# EDGAR Filing Document

**Accession Number:** 0000215829
**File Stem:** 0000215829-26-000012
**Filing Date:** 2026-2
**Character Count:** 966356
**Document Hash:** 42c031eeddd15feb5859bc55d6e3413e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000215829-26-000012.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0000215829-26-000012

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SCHOOL STREET TRUST
- **CENTRAL INDEX KEY:** 0000215829

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02676
- **FILM NUMBER:** 26657588

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY SCHOOL STREET TRUST/
- **DATE OF NAME CHANGE:** 19940526

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY LIMITED TERM MUNICIPALS
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Fidelity Intermediate Municipal Income Fund (Series ID: S000007186)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000019665 | Fidelity Intermediate Municipal Income Fund                  | FLTMX           |
| C000019666 | Fidelity Advisor Intermediate Municipal Income Fund: Class A | FZIAX           |
| C000019668 | Fidelity Advisor Intermediate Municipal Income Fund: Class C | FZICX           |
| C000019669 | Fidelity Advisor Intermediate Municipal Income Fund: Class M | FZITX           |
| C000019670 | Fidelity Advisor Intermediate Municipal Income Fund: Class I | FZIIX           |
| C000205053 | Fidelity Advisor Intermediate Municipal Income Fund: Class Z | FIQZX           |

### Fidelity Advisor Multi-Asset Income Fund (Series ID: S000050482)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000159358 | Class A                          | FWATX           |
| C000159359 | Class M                          | FAZYX           |
| C000159360 | Class C                          | FWBTX           |
| C000159361 | Class I                          | FAYZX           |
| C000199669 | Fidelity Multi-Asset Income Fund | FMSDX           |
| C000205055 | Class Z                          | FIWBX           |

### Fidelity Series International Credit Fund (Series ID: S000058189)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000190811 | Fidelity Series International Credit Fund | FCDSX           |

### Fidelity Series International Developed Markets Bond Index Fund (Series ID: S000072687)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000229122 | Fidelity Series International Developed Markets Bond Index Fund | FSTQX           |

?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>811-02676</u>

<u>Fidelity School 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;December 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;December 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Series International Developed Markets Bond Index Fund<br> **Fidelity® Series International Developed Markets Bond Index Fund : FSTQX** <br>|

---

This annual shareholder report contains information about Fidelity® Series International Developed Markets Bond Index Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last 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® Series International Developed Markets Bond Index Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• International developed market bonds advanced solidly in 2025, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields, tighter credit spreads and policy interest-rate cuts by the U.S. Federal Reserve and several other key central banks.

• Against that backdrop, we constructed the portfolio using optimization. This approach minimizes the differences between risk exposures of the fund relative to the index.

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

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

**CUMULATIVE PERFORMANCE**

August 31, 2021 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fidelity® Series International Developed Markets Bond Index Fund<br>| $10000 | $9838<br>| $8482<br>| $9159<br>| $9426<br>|
| Bloomberg Global Aggregate Treasury ex USD, ex Emerging Markets, RIC Capped, Float Adjusted Index (Hedged USD)<br>| $10000 | $9872<br>| $8508<br>| $9214<br>| $9486<br>|
| Bloomberg Global Aggregate Bond Index<br>| $10000 | $9756<br>| $8171<br>| $8638<br>| $8492<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123473_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Series International Developed Markets Bond Index Fund | 1.65% | -0.98% |
| Bloomberg Global Aggregate Treasury ex USD, ex Emerging Markets, RIC Capped, Float Adjusted Index (Hedged USD) | 1.64%<br>| -0.84% |
| Bloomberg Global Aggregate Bond Index | 8.17%<br>| -1.94% |

---

**A** From August 31, 2021

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15679432680<br>|
| Number of Holdings | 673<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 27%<br>|

---

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

---

| | |
|:---|:---|
| AAA | 16.0 |
| AA | 18.3 |
| A | 16.3 |
| BBB | 4.5 |
| Not Rated | 42.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.1 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6397_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 16.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 16.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 4.5&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;Not Rated - 42.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.1 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Foreign Government and Government Agency Obligations 97.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6397_20251231_AA.jpg) <br>|

---

Foreign Government and Government Agency Obligations - 97.9 <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.1 <br>

---

| | |
|:---|:---|
| Japan | 11.8 |
| France | 8.2 |
| Italy | 8.0 |
| Germany | 6.6 |
| United Kingdom | 6.5 |
| Spain | 5.1 |
| Australia | 4.8 |
| Canada | 4.6 |
| Austria | 4.6 |
| Others | 39.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6397_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Italy - 8.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 5.1&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;Australia - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Austria - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 39.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Japan Government | 11.8<br>|
| French Government | 8.2<br>|
| Italian Republic | 8.0<br>|
| German Federal Republic | 6.6<br>|
| United Kingdom of Great Britain and Northern Ireland | 6.5<br>|
| Spanish Kingdom | 5.1<br>|
| Australian Commonwealth | 4.8<br>|
| Canadian Government | 4.6<br>|
| Austrian Republic | 4.6<br>|
| Kingdom of Belgium | 4.6<br>|
|  | 64.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6397_20251231_2.jpg)<br>| ![](img123473_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> 1.9914396.101 6397-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Series International Credit Fund<br> **Fidelity® Series International Credit Fund : FCDSX** <br>|

---

This annual shareholder report contains information about Fidelity® Series International Credit Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last 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® Series International Credit Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• International Credit performed well in 2025, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields, tighter credit spreads and policy interest-rate cuts by the U.S. Federal Reserve and several other key central banks.

• Against this backdrop, the fund's allocation to euro- and pound-denominated corporate bonds - which outperformed dollar-denominated bonds - notably contributed to performance versus the benchmark Bloomberg Global Aggregate Credit ex U.S. Index for the year.

• Overweight holdings among yield-advantaged, lower-quality investment-grade bonds rated BBB or lower boosted relative performance.

• The portfolio's yield-curve positioning aided the relative result as curves steepened in the U.S. and U.K. bond markets.

• Security selection within euro-denominated financials was a bright spot.

• In contrast, an allocation to U.S. Treasurys detracted.

• At year-end, the portfolio was defensively positioned with about 20% in non-benchmark exposure to U.S. government bonds and about 8% in non-U.S. government bonds.

• Notable changes include a reduction in credit risk and a focus on defensively positioning the portfolio.

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

**CUMULATIVE PERFORMANCE**

July 25, 2017 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series International Credit Fund<br>| $10000 | $10191<br>| $10085<br>| $11483<br>| $12439<br>| $12431<br>| $10262<br>| $11060<br>| $11997<br>|
| Bloomberg Global Aggregate Credit Ex U.S. Index (Hedged USD)<br>| $10000 | $10176<br>| $10243<br>| $11294<br>| $12021<br>| $11906<br>| $10349<br>| $11250<br>| $11749<br>|
| Bloomberg Global Aggregate Bond Index<br>| $10000 | $10183<br>| $10061<br>| $10749<br>| $11737<br>| $11185<br>| $9367<br>| $9903<br>| $9736<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123474_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Series International Credit Fund | 7.23% | 0.67% | 3.03% |
| Bloomberg Global Aggregate Credit Ex U.S. Index (Hedged USD) | 6.36%<br>| 0.78%<br>| 2.67% |
| Bloomberg Global Aggregate Bond Index | 8.17%<br>| -2.15%<br>| 0.61% |

---

**A** From July 25, 2017

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $126190415<br>|
| Number of Holdings | 249<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 67%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 20.3 |
| AAA | 8.3 |
| AA | 0.3 |
| A | 15.0 |
| BBB | 35.1 |
| BB | 4.8 |
| B | 1.4 |
| CCC,CC,C | 0.3 |
| D | 0.5 |
| Not Rated | 8.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.2 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3017_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 20.3 |
| &nbsp;&nbsp;AAA - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 15.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 35.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 5.2 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 60.9 |
| U.S. Treasury Obligations | 20.3 |
| Foreign Government and Government Agency Obligations | 9.8 |
| Preferred Securities | 3.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3017_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 60.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 20.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Government and Government Agency Obligations - 9.8 |
| Preferred Securities - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 5.2 |

---

---

| | |
|:---|:---|
| United States | 32.6 |
| United Kingdom | 17.6 |
| Germany | 10.6 |
| France | 5.2 |
| Canada | 4.6 |
| Japan | 4.3 |
| Multi-national | 3.7 |
| Luxembourg | 3.7 |
| Australia | 2.7 |
| Others | 15.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3017_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 32.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 5.2&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;Canada - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Multi-national - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 13.3<br>|
| US Treasury Bonds | 7.0<br>|
| Japan Government | 3.8<br>|
| Canadian Government | 2.5<br>|
| European Union | 2.2<br>|
| KfW | 2.1<br>|
| HSBC Holdings PLC | 1.9<br>|
| BNP Paribas SA | 1.7<br>|
| UBS Group AG | 1.6<br>|
| European Investment Bank | 1.5<br>|
|  | 37.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img3017_20251231_2.jpg)<br>| ![](img123474_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> 1.9914368.101 3017-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Intermediate Municipal Income Fund<br> **Fidelity® Intermediate Municipal Income Fund : FLTMX** <br>|

---

This annual shareholder report contains information about Fidelity® Intermediate Municipal Income Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last 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® Intermediate Municipal Income Fund  | $38  | 0.37% |

---

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

• U.S. tax-exempt municipal bonds notched a solid gain in 2025, bolstered by a second-half rally that was driven by the Federal Reserve's interest-rate cuts, moderating muni supply, firming investor demand and solid issuer credit fundamentals.

• Against this backdrop, the fund's yield-curve positioning (overweight in the 20-year part of the curve and underweight in the two-year part of the curve) detracted from performance versus the Bloomberg 3-15 Year Blend (2-17) Muni Bond Index in 2025.

• An overweight in lower-quality investment-grade bonds also hindered relative performance, as did underweights in certain high-quality securities, including those backed by the states of California and Massachusetts, New York City and the New York City Transitional Finance Authority.

• Pricing factors crimped the relative result as well. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management & Research's fair-value processes. Securities within the index, however, are priced by the index provider. These two approaches employ somewhat different methodologies in setting the prices of municipal securities, most of which trade infrequently.

• In contrast, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the 3-15 Year Blend index for the year.

• The fund's underweight in lower-coupon bonds also contributed.

• An overweight in airport bonds further boosted relative performance. During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and also pared back exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Intermediate Municipal Income Fund<br>| $10000 | $9999<br>| $10447<br>| $10572<br>| $11264<br>| $11775<br>| $11909<br>| $11162<br>| $11777<br>| $11939<br>| $12540<br>|
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index<br>| $10000 | $9995<br>| $10470<br>| $10631<br>| $11357<br>| $11930<br>| $12041<br>| $11267<br>| $11881<br>| $11965<br>| $12600<br>|
| Fidelity Intermediate Municipal Income Linked Index℠<br>| $10000 | $10001<br>| $10434<br>| $10599<br>| $11281<br>| $11815<br>| $11917<br>| $11209<br>| $11798<br>| $11897<br>| $12528<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123505_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Intermediate Municipal Income Fund | 5.04% | 1.27% | 2.29% |
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index | 5.30%<br>| 1.10%<br>| 2.34% |
| Fidelity Intermediate Municipal Income Linked Index℠ | 5.30%<br>| 1.18%<br>| 2.28% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

| |
|:---|
| 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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13993347424<br>|
| Number of Holdings | 3121<br>|
| Total Advisory Fee | $34209004<br>|
| Portfolio Turnover | 15%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 37.3 |
| Transportation | 18.9 |
| Health Care | 12.1 |
| Special Tax | 7.4 |
| Others(Individually Less Than 5%) | 18.8 |
| 94.5 | 94.5 |

---

---

| | |
|:---|:---|
| AAA | 9.0 |
| AA | 43.6 |
| A | 32.6 |
| BBB | 6.1 |
| BB | 1.4 |
| B | 0.4 |
| Not Rated | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img36_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 43.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 32.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.4&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) - 5.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 15.5 |
| Illinois | 7.8 |
| Alabama | 6.0 |
| California | 5.9 |
| New York | 5.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img36_20251231_2.jpg)<br>| ![](img123505_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> 1.9914135.101 36-TSRA-0226 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Intermediate Municipal Income Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last 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**  |
| Class Z  | $32  | 0.31% |

---

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

• U.S. tax-exempt municipal bonds notched a solid gain in 2025, bolstered by a second-half rally that was driven by the Federal Reserve's interest-rate cuts, moderating muni supply, firming investor demand and solid issuer credit fundamentals.

• Against this backdrop, the fund's yield-curve positioning (overweight in the 20-year part of the curve and underweight in the two-year part of the curve) detracted from performance versus the Bloomberg 3-15 Year Blend (2-17) Muni Bond Index in 2025.

• An overweight in lower-quality investment-grade bonds also hindered relative performance, as did underweights in certain high-quality securities, including those backed by the states of California and Massachusetts, New York City and the New York City Transitional Finance Authority.

• Pricing factors crimped the relative result as well. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management & Research's fair-value processes. Securities within the index, however, are priced by the index provider. These two approaches employ somewhat different methodologies in setting the prices of municipal securities, most of which trade infrequently.

• In contrast, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the 3-15 Year Blend index for the year.

• The fund's underweight in lower-coupon bonds also contributed.

• An overweight in airport bonds further boosted relative performance. During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and also pared back exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

October 2, 2018 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10154<br>| $10823<br>| $11320<br>| $11454<br>| $10744<br>| $11341<br>| $11504<br>|
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index<br>| $10000 | $10179<br>| $10873<br>| $11422<br>| $11528<br>| $10788<br>| $11375<br>| $11456<br>|
| Fidelity Intermediate Municipal Income Linked Index℠<br>| $10000 | $10169<br>| $10824<br>| $11336<br>| $11434<br>| $10754<br>| $11320<br>| $11415<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10167<br>| $10933<br>| $11503<br>| $11678<br>| $10682<br>| $11366<br>| $11486<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123506_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 5.09% | 1.33% | 2.65% |
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index | 5.30%<br>| 1.10%<br>| 2.62% |
| Fidelity Intermediate Municipal Income Linked Index℠ | 5.30%<br>| 1.18%<br>| 2.57% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.51% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13993347424<br>|
| Number of Holdings | 3121<br>|
| Total Advisory Fee | $34209004<br>|
| Portfolio Turnover | 15%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 37.3 |
| Transportation | 18.9 |
| Health Care | 12.1 |
| Special Tax | 7.4 |
| Others(Individually Less Than 5%) | 18.8 |
| 94.5 | 94.5 |

---

---

| | |
|:---|:---|
| AAA | 9.0 |
| AA | 43.6 |
| A | 32.6 |
| BBB | 6.1 |
| BB | 1.4 |
| B | 0.4 |
| Not Rated | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img36_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 43.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 32.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.4&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) - 5.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 15.5 |
| Illinois | 7.8 |
| Alabama | 6.0 |
| California | 5.9 |
| New York | 5.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img36_20251231_2.jpg)<br>| ![](img123506_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> 1.9914134.101 3283-TSRA-0226 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Intermediate Municipal Income Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last 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**  |
| Class M  | $67  | 0.65% |

---

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

• U.S. tax-exempt municipal bonds notched a solid gain in 2025, bolstered by a second-half rally that was driven by the Federal Reserve's interest-rate cuts, moderating muni supply, firming investor demand and solid issuer credit fundamentals.

• Against this backdrop, the fund's yield-curve positioning (overweight in the 20-year part of the curve and underweight in the two-year part of the curve) detracted from performance versus the Bloomberg 3-15 Year Blend (2-17) Muni Bond Index in 2025.

• An overweight in lower-quality investment-grade bonds also hindered relative performance, as did underweights in certain high-quality securities, including those backed by the states of California and Massachusetts, New York City and the New York City Transitional Finance Authority.

• Pricing factors crimped the relative result as well. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management & Research's fair-value processes. Securities within the index, however, are priced by the index provider. These two approaches employ somewhat different methodologies in setting the prices of municipal securities, most of which trade infrequently.

• In contrast, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the 3-15 Year Blend index for the year.

• The fund's underweight in lower-coupon bonds also contributed.

• An overweight in airport bonds further boosted relative performance. During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and also pared back exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9600 | $9571<br>| $9970<br>| $10062<br>| $10689<br>| $11142<br>| $11237<br>| $10505<br>| $11053<br>| $11174<br>| $11704<br>|
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index<br>| $10000 | $9995<br>| $10470<br>| $10631<br>| $11357<br>| $11930<br>| $12041<br>| $11267<br>| $11881<br>| $11965<br>| $12600<br>|
| Fidelity Intermediate Municipal Income Linked Index℠<br>| $10000 | $10001<br>| $10434<br>| $10599<br>| $11281<br>| $11815<br>| $11917<br>| $11209<br>| $11798<br>| $11897<br>| $12528<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123507_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 4.00% sales charge)  | 0.55% | 0.17%<br>| 1.59% |
| Class M (without 4.00% sales charge) | 4.74% | 0.99% | 2.00% |
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index | 5.30%<br>| 1.10%<br>| 2.34% |
| Fidelity Intermediate Municipal Income Linked Index℠ | 5.30%<br>| 1.18%<br>| 2.28% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

| |
|:---|
| Visit **institutional.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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13993347424<br>|
| Number of Holdings | 3121<br>|
| Total Advisory Fee | $34209004<br>|
| Portfolio Turnover | 15%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 37.3 |
| Transportation | 18.9 |
| Health Care | 12.1 |
| Special Tax | 7.4 |
| Others(Individually Less Than 5%) | 18.8 |
| 94.5 | 94.5 |

---

---

| | |
|:---|:---|
| AAA | 9.0 |
| AA | 43.6 |
| A | 32.6 |
| BBB | 6.1 |
| BB | 1.4 |
| B | 0.4 |
| Not Rated | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img36_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 43.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 32.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.4&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) - 5.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 15.5 |
| Illinois | 7.8 |
| Alabama | 6.0 |
| California | 5.9 |
| New York | 5.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img36_20251231_2.jpg)<br>| ![](img123507_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> 1.9914132.101 1527-TSRA-0226 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Intermediate Municipal Income Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last 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**  |
| Class I  | $45  | 0.44% |

---

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

• U.S. tax-exempt municipal bonds notched a solid gain in 2025, bolstered by a second-half rally that was driven by the Federal Reserve's interest-rate cuts, moderating muni supply, firming investor demand and solid issuer credit fundamentals.

• Against this backdrop, the fund's yield-curve positioning (overweight in the 20-year part of the curve and underweight in the two-year part of the curve) detracted from performance versus the Bloomberg 3-15 Year Blend (2-17) Muni Bond Index in 2025.

• An overweight in lower-quality investment-grade bonds also hindered relative performance, as did underweights in certain high-quality securities, including those backed by the states of California and Massachusetts, New York City and the New York City Transitional Finance Authority.

• Pricing factors crimped the relative result as well. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management & Research's fair-value processes. Securities within the index, however, are priced by the index provider. These two approaches employ somewhat different methodologies in setting the prices of municipal securities, most of which trade infrequently.

• In contrast, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the 3-15 Year Blend index for the year.

• The fund's underweight in lower-coupon bonds also contributed.

• An overweight in airport bonds further boosted relative performance. During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and also pared back exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9991<br>| $10441<br>| $10559<br>| $11240<br>| $11731<br>| $11866<br>| $11106<br>| $11720<br>| $11861<br>| $12449<br>|
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index<br>| $10000 | $9995<br>| $10470<br>| $10631<br>| $11357<br>| $11930<br>| $12041<br>| $11267<br>| $11881<br>| $11965<br>| $12600<br>|
| Fidelity Intermediate Municipal Income Linked Index℠<br>| $10000 | $10001<br>| $10434<br>| $10599<br>| $11281<br>| $11815<br>| $11917<br>| $11209<br>| $11798<br>| $11897<br>| $12528<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123508_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 4.96% | 1.20% | 2.21% |
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index | 5.30%<br>| 1.10%<br>| 2.34% |
| Fidelity Intermediate Municipal Income Linked Index℠ | 5.30%<br>| 1.18%<br>| 2.28% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

| |
|:---|
| Visit **institutional.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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13993347424<br>|
| Number of Holdings | 3121<br>|
| Total Advisory Fee | $34209004<br>|
| Portfolio Turnover | 15%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 37.3 |
| Transportation | 18.9 |
| Health Care | 12.1 |
| Special Tax | 7.4 |
| Others(Individually Less Than 5%) | 18.8 |
| 94.5 | 94.5 |

---

---

| | |
|:---|:---|
| AAA | 9.0 |
| AA | 43.6 |
| A | 32.6 |
| BBB | 6.1 |
| BB | 1.4 |
| B | 0.4 |
| Not Rated | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img36_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 43.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 32.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.4&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) - 5.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 15.5 |
| Illinois | 7.8 |
| Alabama | 6.0 |
| California | 5.9 |
| New York | 5.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img36_20251231_2.jpg)<br>| ![](img123508_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> 1.9914133.101 1528-TSRA-0226 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Intermediate Municipal Income Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last 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**  |
| Class C  | $144  | 1.42% |

---

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

• U.S. tax-exempt municipal bonds notched a solid gain in 2025, bolstered by a second-half rally that was driven by the Federal Reserve's interest-rate cuts, moderating muni supply, firming investor demand and solid issuer credit fundamentals.

• Against this backdrop, the fund's yield-curve positioning (overweight in the 20-year part of the curve and underweight in the two-year part of the curve) detracted from performance versus the Bloomberg 3-15 Year Blend (2-17) Muni Bond Index in 2025.

• An overweight in lower-quality investment-grade bonds also hindered relative performance, as did underweights in certain high-quality securities, including those backed by the states of California and Massachusetts, New York City and the New York City Transitional Finance Authority.

• Pricing factors crimped the relative result as well. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management & Research's fair-value processes. Securities within the index, however, are priced by the index provider. These two approaches employ somewhat different methodologies in setting the prices of municipal securities, most of which trade infrequently.

• In contrast, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the 3-15 Year Blend index for the year.

• The fund's underweight in lower-coupon bonds also contributed.

• An overweight in airport bonds further boosted relative performance. During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and also pared back exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $9892<br>| $10225<br>| $10239<br>| $10803<br>| $11165<br>| $11174<br>| $10368<br>| $10828<br>| $10932<br>| $11447<br>|
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index<br>| $10000 | $9995<br>| $10470<br>| $10631<br>| $11357<br>| $11930<br>| $12041<br>| $11267<br>| $11881<br>| $11965<br>| $12600<br>|
| Fidelity Intermediate Municipal Income Linked Index℠<br>| $10000 | $10001<br>| $10434<br>| $10599<br>| $11281<br>| $11815<br>| $11917<br>| $11209<br>| $11798<br>| $11897<br>| $12528<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123509_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 2.94% | 0.23%<br>| 1.36% |
| Class C | 3.94% | 0.23% | 1.36% |
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index | 5.30%<br>| 1.10%<br>| 2.34% |
| Fidelity Intermediate Municipal Income Linked Index℠ | 5.30%<br>| 1.18%<br>| 2.28% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

| |
|:---|
| Visit **institutional.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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13993347424<br>|
| Number of Holdings | 3121<br>|
| Total Advisory Fee | $34209004<br>|
| Portfolio Turnover | 15%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 37.3 |
| Transportation | 18.9 |
| Health Care | 12.1 |
| Special Tax | 7.4 |
| Others(Individually Less Than 5%) | 18.8 |
| 94.5 | 94.5 |

---

---

| | |
|:---|:---|
| AAA | 9.0 |
| AA | 43.6 |
| A | 32.6 |
| BBB | 6.1 |
| BB | 1.4 |
| B | 0.4 |
| Not Rated | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img36_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 43.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 32.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.4&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) - 5.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 15.5 |
| Illinois | 7.8 |
| Alabama | 6.0 |
| California | 5.9 |
| New York | 5.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img36_20251231_2.jpg)<br>| ![](img123509_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> 1.9914131.101 1526-TSRA-0226 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Intermediate Municipal Income Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last 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**  |
| Class A  | $70  | 0.68% |

---

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

• U.S. tax-exempt municipal bonds notched a solid gain in 2025, bolstered by a second-half rally that was driven by the Federal Reserve's interest-rate cuts, moderating muni supply, firming investor demand and solid issuer credit fundamentals.

• Against this backdrop, the fund's yield-curve positioning (overweight in the 20-year part of the curve and underweight in the two-year part of the curve) detracted from performance versus the Bloomberg 3-15 Year Blend (2-17) Muni Bond Index in 2025.

• An overweight in lower-quality investment-grade bonds also hindered relative performance, as did underweights in certain high-quality securities, including those backed by the states of California and Massachusetts, New York City and the New York City Transitional Finance Authority.

• Pricing factors crimped the relative result as well. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management & Research's fair-value processes. Securities within the index, however, are priced by the index provider. These two approaches employ somewhat different methodologies in setting the prices of municipal securities, most of which trade infrequently.

• In contrast, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the 3-15 Year Blend index for the year.

• The fund's underweight in lower-coupon bonds also contributed.

• An overweight in airport bonds further boosted relative performance. During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and also pared back exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9600 | $9568<br>| $9974<br>| $10062<br>| $10686<br>| $11125<br>| $11226<br>| $10479<br>| $11032<br>| $11138<br>| $11663<br>|
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index<br>| $10000 | $9995<br>| $10470<br>| $10631<br>| $11357<br>| $11930<br>| $12041<br>| $11267<br>| $11881<br>| $11965<br>| $12600<br>|
| Fidelity Intermediate Municipal Income Linked Index℠<br>| $10000 | $10001<br>| $10434<br>| $10599<br>| $11281<br>| $11815<br>| $11917<br>| $11209<br>| $11798<br>| $11897<br>| $12528<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123510_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 4.00% sales charge)  | 0.52% | 0.13%<br>| 1.55% |
| Class A (without 4.00% sales charge) | 4.71% | 0.95% | 1.97% |
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index | 5.30%<br>| 1.10%<br>| 2.34% |
| Fidelity Intermediate Municipal Income Linked Index℠ | 5.30%<br>| 1.18%<br>| 2.28% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

| |
|:---|
| Visit **institutional.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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13993347424<br>|
| Number of Holdings | 3121<br>|
| Total Advisory Fee | $34209004<br>|
| Portfolio Turnover | 15%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 37.3 |
| Transportation | 18.9 |
| Health Care | 12.1 |
| Special Tax | 7.4 |
| Others(Individually Less Than 5%) | 18.8 |
| 94.5 | 94.5 |

---

---

| | |
|:---|:---|
| AAA | 9.0 |
| AA | 43.6 |
| A | 32.6 |
| BBB | 6.1 |
| BB | 1.4 |
| B | 0.4 |
| Not Rated | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img36_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 43.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 32.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.4&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) - 5.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 15.5 |
| Illinois | 7.8 |
| Alabama | 6.0 |
| California | 5.9 |
| New York | 5.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img36_20251231_2.jpg)<br>| ![](img123510_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> 1.9914130.101 1524-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Multi-Asset Income Fund<br> **Fidelity® Multi-Asset Income Fund : FMSDX** <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 Advisor® Multi-Asset Income Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last 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® Multi-Asset Income Fund  | $70  | 0.66% |

---

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

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024. U.S. taxable investment-grade bonds also advanced strongly, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields and tighter credit spreads.

• Against this backdrop, the fund outperformed the Composite index - a 50/50 blend of the S&P 500® index and the Bloomberg U.S. Aggregate Bond Index - for the year.

• Security selection in the fund's convertibles sleeve and a non-Composite allocation to the asset class contributed to the fund's performance versus the Composite index in 2025.

• Among investment-grade bonds, security selection detracted from the fund's relative result, although an underweight in the segment meaningfully contributed for the year, resulting in a net positive relative performance impact.

• Also helping relative performance was security selection in the fund's equity sleeve, even as an underweight in the category detracted.

• The largest portfolio shifts this past year involved increasing the fund's equity and preferred stock positions while reducing its allocation to high-yield and convertible bonds. Due to the timing of some of these transactions, the fund's cash allocation grew.

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

**CUMULATIVE PERFORMANCE**

March 28, 2018 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Multi-Asset Income Fund<br>| $10000 | $10030<br>| $12351<br>| $14395<br>| $16957<br>| $14781<br>| $16514<br>| $18159<br>|
| S&P 500®/Bloomberg U.S. Aggregate Bond 50/50 Index<br>| $10000 | $9991<br>| $11978<br>| $13614<br>| $15357<br>| $13014<br>| $15041<br>| $16944<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10171<br>| $11058<br>| $11888<br>| $11705<br>| $10182<br>| $10745<br>| $10879<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123534_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Multi-Asset Income Fund | 14.08% | 7.55% | 9.83% |
| S&P 500®/Bloomberg U.S. Aggregate Bond 50/50 Index | 12.64%<br>| 6.99%<br>| 8.68% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

**A** From March 28, 2018

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3227266451<br>|
| Number of Holdings | 333<br>|
| Total Advisory Fee | $19326316<br>|
| Portfolio Turnover | 225%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.5 |
| A | 0.2 |
| BBB | 0.4 |
| BB | 3.1 |
| B | 4.0 |
| CCC,CC,C | 5.2 |
| Not Rated | 12.1 |
| Equities | 55.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2792_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.5 |
| &nbsp;&nbsp;A - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 3.1&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;B - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 5.2&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;Not Rated - 12.1&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;Equities - 55.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |
| 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. |

---

---

| | |
|:---|:---|
| Common Stocks | 47.8 |
| U.S. Treasury Obligations | 18.5 |
| Corporate Bonds | 12.5 |
| Preferred Stocks | 7.9 |
| Bank Loan Obligations | 7.6 |
| Foreign Government and Government Agency Obligations | 2.3 |
| Alternative Funds | 1.6 |
| Preferred Securities | 0.5 |
| Asset-Backed Securities | 0.5 |
| CMOs and Other Mortgage Related Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2792_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 47.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 2.3 |
| Alternative Funds - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Bonds | 18.5<br>|
| EchoStar Corp | 3.2<br>|
| Strategy Inc 11% | 3.0<br>|
| Strategy Inc Series A, 10% | 2.9<br>|
| X Corp | 2.8<br>|
| Alphabet Inc Class A | 2.6<br>|
| DHT Holdings Inc | 2.4<br>|
| International Seaways Inc | 2.3<br>|
| TransAlta Corp | 2.3<br>|
| Brazilian Federative Republic | 2.3<br>|
|  | 42.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2792_20251231_2.jpg)<br>| ![](img123534_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> 1.9914364.101 3083-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Multi-Asset Income Fund<br> **Fidelity Advisor® Multi-Asset Income Fund Class Z : FIWBX** <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 Advisor® Multi-Asset Income Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last 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**  |
| Class Z  | $64  | 0.60% |

---

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

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024. U.S. taxable investment-grade bonds also advanced strongly, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields and tighter credit spreads.

• Against this backdrop, the fund outperformed the Composite index - a 50/50 blend of the S&P 500® index and the Bloomberg U.S. Aggregate Bond Index - for the year.

• Security selection in the fund's convertibles sleeve and a non-Composite allocation to the asset class contributed to the fund's performance versus the Composite index in 2025.

• Among investment-grade bonds, security selection detracted from the fund's relative result, although an underweight in the segment meaningfully contributed for the year, resulting in a net positive relative performance impact.

• Also helping relative performance was security selection in the fund's equity sleeve, even as an underweight in the category detracted.

• The largest portfolio shifts this past year involved increasing the fund's equity and preferred stock positions while reducing its allocation to high-yield and convertible bonds. Due to the timing of some of these transactions, the fund's cash allocation grew.

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

**CUMULATIVE PERFORMANCE**

October 2, 2018 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9554<br>| $11775<br>| $13736<br>| $16191<br>| $14123<br>| $15791<br>| $17362<br>|
| S&P 500®/Bloomberg U.S. Aggregate Bond 50/50 Index<br>| $10000 | $9379<br>| $11244<br>| $12780<br>| $14416<br>| $12216<br>| $14119<br>| $15905<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10161<br>| $11047<br>| $11876<br>| $11693<br>| $10172<br>| $10734<br>| $10868<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123535_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 14.23% | 7.62% | 9.90% |
| S&P 500®/Bloomberg U.S. Aggregate Bond 50/50 Index | 12.64%<br>| 6.99%<br>| 8.37% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.14% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3227266451<br>|
| Number of Holdings | 333<br>|
| Total Advisory Fee | $19326316<br>|
| Portfolio Turnover | 225%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.5 |
| A | 0.2 |
| BBB | 0.4 |
| BB | 3.1 |
| B | 4.0 |
| CCC,CC,C | 5.2 |
| Not Rated | 12.1 |
| Equities | 55.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2792_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.5 |
| &nbsp;&nbsp;A - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 3.1&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;B - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 5.2&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;Not Rated - 12.1&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;Equities - 55.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |
| 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. |

---

---

| | |
|:---|:---|
| Common Stocks | 47.8 |
| U.S. Treasury Obligations | 18.5 |
| Corporate Bonds | 12.5 |
| Preferred Stocks | 7.9 |
| Bank Loan Obligations | 7.6 |
| Foreign Government and Government Agency Obligations | 2.3 |
| Alternative Funds | 1.6 |
| Preferred Securities | 0.5 |
| Asset-Backed Securities | 0.5 |
| CMOs and Other Mortgage Related Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2792_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 47.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 2.3 |
| Alternative Funds - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Bonds | 18.5<br>|
| EchoStar Corp | 3.2<br>|
| Strategy Inc 11% | 3.0<br>|
| Strategy Inc Series A, 10% | 2.9<br>|
| X Corp | 2.8<br>|
| Alphabet Inc Class A | 2.6<br>|
| DHT Holdings Inc | 2.4<br>|
| International Seaways Inc | 2.3<br>|
| TransAlta Corp | 2.3<br>|
| Brazilian Federative Republic | 2.3<br>|
|  | 42.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2792_20251231_2.jpg)<br>| ![](img123535_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> 1.9914365.101 3285-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Multi-Asset Income Fund<br> **Fidelity Advisor® Multi-Asset Income Fund Class M : FAZYX** <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 Advisor® Multi-Asset Income Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last 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**  |
| Class M  | $101  | 0.94% |

---

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

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024. U.S. taxable investment-grade bonds also advanced strongly, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields and tighter credit spreads.

• Against this backdrop, the fund outperformed the Composite index - a 50/50 blend of the S&P 500® index and the Bloomberg U.S. Aggregate Bond Index - for the year.

• Security selection in the fund's convertibles sleeve and a non-Composite allocation to the asset class contributed to the fund's performance versus the Composite index in 2025.

• Among investment-grade bonds, security selection detracted from the fund's relative result, although an underweight in the segment meaningfully contributed for the year, resulting in a net positive relative performance impact.

• Also helping relative performance was security selection in the fund's equity sleeve, even as an underweight in the category detracted.

• The largest portfolio shifts this past year involved increasing the fund's equity and preferred stock positions while reducing its allocation to high-yield and convertible bonds. Due to the timing of some of these transactions, the fund's cash allocation grew.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9600 | $10613<br>| $11243<br>| $10878<br>| $13362<br>| $15533<br>| $18263<br>| $15880<br>| $17697<br>| $19392<br>| $22074<br>|
| S&P 500®/Bloomberg U.S. Aggregate Bond 50/50 Index<br>| $10000 | $10738<br>| $12066<br>| $11837<br>| $14192<br>| $16130<br>| $18196<br>| $15419<br>| $17821<br>| $20075<br>| $22613<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123536_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 4.00% sales charge)  | 9.28% | 6.41%<br>| 8.24% |
| Class M (without 4.00% sales charge) | 13.83% | 7.28% | 8.68% |
| S&P 500®/Bloomberg U.S. Aggregate Bond 50/50 Index | 12.64%<br>| 6.99%<br>| 8.50% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

| |
|:---|
| Visit **institutional.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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3227266451<br>|
| Number of Holdings | 333<br>|
| Total Advisory Fee | $19326316<br>|
| Portfolio Turnover | 225%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.5 |
| A | 0.2 |
| BBB | 0.4 |
| BB | 3.1 |
| B | 4.0 |
| CCC,CC,C | 5.2 |
| Not Rated | 12.1 |
| Equities | 55.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2792_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.5 |
| &nbsp;&nbsp;A - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 3.1&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;B - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 5.2&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;Not Rated - 12.1&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;Equities - 55.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |
| 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. |

---

---

| | |
|:---|:---|
| Common Stocks | 47.8 |
| U.S. Treasury Obligations | 18.5 |
| Corporate Bonds | 12.5 |
| Preferred Stocks | 7.9 |
| Bank Loan Obligations | 7.6 |
| Foreign Government and Government Agency Obligations | 2.3 |
| Alternative Funds | 1.6 |
| Preferred Securities | 0.5 |
| Asset-Backed Securities | 0.5 |
| CMOs and Other Mortgage Related Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2792_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 47.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 2.3 |
| Alternative Funds - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Bonds | 18.5<br>|
| EchoStar Corp | 3.2<br>|
| Strategy Inc 11% | 3.0<br>|
| Strategy Inc Series A, 10% | 2.9<br>|
| X Corp | 2.8<br>|
| Alphabet Inc Class A | 2.6<br>|
| DHT Holdings Inc | 2.4<br>|
| International Seaways Inc | 2.3<br>|
| TransAlta Corp | 2.3<br>|
| Brazilian Federative Republic | 2.3<br>|
|  | 42.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2792_20251231_2.jpg)<br>| ![](img123536_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> 1.9914362.101 2794-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Multi-Asset Income Fund<br> **Fidelity Advisor® Multi-Asset Income Fund Class I : FAYZX** <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 Advisor® Multi-Asset Income Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last 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**  |
| Class I  | $75  | 0.70% |

---

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

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024. U.S. taxable investment-grade bonds also advanced strongly, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields and tighter credit spreads.

• Against this backdrop, the fund outperformed the Composite index - a 50/50 blend of the S&P 500® index and the Bloomberg U.S. Aggregate Bond Index - for the year.

• Security selection in the fund's convertibles sleeve and a non-Composite allocation to the asset class contributed to the fund's performance versus the Composite index in 2025.

• Among investment-grade bonds, security selection detracted from the fund's relative result, although an underweight in the segment meaningfully contributed for the year, resulting in a net positive relative performance impact.

• Also helping relative performance was security selection in the fund's equity sleeve, even as an underweight in the category detracted.

• The largest portfolio shifts this past year involved increasing the fund's equity and preferred stock positions while reducing its allocation to high-yield and convertible bonds. Due to the timing of some of these transactions, the fund's cash allocation grew.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $11072<br>| $11758<br>| $11404<br>| $14044<br>| $16369<br>| $19266<br>| $16787<br>| $18752<br>| $20612<br>| $23521<br>|
| S&P 500®/Bloomberg U.S. Aggregate Bond 50/50 Index<br>| $10000 | $10738<br>| $12066<br>| $11837<br>| $14192<br>| $16130<br>| $18196<br>| $15419<br>| $17821<br>| $20075<br>| $22613<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123537_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 14.11% | 7.52% | 8.93% |
| S&P 500®/Bloomberg U.S. Aggregate Bond 50/50 Index | 12.64%<br>| 6.99%<br>| 8.50% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

| |
|:---|
| Visit **institutional.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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3227266451<br>|
| Number of Holdings | 333<br>|
| Total Advisory Fee | $19326316<br>|
| Portfolio Turnover | 225%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.5 |
| A | 0.2 |
| BBB | 0.4 |
| BB | 3.1 |
| B | 4.0 |
| CCC,CC,C | 5.2 |
| Not Rated | 12.1 |
| Equities | 55.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2792_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.5 |
| &nbsp;&nbsp;A - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 3.1&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;B - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 5.2&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;Not Rated - 12.1&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;Equities - 55.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |
| 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. |

---

---

| | |
|:---|:---|
| Common Stocks | 47.8 |
| U.S. Treasury Obligations | 18.5 |
| Corporate Bonds | 12.5 |
| Preferred Stocks | 7.9 |
| Bank Loan Obligations | 7.6 |
| Foreign Government and Government Agency Obligations | 2.3 |
| Alternative Funds | 1.6 |
| Preferred Securities | 0.5 |
| Asset-Backed Securities | 0.5 |
| CMOs and Other Mortgage Related Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2792_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 47.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 2.3 |
| Alternative Funds - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Bonds | 18.5<br>|
| EchoStar Corp | 3.2<br>|
| Strategy Inc 11% | 3.0<br>|
| Strategy Inc Series A, 10% | 2.9<br>|
| X Corp | 2.8<br>|
| Alphabet Inc Class A | 2.6<br>|
| DHT Holdings Inc | 2.4<br>|
| International Seaways Inc | 2.3<br>|
| TransAlta Corp | 2.3<br>|
| Brazilian Federative Republic | 2.3<br>|
|  | 42.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2792_20251231_2.jpg)<br>| ![](img123537_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> 1.9914363.101 2795-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Multi-Asset Income Fund<br> **Fidelity Advisor® Multi-Asset Income Fund Class C : FWBTX** <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 Advisor® Multi-Asset Income Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last 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**  |
| Class C  | $181  | 1.70% |

---

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

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024. U.S. taxable investment-grade bonds also advanced strongly, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields and tighter credit spreads.

• Against this backdrop, the fund outperformed the Composite index - a 50/50 blend of the S&P 500® index and the Bloomberg U.S. Aggregate Bond Index - for the year.

• Security selection in the fund's convertibles sleeve and a non-Composite allocation to the asset class contributed to the fund's performance versus the Composite index in 2025.

• Among investment-grade bonds, security selection detracted from the fund's relative result, although an underweight in the segment meaningfully contributed for the year, resulting in a net positive relative performance impact.

• Also helping relative performance was security selection in the fund's equity sleeve, even as an underweight in the category detracted.

• The largest portfolio shifts this past year involved increasing the fund's equity and preferred stock positions while reducing its allocation to high-yield and convertible bonds. Due to the timing of some of these transactions, the fund's cash allocation grew.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10974<br>| $11541<br>| $11080<br>| $13503<br>| $15587<br>| $18158<br>| $15672<br>| $17335<br>| $19008<br>| $21623<br>|
| S&P 500®/Bloomberg U.S. Aggregate Bond 50/50 Index<br>| $10000 | $10738<br>| $12066<br>| $11837<br>| $14192<br>| $16130<br>| $18196<br>| $15419<br>| $17821<br>| $20075<br>| $22613<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123538_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 12.01% | 6.45%<br>| 8.02% |
| Class C | 13.01% | 6.45% | 8.02% |
| S&P 500®/Bloomberg U.S. Aggregate Bond 50/50 Index | 12.64%<br>| 6.99%<br>| 8.50% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

| |
|:---|
| Visit **institutional.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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3227266451<br>|
| Number of Holdings | 333<br>|
| Total Advisory Fee | $19326316<br>|
| Portfolio Turnover | 225%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.5 |
| A | 0.2 |
| BBB | 0.4 |
| BB | 3.1 |
| B | 4.0 |
| CCC,CC,C | 5.2 |
| Not Rated | 12.1 |
| Equities | 55.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2792_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.5 |
| &nbsp;&nbsp;A - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 3.1&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;B - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 5.2&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;Not Rated - 12.1&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;Equities - 55.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |
| 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. |

---

---

| | |
|:---|:---|
| Common Stocks | 47.8 |
| U.S. Treasury Obligations | 18.5 |
| Corporate Bonds | 12.5 |
| Preferred Stocks | 7.9 |
| Bank Loan Obligations | 7.6 |
| Foreign Government and Government Agency Obligations | 2.3 |
| Alternative Funds | 1.6 |
| Preferred Securities | 0.5 |
| Asset-Backed Securities | 0.5 |
| CMOs and Other Mortgage Related Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2792_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 47.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 2.3 |
| Alternative Funds - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Bonds | 18.5<br>|
| EchoStar Corp | 3.2<br>|
| Strategy Inc 11% | 3.0<br>|
| Strategy Inc Series A, 10% | 2.9<br>|
| X Corp | 2.8<br>|
| Alphabet Inc Class A | 2.6<br>|
| DHT Holdings Inc | 2.4<br>|
| International Seaways Inc | 2.3<br>|
| TransAlta Corp | 2.3<br>|
| Brazilian Federative Republic | 2.3<br>|
|  | 42.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2792_20251231_2.jpg)<br>| ![](img123538_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> 1.9914361.101 2793-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Multi-Asset Income Fund<br> **Fidelity Advisor® Multi-Asset Income Fund Class A : FWATX** <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 Advisor® Multi-Asset Income Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last 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**  |
| Class A  | $101  | 0.95% |

---

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

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024. U.S. taxable investment-grade bonds also advanced strongly, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields and tighter credit spreads.

