | - | 904735 | - |
| Transportation | 28120346 | - | 28120346 | - |
| Water & Sewer | 11035069 | - | 11035069 | - |
|  **Money Market Funds** | 1975125 | 1975125 | - | - |
| **Total Investments in Securities:** | 163792771 | 1975125 | 161817646 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $169,538,130) | $161817646 |  |
| Fidelity Central Funds (cost $1,975,125) | 1975125 |  |
| Total Investment in Securities (cost $171,513,255) |  | $163792771 |
| Receivable for investments sold |  | 101911 |
| Interest receivable |  | 1996937 |
| Distributions receivable from Fidelity Central Funds |  | 2011 |
| Receivable from investment adviser for expense reductions |  | 2522 |
| Other receivables |  | 15 |
| **Total assets** |  | 165896167 |
| **Liabilities** |  |  |
| Payable to custodian bank | $437645 |  |
| Payable for investments purchased  | 453114 |  |
| Distributions payable | 451334 |  |
| Accrued management fee | 6836 |  |
| **Total liabilities** |  | 1348929 |
| **Net Assets**  |  | $164547238 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $179374004 |
| Total accumulated earnings (loss) |  | (14826766) |
| **Net Assets** |  | $164547238 |
| **Net Asset Value**, offering price and redemption price per share ($164,547,238 ÷ 3,368,164 shares) |  | $48.85 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $5087181 |
| Income from Fidelity Central Funds  |  | 38700 |
| **Total income** |  | 5125881 |
| **Expenses** |  |  |
| Management fee | $113871 |  |
| Independent trustees' fees and expenses | 439 |  |
| Miscellaneous | 2522 |  |
| Total expenses before reductions | 116832 |  |
| Expense reductions | (2606) |  |
| Total expenses after reductions |  | 114226 |
| **Net Investment income (loss)** |  | 5011655 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3756258) |  |
| Total net realized gain (loss) |  | (3756258) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (57964) |
| **Net gain (loss)** |  | (3814222) |
| **Net increase (decrease) in net assets resulting from operations** |  | $1197433 |

---

See Organization and Reorganization information note regarding reorganization from mutual fund to exchange traded fund.

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5011655 | $3886835 |
| &nbsp;&nbsp;Net realized gain (loss) | (3756258)<br>| (909259)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (57964) | 1162499<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1197433<br>| 4140075<br>|
| Distributions to shareholders | (4842935)<br>| (3821144)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 50144376 | 65069600 |
| Reinvestment of distributions | 2296744<br>| 2412193<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (49061348) | (58877357) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3379772<br>| 8604436<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (265730)<br>| 8923367<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 164812968 | 155889601<br>|
| &nbsp;&nbsp;End of period | $164547238 | $164812968 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 997095 | 1312587 |
| Issued in reinvestment of distributions | 45699<br>| 48877<br>|
| &nbsp;&nbsp;Redeemed | (978243) | (1198217) |
| &nbsp;&nbsp;Net increase (decrease) | 64551 | 163247 |

---

See Organization and Reorganization information note regarding reorganization from mutual fund to exchange traded fund.

Share activity is further described in Organization and Reorganization information notes, amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.