• Against this backdrop, the fund outperformed the Composite index - a 50/50 blend of the S&P 500® index and the Bloomberg U.S. Aggregate Bond Index - for the year.

• Security selection in the fund's convertibles sleeve and a non-Composite allocation to the asset class contributed to the fund's performance versus the Composite index in 2025.

• Among investment-grade bonds, security selection detracted from the fund's relative result, although an underweight in the segment meaningfully contributed for the year, resulting in a net positive relative performance impact.

• Also helping relative performance was security selection in the fund's equity sleeve, even as an underweight in the category detracted.

• The largest portfolio shifts this past year involved increasing the fund's equity and preferred stock positions while reducing its allocation to high-yield and convertible bonds. Due to the timing of some of these transactions, the fund's cash allocation grew.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9600 | $10613<br>| $11243<br>| $10878<br>| $13362<br>| $15535<br>| $18238<br>| $15852<br>| $17664<br>| $19368<br>| $22033<br>|
| S&P 500®/Bloomberg U.S. Aggregate Bond 50/50 Index<br>| $10000 | $10738<br>| $12066<br>| $11837<br>| $14192<br>| $16130<br>| $18196<br>| $15419<br>| $17821<br>| $20075<br>| $22613<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123539_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 4.00% sales charge)  | 9.21% | 6.37%<br>| 8.22% |
| Class A (without 4.00% sales charge) | 13.76% | 7.24% | 8.66% |
| S&P 500®/Bloomberg U.S. Aggregate Bond 50/50 Index | 12.64%<br>| 6.99%<br>| 8.50% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

| |
|:---|
| Visit **institutional.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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3227266451<br>|
| Number of Holdings | 333<br>|
| Total Advisory Fee | $19326316<br>|
| Portfolio Turnover | 225%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.5 |
| A | 0.2 |
| BBB | 0.4 |
| BB | 3.1 |
| B | 4.0 |
| CCC,CC,C | 5.2 |
| Not Rated | 12.1 |
| Equities | 55.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2792_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.5 |
| &nbsp;&nbsp;A - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 3.1&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;B - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 5.2&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;Not Rated - 12.1&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;Equities - 55.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |
| 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. |

---

---

| | |
|:---|:---|
| Common Stocks | 47.8 |
| U.S. Treasury Obligations | 18.5 |
| Corporate Bonds | 12.5 |
| Preferred Stocks | 7.9 |
| Bank Loan Obligations | 7.6 |
| Foreign Government and Government Agency Obligations | 2.3 |
| Alternative Funds | 1.6 |
| Preferred Securities | 0.5 |
| Asset-Backed Securities | 0.5 |
| CMOs and Other Mortgage Related Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2792_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 47.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 2.3 |
| Alternative Funds - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Bonds | 18.5<br>|
| EchoStar Corp | 3.2<br>|
| Strategy Inc 11% | 3.0<br>|
| Strategy Inc Series A, 10% | 2.9<br>|
| X Corp | 2.8<br>|
| Alphabet Inc Class A | 2.6<br>|
| DHT Holdings Inc | 2.4<br>|
| International Seaways Inc | 2.3<br>|
| TransAlta Corp | 2.3<br>|
| Brazilian Federative Republic | 2.3<br>|
|  | 42.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2792_20251231_2.jpg)<br>| ![](img123539_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> 1.9914360.101 2792-TSRA-0226 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, December 31, 2025, Fidelity School 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 Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Series International Developed Markets Bond Index Fund (the "Fund"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>December 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Series International Developed Markets Bond Index Fund | &nbsp;&nbsp;$76600  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$10900  | &nbsp;&nbsp;$700  |

---

**<u>December 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Series International Developed Markets Bond Index Fund | &nbsp;&nbsp;$74000  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$11100  | &nbsp;&nbsp;$1600  |

---

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

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Advisor Multi-Asset Income Fund, Fidelity Intermediate Municipal Income Fund and Fidelity Series International Credit Fund (the "Funds"):

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

**<u>December 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Advisor Multi-Asset Income Fund | &nbsp;&nbsp;$57200  | &nbsp;&nbsp;$2500  | &nbsp;&nbsp;$12500  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Intermediate Municipal Income Fund | &nbsp;&nbsp;$51700  | &nbsp;&nbsp;$2000  | &nbsp;&nbsp;$5800  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Series International Credit Fund | &nbsp;&nbsp;$81600  | &nbsp;&nbsp;$3400  | &nbsp;&nbsp;$12900  | &nbsp;&nbsp;$1300  |

---

**<u>December 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Advisor Multi-Asset Income Fund | &nbsp;&nbsp;$54900  | &nbsp;&nbsp;$4900  | &nbsp;&nbsp;$13000  | &nbsp;&nbsp;$2100  |
| &nbsp;&nbsp;Fidelity Intermediate Municipal Income Fund | &nbsp;&nbsp;$49900  | &nbsp;&nbsp;$4000  | &nbsp;&nbsp;$5600  | &nbsp;&nbsp;$1800  |
| &nbsp;&nbsp;Fidelity Series International Credit Fund | &nbsp;&nbsp;$79100  | &nbsp;&nbsp;$6700  | &nbsp;&nbsp;$12600  | &nbsp;&nbsp;$2900  |

---

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

The following table(s) present(s) fees billed by Deloitte Entities and 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 Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>December 31, 2024</u> <sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp; $125000  | &nbsp;&nbsp; $125000  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$1970400 | &nbsp;&nbsp;$2929500 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>December 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$8914100  | &nbsp;&nbsp;$9701800  |
| &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.

"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 Deloitte Entities and 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>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>December 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$2443800  | &nbsp;&nbsp;$3361700  |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13798700  | &nbsp;&nbsp;$15368700  |

---

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

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and 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>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

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

**Fidelity® Series International Credit Fund**

**Annual Report**

**December 31, 2025**

![](img123157_1.jpg)

![](img123157_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SUN-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series International Credit Fund](#Sub_Sec_Fund_3017_SUN-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3017_SUN-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SUN-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SUN-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SUN-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SUN-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SUN-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SUN-ANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Fidelity® Series International Credit Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 9.8%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 9.8%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 9.8%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 9.8%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.5%  |  |  |  |
| Australian Commonwealth 3.5% 12/21/2034 (c) | AUD | 965000 | 588255 |
| CANADA - 2.5%  |  |  |  |
| Canadian Government 1.5% 12/1/2031  | CAD | 3930000 | 2616316 |
| Canadian Government 1.5% 6/1/2031  | CAD | 300000 | 201759 |
| Canadian Government 2% 6/1/2032  | CAD | 235000 | 159787 |
| Canadian Government 2.75% 6/1/2033  | CAD | 260000 | 183468 |
| Canadian Government 3% 6/1/2034  | CAD | 40000 | 28481 |
| TOTAL CANADA |  |  | 3189811 |
| JAPAN - 3.8%  |  |  |  |
| Japan Government 0.1% 9/20/2028  | JPY | 213200000 | 1320318 |
| Japan Government Treasury Bills 0% 2/16/2026 (j) | JPY | 155400000 | 991277 |
| Japan Government Treasury Bills 0% 3/23/2026 (j) | JPY | 391200000 | 2493839 |
| TOTAL JAPAN |  |  | 4805434 |
| MULTI-NATIONAL - 2.2%  |  |  |  |
| European Union 3.375% 12/12/2035 (c) | EUR | 1215000 | 1448550 |
| European Union 3.75% 10/12/2045 (c) | EUR | 535000 | 620116 |
| European Union 4% 4/4/2044 (c) | EUR | 624000 | 752771 |
| TOTAL MULTI-NATIONAL |  |  | 2821437 |
| ROMANIA - 0.8%  |  |  |  |
| Romanian Republic 2.124% 7/16/2031 (c) | EUR | 100000 | 103087 |
| Romanian Republic 5.875% 7/11/2032 (c) | EUR | 400000 | 490458 |
| Romanian Republic 6.375% 9/18/2033 (c) | EUR | 300000 | 377608 |
| TOTAL ROMANIA |  |  | 971153 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $12,249,299) |  |  | <br> **12376090** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 60.9%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 60.9%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 60.9%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 60.9%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 2.2%  |  |  |  |
| Financials - 1.9% |  |  |  |
| Banks - 1.1% |  |  |  |
| Australia & New Zealand Banking Group Ltd 5.1454% 8/18/2036 (b)(c) | GBP | 500000 | 673876 |
| Commonwealth Bank of Australia 2.688% 3/11/2031 (h) |  | 200000 | 182129 |
| Commonwealth Bank of Australia 3.788% 8/26/2037 (b)(c) | EUR | 400000 | 467335 |
|  |  |  | 1323340 |
| Financial Services - 0.3% |  |  |  |
| Cimic Finance Ltd 1.5% 5/28/2029 (c) | EUR | 400000 | 438239 |
| Insurance - 0.5% |  |  |  |
| QBE Insurance Group Ltd 2.5% 9/13/2038 (b)(c) | GBP | 500000 | 638968 |
| TOTAL FINANCIALS |  |  | 2400547 |
| Utilities - 0.3% |  |  |  |
| Electric Utilities - 0.3% |  |  |  |
| AusNet Services Holdings Pty Ltd 6.134% 5/31/2033  | AUD | 530000 | 364253 |
| TOTAL AUSTRALIA |  |  | 2764800 |
| AUSTRIA - 0.3%  |  |  |  |
| Materials - 0.2% |  |  |  |
| Containers & Packaging - 0.2% |  |  |  |
| Mondi Finance PLC 3.375% 5/23/2031 (c) | EUR | 170000 | 197685 |
| Real Estate - 0.1% |  |  |  |
| Real Estate Management & Development - 0.1% |  |  |  |
| Supernova Invest GmbH 5% 6/24/2030 (c) | EUR | 100000 | 120112 |
| TOTAL AUSTRIA |  |  | 317797 |
| BELGIUM - 1.2%  |  |  |  |
| Consumer Staples - 0.5% |  |  |  |
| Food Products - 0.5% |  |  |  |
| Barry Callebaut Services NV 4.25% 8/19/2031 (c) | EUR | 500000 | 601410 |
| Energy - 0.5% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |  |
| Fluxys SA 4% 11/28/2030 (c) | EUR | 500000 | 597032 |
| Real Estate - 0.2% |  |  |  |
| Real Estate Management & Development - 0.2% |  |  |  |
| Shurgard Luxembourg Sarl 4% 5/27/2035 (c) | EUR | 300000 | 348520 |
| TOTAL BELGIUM |  |  | 1546962 |
| CANADA - 2.1%  |  |  |  |
| Financials - 2.1% |  |  |  |
| Banks - 2.1% |  |  |  |
| Bank of Nova Scotia/The 3.375% 3/5/2033 (b)(c) | EUR | 1100000 | 1288067 |
| Bank of Nova Scotia/The 4.338% 9/15/2031 (b) |  | 200000 | 199313 |
| Royal Bank of Canada 3.125% 9/27/2031 (b)(c) | EUR | 530000 | 621334 |
| Toronto Dominion Bank 3.357% 9/22/2032 (c) | EUR | 500000 | 581201 |
| TOTAL CANADA |  |  | 2689915 |
| CZECH REPUBLIC - 0.1%  |  |  |  |
| Real Estate - 0.1% |  |  |  |
| Real Estate Management & Development - 0.1% |  |  |  |
| CPI Property Group SA 1.5% 1/27/2031 (c) | EUR | 275000 | 263392 |
| DENMARK - 1.7%  |  |  |  |
| Consumer Staples - 0.4% |  |  |  |
| Beverages - 0.3% |  |  |  |
| Carlsberg Breweries A/S 3.25% 2/28/2032 (c) | EUR | 350000 | 409284 |
| Tobacco - 0.1% |  |  |  |
| Scandinavian Tobacco Group A/S 4.875% 9/12/2029 (c) | EUR | 150000 | 182382 |
| TOTAL CONSUMER STAPLES |  |  | 591666 |
| Financials - 1.3% |  |  |  |
| Banks - 1.3% |  |  |  |
| Danske Bank A/S 3.875% 1/9/2032 (b)(c) | EUR | 1055000 | 1273100 |
| Jyske Bank A/S 5.125% 5/1/2035 (b)(c) | EUR | 258000 | 319104 |
| TOTAL FINANCIALS |  |  | 1592204 |
| TOTAL DENMARK |  |  | 2183870 |
| FINLAND - 0.3%  |  |  |  |
| Real Estate - 0.3% |  |  |  |
| Real Estate Management & Development - 0.3% |  |  |  |
| Citycon Treasury BV 5% 3/11/2030 (c) | EUR | 200000 | 223280 |
| Citycon Treasury BV 5.375% 7/8/2031 (c) | EUR | 100000 | 111475 |
| TOTAL FINLAND |  |  | 334755 |
| FRANCE - 5.2%  |  |  |  |
| Communication Services - 0.3% |  |  |  |
| Media - 0.3% |  |  |  |
| Publicis Groupe SA 3.375% 6/12/2032 (c) | EUR | 300000 | 350015 |
| Consumer Discretionary - 0.4% |  |  |  |
| Automobiles - 0.4% |  |  |  |
| RCI Banque SA 4.75% 3/24/2037 (b)(c) | EUR | 200000 | 239537 |
| RCI Banque SA 5.5% 10/9/2034 (b)(c) | EUR | 200000 | 247719 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 487256 |
| Consumer Staples - 0.4% |  |  |  |
| Beverages - 0.4% |  |  |  |
| Pernod Ricard SA 3.75% 2/4/2037 (c) | EUR | 400000 | 461060 |
| Financials - 2.0% |  |  |  |
| Banks - 2.0% |  |  |  |
| BNP Paribas SA 2.159% 9/15/2029 (b)(h) |  | 225000 | 212787 |
| BNP Paribas SA 3.132% 1/20/2033 (b)(h) |  | 650000 | 592845 |
| BNP Paribas SA 3.945% 2/18/2037 (b)(c) | EUR | 1000000 | 1177298 |
| BNP Paribas SA 5.786% 1/13/2033 (b)(h) |  | 119000 | 124918 |
| BPCE SA 5.716% 1/18/2030 (b)(h) |  | 250000 | 258817 |
| Societe Generale SA 6.691% 1/10/2034 (b)(h) |  | 200000 | 217819 |
| TOTAL FINANCIALS |  |  | 2584484 |
| Industrials - 0.2% |  |  |  |
| Transportation Infrastructure - 0.2% |  |  |  |
| Holding d'Infrastructures des Metiers de l'Environnement SAS 0.625% 9/16/2028 (c) | EUR | 200000 | 218308 |
| Utilities - 1.9% |  |  |  |
| Electric Utilities - 0.6% |  |  |  |
| Electricite de France SA 4.75% 10/12/2034 (c) | EUR | 500000 | 626317 |
| Electricite de France SA 5.5% 1/25/2035 (c) | GBP | 100000 | 133511 |
|  |  |  | 759828 |
| Multi-Utilities - 1.3% |  |  |  |
| Engie SA 3.875% 3/6/2036 (c) | EUR | 300000 | 351809 |
| Engie SA 4.25% 9/6/2034 (c) | EUR | 300000 | 366362 |
| Veolia Environnement SA 3.324% 6/17/2032 (c) | EUR | 800000 | 933763 |
|  |  |  | 1651934 |
| TOTAL UTILITIES |  |  | 2411762 |
| TOTAL FRANCE |  |  | 6512885 |
| GERMANY - 9.0%  |  |  |  |
| Consumer Discretionary - 0.9% |  |  |  |
| Automobile Components - 0.9% |  |  |  |
| Robert Bosch GmbH 4.375% 6/2/2043 (c) | EUR | 200000 | 231195 |
| Schaeffler AG 5.375% 4/1/2031 (c) | EUR | 100000 | 123906 |
| ZF Europe Finance BV 4.75% 1/31/2029 (c) | EUR | 600000 | 702967 |
| ZF Europe Finance BV 7% 6/12/2030 (c) | EUR | 100000 | 123806 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 1181874 |
| Consumer Staples - 0.2% |  |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |  |
| METRO AG 4% 3/5/2030 (c) | EUR | 250000 | 306277 |
| Energy - 0.4% |  |  |  |
| Energy Equipment & Services - 0.4% |  |  |  |
| Vier Gas Transport GmbH 3.625% 9/8/2033 (c) | EUR | 400000 | 465051 |
| Financials - 2.8% |  |  |  |
| Banks - 0.7% |  |  |  |
| Commerzbank AG 3.625% 1/14/2032 (b)(c) | EUR | 300000 | 356613 |
| DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main 3.706% 10/15/2035 (b)(c) | EUR | 200000 | 233914 |
| Volkswagen Bank GmbH 3.5% 6/19/2031 (c) | EUR | 200000 | 234627 |
|  |  |  | 825154 |
| Financial Services - 2.1% |  |  |  |
| KfW 0.375% 5/20/2036 (c) | EUR | 125000 | 111165 |
| KfW 3.25% 3/24/2031 (c) | EUR | 1630000 | 1969894 |
| KfW 3.75% 7/15/2030  |  | 500000 | 500841 |
|  |  |  | 2581900 |
| TOTAL FINANCIALS |  |  | 3407054 |
| Health Care - 1.5% |  |  |  |
| Pharmaceuticals - 1.5% |  |  |  |
| Bayer US Finance LLC 6.375% 11/21/2030 (h) |  | 560000 | 598710 |
| Bayer US Finance LLC 6.5% 11/21/2033 (h) |  | 1165000 | 1261223 |
| TOTAL HEALTH CARE |  |  | 1859933 |
| Real Estate - 0.6% |  |  |  |
| Real Estate Management & Development - 0.6% |  |  |  |
| Accentro Real Estate AG 10% 12/30/2027  | EUR | 100000 | 123375 |
| Accentro Real Estate AG 5.625% 12/30/2034 pay-in-kind (b)(c) | EUR | 519069 | 183308 |
| Sirius Real Estate Ltd 4% 1/22/2032 (c) | EUR | 300000 | 350623 |
| Vonovia SE 3.5% 11/12/2032 (c) | EUR | 100000 | 115935 |
| TOTAL REAL ESTATE |  |  | 773241 |
| Utilities - 2.6% |  |  |  |
| Electric Utilities - 2.0% |  |  |  |
| Amprion GmbH 3.125% 8/27/2030 (c) | EUR | 300000 | 352475 |
| Amprion GmbH 3.625% 5/21/2031 (c) | EUR | 100000 | 119676 |
| Amprion GmbH 3.875% 6/5/2036 (c) | EUR | 300000 | 351244 |
| EnBW Energie Baden-Wuerttemberg AG 1.375% 8/31/2081 (b)(c) | EUR | 500000 | 558419 |
| EnBW International Finance BV 3.75% 11/20/2035 (c) | EUR | 750000 | 878793 |
| EnBW International Finance BV 5.7923% 2/26/2036 (c) | AUD | 460000 | 299577 |
|  |  |  | 2560184 |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |  |
| RWE Finance US LLC 5.125% 9/18/2035 (h) |  | 150000 | 149159 |
| RWE Finance US LLC 5.875% 4/16/2034 (h) |  | 583000 | 614589 |
|  |  |  | 763748 |
| TOTAL UTILITIES |  |  | 3323932 |
| TOTAL GERMANY |  |  | 11317362 |
| HONG KONG - 1.0%  |  |  |  |
| Financials - 1.0% |  |  |  |
| Insurance - 1.0% |  |  |  |
| Prudential Funding Asia PLC 2.95% 11/3/2033 (b)(c) |  | 1300000 | 1249191 |
| IRELAND - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Containers & Packaging - 0.0% |  |  |  |
| Smurfit Kappa Treasury ULC 3.489% 11/24/2031  | EUR | 100000 | 117404 |
| ITALY - 1.3%  |  |  |  |
| Financials - 0.2% |  |  |  |
| Banks - 0.2% |  |  |  |
| Intesa Sanpaolo SpA 6.625% 6/20/2033 (h) |  | 275000 | 302615 |
| Utilities - 1.1% |  |  |  |
| Electric Utilities - 0.8% |  |  |  |
| Enel Finance International NV 4.375% 9/30/2030 (h) |  | 200000 | 199154 |
| Enel Finance International NV 5.5% 6/26/2034 (h) |  | 350000 | 362723 |
| Enel SpA 3.375% (b)(c)(e) | EUR | 300000 | 353133 |
|  |  |  | 915010 |
| Gas Utilities - 0.3% |  |  |  |
| Snam SpA 5.75% 5/28/2035 (h) |  | 361000 | 377107 |
| TOTAL UTILITIES |  |  | 1292117 |
| TOTAL ITALY |  |  | 1594732 |
| JAPAN - 0.5%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |  |
| NTT Finance Corp 3.678% 7/16/2033 (c) | EUR | 225000 | 265882 |
| Consumer Staples - 0.3% |  |  |  |
| Tobacco - 0.3% |  |  |  |
| Japan Tobacco Inc 5.856% 6/15/2035 (h) |  | 360000 | 383823 |
| TOTAL JAPAN |  |  | 649705 |
| LUXEMBOURG - 3.7%  |  |  |  |
| Financials - 0.4% |  |  |  |
| Financial Services - 0.4% |  |  |  |
| Titanium 2l Bondco Sarl 6.25% 1/14/2031 pay-in-kind  | EUR | 2363000 | 498174 |
| Real Estate - 3.3% |  |  |  |
| Diversified REITs - 0.5% |  |  |  |
| Stoneweg Ereit Lux Finco Sarl 4.125% 2/22/2033 (c) | EUR | 600000 | 689418 |
| Industrial REITs - 0.1% |  |  |  |
| Prologis International Funding II SA 4.375% 7/1/2036 (c) | EUR | 100000 | 120478 |
| Real Estate Management & Development - 2.7% |  |  |  |
| AXA Logistics Europe Master SCA 3.375% 5/13/2031 (c) | EUR | 200000 | 233697 |
| Blackstone Property Partners Europe Holdings Sarl 1% 5/4/2028 (c) | EUR | 233000 | 261768 |
| Blackstone Property Partners Europe Holdings Sarl 1.75% 3/12/2029 (c) | EUR | 600000 | 674254 |
| CBRE Europe Logistics Partners SCA SICAV-SIF 3.5% 9/22/2032 (c) | EUR | 400000 | 459907 |
| CBRE Open-Ended Funds SCA SICAV-SIF 4.75% 3/27/2034 (c) | EUR | 150000 | 183557 |
| Logicor Financing Sarl 0.875% 1/14/2031 (c) | EUR | 250000 | 258209 |
| Logicor Financing Sarl 3.75% 7/14/2032 (c) | EUR | 150000 | 174165 |
| Logicor Financing Sarl 4.25% 7/18/2029 (c) | EUR | 400000 | 485291 |
| P3 Group Sarl 3.75% 4/2/2033 (c) | EUR | 200000 | 231161 |
| P3 Group Sarl 4% 4/19/2032 (c) | EUR | 300000 | 354606 |
|  |  |  | 3316615 |
| TOTAL REAL ESTATE |  |  | 4126511 |
| TOTAL LUXEMBOURG |  |  | 4624685 |
| MEXICO - 0.7%  |  |  |  |
| Energy - 0.7% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |  |
| Petroleos Mexicanos 5.95% 1/28/2031  |  | 880000 | 851752 |
| MULTI-NATIONAL - 1.5%  |  |  |  |
| Financials - 1.5% |  |  |  |
| Banks - 1.5% |  |  |  |
| European Investment Bank 2.875% 6/18/2035 (c) | EUR | 1640000 | 1896279 |
| NETHERLANDS - 1.9%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| Koninklijke KPN NV 3.875% 2/16/2036 (c) | EUR | 100000 | 117697 |
| Consumer Staples - 0.1% |  |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |  |
| REWE International Finance BV 4.875% 9/13/2030 (c) | EUR | 100000 | 125136 |
| Financials - 1.7% |  |  |  |
| Banks - 0.9% |  |  |  |
| Cooperatieve Rabobank UA 1.125% 5/7/2031 (c) | EUR | 400000 | 423156 |
| ING Groep NV 3% 8/17/2031 (b)(c) | EUR | 600000 | 698269 |
|  |  |  | 1121425 |
| Insurance - 0.8% |  |  |  |
| Argentum Netherlands BV 5.625% 8/15/2052 (b)(c) |  | 964000 | 973684 |
| TOTAL FINANCIALS |  |  | 2095109 |
| TOTAL NETHERLANDS |  |  | 2337942 |
| POLAND - 1.1%  |  |  |  |
| Real Estate - 1.1% |  |  |  |
| Real Estate Management & Development - 1.1% |  |  |  |
| GTC Aurora Luxembourg SA 2.25% 6/23/2026 (c) | EUR | 600000 | 694896 |
| GTC Finance DAC 6.5% 10/15/2030 (c) | EUR | 600000 | 653336 |
| TOTAL POLAND |  |  | 1348232 |
| PORTUGAL - 0.3%  |  |  |  |
| Financials - 0.3% |  |  |  |
| Insurance - 0.3% |  |  |  |
| Fidelidade - Co De Seguros SA/Portugal 4.25% 9/4/2031 (b)(c) | EUR | 300000 | 355320 |
| SPAIN - 0.8%  |  |  |  |
| Financials - 0.8% |  |  |  |
| Banks - 0.8% |  |  |  |
| Banco Bilbao Vizcaya Argentaria SA 6.033% 3/13/2035 (b) |  | 600000 | 637739 |
| CaixaBank SA 3.625% 9/19/2032 (b)(c) | EUR | 300000 | 355708 |
| TOTAL SPAIN |  |  | 993447 |
| SWEDEN - 0.1%  |  |  |  |
| Real Estate - 0.1% |  |  |  |
| Real Estate Management & Development - 0.1% |  |  |  |
| Samhallsbyggnadsbolaget I Norden Holding AB 2.25% 7/12/2027 (c) | EUR | 250000 | 279046 |
| SWITZERLAND - 2.1%  |  |  |  |
| Financials - 2.0% |  |  |  |
| Capital Markets - 1.6% |  |  |  |
| UBS Group AG 4.125% 6/9/2033 (b)(c) | EUR | 460000 | 558188 |
| UBS Group AG 4.75% 3/17/2032 (b)(c) | EUR | 1070000 | 1339199 |
|  |  |  | 1897387 |
| Insurance - 0.4% |  |  |  |
| Zurich Finance Ireland Designated Activity Co 3.5% 5/2/2052 (b)(c) |  | 600000 | 547985 |
| TOTAL FINANCIALS |  |  | 2445372 |
| Materials - 0.1% |  |  |  |
| Containers & Packaging - 0.1% |  |  |  |
| SIG Combibloc PurchaseCo Sarl 3.75% 3/19/2030 (c) | EUR | 125000 | 148389 |
| TOTAL SWITZERLAND |  |  | 2593761 |
| UNITED KINGDOM - 16.7%  |  |  |  |
| Communication Services - 0.3% |  |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |  |
| BT Finance PLC 3.375% 11/17/2032 (c) | EUR | 350000 | 406813 |
| Consumer Discretionary - 1.2% |  |  |  |
| Broadline Retail - 0.5% |  |  |  |
| John Lewis PLC 4.25% 12/18/2034 (c) | GBP | 200000 | 228574 |
| Marks & Spencer PLC 3.25% 7/10/2027 (c)(i) | GBP | 270000 | 357826 |
|  |  |  | 586400 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |  |
| IHG Finance LLC 3.375% 9/10/2030 (c) | EUR | 150000 | 175800 |
| Whitbread Group PLC 2.375% 5/31/2027 (c) | GBP | 250000 | 326895 |
|  |  |  | 502695 |
| Household Durables - 0.3% |  |  |  |
| Berkeley Group PLC/The 2.5% 8/11/2031 (c) | GBP | 400000 | 465580 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 1554675 |
| Consumer Staples - 2.0% |  |  |  |
| Tobacco - 2.0% |  |  |  |
| BAT International Finance PLC 4.125% 4/12/2032 (c) | EUR | 1060000 | 1279597 |
| Imperial Brands Finance PLC 3.875% 2/12/2034 (c) | EUR | 1125000 | 1298291 |
| TOTAL CONSUMER STAPLES |  |  | 2577888 |
| Financials - 6.3% |  |  |  |
| Banks - 5.2% |  |  |  |
| Barclays PLC 3.543% 8/14/2031 (b)(c) | EUR | 600000 | 709986 |
| HSBC Holdings PLC 4.787% 3/10/2032 (b)(c) | EUR | 470000 | 588329 |
| HSBC Holdings PLC 4.856% 5/23/2033 (b)(c) | EUR | 500000 | 630015 |
| HSBC Holdings PLC 5.813% 5/22/2033 (b)(c) | GBP | 400000 | 562081 |
| HSBC Holdings PLC 8.201% 11/16/2034 (b)(c) | GBP | 400000 | 595896 |
| Lloyds Banking Group PLC 4.75% 9/21/2031 (b)(c) | EUR | 670000 | 837694 |
| NatWest Group PLC 2.105% 11/28/2031 (b)(c) | GBP | 650000 | 862209 |
| NatWest Group PLC 7.416% 6/6/2033 (b)(c) | GBP | 300000 | 426615 |
| Standard Chartered PLC 3.864% 3/17/2033 (b)(c) | EUR | 300000 | 357291 |
| Virgin Money UK PLC 7.625% 8/23/2029 (b)(c) | GBP | 600000 | 874989 |
|  |  |  | 6445105 |
| Consumer Finance - 0.4% |  |  |  |
| Motability Operations Group PLC 3.625% 1/22/2033 (c) | EUR | 475000 | 555060 |
| Financial Services - 0.2% |  |  |  |
| Nationwide Building Society 4% 7/30/2035 (b)(c) | EUR | 200000 | 237883 |
| Insurance - 0.5% |  |  |  |
| Admiral Group PLC 8.5% 1/6/2034 (c) | GBP | 400000 | 624744 |
| TOTAL FINANCIALS |  |  | 7862792 |
| Industrials - 0.9% |  |  |  |
| Ground Transportation - 0.4% |  |  |  |
| Mobico Group PLC 4.875% 9/26/2031 (c) | EUR | 500000 | 465125 |
| Transportation Infrastructure - 0.5% |  |  |  |
| Heathrow Funding Ltd 6% 3/5/2032 (c) | GBP | 450000 | 625087 |
| TOTAL INDUSTRIALS |  |  | 1090212 |
| Real Estate - 0.4% |  |  |  |
| Office REITs - 0.2% |  |  |  |
| Great Portland Estates PLC 5.375% 9/25/2031 (c) | GBP | 200000 | 273137 |
| Real Estate Management & Development - 0.2% |  |  |  |
| Titanium Ruth Holdco Ltd 0.95% 6/2/2026 (c) | EUR | 210000 | 244885 |
| TOTAL REAL ESTATE |  |  | 518022 |
| Utilities - 5.6% |  |  |  |
| Electric Utilities - 1.3% |  |  |  |
| London Power Networks PLC 3.837% 6/11/2037 (c) | EUR | 275000 | 320545 |
| NGG Finance PLC 2.125% 9/5/2082 (b)(c) | EUR | 750000 | 867018 |
| Scottish Hydro Electric Transmission PLC 3.375% 9/4/2032 (c) | EUR | 400000 | 468768 |
|  |  |  | 1656331 |
| Water Utilities - 4.3% |  |  |  |
| Anglian Water Osprey Financing PLC 2% 7/31/2028 (c) | GBP | 175000 | 215847 |
| Anglian Water Services Financing PLC 5.875% 6/20/2031 (c) | GBP | 385000 | 536505 |
| Anglian Water Services Financing PLC 6.25% 9/12/2044 (c) | GBP | 175000 | 226847 |
| Anglian Water Services Financing PLC 6.293% 7/30/2030 (c) | GBP | 225000 | 318841 |
| Anglian Water Services Financing PLC 6.625% 1/15/2029 (i) | GBP | 100000 | 141641 |
| Northumbrian Water Finance PLC 5.375% 7/22/2032 (c) | GBP | 250000 | 338397 |
| Severn Trent Utilities Finance PLC 3.875% 8/4/2035 (c) | EUR | 525000 | 614895 |
| Severn Trent Utilities Finance PLC 4.625% 11/30/2034 (c) | GBP | 140000 | 180031 |
| South West Water Finance PLC 5.25% 9/15/2031 (c) | GBP | 375000 | 509137 |
| South West Water Finance PLC 5.75% 12/11/2032 (c) | GBP | 100000 | 139533 |
| SW Finance I PLC 6.875% 8/7/2032 (c) | GBP | 400000 | 559440 |
| SW Finance I PLC 7.375% 12/12/2041 (c) | GBP | 260000 | 361386 |
| United Utilities Water Finance PLC 3.5% 2/27/2033 (c) | EUR | 300000 | 349302 |
| Wessex Water Services Finance PLC 6.125% 9/19/2034 (c) | GBP | 325000 | 449533 |
| Yorkshire Water Finance PLC 6% 7/22/2033 (c) | GBP | 325000 | 445829 |
|  |  |  | 5387164 |
| TOTAL UTILITIES |  |  | 7043495 |
| TOTAL UNITED KINGDOM |  |  | 21053897 |
| UNITED STATES - 7.1%  |  |  |  |
| Communication Services - 0.3% |  |  |  |
| Interactive Media & Services - 0.3% |  |  |  |
| Alphabet Inc 3.375% 5/6/2037  | EUR | 110000 | 125386 |
| Alphabet Inc 3.875% 5/6/2045  | EUR | 100000 | 112351 |
| Alphabet Inc 4% 5/6/2054  | EUR | 100000 | 109002 |
| TOTAL COMMUNICATION SERVICES |  |  | 346739 |
| Consumer Discretionary - 1.3% |  |  |  |
| Automobiles - 0.9% |  |  |  |
| American Honda Finance Corp 5.05% 8/20/2031  | GBP | 375000 | 510296 |
| Stellantis Finance US Inc 5.75% 3/18/2030 (h) |  | 582000 | 600403 |
|  |  |  | 1110699 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |  |
| McDonald's Corp 3.5% 5/21/2032 (c) | EUR | 450000 | 531600 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 1642299 |
| Consumer Staples - 0.9% |  |  |  |
| Tobacco - 0.9% |  |  |  |
| Philip Morris International Inc 3.25% 6/6/2032  | EUR | 950000 | 1103962 |
| Financials - 2.2% |  |  |  |
| Banks - 0.5% |  |  |  |
| Citigroup Inc 4.296% 7/23/2036 (b) | EUR | 200000 | 237035 |
| JPMorgan Chase & Co 3.761% 3/21/2034 (b)(c) | EUR | 300000 | 356544 |
|  |  |  | 593579 |
| Capital Markets - 0.9% |  |  |  |
| Blackstone Private Credit Fund 4.875% 4/14/2026 (c) | GBP | 430000 | 579693 |
| Morgan Stanley 3.955% 3/21/2035 (b) | EUR | 300000 | 357320 |
| Morgan Stanley 4.099% 5/22/2036 (b) | EUR | 200000 | 239035 |
|  |  |  | 1176048 |
| Consumer Finance - 0.8% |  |  |  |
| Ford Motor Credit Co LLC 4.445% 2/14/2030  | EUR | 250000 | 300446 |
| Ford Motor Credit Co LLC 6.184% 8/29/2031  | GBP | 275000 | 376880 |
| Stellantis Financial Services US Corp 5.4% 9/15/2030 (h) |  | 279000 | 283299 |
|  |  |  | 960625 |
| TOTAL FINANCIALS |  |  | 2730252 |
| Information Technology - 0.1% |  |  |  |
| Software - 0.1% |  |  |  |
| Fiserv Funding ULC 3.5% 6/15/2032  | EUR | 271000 | 311896 |
| Real Estate - 1.0% |  |  |  |
| Diversified REITs - 0.1% |  |  |  |
| WP Carey Inc 4.25% 7/23/2032  | EUR | 100000 | 120603 |
| Industrial REITs - 0.2% |  |  |  |
| Prologis Euro Finance LLC 3.25% 9/22/2032  | EUR | 255000 | 294722 |
| Retail REITs - 0.3% |  |  |  |
| Realty Income Corp 3.375% 6/20/2031  | EUR | 300000 | 350991 |
| Specialized REITs - 0.4% |  |  |  |
| American Tower Corp 3.625% 5/30/2032  | EUR | 425000 | 502550 |
| TOTAL REAL ESTATE |  |  | 1268866 |
| Utilities - 1.3% |  |  |  |
| Electric Utilities - 1.3% |  |  |  |
| Duke Energy Corp 3.85% 6/15/2034  | EUR | 550000 | 640659 |
| Southern Co/The 1.875% 9/15/2081 (b) | EUR | 850000 | 971421 |
| TOTAL UTILITIES |  |  | 1612080 |
| TOTAL UNITED STATES |  |  | 9016094 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $75,778,518) |  |  | <br> **76893225** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 3.8%** | &nbsp;&nbsp;**Preferred Securities - 3.8%** | &nbsp;&nbsp;**Preferred Securities - 3.8%** | &nbsp;&nbsp;**Preferred Securities - 3.8%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CZECH REPUBLIC - 0.2%  |  |  |  |
| Real Estate - 0.2% |  |  |  |
| Real Estate Management & Development - 0.2% |  |  |  |
| CPI Property Group SA 3.75% (b)(c)(e) | EUR | 225000 | 236545 |
| FINLAND - 0.1%  |  |  |  |
| Real Estate - 0.1% |  |  |  |
| Real Estate Management & Development - 0.1% |  |  |  |
| Citycon Oyj 7.875% (b)(c)(e) | EUR | 200000 | 197696 |
| GERMANY - 1.6%  |  |  |  |
| Consumer Discretionary - 0.4% |  |  |  |
| Automobiles - 0.4% |  |  |  |
| Volkswagen International Finance NV 3.875% (b)(c)(e) | EUR | 500000 | 590815 |
| Real Estate - 1.2% |  |  |  |
| Real Estate Management & Development - 1.2% |  |  |  |
| Aroundtown Finance Sarl 7.875% (b)(e) |  | 750000 | 762690 |
| Grand City Properties SA 1.5% (b)(c)(e) | EUR | 600000 | 700116 |
| TOTAL REAL ESTATE |  |  | 1462806 |
| TOTAL GERMANY |  |  | 2053621 |
| SWEDEN - 0.6%  |  |  |  |
| Real Estate - 0.6% |  |  |  |
| Real Estate Management & Development - 0.6% |  |  |  |
| Heimstaden Bostad AB 3.625% (b)(c)(e) | EUR | 150000 | 180232 |
| Samhallsbyggnadsbolaget i Norden AB 5 year EUR Swap Annual Index + 2.814%, 4.9355% (b)(c)(d)(e)(f) | EUR | 650000 | 565487 |
| TOTAL SWEDEN |  |  | 745719 |
| SWITZERLAND - 0.4%  |  |  |  |
| Financials - 0.4% |  |  |  |
| Capital Markets - 0.4% |  |  |  |
| Credit Suisse Group AG Claim 5 year USD Swap Index + 4.598%, 0% (b)(c)(d)(e)(f)(g) |  | 1900000 | 494000 |
| UNITED KINGDOM - 0.9%  |  |  |  |
| Financials - 0.2% |  |  |  |
| Banks - 0.2% |  |  |  |
| Barclays PLC 8.875% (b)(c)(e) | GBP | 200000 | 284211 |
| Industrials - 0.2% |  |  |  |
| Ground Transportation - 0.2% |  |  |  |
| Mobico Group PLC 4.25% (b)(c)(e) | GBP | 290000 | 244099 |
| Utilities - 0.5% |  |  |  |
| Electric Utilities - 0.5% |  |  |  |
| SSE PLC 3.74% (b)(c)(e) | GBP | 400000 | 552285 |
| TOTAL UNITED KINGDOM |  |  | 1080595 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $6,859,074) |  |  | <br> **4808176** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 20.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 20.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 20.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 20.3%** |
|  | Yield (%) (k) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bonds 2.25% 8/15/2046  | 4.78 to 4.92 | 500000 | 329043 |
| US Treasury Bonds 3.25% 5/15/2042 (l) | 4.12 to 4.13 | 2600000 | 2168359 |
| US Treasury Bonds 3.625% 5/15/2053  | 3.94 | 500000 | 404473 |
| US Treasury Bonds 4% 11/15/2042  | 3.75 to 3.77 | 710000 | 650759 |
| US Treasury Bonds 4.125% 8/15/2044  | 4.14 to 4.18 | 400000 | 367109 |
| US Treasury Bonds 4.375% 8/15/2043  | 4.91 | 50000 | 47759 |
| US Treasury Bonds 4.5% 2/15/2044  | 4.45 | 500000 | 483711 |
| US Treasury Bonds 4.625% 11/15/2044  | 4.86 to 4.94 | 325000 | 318475 |
| US Treasury Bonds 4.625% 11/15/2045  | 4.61 | 448000 | 437780 |
| US Treasury Bonds 4.625% 5/15/2044  | 4.42 to 4.72 | 775000 | 760893 |
| US Treasury Bonds 6.25% 5/15/2030 (l) | 3.46 to 4.46 | 2660000 | 2932754 |
| US Treasury Notes 2.625% 7/31/2029 (m) | 4.11 | 3000000 | 2901329 |
| US Treasury Notes 3.5% 2/15/2033  | 4.32 | 1000000 | 971836 |
| US Treasury Notes 3.625% 9/30/2031  | 3.66 to 4.23 | 1500000 | 1485000 |
| US Treasury Notes 3.75% 12/31/2030  | 4.07 | 435000 | 435221 |
| US Treasury Notes 3.75% 8/31/2031  | 3.64 | 970000 | 966779 |
| US Treasury Notes 4% 4/30/2032  | 4.11 | 2095000 | 2108585 |
| US Treasury Notes 4% 7/31/2032  | 4.01 to 4.10 | 650000 | 653402 |
| US Treasury Notes 4.125% 11/30/2029  | 4.11 | 410000 | 417079 |
| US Treasury Notes 4.125% 5/31/2032  | 4.19 | 344000 | 348633 |
| US Treasury Notes 4.125% 7/31/2031  | 3.59 to 3.97 | 1700000 | 1727758 |
| US Treasury Notes 4.25% 5/15/2035  | 4.22 to 4.48 | 875000 | 882246 |
| US Treasury Notes 4.25% 6/30/2031  | 4.35 | 560000 | 572688 |
| US Treasury Notes 4.375% 1/31/2032  | 4.21 | 160000 | 164450 |
| US Treasury Notes 4.375% 12/31/2029  | 4.39 | 265000 | 272080 |
| US Treasury Notes 4.5% 11/15/2033  | 3.94 to 4.14 | 965000 | 996400 |
| US Treasury Notes 4.5% 5/31/2029  | 4.37 | 200000 | 205750 |
| US Treasury Notes 4.625% 2/15/2035  | 4.40 to 4.44 | 1025000 | 1064559 |
| US Treasury Notes 4.625% 4/30/2029  | 4.72 | 555000 | 572929 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $25,770,527) |  |  | **25647839** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (n)<br>(Cost $4,987,608)<br>| 3.79 | 4986598 | **4987595** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.8%**<br> (Cost $125,645,026)<br>| <br>**124712925** |
| **NET OTHER ASSETS (LIABILITIES) - 1.2%**  | **1477490** |
| **NET ASSETS - 100.0%** | **126190415** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y Ultra US Treasury Notes Contracts (United States) | 15 | 3/2026 | 1721484 | (9292) |
| CBOT 2Y US Treasury Notes Contracts (United States) | 4 | 3/2026 | 835063 | 96 |
| CBOT 5Y US Treasury Notes Contracts (United States) | 15 | 3/2026 | 1638047 | (4008) |
| CBOT US Treasury Long Bond Contracts (United States) | 20 | 3/2026 | 2304375 | (26117) |
| TMX 10Y Canadian Bond Contracts (Canada) | 15 | 3/2026 | 1321373 | (16957) |
| TOTAL LONG |  |  |  | (56278) |
| SHORT |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| ICE Long GILT Futures (United Kingdom) | (3) | 3/2026 | (369487) | (2290) |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **(58568)** |
| The notional amount of long futures as a percentage of Net Assets is 6.2%. | The notional amount of long futures as a percentage of Net Assets is 6.2%. | The notional amount of long futures as a percentage of Net Assets is 6.2%. | The notional amount of long futures as a percentage of Net Assets is 6.2%. | The notional amount of long futures as a percentage of Net Assets is 6.2%. |
| The notional amount of short futures as a percentage of Net Assets is 0.3%. | The notional amount of short futures as a percentage of Net Assets is 0.3%. | The notional amount of short futures as a percentage of Net Assets is 0.3%. | The notional amount of short futures as a percentage of Net Assets is 0.3%. | The notional amount of short futures as a percentage of Net Assets is 0.3%. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date | Unrealized <br> Appreciation/<br> (Depreciation) ($)  |
| EUR | 326000 | USD | 383688 | BNP Paribas SA | 1/2026 | (104) |
| EUR | 142000 | USD | 167326 | JPMorgan Chase Bank NA | 1/2026 | (243) |
| GBP | 136000 | USD | 183355 | JPMorgan Chase Bank NA | 1/2026 | (40) |
| USD | 1322963 | AUD | 1999000 | JPMorgan Chase Bank NA | 1/2026 | (11263) |
| USD | 3297647 | CAD | 4552000 | JPMorgan Chase Bank NA | 1/2026 | (22682) |
| USD | 58147971 | EUR | 49900000 | BNP Paribas SA | 1/2026 | (566323) |
| USD | 432103 | EUR | 370000 | JPMorgan Chase Bank NA | 1/2026 | (3253) |
| USD | 15144206 | GBP | 11372000 | Goldman Sachs Bank USA | 1/2026 | (184170) |
| USD | 4865228 | JPY | 754700000 | Royal Bank of Canada | 1/2026 | 36073 |
| **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** |  | **(752005)** |
| Unrealized Appreciation | Unrealized Appreciation | Unrealized Appreciation |  |  |  | 36073 |
| Unrealized Depreciation | Unrealized Depreciation | Unrealized Depreciation |  |  |  | (788078) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** |
| Underlying Reference | Maturity <br> Date | Clearinghouse / <br> Counterparty | Fixed<br> Payment<br> Received/<br> (Paid) | Payment<br> Frequency | Notional<br> Amount | Notional<br> Amount | Value ($) | Upfront<br> Premium<br> Received/<br> (Paid) ($) | Unrealized <br> Appreciation/<br> (Depreciation) ($) |
| Buy Protection |  |  |  |  |  |  |  |  |  |
| Allianz SE 2.121% 7/8/2050 | 12/2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 1000000 | (16763) | 11113 | (5650) |
| Societe Generale SA 5.25% 9/6/2032 | 12/2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 600000 | 781 | (8161) | (7380) |
| Deutsche Bank AG 5.625% 5/19/2031 | 12/2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 600000 | 4668 | (10270) | (5602) |
| Generali 4.125% 5/4/2026 | 12/2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 800000 | (6367) | 2164 | (4203) |
| BMW Finance NV 0.75% 7/13/2026 | 12/2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 1300000 | (38987) | 31158 | (7829) |
| Aviva PLC 6.125% 11/14/2036 | 12/2030 | Citibank NA | (1%) | Quarterly | EUR | 800000 | (6148) | 215 | (5933) |
| Commerzbank AG 4% 12/5/2030 | 12/2030 | JPMorgan Chase Bank NA | (1%) | Quarterly | EUR | 650000 | 141 | (7654) | (7513) |
| Heidelberg Materials AG 3.75% 5/31/2032 | 12/2030 | JPMorgan Chase Bank NA | (5%) | Quarterly | EUR | 790000 | (191406) | 181509 | (9897) |
| Intesa Sanpaolo SpA 6.184% 2/20/2034 | 12/2030 | JPMorgan Chase Bank NA | (1%) | Quarterly | EUR | 650000 | (5174) | 1407 | (3767) |
| UniCredit SpA 5.375% 4/16/2034 | 12/2030 | Goldman Sachs Bank USA | (1%) | Quarterly | EUR | 700000 | (2322) | (4313) | (6635) |
| **TOTAL CREDIT DEFAULT SWAPS** |  |  |  |  |  |  | **(261577)** | **197168** | **(64409)** |

---

**Currency Abbreviations**

---

| | | |
|:---|:---|:---|
| AUD | - | Australian Dollar |
| CAD | - | Canadian Dollar |
| EUR | - | European Monetary Unit (Euro) |
| GBP | - | British Pound Sterling |
| JPY | - | Japanese Yen |
| USD | - | United States Dollar |

---

**Legend**

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

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

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $68,498,389 or 54.3% of net assets.

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

(e) Security is perpetual in nature with no stated maturity date.

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

(g) Level 3 security.

(h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,722,120 or 5.3% of net assets.

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

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

(k) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(l) Security or a portion of the security has been segregated as collateral for over the counter (OTC) derivatives. At period end, the value of securities pledged amounts to $1,025,817.

(m) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $233,073.

(n) 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 Cash Central Fund | 5873407 | 33192377 | 34078201 | 176195 | 26 | (14) | 4987595 | 4986598 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 950437 | 950437 | 49 | - | - | - | - | 0.0% |
| Total | 5873407 | 34142814 | 35028638 | 176244 | 26 | (14) | 4987595 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Foreign Government and Government Agency Obligations** | 12376090 | - | 12376090 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 1487146 | - | 1487146 | - |
| Consumer Discretionary | 4866104 | - | 4866104 | - |
| Consumer Staples | 6151222 | - | 6151222 | - |
| Energy | 1913835 | - | 1913835 | - |
| Financials | 33102755 | - | 33102755 | - |
| Health Care | 1859933 | - | 1859933 | - |
| Industrials | 1308520 | - | 1308520 | - |
| Information Technology | 311896 | - | 311896 | - |
| Materials | 463478 | - | 463478 | - |
| Real Estate | 9380697 | - | 9380697 | - |
| Utilities | 16047639 | - | 16047639 | - |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 590815 | - | 590815 | - |
| Financials | 778211 | - | 284211 | 494000 |
| Industrials | 244099 | - | 244099 | - |
| Real Estate | 2642766 | - | 2642766 | - |
| Utilities | 552285 | - | 552285 | - |
|  **U.S. Treasury Obligations** | 25647839 | - | 25647839 | - |
|  **Money Market Funds** | 4987595 | 4987595 | - | - |
| **Total Investments in Securities:** | 124712925 | 4987595 | 119231330 | 494000 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 96 | 96 | - | - |
| Forward Foreign Currency Contracts | 36073 | - | 36073 | - |
| Swaps | 5590 | - | 5590 | - |
| Total Assets | 41759 | 96 | 41663 | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (58664) | (58664) | - | - |
| Forward Foreign Currency Contracts | (788078) | - | (788078) | - |
| Swaps | (267167) | - | (267167) | - |
| Total Liabilities | (1113909) | (58664) | (1055245) | - |
| **Total Derivative Instruments:** | (1072150) | (58568) | (1013582) | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Credit Risk** |  |  |
| Swaps (a)  | 5590 | (267167) |
| **Total Credit Risk**  | 5590 | (267167) |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts (b)  | 36073 | (788078) |
| **Total Foreign Exchange Risk**  | 36073 | (788078) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (c)  | 96 | (58664) |
| **Total Interest Rate Risk**  | 96 | (58664) |
| **Total Value of Derivatives** | 41759 | (1113909) |

---

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

(b)Gross value is presented in the Statement of Assets and Liabilities in the unrealized appreciation/depreciation on forward foreign currency contracts line-item(s).

(c)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $120,657,418) | $119725330 |  |
| Fidelity Central Funds (cost $4,987,608) | 4987595 |  |
| Total Investment in Securities (cost $125,645,026) |  | $124712925 |
| Cash |  | 33329 |
| Foreign currency held at value (cost $446,941) |  | 448710 |
| Unrealized appreciation on forward foreign currency contracts |  | 36073 |
| Dividends receivable |  | 21015 |
| Interest receivable |  | 2010152 |
| Distributions receivable from Fidelity Central Funds |  | 17149 |
| Bi-lateral OTC swaps, at value |  | 5590 |
| Receivable from investment adviser for expense reductions |  | 106 |
| **Total assets** |  | 127285049 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $16446 |  |
| Unrealized depreciation on forward foreign currency contracts | 788078 |  |
| Bi-lateral OTC swaps, at value | 267167 |  |
| Payable for daily variation margin on futures contracts | 22023 |  |
| Other payables and accrued expenses | 920 |  |
| **Total liabilities** |  | 1094634 |
| **Net Assets**  |  | $126190415 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $143345626 |
| Total accumulated earnings (loss) |  | (17155211) |
| **Net Assets** |  | $126190415 |
| **Net Asset Value**, offering price and redemption price per share ($126,190,415 ÷ 14,937,857 shares) |  | $8.45 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $287652 |
| Interest  |  | 4426604 |
| Income from Fidelity Central Funds (including $49 from security lending)  |  | 176244 |
| Income before foreign taxes withheld |  | $4890500 |
| Less foreign taxes withheld |  | (523) |
| **Total income** |  | 4889977 |
| **Expenses** |  |  |
| Custodian fees and expenses | $5742 |  |
| Independent trustees' fees and expenses | 296 |  |
| Total expenses before reductions | 6038 |  |
| Expense reductions | (2635) |  |
| Total expenses after reductions |  | 3403 |
| **Net Investment income (loss)** |  | 4886574 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1630231 |  |
| Fidelity Central Funds | 26 |  |
| Forward foreign currency contracts | (5939841) |  |
| Foreign currency transactions | 146164 |  |
| Futures contracts | 178969 |  |
| Swaps | (153706) |  |
| Total net realized gain (loss) |  | (4138157) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 9497330 |  |
| Fidelity Central Funds  | (14) |  |
| Forward foreign currency contracts | (1828775) |  |
| Assets and liabilities in foreign currencies | 100554 |  |
| Futures contracts | (35200) |  |
| Swaps | (41561) |  |
| Total change in net unrealized appreciation (depreciation) |  | 7692334 |
| **Net gain (loss)** |  | 3554177 |
| **Net increase (decrease) in net assets resulting from operations** |  | $8440751 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4886574 | $4454387 |
| &nbsp;&nbsp;Net realized gain (loss) | (4138157)<br>| 140299<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 7692334 | 4581873<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 8440751<br>| 9176559<br>|
| Distributions to shareholders | (5617934)<br>| (5498144)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2906849 | 5460552 |
| Reinvestment of distributions | 5617934<br>| 5498144<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2906849) | (5501408) |
| **Net increase (decrease) in net assets resulting from share transactions** | 5617934<br>| 5457288<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 8440751<br>| 9135703<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 117749664 | 108613961<br>|
| &nbsp;&nbsp;End of period | $126190415 | $117749664 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 347925 | 647104 |
| Issued in reinvestment of distributions | 669156<br>| 669805<br>|
| &nbsp;&nbsp;Redeemed | (347925) | (652056) |
| &nbsp;&nbsp;Net increase (decrease) | 669156 | 664853 |

---

**Financial Highlights** 

**Fidelity® Series International Credit Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.25 | $7.98 | $7.69 | $9.92 | $10.23 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .336  | .322  | .317  | .276  | .255  |
| Net realized and unrealized gain (loss)  | .251  | .345  | .266  | (1.988)  | (.263)  |
| Total from investment operations  | .587  | .667  | .583  | (1.712)  | (.008)  |
| Distributions from net investment income  | (.387)  | (.397)  | (.293)  | (.455)  | (.197) C |
| Distributions from net realized gain  | -  | -  | -  | (.063)  | (.105) C |
| Total distributions  | (.387)  | (.397)  | (.293)  | (.518)  | (.302)  |
| Net asset value, end of period  | $8.45 | $8.25 | $7.98 | $7.69 | $9.92 |
| **Total Return** D | 7.23% <br>| 8.47%  | 7.77%  | (17.44)%  | (.07)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | -% G | -% G | .01%  | -% G | .01%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 4.00%  | 3.93%  | 4.09%  | 3.20%  | 2.53%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $126190 | $117750 | $108614 | $100789 | $121985 |
| Portfolio turnover rate H | 67% <br>| 61%  | 61%  | 21%  | 65%  |

---

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

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

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

G*Amount represents less than .005%.*

H*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 December 31, 2025

**1. Organization.**

Fidelity Series International Credit Fund (the Fund) is a fund of Fidelity School Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities and swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The U.S. dollar value of forward foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 in the hierarchy. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date. 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. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**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 December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $6488257 |
| **Gross unrealized depreciation**  | <u>(4001943)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2486314</u> |
| **Tax Cost**  | <u>$125007074</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$22085</u> |
| **Capital loss carryforward**  | <u>$(13614193)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2520976</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 | $(2372308) |
| Long-term | <u>(11241885)</u> |
| **Total capital loss carryforward** | <u>$(13614193)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $5617934 | $5498144 |

---

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

**4. Derivative Instruments.**

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

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

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

---

| | |
|:---|:---|
| Credit Risk | Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to a fund.<br>|
| Foreign Exchange Risk  | Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.<br>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Series International Credit Fund** |  |  |
| **Credit Risk** |  |  |
| Swaps | <u>(153706)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(41561)</u> |
| **Total Credit Risk** | <u>(153706)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(41561)</u> |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts | <u>(5939841)</u> | <u>(1828775)</u> |
| **Total Foreign Exchange Risk** | <u>(5939841)</u> | <u>(1828775)</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>178969</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(35200)</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>178969</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(35200)</u> |
| Totals | <u>(5914578)</u> | <u>(1905536)</u> |

---

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

**Forward Foreign Currency Contracts.** Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Forward foreign currency contracts were used to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.

Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are recorded as unrealized appreciation or (depreciation) and reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When the contract is closed, a gain or loss is realized equal to the difference between the closing value and the value at the time it was opened. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward foreign currency contracts during the period is presented in the Statement of Operations.

Any open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end, and is representative of volume of activity during the period, unless an average contract value is presented in the table below.

---

| | |
|:---|:---|
|  | **Average Contracts Amount ($)** |
| **Fidelity Series International Credit Fund** | 86815397 |

---

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

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

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

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

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

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

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

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

**Credit Default Swaps.** Credit default swaps enable a fund to buy or sell protection against specified credit events on a single-name issuer or a traded credit index. Under the terms of a credit default swap the buyer of protection (buyer) receives credit protection in exchange for making periodic payments to the seller of protection (seller) based on a fixed percentage applied to a notional principal amount. In return for these payments, the seller will be required to make a payment upon the occurrence of one or more specified credit events. A fund enters into credit default swaps as a seller to gain credit exposure to an issuer and/or as a buyer to obtain a measure of protection against defaults of an issuer. Periodic payments are made over the life of the contract by the buyer provided that no credit event occurs.

For credit default swaps on most corporate and sovereign issuers, credit events include bankruptcy, failure to pay or repudiation/moratorium. For credit default swaps on corporate or sovereign issuers, the obligation that may be put to the seller is not limited to the specific reference obligation described in the Schedule of Investments. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swaps on asset-backed securities, the reference obligation described represents the security that may be put to the seller. For credit default swaps on a traded credit index, a specified credit event may affect all or individual underlying securities included in the index.

As a seller, if an underlying credit event occurs, a fund will pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to take delivery of the reference obligation or underlying securities comprising an index and pay an amount equal to the notional amount of the swap.

As a buyer, if an underlying credit event occurs, a fund will receive a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to deliver the reference obligation or underlying securities comprising an index in exchange for payment of an amount equal to the notional amount of the swap.

Typically, the value of each credit default swap and credit rating disclosed for each reference obligation in the Schedule of Investments, where a fund is the seller, can be used as measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. In addition to these measures, the investment adviser monitors a variety of factors including cash flow assumptions, market activity and market sentiment as part of its ongoing process of assessing payment/performance risk.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series International Credit Fund** | 70672160 | 72071903 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

**7. Committed Line of Credit.**

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

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

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

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

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series International Credit Fund** | 5 | - | - |

---

**9. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through April 30, 2029. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $2,075.

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 $560.

**10. Other.**

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

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity School Street Trust and Shareholders of Fidelity Series International Credit Fund

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

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

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 13, 2026

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

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

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

A total of 22.17% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $2,626,806 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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 Series International Credit Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity and derivatives risk management. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, collective investment trusts, and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies, collective investment trusts and 529 plans.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, collective investment trusts, and 529 plans that invest in the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through April 30, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

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

![](img123157_4.jpg)<br>

1.9882621.108 SUN-ANN-0226

**Fidelity® Intermediate Municipal Income Fund**

**Annual Report**

**December 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img123169_1.jpg)

![](img123169_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_LIM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Intermediate Municipal Income Fund](#Sub_Sec_Fund_36_LIM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements36_LIM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_LIM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_LIM-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LIM-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LIM-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LIM-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LIM-ANN)** |