**Financial Highlights** 

**Fidelity® Systematic Municipal Bond Index ETF** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025** A  | **2024** A | **2023** A  | **2022** A | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $49.88 | $49.64 | $49.42 | $55.25 | $54.11 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.442  | 1.244  | 1.089  | .761  | .837  |
| Net realized and unrealized gain (loss)  | (1.081)  | .222  | .198  | (5.831)  | 1.141  |
| Total from investment operations  | .361  | 1.466  | 1.287  | (5.070)  | 1.978  |
| Distributions from net investment income  | (1.391)  | (1.222)  | (1.070)  | (.756)  | (.840)  |
| Distributions from net realized gain  | - D | -  | -  | -  | -  |
| Total distributions  | (1.391)  | (1.222)  | (1.070)  | (.756)  | (.840)  |
| Net asset value, end of period  | $48.85 | $49.88 | $49.64 | $49.42 | $55.25 |
| **Total Return** E,F | .71% <br>| 3.01%  | 2.64%  | (9.26)%  | 3.68%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .07%  | .07%  | .07%  | .07%  | .07%  |
| Expenses net of fee waivers, if any  | .07% <br>| .07%  | .07%  | .07%  | .07%  |
| Expenses net of all reductions, if any  | .07%  | .07%  | .07%  | .07%  | .07%  |
| Net investment income (loss)  | 2.89%  | 2.52%  | 2.21%  | 1.43%  | 1.53%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $164547 | $164813 | $155890 | $124941 | $106786 |
| Portfolio turnover rate I | 69% <br>| 15%  | 18%  | 30%  | 8%  |

---

A*As further described in Organization and Reorganization information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.*

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

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

D*Amount represents less than $.005 per share.*

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

F*Based on net asset value.*

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

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

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

**Notes to Financial Statements**

For the period ended June 30, 2025

**1. Organization.**

Fidelity Systematic Municipal Bond Index ETF (the Fund) is an exchange-traded fund of Fidelity Merrimack Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective April 4, 2025, Fidelity Municipal Bond Index Fund (Predecessor Fund) reorganized into the newly created Fidelity Systematic Municipal Bond Index ETF. The Predecessor Fund was the accounting survivor in the reorganization, and, as such, the financial statements and financial highlights of the Fund reflects the financial information of the Predecessor Fund through April 4, 2025 (see Reorganization Information note).

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $254419 |
| **Gross unrealized depreciation**  | <u>(7848389)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(7593970)</u> |
| **Tax Cost**  | <u>$171386741</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$58187</u> |
| **Undistributed ordinary income**  | <u>$18000</u> |
| **Capital loss carryforward**  | <u>$(7308982)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(7593970)</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(2400183) |
| Long-term | <u>(4908799)</u> |
| **Total capital loss carryforward** | <u>$(7308982)</u> |

---

The tax character of distributions paid by the Fund during the period April 5, 2025 through June 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Tax-exempt Income** | $1242853 |
| **Ordinary Income**  | <u>-</u> |
| **Total**  | <u>$1242853</u> |

---

The tax character of distributions paid by the Predecessor Fund was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 1, 2024 through April 4, 2025** | **June 30, 2024** |
| **Tax-exempt Income** | $3590546 | $3821105 |
| **Ordinary Income**  | <u>9536</u> | <u>-</u> |
| **Total**  | <u>$3600082</u> | <u>$3821105</u> |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Systematic Municipal Bond Index ETF** | 113701472 | 108901638 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management related services.

Effective April 5, 2025, the Fund pays a monthly management fee that is based on an annual rate of .05% of average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholders meeting expenses.

During the period July 1, 2024 through April 4, 2025, the Predecessor Fund paid a monthly management fee that was based on an annual rate of .07% of average net assets. Under the management contract, the investment adviser paid all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

**6. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $84.

In addition, during the period April 5, 2025 through June 30, 2025 the investment adviser or an affiliate reimbursed and/or waived a portion of the Fund's operating expenses in the amount of $2,522.

**7. Committed Line of Credit.**

During the period July 1, 2024 through April 4, 2025, the Predecessor Fund participated 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 were 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 were borne by the investment adviser.

Interest was charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period July 1, 2024 through April 4, 2025, there were no borrowings on this line of credit.

**8. Share Transactions.**

Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.

**9. Other.**

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

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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.