---

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

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Fidelity® Intermediate Municipal Income Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 94.5%** | &nbsp;&nbsp;**Municipal Securities - 94.5%** | &nbsp;&nbsp;**Municipal Securities - 94.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 6.0%  |  |  |
| Education - 0.1% |  |  |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.25% 10/1/2037  | 1770000 | 1887448 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.25% 10/1/2038  | 1860000 | 1976771 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2041  | 1455000 | 1527214 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2044  | 1160000 | 1191762 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2054  | 2025000 | 2042430 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2024 C, 5% 10/1/2056  | 1000000 | 943345 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2024 C, 5.5% 10/1/2049  | 5495000 | 5565231 |
| University AL Gen Rev Series 2019 A, 3% 7/1/2039  | 9000000 | 8146075 |
| TOTAL EDUCATION |  | 23280276 |
| Electric Utilities - 0.1% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3.78% tender 6/1/2034 (b) | 6260000 | 6272932 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2007 A, 3.375% tender 6/1/2034 (b) | 8285000 | 8380943 |
| TOTAL ELECTRIC UTILITIES |  | 14653875 |
| General Obligations - 5.2% |  |  |
| Black Belt Energy Gas Dist Ala Gas Supply Rev 4% tender 7/1/2052 (Liquidity Facility Royal Bank of Canada), (Royal Bank of Canada Guaranteed) (b) | 9420000 | 9497593 |
| Black Belt Energy Gas Dist Ala Gas Supply Rev Series 2023B, 5.25% tender 12/1/2053 (Royal Bank of Canada Guaranteed) (b) | 7120000 | 7669010 |
| Black Belt Energy Gas District 5% tender 12/1/2055 (BP PLC Guaranteed) (b) | 60000000 | 64163754 |
| Black Belt Energy Gas District 5.5% tender 11/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (b) | 6460000 | 6781267 |
| Black Belt Energy Gas District Series 2022 E, 5% 6/1/2027 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)  | 4175000 | 4306164 |
| Black Belt Energy Gas District Series 2022 E, 5% 6/1/2028 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)  | 5980000 | 6294979 |
| Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b) | 18160000 | 19159370 |
| Black Belt Energy Gas District Series 2025 B, 5% 10/1/2035 (Forethought Life Insurance Co Guaranteed)  | 39035000 | 40206557 |
| Black Belt Energy Gas District Series 2025 D, 5% tender 12/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 21860000 | 23464555 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2023B 1, 5.75% tender 4/1/2054 (Morgan Stanley Guaranteed) (b) | 9840000 | 10897878 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2025A, 5% 11/1/2035 (Goldman Sachs Group Inc/The Guaranteed)  | 9790000 | 10372815 |
| Hoover AL Gen. Oblig. Series 2023, 5% 3/1/2039  | 5000000 | 5567467 |
| Hoover AL Gen. Oblig. Series 2023, 5% 3/1/2041  | 3860000 | 4202457 |
| Lower Ala Gas Dist Gas Proj Rev Series 2025 A, 5% 12/1/2033 (Equitable Financial Life Global Funding Guaranteed)  | 76605000 | 80974250 |
| Southeast AL District Gas Supply Rev Series 2024 B, 5% tender 6/1/2049 (Morgan Stanley Guaranteed) (b) | 40315000 | 43256161 |
| Southeast Energy Auth Commodity Supply Rev Ala Series 2022 B 1, 5% tender 5/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (b) | 34880000 | 36103918 |
| Southeast Energy Auth Coop Dist Ala Commodity Supply Rev Series 2023 B, 5% tender 1/1/2054 (Liquidity Facility Royal Bank of Canada), (Royal Bank of Canada Guaranteed) (b) | 44670000 | 47232990 |
| Southeast Energy Authority A Cooperative District 5% tender 5/1/2055 (Royal Bank of Canada Guaranteed) (b) | 29060000 | 31100032 |
| Southeast Energy Authority A Cooperative District 5.25% tender 3/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 55310000 | 58360546 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 50725000 | 54802286 |
| Southeast Energy Authority A Cooperative District Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 25090000 | 26141906 |
| Southeast Energy Authority A Cooperative District Series 2025D, 5% 9/1/2035 (New York Life Insurance Co Guaranteed)  | 43175000 | 46840998 |
| Southeast Energy Authority A Cooperative District Series 2025E, 5% 10/1/2030 (JPMorgan Securities LLC Guaranteed)  | 74560000 | 80103148 |
| TOTAL GENERAL OBLIGATIONS |  | 717500101 |
| Health Care - 0.2% |  |  |
| Huntsville AL Hlth Care Auth (Huntsville Hospital Al Proj.) Series 2023 A, 5% tender 6/1/2053 (b) | 32270000 | 34844204 |
| Special Tax - 0.3% |  |  |
| Alabama Highway Authority 5% 9/1/2040 (Assured Guaranty Inc Insured)  | 4890000 | 5517943 |
| Mobile Cnty AL Brd Sch Commrs 5% 3/1/2029  | 5875000 | 5895866 |
| Mobile Cnty AL Brd Sch Commrs Series 2016 B, 5% 3/1/2030  | 6125000 | 6146869 |
| Mobile Cnty AL Brd Sch Commrs Series 2016 B, 5% 3/1/2031  | 6135000 | 6156711 |
| Mobile Cnty AL Brd Sch Commrs Series 2016 B, 5% 3/1/2032  | 4930000 | 4947027 |
| Mobile Cnty AL Brd Sch Commrs Series 2016 B, 5% 3/1/2033  | 7165000 | 7188823 |
| TOTAL SPECIAL TAX |  | 35853239 |
| Water & Sewer - 0.1% |  |  |
| Jefferson Cnty AL Swr Rev 5% 10/1/2030  | 5000000 | 5445390 |
| Jefferson Cnty AL Swr Rev 5% 10/1/2038  | 3310000 | 3619994 |
| TOTAL WATER & SEWER |  | 9065384 |
| TOTAL ALABAMA |  | 835197079 |
| Alaska - 0.3%  |  |  |
| General Obligations - 0.0% |  |  |
| Alaska Municipal Bond Bank Authority Series 2025 THREE, 5% 10/1/2035 (Alaska St Guaranteed)  | 1000000 | 1152887 |
| Alaska Municipal Bond Bank Authority Series 2025 THREE, 5% 10/1/2036 (Alaska St Guaranteed)  | 1000000 | 1142939 |
| Alaska Municipal Bond Bank Authority Series 2025 THREE, 5% 10/1/2038 (Alaska St Guaranteed)  | 1790000 | 2014553 |
| Alaska Municipal Bond Bank Authority Series 2025 THREE, 5% 10/1/2039 (Build America Mutual Assurance Co Insured), (Alaska St Guaranteed)  | 1100000 | 1228057 |
| TOTAL GENERAL OBLIGATIONS |  | 5538436 |
| Housing - 0.0% |  |  |
| Alaska Hsg Fin Corp Mtg Rev 2% 12/1/2032  | 4750000 | 4247324 |
| Alaska Hsg Fin Corp Mtg Rev Series 2022A, 3% 6/1/2051  | 2100000 | 2065841 |
| TOTAL HOUSING |  | 6313165 |
| Transportation - 0.3% |  |  |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2034 (c) | 2240000 | 2580337 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2036 (c) | 2500000 | 2873611 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2037 (c) | 2645000 | 3018575 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2039 (c) | 2950000 | 3330043 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2040 (c) | 3120000 | 3488390 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2041 (c) | 3295000 | 3659095 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2042 (c) | 3480000 | 3830307 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2044 (c) | 3885000 | 4211706 |
| TOTAL TRANSPORTATION |  | 26992064 |
| TOTAL ALASKA |  | 38843665 |
| Arizona - 1.5%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Salt River Proj AZ Agric & Pwr Series 2017A, 5% 1/1/2033  | 4955000 | 5183051 |
| General Obligations - 0.3% |  |  |
| Industrial Development Authority of the City of Phoenix Arizona/The (Guam Govt Proj.) Series 2014, 5.375% 2/1/2041  | 9525000 | 8991995 |
| Industrial Development Authority of the City of Phoenix Arizona/The Series 2014, 5.125% 2/1/2034 (Guam Govt Guaranteed)  | 6675000 | 6556803 |
| Maricopa County Special Health Care District Gen. Oblig. 4% 7/1/2035  | 2195000 | 2286219 |
| Maricopa County Special Health Care District Gen. Oblig. 5% 7/1/2033  | 7320000 | 8150369 |
| Maricopa County Special Health Care District Gen. Oblig. 5% 7/1/2034  | 12000000 | 13303732 |
| TOTAL GENERAL OBLIGATIONS |  | 39289118 |
| Health Care - 0.5% |  |  |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2033  | 1800000 | 2010732 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2035  | 1580000 | 1749343 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2036  | 1600000 | 1762471 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2037  | 1700000 | 1860999 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2046  | 1750000 | 1592658 |
| Glendale Ariz Indl Dev Auth Sr Living Facs Rev (Royal Oaks Senior Living Cmnty Proj.) 4% 5/15/2031  | 560000 | 546461 |
| Glendale Ariz Indl Dev Auth Sr Living Facs Rev (Royal Oaks Senior Living Cmnty Proj.) 5% 5/15/2041  | 1000000 | 973786 |
| Glendale Ariz Indl Dev Auth Sr Living Facs Rev (Royal Oaks Senior Living Cmnty Proj.) 5% 5/15/2056  | 2625000 | 2238119 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2034  | 4510000 | 5079818 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2035  | 6900000 | 7721303 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2036  | 4885000 | 5426179 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2037  | 1910000 | 2104844 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2038  | 2730000 | 2990890 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 D, 5% tender 1/1/2046 (b) | 12610000 | 12721012 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 4% 8/1/2049 (Assured Guaranty Inc Insured)  | 3055000 | 2789087 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2035  | 865000 | 982946 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2036  | 765000 | 861440 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2037  | 1500000 | 1675338 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2039  | 1000000 | 1102081 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5.25% 8/1/2042 (Assured Guaranty Inc Insured)  | 1775000 | 1950073 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5.25% 8/1/2043 (Assured Guaranty Inc Insured)  | 905000 | 983502 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5.25% 8/1/2044 (Assured Guaranty Inc Insured)  | 1080000 | 1163534 |
| TOTAL HEALTH CARE |  | 60286616 |
| Housing - 0.0% |  |  |
| Arizona Indl Dev Auth Rev (Lihtc Cert 2019-2 Proj.) Series 2 Class A, 3.625% 5/20/2033  | 4666158 | 4626196 |
| Industrial Development - 0.3% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c) | 31940000 | 32548269 |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2007, 4.1% tender 12/1/2037 (b)(c) | 15585000 | 15699460 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 48247729 |
| Special Tax - 0.1% |  |  |
| Glendale AZ (Glendale AZ Excise Tax Proj.) 5% 7/1/2032  | 2915000 | 3012695 |
| Phoenix Ariz Civic Impt Corp Distr Rev 5.5% 7/1/2038 (National Public Finance Guarantee Corporation Insured) (e) | 5970000 | 7315845 |
| TOTAL SPECIAL TAX |  | 10328540 |
| Transportation - 0.2% |  |  |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) 5% 7/1/2029  | 965000 | 1037562 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2030  | 3680000 | 3954329 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2031  | 1255000 | 1347045 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2032  | 3675000 | 3936167 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2036  | 1000000 | 1058745 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2039  | 1090000 | 1142564 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2027 (c) | 2185000 | 2251631 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2028 (c) | 3085000 | 3177521 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2036 (c) | 1000000 | 1020966 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 B, 5% 7/1/2034 (c) | 2000000 | 2116271 |
| TOTAL TRANSPORTATION |  | 21042801 |
| Water & Sewer - 0.1% |  |  |
| Gilbert Water Resource Municipal Property Corp Series 2022, 5% 7/15/2032  | 3630000 | 4158863 |
| Gilbert Water Resource Municipal Property Corp Series 2022, 5% 7/15/2033  | 5080000 | 5791947 |
| Gilbert Water Resource Municipal Property Corp Series 2022, 5% 7/15/2034  | 4715000 | 5351706 |
| Mesa AZ Util Sys Rev Series 2021, 4% 7/1/2035  | 2000000 | 2085168 |
| TOTAL WATER & SEWER |  | 17387684 |
| TOTAL ARIZONA |  | 206391735 |
| Arkansas - 0.1%  |  |  |
| General Obligations - 0.1% |  |  |
| Bentonville Ark Sch Dist No 006 Series F, 2% 6/1/2035  | 1000000 | 860552 |
| Bentonville Ark Sch Dist No 006 Series F, 2% 6/1/2037  | 1355000 | 1104408 |
| Farmington AR Scd No 6 2% 2/1/2038  | 1140000 | 904432 |
| Gravette School District No 20 2% 6/1/2037  | 1390000 | 1150197 |
| Hot Springs School District No 6 2.5% 6/1/2039  | 3400000 | 2816510 |
| Nettleton Ark Spl Sch Dist Craighead Cnty 2% 6/1/2037  | 1000000 | 788844 |
| Springdale Ark Sch Dist No 050 Series A, 2.5% 6/1/2039  | 3310000 | 2704084 |
| Warren Ark Sch Dist No 001 Series A, 2% 2/1/2037  | 1220000 | 996205 |
| TOTAL GENERAL OBLIGATIONS |  | 11325232 |
| Health Care - 0.0% |  |  |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2027  | 1000000 | 1015774 |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2029  | 1430000 | 1490863 |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2031  | 1500000 | 1590854 |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2032  | 1275000 | 1346274 |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2035  | 95000 | 98720 |
| TOTAL HEALTH CARE |  | 5542485 |
| Water & Sewer - 0.0% |  |  |
| Central Ark Wtr Rev Series 2020 C, 2% 10/1/2038  | 2790000 | 2184608 |
| Central Ark Wtr Rev Series 2020B, 2% 10/1/2038  | 1160000 | 908295 |
| TOTAL WATER & SEWER |  | 3092903 |
| TOTAL ARKANSAS |  | 19960620 |
| California - 5.9%  |  |  |
| Electric Utilities - 0.5% |  |  |
| Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2031  | 10000000 | 11163182 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2033  | 23000000 | 26250921 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2035  | 1835000 | 2134999 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern Ca Pub Pwr Auth Proj.) Series 2025 2, 5% tender 7/1/2053 (b) | 19910000 | 21046136 |
| TOTAL ELECTRIC UTILITIES |  | 60595238 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Golden State Tobacco Securitization Corp. Tobacco Settlement 5% 6/1/2026  | 470000 | 475161 |
| Los Angeles CA Dept Arpts Rev 4% 5/15/2038 (Pre-refunded to 11/15/2031 at 100) (c) | 260000 | 272895 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (Pre-refunded to 11/15/2031 at 100) (c) | 105000 | 115807 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2036 (Pre-refunded to 11/15/2031 at 100) (c) | 385000 | 424628 |
| State of California Gen. Oblig. 4% 11/1/2034 (Pre-refunded to 11/1/2030 at 100)  | 85000 | 91451 |
| State of California Gen. Oblig. 5% 11/1/2032 (Pre-refunded to 11/1/2030 at 100)  | 105000 | 117739 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 1497681 |
| General Obligations - 2.4% |  |  |
| California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 46220000 | 48172638 |
| California Community Choice Financing Authority Series 2024C, 5% tender 8/1/2055 (American General Life Insurance Co Guaranteed) (b) | 17455000 | 18491165 |
| California Community Choice Financing Authority Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 28560000 | 30088725 |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2032 (Pacific Life Insurance Co Guaranteed)  | 2750000 | 2990914 |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2033 (Pacific Life Insurance Co Guaranteed)  | 2535000 | 2768567 |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2034 (Pacific Life Insurance Co Guaranteed)  | 1040000 | 1142451 |
| California Community Choice Financing Authority Series 2025B, 5% tender 3/1/2056 (Pacific Life Insurance Co Guaranteed) (b) | 21490000 | 23389022 |
| California Community Choice Financing Authority Series 2025C, 5% tender 12/1/2055 (American General Life Insurance Co Guaranteed) (b) | 49630000 | 52676786 |
| California Community Choice Financing Authority Series 2025D, 5% tender 10/1/2055 (Forethought Life Insurance Co Guaranteed) (b) | 37500000 | 38882873 |
| California St Pub Wks Brd Lse 5% 8/1/2031  | 555000 | 631766 |
| California St Pub Wks Brd Lse 5% 8/1/2032  | 2095000 | 2374734 |
| California St Pub Wks Brd Lse 5% 8/1/2033  | 2085000 | 2355175 |
| California St Pub Wks Brd Lse 5% 8/1/2034  | 1035000 | 1164621 |
| Central Valley Energy Authority Series 2025, 5% tender 12/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 9535000 | 10386423 |
| Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2036  | 2430000 | 2801313 |
| Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2037  | 1325000 | 1511108 |
| Los Angeles Unified School District/CA Series 2020 C, 4% 7/1/2036  | 3810000 | 3975751 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2031  | 340000 | 366715 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2034  | 2430000 | 2585351 |
| Oakland CA Uni Sch Dist Alameda Cnty Series A, 5% 8/1/2028  | 970000 | 970956 |
| Sacramento CA City Uni Sch Dis 5% 7/1/2031 (Build America Mutual Assurance Co Insured)  | 495000 | 563033 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) 3% 5/15/2037  | 1000000 | 950393 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2019 A, 3% 5/1/2037  | 1670000 | 1594926 |
| State of California Gen. Oblig. 4% 11/1/2034  | 4915000 | 5196830 |
| State of California Gen. Oblig. 4% 11/1/2036  | 9885000 | 10335103 |
| State of California Gen. Oblig. 5% 10/1/2039  | 2145000 | 2410156 |
| State of California Gen. Oblig. 5% 11/1/2032  | 10000000 | 11171198 |
| State of California Gen. Oblig. 5% 11/1/2032  | 6140000 | 6859116 |
| State of California Gen. Oblig. 5% 3/1/2037  | 10270000 | 12067536 |
| State of California Gen. Oblig. 5% 3/1/2038  | 12390000 | 14440383 |
| State of California Gen. Oblig. 5% 9/1/2035  | 3635000 | 4154366 |
| State of California Gen. Oblig. 5.25% 12/1/2033  | 110000 | 110200 |
| State of California Gen. Oblig. 5.25% 4/1/2034  | 30000 | 30053 |
| State of California Gen. Oblig. 5.5% 4/1/2030  | 5000 | 5010 |
| State of California Gen. Oblig. Series 2016, 5% 8/1/2029  | 6970000 | 7067708 |
| State of California Gen. Oblig. Series 2016, 5% 9/1/2029  | 2755000 | 2799194 |
| State of California Gen. Oblig. Series 2022, 5% 4/1/2035  | 2520000 | 2679051 |
| Washington Twp CA Health Care Dist (Washington Twp CA Hosp Dist Proj.) Gen. Oblig. Series 2013A, 5.5% 8/1/2040  | 3400000 | 3422454 |
| TOTAL GENERAL OBLIGATIONS |  | 333583764 |
| Health Care - 0.6% |  |  |
| California Health Facilities Financing Authority (CommonSpirit Health Proj.) Series 2020 A, 4% 4/1/2035  | 1170000 | 1203070 |
| California Health Facilities Financing Authority (CommonSpirit Health Proj.) Series 2020 A, 4% 4/1/2036  | 5000000 | 5118778 |
| California Health Facilities Financing Authority (Scripps Health, Sys Proj.) Series 2024 B1, 5% tender 11/15/2061 (b) | 32400000 | 34677101 |
| California Health Facilities Financing Authority (Scripps Health, Sys Proj.) Series 2024B 2, 5% tender 11/15/2061 (b) | 34960000 | 38917707 |
| California Mun Fin Auth Ctfs Partn (Palomar Health Calif Rev Proj.) 5% 11/1/2031 (Assured Guaranty Inc Insured)  | 400000 | 421329 |
| California Mun Fin Auth Ctfs Partn (Palomar Health Calif Rev Proj.) 5% 11/1/2032 (Assured Guaranty Inc Insured)  | 210000 | 220677 |
| California Mun Fin Auth Ctfs Partn (Palomar Health Calif Rev Proj.) 5% 11/1/2033 (Assured Guaranty Inc Insured)  | 435000 | 452322 |
| California Mun Fin Auth Ctfs Partn (Palomar Health Calif Rev Proj.) 5.25% 11/1/2034 (Assured Guaranty Inc Insured)  | 1000000 | 1043895 |
| California Statewide Community Development Authority Rev (Kaiser Permanente Hlth System Proj.) Series 2009 C 2, 5% tender 4/1/2046 (b) | 7865000 | 8563862 |
| TOTAL HEALTH CARE |  | 90618741 |
| Housing - 0.2% |  |  |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2019-2 CA Proj.) Series 2 Class A, 4% 3/20/2033  | 3328678 | 3410814 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2021-1 CA Proj.) Series 1 Class A, 3.5% 11/20/2035  | 20000192 | 19813721 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2023-1 CA Proj.) Series 1 Class A, 4.375% 9/20/2036  | 7746213 | 8030040 |
| TOTAL HOUSING |  | 31254575 |
| Other - 0.1% |  |  |
| California Infrastructure & Economic Development Bank (CA Academy of Science Proj.) Series 2024A, 3.25% 8/1/2029  | 4415000 | 4451893 |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (b) | 14460000 | 13468700 |
| TOTAL OTHER |  | 17920593 |
| Resource Recovery - 0.1% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2023A, 4.375% tender 9/1/2053 (b)(c) | 4420000 | 4598467 |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2024A, 3.875% tender 3/1/2054 (b)(c) | 8085000 | 8092555 |
| TOTAL RESOURCE RECOVERY |  | 12691022 |
| Tobacco Bonds - 0.1% |  |  |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2021 B 2, 0% 6/1/2066 (f) | 120475000 | 11764348 |
| Transportation - 1.5% |  |  |
| Los Angeles CA Dept Arpts Rev 4% 5/15/2038 (c) | 4605000 | 4635153 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (c) | 10000000 | 11451281 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (c) | 9270000 | 10615337 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (c) | 1840000 | 2016407 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2036 (c) | 9740000 | 11060814 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2036 (c) | 6885000 | 7502847 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2036 (c) | 6455000 | 7335917 |
| Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2036 (c) | 2960000 | 3041999 |
| Los Angeles CA Dept Arpts Rev Series 2019 A, 5% 5/15/2035 (c) | 2085000 | 2198782 |
| Los Angeles CA Dept Arpts Rev Series 2019 D, 5% 5/15/2038 (c) | 3045000 | 3155604 |
| Los Angeles CA Dept Arpts Rev Series 2019 F, 5% 5/15/2030 (c) | 2455000 | 2615465 |
| Los Angeles CA Dept Arpts Rev Series 2020C, 5% 5/15/2045 (c) | 5820000 | 5942229 |
| Los Angeles CA Dept Arpts Rev Series 2022A, 4% 5/15/2037 (c) | 13805000 | 13981652 |
| Los Angeles CA Dept Arpts Rev Series 2022A, 5% 5/15/2036 (c) | 755000 | 827945 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2033 (c) | 12595000 | 14223229 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2034 (c) | 13295000 | 14938726 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2035 (c) | 5000000 | 5588266 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2036 (c) | 1500000 | 1665063 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2037 (c) | 1000000 | 1102015 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2038 (c) | 1000000 | 1093021 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5.25% 5/15/2039 (c) | 1200000 | 1330118 |
| Ontario International Airport Authority Series 2021 B, 4% 5/15/2035 (Assured Guaranty Inc Insured) (c) | 1100000 | 1130206 |
| Ontario International Airport Authority Series 2021 B, 4% 5/15/2038 (Assured Guaranty Inc Insured) (c) | 1000000 | 1011365 |
| Port Oakland Calif Rev Series 2021 H, 5% 5/1/2026 (c) | 1250000 | 1258321 |
| Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2039 (c) | 3280000 | 3371647 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2020C, 5% 7/1/2030 (c) | 795000 | 859042 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021 B, 5% 7/1/2037 (c) | 16945000 | 18174629 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021 B, 5% 7/1/2038 (c) | 17150000 | 18307957 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2023B, 5% 7/1/2039 (c) | 3515000 | 3829503 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2023B, 5% 7/1/2040 (c) | 3290000 | 3545866 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2027 (c) | 13295000 | 13647060 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2037 (c) | 3290000 | 3440883 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2044 (c) | 12310000 | 13087990 |
| TOTAL TRANSPORTATION |  | 207986339 |
| Water & Sewer - 0.4% |  |  |
| Castaic Lake Wtr Agy CA Ctfs Series 1999 A, 0% 8/1/2028 (Ambac Assurance Corp Insured) (f) | 5845000 | 5472380 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 1/1/2030  | 42270000 | 45476395 |
| TOTAL WATER & SEWER |  | 50948775 |
| TOTAL CALIFORNIA |  | 818861076 |
| Colorado - 2.0%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Colorado Springs Colo Utils 5% 11/15/2033  | 400000 | 442268 |
| Colorado Springs Colo Utils 5% 11/15/2034  | 685000 | 754573 |
| Colorado Springs Colo Utils 5% 11/15/2035  | 460000 | 504642 |
| Colorado Springs Colo Utils 5% 11/15/2036  | 440000 | 479034 |
| Colorado Springs Colo Utils 5% 11/15/2037  | 635000 | 686452 |
| Colorado Springs Colo Utils 5% 11/15/2038  | 885000 | 953096 |
| Colorado Springs Colo Utils Series 2020A, 4% 11/15/2036  | 525000 | 542259 |
| Colorado Springs Colo Utils Series 2020A, 4% 11/15/2037  | 670000 | 688237 |
| Colorado Springs Colo Utils Series 2020A, 5% 11/15/2033  | 700000 | 773970 |
| TOTAL ELECTRIC UTILITIES |  | 5824531 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Colorado Health Facilities Authority 5% tender 11/15/2049 (b) | 930000 | 949176 |
| General Obligations - 0.4% |  |  |
| Adams Cnty CO Sch Dist No 014 5% 12/1/2033  | 1170000 | 1358257 |
| Adams Cnty CO Sch Dist No 014 5% 12/1/2034  | 1310000 | 1530231 |
| Adams Cnty CO Sch Dist No 014 5.5% 12/1/2035  | 1000000 | 1202677 |
| Adams Cnty CO Sch Dist No 014 5.5% 12/1/2036  | 1500000 | 1788769 |
| Adams Cnty CO Sch Dist No 014 5.5% 12/1/2037  | 2100000 | 2483680 |
| Adams Cnty CO Sch Dist No 014 5.5% 12/1/2038  | 1500000 | 1763246 |
| Adams Cnty CO Sch Dist No 014 5.5% 12/1/2039  | 1650000 | 1925537 |
| Adams Cnty CO Sch Dist No 014 5.5% 12/1/2040  | 2250000 | 2601437 |
| Colorado Ctfs of Prtn (Colorado St Proj.) Series 2021A, 4% 12/15/2038  | 3000000 | 3071261 |
| Colorado Ctfs of Prtn (Colorado St Proj.) Series 2021A, 5% 12/15/2034  | 6940000 | 7741985 |
| Denver CO City & Cnty Gen. Oblig. Series 2020 A, 2% 8/1/2035  | 16240000 | 14143483 |
| Denver CO City & Cnty Gen. Oblig. Series 2020 A, 2% 8/1/2036  | 13075000 | 11101326 |
| Regional Trans Dist CO Ctfs Part 5% 6/1/2030  | 3000000 | 3236965 |
| Regional Trans Dist CO Ctfs Part 5% 6/1/2031  | 1580000 | 1706745 |
| TOTAL GENERAL OBLIGATIONS |  | 55655599 |
| Health Care - 0.6% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) 5% tender 11/15/2049 (b) | 9160000 | 9342452 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2025A, 5% tender 11/15/2060 (b) | 20790000 | 22720719 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2036  | 4000000 | 4202834 |
| Colorado Health Facilities Authority (Commonspirit Health Proj.) Series 2019 B 2, 5% tender 8/1/2049 (b) | 5205000 | 5212631 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2024A, 5% 12/1/2039  | 10665000 | 11562992 |
| Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2022 A, 5% 5/15/2031  | 2500000 | 2795805 |
| Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2022 A, 5% 5/15/2032  | 2000000 | 2269997 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022B, 5% tender 5/15/2062 (b) | 8705000 | 8831839 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022C, 5% tender 5/15/2062 (b) | 11655000 | 12303841 |
| TOTAL HEALTH CARE |  | 79243110 |
| Housing - 0.0% |  |  |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 H, 4.25% 11/1/2049  | 675000 | 682807 |
| Colorado Hsg Fin Auth Series 05FN Class PT, 2.8% 9/1/2035  | 2444538 | 2168122 |
| TOTAL HOUSING |  | 2850929 |
| Special Tax - 0.1% |  |  |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 4% 12/1/2046 (Assured Guaranty Inc Insured)  | 1805000 | 1720760 |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 4.25% 12/1/2054 (Assured Guaranty Inc Insured)  | 1170000 | 1119615 |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 5% 12/1/2032 (Assured Guaranty Inc Insured)  | 1050000 | 1161957 |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 5% 12/1/2033 (Assured Guaranty Inc Insured)  | 2000000 | 2206671 |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 5% 12/1/2034 (Assured Guaranty Inc Insured)  | 1810000 | 1991692 |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 5% 12/1/2038 (Assured Guaranty Inc Insured)  | 1165000 | 1262956 |
| TOTAL SPECIAL TAX |  | 9463651 |
| Transportation - 0.9% |  |  |
| Denver CO City & Cnty Arpt 5% 12/1/2031 (c) | 15915000 | 16724830 |
| Denver CO City & Cnty Arpt 5.5% 11/15/2031 (c) | 15970000 | 18172043 |
| Denver CO City & Cnty Arpt 5.5% 11/15/2032 (c) | 4390000 | 5067150 |
| Denver CO City & Cnty Arpt 5.5% 11/15/2033 (c) | 4935000 | 5635991 |
| Denver CO City & Cnty Arpt 5.75% 11/15/2034 (c) | 2540000 | 2938773 |
| Denver CO City & Cnty Arpt 5.75% 11/15/2035 (c) | 2360000 | 2714673 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2027 (c) | 1025000 | 1066636 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2028 (c) | 5890000 | 6115421 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2029 (c) | 4855000 | 5041417 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2030 (c) | 3885000 | 4033459 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2030 (c) | 7475000 | 8162331 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2035 (c) | 3350000 | 3483081 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2026 (c) | 15500000 | 15789831 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2037 (c) | 7000000 | 7596484 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2035 (f) | 1940000 | 1414672 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2037 (f) | 2915000 | 1926203 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2038 (f) | 3650000 | 2292463 |
| E-470 Pub Hwy Auth Colo Rev 5% 9/1/2028  | 2000000 | 2123996 |
| E-470 Pub Hwy Auth Colo Rev 5% 9/1/2034  | 1135000 | 1240718 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 4% 7/15/2033  | 580000 | 601630 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 4% 7/15/2035  | 1900000 | 1929150 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 4% 7/15/2038  | 700000 | 700364 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 4% 7/15/2039  | 1800000 | 1784855 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 5% 1/15/2030  | 500000 | 532581 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 5% 1/15/2031  | 500000 | 539658 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 5% 1/15/2032  | 700000 | 753936 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 5% 7/15/2030  | 350000 | 375328 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 5% 7/15/2031  | 500000 | 539107 |
| TOTAL TRANSPORTATION |  | 119296781 |
| TOTAL COLORADO |  | 273283777 |
| Connecticut - 1.3%  |  |  |
| Education - 0.1% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series L, 5% 7/1/2033  | 615000 | 689564 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series L, 5% 7/1/2034  | 830000 | 926001 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series L, 5% 7/1/2037  | 1010000 | 1108565 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 4% 7/1/2039  | 4400000 | 3825587 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 4% 7/1/2049  | 3025000 | 2270475 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2026  | 575000 | 576620 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2010A 3, 2.95% tender 7/1/2049 (b) | 6820000 | 6858541 |
| Connecticut State Health & Educational Facilities Authority (Fairfield Univ, CT Proj.) Series S, 5% 7/1/2026  | 2200000 | 2224066 |
| Connecticut State Health & Educational Facilities Authority (Fairfield Univ, CT Proj.) Series S, 5% 7/1/2029  | 970000 | 1027214 |
| TOTAL EDUCATION |  | 19506633 |
| General Obligations - 0.4% |  |  |
| Connecticut St Gen. Oblig. 4% 1/15/2039  | 6745000 | 6942120 |
| Connecticut St Gen. Oblig. 4% 6/1/2035  | 1000000 | 1036161 |
| Connecticut St Gen. Oblig. 4% 6/1/2037  | 950000 | 974147 |
| Connecticut St Gen. Oblig. 5% 6/15/2033  | 300000 | 341267 |
| Connecticut St Gen. Oblig. 5% 6/15/2036  | 300000 | 336177 |
| Connecticut St Gen. Oblig. 5% 9/15/2031  | 600000 | 678632 |
| Connecticut St Gen. Oblig. Series 2018 E, 5% 9/15/2029  | 4000000 | 4270686 |
| Connecticut St Gen. Oblig. Series 2018 E, 5% 9/15/2030  | 4000000 | 4267988 |
| Connecticut St Gen. Oblig. Series 2018 E, 5% 9/15/2032  | 1300000 | 1382642 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2030  | 2345000 | 2534024 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2034  | 2635000 | 2820895 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2035  | 915000 | 977551 |
| Connecticut St Gen. Oblig. Series 2020 B, 5% 1/15/2026  | 975000 | 975852 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2034  | 3195000 | 3166508 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2039  | 3665000 | 3366333 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2035  | 1000000 | 1177572 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2036  | 2250000 | 2628164 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2037  | 1395000 | 1612692 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2041  | 6310000 | 7005355 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2043  | 1350000 | 1468594 |
| Connecticut St Gen. Oblig. Series E, 5% 10/15/2029  | 4975000 | 5067942 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut St Univ Sys Proj.) Series Q 1, 5% 11/1/2028 (Connecticut St Guaranteed)  | 1780000 | 1895773 |
| Connecticut St Series 2024 G, 3% 11/15/2042  | 2370000 | 2077390 |
| Connecticut St Series 2024 G, 3% 11/15/2043  | 1480000 | 1268219 |
| University Connecticut (Connecticut St Proj.) Series 2019 A, 5% 11/1/2028  | 1260000 | 1347292 |
| TOTAL GENERAL OBLIGATIONS |  | 59619976 |
| Health Care - 0.3% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2034 (d)(i) | 6000000 | 3300000 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2036  | 1750000 | 1764435 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2038  | 1580000 | 1573858 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2030  | 1830000 | 1964070 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2031  | 2975000 | 3191238 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2033  | 4925000 | 5267442 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2034  | 2050000 | 2193013 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2035  | 3200000 | 3412145 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) Series 2020 A, 5% 7/1/2029  | 1000000 | 1072430 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford Healthcare Proj.) 5% tender 7/1/2053 (b) | 2555000 | 2601182 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2029  | 820000 | 868972 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2032  | 3915000 | 4293810 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2033  | 3270000 | 3574388 |
| TOTAL HEALTH CARE |  | 35076983 |
| Housing - 0.1% |  |  |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2021D SUB D1, 3% 5/15/2051  | 13240000 | 13028185 |
| Special Tax - 0.4% |  |  |
| Connecticut St Gen. Oblig. 4% 1/15/2036  | 6860000 | 7187378 |
| Connecticut St Spl Tax Oblig 5% 7/1/2032  | 2000000 | 2285319 |
| Connecticut St Spl Tax Oblig 5% 7/1/2032  | 1500000 | 1713989 |
| Connecticut St Spl Tax Oblig 5% 7/1/2033  | 2065000 | 2388502 |
| Connecticut St Spl Tax Oblig 5% 7/1/2033  | 1000000 | 1156659 |
| Connecticut St Spl Tax Oblig 5% 7/1/2034  | 1500000 | 1712603 |
| Connecticut St Spl Tax Oblig Series 2020 A, 5% 5/1/2029  | 3675000 | 3972520 |
| Connecticut St Spl Tax Oblig Series 2021 A, 5% 5/1/2035  | 2200000 | 2433364 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2036  | 11065000 | 12817436 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2038  | 2340000 | 2668235 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2039  | 8370000 | 9482910 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2040  | 4000000 | 4471774 |
| Connecticut St Spl Tax Oblig Series A, 5% 9/1/2028  | 2495000 | 2534161 |
| TOTAL SPECIAL TAX |  | 54824850 |
| TOTAL CONNECTICUT |  | 182056627 |
| Delaware - 0.0%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Co Proj.) Series 2020A, 3.6% 1/1/2031  | 2905000 | 2983224 |
| Special Tax - 0.0% |  |  |
| Delaware Trans Auth Tran Sys Rev Series 2020, 5% 7/1/2032  | 2150000 | 2372427 |
| TOTAL DELAWARE |  | 5355651 |
| Delaware,New Jersey - 0.0%  |  |  |
| Transportation - 0.0% |  |  |
| Delaware River & Bay Auth Series 2021, 4% 1/1/2039  | 1350000 | 1385857 |
| Delaware River & Bay Auth Series 2021, 4% 1/1/2040  | 1200000 | 1224547 |
| Delaware River & Bay Auth Series 2021, 4% 1/1/2041  | 700000 | 710503 |
| Delaware River & Bay Auth Series 2021, 4% 1/1/2042  | 365000 | 368036 |
| Delaware River & Bay Auth Series 2021, 5% 1/1/2027  | 730000 | 747796 |
| Delaware River & Bay Auth Series 2021, 5% 1/1/2031  | 150000 | 167547 |
| Delaware River & Bay Auth Series 2021, 5% 1/1/2036  | 510000 | 569445 |
| TOTAL DELAWARE,NEW JERSEY |  | 5173731 |
| District Of Columbia - 0.2%  |  |  |
| General Obligations - 0.1% |  |  |
| District Columbia Gen. Oblig. Series 2021 D, 4% 2/1/2036  | 2500000 | 2596248 |
| District Columbia Gen. Oblig. Series 2021 D, 4% 2/1/2037  | 2500000 | 2577511 |
| District Columbia Gen. Oblig. Series 2021 E, 4% 2/1/2037  | 3240000 | 3340454 |
| District Columbia Gen. Oblig. Series 2023A, 5% 1/1/2039  | 4000000 | 4430723 |
| District Columbia Gen. Oblig. Series 2023A, 5% 1/1/2040  | 1330000 | 1453855 |
| TOTAL GENERAL OBLIGATIONS |  | 14398791 |
| Special Tax - 0.0% |  |  |
| District Columbia Income Tax Rev Series 2022A, 5% 7/1/2040  | 3555000 | 3862709 |
| Water & Sewer - 0.1% |  |  |
| District Columbia Wtr & Swr Auth Pub Util Rev Series 2022E, 3% tender 10/1/2057 (b) | 9535000 | 9462607 |
| TOTAL DISTRICT OF COLUMBIA |  | 27724107 |
| District Of Columbia,Maryland,Virginia - 0.2%  |  |  |
| Special Tax - 0.2% |  |  |
| Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2034  | 7990000 | 8221106 |
| Washington Metropolitan Area Transit Authority Series 2021 A, 5% 7/15/2037  | 6750000 | 7363285 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2033  | 1305000 | 1500360 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2034  | 2450000 | 2797176 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2035  | 2000000 | 2269727 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2037  | 1400000 | 1564871 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2038  | 1100000 | 1221670 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2039  | 1655000 | 1826614 |
| TOTAL DISTRICT OF COLUMBIA,MARYLAND,VIRGINIA |  | 26764809 |
| District Of Columbia,Virginia - 0.8%  |  |  |
| Transportation - 0.8% |  |  |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2031 (c) | 2335000 | 2411398 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2034 (c) | 1940000 | 1992880 |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2028 (c) | 3885000 | 4109012 |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2029 (c) | 4030000 | 4250024 |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2030 (c) | 3165000 | 3332986 |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2031 (c) | 4540000 | 4776327 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 4% 10/1/2037 (c) | 1680000 | 1695014 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 4% 10/1/2038 (c) | 1865000 | 1871145 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 4% 10/1/2040 (c) | 3250000 | 3197096 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2030 (c) | 7470000 | 8142709 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2031 (c) | 12695000 | 14032847 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2032 (c) | 18670000 | 20545609 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2033 (c) | 19170000 | 21009018 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2034 (c) | 4480000 | 4878647 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2035 (c) | 3985000 | 4318518 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2036 (c) | 3175000 | 3420950 |
| Metropolitan Wash DC Arpts Ath Series 2022 A, 5% 10/1/2031 (c) | 2680000 | 2962429 |
| Metropolitan Wash DC Arpts Ath Series 2022 A, 5% 10/1/2032 (c) | 1250000 | 1396886 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 4% 10/1/2035  | 1185000 | 1204950 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 4% 10/1/2036  | 1760000 | 1781910 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 4% 10/1/2037  | 1770000 | 1784923 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 4% 10/1/2038  | 735000 | 737875 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 5% 10/1/2033  | 1250000 | 1328728 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 3% 10/1/2050 (Assured Guaranty Inc Insured)  | 1000000 | 724290 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 115906171 |
| Florida - 5.2%  |  |  |
| Education - 0.1% |  |  |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2031  | 2000000 | 2129091 |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2034  | 1250000 | 1314622 |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2035  | 500000 | 523258 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2028  | 1060000 | 1104807 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2030  | 1500000 | 1582452 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2031  | 1750000 | 1841926 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2032  | 1305000 | 1368462 |
| Florida Higher Edl Facs Fing Auth Rev (St Leo University Proj.) Series 2019, 5% 3/1/2029  | 1635000 | 1561396 |
| Florida Higher Edl Facs Fing Auth Rev (St Leo University Proj.) Series 2019, 5% 3/1/2030  | 1715000 | 1613863 |
| Florida Higher Edl Facs Fing Auth Rev (St Leo University Proj.) Series 2019, 5% 3/1/2031  | 1805000 | 1678873 |
| Florida Higher Edl Facs Fing Auth Rev (St Leo University Proj.) Series 2019, 5% 3/1/2032  | 1890000 | 1729139 |
| Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 4% 10/15/2035  | 400000 | 409239 |
| Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 4% 10/15/2036  | 375000 | 382192 |
| Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 4% 10/15/2038  | 750000 | 758438 |
| TOTAL EDUCATION |  | 17997758 |
| Electric Utilities - 0.2% |  |  |
| Jacksonville FL Elec Auth Sys Rev Series 2017 B, 5% 10/1/2026  | 6680000 | 6792070 |
| Jacksonville FL Elec Auth Sys Rev Series 2020 A, 4% 10/1/2035  | 5000000 | 5131679 |
| Jacksonville FL Elec Auth Sys Rev Series 2020 A, 5% 10/1/2030  | 5055000 | 5556960 |
| Jacksonville FL Elec Auth Sys Rev Series 2020 A, 5% 10/1/2031  | 2625000 | 2878960 |
| Jacksonville FL Elec Auth Sys Rev Series 2020 A, 5% 10/1/2032  | 4385000 | 4797002 |
| Jacksonville FL Elec Auth Sys Rev Series 2024 A, 5% 10/1/2036  | 1500000 | 1726074 |
| Jacksonville FL Elec Auth Sys Rev Series THREE 2024A, 5% 10/1/2034 (Assured Guaranty Inc Insured)  | 1135000 | 1325648 |
| Jacksonville FL Elec Auth Sys Rev Series THREE 2024A, 5% 10/1/2036 (Assured Guaranty Inc Insured)  | 1085000 | 1247586 |
| Jacksonville FL Elec Auth Sys Rev Series THREE 2024A, 5% 10/1/2038 (Assured Guaranty Inc Insured)  | 1230000 | 1403159 |
| TOTAL ELECTRIC UTILITIES |  | 30859138 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Tampa Bay Water Series 2001 A, 6% 10/1/2029 (Escrowed to Maturity)  | 2430000 | 2716121 |
| General Obligations - 1.8% |  |  |
| Alachua Cnty Fla Sch Brd Ctfs Partn (Alachua Cnty FL Sch Dist Proj.) 5% 7/1/2027 (Assured Guaranty Inc Insured)  | 4285000 | 4430400 |
| Alachua Cnty Fla Sch Brd Ctfs Partn (Alachua Cnty FL Sch Dist Proj.) 5% 7/1/2028 (Assured Guaranty Inc Insured)  | 7045000 | 7444290 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2020A, 5% 7/1/2031  | 3000000 | 3280324 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series A, 5% 7/1/2032  | 2430000 | 2453848 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL School Board Proj.) 5% 7/1/2031 (Assured Guaranty Inc Insured)  | 10700000 | 11966634 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL School Board Proj.) 5% 7/1/2032 (Assured Guaranty Inc Insured)  | 4250000 | 4793455 |
| Florida St Dept Mgmt Svcs Ctfs Partn (Florida St Proj.) Series 2018 A, 5% 11/1/2029  | 6245000 | 6824514 |
| Hillsborough Cnty FL Sch Brd 5% 7/1/2029  | 6955000 | 7480137 |
| Lake Cnty Fla Sch Brd Cop (Lake County FL School Board Proj.) Series 2025A, 5% 6/1/2031 (Assured Guaranty Inc Insured)  | 6935000 | 7727121 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2033 (Assured Guaranty Inc Insured)  | 2000000 | 2283847 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2034 (Assured Guaranty Inc Insured)  | 1400000 | 1624512 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2035 (Assured Guaranty Inc Insured)  | 1000000 | 1168708 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2036 (Assured Guaranty Inc Insured)  | 1500000 | 1738039 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2037 (Assured Guaranty Inc Insured)  | 1400000 | 1602775 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2038 (Assured Guaranty Inc Insured)  | 2650000 | 3013372 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2039 (Assured Guaranty Inc Insured)  | 2500000 | 2824883 |
| Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2015D, 5% 2/1/2029  | 6435000 | 6446781 |
| Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2015D, 5% 2/1/2030  | 6310000 | 6321397 |
| Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2016A, 5% 5/1/2031  | 19200000 | 19337722 |
| Miami-Dade Cnty FL Spl Oblig (Miami-Dade Cnty Fla Proj.) Series 2021 A, 4% 4/1/2044  | 8990000 | 8638588 |
| Miami-Dade Cnty FL Spl Oblig (Miami-Dade Cnty Fla Proj.) Series 2021 A, 4% 4/1/2046  | 9860000 | 9346272 |
| Miami-Dade Cnty Fla Gen. Oblig. 5% 7/1/2031  | 11690000 | 12920317 |
| Miami-Dade Cnty Fla Seaport Rev (Miami-Dade Cnty Fla Proj.) Series SUB 2021 B2, 4% 10/1/2038  | 3000000 | 3086181 |
| Orange Cnty FL Sch Brd Ctf Par (Orange Cnty FL Sch Dist Proj.) Series 2024A, 5% 8/1/2034  | 35000000 | 40527372 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2021 A, 5% 8/1/2038  | 3720000 | 4039284 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2021 A, 5% 8/1/2039  | 7440000 | 8051006 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2025A, 5% 8/1/2030  | 7910000 | 8756451 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2025A, 5% 8/1/2031  | 13500000 | 15214411 |
| Pasco Cnty FL Sch Brd Cert of Part (Pasco Cnty FL Sch Dist Proj.) 5% 8/1/2033 (Assured Guaranty Inc Insured)  | 3000000 | 3277727 |
| Pasco Cnty FL Sch Brd Cert of Part (Pasco Cnty FL Sch Dist Proj.) 5% 8/1/2034 (Assured Guaranty Inc Insured)  | 2250000 | 2448378 |
| Pasco Cnty Fla Gen. Oblig. Series 2021 B, 5% 10/1/2032  | 2175000 | 2454939 |
| Pasco Cnty Fla Gen. Oblig. Series 2021 B, 5% 10/1/2034  | 2400000 | 2684580 |
| Pasco Cnty Fla Gen. Oblig. Series 2021 B, 5% 10/1/2038  | 2905000 | 3179548 |
| Pasco Cnty Fla Gen. Oblig. Series 2021 B, 5% 10/1/2039  | 3060000 | 3331592 |
| Pasco Cnty Fla Gen. Oblig. Series 2021 B, 5% 10/1/2040  | 3215000 | 3476050 |
| South Fla Wtr Mgmt Dist Ctfs Partn 5% 10/1/2030  | 3885000 | 3904711 |
| TOTAL GENERAL OBLIGATIONS |  | 238100166 |
| Health Care - 0.8% |  |  |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2030  | 2690000 | 2915638 |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2032  | 620000 | 690829 |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2037  | 985000 | 1075614 |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2039  | 1670000 | 1802224 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2040 (Assured Guaranty Inc Insured)  | 900000 | 990127 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2041 (Assured Guaranty Inc Insured)  | 750000 | 814563 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2042 (Assured Guaranty Inc Insured)  | 1000000 | 1072357 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2043 (Assured Guaranty Inc Insured)  | 1000000 | 1059658 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2044 (Assured Guaranty Inc Insured)  | 1150000 | 1207183 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, Fl Proj.) Series 2024 B 1, 5% tender 10/1/2054 (Assured Guaranty Inc Insured) (b) | 3365000 | 3583422 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, Fl Proj.) Series 2024 B 2, 5% tender 10/1/2054 (Assured Guaranty Inc Insured) (b) | 2340000 | 2540873 |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 4% 8/15/2045  | 4570000 | 4010140 |
| Florida Development Finance Corp (Tampa General Hospital, Fl Proj.) Series 2024 B, 5% tender 8/1/2056 (b) | 17180000 | 18605995 |
| Lakeland FL Hosp Sys Rev (Lakeland FL Hosp Sys Rev Proj.) Series 2024, 5% 11/15/2036  | 7565000 | 8574564 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2033  | 1650000 | 1743331 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2034  | 3250000 | 3425715 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2035  | 6325000 | 6648632 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2037  | 2190000 | 2282478 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2039  | 1500000 | 1553757 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys Fl Hosp Rev Proj.) 5% tender 4/1/2033 (b) | 11585000 | 11595923 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) 5% 10/1/2032  | 1605000 | 1817542 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) 5% 10/1/2033  | 750000 | 851771 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) 5% 10/1/2034  | 1000000 | 1130176 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) 5% 10/1/2035  | 1000000 | 1124139 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) 5% 10/1/2036  | 600000 | 669323 |
| Palm Beach Cnty FL Health Facs (Lifespace Proj.) Series 2015C, 5% 5/15/2030  | 1670000 | 1670753 |
| South Broward Hosp Dist FL Rev Series 2021 A, 2.5% 5/1/2047  | 3000000 | 1998020 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2025A, 5% 8/15/2035  | 22305000 | 25681591 |
| TOTAL HEALTH CARE |  | 111136338 |
| Housing - 0.0% |  |  |
| Florida Housing Finance Corp (FL Homeownership Mortgage Proj.) Series 2025 5, 6.25% 7/1/2056  | 4190000 | 4684645 |
| Other - 0.0% |  |  |
| Pinellas Cnty Fla Indl Dev Auth Indl Dev Rev (Patel Foundation For Global Understanding Proj.) Series 2019, 5% 7/1/2029  | 615000 | 627877 |
| Pinellas Cnty Fla Indl Dev Auth Indl Dev Rev (Patel Foundation For Global Understanding Proj.) Series 2019, 5% 7/1/2039  | 1000000 | 1008215 |
| TOTAL OTHER |  | 1636092 |
| Resource Recovery - 0.0% |  |  |
| Hillsborough Cnty FL Sldwst Rec Series A, 5% 9/1/2026 (c) | 2200000 | 2226198 |
| Special Tax - 0.4% |  |  |
| Clay Cnty Fla Sales Surtax Rev 5% 10/1/2031  | 2445000 | 2658656 |
| Clay Cnty Fla Sales Surtax Rev 5% 10/1/2034  | 5390000 | 5799024 |
| Clay Cnty Fla Sales Surtax Rev 5% 10/1/2036  | 3000000 | 3197717 |
| Clay Cnty Fla Sales Surtax Rev 5% 10/1/2037  | 6135000 | 6511412 |
| County of Broward FL Tourist Development Tax Revenue Series 2021, 4% 9/1/2041  | 2700000 | 2712976 |
| Miami-Dade Cnty FL Spl Oblig 5% 10/1/2028  | 5385000 | 5471912 |
| Miami-Dade Cnty FL Spl Oblig 5% 10/1/2029  | 3985000 | 4048424 |
| Miami-Dade Cnty FL Spl Oblig 5% 10/1/2030  | 7215000 | 7327682 |
| Southeast Overtown Park West Community Redevelopment Agency Series 2025 A, 5% 3/1/2035 (Assured Guaranty Inc Insured)  | 1525000 | 1729247 |
| Southeast Overtown Park West Community Redevelopment Agency Series 2025 A, 5% 3/1/2036 (Assured Guaranty Inc Insured)  | 1995000 | 2232560 |
| Southeast Overtown Park West Community Redevelopment Agency Series 2025 A, 5% 3/1/2037 (Assured Guaranty Inc Insured)  | 1750000 | 1936995 |
| Southeast Overtown Park West Community Redevelopment Agency Series 2025 A, 5% 3/1/2039 (Assured Guaranty Inc Insured)  | 2000000 | 2191766 |
| Southeast Overtown Park West Community Redevelopment Agency Series 2025 A, 5% 3/1/2040 (Assured Guaranty Inc Insured)  | 2000000 | 2168175 |
| Southeast Overtown Park West Community Redevelopment Agency Series 2025 A, 5.25% 3/1/2041 (Assured Guaranty Inc Insured)  | 1755000 | 1924169 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev 3.75% 5/1/2029 (d) | 995000 | 1000987 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev 4.55% 5/1/2044 (d) | 1095000 | 1056864 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev 4.8% 5/1/2055 (d) | 2245000 | 2155325 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev Series 2023, 4.25% 5/1/2028 (d) | 500000 | 505856 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev Series 2023, 4.375% 5/1/2033 (d) | 1000000 | 1038180 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev Series 2023, 4.85% 5/1/2038 (d) | 915000 | 949040 |
| TOTAL SPECIAL TAX |  | 56616967 |
| Transportation - 1.8% |  |  |
| Broward Cnty FL Arpt Sys Rev 5% 10/1/2029 (c) | 4090000 | 4095771 |
| Broward Cnty FL Arpt Sys Rev 5% 10/1/2031 (c) | 2915000 | 2918549 |
| Broward Cnty FL Arpt Sys Rev 5% 10/1/2032 (c) | 3885000 | 3889210 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2030 (c) | 2050000 | 2115227 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2031 (c) | 3100000 | 3196616 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2035 (c) | 1000000 | 1023715 |
| Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2039 (c) | 1750000 | 1824971 |
| Broward Cnty FL Arpt Sys Rev Series 2019 B, 5% 10/1/2028 (c) | 6000000 | 6324796 |
| Broward Cnty FL Arpt Sys Rev Series 2019 B, 5% 10/1/2029 (c) | 5000000 | 5367160 |
| Broward Cnty FL Port Everglades Series 2019 A, 5% 9/1/2032  | 1055000 | 1133819 |
| Broward Cnty FL Port Everglades Series 2019 B, 4% 9/1/2037 (c) | 1970000 | 1981026 |
| Broward Cnty FL Port Everglades Series 2019 B, 5% 9/1/2028 (c) | 710000 | 741678 |
| Florida Dev Fin Corp Rev (Brightline FL Proj.) Series 2024, 5% 7/1/2044 (Assured Guaranty Inc Insured) (c) | 7285000 | 7149300 |
| Florida St Dept Transn Tpk Rev 5% 7/1/2036  | 10365000 | 12112218 |
| Florida St Dept Transn Tpk Rev 5% 7/1/2037  | 5345000 | 6214170 |
| Florida St Dept Transn Tpk Rev 5% 7/1/2038  | 5480000 | 6313440 |
| Florida St Dept Transn Tpk Rev Series 2021C, 3% 7/1/2035  | 4020000 | 4003465 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2032 (Assured Guaranty Inc Insured)  | 6000000 | 6743570 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2033 (Assured Guaranty Inc Insured)  | 3750000 | 4267207 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2034 (Assured Guaranty Inc Insured)  | 5035000 | 5751105 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2035 (Assured Guaranty Inc Insured)  | 1860000 | 2124082 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2037 (Assured Guaranty Inc Insured)  | 2310000 | 2590835 |
| Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2031 (c) | 4225000 | 4489839 |
| Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2044 (c) | 14200000 | 14418328 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2035 (c) | 3125000 | 3504368 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2036 (c) | 4000000 | 4448762 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2037 (c) | 4000000 | 4412267 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2038 (c) | 7680000 | 8417201 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2039 (c) | 8050000 | 8761563 |
| Greater Orlando Aviation Auth Series 2024, 5.25% 10/1/2040 (c) | 6585000 | 7264693 |
| Greater Orlando Aviation Auth Series 2024, 5.25% 10/1/2041 (c) | 18340000 | 20026785 |
| Greater Orlando Aviation Authority (United Airlines Inc Proj.) Series 2025, 5.25% 11/1/2034 (c) | 3000000 | 3215863 |
| Greater Orlando Aviation Authority (United Airlines Inc Proj.) Series 2025, 5.25% 11/1/2035 (c) | 2630000 | 2810173 |
| Greater Orlando Aviation Authority (United Airlines Inc Proj.) Series 2025, 5.5% 11/1/2036 (c) | 4000000 | 4335380 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2024 B, 5% 10/1/2034 (c) | 5055000 | 5737096 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2024 B, 5% 10/1/2035 (c) | 4215000 | 4750500 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2024 B, 5% 10/1/2036 (c) | 3975000 | 4443191 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2024 B, 5% 10/1/2037 (c) | 4445000 | 4927752 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2024 B, 5% 10/1/2038 (c) | 4880000 | 5375254 |
| Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2036  | 2000000 | 2033723 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2030  | 2430000 | 2469481 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2031  | 970000 | 985053 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2032  | 2150000 | 2357949 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2033  | 3325000 | 3633901 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev 5% 7/1/2040  | 7965000 | 7999873 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2016 A, 5% 7/1/2031  | 1455000 | 1467841 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2016 A, 5% 7/1/2032  | 3865000 | 3897965 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2016 A, 5% 7/1/2033  | 3205000 | 3230913 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2016 A, 5% 7/1/2034  | 970000 | 977555 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) 5% 7/1/2035  | 5000000 | 5346787 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2038 (Assured Guaranty Inc Insured)  | 4000000 | 4086986 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2028 (f) | 490000 | 441835 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2029 (f) | 700000 | 607129 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2035 (c) | 3650000 | 4104868 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2036 (c) | 3105000 | 3463263 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5.25% 10/1/2039 (c) | 3225000 | 3597536 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5.25% 10/1/2040 (c) | 1460000 | 1611839 |
| TOTAL TRANSPORTATION |  | 255535442 |
| Water & Sewer - 0.1% |  |  |
| JEA FL Wtr & Swr Sys Rev Series 2020 A, 3% 10/1/2036  | 5000000 | 4887747 |
| Miami Beach Fla Wtr & Swr Rev Series 2021 A, 3% 12/1/2037  | 1545000 | 1438198 |
| Miami Beach Fla Wtr & Swr Rev Series 2021 A, 3% 12/1/2038  | 1145000 | 1046478 |
| TOTAL WATER & SEWER |  | 7372423 |
| TOTAL FLORIDA |  | 728881288 |
| Georgia - 4.2%  |  |  |
| Education - 0.0% |  |  |
| Fulton Cnty GA Dev Auth Rev (University System of GA Proj.) 5% 6/15/2044  | 2365000 | 2442758 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 4% 4/1/2039  | 955000 | 966682 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 4% 4/1/2041  | 1500000 | 1496343 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2032  | 800000 | 881299 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2034  | 2420000 | 2649312 |
| TOTAL EDUCATION |  | 8436394 |
| Electric Utilities - 1.0% |  |  |
| Bartow Cnty GA Dev Auth Pollution Cont Rev (Georgia Power Co Proj.) Series FIRST 2009, 3.95% tender 12/1/2032 (b) | 19870000 | 20187099 |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 2.6% 11/1/2062 VRDN (b)(c) | 4100000 | 4100000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2008 SECOND, 3.375% tender 11/1/2048 (b) | 5685000 | 5708879 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2008, 3.35% tender 11/1/2048 (b) | 19400000 | 19562041 |
| Burke Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2013A, 3.6% tender 1/1/2040 (b) | 7340000 | 7464019 |
| Burke Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2017 E, 3.6% tender 11/1/2045 (b) | 6830000 | 6945402 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2046 (Assured Guaranty Inc Insured)  | 1100000 | 1015441 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2027  | 990000 | 1014421 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2028  | 520000 | 543645 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2029  | 1140000 | 1215713 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2031  | 700000 | 743430 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2032  | 515000 | 546254 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2033  | 1200000 | 1270121 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2062 (Assured Guaranty Inc Insured)  | 3345000 | 3359626 |
| Georgia Mun Elec Auth Pwr Rev 5% 11/1/2027  | 600000 | 625930 |
| Georgia Mun Elec Auth Pwr Rev 5% 11/1/2028  | 820000 | 874676 |
| Georgia Mun Elec Auth Pwr Rev 5% 11/1/2029  | 935000 | 1018938 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2033 (Assured Guaranty Inc Insured)  | 360000 | 407795 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2034 (Assured Guaranty Inc Insured)  | 1000000 | 1124740 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2034 (Assured Guaranty Inc Insured)  | 365000 | 411511 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2035 (Assured Guaranty Inc Insured)  | 845000 | 944781 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2035 (Assured Guaranty Inc Insured)  | 310000 | 346605 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2036 (Assured Guaranty Inc Insured)  | 650000 | 719794 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2036 (Assured Guaranty Inc Insured)  | 450000 | 498319 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2037 (Assured Guaranty Inc Insured)  | 495000 | 544375 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2038 (Assured Guaranty Inc Insured)  | 1230000 | 1344836 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2038 (Assured Guaranty Inc Insured)  | 435000 | 475613 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2039 (Assured Guaranty Inc Insured)  | 500000 | 542082 |
| Georgia Mun Elec Auth Pwr Rev Series 2020 A, 5% 1/1/2031  | 1000000 | 1100632 |
| Georgia Mun Elec Auth Pwr Rev Series 2020 A, 5% 1/1/2032  | 1150000 | 1263150 |
| Georgia Mun Elec Auth Pwr Rev Series 2020 A, 5% 1/1/2033  | 1000000 | 1094671 |
| Georgia Mun Elec Auth Pwr Rev Series 2020 A, 5% 1/1/2035  | 2000000 | 2174003 |
| Georgia Mun Elec Auth Pwr Rev Series 2020A, 4% 1/1/2034  | 1870000 | 1918350 |
| Georgia Mun Elec Auth Pwr Rev Series 2020A, 5% 1/1/2031  | 1250000 | 1375791 |
| Georgia Mun Elec Auth Pwr Rev Series 2020A, 5% 1/1/2032  | 1000000 | 1098391 |
| Georgia Mun Elec Auth Pwr Rev Series 2022 A, 5% 7/1/2037 (Assured Guaranty Inc Insured)  | 2845000 | 3110641 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2035  | 3655000 | 4141646 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2037  | 2535000 | 2820698 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2042  | 1150000 | 1215022 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2043  | 1050000 | 1099539 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2038 (Build America Mutual Assurance Co Insured)  | 1125000 | 1274396 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2044 (Build America Mutual Assurance Co Insured)  | 1250000 | 1335971 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2049  | 2305000 | 2405138 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2013, 3.875% tender 4/1/2043 (b) | 3500000 | 3505089 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2008, 3.35% tender 11/1/2048 (b) | 2495000 | 2510908 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2012, 3.875% tender 6/1/2042 (b) | 2785000 | 2789050 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2009, 3.875% tender 10/1/2048 (b) | 2150000 | 2153126 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2006, 3.875% tender 12/1/2041 (b) | 3500000 | 3505340 |
| Monroe Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2013A, 3.6% tender 1/1/2039 (b) | 4930000 | 5013299 |
| TOTAL ELECTRIC UTILITIES |  | 130460937 |
| General Obligations - 2.4% |  |  |
| Atlanta GA Gen. Oblig. 5% 12/1/2034 (Pre-refunded to 12/1/2032 at 100)  | 2250000 | 2582409 |
| Georgia St Gen. Oblig. Series 2020 A, 4% 8/1/2034  | 8545000 | 8943492 |
| Georgia St Gen. Oblig. Series 2020 A, 4% 8/1/2035  | 11000000 | 11435311 |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (b) | 8420000 | 8575919 |
| Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (b) | 49740000 | 50218937 |
| Main Street Natural Gas Inc 5% tender 12/1/2054 (Royal Bank of Canada Guaranteed) (b) | 16235000 | 17371366 |
| Main Street Natural Gas Inc 5% tender 6/1/2053 (Citigroup Inc Guaranteed) (b) | 17250000 | 18185983 |
| Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (b) | 47695000 | 51648553 |
| Main Street Natural Gas Inc Series 2022A, 4% 12/1/2029 (Citigroup Inc Guaranteed)  | 3515000 | 3597671 |
| Main Street Natural Gas Inc Series 2022A, 4% tender 9/1/2052 (Citigroup Inc Guaranteed) (b) | 28790000 | 29484170 |
| Main Street Natural Gas Inc Series 2022B, 5% tender 12/1/2052 (Citigroup Inc Guaranteed) (b) | 34655000 | 36241773 |
| Main Street Natural Gas Inc Series 2023B, 5% tender 7/1/2053 (Royal Bank of Canada Guaranteed) (b) | 14245000 | 15033730 |
| Main Street Natural Gas Inc Series 2023C, 5% tender 9/1/2053 (Royal Bank of Canada Guaranteed) (b) | 17055000 | 18153166 |
| Main Street Natural Gas Inc Series 2023D, 5% tender 5/1/2054 (Citigroup Inc Guaranteed) (b) | 28360000 | 30005819 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% tender 5/1/2054 (Royal Bank of Canada Guaranteed) (b) | 23555000 | 25306986 |
| Main Street Natural Gas Inc Series 2024C, 5% tender 12/1/2054 (Citigroup Inc Guaranteed) (b) | 9100000 | 9747169 |
| Main Street Natural Gas Inc Series 2024D, 5% tender 4/1/2054 (Toronto Dominion Bank Guaranteed) (b) | 13735000 | 14756420 |
| TOTAL GENERAL OBLIGATIONS |  | 351288874 |
| Health Care - 0.3% |  |  |
| Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 5% 7/1/2038  | 2000000 | 2122035 |
| Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 5% 7/1/2039  | 1250000 | 1321710 |
| Columbus GA Med Ctr Hosp Auth (Piedmont Hosp Og Proj.) 5% tender 7/1/2054 (b) | 10100000 | 10712687 |
| Columbus GA Med Ctr Hosp Auth (Piedmont Hosp Og Proj.) 5% tender 7/1/2054 (b) | 6030000 | 6040256 |
| DeKalb GA Priv Hsp Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 B, 5% 7/1/2026  | 1000000 | 1011336 |
| DeKalb GA Priv Hsp Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 B, 5% 7/1/2028  | 2000000 | 2123921 |
| Fulton Cnty GA Dev Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 C, 5% 7/1/2036  | 1300000 | 1389292 |
| Fulton Cnty GA Dev Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 C, 5% 7/1/2037  | 1600000 | 1703253 |
| Fulton Cnty GA Dev Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 C, 5% 7/1/2039  | 1250000 | 1321710 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2020 A, 4% 2/15/2037  | 1080000 | 1094888 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2024, 5% 10/15/2034  | 5000000 | 5758263 |
| Glynn Brunswick Mem Hosp Auth GA Rev (Southeast GA Health System Proj.) Series 2020, 4% 8/1/2038  | 2000000 | 1915301 |
| TOTAL HEALTH CARE |  | 36514652 |
| Housing - 0.1% |  |  |
| Georgia Hsg & Fin Auth Rev (GA Single Family Mortgage Proj.) Series 2020 A, 3.05% 12/1/2040  | 1000000 | 895622 |
| Georgia Hsg & Fin Auth Rev (GA Single Family Mortgage Proj.) Series 2025 C, 6.25% 12/1/2055  | 7870000 | 8806621 |
| TOTAL HOUSING |  | 9702243 |
| Transportation - 0.4% |  |  |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2023 E, 5% 7/1/2037 (c) | 3750000 | 4108821 |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2023 E, 5% 7/1/2038 (c) | 2750000 | 2994618 |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2023 E, 5% 7/1/2040 (c) | 1565000 | 1676166 |
| Atlanta GA Arpt Rev Series 2021 C, 4% 7/1/2038 (c) | 745000 | 746682 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2032 (c) | 1750000 | 1920632 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2033 (c) | 1050000 | 1147926 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2034 (c) | 750000 | 816822 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2035 (c) | 1000000 | 1084402 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2036 (c) | 1050000 | 1132515 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2037 (c) | 1115000 | 1195911 |
| Atlanta GA Arpt Rev Series 2024B, 5% 7/1/2034 (c) | 625000 | 707195 |
| Atlanta GA Arpt Rev Series 2024B, 5% 7/1/2035 (c) | 795000 | 893924 |
| Atlanta GA Arpt Rev Series 2024B, 5% 7/1/2036 (c) | 1700000 | 1896659 |
| Atlanta GA Arpt Rev Series 2024B, 5% 7/1/2037 (c) | 3455000 | 3823482 |
| Atlanta GA Arpt Rev Series 2024B, 5% 7/1/2038 (c) | 3915000 | 4302990 |
| Atlanta GA Arpt Rev Series 2024B, 5% 7/1/2039 (c) | 4115000 | 4493761 |
| Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2036 (c) | 3250000 | 3625966 |
| Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2039 (c) | 3750000 | 4095165 |
| Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2040 (c) | 3950000 | 4262234 |
| Atlanta GA Arpt Rev Series 2025B B 1, 5.25% 7/1/2042 (c) | 2200000 | 2379799 |
| Atlanta GA Arpt Rev Series 2025B B 1, 5.25% 7/1/2043 (c) | 4750000 | 5090638 |
| TOTAL TRANSPORTATION |  | 52396308 |
| Water & Sewer - 0.0% |  |  |
| Atlanta GA Wtr & Wastewtr Rev 5% 11/1/2027  | 970000 | 971916 |
| TOTAL GEORGIA |  | 589771324 |
| Hawaii - 0.4%  |  |  |
| Education - 0.0% |  |  |
| University Hawaii Rev Series 2020B, 5% 10/1/2030  | 4280000 | 4749729 |
| General Obligations - 0.2% |  |  |
| Hawaii St Gen. Oblig. 5% 1/1/2030  | 5140000 | 5522116 |
| Hawaii St Gen. Oblig. 5% 1/1/2031  | 1250000 | 1340911 |
| Hawaii St Gen. Oblig. 5% 1/1/2035  | 5000000 | 5312966 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2019 A, 5% 9/1/2030  | 6500000 | 6925930 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020 C, 4% 7/1/2034  | 850000 | 884393 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020 C, 4% 7/1/2037  | 750000 | 765857 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020 C, 4% 7/1/2040  | 1250000 | 1264112 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020F, 5% 7/1/2033  | 1955000 | 2149298 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020F, 5% 7/1/2034  | 860000 | 942066 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2022 A, 5% 11/1/2026  | 700000 | 714531 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2022 A, 5% 11/1/2028  | 4210000 | 4507279 |
| TOTAL GENERAL OBLIGATIONS |  | 30329459 |
| Transportation - 0.1% |  |  |
| Hawaii St Arpts Sys Rev Series 2020 A, 4% 7/1/2036 (c) | 925000 | 934500 |
| Hawaii St Arpts Sys Rev Series 2020 A, 4% 7/1/2037 (c) | 1385000 | 1392599 |
| Hawaii St Arpts Sys Rev Series 2020 A, 4% 7/1/2038 (c) | 1400000 | 1402063 |
| Hawaii St Arpts Sys Rev Series 2020 A, 4% 7/1/2039 (c) | 1500000 | 1499028 |
| Hawaii St Arpts Sys Rev Series 2020 A, 4% 7/1/2040 (c) | 535000 | 526425 |
| Hawaii St Arpts Sys Rev Series 2020 A, 5% 7/1/2033 (c) | 6795000 | 7321363 |
| Hawaii St Hbr Sys Rev Series 2020 A, 4% 7/1/2033 (c) | 1000000 | 1025175 |
| Hawaii St Hbr Sys Rev Series 2020 A, 4% 7/1/2035 (c) | 575000 | 584943 |
| TOTAL TRANSPORTATION |  | 14686096 |
| Water & Sewer - 0.1% |  |  |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2025A, 5% 7/1/2034  | 2125000 | 2488499 |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2025A, 5% 7/1/2035  | 1125000 | 1329102 |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2025A, 5% 7/1/2038  | 3245000 | 3729899 |
| TOTAL WATER & SEWER |  | 7547500 |
| TOTAL HAWAII |  | 57312784 |
| Idaho - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Idaho Health Facs Auth Rev (St Lukes Regional Med Ctr, Id Proj.) Series 2025 C, 5% tender 3/1/2060 (b) | 11000000 | 12140391 |
| Housing - 0.0% |  |  |
| Idaho Hsg & Fin Assn (ID Single Family Hsg 7/1/19 Proj.) Series 2019 A, 4% 1/1/2050  | 360000 | 361869 |
| Transportation - 0.0% |  |  |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 4% 7/15/2036  | 2250000 | 2318623 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 4% 7/15/2037  | 750000 | 768247 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 4% 7/15/2038  | 1750000 | 1779234 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 4% 7/15/2039  | 1500000 | 1518811 |
| TOTAL TRANSPORTATION |  | 6384915 |
| TOTAL IDAHO |  | 18887175 |
| Illinois - 7.8%  |  |  |
| Education - 0.5% |  |  |
| Board of Trustees of the University of Illinois/The (Board of Trustees of the University of Illinois/The Proj.) Series 2024A, 5.25% 4/1/2041  | 4300000 | 4745218 |
| Board of Trustees of the University of Illinois/The (Board of Trustees of the University of Illinois/The Proj.) Series 2024A, 5.25% 4/1/2042  | 5275000 | 5776885 |
| Board of Trustees of the University of Illinois/The (Board of Trustees of the University of Illinois/The Proj.) Series 2024A, 5.25% 4/1/2043  | 5130000 | 5569121 |
| Board of Trustees of the University of Illinois/The (Board of Trustees of the University of Illinois/The Proj.) Series 2024A, 5.25% 4/1/2044  | 1845000 | 1985963 |
| Board of Trustees of the University of Illinois/The Series 2025 A, 5% 4/1/2035  | 3600000 | 4174039 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 4% 9/1/2035  | 1000000 | 906619 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2029  | 650000 | 651716 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2031  | 500000 | 499469 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2032  | 1000000 | 994906 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2034  | 1100000 | 1088604 |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series A, 5% 8/1/2047  | 750000 | 728395 |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series C, 5% 8/1/2049  | 845000 | 813784 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5.5% 10/1/2047  | 1680000 | 1707864 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) 5% 5/15/2035  | 625000 | 705745 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) 5% 5/15/2036  | 400000 | 447931 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) 5% 5/15/2040  | 2500000 | 2708605 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5% 4/1/2031  | 7100000 | 7902520 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5% 4/1/2032  | 7860000 | 8873564 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5% 4/1/2033  | 3045000 | 3477744 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5% 4/1/2034  | 13000000 | 14990104 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5.25% 4/1/2041  | 625000 | 686459 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5.25% 4/1/2042  | 700000 | 760425 |
| TOTAL EDUCATION |  | 70195680 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Grundy & Will Cntys Ill Cmnty Unit Sch Dist No 001 5% 2/1/2029 (Pre-refunded to 2/1/2027 at 100)  | 255000 | 261331 |
| Illinois Fin Auth Rev Series 2016 C, 4% 2/15/2041 (Pre-refunded to 2/15/2027 at 100)  | 35000 | 35574 |
| Illinois Finance Authority Rev 5% 2/15/2033 (Pre-refunded to 2/15/2027 at 100)  | 670000 | 688345 |
| Will Cnty IL Cmnty Unif Sch Dist No 365 0% 11/1/2026 (Escrowed to Maturity) (f) | 815000 | 797141 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 1782391 |
| General Obligations - 3.2% |  |  |
| Champaign County Community Unit School District No 4 Champaign 0% 1/1/2026 (f) | 800000 | 800000 |
| Champaign County Community Unit School District No 4 Champaign 0% 1/1/2028 (f) | 575000 | 535804 |
| Chicago IL Brd Ed 5% 12/1/2026  | 1635000 | 1646521 |
| Chicago IL Brd Ed Series 2017 H, 5% 12/1/2046  | 3275000 | 3014044 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2027  | 6280000 | 6376122 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2033  | 700000 | 701779 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2034  | 1400000 | 1400360 |
| Chicago IL Brd Ed Series 2019 A, 5% 12/1/2028  | 6520000 | 6665783 |
| Chicago IL Brd Ed Series 2019 A, 5% 12/1/2030  | 1335000 | 1362930 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2028  | 510000 | 521402 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2029  | 930000 | 955606 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2030  | 900000 | 918829 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2032  | 1250000 | 1264085 |
| Chicago IL Brd Ed Series 2021B, 5% 12/1/2031  | 3250000 | 3321404 |
| Chicago IL Brd Ed Series 2022 A, 5% 12/1/2047  | 11070000 | 10121629 |
| Chicago IL Brd Ed Series D, 5% 12/1/2027  | 2500000 | 2538265 |
| Chicago IL Gen. Oblig. 4% 1/1/2035  | 8000000 | 7795734 |
| Chicago IL Gen. Oblig. 5% 1/1/2034  | 7000000 | 7354151 |
| Chicago IL Gen. Oblig. 5% 1/1/2035  | 2460000 | 2570554 |
| Chicago IL Gen. Oblig. 5.25% 1/1/2036  | 1500000 | 1578635 |
| Chicago IL Gen. Oblig. Series 2019A, 5.5% 1/1/2035  | 2000000 | 2081314 |
| Chicago IL Gen. Oblig. Series 2021 A, 5% 1/1/2034  | 4995000 | 5209671 |
| Chicago IL Gen. Oblig. Series 2025B, 5.25% 1/1/2037  | 7195000 | 7662453 |
| Chicago IL Gen. Oblig. Series 2025B, 5.5% 1/1/2038  | 2705000 | 2906885 |
| Chicago IL Gen. Oblig. Series 2025B, 5.5% 1/1/2040  | 1315000 | 1382836 |
| Chicago IL Gen. Oblig. Series 2025B, 5.5% 1/1/2041  | 2705000 | 2814429 |
| Chicago IL Gen. Oblig. Series 2025C, 5.5% 1/1/2041  | 5865000 | 6102264 |
| Chicago IL Gen. Oblig. Series 2025E, 5.5% 1/1/2041  | 9000000 | 9364088 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2026  | 2300000 | 2345981 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2026  | 1575000 | 1593048 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2027  | 1585000 | 1621550 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2028  | 795000 | 823342 |
| Cook Cnty IL Gen. Oblig. Series 2022 A, 5% 11/15/2029  | 4365000 | 4732592 |
| Cook Cnty IL Gen. Oblig. Series 2022 A, 5% 11/15/2033  | 1425000 | 1616884 |
| Cook Cnty IL High Sch Dist No 203 New Trier Twp 2% 12/15/2033  | 1125000 | 981654 |
| Cook Cnty IL High Sch Dist No 203 New Trier Twp 2% 12/15/2034  | 1165000 | 989010 |
| Cook County IL Community Consolidate School District No 034 Glenview Series 2021 A, 3% 12/1/2036  | 2535000 | 2394947 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2033  | 620000 | 714511 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2034  | 650000 | 742090 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2035  | 500000 | 568423 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2036  | 780000 | 877792 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2037  | 750000 | 837799 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2038  | 500000 | 556742 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2039  | 600000 | 666454 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2040  | 500000 | 550392 |
| Grundy & Will Cntys Ill Cmnty Unit Sch Dist No 001 5% 2/1/2029  | 935000 | 956819 |
| Illinois St Gen. Oblig. 5% 2/1/2027  | 4160000 | 4253644 |
| Illinois St Gen. Oblig. 5% 3/1/2029  | 3650000 | 3885489 |
| Illinois St Gen. Oblig. 5% 3/1/2030  | 15000000 | 16232795 |
| Illinois St Gen. Oblig. 5% 3/1/2031  | 23510000 | 25806918 |
| Illinois St Gen. Oblig. 5% 3/1/2032  | 6160000 | 6841955 |
| Illinois St Gen. Oblig. 5% 3/1/2033  | 14300000 | 15773127 |
| Illinois St Gen. Oblig. 5% 3/1/2036  | 18040000 | 19593861 |
| Illinois St Gen. Oblig. 5.5% 1/1/2028  | 1410000 | 1482781 |
| Illinois St Gen. Oblig. Series 2016, 5% 1/1/2033  | 1085000 | 1086474 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2030  | 10690000 | 11568572 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2035  | 8775000 | 9593088 |
| Illinois St Gen. Oblig. Series 2022A, 5.25% 3/1/2037  | 4590000 | 5018367 |
| Illinois St Gen. Oblig. Series JUNE 2022 B, 5% 3/1/2034  | 30000000 | 32942262 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2027  | 2725000 | 2793034 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2030  | 2000000 | 2161109 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5% 5/1/2029  | 885000 | 944798 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2038  | 5000000 | 5451376 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2040  | 2585000 | 2778479 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2042  | 9000000 | 9540066 |
| Illinois St Gen. Oblig. Series MAY 2023 C, 5% 5/1/2028  | 5000000 | 5242728 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2029  | 22070000 | 23628685 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2035  | 33175000 | 36237165 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2034  | 5480000 | 6196880 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2036  | 5000000 | 5568693 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2040  | 1915000 | 2057420 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2041  | 6000000 | 6387929 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2042  | 3670000 | 3935391 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2044  | 3290000 | 3465941 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 4% 10/1/2032  | 3610000 | 3709384 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 5% 10/1/2030  | 11425000 | 12454244 |
| Illinois St Gen. Oblig. Series OCT 2020 C, 4.125% 10/1/2036  | 1500000 | 1512196 |
| Illinois St Gen. Oblig. Series OCTOBER 2016, 4% 2/1/2030 (Assured Guaranty Inc Insured)  | 8335000 | 8419669 |
| Kane McHenry Cook & DuPage Cntys IL Sch Dist Series 2017, 5% 1/1/2029  | 1790000 | 1854366 |
| Lake Cnty IL Forest Presv Dist Gen. Oblig. 2% 12/15/2033  | 1000000 | 867437 |
| Schaumburg IL Gen. Oblig. Series 2023, 4% 12/1/2032  | 11240000 | 11987376 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2034 (Assured Guaranty Inc Insured)  | 275000 | 312916 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2035 (Assured Guaranty Inc Insured)  | 250000 | 282304 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2036 (Assured Guaranty Inc Insured)  | 225000 | 251803 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2037 (Assured Guaranty Inc Insured)  | 315000 | 348594 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2038 (Assured Guaranty Inc Insured)  | 250000 | 274211 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2039 (Assured Guaranty Inc Insured)  | 350000 | 380794 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024B, 5% 1/1/2035 (Assured Guaranty Inc Insured)  | 525000 | 592839 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024B, 5% 1/1/2036 (Assured Guaranty Inc Insured)  | 260000 | 290973 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024B, 5% 1/1/2037 (Assured Guaranty Inc Insured)  | 215000 | 237929 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024B, 5% 1/1/2038 (Assured Guaranty Inc Insured)  | 230000 | 252274 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024B, 5% 1/1/2039 (Assured Guaranty Inc Insured)  | 230000 | 250236 |
| Will Cnty IL Cmnty Unif Sch Dist No 365 0% 11/1/2026 (Assured Guaranty Inc Insured) (f) | 4785000 | 4675929 |
| TOTAL GENERAL OBLIGATIONS |  | 441962108 |
| Health Care - 1.3% |  |  |
| Board of Trustees of the University of Illinois/The (University of Illinois Hospital And Health Sciences System Proj.) Series 2023, 5% 10/1/2033  | 1300000 | 1459417 |
| Board of Trustees of the University of Illinois/The (University of Illinois Hospital And Health Sciences System Proj.) Series 2023, 5% 10/1/2034  | 870000 | 976899 |
| Board of Trustees of the University of Illinois/The (University of Illinois Hospital And Health Sciences System Proj.) Series 2023, 5% 10/1/2035  | 885000 | 989422 |
| Board of Trustees of the University of Illinois/The (University of Illinois Hospital And Health Sciences System Proj.) Series 2023, 5% 10/1/2036  | 530000 | 588894 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2028  | 6800000 | 6964374 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2029  | 10570000 | 10820664 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2031  | 1650000 | 1689608 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2032  | 12725000 | 13026263 |
| Illinois Fin Auth Rev (Carle Foundation Hospital,Il Proj.) Series 2016 A, 5% 2/15/2026  | 1455000 | 1458528 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 5% 12/1/2029  | 1755000 | 1771501 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 5% 12/1/2033  | 1900000 | 1917865 |
| Illinois Fin Auth Rev (Northwestern Memorial Hosp,Il Proj.) 5% 7/15/2026  | 1940000 | 1963295 |
| Illinois Fin Auth Rev (Northwestern Memorial Hosp,Il Proj.) 5% 7/15/2028  | 2040000 | 2131625 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 5% 5/15/2029  | 9870000 | 10388545 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 5% 5/15/2030  | 9845000 | 10345317 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 5% 5/15/2031  | 21400000 | 22468365 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2027  | 1015000 | 1015983 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2028  | 1215000 | 1216525 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2029  | 1830000 | 1832200 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2032  | 3375000 | 3378610 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 5% 5/15/2028  | 2380000 | 2397211 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 5% 5/15/2029  | 1330000 | 1339074 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2018A, 5% 5/15/2032  | 9255000 | 9697988 |
| Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2013, 5% 11/15/2026  | 2600000 | 2602002 |
| Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2013, 5% 11/15/2029  | 780000 | 781595 |
| Illinois Fin Auth Rev (University of Chicago Hosps,Il Proj.) Series B, 4% 8/15/2041  | 2655000 | 2526850 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 4% 2/15/2036  | 1080000 | 1082669 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 4% 2/15/2041  | 15000 | 14691 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2033  | 4185000 | 4279196 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2036  | 2065000 | 2103270 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2041  | 3575000 | 3614493 |
| Illinois Finance Authority Rev (Carle Foundation Hospital,Il Proj.) Series 2021A, 3% 8/15/2048  | 3335000 | 2557007 |
| Illinois Finance Authority Rev (Carle Foundation Hospital,Il Proj.) Series 2021B, 5% tender 8/15/2053 (b) | 2940000 | 3222935 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 5% 8/15/2030  | 2170000 | 2393239 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 5% 8/15/2031  | 1060000 | 1164140 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 5% 8/15/2032  | 1500000 | 1641241 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 5% 8/15/2033  | 1250000 | 1362546 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2022A, 5% 8/15/2038  | 2700000 | 2940005 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2022A, 5% 8/15/2039  | 3300000 | 3562732 |
| Illinois Finance Authority Rev (Northwestern Memorial Hosp,Il Proj.) Series 2021A, 4% 7/15/2039  | 1500000 | 1499920 |
| Illinois Finance Authority Rev (Rush University Medical Center Proj.) Series 2025, 5% 11/15/2035  | 11125000 | 12738543 |
| Illinois Finance Authority Rev (University Of Chicago Hosps,Il Proj.) Series 2025A 1, 5% tender 8/15/2054 (b) | 13745000 | 14787410 |
| Illinois Finance Authority Rev (University Of Chicago Hosps,Il Proj.) Series 2025A 3, 5% tender 8/15/2064 (b) | 9540000 | 10500975 |
| TOTAL HEALTH CARE |  | 185213632 |
| Housing - 0.3% |  |  |
| Illinois Housing Dev Auth (IL Homeowner Mortgage Proj.) Series C, 2.9% 8/1/2031  | 3390000 | 3321850 |
| Illinois Housing Dev Auth (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2019 C, 5% 4/1/2028  | 1200000 | 1255894 |
| Illinois Housing Dev Auth (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2019 D, 3.75% 4/1/2050  | 835000 | 836259 |
| Illinois Housing Dev Auth Series 2019 D, 2.7% 10/1/2034 (IL Hsg Revenue Bonds 3/1/2016 Guaranteed)  | 1870000 | 1739661 |
| Illinois Housing Development Authority (IL Hsg Revenue Bonds 3/1/2016 Proj.) 3.5% 4/1/2052  | 9050000 | 9016285 |
| Illinois Housing Development Authority (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2024 I, 6% 10/1/2055  | 9420000 | 10455687 |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2019, 2.9% 7/1/2035  | 8237179 | 7634051 |
| TOTAL HOUSING |  | 34259687 |
| Special Tax - 1.4% |  |  |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2033  | 1000000 | 1139668 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2034  | 1925000 | 2195257 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2035  | 1270000 | 1455503 |
| Cook Cnty Ill Sales Tax Rev Series 2022 B, 5% 11/15/2032  | 405000 | 459854 |
| Cook Cnty Ill Sales Tax Rev Series 2022 B, 5% 11/15/2034  | 300000 | 337918 |
| Cook Cnty Ill Sales Tax Rev Series 2022 B, 5% 11/15/2035  | 850000 | 946558 |
| Cook Cnty Ill Sales Tax Rev Series 2022 B, 5% 11/15/2036  | 1725000 | 1900178 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2037  | 1250000 | 1376674 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2038  | 360000 | 394461 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2039  | 2000000 | 2176288 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2041  | 1250000 | 1339647 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2042  | 2750000 | 2921770 |
| Illinois St Sales Tax Rev 5% 6/15/2026  | 1500000 | 1514830 |
| Illinois St Sales Tax Rev 5% 6/15/2027  | 3000000 | 3094183 |
| Illinois St Sales Tax Rev Series 2021 A, 3% 6/15/2034  | 2805000 | 2644088 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2026  | 21960000 | 22177116 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2027  | 22070000 | 22762873 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2028  | 22070000 | 23217385 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2031  | 16485000 | 18266809 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2032  | 13830000 | 15518387 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2033  | 11555000 | 13054451 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2034  | 8415000 | 9582252 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2029 (Assured Guaranty Inc Insured) (f) | 9965000 | 8806403 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2029 (National Public Finance Guarantee Corporation Insured) (f) | 15070000 | 13281639 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2031 (National Public Finance Guarantee Corporation Insured) (f) | 2835000 | 2330615 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2037 (f) | 4240000 | 2657512 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2038 (f) | 3875000 | 2310996 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2028 (f) | 2185000 | 2024363 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2029 (National Public Finance Guarantee Corporation Insured) (f) | 2595000 | 2324036 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2036 (f) | 2080000 | 1411509 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2037 (f) | 2510000 | 1614510 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2038 (f) | 1500000 | 917188 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2039 (f) | 4325000 | 2521585 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2046 (Assured Guaranty Inc Insured) (f) | 2160000 | 826887 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2047 (Assured Guaranty Inc Insured) (f) | 3985000 | 1442945 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2002 A, 0% 6/15/2031 (f) | 1755000 | 1477191 |
| TOTAL SPECIAL TAX |  | 192423529 |
| Transportation - 0.9% |  |  |
| Chicago IL Midway Arpt Rev Series 2023A, 5% 1/1/2032 (Build America Mutual Assurance Co Insured) (c) | 9830000 | 10804741 |
| Chicago IL Midway Arpt Rev Series 2023A, 5% 1/1/2033 (Build America Mutual Assurance Co Insured) (c) | 3000000 | 3326694 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2029 (c) | 1000000 | 1052279 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2030 (c) | 3000000 | 3204381 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2031 (c) | 3080000 | 3330390 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2032 (c) | 3400000 | 3711915 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2033 (c) | 3745000 | 4108598 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2034 (c) | 2000000 | 2213348 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2035 (c) | 2000000 | 2223987 |
| Chicago IL Midway Arpt Rev Series A, 5% 1/1/2029 (c) | 2155000 | 2155000 |
| Chicago IL Midway Arpt Rev Series A, 5% 1/1/2030 (c) | 3290000 | 3290000 |
| Chicago IL Midway Arpt Rev Series A, 5% 1/1/2031 (c) | 3850000 | 3850000 |
| Chicago IL O'Hare Intl Arpt Rev 4% 1/1/2036 (Assured Guaranty Inc Insured)  | 5000000 | 5099898 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2027 (c) | 2415000 | 2459708 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2028 (c) | 460000 | 468074 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2031 (c) | 2850000 | 2900082 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2033  | 2305000 | 2307615 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2033 (c) | 1455000 | 1478816 |
| Chicago IL O'Hare Intl Arpt Rev Series 2023, 5% 1/1/2037 (Build America Mutual Assurance Co Insured)  | 1330000 | 1467717 |
| Chicago IL O'Hare Intl Arpt Rev Series 2023, 5.25% 1/1/2039 (Build America Mutual Assurance Co Insured)  | 1195000 | 1319502 |
| Chicago IL O'Hare Intl Arpt Rev Series 2023, 5.25% 1/1/2040 (Build America Mutual Assurance Co Insured)  | 2990000 | 3258372 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5% 1/1/2038 (c) | 2500000 | 2701145 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5% 1/1/2039 (c) | 2555000 | 2745584 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5.25% 1/1/2041 (c) | 2100000 | 2267262 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5.25% 1/1/2042 (c) | 2450000 | 2617870 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2035 (c) | 1165000 | 1305004 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2036 (c) | 5540000 | 6140356 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2037 (c) | 3395000 | 3727726 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) 5% 7/1/2038 (c) | 2470000 | 2512580 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) Series 2025, 5.5% 7/1/2037 (c) | 2400000 | 2711313 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) Series 2025, 5.5% 7/1/2038 (c) | 4915000 | 5515971 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) Series 2025, 5.5% 7/1/2039 (c) | 1400000 | 1560336 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) Series 2025, 5.5% 7/1/2040 (c) | 1370000 | 1508504 |
| Chicago IL Tran Auth Cap Grnt Rcpts Rev Series 2021, 5% 6/1/2027  | 2250000 | 2304257 |
| Chicago IL Tran Auth Cap Grnt Rcpts Rev Series 2021, 5% 6/1/2028  | 2500000 | 2615029 |
| Illinois St Toll Hwy Auth Hwy Rev 5% 12/1/2031  | 1735000 | 1738372 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 A, 5% 1/1/2044  | 3730000 | 3833988 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 C, 5% 1/1/2031  | 4350000 | 4737949 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2039  | 2100000 | 2258814 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2041  | 4580000 | 4834913 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2024 A, 5% 1/1/2028  | 1250000 | 1309603 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2024 A, 5% 1/1/2029  | 1400000 | 1499747 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2024 A, 5% 1/1/2030  | 235000 | 257208 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2024 A, 5% 1/1/2031  | 460000 | 513376 |
| TOTAL TRANSPORTATION |  | 125248024 |
| Water & Sewer - 0.2% |  |  |
| Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2033 (Build America Mutual Assurance Co Insured)  | 1700000 | 1927312 |
| Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2034 (Build America Mutual Assurance Co Insured)  | 1250000 | 1430358 |
| Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2035 (Build America Mutual Assurance Co Insured)  | 1400000 | 1588737 |
| Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2036 (Build America Mutual Assurance Co Insured)  | 2800000 | 3161682 |
| Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2037 (Build America Mutual Assurance Co Insured)  | 1835000 | 2057099 |
| Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2017, 5% 7/1/2029  | 5030000 | 5156398 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2031  | 1525000 | 1698165 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2032  | 570000 | 645163 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2033  | 1420000 | 1628277 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2035  | 690000 | 807311 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2036  | 940000 | 1099492 |
| TOTAL WATER & SEWER |  | 21199994 |
| TOTAL ILLINOIS |  | 1072285045 |
| Indiana - 1.2%  |  |  |
| Education - 0.0% |  |  |
| Indiana Secondary Mkt For Ed Lns Inc Student Ln Prog Rev Series 2025 1A, 5% 6/1/2030 (c) | 1040000 | 1095969 |
| Indiana Secondary Mkt For Ed Lns Inc Student Ln Prog Rev Series 2025 1A, 5% 6/1/2031 (c) | 2250000 | 2387197 |
| Indiana Secondary Mkt For Ed Lns Inc Student Ln Prog Rev Series 2025 1A, 5% 6/1/2033 (c) | 1200000 | 1282438 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 5% 4/1/2029  | 1185000 | 1251506 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 5% 4/1/2030  | 2220000 | 2370285 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 5% 4/1/2033  | 1445000 | 1539611 |
| TOTAL EDUCATION |  | 9927006 |
| Electric Utilities - 0.1% |  |  |
| Indiana St Fin Auth Environmental Facs Rev (Indianapolis Pwr & Lt Co Proj.) 0.75% tender 12/1/2038 (b) | 1550000 | 1538933 |
| Indiana St Fin Auth Environmental Facs Rev (Indianapolis Pwr & Lt Co Proj.) 0.95% tender 12/1/2038 (b)(c) | 2750000 | 2731702 |
| Indiana St Fin Auth Environmental Rev (Duke Energy Ind Inc Proj.) 3.75% tender 3/1/2031 (b)(c) | 3900000 | 3922343 |
| Indiana St Fin Auth Environmental Rev (Duke Energy Ind Inc Proj.) 4.5% tender 5/1/2035 (b)(c) | 3200000 | 3227156 |
| Mishawaka Ind Elec Util Rev Series 2021, 2% 7/1/2035  | 1105000 | 926804 |
| Mishawaka Ind Elec Util Rev Series 2021, 2% 7/1/2036  | 1135000 | 927841 |
| Mishawaka Ind Elec Util Rev Series 2021, 2% 7/1/2037  | 1155000 | 920076 |
| TOTAL ELECTRIC UTILITIES |  | 14194855 |