**11. Reorganization Information.**

On April 4, 2025 the Fidelity Municipal Bond Index Fund (Predecessor Fund) reorganized into a newly created Fidelity Systematic Municipal Bond Index ETF (ETF) pursuant to an Agreement and Plan of Reorganization (the Agreement) approved by its Board of Trustees. Per the Agreement, shareholders of the Predecessor Fund received ETF shares equal in value to the shares of the Predecessor Fund they owned on the day the reorganization was effective. The securities held by the Predecessor Funds were the primary assets acquired by the Fund. The Predecessor Fund was the accounting survivor after the reorganization. As such, performance and financial history prior to the reorganization is that of the Predecessor Fund. Historical share transactions and per share information for the Predecessor Fund was retroactively adjusted to reflect the change in capital structure due to the reorganization.

For financial reporting purposes, the assets and liabilities of the Predecessor Fund and shares issued by the ETF were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund were carried forward and will be utilized for purposes of the ETF's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. Costs incurred in connection with the reorganization were paid by the Predecessor Fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Predecessor Fund/Accounting Survivor** | **Investments ($)** | **Unrealized appreciation (depreciation) ($)** | **Net Assets ($)** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Municipal Bond Index Fund** | 171983791 | (4221060) | 174021094 | 9430193 | .3690720000 |

---

---

| | | |
|:---|:---|:---|
| **Legal Acquiring ETF** | **Net Assets ($)** | **Total net assets after the acquisition ($)** |
| **Fidelity Systematic Municipal Bond Index ETF** | 50 | 174021144 |

---

Pro forma results of operations of the combined entity for the entire period ended June 30, 2025, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $5039119 |
| **Total net realized gain (loss)** | (3756258) |
| **Total change in net unrealized appreciation (depreciation)** | <u>(57964)</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$1224897</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Predecessor Fund that has been included in the ETF's Statement of Operations since April 4, 2025.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Merrimack Street Trust and Shareholders of Fidelity Systematic Municipal Bond Index ETF

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

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

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

August 12, 2025

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

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

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

During fiscal year ended 2025, 100% of Fidelity Systematic Municipal Bond Index ETF's income dividends was free from federal income tax, and 7.97% of Fidelity Systematic Municipal Bond Index ETF's income dividends were subject to the federal alternative minimum tax.

During the fiscal year ended 2025, 100% of Fidelity Municipal Bond Index Fund's income dividends was free from federal income tax, and 6.63% of Fidelity Municipal Bond Index Fund's income dividends were subject to the federal alternative minimum tax.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Systematic Municipal Bond Index ETF**

At its September 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering pricing and bookkeeping and securities lending services for the fund. The Board also considered the nature and extent of the supervision of third-party service providers, principally transfer agents, custodians, subcustodians, and pricing vendors.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment Performance</u>. The fund will commence operations by acquiring the assets of the acquired fund in a reorganization, and the acquired fund is to be the accounting survivor after the reorganization. Performance information for the acquired fund was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. The Board also considered FMR's proprietary systematic municipal bond index methodology.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** In reviewing the Advisory Contracts, the Board considered the fund's proposed all-inclusive (subject to certain exceptions) fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board noted that the fund's proposed management fee rate is below the median fee rate of funds with similar Morningstar classifications, regardless of whether their management fee structures are comparable. The Board also considered that the projected total net expense ratio of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

Based on its review, the Board concluded that the management fee and the projected total net expenses of the fund were fair and reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** The fund will commence operations by acquiring the assets of the acquired fund in a reorganization, and the acquired fund is to be the accounting survivor after the reorganization. Revenue, expense, and profitability data for the acquired fund was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts.

**Economies of Scale.** The Board considered economies of scale based on the operating experience of the acquired fund to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with converting a mutual fund into an exchange-traded fund, the management fee for the fund was set at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, ultimately concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be approved through September 30, 2026.

![](img110562_4.jpg)<br>

1.9917221.100 SMBI-ANN-0825

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH](code.htm) .

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT](ex99cert.htm) .

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm)

SIGNATURES

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

Fidelity Merrimack Street Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Merrimack Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp; Laura M. Del Prato |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Merrimack Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Merrimack Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp; Laura M. Del Prato |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

---

Dated: August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>