| General Obligations - 0.1% |  |  |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 1/15/2034 (Build America Mutual Assurance Co Insured)  | 1600000 | 1836273 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2034 (Build America Mutual Assurance Co Insured)  | 1275000 | 1472864 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2035 (Build America Mutual Assurance Co Insured)  | 1825000 | 2096225 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2036 (Build America Mutual Assurance Co Insured)  | 2600000 | 2962868 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5.25% 7/15/2037 (Build America Mutual Assurance Co Insured)  | 1305000 | 1500229 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 7/15/2035 (Build America Mutual Assurance Co Insured)  | 1365000 | 1567861 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 7/15/2036 (Build America Mutual Assurance Co Insured)  | 2460000 | 2803328 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5.25% 7/15/2039 (Build America Mutual Assurance Co Insured)  | 2200000 | 2497516 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5.25% 7/15/2040 (Build America Mutual Assurance Co Insured)  | 2350000 | 2634923 |
| TOTAL GENERAL OBLIGATIONS |  | 19372087 |
| Health Care - 0.7% |  |  |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 4.25% 3/1/2049  | 1940000 | 1798261 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2038  | 1000000 | 1096926 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2039  | 1000000 | 1090603 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2040  | 1000000 | 1076199 |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2025 D 4, 5% tender 10/1/2057 (b) | 12710000 | 14393145 |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2025D 3, 5% tender 10/1/2059 (b) | 33520000 | 37788259 |
| Indiana Fin Auth Hosp Rev (Indiana University Health Proj.) Series 2011 L, 0.7% tender 12/1/2046 (b) | 24895000 | 24895000 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2026  | 970000 | 983983 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2029  | 485000 | 492024 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2036  | 2090000 | 2112689 |
| Indiana St Hsg & Cmnty Dev Auth Multifamily Hsg Rev (Glasswater Creek Whitestown Proj Proj.) Series 2020, 5.375% 10/1/2040 (d) | 3585000 | 3126308 |
| TOTAL HEALTH CARE |  | 88853397 |
| Housing - 0.0% |  |  |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 3% 7/1/2050  | 1470000 | 1451700 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 3% 7/1/2051  | 985000 | 973524 |
| TOTAL HOUSING |  | 2425224 |
| Industrial Development - 0.1% |  |  |
| Whiting Ind Environmental Facs (Bp Products North America Inc Proj.) Series 2019A, 5% tender 12/1/2044 (BP PLC Guaranteed) (b)(c) | 12305000 | 12418226 |
| Other - 0.0% |  |  |
| Indiana Fin Auth Edl Facs Rev (Indianapolis Museum of Art Proj.) 4% 2/1/2034  | 6125000 | 6489389 |
| Transportation - 0.1% |  |  |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5% 1/1/2032 (c) | 550000 | 608334 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5% 1/1/2033 (c) | 875000 | 964965 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5% 1/1/2034 (c) | 750000 | 823501 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5% 1/1/2035 (c) | 850000 | 929693 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5.25% 1/1/2036 (c) | 1000000 | 1101288 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5.25% 1/1/2037 (c) | 850000 | 930375 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5.25% 1/1/2038 (c) | 1000000 | 1088133 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5.25% 1/1/2039 (c) | 2075000 | 2248306 |
| TOTAL TRANSPORTATION |  | 8694595 |
| Water & Sewer - 0.1% |  |  |
| Indiana St Fin Auth Rev (Indiana State Revolving Fund Program Proj.) 5% 2/1/2038  | 2750000 | 3156102 |
| Indiana St Fin Auth Rev (Indiana State Revolving Fund Program Proj.) 5% 2/1/2039  | 2250000 | 2575768 |
| Mishawaka Ind Wtrwks Rev Series 2021, 2% 7/1/2034 (Build America Mutual Assurance Co Insured)  | 2645000 | 2297144 |
| Muncie Ind San Dist Rev Series 2021A, 3% 7/1/2038 (Assured Guaranty Inc Insured)  | 1000000 | 912323 |
| TOTAL WATER & SEWER |  | 8941337 |
| TOTAL INDIANA |  | 171316116 |
| Iowa - 0.4%  |  |  |
| Education - 0.3% |  |  |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) 4.5% 12/1/2045 (c) | 7492000 | 7721406 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) 5% 12/1/2029 (c) | 1575000 | 1655185 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) 5% 12/1/2030 (c) | 2000000 | 2118154 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) 5% 12/1/2031 (c) | 2000000 | 2141578 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) 5% 12/1/2032 (c) | 2000000 | 2157115 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) 5% 12/1/2035 (c) | 1280000 | 1371766 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) Series 2019 B, 5% 12/1/2028 (c) | 1000000 | 1045141 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) Series 2023 B, 5% 12/1/2027 (c) | 1000000 | 1028594 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) Series 2023 B, 5% 12/1/2028 (c) | 1445000 | 1506554 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) Series 2023 B, 5% 12/1/2029 (c) | 3600000 | 3783280 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) Series 2023 B, 5% 12/1/2030 (c) | 2230000 | 2361741 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) Series 2023 B, 5% 12/1/2031 (c) | 4100000 | 4390235 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) Series 2023 B, 5% 12/1/2032 (c) | 3750000 | 4044591 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) Series 2023 B, 5% 12/1/2033 (c) | 4280000 | 4626680 |
| TOTAL EDUCATION |  | 39952020 |
| General Obligations - 0.0% |  |  |
| City of Des Moines IA Gen. Oblig. Series 2020 A, 2% 6/1/2031  | 1295000 | 1199804 |
| City of Des Moines IA Gen. Oblig. Series 2021 F, 2% 6/1/2034  | 3310000 | 2894264 |
| Clear Lake Iowa Cmnty Sch Dist Series 2020, 2% 6/1/2034  | 1340000 | 1160841 |
| Polk Co IA Gen. Oblig. Series 2020A, 3% 6/1/2038  | 1495000 | 1393412 |
| TOTAL GENERAL OBLIGATIONS |  | 6648321 |
| Health Care - 0.1% |  |  |
| Iowa Fin Auth Rev (Lifespace Proj.) 4% 5/15/2028  | 2355000 | 2351744 |
| Iowa Fin Auth Rev (Lifespace Proj.) Series 2021 A, 4% 5/15/2046  | 2390000 | 1958222 |
| Iowa Fin Auth Rev (Lifespace Proj.) Series 2021 A, 4% 5/15/2053  | 1000000 | 769031 |
| Iowa Fin Auth Rev (Lifespace Proj.) Series 2023B, 7.25% 5/15/2038  | 4600000 | 5241996 |
| TOTAL HEALTH CARE |  | 10320993 |
| Industrial Development - 0.0% |  |  |
| Iowa Fin Auth Solid Waste Facs Rev 3.875% tender 1/1/2042, LOC Citibank NA (b)(c) | 2525000 | 2522382 |
| TOTAL IOWA |  | 59443716 |
| Kansas - 0.6%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Wyandotte Cnty Kansas City Util Sys Rev Series 2016A, 5% 9/1/2030  | 970000 | 971793 |
| Wyandotte Cnty Kansas City Util Sys Rev Series 2016A, 5% 9/1/2032  | 1115000 | 1116818 |
| TOTAL ELECTRIC UTILITIES |  | 2088611 |
| General Obligations - 0.1% |  |  |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2033 (Build America Mutual Assurance Co Insured)  | 515000 | 582263 |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2034 (Build America Mutual Assurance Co Insured)  | 635000 | 721840 |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2035 (Build America Mutual Assurance Co Insured)  | 770000 | 872525 |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2036 (Build America Mutual Assurance Co Insured)  | 815000 | 917359 |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2037 (Build America Mutual Assurance Co Insured)  | 1335000 | 1492491 |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2038 (Build America Mutual Assurance Co Insured)  | 2465000 | 2739640 |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2039 (Build America Mutual Assurance Co Insured)  | 2210000 | 2446521 |
| TOTAL GENERAL OBLIGATIONS |  | 9772639 |
| Special Tax - 0.5% |  |  |
| Kansas St Dept Transn Hwy Rev Series 2025A, 5% 9/1/2030  | 14000000 | 15556817 |
| Kansas St Dept Transn Hwy Rev Series 2025A, 5% 9/1/2032  | 16965000 | 19449670 |
| Kansas St Dept Transn Hwy Rev Series 2025A, 5% 9/1/2033  | 17490000 | 20292166 |
| Kansas St Dept Transn Hwy Rev Series 2025A, 5% 9/1/2034  | 12495000 | 14637165 |
| TOTAL SPECIAL TAX |  | 69935818 |
| Water & Sewer - 0.0% |  |  |
| Wichita KS Wtr & Swr Util Rev Series 2021 A, 2% 10/1/2035 (Build America Mutual Assurance Co Insured)  | 1500000 | 1264139 |
| TOTAL KANSAS |  | 83061207 |
| Kentucky - 3.0%  |  |  |
| Education - 0.0% |  |  |
| Kentucky Bd Dev Corp Edl Facs Rev (Centre College Proj.) Series 2021, 4% 6/1/2032  | 460000 | 477972 |
| Kentucky Bd Dev Corp Edl Facs Rev (Centre College Proj.) Series 2021, 4% 6/1/2033  | 375000 | 386459 |
| Kentucky Bd Dev Corp Edl Facs Rev (Centre College Proj.) Series 2021, 4% 6/1/2035  | 235000 | 238608 |
| Kentucky Bd Dev Corp Edl Facs Rev (Centre College Proj.) Series 2021, 4% 6/1/2038  | 570000 | 565948 |
| TOTAL EDUCATION |  | 1668987 |
| Electric Utilities - 0.1% |  |  |
| Carroll Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) Series 2004 A, 1.75% tender 10/1/2034 (b)(c) | 7955000 | 7824137 |
| General Obligations - 2.1% |  |  |
| Henderson Cnty KY Sch Dist Fincorp Sch Bldg Rev (Henderson County School District Proj.) 2.25% 6/1/2034  | 1170000 | 1045715 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev 5% tender 5/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (b) | 17495000 | 18387535 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2020 A, 4% tender 12/1/2050 (BP PLC Guaranteed) (b) | 41220000 | 41569393 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024 A1, 5.25% tender 4/1/2054 (Morgan Stanley Guaranteed) (b) | 32760000 | 35380312 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5.25% tender 6/1/2055 (Morgan Stanley Guaranteed) (b) | 47700000 | 50458825 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2028  | 4855000 | 5119941 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2029  | 565000 | 595372 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2031 (Build America Mutual Assurance Co Insured)  | 1425000 | 1500781 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2017 D, 5% 5/1/2027  | 970000 | 1001229 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2017 D, 5% 5/1/2028  | 970000 | 1001192 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2024 A, 5% 11/1/2038  | 1385000 | 1562752 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2031  | 2030000 | 2154891 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2032  | 3000000 | 3178157 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2033  | 1515000 | 1601819 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 2/1/2029  | 5555000 | 5565166 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 2/1/2030  | 5670000 | 5680377 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 2/1/2032  | 2230000 | 2234081 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 2/1/2033  | 2770000 | 2775069 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2029  | 2300000 | 2472665 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2034  | 6200000 | 7163394 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2036  | 9020000 | 10427492 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2037  | 9450000 | 10812099 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2038  | 8890000 | 10121019 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2039  | 15000000 | 16965347 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2040  | 6500000 | 7210996 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series B, 5% 11/1/2027  | 16420000 | 16733615 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2039  | 8815000 | 9872668 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2040  | 5825000 | 6437407 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2041  | 1295000 | 1416412 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2042  | 5500000 | 5952420 |
| Kentucky St Tpk Auth Economic (Kentucky St Proj.) Series 2022 B, 5% 7/1/2032  | 400000 | 448021 |
| Kentucky St Tpk Auth Economic (Kentucky St Proj.) Series 2022 B, 5% 7/1/2034  | 400000 | 443930 |
| TOTAL GENERAL OBLIGATIONS |  | 287290092 |
| Health Care - 0.3% |  |  |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 4% 2/1/2033  | 1490000 | 1500669 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 5% 2/1/2028  | 880000 | 912752 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 5% 2/1/2029  | 530000 | 558593 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 5% 2/1/2031  | 460000 | 491889 |
| Kentucky Econ Dev Fin Auth (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2032  | 1105000 | 1174507 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2026  | 1815000 | 1816451 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2027  | 1910000 | 1911857 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2028  | 2005000 | 2006930 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2029  | 2105000 | 2107056 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2030  | 2215000 | 2217170 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% 10/1/2029  | 17585000 | 17842871 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (b) | 3700000 | 3952021 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (b) | 2595000 | 2629456 |
| TOTAL HEALTH CARE |  | 39122222 |
| Industrial Development - 0.4% |  |  |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 2.95% 7/1/2060 VRDN (b)(c) | 34000000 | 34000000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 B 1, 2.95% 7/1/2060 VRDN (b)(c) | 16075000 | 16075000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 50075000 |
| Special Tax - 0.0% |  |  |
| Kentucky Bond Dev Corp Trans Tax Rev (Lexington KY Ctr Corp Proj.) Series 2018 A, 5% 9/1/2026  | 1745000 | 1766701 |
| Kentucky Bond Dev Corp Trans Tax Rev (Lexington KY Ctr Corp Proj.) Series 2018 A, 5% 9/1/2028  | 1880000 | 1981695 |
| Kentucky Bond Dev Corp Trans Tax Rev (Lexington KY Ctr Corp Proj.) Series 2018 A, 5% 9/1/2030  | 520000 | 551016 |
| TOTAL SPECIAL TAX |  | 4299412 |
| Transportation - 0.1% |  |  |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2026  | 585000 | 585000 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2029  | 1555000 | 1557722 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2030  | 1625000 | 1627736 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2037 (c) | 1355000 | 1521284 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2038 (c) | 3000000 | 3342918 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2039 (c) | 1335000 | 1479551 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2040 (c) | 1250000 | 1365142 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2041 (c) | 1325000 | 1433353 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2042 (c) | 1875000 | 2008727 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2043 (c) | 2100000 | 2229973 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2044 (c) | 2250000 | 2372016 |
| TOTAL TRANSPORTATION |  | 19523422 |
| Water & Sewer - 0.0% |  |  |
| Campbell & Kenton Cntys KY Sant Dist No 1 Rev 3% 8/1/2039  | 1250000 | 1129577 |
| Louisville & Jefferson Cnty KY Metro Govt Brd Wtr Wks Wtr Sys Rev Series 2022, 5% 11/15/2035  | 2980000 | 3385795 |
| TOTAL WATER & SEWER |  | 4515372 |
| TOTAL KENTUCKY |  | 414318644 |
| Louisiana - 0.7%  |  |  |
| Health Care - 0.0% |  |  |
| Louisiana Pub Facs Rev (Christus Health Proj.) Series 2018 E, 5% 7/1/2035  | 1655000 | 1742927 |
| Louisiana Pub Facs Rev (Christus Health Proj.) Series 2018 E, 5% 7/1/2036  | 1795000 | 1884509 |
| TOTAL HEALTH CARE |  | 3627436 |
| Housing - 0.0% |  |  |
| Louisiana Hsg Corp Single Family Mtg Rev (LA Home Ownership Proj.) 5.75% 12/1/2053  | 3695000 | 4026364 |
| Industrial Development - 0.1% |  |  |
| St John Baptist Parish LA Rev (Conocophillips Inc Proj.) 4.05% tender 6/1/2037 (b) | 12590000 | 12664511 |
| St John Baptist Parish LA Rev (ConocoPhillips Proj.) 2.2% 6/1/2037 (b) | 9665000 | 9634542 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 22299053 |
| Transportation - 0.3% |  |  |
| New Orleans LA Aviation Board 5% 1/1/2026 (c) | 730000 | 730000 |
| New Orleans LA Aviation Board 5% 1/1/2029 (c) | 485000 | 492411 |
| New Orleans LA Aviation Board 5% 1/1/2029 (c) | 390000 | 395959 |
| New Orleans LA Aviation Board 5% 1/1/2030 (c) | 665000 | 675268 |
| New Orleans LA Aviation Board 5% 1/1/2031 (c) | 1090000 | 1105613 |
| New Orleans LA Aviation Board 5% 1/1/2032 (c) | 1495000 | 1514275 |
| New Orleans LA Aviation Board 5% 1/1/2035 (c) | 1115000 | 1126709 |
| New Orleans LA Aviation Board 5% 1/1/2036 (c) | 630000 | 635973 |
| New Orleans LA Aviation Board 5% 1/1/2037 (c) | 485000 | 489039 |
| New Orleans LA Aviation Board 5% 1/1/2038 (c) | 7380000 | 7963227 |
| New Orleans LA Aviation Board 5% 1/1/2038 (c) | 2670000 | 2881005 |
| New Orleans LA Aviation Board 5% 1/1/2038 (c) | 570000 | 574115 |
| New Orleans LA Aviation Board 5% 1/1/2039 (c) | 7465000 | 8011230 |
| New Orleans LA Aviation Board 5% 1/1/2039 (c) | 2605000 | 2795613 |
| New Orleans LA Aviation Board 5.25% 1/1/2040 (c) | 5735000 | 6271515 |
| New Orleans LA Aviation Board 5.25% 1/1/2040 (c) | 2945000 | 3220508 |
| TOTAL TRANSPORTATION |  | 38882460 |
| Water & Sewer - 0.3% |  |  |
| Jefferson Parish LA Cons Sew Dist No 1 Swr Rev Series 2022, 4% 2/1/2035 (Build America Mutual Assurance Co Insured)  | 3465000 | 3602159 |
| Jefferson Parish LA Cons Sew Dist No 1 Swr Rev Series 2022, 4% 2/1/2036 (Build America Mutual Assurance Co Insured)  | 1960000 | 2022753 |
| Jefferson Parish LA Cons Sew Dist No 1 Swr Rev Series 2022, 4% 2/1/2038 (Build America Mutual Assurance Co Insured)  | 1445000 | 1466830 |
| Jefferson Parish LA Cons Sew Dist No 1 Swr Rev Series 2022, 4% 2/1/2039 (Build America Mutual Assurance Co Insured)  | 2890000 | 2915794 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth (East Baton Rouge LA Swr Commn Proj.) Series 2024, 5% 2/1/2037 (Build America Mutual Assurance Co Insured)  | 10000000 | 11213198 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth (East Baton Rouge LA Swr Commn Proj.) Series 2024, 5% 2/1/2038 (Build America Mutual Assurance Co Insured)  | 6290000 | 7019406 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth (East Baton Rouge LA Swr Commn Proj.) Series 2024, 5% 2/1/2039 (Build America Mutual Assurance Co Insured)  | 2400000 | 2663257 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth (East Baton Rouge LA Swr Commn Proj.) Series 2024, 5% 2/1/2040 (Build America Mutual Assurance Co Insured)  | 2400000 | 2623458 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth (East Baton Rouge LA Swr Commn Proj.) Series 2024, 5% 2/1/2041 (Build America Mutual Assurance Co Insured)  | 1400000 | 1516615 |
| TOTAL WATER & SEWER |  | 35043470 |
| TOTAL LOUISIANA |  | 103878783 |
| Maine - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Brunswick ME 2% 11/1/2032  | 1095000 | 998125 |
| Brunswick ME 2.125% 11/1/2034  | 1195000 | 1065167 |
| Brunswick ME 2.375% 11/1/2037  | 605000 | 519627 |
| Yarmouth MA Series 2020, 2% 11/15/2035  | 1180000 | 996965 |
| TOTAL GENERAL OBLIGATIONS |  | 3579884 |
| Health Care - 0.0% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (Northern Light Health Proj.) Series 2016A, 4% 7/1/2041  | 2030000 | 1726450 |
| Housing - 0.0% |  |  |
| Maine Hsg Auth Mtg Series A 3, 3.5% 11/15/2034  | 1535000 | 1535030 |
| TOTAL MAINE |  | 6841364 |
| Maryland - 1.0%  |  |  |
| Education - 0.0% |  |  |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2035  | 500000 | 499968 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2046  | 1500000 | 1314267 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2051  | 1000000 | 848311 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2055  | 1000000 | 832220 |
| TOTAL EDUCATION |  | 3494766 |
| General Obligations - 0.3% |  |  |
| Anne Arundel Cnty MD Gen. Oblig. Series 2021, 3% 10/1/2036  | 2300000 | 2248267 |
| Baltimore Cnty MD Gen. Oblig. 5% 3/1/2039  | 5140000 | 5734153 |
| Baltimore Cnty MD Gen. Oblig. 5% 3/1/2040  | 2385000 | 2627593 |
| Baltimore Cnty MD Gen. Oblig. Series 2020, 4% 3/1/2036  | 7310000 | 7576426 |
| Baltimore Cnty MD Gen. Oblig. Series 2021, 3% 3/1/2037  | 3205000 | 3100621 |
| Baltimore Cnty MD Gen. Oblig. Series 2023, 5% 3/1/2039  | 1885000 | 2102895 |
| Baltimore Cnty MD Gen. Oblig. Series 2023, 5% 3/1/2040  | 1980000 | 2181398 |
| Cecil Cnty MD Gen. Oblig. Series 2021, 2.5% 8/1/2039  | 1360000 | 1122326 |
| Charles Cnty MD Gen. Oblig. Series 2019, 3% 10/1/2033  | 2330000 | 2333172 |
| City of Baltimore MD Gen. Oblig. Series 2022A, 5% 10/15/2035  | 1475000 | 1660584 |
| State of Maryland Gen. Oblig. Series SECOND 2021 A, 4% 8/1/2035  | 2575000 | 2710846 |
| State of Maryland Gen. Oblig. Series SECOND 2021 A, 5% 8/1/2033  | 1810000 | 2025621 |
| Washington Suburban Sanitary Dist MD Series 2021, 2.125% 6/1/2037  | 4555000 | 3817210 |
| Washington Suburban Sanitary Dist MD Series 2023, 5% 6/1/2041  | 4140000 | 4535799 |
| TOTAL GENERAL OBLIGATIONS |  | 43776911 |
| Health Care - 0.0% |  |  |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 4% 7/1/2042  | 1410000 | 1359022 |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 5% 7/1/2033  | 2185000 | 2203106 |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 5% 7/1/2034  | 1600000 | 1611571 |
| TOTAL HEALTH CARE |  | 5173699 |
| Housing - 0.0% |  |  |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) 3.5% 3/1/2050  | 2015000 | 2009857 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) Series 2019 B, 4% 9/1/2049  | 1895000 | 1915979 |
| TOTAL HOUSING |  | 3925836 |
| Special Tax - 0.1% |  |  |
| Maryland Econ Dev Corp Spl Oblig (Port Covington Tif Proj.) 3.25% 9/1/2030  | 395000 | 384321 |
| Maryland Econ Dev Corp Spl Oblig (Port Covington Tif Proj.) 4% 9/1/2040  | 2095000 | 1964903 |
| Maryland Econ Dev Corp Spl Oblig (Port Covington Tif Proj.) 4% 9/1/2050  | 2625000 | 2197710 |
| Maryland St Dept Transn Cons Series 2019, 4% 10/1/2032  | 3600000 | 3668684 |
| TOTAL SPECIAL TAX |  | 8215618 |
| Transportation - 0.4% |  |  |
| Maryland Economic Development Corp (Purple Line Transit Partners Proj.) Series 2022B, 5% 12/31/2036 (c) | 3185000 | 3345212 |
| Maryland Economic Development Corp (Purple Line Transit Partners Proj.) Series 2022B, 5% 12/31/2037 (c) | 2500000 | 2609246 |
| Maryland Economic Development Corp (Purple Line Transit Partners Proj.) Series 2022B, 5% 12/31/2038 (c) | 2200000 | 2285728 |
| Maryland Economic Development Corp (Purple Line Transit Partners Proj.) Series 2022B, 5% 12/31/2039 (c) | 1700000 | 1756279 |
| Maryland Economic Development Corp (Purple Line Transit Partners Proj.) Series 2022B, 5% 6/30/2039 (c) | 3700000 | 3833257 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2032 (c) | 1250000 | 1363069 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2033 (c) | 1000000 | 1086155 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2035 (c) | 1850000 | 1992739 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2036 (c) | 1000000 | 1071248 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2036 (Assured Guaranty Inc Insured) (c) | 2600000 | 2899175 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2037 (Assured Guaranty Inc Insured) (c) | 5855000 | 6475627 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2038 (Assured Guaranty Inc Insured) (c) | 3150000 | 3460592 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2039 (c) | 2250000 | 2455558 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5.25% 8/1/2040 (Assured Guaranty Inc Insured) (c) | 1575000 | 1747140 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5.25% 8/1/2041 (Assured Guaranty Inc Insured) (c) | 1695000 | 1861363 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5.25% 8/1/2042 (Assured Guaranty Inc Insured) (c) | 1800000 | 1956394 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5.25% 8/1/2043 (Assured Guaranty Inc Insured) (c) | 2325000 | 2503408 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5.25% 8/1/2044 (Assured Guaranty Inc Insured) (c) | 2090000 | 2233145 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2026  | 1940000 | 1953463 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2027  | 1310000 | 1337215 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2031  | 970000 | 1010326 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2032  | 970000 | 1008526 |
| Maryland St Transn Auth Transn Series 2020, 5% 7/1/2034  | 5650000 | 6169155 |
| TOTAL TRANSPORTATION |  | 56414020 |
| Water & Sewer - 0.2% |  |  |
| Baltimore MD Proj Rev (Baltimore Wastewater Util Rev Proj.) Series 2017 C, 5% 7/1/2028  | 3465000 | 3544967 |
| Baltimore MD Proj Rev (Baltimore Wastewater Util Rev Proj.) Series 2017 C, 5% 7/1/2031  | 6580000 | 6724625 |
| Baltimore MD Proj Rev (Baltimore Wastewater Util Rev Proj.) Series 2017 C, 5% 7/1/2033  | 6635000 | 6771536 |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2017 D, 5% 7/1/2033  | 5630000 | 5745855 |
| TOTAL WATER & SEWER |  | 22786983 |
| TOTAL MARYLAND |  | 143787833 |
| Massachusetts - 1.0%  |  |  |
| Education - 0.2% |  |  |
| Massachusetts Development Finance Agency (Northeastern University Proj.) Series 2022, 5% 10/1/2034  | 1750000 | 1989029 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2019, 5% 7/1/2030  | 1435000 | 1482365 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2019, 5% 7/1/2032  | 1040000 | 1069850 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2023B, 5% 7/1/2031 (c) | 8485000 | 9121579 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2023B, 5% 7/1/2033 (c) | 2280000 | 2466377 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2026 (c) | 3600000 | 3631187 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2027 (c) | 2350000 | 2405339 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2028 (c) | 1775000 | 1842539 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2029 (c) | 1925000 | 2019275 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2030 (c) | 1000000 | 1057285 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2031 (c) | 800000 | 860019 |
| Massachusetts St Dev Fin Agy Rev (Provident Commonwealth Ed Resources Inca Proj.) Series 2016, 5% 10/1/2041  | 3800000 | 3802156 |
| University Mass Bldg Auth Proj (Univ of Massachusetts Proj.) Series 2022 1, 5% 11/1/2039  | 2135000 | 2338465 |
| TOTAL EDUCATION |  | 34085465 |
| General Obligations - 0.3% |  |  |
| Braintree MA Gen. Oblig. Series 2020, 2% 10/15/2035  | 2115000 | 1852364 |
| Massachusetts St Gen. Oblig. 5% 1/1/2036  | 2560000 | 2714740 |
| Massachusetts St Gen. Oblig. 5% 10/1/2033  | 4785000 | 5465673 |
| Massachusetts St Gen. Oblig. 5% 10/1/2034  | 6000000 | 6823091 |
| Massachusetts St Gen. Oblig. 5% 7/1/2034  | 3000000 | 3521124 |
| Massachusetts St Gen. Oblig. 5% 7/1/2035  | 3000000 | 3550313 |
| Massachusetts St Gen. Oblig. 5% 7/1/2036  | 1435000 | 1678451 |
| Massachusetts St Gen. Oblig. Series 2019B, 5% 7/1/2036  | 1700000 | 1799785 |
| Somerville MA Series 2020, 2% 10/15/2037  | 3580000 | 2978826 |
| Stoneham Mass Series 2022, 2.125% 1/15/2038  | 3335000 | 2816045 |
| TOTAL GENERAL OBLIGATIONS |  | 33200412 |
| Health Care - 0.2% |  |  |
| Massachusetts Dev Fin Agy Sr Living Rev (Care Communities LLC Proj.) Series 2025 A 1, 5.5% 7/15/2035 (d) | 2470000 | 2518529 |
| Massachusetts Dev Fin Agy Sr Living Rev (Care Communities LLC Proj.) Series 2025 A 1, 6.375% 7/15/2045 (d) | 6180000 | 6208405 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2020A 1, 5% tender 7/1/2050 (b) | 10135000 | 10956702 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2024D, 5% 7/1/2042  | 2250000 | 2415842 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2024D, 5% 7/1/2043  | 4100000 | 4358317 |
| TOTAL HEALTH CARE |  | 26457795 |
| Special Tax - 0.2% |  |  |
| Mass Bay Tran Auth Sls Tax Series 2016, 0% 7/1/2032 (f) | 12450000 | 10137020 |
| Massachusetts St Transn Fd Rev Series 2021 B, 5% 6/1/2038  | 10170000 | 10584745 |
| Massachusetts St Transn Fd Rev Series 2021 B, 5% 6/1/2039  | 10765000 | 11175896 |
| TOTAL SPECIAL TAX |  | 31897661 |
| Transportation - 0.1% |  |  |
| Massachusetts St Port Auth Rev 5% 7/1/2035 (c) | 2400000 | 2609859 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2031 (c) | 5000000 | 5339883 |
| Massachusetts St Port Auth Rev Series 2022 A, 5% 7/1/2032 (c) | 1500000 | 1675768 |
| Massachusetts St Port Auth Rev Series 2022 A, 5% 7/1/2033 (c) | 1025000 | 1139983 |
| Massachusetts St Port Auth Rev Series 2022 A, 5% 7/1/2034 (c) | 1350000 | 1494817 |
| TOTAL TRANSPORTATION |  | 12260310 |
| TOTAL MASSACHUSETTS |  | 137901643 |
| Michigan - 2.5%  |  |  |
| Education - 0.5% |  |  |
| Michigan St Univ Revs Series 2024A, 5% 8/15/2033  | 1375000 | 1595654 |
| Michigan St Univ Revs Series 2024A, 5% 8/15/2035  | 3000000 | 3481354 |
| Michigan St Univ Revs Series 2024A, 5% 8/15/2037  | 2000000 | 2282958 |
| Michigan St Univ Revs Series 2024A, 5% 8/15/2038  | 2000000 | 2268754 |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2031  | 1850000 | 2071818 |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2032  | 4030000 | 4588497 |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2036  | 3500000 | 4108379 |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2037  | 4000000 | 4652249 |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2038  | 4785000 | 5517851 |
| Michigan St Univ Revs Series 2025A, 5% 8/15/2031  | 1500000 | 1694327 |
| Michigan St Univ Revs Series 2025A, 5% 8/15/2032  | 2000000 | 2293008 |
| Michigan St Univ Revs Series 2025A, 5% 8/15/2036  | 1500000 | 1752659 |
| Michigan St Univ Revs Series 2025A, 5% 8/15/2037  | 3515000 | 4070206 |
| Michigan St Univ Revs Series 2025A, 5% 8/15/2038  | 3165000 | 3638188 |
| Michigan Technological Univ Series 2021, 4% 10/1/2041  | 1450000 | 1457988 |
| Michigan Technological Univ Series 2021, 5% 10/1/2030  | 1645000 | 1808523 |
| Michigan Technological Univ Series 2021, 5% 10/1/2031  | 1250000 | 1392977 |
| Michigan Technological Univ Series 2021, 5% 10/1/2032  | 1250000 | 1394116 |
| Michigan Technological Univ Series 2021, 5% 10/1/2033  | 1325000 | 1472225 |
| Michigan Technological Univ Series 2021, 5% 10/1/2034  | 1405000 | 1555690 |
| Oakland Univ Mich Rev 5% 3/1/2026  | 480000 | 481722 |
| Oakland Univ Mich Rev 5% 3/1/2033  | 1000000 | 1119374 |
| Oakland Univ Mich Rev 5% 3/1/2033  | 1000000 | 1119374 |
| Oakland Univ Mich Rev 5% 3/1/2034  | 1905000 | 2126445 |
| Oakland Univ Mich Rev 5% 3/1/2034  | 1250000 | 1395305 |
| Oakland Univ Mich Rev 5% 3/1/2035  | 2000000 | 2224615 |
| Oakland Univ Mich Rev 5% 3/1/2036  | 2095000 | 2319268 |
| Oakland Univ Mich Rev 5% 3/1/2037  | 2200000 | 2424124 |
| Oakland Univ Mich Rev 5% 3/1/2038  | 2310000 | 2531967 |
| Oakland Univ Mich Rev 5% 3/1/2038  | 1330000 | 1455467 |
| Oakland Univ Mich Rev 5% 3/1/2039  | 2425000 | 2647317 |
| Oakland Univ Mich Rev 5% 3/1/2039  | 1375000 | 1498656 |
| University MI Univ Revs 5% 4/1/2033  | 1440000 | 1638919 |
| TOTAL EDUCATION |  | 76079974 |
| Electric Utilities - 0.1% |  |  |
| Lansing Mich Brd Wtr & Lt Util Sys Rev 2% tender 7/1/2051 (b) | 5760000 | 5711397 |
| Michigan Fin Auth Act 38 Facs Sr Rev (Provident Grp Hfh Energy LLC Proj.) Series 2024, 5.25% 2/28/2042  | 1250000 | 1333475 |
| Michigan Fin Auth Act 38 Facs Sr Rev (Provident Grp Hfh Energy LLC Proj.) Series 2024, 5.25% 2/28/2043  | 1600000 | 1690379 |
| Michigan St Strategic Fd Ltd Oblig Rev (Dte Elec Co Proj.) Series 2023 DT, 3.875% tender 6/1/2053 (b)(c) | 3500000 | 3432210 |
| TOTAL ELECTRIC UTILITIES |  | 12167461 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev Series 2016, 5% 5/15/2027 (Pre-refunded to 5/15/2026 at 100)  | 20000 | 20163 |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev Series 2016, 5% 5/15/2028 (Pre-refunded to 5/15/2026 at 100)  | 15000 | 15122 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 35285 |
| General Obligations - 1.3% |  |  |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2030  | 3300000 | 3627203 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2031  | 4950000 | 5532456 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2032  | 5650000 | 6409873 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2033  | 6020000 | 6915809 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2034  | 6355000 | 7358906 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2036  | 6340000 | 7393709 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2037  | 7815000 | 9033155 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2038  | 8255000 | 9481568 |
| Detroit MI Gen. Oblig. Series 2021A, 4% 4/1/2041  | 1575000 | 1524244 |
| Detroit MI Gen. Oblig. Series 2021A, 4% 4/1/2042  | 600000 | 566464 |
| Detroit MI Gen. Oblig. Series 2021A, 5% 4/1/2031  | 900000 | 979318 |
| Detroit MI Gen. Oblig. Series 2021A, 5% 4/1/2033  | 1075000 | 1161684 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2033  | 2760000 | 3059395 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2034  | 2895000 | 3228314 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2035  | 3040000 | 3370357 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2036  | 3195000 | 3515697 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2037  | 3355000 | 3662234 |
| Detroit Mich Sch Dist Series 2005A, 5.25% 5/1/2030 (Assured Guaranty Inc Insured), (State of Michigan Guaranteed)  | 18655000 | 20694665 |
| Forest Hills MI Pub Schs 5% 5/1/2034  | 1575000 | 1825070 |
| Forest Hills MI Pub Schs 5% 5/1/2035  | 1920000 | 2245802 |
| Forest Hills MI Pub Schs 5% 5/1/2036  | 3000000 | 3466815 |
| Forest Hills MI Pub Schs 5% 5/1/2037  | 3050000 | 3493440 |
| Forest Hills MI Pub Schs 5% 5/1/2038  | 3285000 | 3733260 |
| Forest Hills MI Pub Schs 5% 5/1/2039  | 2000000 | 2257651 |
| Forest Hills MI Pub Schs 5% 5/1/2040  | 2000000 | 2223962 |
| Grand Blanc MI Cmnty Schs Series 2020, 2.25% 11/1/2040 (State of Michigan Guaranteed)  | 2425000 | 1832303 |
| Grand Rapids MI Gen. Oblig. Series 2025, 5% 4/1/2037  | 1000000 | 1148542 |
| Grand Rapids MI Gen. Oblig. Series 2025, 5% 4/1/2038  | 1550000 | 1766093 |
| Grand Rapids MI Pub Schs 5% 5/1/2027 (Assured Guaranty Inc Insured)  | 1310000 | 1349181 |
| Grand Rapids MI Pub Schs 5% 5/1/2029 (Assured Guaranty Inc Insured)  | 1890000 | 1945240 |
| Grand Rapids MI Pub Schs 5% 5/1/2030 (Assured Guaranty Inc Insured)  | 3400000 | 3422930 |
| Grand Rapids MI Pub Schs 5% 5/1/2031 (Assured Guaranty Inc Insured)  | 4855000 | 4884195 |
| Grand Rapids MI Pub Schs 5% 5/1/2032 (Assured Guaranty Inc Insured)  | 730000 | 734025 |
| Grand Rapids MI Pub Schs 5% 5/1/2033 (Assured Guaranty Inc Insured)  | 3030000 | 3045206 |
| Howell MI Pub Schs 5% 5/1/2036 (State of Michigan Guaranteed)  | 1300000 | 1508007 |
| Howell MI Pub Schs 5% 5/1/2037 (State of Michigan Guaranteed)  | 1500000 | 1724617 |
| Howell MI Pub Schs 5% 5/1/2038 (State of Michigan Guaranteed)  | 2750000 | 3137119 |
| Lake Orion MI Sch Dist 5% 5/1/2029 (State of Michigan Guaranteed)  | 1685000 | 1816425 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) 3% 10/15/2045  | 5020000 | 3993600 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) 5% 4/15/2035  | 2720000 | 2765275 |
| Portage MI Pub Schs 5% 11/1/2027  | 1215000 | 1224480 |
| Portage MI Pub Schs 5% 11/1/2029  | 3080000 | 3102718 |
| Utica MI Cmnty Schs Series 2019, 5% 5/1/2030 (State of Michigan Guaranteed)  | 1650000 | 1774295 |
| Utica MI Cmnty Schs Series 2019, 5% 5/1/2032 (State of Michigan Guaranteed)  | 2300000 | 2464111 |
| Utica MI Cmnty Schs Series 2019, 5% 5/1/2033 (State of Michigan Guaranteed)  | 1875000 | 2002686 |
| Utica MI Cmnty Schs Series 2019, 5% 5/1/2034 (State of Michigan Guaranteed)  | 2450000 | 2608757 |
| Warren MI Cons Sch Dist 5% 5/1/2030 (State of Michigan Guaranteed)  | 4415000 | 4444041 |
| Warren MI Cons Sch Dist 5% 5/1/2031 (State of Michigan Guaranteed)  | 4660000 | 4688022 |
| Warren MI Cons Sch Dist 5% 5/1/2032 (State of Michigan Guaranteed)  | 4955000 | 4982331 |
| TOTAL GENERAL OBLIGATIONS |  | 179125250 |
| Health Care - 0.3% |  |  |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev (Bronson Methodist Hsp, MI Proj.) Series 2016, 5% 5/15/2027  | 3255000 | 3276379 |
| Michigan Fin Auth Rev (Bronson Methodist Hsp, Mi Proj.) Series 2019 B, 5% tender 11/15/2044 (b) | 5450000 | 5474582 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2033  | 5065000 | 5675707 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2034  | 2530000 | 2822560 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2035  | 1445000 | 1603839 |
| Michigan Fin Auth Rev (Corewell Health Proj.) Series 2022, 5% 4/15/2032  | 8285000 | 9357343 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2015 D2, 1.2% tender 10/15/2038 (b) | 1775000 | 1683363 |
| Michigan Fin Auth Rev (Trinity Health Proj.) 5% 12/1/2026  | 1270000 | 1297305 |
| Michigan Fin Auth Rev (Trinity Health Proj.) 5% 12/1/2027  | 1215000 | 1267873 |
| Michigan Fin Auth Rev (Trinity Health Proj.) 5% 12/1/2028  | 1940000 | 2028201 |
| Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2026  | 1940000 | 1981710 |
| Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2027  | 1295000 | 1351354 |
| Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2028  | 2040000 | 2132749 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2028  | 565000 | 589101 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2029  | 1000000 | 1058397 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2030  | 425000 | 455893 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2031  | 495000 | 530877 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2032  | 545000 | 584123 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2033  | 595000 | 636040 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2034  | 385000 | 412152 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2035  | 400000 | 427529 |
| TOTAL HEALTH CARE |  | 44647077 |
| Housing - 0.1% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 3.5% 12/1/2050  | 1555000 | 1551946 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 5.5% 6/1/2053  | 8090000 | 8544679 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) Series 2021A, 3% 6/1/2052  | 3510000 | 3457647 |
| TOTAL HOUSING |  | 13554272 |
| Special Tax - 0.1% |  |  |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2036  | 2000000 | 2259528 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2037  | 2000000 | 2241198 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2038  | 2000000 | 2225875 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2039  | 2000000 | 2213092 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2040  | 620000 | 678345 |
| TOTAL SPECIAL TAX |  | 9618038 |
| Tobacco Bonds - 0.1% |  |  |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 5% 6/1/2030  | 775000 | 839214 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 5% 6/1/2031  | 1005000 | 1093682 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 5% 6/1/2032  | 970000 | 1050067 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 5% 6/1/2033  | 1745000 | 1876698 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) Series 2020 A 2, 5% 6/1/2040  | 2340000 | 2384572 |
| TOTAL TOBACCO BONDS |  | 7244233 |
| Transportation - 0.0% |  |  |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2029  | 245000 | 255562 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2030  | 380000 | 396012 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2031  | 390000 | 405742 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2036  | 535000 | 552031 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2029 (c) | 685000 | 707526 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2030 (c) | 485000 | 500847 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2031 (c) | 525000 | 541729 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2033 (c) | 375000 | 385844 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2036 (c) | 810000 | 828971 |
| TOTAL TRANSPORTATION |  | 4574264 |
| Water & Sewer - 0.0% |  |  |
| Great Lakes Sewer Auth Mich Series 2022A, 5% 7/1/2033  | 330000 | 375404 |
| Great Lakes Sewer Auth Mich Series 2022A, 5% 7/1/2035  | 745000 | 837880 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2022 A, 5% 7/1/2033  | 270000 | 307148 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2022 A, 5% 7/1/2035  | 3000000 | 3374015 |
| TOTAL WATER & SEWER |  | 4894447 |
| TOTAL MICHIGAN |  | 351940301 |
| Minnesota - 0.6%  |  |  |
| General Obligations - 0.4% |  |  |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 A, 5% 8/1/2033  | 1875000 | 2114175 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 A, 5% 8/1/2034  | 1500000 | 1683854 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 A, 5% 8/1/2035  | 1210000 | 1351063 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 B, 5% 8/1/2032  | 2120000 | 2400276 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022C, 5% 8/1/2033  | 1780000 | 2007056 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022C, 5% 8/1/2034  | 2685000 | 3014098 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022C, 5% 8/1/2035  | 2820000 | 3148760 |
| Minnesota St Gen. Oblig. Series 2021B, 4% 9/1/2032  | 4475000 | 4761021 |
| Minnesota St Gen. Oblig. Series 2022B, 4% 8/1/2036  | 11000000 | 11564076 |
| Mounds View MN Indpt Sch Dist No 621 Series 2018 A, 3.45% 2/1/2037 (Minnesota St Guaranteed)  | 4795000 | 4801047 |
| Mounds View MN Indpt Sch Dist No 621 Series 2018 A, 3.55% 2/1/2038 (Minnesota St Guaranteed)  | 5005000 | 5009127 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2032 (Minnesota St Guaranteed) (f) | 1015000 | 838489 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2034 (Minnesota St Guaranteed) (f) | 1280000 | 973194 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2036 (Minnesota St Guaranteed) (f) | 2590000 | 1782926 |
| West St Paul MN Indept Sch Dis Series 2018 A, 3.6% 2/1/2037 (Minnesota St Guaranteed)  | 3495000 | 3506400 |
| West St Paul MN Indept Sch Dis Series 2018 A, 3.65% 2/1/2038 (Minnesota St Guaranteed)  | 3665000 | 3674965 |
| TOTAL GENERAL OBLIGATIONS |  | 52630527 |
| Health Care - 0.1% |  |  |
| Maple Grove MN Health Care Sys Rev (North Memorial Med Center, MN Proj.) Series 2015, 5% 9/1/2026  | 2100000 | 2101510 |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2023A, 5% tender 11/15/2052 (b) | 3945000 | 4157922 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2038  | 2270000 | 2513895 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2039  | 2000000 | 2201373 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2040  | 5000000 | 5435099 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2041  | 2500000 | 2689956 |
| TOTAL HEALTH CARE |  | 19099755 |
| Housing - 0.1% |  |  |
| Minneapolis MN Multifamily Rev Series 2019, 2.46% 1/1/2038 (Fannie Mae Guaranteed)  | 6320658 | 5327071 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2021 B, 3% 7/1/2051  | 1340000 | 1320419 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2021 D, 3% 1/1/2052  | 5440000 | 5365107 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 R, 6.25% 7/1/2054  | 1995000 | 2157660 |
| TOTAL HOUSING |  | 14170257 |
| Transportation - 0.0% |  |  |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2032 (c) | 780000 | 862728 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2033 (c) | 1165000 | 1283442 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2034 (c) | 1135000 | 1242341 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2035 (c) | 705000 | 767094 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2036 (c) | 565000 | 611427 |
| TOTAL TRANSPORTATION |  | 4767032 |
| TOTAL MINNESOTA |  | 90667571 |
| Mississippi - 0.3%  |  |  |
| Education - 0.0% |  |  |
| Jackson St Univ Edl Bldg Corp MS Rev Series 2021 A, 1.40% 3/1/2034 (Build America Mutual Assurance Co Insured) (b) | 6845000 | 5927700 |
| General Obligations - 0.0% |  |  |
| Mississippi St Gen. Oblig. Series 2017 A, 5% 10/1/2030  | 5340000 | 5562724 |
| Health Care - 0.3% |  |  |
| Mississippi Dev Bank Spl Obl (Magnolia Regional Health Center Proj.) Series 2021, 4% 10/1/2036 (d) | 850000 | 771918 |
| Mississippi Dev Bank Spl Obl (Magnolia Regional Health Center Proj.) Series 2021, 4% 10/1/2041 (d) | 1360000 | 1138664 |
| Mississippi Dev Bank Spl Obl (Magnolia Regional Health Center Proj.) Series 2021, 5% 10/1/2029 (d) | 2000000 | 2057062 |
| Mississippi Dev Bank Spl Obl (Magnolia Regional Health Center Proj.) Series 2021, 5% 10/1/2030 (d) | 2800000 | 2898492 |
| Mississippi Dev Bank Spl Obl (Magnolia Regional Health Center Proj.) Series 2021, 5% 10/1/2032 (d) | 3070000 | 3181285 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019 B, 5% 1/1/2026  | 700000 | 700000 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019 B, 5% 1/1/2027  | 1245000 | 1266205 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019 B, 5% 1/1/2028  | 500000 | 517304 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019 B, 5% 1/1/2029  | 510000 | 536349 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019 B, 5% 1/1/2030  | 595000 | 634591 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019A, 5% 1/1/2030  | 500000 | 533270 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019A, 5% 1/1/2031  | 1500000 | 1603075 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019A, 5% 1/1/2032  | 1750000 | 1866476 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019A, 5% 1/1/2034  | 1065000 | 1130947 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019A, 5% 1/1/2035  | 2000000 | 2122740 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) Series 2020 II, 5% tender 10/1/2040 (b) | 3025000 | 3079871 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) Series 2020 IV, 5% 10/1/2034  | 1435000 | 1520347 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) Series 2020 IV, 5% 10/1/2038  | 1675000 | 1752511 |
| TOTAL HEALTH CARE |  | 27311107 |
| TOTAL MISSISSIPPI |  | 38801531 |
| Missouri - 0.5%  |  |  |
| General Obligations - 0.1% |  |  |
| North Kansas City MO Sch Dist No 74 2% 3/1/2036  | 2000000 | 1658443 |
| North Kansas City MO Sch Dist No 74 2% 3/1/2037  | 3670000 | 2963135 |
| North Kansas City MO Sch Dist No 74 2% 3/1/2038  | 1795000 | 1411517 |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2034  | 950000 | 1049354 |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2035  | 1250000 | 1376560 |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2036  | 1250000 | 1367957 |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2037  | 1350000 | 1468905 |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2038  | 2000000 | 2167195 |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2039  | 2740000 | 2955892 |
| TOTAL GENERAL OBLIGATIONS |  | 16418958 |
| Health Care - 0.2% |  |  |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2027  | 970000 | 994329 |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2036  | 2375000 | 2414914 |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 A, 4% 7/1/2046  | 3530000 | 3271680 |
| Missouri Hlth & Edl Facs Rev (Childrens Mercy Hospital Fndtn Proj.) 5% 5/15/2029  | 970000 | 978227 |
| Missouri Hlth & Edl Facs Rev (Childrens Mercy Hospital Fndtn Proj.) 5% 5/15/2030  | 970000 | 978101 |
| Missouri Hlth & Edl Facs Rev (Childrens Mercy Hospital Fndtn Proj.) 5% 5/15/2031  | 970000 | 977950 |
| Missouri Hlth & Edl Facs Rev (Lake Regional Hlth Proj.) Series 2021, 4% 2/15/2034  | 400000 | 393366 |
| Missouri Hlth & Edl Facs Rev (Lake Regional Hlth Proj.) Series 2021, 5% 2/15/2030  | 670000 | 709126 |
| Missouri Hlth & Edl Facs Rev (Lake Regional Hlth Proj.) Series 2021, 5% 2/15/2031  | 705000 | 753010 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 5% 2/1/2030  | 2395000 | 2398192 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 5% 2/1/2032  | 2645000 | 2648450 |
| Missouri Hlth & Edl Facs Rev (Ssm Health Care System Proj.) Series 2022A, 5% 6/1/2032  | 2150000 | 2398595 |
| Missouri Hlth & Edl Facs Rev (Ssm Health Care System Proj.) Series 2022A, 5% 6/1/2033  | 1850000 | 2049828 |
| St Louis Cnty MO Indl Dev Auth Sr Living Facs Rev (Friendship Village of West County Proj.) Series 2018A, 5.125% 9/1/2048  | 2210000 | 2142111 |
| TOTAL HEALTH CARE |  | 23107879 |
| Housing - 0.1% |  |  |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2019B, 4% 5/1/2050  | 470000 | 472369 |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2021C, 3.25% 11/1/2052  | 1755000 | 1738225 |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2023 E, 6.5% 5/1/2054  | 5050000 | 5665103 |
| Missouri St Hsg Dev Commn Single Family Mtg Rev (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2025F, 5% 11/1/2050  | 5310000 | 5367014 |
| Missouri St Hsg Dev Commn Single Family Mtg Rev (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2025F, 5.05% 11/1/2055  | 5805000 | 5833617 |
| TOTAL HOUSING |  | 19076328 |
| Transportation - 0.1% |  |  |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 4% 3/1/2040 (c) | 9950000 | 9616665 |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 5% 3/1/2033 (c) | 1600000 | 1703558 |
| St Louis MO Arpt Rev Series 2019C, 5% 7/1/2030  | 3660000 | 3936770 |
| TOTAL TRANSPORTATION |  | 15256993 |
| Water & Sewer - 0.0% |  |  |
| Kansas City MO Santn Swr Sys Rev Series 2018 B, 5% 1/1/2029  | 550000 | 577172 |
| Kansas City MO Santn Swr Sys Rev Series 2018 B, 5% 1/1/2031  | 415000 | 435192 |
| Kansas City MO Santn Swr Sys Rev Series 2018 B, 5% 1/1/2034  | 380000 | 396177 |
| TOTAL WATER & SEWER |  | 1408541 |
| TOTAL MISSOURI |  | 75268699 |
| Montana - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Montana Facility Fin Auth Rev (Benefis Health System Proj.) Series 2016, 5% 2/15/2026  | 3105000 | 3110831 |
| Montana Facility Fin Auth Rev (Benefis Health System Proj.) Series 2025 B, 5% tender 2/15/2065 (b) | 3185000 | 3380162 |
| Montana Facility Finance Authority (Logan Health Proj.) Series 2018 B, 5% 7/1/2031  | 1170000 | 1220061 |
| TOTAL HEALTH CARE |  | 7711054 |
| Housing - 0.0% |  |  |
| Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) Series 2019B, 4% 6/1/2050  | 325000 | 328000 |
| Other - 0.1% |  |  |
| Gallatin Cnty Mont Indl Dev Rev (Bozeman Fiber Proj.) Series 2021A, 4% 10/15/2032 (d) | 1160000 | 1015555 |
| Gallatin Cnty Mont Indl Dev Rev (Bozeman Fiber Proj.) Series 2021A, 4% 10/15/2036 (d) | 3065000 | 2516196 |
| Gallatin Cnty Mont Indl Dev Rev (Bozeman Fiber Proj.) Series 2021A, 4% 10/15/2041 (d) | 4910000 | 3482572 |
| Gallatin Cnty Mont Indl Dev Rev (Bozeman Fiber Proj.) Series 2021A, 4% 10/15/2046 (d) | 3195000 | 2164990 |
| Gallatin Cnty Mont Indl Dev Rev (Bozeman Fiber Proj.) Series 2021A, 4% 10/15/2051 (d) | 2625000 | 1733595 |
| TOTAL OTHER |  | 10912908 |
| TOTAL MONTANA |  | 18951962 |
| Nebraska - 0.7%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Nebraska Pub Pwr Dist Rev Series B, 5% 1/1/2031  | 3885000 | 3891034 |
| Nebraska Pub Pwr Dist Rev Series B, 5% 1/1/2034  | 4235000 | 4240637 |
| Nebraska Pub Pwr Dist Rev Series B, 5% 1/1/2036  | 5135000 | 5140858 |
| Omaha Public Power District Series 2022 A, 5% 2/1/2035  | 575000 | 648151 |
| Omaha Public Power District Series 2022 A, 5% 2/1/2036  | 640000 | 716978 |
| Omaha Public Power District Series 2022B, 5% 2/1/2034  | 1550000 | 1745736 |
| Omaha Public Power District Series 2022B, 5% 2/1/2035  | 450000 | 507248 |
| TOTAL ELECTRIC UTILITIES |  | 16890642 |
| General Obligations - 0.4% |  |  |
| Central Plains Energy Proj NE Gas Proj Rev Series 2023 A 1, 5% tender 5/1/2054 (Bank of Montreal Guaranteed) (b) | 7925000 | 8452291 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2025A SUB A 1, 5% tender 8/1/2055 (Royal Bank of Canada Guaranteed) (b) | 45000000 | 47952468 |
| TOTAL GENERAL OBLIGATIONS |  | 56404759 |
| Housing - 0.1% |  |  |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 B, 4% 9/1/2049 (c) | 1015000 | 1016431 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 E, 3.75% 9/1/2049 (c) | 855000 | 853941 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2020 A, 3.5% 9/1/2050  | 1320000 | 1315937 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2021 A, 3% 9/1/2045  | 3145000 | 3098483 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2022 B, 5% 3/1/2027 (c) | 1165000 | 1186143 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2022 B, 5% 3/1/2028 (c) | 1205000 | 1244707 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2022 B, 5% 9/1/2027 (c) | 1185000 | 1216024 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2022 B, 5% 9/1/2028 (c) | 650000 | 676318 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2022 B, 5% 9/1/2029 (c) | 1270000 | 1338125 |
| TOTAL HOUSING |  | 11946109 |
| Transportation - 0.1% |  |  |
| Lincoln Neb Arpt Auth Series 2021, 4% 7/1/2036 (c) | 1000000 | 1010246 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5% 12/15/2035 (Assured Guaranty Inc Insured) (c) | 1000000 | 1125388 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5% 12/15/2036 (Assured Guaranty Inc Insured) (c) | 1300000 | 1450458 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5.25% 12/15/2037 (Assured Guaranty Inc Insured) (c) | 3795000 | 4271178 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5.25% 12/15/2038 (Assured Guaranty Inc Insured) (c) | 3250000 | 3635746 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5.25% 12/15/2039 (Assured Guaranty Inc Insured) (c) | 2750000 | 3053886 |
| TOTAL TRANSPORTATION |  | 14546902 |
| TOTAL NEBRASKA |  | 99788412 |
| Nevada - 1.0%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Humboldt Cnty Nev Pcr (Sierra Pacific Power Co Proj.) Series 2016 A, 3.55% 10/1/2029  | 1665000 | 1699141 |
| Humboldt Cnty Nev Pcr (Sierra Pacific Power Co Proj.) Series 2016B, 3.55% 10/1/2029  | 1275000 | 1291500 |
| Washoe Cnty NV Gas & Wtr Facs (Sierra Pacific Power Co Proj.) Series 2016B, 3.625% tender 3/1/2036 (b) | 2350000 | 2377355 |
| Washoe Cnty NV Wtr Fac Rev (Sierra Pacific Power Co Proj.) Series 2016 F, 4.125% tender 3/1/2036 (b)(c) | 2105000 | 2151388 |
| Washoe Cnty NV Wtr Fac Rev (Sierra Pacific Power Co Proj.) Series 2016C, 4.125% tender 3/1/2036 (b)(c) | 1130000 | 1154902 |
| TOTAL ELECTRIC UTILITIES |  | 8674286 |
| General Obligations - 0.6% |  |  |
| Clark Cnty NV Gen. Oblig. Series 2017, 3% 11/1/2035  | 3325000 | 3244006 |
| Clark Cnty NV School Dist 5% 6/15/2034  | 6330000 | 6663778 |
| Clark Cnty NV School Dist Series 2017 A, 5% 6/15/2026  | 5000000 | 5053988 |
| Clark Cnty NV School Dist Series 2018 B, 5% 6/15/2034 (Build America Mutual Assurance Co Insured)  | 4195000 | 4448876 |
| Clark Cnty NV School Dist Series 2018 B, 5% 6/15/2035  | 8000000 | 8446506 |
| Clark Cnty NV School Dist Series 2018A, 5% 6/15/2033  | 3400000 | 3582929 |
| Clark Cnty NV School Dist Series 2020A, 5% 6/15/2033 (Assured Guaranty Inc Insured)  | 1090000 | 1193243 |
| Clark Cnty NV School Dist Series 2024 B, 3% 6/15/2040  | 26300000 | 23501667 |
| Clark Cnty NV School Dist Series 2024 B, 3% 6/15/2044  | 24735000 | 20160912 |
| Nevada St Gen. Oblig. Series 2024A, 3% 5/1/2040  | 8055000 | 7320042 |
| Nevada St Gen. Oblig. Series 2024A, 3% 5/1/2042  | 7680000 | 6713520 |
| TOTAL GENERAL OBLIGATIONS |  | 90329467 |
| Health Care - 0.0% |  |  |
| Carson City Nev Hosp Rev (Carson Tahoe Hospital Proj.) Series 2017, 5% 9/1/2028  | 445000 | 456330 |
| Carson City Nev Hosp Rev (Carson Tahoe Hospital Proj.) Series 2017, 5% 9/1/2030  | 730000 | 747758 |
| Carson City Nev Hosp Rev (Carson Tahoe Hospital Proj.) Series 2017, 5% 9/1/2032  | 725000 | 741559 |
| Carson City Nev Hosp Rev (Carson Tahoe Hospital Proj.) Series 2017, 5% 9/1/2034  | 740000 | 754992 |
| TOTAL HEALTH CARE |  | 2700639 |
| Housing - 0.0% |  |  |
| Nevada Hsg Div Single Family Mtg Rev (NV Single Fam Mort Rev 9/1/2008 Proj.) Series 2019B, 4% 10/1/2049  | 635000 | 637744 |
| Special Tax - 0.0% |  |  |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2028  | 1500000 | 1563760 |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2031  | 2395000 | 2565901 |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2035  | 1825000 | 1926707 |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2040  | 1000000 | 1032265 |
| TOTAL SPECIAL TAX |  | 7088633 |
| Transportation - 0.1% |  |  |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2035 (c) | 1000000 | 1104160 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2036 (c) | 700000 | 766917 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2037 (c) | 750000 | 842477 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2038 (c) | 1525000 | 1701429 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2039 (c) | 650000 | 720573 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2040 (c) | 700000 | 766827 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2041 (c) | 650000 | 704972 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2042 (c) | 1110000 | 1191656 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2043 (c) | 1110000 | 1180641 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2044 (c) | 1430000 | 1509479 |
| TOTAL TRANSPORTATION |  | 10489131 |
| Water & Sewer - 0.2% |  |  |
| Las Vegas Valley NV Gen. Oblig. Series 2016A, 5% 6/1/2032  | 2815000 | 2842040 |
| Las Vegas Valley NV Gen. Oblig. Series 2016A, 5% 6/1/2033  | 4855000 | 4899218 |
| Las Vegas Valley NV Gen. Oblig. Series 2016A, 5% 6/1/2034  | 5145000 | 5188873 |
| Las Vegas Valley NV Gen. Oblig. Series 2025A, 5% 6/1/2036  | 2000000 | 2339873 |
| Las Vegas Valley NV Gen. Oblig. Series 2025A, 5% 6/1/2037  | 3275000 | 3797464 |
| Las Vegas Valley NV Gen. Oblig. Series 2025A, 5% 6/1/2038  | 2120000 | 2439347 |
| TOTAL WATER & SEWER |  | 21506815 |
| TOTAL NEVADA |  | 141426715 |
| New Hampshire - 0.6%  |  |  |
| Education - 0.0% |  |  |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2028 (c) | 1000000 | 1053639 |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2029 (c) | 1025000 | 1097671 |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2031 (c) | 1050000 | 1148043 |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2032 (c) | 1000000 | 1098543 |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2033 (c) | 1025000 | 1127607 |
| TOTAL EDUCATION |  | 5525503 |
| Health Care - 0.2% |  |  |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 4% 8/15/2036  | 855000 | 865209 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 4% 8/15/2037  | 900000 | 904595 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 4% 8/15/2038  | 1000000 | 1000398 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 4% 8/15/2040  | 1050000 | 1028571 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 4% 8/15/2041  | 1000000 | 960871 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 5% 8/15/2027  | 505000 | 520288 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 5% 8/15/2034  | 905000 | 989174 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 5% 8/15/2035  | 680000 | 739843 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2030  | 1190000 | 1240463 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 4% 10/1/2038  | 800000 | 795385 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2026  | 4560000 | 4629668 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2027  | 4860000 | 4923824 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2028  | 1940000 | 1966434 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2030  | 7070000 | 7159568 |
| TOTAL HEALTH CARE |  | 27724291 |
| Housing - 0.4% |  |  |
| National Fin Auth NH Hosp Rev (Lihtc 2020-1 Us Proj.) Series 1 Class A, 4.125% 1/20/2034  | 8968617 | 9136483 |
| National Fin Auth NH Hosp Rev (Lihtc 2022-1 Us Proj.) Series 1 Class A, 4.375% 9/20/2036  | 6912656 | 7037022 |
| National Fin Auth NH Hosp Rev (Lihtc 2023-2 Us Proj.) Series 2 Class A, 3.875% 1/20/2038  | 25503788 | 24636450 |
| New Hampshire Business Finance Authority (Lihtc 2022-2 Us Proj.) Series 2 Class A, 4% 10/20/2036  | 10256328 | 10176061 |
| TOTAL HOUSING |  | 50986016 |
| TOTAL NEW HAMPSHIRE |  | 84235810 |
| New Jersey - 4.9%  |  |  |
| Education - 0.5% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) 5% 12/1/2027 (c) | 3735000 | 3852302 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) 5% 12/1/2028 (c) | 6850000 | 7180572 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) 5% 12/1/2029 (c) | 4475000 | 4732987 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020 A, 5% 12/1/2026 (c) | 3100000 | 3144408 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020 A, 5% 12/1/2028 (c) | 1225000 | 1284117 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2022A, 5% 12/1/2027 (c) | 1275000 | 1315043 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2022A, 5% 12/1/2028 (c) | 1400000 | 1467562 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2022A, 5% 12/1/2029 (c) | 1400000 | 1480711 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2022A, 5% 12/1/2030 (c) | 750000 | 802660 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023A, 5% 12/1/2027 (c) | 1350000 | 1390878 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023A, 5% 12/1/2028 (c) | 1325000 | 1388943 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023A, 5% 12/1/2029 (c) | 2000000 | 2115301 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2027 (c) | 5000000 | 5151400 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2028 (c) | 5500000 | 5765423 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2029 (c) | 5500000 | 5817079 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 A, 5% 12/1/2032 (c) | 1850000 | 2002369 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 A, 5% 12/1/2033 (c) | 785000 | 856428 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2028 (c) | 5500000 | 5765423 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2029 (c) | 1180000 | 1248028 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2030 (c) | 5000000 | 5351075 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2031 (c) | 2420000 | 2609994 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2032 (c) | 2820000 | 3052260 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2033 (c) | 1000000 | 1090992 |
| New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2027 (Assured Guaranty Inc Insured)  | 1360000 | 1397759 |
| New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2028 (Assured Guaranty Inc Insured)  | 1940000 | 1998978 |
| New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2029 (Assured Guaranty Inc Insured)  | 1455000 | 1498580 |
| New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2029  | 1820000 | 1834619 |
| TOTAL EDUCATION |  | 75595891 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Bayonne NJ Gen. Oblig. 5% 7/1/2032 (Pre-refunded to 7/1/2026 at 100)  | 970000 | 981931 |
| Bayonne NJ Gen. Oblig. 5% 7/1/2033 (Pre-refunded to 7/1/2026 at 100)  | 970000 | 981930 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 1963861 |
| General Obligations - 2.8% |  |  |
| Cherry Hill Twp NJ Sch Dist 4% 8/1/2037  | 4500000 | 4605751 |
| Cherry Hill Twp NJ Sch Dist 4% 8/1/2038  | 3500000 | 3569256 |
| Clearview NJ Regl High Sch Dist 4% 8/1/2037  | 3200000 | 3276289 |
| Clearview NJ Regl High Sch Dist 4% 8/1/2038  | 3015000 | 3072619 |
| Mercer Cnty NJ Gen. Oblig. Series 2021, 2% 2/15/2032  | 2940000 | 2681842 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2018EEE, 5% 6/15/2030  | 2170000 | 2313061 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 GGG, 5.25% 9/1/2026 (d) | 3200000 | 3255624 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2031  | 2200000 | 2466593 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2032  | 1390000 | 1577995 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2034  | 5150000 | 5525326 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2034  | 2040000 | 2293988 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2035  | 8205000 | 8772940 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2035  | 2085000 | 2331222 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2036  | 5010000 | 5337605 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2033  | 3225000 | 3685586 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2035  | 3000000 | 3437286 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5.25% 6/15/2037  | 1430000 | 1646784 |
| New Jersey St Gen. Oblig. 2% 6/1/2033  | 6000000 | 5367876 |
| New Jersey St Gen. Oblig. 2% 6/1/2034  | 3235000 | 2825970 |
| New Jersey St Gen. Oblig. 2% 6/1/2036  | 4395000 | 3648995 |
| New Jersey St Gen. Oblig. 4% 6/1/2030  | 13105000 | 13916673 |
| New Jersey St Gen. Oblig. 4% 6/1/2031  | 2185000 | 2345884 |
| New Jersey St Gen. Oblig. 4% 6/1/2032  | 1470000 | 1589558 |
| New Jersey St Gen. Oblig. 5% 6/1/2029  | 6530000 | 7067049 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2027 (f) | 13270000 | 12537573 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2028 (f) | 3025000 | 2773773 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2029 (Assured Guaranty Inc Insured) (f) | 5660000 | 5056769 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2030 (f) | 1000000 | 862297 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2030 (Berkshire Hathaway Assurance Corp Insured) (f) | 2535000 | 2210606 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2030 (National Public Finance Guarantee Corporation Insured) (f) | 10960000 | 9450775 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (Financial Guaranty Ins CO Insured) (f) | 5200000 | 4332845 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2033 (Assured Guaranty Inc Insured) (f) | 6490000 | 5047088 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2034 (f) | 13220000 | 9895497 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2034  | 2510000 | 2609676 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2036  | 2500000 | 2571076 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2036  | 1550000 | 1590355 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2037  | 2150000 | 2184804 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2026  | 6900000 | 7056075 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2028  | 4270000 | 4558492 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2030  | 885000 | 961347 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2031  | 4720000 | 5116242 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2033  | 1575000 | 1697770 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2032  | 5660000 | 6010266 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2033  | 1555000 | 1763605 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2035  | 3300000 | 3805818 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2035  | 2000000 | 2245046 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2035  | 2010000 | 2190619 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2036  | 4280000 | 4899306 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2036  | 2270000 | 2462921 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2037  | 6000000 | 6815110 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2037  | 1030000 | 1142060 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2038  | 1930000 | 2074075 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2039  | 6000000 | 6697101 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2040  | 6000000 | 6625472 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2041  | 5000000 | 5460858 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2032  | 1450000 | 1662869 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2036  | 1450000 | 1643261 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2041  | 21745000 | 24211384 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2032  | 1600000 | 1696794 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2033  | 6395000 | 6763361 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2034  | 4640000 | 4895951 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 4% 6/15/2036  | 1000000 | 1016040 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2038  | 5000000 | 5064889 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2039  | 14370000 | 14436109 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2030  | 2770000 | 3040082 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2031  | 7210000 | 8040040 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2032  | 5145000 | 5815007 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2033  | 13115000 | 14759115 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2035  | 19670000 | 21923014 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2036  | 10915000 | 12096584 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2028  | 2000000 | 2124279 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2029  | 2500000 | 2707381 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2029  | 2490000 | 2696551 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2030  | 3000000 | 3306342 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2031  | 4500000 | 5036131 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2031  | 3430000 | 3838651 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2032  | 3805000 | 4313194 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2032  | 3120000 | 3536705 |
| TOTAL GENERAL OBLIGATIONS |  | 383940823 |
| Health Care - 0.0% |  |  |
| New Jersey Econom Dev Auth Rev (Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% (d) | 1435000 | 1115867 |
| New Jersey Economic Dev Auth Rev (White Horse HMT Urban Renewal LLC Proj.) 5% (d)(g) | 1508969 | 1064930 |
| New Jersey Health Care (Univ of Penn Health Systems Proj.) 5% 7/1/2028  | 440000 | 444805 |
| New Jersey Health Care (Univ of Penn Health Systems Proj.) Series 2016A, 5% 7/1/2033  | 1465000 | 1480225 |
| TOTAL HEALTH CARE |  | 4105827 |
| Housing - 0.1% |  |  |
| New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2025 M, 6.5% 4/1/2056  | 12000000 | 13475012 |
| Special Tax - 0.1% |  |  |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2036 (Assured Guaranty Inc Insured)  | 1500000 | 1688733 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2037 (Assured Guaranty Inc Insured)  | 2250000 | 2510665 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2038 (Assured Guaranty Inc Insured)  | 2250000 | 2494581 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2039 (Assured Guaranty Inc Insured)  | 1575000 | 1732729 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2040 (Assured Guaranty Inc Insured)  | 1500000 | 1632740 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2041 (Assured Guaranty Inc Insured)  | 1300000 | 1400794 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2042 (Assured Guaranty Inc Insured)  | 1700000 | 1812320 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2036 (Assured Guaranty Inc Insured)  | 525000 | 591057 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2038 (Assured Guaranty Inc Insured)  | 750000 | 831527 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2039 (Assured Guaranty Inc Insured)  | 600000 | 660087 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2040 (Assured Guaranty Inc Insured)  | 890000 | 968759 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2041 (Assured Guaranty Inc Insured)  | 950000 | 1023657 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2042 (Assured Guaranty Inc Insured)  | 1200000 | 1279285 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2043 (Assured Guaranty Inc Insured)  | 825000 | 870500 |
| TOTAL SPECIAL TAX |  | 19497434 |
| Tobacco Bonds - 0.1% |  |  |
| Tobacco Settlement Fin Corp NJ Series 2018B, 5% 6/1/2046  | 8870000 | 8609994 |
| Transportation - 1.3% |  |  |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2027  | 14620000 | 14766352 |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2018 A, 5% 6/15/2030  | 1125000 | 1135254 |
| New Jersey Turnpike Authority 4% 1/1/2035  | 5670000 | 6110078 |
| New Jersey Turnpike Authority 5% 1/1/2028  | 13640000 | 14295825 |
| New Jersey Turnpike Authority 5% 1/1/2028  | 3545000 | 3623057 |
| New Jersey Turnpike Authority 5% 1/1/2030  | 13780000 | 15058125 |
| New Jersey Turnpike Authority 5% 1/1/2032  | 10775000 | 12167783 |
| New Jersey Turnpike Authority 5% 1/1/2033  | 11345000 | 12974788 |
| New Jersey Turnpike Authority 5% 1/1/2034  | 6805000 | 7863378 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2042  | 10735000 | 11603604 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2043  | 11280000 | 12113759 |
| New Jersey Turnpike Authority Series 2025 C, 5% 1/1/2032  | 2000000 | 2258521 |
| New Jersey Turnpike Authority Series 2025 C, 5% 1/1/2033  | 970000 | 1109347 |
| New Jersey Turnpike Authority Series 2025 C, 5% 1/1/2034  | 2420000 | 2796381 |
| New Jersey Turnpike Authority Series 2025B, 5% 1/1/2030  | 11955000 | 13063853 |
| New Jersey Turnpike Authority Series 2025B, 5% 1/1/2031  | 11750000 | 13064407 |
| New Jersey Turnpike Authority Series 2025B, 5% 1/1/2033  | 15350000 | 17555133 |
| New Jersey Turnpike Authority Series 2025B, 5% 1/1/2034  | 10460000 | 12086839 |
| New Jersey Turnpike Authority Series 2025B, 5% 1/1/2035  | 2990000 | 3486984 |
| TOTAL TRANSPORTATION |  | 177133468 |
| TOTAL NEW JERSEY |  | 684322310 |
| New Jersey,New York - 0.7%  |  |  |
| Transportation - 0.7% |  |  |
| Port Auth NY & NJ 5% 1/15/2033 (c) | 2000000 | 2234393 |
| Port Auth NY & NJ 5% 1/15/2034 (c) | 3485000 | 3869176 |
| Port Auth NY & NJ 5% 1/15/2035 (c) | 2000000 | 2207990 |
| Port Auth NY & NJ 5% 1/15/2036 (c) | 1000000 | 1097052 |
| Port Auth NY & NJ 5% 1/15/2037 (c) | 1000000 | 1088662 |
| Port Auth NY & NJ 5% 1/15/2039 (c) | 2390000 | 2574818 |
| Port Auth NY & NJ 5% 1/15/2040 (c) | 5000000 | 5315640 |
| Port Auth NY & NJ 5% 1/15/2041 (c) | 6350000 | 6694215 |
| Port Auth NY & NJ 5% 1/15/2042 (c) | 4100000 | 4282870 |
| Port Auth NY & NJ 5% 10/15/2030 (c) | 1475000 | 1607433 |
| Port Auth NY & NJ 5% 10/15/2031 (c) | 7000000 | 7733716 |
| Port Auth NY & NJ 5% 10/15/2032 (c) | 6535000 | 7288647 |
| Port Auth NY & NJ Series 223, 4% 7/15/2039 (c) | 2175000 | 2168128 |
| Port Auth NY & NJ Series 226, 5% 10/15/2033 (c) | 1350000 | 1471419 |
| Port Auth NY & NJ Series 227, 2% 10/1/2033 (c) | 19565000 | 16583006 |
| Port Auth NY & NJ Series 231, 5% 8/1/2033 (c) | 12500000 | 13787611 |
| Port Auth NY & NJ Series 231, 5% 8/1/2034 (c) | 7095000 | 7782552 |
| Port Auth NY & NJ Series 238, 5% 7/15/2039 (c) | 3150000 | 3395565 |
| Port Auth NY & NJ Series 242, 5% 12/1/2036 (c) | 1750000 | 1925076 |
| Port Auth NY & NJ Series 242, 5% 12/1/2037 (c) | 2200000 | 2398917 |
| Port Auth NY & NJ Series 242, 5% 12/1/2038 (c) | 2000000 | 2172882 |
| Port Auth NY & NJ Series 242, 5% 12/1/2039 (c) | 4150000 | 4479210 |
| Port Auth NY & NJ Series TWO HUNDRED EIGHTEEN, 5% 11/1/2036 (c) | 1080000 | 1130481 |
| TOTAL NEW JERSEY,NEW YORK |  | 103289459 |
| New Mexico - 0.4%  |  |  |
| General Obligations - 0.4% |  |  |
| New Mexico Mun Energy Acquisition Auth Gas Supply Rev 5% tender 6/1/2054 (Royal Bank of Canada Guaranteed) (b) | 45315000 | 48369213 |
| Housing - 0.0% |  |  |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2019 D, 3.75% 1/1/2050  | 1155000 | 1156290 |
| TOTAL NEW MEXICO |  | 49525503 |
| New York - 5.7%  |  |  |
| Education - 0.1% |  |  |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2032  | 1810000 | 1771201 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2033  | 900000 | 871816 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2034  | 255000 | 244356 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2037  | 1840000 | 1925328 |
| Onondaga NY Civic Dev Corp (Syracuse University, NY Proj.) 5% 12/1/2032  | 1250000 | 1374387 |
| Onondaga NY Civic Dev Corp (Syracuse University, NY Proj.) 5% 12/1/2034  | 2300000 | 2510966 |
| TOTAL EDUCATION |  | 8698054 |
| Electric Utilities - 0.1% |  |  |
| Long Island Pwr Auth NY Elec 1.5% tender 9/1/2051 (b) | 9325000 | 9218153 |
| Long Island Pwr Auth NY Elec Series 2022 A, 5% 9/1/2035  | 800000 | 902196 |
| TOTAL ELECTRIC UTILITIES |  | 10120349 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| New York State Dormitory Authority Series 2021E, 5% 3/15/2036 (Pre-refunded to 3/15/2032 at 100)  | 5000 | 5720 |
| General Obligations - 0.7% |  |  |
| City of New York NY Gen. Oblig. 5% 3/1/2042  | 5410000 | 5666511 |
| City of New York NY Gen. Oblig. 5% 8/1/2033  | 2000000 | 2185217 |
| City of New York NY Gen. Oblig. 5% 8/1/2034  | 1750000 | 1961129 |
| City of New York NY Gen. Oblig. 5% 8/1/2035  | 2250000 | 2508350 |
| City of New York NY Gen. Oblig. 5% 8/1/2036  | 1570000 | 1738168 |
| City of New York NY Gen. Oblig. Series 2021 C, 5% 8/1/2033  | 2500000 | 2731521 |
| City of New York NY Gen. Oblig. Series 2021 C, 5% 8/1/2034  | 3310000 | 3601943 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 SUB B 1, 4% 10/1/2035  | 2395000 | 2432627 |
| City of New York NY Gen. Oblig. Series FISCAL 2022A SUB A 1, 4% 8/1/2040  | 8210000 | 8217436 |
| City of New York NY Gen. Oblig. Series FISCAL 2022D SUB D 1, 5% 5/1/2035  | 1540000 | 1713156 |
| City of New York NY Gen. Oblig. Series FISCAL 2025 A, 5% 8/1/2034  | 5000000 | 5782226 |
| City of New York NY Gen. Oblig. Series FISCAL 2025 A, 5% 8/1/2035  | 6000000 | 6892028 |
| City of New York NY Gen. Oblig. Series FISCAL 2025G SUB G 1, 5% 2/1/2036  | 7315000 | 8470183 |
| East Hampton NY Un Free Sh Dis 2.25% 6/1/2028  | 2075000 | 2021169 |
| New York Energy Finance Development Corp Series 2025, 5% tender 7/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 33080000 | 35041065 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 3, 5% 7/15/2037  | 2000000 | 2088963 |
| TOTAL GENERAL OBLIGATIONS |  | 93051692 |
| Health Care - 0.1% |  |  |
| New York NY City Health & Hosp Series 2025A, 5% 2/15/2038  | 3750000 | 4256859 |
| New York NY City Health & Hosp Series 2025A, 5% 2/15/2041  | 6200000 | 6790706 |
| New York St Dorm Auth Revs Non St Supported Debt (Northwell Health Proj.) Series 2019 B3, 5% tender 5/1/2048 (b) | 4055000 | 4061060 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 4% 12/1/2034 (Assured Guaranty Inc Insured)  | 1000000 | 1020996 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 4% 12/1/2035 (Assured Guaranty Inc Insured)  | 1500000 | 1524771 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 4% 12/1/2036 (Assured Guaranty Inc Insured)  | 1635000 | 1655592 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 5.125% 11/1/2041 (d) | 1360000 | 1132226 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 5.375% 11/1/2054 (d) | 2155000 | 1634193 |
| TOTAL HEALTH CARE |  | 22076403 |
| Housing - 0.9% |  |  |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2023E 2, 3.8% tender 11/1/2063 (b) | 2890000 | 2920548 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 A2, 3.625% tender 11/1/2063 (b) | 23055000 | 23254640 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 B 2, 3.7% tender 5/1/2064 (b) | 38285000 | 38814252 |
| New York St Hsg Fin Agy (Affordable Housing Revenue Bonds 8/22/2007 Proj.) Series 2022 B 2, 2.5% tender 11/1/2060 (b) | 9370000 | 9283894 |
| New York St Hsg Fin Agy 1.1% tender 11/1/2061 (b) | 9880000 | 9536667 |
| New York St Hsg Fin Agy Series 2023 C2, 3.8% tender 11/1/2062 (b) | 1670000 | 1670590 |
| New York St Hsg Fin Agy Series 2023 E 2, 3.875% tender 11/1/2063 (b) | 3095000 | 3096427 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) 3.73% tender 5/1/2063 (b) | 18545000 | 18602742 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 I, 2.25% 11/1/2036  | 2305000 | 1963763 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2023 D, 4.3% tender 11/1/2063 (b) | 9820000 | 10006860 |
| State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 221, 3.5% 10/1/2032 (c) | 540000 | 537788 |
| TOTAL HOUSING |  | 119688171 |
| Industrial Development - 0.2% |  |  |
| MTA Hudson Rail Yards Trust Series 2016 A, 5% 11/15/2051  | 12380000 | 12379909 |
| MTA Hudson Rail Yards Trust Series 2016 A, 5% 11/15/2056  | 11925000 | 11924636 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 24304545 |
| Special Tax - 2.0% |  |  |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2032  | 3885000 | 3986629 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2035  | 7285000 | 7457008 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2034  | 1295000 | 1507294 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2035  | 5000000 | 5829201 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2035  | 4000000 | 4697782 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2036  | 11500000 | 13279144 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2036  | 2500000 | 2886771 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series 2025 J J 1, 5% 11/1/2030  | 7500000 | 8332373 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series 2025 J J 1, 5% 11/1/2031  | 14555000 | 16438437 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series 2025 J J 1, 5% 11/1/2035  | 14910000 | 17382677 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2026 SUB D 1, 5% 11/1/2039 (h) | 6005000 | 6795539 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2026 SUB D 1, 5% 11/1/2040 (h) | 2500000 | 2790539 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2026C, 5% 11/1/2039 (h) | 9565000 | 10824202 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2026C, 5% 11/1/2040 (h) | 8000000 | 8929726 |
| New York NY City Transitional Fin Auth Rev Series 2018 C 2, 5% 5/1/2032  | 9175000 | 9649609 |
| New York NY City Transitional Fin Auth Rev Series 2019 A 1, 5% 8/1/2035  | 7520000 | 7865638 |
| New York NY City Transitional Fin Auth Rev Series 2022 F 1, 5% 2/1/2036  | 1000000 | 1108607 |
| New York NY City Transitional Fin Auth Rev Series B 1, 5% 8/1/2034  | 3300000 | 3463908 |
| New York NY City Transitional Fin Auth Rev Series B 1, 5% 8/1/2035  | 8400000 | 8786085 |
| New York NY City Transitional Fin Auth Rev Series B 1, 5% 8/1/2036  | 6555000 | 6838307 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020C SUB C 1, 4% 5/1/2036  | 1075000 | 1099296 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2035  | 3000000 | 3086539 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2036  | 8615000 | 8809712 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2022 D SUB D1, 5% 11/1/2034  | 5910000 | 6637934 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023 SUB E1, 5% 11/1/2037  | 10335000 | 11531632 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023 SUB E1, 5% 11/1/2040  | 9325000 | 10172808 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2018 C, 5% 3/15/2032  | 13810000 | 14515476 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 4% 2/15/2036  | 10000000 | 10256390 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2020 A, 4% 3/15/2034  | 3055000 | 3176347 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 5% 3/15/2033  | 3825000 | 4329058 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 5% 3/15/2036  | 9140000 | 10159024 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 5% 3/15/2041  | 2640000 | 2825400 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2039  | 3000000 | 3364609 |
| New York State Dormitory Authority (New York State Pit Proj.) 5% 3/15/2036  | 11720000 | 13026670 |
| New York State Urban Development Corp (New York State Pit Proj.) 4% 3/15/2037  | 5500000 | 5583046 |
| New York State Urban Development Corp (New York State Pit Proj.) 5% 3/15/2036  | 7610000 | 8284809 |
| New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 5% 3/15/2034  | 7250000 | 8227275 |
| NY Convention Ctr Dev Corp Rev Series 2015, 5% 11/15/2027  | 1330000 | 1331732 |
| NY Convention Ctr Dev Corp Rev Series 2015, 5% 11/15/2040  | 3915000 | 3915010 |
| NY Mta Dedicated Tax Fund Series 2022A, 5% 11/15/2034  | 735000 | 829738 |
| NY Payroll Mobility Tax 4% 11/15/2033  | 1430000 | 1550836 |
| NY Payroll Mobility Tax 4% 11/15/2034  | 285000 | 306804 |
| NY Payroll Mobility Tax 5% 11/15/2034  | 1070000 | 1226956 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2023A, 5% 5/15/2040  | 835000 | 917042 |
| TOTAL SPECIAL TAX |  | 284013619 |
| Transportation - 1.5% |  |  |
| Metropolitan Transn Auth NY Rv Series 2017 C 2, 0% 11/15/2033 (f) | 10105000 | 7744167 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 5% 11/15/2030  | 1900000 | 1996251 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 5% 11/15/2033  | 6725000 | 7034572 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 4% 11/15/2035  | 1770000 | 1779546 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2026  | 5975000 | 6099124 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2027  | 4435000 | 4629109 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2030  | 4315000 | 4533594 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2033  | 6955000 | 7275160 |
| Metropolitan Transn Auth NY Rv Series 2020 D, 5% 11/15/2043  | 2500000 | 2581878 |
| Metropolitan Transn Auth NY Rv Series A 1, 5% 11/15/2031  | 2000000 | 2052486 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2034 (c) | 2500000 | 2556554 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2020, 4% 10/1/2030 (c) | 8000000 | 8155656 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2020, 5% 10/1/2035 (c) | 11390000 | 11880959 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2023, 6% 4/1/2035 (c) | 25350000 | 27937543 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2028 (c) | 1220000 | 1279569 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2030 (c) | 2400000 | 2582006 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2033 (c) | 1800000 | 1910470 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 4% 12/1/2039  | 1350000 | 1350622 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 4% 12/1/2040  | 1500000 | 1485292 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 4% 12/1/2041  | 1450000 | 1414495 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2028  | 950000 | 1008349 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2029  | 950000 | 1027930 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2030  | 750000 | 824723 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2031  | 950000 | 1042677 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2032  | 1125000 | 1230222 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2033  | 2640000 | 2875150 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2034  | 1600000 | 1739084 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2035  | 1500000 | 1622417 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2036  | 1700000 | 1829338 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2037  | 1755000 | 1879119 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2038  | 1500000 | 1600158 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2027 (c) | 8980000 | 9285677 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2028 (c) | 2400000 | 2517185 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2032 (c) | 13205000 | 14419081 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2033 (c) | 9440000 | 10257575 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2034 (c) | 10315000 | 11152534 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2035 (c) | 5155000 | 5540279 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2036 (c) | 3515000 | 3751830 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2037 (c) | 9375000 | 9939931 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.25% 6/30/2037 (c) | 2470000 | 2687250 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.25% 6/30/2038 (c) | 3125000 | 3379181 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.25% 6/30/2041 (c) | 2250000 | 2357441 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 5% 7/1/2041 (c) | 8155000 | 8155651 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 5.25% 1/1/2050 (c) | 13305000 | 13305458 |
| TOTAL TRANSPORTATION |  | 219707293 |
| Water & Sewer - 0.1% |  |  |
| New York NY Cty Muni Wtr Fin Auth 5% 6/15/2037  | 6315000 | 7324556 |
| New York NY Cty Muni Wtr Fin Auth 5.5% 6/15/2038  | 5205000 | 6230916 |
| TOTAL WATER & SEWER |  | 13555472 |
| TOTAL NEW YORK |  | 795221318 |
| North Carolina - 1.0%  |  |  |
| Education - 0.1% |  |  |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 4% 5/1/2032  | 1000000 | 1038004 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 4% 5/1/2033  | 1000000 | 1033104 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 4% 5/1/2034  | 1800000 | 1851538 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 5% 5/1/2026  | 275000 | 276646 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 5% 5/1/2027  | 400000 | 409637 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 5% 5/1/2028  | 415000 | 433608 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 5% 5/1/2029  | 525000 | 557961 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 5% 5/1/2030  | 560000 | 604734 |
| North Carolina St Ed Assistance Auth Rev Series 2023A, 5.5% 6/1/2030 (c) | 1110000 | 1196851 |
| North Carolina St Ed Assistance Auth Rev Series 2023A, 5.5% 6/1/2031 (c) | 2450000 | 2676476 |
| North Carolina St Ed Assistance Auth Rev Series 2023A, 5.5% 6/1/2032 (c) | 2750000 | 3031378 |
| North Carolina St Ed Assistance Auth Rev Series 2023A, 5.5% 6/1/2033 (c) | 2750000 | 3047141 |
| TOTAL EDUCATION |  | 16157078 |
| General Obligations - 0.2% |  |  |
| Alamance Cnty NC Gen. Oblig. Series 2021, 2% 5/1/2034  | 4025000 | 3606835 |
| Charlotte NC Gen. Oblig. 2% 6/1/2036  | 2190000 | 1884006 |
| Charlotte NC Gen. Oblig. 2% 6/1/2037  | 2500000 | 2094365 |
| Forsyth Cnty NC Gen. Oblig. 1.625% 3/1/2034  | 2815000 | 2392259 |
| Iredell Cnty NC Series 2025, 5% 4/1/2036  | 3930000 | 4622556 |
| Johnston Cnty NC 2% 2/1/2037  | 1065000 | 900175 |
| Moore Cnty NC Ltd Oblig 2% 6/1/2035  | 2385000 | 2090572 |
| Moore Cnty NC Ltd Oblig 2% 6/1/2037  | 2390000 | 1976621 |
| North Carolina St Gen. Oblig. Series 2016 B, 2% 6/1/2030  | 5475000 | 5245359 |
| Wake Cnty Ltd Oblig (Wake Cnty NC Proj.) 5% 5/1/2035  | 2095000 | 2476415 |
| Wake Cnty Ltd Oblig (Wake Cnty NC Proj.) 5% 5/1/2036  | 2300000 | 2696187 |
| Wake Cnty Ltd Oblig (Wake Cnty NC Proj.) 5% 5/1/2037  | 1500000 | 1742798 |
| TOTAL GENERAL OBLIGATIONS |  | 31728148 |
| Health Care - 0.2% |  |  |
| Atrium Health Series 2018 D, 3.625% tender 1/15/2048 (b) | 165000 | 166558 |
| Atrium Health Series 2021C, 5% tender 1/15/2050 (b) | 4430000 | 4704013 |
| North Carolina Med Care Commn Health Care Facs Rev (Unc Rex Healthcare Proj.) Series 2020 A, 3% 7/1/2045  | 2125000 | 1702947 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 2.55% tender 6/1/2048 (b) | 17085000 | 17055601 |
| North Carolina Med Care Retirement Fac Rev (Maryfield, Inc Proj.) Series 2025, 5% 10/1/2034  | 670000 | 713079 |
| North Carolina Med Care Retirement Fac Rev (Maryfield, Inc Proj.) Series 2025, 5% 10/1/2035  | 565000 | 597992 |
| North Carolina Med Care Retirement Fac Rev (Maryfield, Inc Proj.) Series 2025, 5.25% 10/1/2037  | 435000 | 458094 |
| North Carolina Med Care Retirement Fac Rev (Maryfield, Inc Proj.) Series 2025, 5.25% 10/1/2038  | 1360000 | 1426520 |
| North Carolina Med Care Retirement Fac Rev (Maryfield, Inc Proj.) Series 2025, 5.25% 10/1/2040  | 755000 | 781504 |
| North Carolina Med Care Retirement Fac Rev (Penick Village Proj.) 5% 9/1/2034  | 900000 | 950535 |
| TOTAL HEALTH CARE |  | 28556843 |
| Housing - 0.3% |  |  |
| NC Hsg Fin Agy Homeownership Rev (NC Homeownership Proj.) 3.75% 7/1/2052  | 6835000 | 6865066 |
| NC Hsg Fin Agy Homeownership Rev (NC Homeownership Proj.) Series 52 A, 6.25% 1/1/2055  | 4755000 | 5128781 |
| North Carolina Housing Finance Agency (NC Homeownership Proj.) Series 57 A, 6.25% 1/1/2056  | 8000000 | 8992813 |
| North Carolina Housing Finance Agency (NC Homeownership Proj.) Series 58 A, 6.5% 1/1/2056  | 6000000 | 6857470 |
| North Carolina Hsg Fin Agy (NC Homeownership Proj.) Series 59 A, 6.25% 1/1/2057  | 3715000 | 4234052 |
| TOTAL HOUSING |  | 32078182 |
| Industrial Development - 0.1% |  |  |
| Hertford Cnty NC Indl Facs & Pollutn Ctl Fing Auth Indl Dev Rev (Nucor Corp Proj.) 2.85% 11/1/2033 VRDN (b)(c) | 19500000 | 19500000 |
| Transportation - 0.1% |  |  |
| Charlotte NC Arpt Rev Series 2019A, 3% 7/1/2035  | 1225000 | 1176527 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2027 (c) | 1500000 | 1539127 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2028 (c) | 1875000 | 1964295 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2029 (c) | 1500000 | 1598147 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2030 (c) | 1320000 | 1428288 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2031 (c) | 1350000 | 1458788 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2032 (c) | 1100000 | 1181882 |
| TOTAL TRANSPORTATION |  | 10347054 |
| TOTAL NORTH CAROLINA |  | 138367305 |
| North Dakota - 0.2%  |  |  |
| Health Care - 0.1% |  |  |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 3% 12/1/2039 (Assured Guaranty Inc Insured)  | 4360000 | 3787281 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 4% 12/1/2038  | 1250000 | 1202280 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 4% 12/1/2040  | 5675000 | 5298491 |
| TOTAL HEALTH CARE |  | 10288052 |
| Housing - 0.1% |  |  |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 3% 1/1/2052  | 2875000 | 2839441 |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 4% 1/1/2053  | 6405000 | 6454607 |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) Series 2023 F, 6.25% 1/1/2054  | 1680000 | 1817091 |
| TOTAL HOUSING |  | 11111139 |
| TOTAL NORTH DAKOTA |  | 21399191 |
| Ohio - 1.9%  |  |  |
| Education - 0.1% |  |  |
| Miami Univ. OH Series 2020A, 5% 9/1/2030  | 140000 | 154924 |
| Miami Univ. OH Series 2020A, 5% 9/1/2031  | 950000 | 1052358 |
| Miami Univ. OH Series 2020A, 5% 9/1/2033  | 1770000 | 1938596 |
| Miami Univ. OH Series 2020A, 5% 9/1/2034  | 2500000 | 2728133 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) Series 2020, 5% 5/1/2034  | 35000 | 37137 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2036  | 3405000 | 3848502 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2037  | 1625000 | 1819636 |
| Youngstown St Univ Ohio Gen Rcpts Series 2021, 3% 12/15/2033 (Assured Guaranty Inc Insured)  | 1930000 | 1897028 |
| TOTAL EDUCATION |  | 13476314 |
| Electric Utilities - 0.4% |  |  |
| American Mun Pwr Rev Series 2017A, 5% 2/15/2036  | 5000000 | 5198647 |
| American Mun Pwr Rev Series 2021A, 4% 2/15/2036  | 4045000 | 4158084 |
| American Mun Pwr Rev Series 2021A, 4% 2/15/2037  | 3000000 | 3065728 |
| American Mun Pwr Rev Series 2021A, 4% 2/15/2038  | 235000 | 238828 |
| American Mun Pwr Rev Series 2021A, 5% 2/15/2033  | 2750000 | 3034854 |
| American Mun Pwr Rev Series 2021A, 5% 2/15/2034  | 4000000 | 4400033 |
| American Mun Pwr Rev Series 2021A, 5% 2/15/2035  | 2715000 | 2977278 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2005B, 3.7% 7/1/2028 (c) | 13000000 | 13038813 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2005C, 3.7% 4/1/2028 (c) | 5355000 | 5368967 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2005D, 3.7% 10/1/2028 (c) | 7500000 | 7524681 |
| Ohio St Air Quality Dev Auth (Duke Energy Corp New Proj.) Series 2022A, 4.25% tender 11/1/2039 (b)(c) | 4440000 | 4509370 |
| TOTAL ELECTRIC UTILITIES |  | 53515283 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Akron Bath Copley Hsp Dist OH Series 2020, 4% 11/15/2034 (Pre-refunded to 11/15/2030 at 100)  | 970000 | 1034958 |
| Akron Bath Copley Hsp Dist OH Series 2020, 4% 11/15/2035 (Pre-refunded to 11/15/2030 at 100)  | 1000000 | 1066968 |
| Akron Bath Copley Hsp Dist OH Series 2020, 4% 11/15/2036 (Pre-refunded to 11/15/2030 at 100)  | 1000000 | 1066968 |
| Akron Bath Copley Hsp Dist OH Series 2020, 5% 11/15/2032 (Pre-refunded to 11/15/2030 at 100)  | 700000 | 778754 |
| Columbus OH City Sch Dist 5% 12/1/2032 (Pre-refunded to 6/1/2026 at 100)  | 280000 | 282574 |
| Ohio St Hosp Rev Series 2024 A, 5% 1/1/2035 (Pre-refunded to 10/1/2034 at 100)  | 450000 | 522785 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 4753007 |
| General Obligations - 0.0% |  |  |
| Columbus OH City Sch Dist 5% 12/1/2032  | 1490000 | 1503569 |
| State of Ohio Gen. Oblig. Series 2021 A, 5% 6/15/2033  | 2300000 | 2575401 |
| TOTAL GENERAL OBLIGATIONS |  | 4078970 |
| Health Care - 0.7% |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 5% 12/1/2029  | 2290000 | 2476883 |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 5% 12/1/2030  | 2290000 | 2502373 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5% 6/15/2026  | 2515000 | 2515543 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5% 6/15/2027  | 2640000 | 2640877 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5% 6/15/2028  | 2770000 | 2770781 |
| Franklin Cnty OH Hosp Facs Rev (Nationwide Children's Hospital Proj.) Series 2016 C, 5% 11/1/2026  | 2040000 | 2079447 |
| Miami Cnty OH Hosp Facs Rev (Kettering Med Ctr Inc, OH Proj.) 5% 8/1/2031  | 1000000 | 1049265 |
| Miami Cnty OH Hosp Facs Rev (Kettering Med Ctr Inc, OH Proj.) 5% 8/1/2032  | 1000000 | 1047038 |
| Miami Cnty OH Hosp Facs Rev (Kettering Med Ctr Inc, OH Proj.) 5% 8/1/2033  | 1000000 | 1044637 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 5% 8/1/2026  | 560000 | 566309 |
| Muskingum Cnty OH Hosp Facs (Genesis Healthcare Proj.) Series 2013, 5% 2/15/2027  | 3005000 | 3020273 |
| Muskingum Cnty OH Hosp Facs (Genesis Healthcare Proj.) Series 2013, 5% 2/15/2044  | 6580000 | 6549837 |
| Muskingum Cnty OH Hosp Facs (Genesis Healthcare Proj.) Series 2013, 5% 2/15/2048  | 4500000 | 4313564 |
| Ohio St Hosp Rev (Cleveland Clinic Foundation Proj.) Series 2019 C, 2.75% tender 1/1/2052 (b) | 5475000 | 5450876 |
| Ohio St Hosp Rev (Cleveland Clinic Foundation/The Proj.) 5% 1/1/2035  | 19730000 | 22867282 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2020 B, 3.9% tender 1/15/2050 (b) | 16390000 | 16762622 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2027  | 2495000 | 2551576 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2029  | 4855000 | 5081493 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) 5% 2/15/2029  | 2250000 | 2253468 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2019, 5% 2/15/2029  | 3000000 | 3078755 |
| TOTAL HEALTH CARE |  | 90622899 |
| Housing - 0.0% |  |  |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2019B, 4.5% 3/1/2050  | 375000 | 379054 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2023 B, 6% 3/1/2055  | 5860000 | 6406153 |
| TOTAL HOUSING |  | 6785207 |
| Special Tax - 0.4% |  |  |
| Cleveland Ohio Income Tax Rev Series 2021 A 1, 3% 10/1/2038  | 1205000 | 1102602 |
| Franklin Cnty OH Convention (Franklin Cnty OH Proj.) Series 2024, 5% 12/1/2037  | 390000 | 439341 |
| Franklin Cnty OH Convention (Franklin Cnty OH Proj.) Series 2024, 5% 12/1/2038  | 7160000 | 8004528 |
| Franklin Cnty OH Convention (Franklin Cnty OH Proj.) Series 2024, 5% 12/1/2039  | 10000000 | 11089763 |
| Franklin Cnty OH Convention (Franklin Cnty OH Proj.) Series 2024, 5% 12/1/2040  | 5375000 | 5905057 |
| Franklin Cnty OH Convention (Franklin Cnty OH Proj.) Series 2024, 5% 12/1/2041  | 5785000 | 6284582 |
| Franklin Cnty OH Convention (Franklin Cnty OH Proj.) Series 2024, 5% 12/1/2042  | 12000000 | 12850891 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev (Franklin Cnty OH Proj.) Series 2019, 5% 12/1/2033  | 2000000 | 2154604 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev (Franklin Cnty OH Proj.) Series 2019, 5% 12/1/2035  | 1000000 | 1069698 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev (Franklin Cnty OH Proj.) Series 2019, 5% 12/1/2036  | 1180000 | 1256089 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev Series 2019, 5% 12/1/2044  | 970000 | 971732 |
| TOTAL SPECIAL TAX |  | 51128887 |
| Tobacco Bonds - 0.0% |  |  |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2036  | 2290000 | 2400727 |
| Transportation - 0.2% |  |  |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2035 (c) | 3000000 | 3375356 |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2036 (c) | 3715000 | 4129664 |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2037 (c) | 8200000 | 9036610 |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2038 (c) | 12000000 | 13114706 |
| Ohio St Tpk Commn Tpk Rev Series 2022A, 5% 2/15/2039  | 2860000 | 3171423 |
| TOTAL TRANSPORTATION |  | 32827759 |
| Water & Sewer - 0.1% |  |  |
| Northeast OH Regl Swr Wstwtr Rev Series 2019, 3% 11/15/2038  | 1175000 | 1070018 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020 A, 5% 12/1/2038  | 2505000 | 2696616 |
| Ohio Water Development Authority 5% 12/1/2040  | 1065000 | 1172520 |
| Ohio Water Development Authority Series 2024 B, 5% 12/1/2032  | 605000 | 697395 |
| Ohio Water Development Authority Series 2024 B, 5% 12/1/2033  | 875000 | 1020398 |
| Ohio Water Development Authority Series 2024 B, 5% 12/1/2034  | 1000000 | 1180017 |
| Ohio Water Development Authority Series 2024 B, 5% 6/1/2032  | 570000 | 652640 |
| Ohio Water Development Authority Series 2024 B, 5% 6/1/2033  | 500000 | 579862 |
| Ohio Water Development Authority Series 2024 B, 5% 6/1/2034  | 605000 | 710314 |
| TOTAL WATER & SEWER |  | 9779780 |
| TOTAL OHIO |  | 269368833 |
| Oklahoma - 0.5%  |  |  |
| Education - 0.1% |  |  |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 4% 8/1/2033  | 2645000 | 2599496 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 4% 8/1/2034  | 2755000 | 2685355 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2026  | 540000 | 543501 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2027  | 680000 | 693950 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2028  | 725000 | 743888 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2029  | 755000 | 781470 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2030  | 1370000 | 1416589 |
| TOTAL EDUCATION |  | 9464249 |
| General Obligations - 0.1% |  |  |
| Canadian County Educational Facilities Authority (Mustang Public Schools Proj.) 5% 9/1/2026  | 2015000 | 2042965 |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2032 (Build America Mutual Assurance Co Insured)  | 1000000 | 1135119 |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2034 (Build America Mutual Assurance Co Insured)  | 1750000 | 2010591 |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2035 (Build America Mutual Assurance Co Insured)  | 1650000 | 1897467 |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2036 (Build America Mutual Assurance Co Insured)  | 1250000 | 1425617 |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2037 (Build America Mutual Assurance Co Insured)  | 1000000 | 1131907 |
| Oklahoma Cap Imp Auth St Hwy Cap Impt Rev (Oklahoma St Proj.) Series 2025A, 5% 7/1/2030  | 1075000 | 1186786 |
| Oklahoma Cap Imp Auth St Hwy Cap Impt Rev (Oklahoma St Proj.) Series 2025A, 5% 7/1/2033  | 1500000 | 1731686 |
| Oklahoma Cap Imp Auth St Hwy Cap Impt Rev (Oklahoma St Proj.) Series 2025A, 5% 7/1/2034  | 525000 | 611430 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2032  | 6325000 | 7163525 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2033  | 2500000 | 2862166 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2034  | 1000000 | 1151422 |
| TOTAL GENERAL OBLIGATIONS |  | 24350681 |
| Housing - 0.0% |  |  |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) 6% 3/1/2054  | 1055000 | 1156459 |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) Series 2023D, 6.5% 9/1/2054  | 1205000 | 1347161 |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) Series 2025 C, 4.95% 9/1/2045  | 1690000 | 1731847 |
| TOTAL HOUSING |  | 4235467 |
| Special Tax - 0.0% |  |  |
| Oklahoma Cty OK Pub Ppty Auth Hotel Tax Rev 5% 10/1/2026  | 1455000 | 1457404 |
| Oklahoma Cty OK Pub Ppty Auth Hotel Tax Rev 5% 10/1/2027  | 1155000 | 1156771 |
| TOTAL SPECIAL TAX |  | 2614175 |
| Transportation - 0.3% |  |  |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2036  | 3000000 | 3493065 |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2037  | 4500000 | 5193986 |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2037  | 3000000 | 3506772 |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2038  | 8000000 | 9143078 |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2040  | 2250000 | 2539076 |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2041  | 2000000 | 2225703 |
| TOTAL TRANSPORTATION |  | 26101680 |
| TOTAL OKLAHOMA |  | 66766252 |
| Oregon - 1.4%  |  |  |
| General Obligations - 0.1% |  |  |
| Clackamas Cnty Ore Gen. Oblig. 1.625% 6/1/2037  | 1195000 | 918096 |
| Multnomah Cnty OR Sch Dist No 1 Portland Series 2020 B, 3% 6/15/2033 (Oregon St Guaranteed)  | 1000000 | 990979 |
| Oregon St Gen. Oblig. 5% 8/1/2036  | 1500000 | 1765717 |
| Oregon St Gen. Oblig. 5% 8/1/2037  | 1455000 | 1697379 |
| Oregon St Gen. Oblig. 5% 8/1/2038  | 2125000 | 2460696 |
| Redmond or Gen. Oblig. Series 2025 A, 5% 6/1/2038 (c) | 1225000 | 1352733 |
| Redmond or Gen. Oblig. Series 2025 A, 5% 6/1/2039 (c) | 1200000 | 1316048 |
| Washington Multnomah & Yamhill Cnty Sch Dist 1J 5% 6/15/2030 (Oregon St Guaranteed)  | 2915000 | 3015226 |
| TOTAL GENERAL OBLIGATIONS |  | 13516874 |
| Health Care - 0.2% |  |  |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5% 8/1/2034  | 8370000 | 9336089 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5% 8/1/2035  | 1400000 | 1553015 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5% 8/1/2036  | 1755000 | 1934748 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5.25% 8/1/2038  | 2000000 | 2190947 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5.25% 8/1/2041  | 1525000 | 1617079 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5.25% 8/1/2042  | 1375000 | 1441017 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5.25% 8/1/2043  | 1455000 | 1508406 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5.25% 8/1/2044  | 1375000 | 1409591 |
| Oregon St Facs Auth Rev (Legacy Health System, or Proj.) 5% 6/1/2030  | 12940000 | 13964087 |
| TOTAL HEALTH CARE |  | 34954979 |
| Housing - 0.0% |  |  |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 2.65% 7/1/2039  | 2630000 | 2299789 |
| Special Tax - 0.0% |  |  |
| Oregon St Dept Admin Lottery 5% 4/1/2038  | 1000000 | 1152102 |
| Transportation - 1.1% |  |  |
| Port of Portland Arpt Rev 4% 7/1/2035 (c) | 3000000 | 3058827 |
| Port of Portland Arpt Rev 4% 7/1/2039 (c) | 2545000 | 2538092 |
| Port of Portland Arpt Rev 5% 7/1/2026 (c) | 1300000 | 1312997 |
| Port of Portland Arpt Rev 5% 7/1/2027 (c) | 1090000 | 1122107 |
| Port of Portland Arpt Rev 5% 7/1/2029  | 1155000 | 1214285 |
| Port of Portland Arpt Rev 5% 7/1/2029  | 1000000 | 1056197 |
| Port of Portland Arpt Rev 5% 7/1/2033  | 785000 | 857862 |
| Port of Portland Arpt Rev 5% 7/1/2036 (c) | 8655000 | 9187308 |
| Port of Portland Arpt Rev Series THIRTY A, 5% 7/1/2034 (c) | 5500000 | 6223316 |
| Port of Portland Arpt Rev Series THIRTY A, 5% 7/1/2035 (c) | 11655000 | 13105256 |
| Port of Portland Arpt Rev Series THIRTY A, 5% 7/1/2036 (c) | 9075000 | 10124812 |
| Port of Portland Arpt Rev Series THIRTY A, 5% 7/1/2037 (c) | 12175000 | 13473484 |
| Port of Portland Arpt Rev Series THIRTY B, 5% 7/1/2034 (c) | 1725000 | 1951858 |
| Port of Portland Arpt Rev Series THIRTY B, 5% 7/1/2035 (c) | 3835000 | 4312197 |
| Port of Portland Arpt Rev Series THIRTY B, 5% 7/1/2036 (c) | 3655000 | 4077817 |
| Port of Portland Arpt Rev Series THIRTY B, 5% 7/1/2037 (c) | 4230000 | 4681137 |
| Port of Portland Arpt Rev Series TWENTY FOUR B, 5% 7/1/2031 (c) | 1000000 | 1017544 |
| Port of Portland Arpt Rev Series TWENTY FOUR B, 5% 7/1/2032 (c) | 2795000 | 2840974 |
| Port of Portland Arpt Rev Series TWENTY NINE, 5% 7/1/2030 (c) | 12085000 | 13164535 |
| Port of Portland Arpt Rev Series TWENTY NINE, 5% 7/1/2031 (c) | 12035000 | 13311797 |
| Port of Portland Arpt Rev Series TWENTY NINE, 5% 7/1/2033 (c) | 9960000 | 11189282 |
| Port of Portland Arpt Rev Series TWENTY NINE, 5% 7/1/2034 (c) | 2730000 | 3051655 |
| Port of Portland Arpt Rev Series TWENTY NINE, 5% 7/1/2038 (c) | 2680000 | 2918392 |
| Port of Portland Arpt Rev Series TWENTY NINE, 5.25% 7/1/2040 (c) | 19745000 | 21546209 |
| TOTAL TRANSPORTATION |  | 147337940 |
| TOTAL OREGON |  | 199261684 |
| Pennsylvania - 2.5%  |  |  |
| Education - 0.4% |  |  |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2021 A, 4% 3/1/2036  | 825000 | 839457 |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2021 A, 4% 3/1/2037  | 1000000 | 1013549 |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2021 A, 4% 3/1/2038  | 1050000 | 1058425 |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2021 A, 4% 3/1/2039  | 2000000 | 2005709 |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2021 A, 4% 3/1/2040  | 2115000 | 2083858 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 3.5% (g) | 2445000 | 1173600 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4% (g) | 5005000 | 2402400 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4.25% (g) | 5575000 | 2676000 |
| Northampton Cnty PA Gen Purp Ath (Lehigh Univ, PA Proj.) Series 2024 A, 5% 11/15/2034  | 7605000 | 8900648 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev 5% 6/1/2029 (c) | 3800000 | 3966705 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev 5% 6/1/2030 (c) | 8600000 | 9055657 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev 5% 6/1/2031 (c) | 4900000 | 5211129 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2024 1A, 5% 6/1/2030 (c) | 2365000 | 2502159 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2024 1A, 5% 6/1/2032 (c) | 2000000 | 2144457 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2024 1A, 5% 6/1/2033 (c) | 1875000 | 2018805 |
| Pennsylvania St Univ Series 2023, 5% 9/1/2038  | 750000 | 839640 |
| Pennsylvania St Univ Series 2023, 5% 9/1/2039  | 750000 | 833589 |
| Pennsylvania St Univ Series 2023, 5% 9/1/2040  | 1500000 | 1649621 |
| TOTAL EDUCATION |  | 50375408 |
| Electric Utilities - 0.0% |  |  |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH A, 5.25% 8/1/2041 (Assured Guaranty Inc Insured)  | 2330000 | 2629734 |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH A, 5.25% 8/1/2043 (Assured Guaranty Inc Insured)  | 3750000 | 4132140 |
| TOTAL ELECTRIC UTILITIES |  | 6761874 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| State Pub Sch Bldg Auth PA Sch Rev Series 2016 A, 5% 12/1/2028 (Pre-refunded to 12/1/2026 at 100)  | 835000 | 853670 |
| State Pub Sch Bldg Auth PA Sch Rev Series 2016 A, 5% 12/1/2033 (Pre-refunded to 12/1/2026 at 100)  | 895000 | 915012 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 1768682 |
| General Obligations - 0.5% |  |  |
| Pennsylvania St Gen. Oblig. Series 2016, 4% 2/1/2032  | 6490000 | 6495887 |
| Pennsylvania St Gen. Oblig. Series 2018, 3.2% 3/1/2029  | 16970000 | 16980355 |
| Pennsylvania St Gen. Oblig. Series 2018, 3.35% 3/1/2030  | 25255000 | 25381260 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2027  | 1500000 | 1537679 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2028  | 2250000 | 2362001 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2029  | 2425000 | 2598501 |
| Philadelphia PA Sch Dist 5% 9/1/2029  | 3070000 | 3315844 |
| Philadelphia PA Sch Dist 5% 9/1/2033  | 11245000 | 11983585 |
| Philadelphia PA Sch Dist 5% 9/1/2034 (Assured Guaranty Inc Insured)  | 3675000 | 3933828 |
| State Pub Sch Bldg Auth PA Lease Rev (Philadelphia PA Sch Dist Proj.) Series 2015A, 5% 6/1/2026  | 145000 | 145235 |
| State Pub Sch Bldg Auth PA Sch Rev (Harrisburg PA Sch Dist Proj.) Series 2016 A, 5% 12/1/2028  | 5265000 | 5361222 |
| State Pub Sch Bldg Auth PA Sch Rev (Harrisburg PA Sch Dist Proj.) Series 2016 A, 5% 12/1/2033  | 3405000 | 3453963 |
| TOTAL GENERAL OBLIGATIONS |  | 83549360 |
| Health Care - 0.3% |  |  |
| Doylestown PA Hosp Auth Hosp (Univ of Penn Health Systems Proj.) 5% 7/1/2049  | 1350000 | 1371541 |
| Doylestown PA Hosp Auth Hosp (Univ of Penn Health Systems Proj.) Series 2024, 5% 7/1/2031 (d) | 1415000 | 1502526 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2028  | 1385000 | 1367968 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2029  | 1495000 | 1471463 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2032  | 4670000 | 4518897 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2036  | 7560000 | 7074132 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2040  | 3490000 | 3079385 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 5% 9/1/2030  | 1250000 | 1343038 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 5% 9/1/2031  | 2500000 | 2678408 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 5% 9/1/2033  | 1370000 | 1456937 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 2, 5% 7/1/2038  | 1045000 | 1096959 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 2, 5% 7/1/2042  | 3000000 | 3068033 |
| Pennsylvania St Higher Edl Rev (Univ of Penn Health Systems Proj.) 5% 8/15/2028  | 1215000 | 1259632 |
| Pennsylvania St Higher Edl Rev (Univ of Penn Health Systems Proj.) 5% 8/15/2030  | 2090000 | 2163154 |
| Philadelphia PA Auth For Indl Dev Hosp Rev (Childrens Hosp Of Phil, Pa Proj.) Series 2024B2, 2.48% 7/1/2054 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 5000000 | 5000000 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 5% 6/1/2038  | 2890000 | 3030447 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2023A, 5% 6/1/2034  | 1630000 | 1874385 |
| TOTAL HEALTH CARE |  | 43356905 |
| Housing - 0.0% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 2.35% 10/1/2040  | 1250000 | 1005158 |
| Special Tax - 0.1% |  |  |
| Southeastern PA Transn Auth Rev 5% 6/1/2033  | 1000000 | 1135672 |
| Southeastern PA Transn Auth Rev 5% 6/1/2034  | 1000000 | 1128765 |
| Southeastern PA Transn Auth Rev 5% 6/1/2035  | 1750000 | 1962848 |
| Southeastern PA Transn Auth Rev 5% 6/1/2036  | 2500000 | 2787871 |
| TOTAL SPECIAL TAX |  | 7015156 |
| Transportation - 1.1% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2033 (c) | 3635000 | 3909285 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5% 1/1/2034 (Assured Guaranty Inc Insured) (c) | 1730000 | 1908838 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5% 1/1/2035 (Assured Guaranty Inc Insured) (c) | 2000000 | 2197015 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5.25% 1/1/2036 (Assured Guaranty Inc Insured) (c) | 1000000 | 1113653 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5.25% 1/1/2037 (Assured Guaranty Inc Insured) (c) | 1000000 | 1105890 |
| Pennsylvania Turnpike Commission 4% 12/1/2038  | 1040000 | 1072018 |
| Pennsylvania Turnpike Commission 5% 12/1/2029  | 1455000 | 1522137 |
| Pennsylvania Turnpike Commission 5% 12/1/2033  | 5465000 | 6352363 |
| Pennsylvania Turnpike Commission 5% 12/1/2033  | 4350000 | 5056318 |
| Pennsylvania Turnpike Commission 5% 12/1/2034  | 3250000 | 3815657 |
| Pennsylvania Turnpike Commission 5% 12/1/2034  | 3125000 | 3668901 |
| Pennsylvania Turnpike Commission 5% 12/1/2034  | 970000 | 1008922 |
| Pennsylvania Turnpike Commission 5% 12/1/2036  | 2850000 | 3311593 |
| Pennsylvania Turnpike Commission 5% 12/1/2037  | 1300000 | 1429946 |
| Pennsylvania Turnpike Commission 5% 12/1/2038  | 4500000 | 5087319 |
| Pennsylvania Turnpike Commission 5% 12/1/2038  | 4100000 | 4635113 |
| Pennsylvania Turnpike Commission 5% 12/1/2039  | 3250000 | 3646077 |
| Pennsylvania Turnpike Commission 5% 12/1/2039  | 2350000 | 2638401 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2033  | 2095000 | 2347485 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2034  | 1750000 | 1954327 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2035  | 1750000 | 1943887 |
| Pennsylvania Turnpike Commission Series A 2, 5% 12/1/2028 (e) | 755000 | 773719 |
| Pennsylvania Turnpike Commission Series A 2, 5% 12/1/2033 (e) | 1215000 | 1287667 |
| Pennsylvania Turnpike Commission Series FIRST 2023, 5% 12/1/2032  | 3205000 | 3646808 |
| Pennsylvania Turnpike Commission Series FIRST 2023, 5% 12/1/2033  | 12980000 | 14836830 |
| Pennsylvania Turnpike Commission Series FIRST 2023, 5% 12/1/2034  | 5325000 | 6065442 |
| Pennsylvania Turnpike Commission Series FIRST 2023, 5% 12/1/2035  | 1425000 | 1613788 |
| Pennsylvania Turnpike Commission Series FIRST 2024, 5% 12/1/2041  | 3700000 | 4073340 |
| Pennsylvania Turnpike Commission Series FIRST 2024, 5% 12/1/2042  | 5000000 | 5457664 |
| Philadelphia PA Airport Rev 5% 7/1/2026 (c) | 2950000 | 2979201 |
| Philadelphia PA Airport Rev 5% 7/1/2029 (c) | 1200000 | 1237733 |
| Philadelphia PA Airport Rev 5% 7/1/2030 (c) | 1720000 | 1770798 |
| Philadelphia PA Airport Rev 5% 7/1/2031 (c) | 2430000 | 2498896 |
| Philadelphia PA Airport Rev Series 2017 B, 5% 7/1/2035 (c) | 800000 | 816673 |
| Philadelphia PA Airport Rev Series 2020 A, 4% 7/1/2035  | 2000000 | 2047290 |
| Philadelphia PA Airport Rev Series 2020 A, 4% 7/1/2036  | 3500000 | 3562063 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2036 (c) | 2750000 | 2964683 |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2033 (c) | 9695000 | 10870940 |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2036 (c) | 1340000 | 1509333 |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2038 (c) | 1370000 | 1518026 |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2039 (c) | 1640000 | 1804423 |
| Philadelphia PA Airport Rev Series 2025B, 5.25% 7/1/2041 (c) | 360000 | 393986 |
| Philadelphia PA Airport Rev Series 2025B, 5.25% 7/1/2043 (c) | 1110000 | 1189167 |
| Philadelphia PA Airport Rev Series 2025B, 5.25% 7/1/2044 (c) | 2100000 | 2231139 |
| Philadelphia PA Airport Rev Series 2025B, 5.25% 7/1/2045 (c) | 2250000 | 2373153 |
| TOTAL TRANSPORTATION |  | 137247907 |
| Water & Sewer - 0.1% |  |  |
| Allegheny Cnty PA San Auth Swr Series 2024, 5% 12/1/2040  | 1000000 | 1093971 |
| Allegheny Cnty PA San Auth Swr Series 2024, 5% 12/1/2042  | 3000000 | 3229989 |
| Allegheny Cnty PA San Auth Swr Series 2024, 5% 12/1/2043  | 2085000 | 2224610 |
| Philadelphia PA Wtr & Wastewtr Series 2022C, 5% 6/1/2035  | 1110000 | 1246388 |
| Philadelphia PA Wtr & Wastewtr Series 2022C, 5% 6/1/2037  | 2000000 | 2219636 |
| Philadelphia PA Wtr & Wastewtr Series 2022C, 5% 6/1/2038  | 1500000 | 1655488 |
| Philadelphia PA Wtr & Wastewtr Series 2022C, 5% 6/1/2039  | 1850000 | 2031565 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 A, 5% 9/1/2038 (Assured Guaranty Inc Insured)  | 570000 | 602560 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 B, 5% 9/1/2031 (Assured Guaranty Inc Insured)  | 1855000 | 2091336 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 B, 5% 9/1/2033 (Assured Guaranty Inc Insured)  | 1250000 | 1442591 |
| TOTAL WATER & SEWER |  | 17838134 |
| TOTAL PENNSYLVANIA |  | 348918584 |
| Puerto Rico - 0.3%  |  |  |
| General Obligations - 0.3% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2033  | 27122170 | 27114115 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2035  | 9725000 | 9556624 |
| TOTAL GENERAL OBLIGATIONS |  | 36670739 |
| Water & Sewer - 0.0% |  |  |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2020A, 5% 7/1/2035 (d) | 1500000 | 1553559 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (d) | 5185000 | 5353094 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 5% 7/1/2037 (d) | 3620000 | 3755892 |
| TOTAL WATER & SEWER |  | 10662545 |
| TOTAL PUERTO RICO |  | 47333284 |
| Rhode Island - 0.6%  |  |  |
| Education - 0.2% |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2034  | 475000 | 540832 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2037  | 2255000 | 2517308 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2039  | 1845000 | 2033870 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2033  | 315000 | 359854 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2034  | 375000 | 424034 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2035  | 350000 | 393446 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2037  | 400000 | 442907 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2038  | 350000 | 385084 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2039  | 395000 | 431793 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2040  | 1640000 | 1776899 |
| Rhode Island St Student Ln 3.5% 12/1/2034 (c) | 1440000 | 1430200 |
| Rhode Island St Student Ln 5% 12/1/2026 (c) | 2100000 | 2129324 |
| Rhode Island St Student Ln 5% 12/1/2027 (c) | 1500000 | 1545983 |
| Rhode Island St Student Ln 5% 12/1/2028 (c) | 1750000 | 1831474 |
| Rhode Island St Student Ln 5% 12/1/2029 (c) | 1875000 | 1981686 |
| Rhode Island St Student Ln 5% 12/1/2029 (c) | 1650000 | 1743884 |
| Rhode Island St Student Ln 5% 12/1/2030 (c) | 1125000 | 1194580 |
| Rhode Island St Student Ln 5% 12/1/2031 (c) | 1575000 | 1687358 |
| Rhode Island St Student Ln Series 2017A, 4% 12/1/2026 (c) | 520000 | 518640 |
| Rhode Island St Student Ln Series 2023 A, 5% 12/1/2032 (c) | 5100000 | 5487756 |
| TOTAL EDUCATION |  | 28856912 |
| General Obligations - 0.2% |  |  |
| Rhode Island & Providence Plantations (Rhode Island St Proj.) Gen. Oblig. Series 2019 A, 4% 5/1/2035  | 2160000 | 2219947 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2036 (Build America Mutual Assurance Co Insured)  | 1410000 | 1598803 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2037 (Build America Mutual Assurance Co Insured)  | 2180000 | 2453047 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2038 (Build America Mutual Assurance Co Insured)  | 835000 | 932572 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5.25% 5/15/2040 (Build America Mutual Assurance Co Insured)  | 1450000 | 1611813 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5.25% 5/15/2043 (Build America Mutual Assurance Co Insured)  | 730000 | 784621 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5.25% 5/15/2044 (Build America Mutual Assurance Co Insured)  | 1825000 | 1945334 |
| Rhode Island St Gen. Oblig. Series 2022A, 5% 8/1/2035  | 10110000 | 11410815 |
| TOTAL GENERAL OBLIGATIONS |  | 22956952 |
| Health Care - 0.2% |  |  |
| Rhode Island Health & Edl Bldg Corp Rev (Care New England Health System Proj.) 5% 9/1/2031  | 10630000 | 10667328 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2034  | 6100000 | 6786110 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2035  | 1320000 | 1463844 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2037  | 735000 | 804118 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2038  | 880000 | 957332 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2040  | 735000 | 781955 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2041  | 800000 | 840983 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2043  | 790000 | 811250 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2044  | 550000 | 561697 |
| TOTAL HEALTH CARE |  | 23674617 |
| Housing - 0.0% |  |  |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 68 C, 3.15% 10/1/2031 (c) | 2265000 | 2243064 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 70, 4% 10/1/2049  | 670000 | 672454 |
| TOTAL HOUSING |  | 2915518 |
| Tobacco Bonds - 0.0% |  |  |
| Tobacco Setlement Fing Corp RI Series 2015 A, 5% 6/1/2027  | 1770000 | 1776513 |
| Tobacco Setlement Fing Corp RI Series SER A, 5% 6/1/2028  | 2330000 | 2338482 |
| TOTAL TOBACCO BONDS |  | 4114995 |
| TOTAL RHODE ISLAND |  | 82518994 |
| South Carolina - 1.4%  |  |  |
| Electric Utilities - 0.5% |  |  |
| South Carolina St Svc Auth Rev 4% 12/1/2033  | 900000 | 926052 |
| South Carolina St Svc Auth Rev 4% 12/1/2034  | 4000000 | 4100274 |
| South Carolina St Svc Auth Rev 4% 12/1/2035  | 500000 | 509537 |
| South Carolina St Svc Auth Rev 4% 12/1/2037  | 2000000 | 2020909 |
| South Carolina St Svc Auth Rev 5% 12/1/2031  | 2800000 | 3086520 |
| South Carolina St Svc Auth Rev 5% 12/1/2034  | 500000 | 574716 |
| South Carolina St Svc Auth Rev 5% 12/1/2036  | 1900000 | 2161137 |
| South Carolina St Svc Auth Rev 5% 12/1/2037  | 2125000 | 2396085 |
| South Carolina St Svc Auth Rev 5% 12/1/2037  | 1625000 | 1832300 |
| South Carolina St Svc Auth Rev 5% 12/1/2038  | 4500000 | 5041433 |
| South Carolina St Svc Auth Rev 5% 12/1/2038  | 3000000 | 3360955 |
| South Carolina St Svc Auth Rev 5% 12/1/2039  | 4030000 | 4480416 |
| South Carolina St Svc Auth Rev 5% 12/1/2039  | 1325000 | 1473090 |
| South Carolina St Svc Auth Rev 5% 12/1/2040  | 1625000 | 1788984 |
| South Carolina St Svc Auth Rev 5.25% 12/1/2033 (Assured Guaranty Inc Insured)  | 1200000 | 1365375 |
| South Carolina St Svc Auth Rev Series 2024B, 4.125% 12/1/2044  | 2000000 | 1900828 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2035  | 5000000 | 5704415 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2036  | 6500000 | 7352489 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2038  | 7000000 | 7804045 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2041  | 1000000 | 1084991 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2035  | 6250000 | 6353034 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2036  | 9330000 | 9473898 |
| TOTAL ELECTRIC UTILITIES |  | 74791483 |
| General Obligations - 0.3% |  |  |
| Beaufort Cnty SC Sch Dist Series 2021 A, 2% 3/1/2034  | 3890000 | 3461218 |
| Patriots Energy Group Financing Agency Series 2023 SUB B 1, 5.25% tender 2/1/2054 (Royal Bank of Canada Guaranteed) (b) | 21845000 | 23615594 |
| Scago Edl Facs Corp For Colleton Sch Dist SC Installment Pur Rev (Colleton County School District Proj.) Series 2015, 5% 12/1/2027  | 3885000 | 3890343 |
| Scago Edl Facs Corp For Colleton Sch Dist SC Installment Pur Rev (Colleton County School District Proj.) Series 2015, 5% 12/1/2029  | 3155000 | 3158830 |
| TOTAL GENERAL OBLIGATIONS |  | 34125985 |
| Health Care - 0.5% |  |  |
| Ctsc Jobs-Eco Dev Aut (Beaufort Mem Hosp Proj.) Series 2024, 5.75% 11/15/2054  | 2500000 | 2557363 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5% 11/1/2034  | 15850000 | 18105718 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5% 11/1/2035  | 11250000 | 12742362 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5% 11/1/2036  | 14000000 | 15721451 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5% 11/1/2037  | 7775000 | 8662265 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5% 11/1/2038  | 10650000 | 11737555 |
| TOTAL HEALTH CARE |  | 69526714 |
| Housing - 0.0% |  |  |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2019 A, 4% 1/1/2050  | 1430000 | 1440307 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2020 A, 4% 7/1/2050  | 1320000 | 1329107 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2023 B, 6% 1/1/2054  | 3565000 | 3898061 |
| TOTAL HOUSING |  | 6667475 |
| Transportation - 0.1% |  |  |
| South Carolina St Ports Auth Series 2018, 5% 7/1/2028 (c) | 2235000 | 2339645 |
| South Carolina St Ports Auth Series 2018, 5% 7/1/2030 (c) | 4790000 | 5013001 |
| South Carolina St Ports Auth Series 2018, 5% 7/1/2033 (c) | 2150000 | 2237419 |
| TOTAL TRANSPORTATION |  | 9590065 |
| TOTAL SOUTH CAROLINA |  | 194701722 |
| South Dakota - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2027  | 365000 | 376022 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2033  | 1700000 | 1748921 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2035  | 1360000 | 1394945 |
| South Dakota St Hlth & Edl Fac (Sanford Health, Sd Proj.) 5% tender 11/1/2051 (b) | 15700000 | 17410034 |
| TOTAL HEALTH CARE |  | 20929922 |
| Housing - 0.0% |  |  |
| South Dakota Housing Development Authority (SD Mortgage Proj.) Series 2021 A, 3% 11/1/2051  | 1925000 | 1901399 |
| South Dakota Housing Development Authority (SD Mortgage Proj.) Series 2023G, 6.25% 5/1/2055  | 2355000 | 2549104 |
| TOTAL HOUSING |  | 4450503 |
| TOTAL SOUTH DAKOTA |  | 25380425 |
| Tennessee - 1.1%  |  |  |
| Education - 0.2% |  |  |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) 5% 7/1/2035 (Build America Mutual Assurance Co Insured)  | 615000 | 681392 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) 5% 7/1/2037 (Build America Mutual Assurance Co Insured)  | 450000 | 491788 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) 5% 7/1/2038 (Build America Mutual Assurance Co Insured)  | 500000 | 543075 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) 5% 7/1/2039 (Build America Mutual Assurance Co Insured)  | 500000 | 539933 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) 5% 7/1/2040 (Build America Mutual Assurance Co Insured)  | 425000 | 454021 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024 B 1, 4.5% 7/1/2046 (Build America Mutual Assurance Co Insured)  | 1180000 | 1159583 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024 B 1, 5% 7/1/2039 (Build America Mutual Assurance Co Insured)  | 1125000 | 1214850 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024 B 1, 5% 7/1/2044 (Build America Mutual Assurance Co Insured)  | 2240000 | 2313849 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024 B 1, 5% 7/1/2049 (Build America Mutual Assurance Co Insured)  | 1200000 | 1222929 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024A 1, 5% 7/1/2034 (Build America Mutual Assurance Co Insured)  | 550000 | 612825 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Vanderbilt University/The Proj.) 5% 10/1/2034  | 2190000 | 2573258 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Vanderbilt University/The Proj.) 5% 10/1/2035  | 5500000 | 6418459 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Vanderbilt University/The Proj.) 5% 10/1/2036  | 835000 | 966207 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Vanderbilt University/The Proj.) 5% 10/1/2037  | 1000000 | 1147572 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Vanderbilt University/The Proj.) 5% 10/1/2038  | 750000 | 855116 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Vanderbilt University/The Proj.) 5% 10/1/2039  | 1000000 | 1132193 |
| TOTAL EDUCATION |  | 22327050 |
| General Obligations - 0.6% |  |  |
| County of Williamson TN Gen. Oblig. 3.05% 4/1/2034  | 1680000 | 1667700 |
| County of Williamson TN Gen. Oblig. Series 2020B, 1.5% 4/1/2032  | 1700000 | 1499856 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2017, 4% 7/1/2031  | 17400000 | 17665831 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2018, 4% 7/1/2034  | 6000000 | 6125951 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2021 C, 3% 1/1/2035  | 1100000 | 1078116 |
| New Memphis Arena Bldg Auth Memphis & Sheby Cnty Tenn (Memphis TN Proj.) Gen. Oblig. Series 2021, 0% 4/1/2034 (f) | 3400000 | 2415389 |
| New Memphis Arena Bldg Auth Memphis & Sheby Cnty Tenn (Memphis TN Proj.) Gen. Oblig. Series 2021, 0% 4/1/2035 (f) | 1100000 | 744173 |
| New Memphis Arena Bldg Auth Memphis & Sheby Cnty Tenn (Memphis TN Proj.) Gen. Oblig. Series 2021, 0% 4/1/2036 (f) | 1000000 | 641535 |
| Oak Ridge Tenn Gen. Oblig. Series 2021 A, 2% 6/1/2034  | 550000 | 486988 |
| Tennessee Engy Acq Crp Gas Rev Series 2025A, 5% 12/1/2035 (Pacific Life Insurance Co Guaranteed)  | 52500000 | 56452704 |
| TOTAL GENERAL OBLIGATIONS |  | 88778243 |
| Health Care - 0.2% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 4% 8/1/2037  | 3040000 | 3055822 |
| Greeneville TN Health & Edl Facs Brd Hosp Rev (Ballad Health Proj.) Series 2018A, 5% 7/1/2029  | 970000 | 1017150 |
| Greeneville TN Health & Edl Facs Brd Hosp Rev (Ballad Health Proj.) Series 2018A, 5% 7/1/2030  | 1165000 | 1221525 |
| Shelby County Health Educational & Housing Facilities Board (Baptist Memorial Hlth Car Corp Proj.) Series 2024B, 5% tender 9/1/2049 (b) | 15850000 | 16761987 |
| TOTAL HEALTH CARE |  | 22056484 |
| Housing - 0.1% |  |  |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series ISSUE 2022 1, 3.75% 7/1/2052  | 4185000 | 4200824 |
| Tennessee Housing Development Agency Series 2019 3, 2.6% 7/1/2039  | 1040000 | 902361 |
| Tennessee Housing Development Agency Series 2019 3, 2.8% 7/1/2044  | 1265000 | 1008738 |
| Tennessee Housing Development Agency Series 2019 4, 2.9% 7/1/2039  | 2385000 | 2087122 |
| Tennessee Hsg Dev Agy Residential Fin Prog Rev (TN Residential Finance 1/29/13 Proj.) Series 2025 2A, 6% 1/1/2056  | 5435000 | 6083725 |
| TOTAL HOUSING |  | 14282770 |
| Transportation - 0.0% |  |  |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2044 (c) | 1190000 | 1207350 |
| TOTAL TENNESSEE |  | 148651897 |
| Texas - 15.5%  |  |  |
| Education - 0.9% |  |  |
| Brazos Tex Higher Ed Auth Inc Student Loan Prog Rev 5% 4/1/2030 (c) | 2500000 | 2638063 |
| Houston TX Higher Ed Fin Corp Univ Rev (Houston Baptist University Proj.) 3.375% 10/1/2037  | 1585000 | 1410838 |
| Newark Higher Ed Fin Corp Tex Rev (Abilene Christian Univ, TX Proj.) 5% 4/1/2027  | 2135000 | 2143751 |
| Newark Higher Ed Fin Corp Tex Rev (Abilene Christian Univ, TX Proj.) 5% 4/1/2028  | 1395000 | 1401004 |
| North Tex Higher Ed Auth Inc Tex Ed Ln Rev Series 2025A, 5% 6/1/2030 (c) | 300000 | 316270 |
| North Tex Higher Ed Auth Inc Tex Ed Ln Rev Series 2025A, 5% 6/1/2031 (c) | 800000 | 850393 |
| North Tex Higher Ed Auth Inc Tex Ed Ln Rev Series 2025A, 5% 6/1/2033 (c) | 1100000 | 1178492 |
| San Antonio TX Ed Facs Corp Rv (Trinity University Proj.) Series 2024 A, 5% 6/1/2033  | 3515000 | 4021410 |
| San Antonio TX Ed Facs Corp Rv (Trinity University Proj.) Series 2024 A, 5% 6/1/2034  | 23150000 | 26734548 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) Series 2013A, 4% 10/1/2042  | 1000000 | 970388 |
| Texas A&M Univ Perm Univ Fund 5% 7/1/2037  | 8235000 | 9131529 |
| Texas A&M Univ Perm Univ Fund 5% 7/1/2038  | 8030000 | 8855575 |
| Texas A&M Univ Revs Series 2021 A, 4% 5/15/2034  | 1000000 | 1052099 |
| Texas A&M Univ Revs Series 2022, 5% 5/15/2032  | 1000000 | 1140719 |
| Texas A&M Univ Revs Series 2022, 5% 5/15/2033  | 1000000 | 1131126 |
| Texas A&M Univ Revs Series 2022, 5% 5/15/2034  | 1250000 | 1407850 |
| Texas A&M Univ Revs Series 2022, 5% 5/15/2035  | 1000000 | 1121440 |
| Texas St Univ Sys Fing Rev Series 2017 A, 5% 3/15/2029  | 4530000 | 4660698 |
| Texas Tech Univ Revs Series 2025 A, 5% 2/15/2033  | 1800000 | 2056774 |
| Texas Tech Univ Revs Series 2025 A, 5% 2/15/2034  | 2250000 | 2598367 |
| Texas Tech Univ Revs Series 2025 A, 5% 2/15/2035  | 845000 | 984194 |
| Texas Tech Univ Revs Series 2025 A, 5% 2/15/2036  | 1800000 | 2086169 |
| Texas Tech Univ Revs Series 2025 A, 5% 2/15/2037  | 1300000 | 1493471 |
| Texas Tech Univ Revs Series 2025 A, 5% 2/15/2038  | 2250000 | 2563801 |
| University Houston TX Univ Rev Series 2017 A, 5% 2/15/2030  | 6325000 | 6342892 |
| University Houston TX Univ Rev Series 2021 A, 2% 2/15/2033  | 4105000 | 3671580 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2032  | 540000 | 612261 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2033  | 520000 | 585915 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2034  | 720000 | 806370 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2035  | 755000 | 841694 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2036  | 720000 | 797816 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2037  | 950000 | 1046396 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2038  | 1095000 | 1197519 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2039  | 1190000 | 1295001 |
| University TX Perm Univ Fd Series 2016 B, 5% 7/1/2029  | 1740000 | 1759412 |
| University TX Perm Univ Fd Series 2023A, 5% 7/1/2032  | 13135000 | 15018117 |
| University TX Perm Univ Fd Series 2023A, 5% 7/1/2033  | 9375000 | 10865073 |
| TOTAL EDUCATION |  | 126789015 |
| Electric Utilities - 1.0% |  |  |
| City of Georgetown TX Series 2022, 5% 8/15/2031 (Assured Guaranty Inc Insured)  | 1375000 | 1539129 |
| City of Georgetown TX Series 2022, 5% 8/15/2033 (Assured Guaranty Inc Insured)  | 1500000 | 1665952 |
| City of Georgetown TX Series 2022, 5% 8/15/2035 (Assured Guaranty Inc Insured)  | 1700000 | 1871167 |
| City of Georgetown TX Series 2022, 5% 8/15/2036 (Assured Guaranty Inc Insured)  | 1585000 | 1735197 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2035 (Build America Mutual Assurance Co Insured)  | 1750000 | 1947407 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2036 (Build America Mutual Assurance Co Insured)  | 1355000 | 1496226 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2037 (Build America Mutual Assurance Co Insured)  | 1430000 | 1568502 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2038 (Build America Mutual Assurance Co Insured)  | 1000000 | 1090048 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2039 (Build America Mutual Assurance Co Insured)  | 1000000 | 1083596 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2040 (Build America Mutual Assurance Co Insured)  | 1000000 | 1069594 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2041 (Build America Mutual Assurance Co Insured)  | 1240000 | 1317733 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2042 (Build America Mutual Assurance Co Insured)  | 1200000 | 1268191 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2043 (Build America Mutual Assurance Co Insured)  | 1855000 | 1948847 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2044 (Build America Mutual Assurance Co Insured)  | 2000000 | 2091649 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2032 (Assured Guaranty Inc Insured)  | 1000000 | 1126371 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2033 (Assured Guaranty Inc Insured)  | 1000000 | 1137448 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2034 (Assured Guaranty Inc Insured)  | 950000 | 1089905 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2035 (Assured Guaranty Inc Insured)  | 615000 | 701767 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2036 (Assured Guaranty Inc Insured)  | 600000 | 679692 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2037 (Assured Guaranty Inc Insured)  | 500000 | 561141 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2038 (Assured Guaranty Inc Insured)  | 500000 | 556648 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2039 (Assured Guaranty Inc Insured)  | 500000 | 552309 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2040 (Assured Guaranty Inc Insured)  | 500000 | 544673 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2032  | 1500000 | 1605888 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2033  | 2250000 | 2402445 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2034  | 2250000 | 2395251 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2035  | 5575000 | 5917296 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2036  | 1075000 | 1136065 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2032  | 4565000 | 4794687 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2034  | 2430000 | 2541905 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2036  | 2430000 | 2528575 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2022A, 5% 5/15/2032  | 395000 | 445562 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2022A, 5.25% 5/15/2035  | 1500000 | 1688452 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024A, 5% 5/15/2036 (Assured Guaranty Inc Insured)  | 5915000 | 6725207 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024A, 5% 5/15/2037 (Assured Guaranty Inc Insured)  | 5755000 | 6477058 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024A, 5% 5/15/2039 (Assured Guaranty Inc Insured)  | 7500000 | 8295284 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024A, 5% 5/15/2040 (Assured Guaranty Inc Insured)  | 7000000 | 7644184 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024A, 5% 5/15/2041 (Assured Guaranty Inc Insured)  | 4150000 | 4486977 |
| Lower Colorado River Authority Series 2020, 5% 5/15/2026  | 3350000 | 3379118 |
| Lower Colorado River Authority Series 2025 B, 5% tender 5/15/2045 (b) | 20000000 | 22119168 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2029  | 1455000 | 1508021 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2030  | 970000 | 1005392 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2031  | 1455000 | 1507636 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2033  | 1165000 | 1204544 |
| San Antonio TX Elec & Gas Rev Series 2019, 5% 2/1/2036  | 5980000 | 6397450 |
| San Antonio TX Elec & Gas Rev Series 2026A, 5% 2/1/2036 (h) | 8040000 | 9393954 |
| San Antonio TX Elec & Gas Rev Series 2026A, 5% 2/1/2037 (h) | 5410000 | 6261129 |
| Texas Mun Pwr Agy Rv Series 2021, 3% 9/1/2034 (Assured Guaranty Inc Insured)  | 1125000 | 1090714 |
| TOTAL ELECTRIC UTILITIES |  | 141595154 |
| General Obligations - 6.9% |  |  |
| Aldine TX Indpt Sch Dist Series 2020, 3% 2/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1477119 |
| Aldine TX Indpt Sch Dist Series 2020, 3% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1635000 | 1590536 |
| Aldine TX Indpt Sch Dist Series 2020, 3% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 954328 |
| Alief TX Indp Sch Dist Series 2021, 2% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 2890000 | 2351282 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 3000000 | 3444244 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 1100000 | 1276192 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 570000 | 655510 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 575000 | 656131 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 700000 | 792413 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 775000 | 870826 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1100000 | 1228953 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 650000 | 717700 |
| Argyle TX Indpt Sch Dist 5% 8/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 1005000 | 1132694 |
| Arlington TX Gen. Oblig. Series 2020 A, 2% 8/15/2036  | 200000 | 168804 |
| Austin Tex Gen. Oblig. Series 2022, 5% 9/1/2034  | 1600000 | 1809237 |
| Austin Tex Gen. Oblig. Series 2022, 5% 9/1/2035  | 2500000 | 2812202 |
| Austin Tex Gen. Oblig. Series 2022, 5% 9/1/2036  | 3035000 | 3391188 |
| Austin TX Indpt Sch Dist 5% 8/1/2035  | 2000000 | 2251546 |
| Austin TX Indpt Sch Dist 5% 8/1/2039  | 1795000 | 1965368 |
| Austin TX Indpt Sch Dist Series 2021, 4% 8/1/2032 (Permanent Sch Fund of Texas Guaranteed)  | 8300000 | 8818009 |
| Austin TX Indpt Sch Dist Series 2021, 4% 8/1/2033 (Permanent Sch Fund of Texas Guaranteed)  | 9255000 | 9783148 |
| Austin TX Indpt Sch Dist Series 2021, 4% 8/1/2034 (Permanent Sch Fund of Texas Guaranteed)  | 10590000 | 11108402 |
| Austin TX Indpt Sch Dist Series 2021, 4% 8/1/2035 (Permanent Sch Fund of Texas Guaranteed)  | 7215000 | 7513152 |
| Bexar Cnty TX Gen. Oblig. Series 2016, 3% 6/15/2041  | 7105000 | 6231901 |
| Birdville TX Indpt Sch Dist 2.375% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1575000 | 1442998 |
| Boerne TX Isd Series 2023, 3.125% tender 2/1/2053 (Permanent Sch Fund of Texas Guaranteed) (b) | 5505000 | 5513057 |
| Brazoria Cnty Texas Gen. Oblig. Series 2021, 3% 3/1/2038  | 1000000 | 924895 |
| Brazos Cnty Tex Gen. Oblig. 2.125% 9/1/2039  | 1515000 | 1176759 |
| Brazosport Texas Indpt Sch Dis 2.125% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 3495000 | 3221648 |
| Cedar Hill TX Indpt Sch Dist Series 2024, 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1900000 | 2122737 |
| Cedar Park TX Gen. Oblig. 1.75% 2/15/2037  | 1635000 | 1273531 |
| Cedar Park TX Gen. Oblig. 5% 2/15/2036  | 1245000 | 1360061 |
| Channelview TX Indpt Sch Dist Series 2021, 2% 8/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1635000 | 1340653 |
| City of Coppell TX Gen. Oblig. Series 2021, 2% 2/1/2036  | 1220000 | 1044729 |
| City of Coppell TX Gen. Oblig. Series 2021, 2% 2/1/2037  | 1245000 | 1037606 |
| City of Frisco TX 2% 2/15/2038  | 1315000 | 1065017 |
| City of Frisco TX Gen. Oblig. 2% 2/15/2037  | 4640000 | 3862603 |
| City of Frisco TX Gen. Oblig. 2% 2/15/2041  | 2290000 | 1658456 |
| City of Garland TX Gen. Oblig. Series 2021, 2% 2/15/2036  | 2220000 | 1863067 |
| City of Garland TX Gen. Oblig. Series 2021, 2% 2/15/2037  | 2265000 | 1847467 |
| City of Garland TX Gen. Oblig. Series 2021, 2% 2/15/2039  | 1660000 | 1281711 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2033 (City of Garland TX Guaranteed)  | 2145000 | 2434382 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2034 (City of Garland TX Guaranteed)  | 2150000 | 2462424 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2035 (City of Garland TX Guaranteed)  | 2010000 | 2288565 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2037 (City of Garland TX Guaranteed)  | 1700000 | 1907430 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2038 (City of Garland TX Guaranteed)  | 1250000 | 1391351 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2040  | 1275000 | 1395417 |
| City of Waco TX Gen. Oblig. 2% 2/1/2033  | 3330000 | 2998320 |
| City of Waco TX Gen. Oblig. 2.125% 2/1/2035  | 2240000 | 1968918 |
| City of Waco TX Gen. Oblig. 2.375% 2/1/2038  | 1675000 | 1409532 |
| City of Waco TX Gen. Oblig. 2.375% 2/1/2039  | 3800000 | 3133080 |
| City of Waco TX Gen. Oblig. Series 2023A, 4% 2/1/2039  | 3990000 | 4076960 |
| Clear Creek Independent School District Series 2021, 3% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 4725000 | 4668040 |
| Clear Creek Independent School District Series 2025, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 2620000 | 3069428 |
| Clear Creek Independent School District Series 2025, 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 3365000 | 3908138 |
| Clear Creek Independent School District Series 2025, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 5985000 | 6890077 |
| Clear Creek Independent School District Series 2025, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 8115000 | 9266066 |
| Collin Cnty TX Cmnty Coll Dist Gen. Oblig. Series 2018, 3.5% 8/15/2037  | 2500000 | 2483174 |
| Comal Tex Indpt Sch Dist 3% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 2665000 | 2538229 |
| Comal Tex Indpt Sch Dist 3% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 9400000 | 8833766 |
| Comal Tex Indpt Sch Dist 3% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 6015000 | 5558078 |
| Comal Tex Indpt Sch Dist 3% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 2500000 | 2266986 |
| Comal Tex Indpt Sch Dist 3% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 2250000 | 1996022 |
| Comal Tex Indpt Sch Dist 3% 2/15/2043 (Permanent Sch Fund of Texas Guaranteed)  | 2750000 | 2387038 |
| Comal Tex Indpt Sch Dist Series 2020, 1.625% 2/1/2032 (Permanent Sch Fund of Texas Guaranteed)  | 6775000 | 6027028 |
| County of Collin TX Gen. Oblig. Series 2025, 5% 2/15/2036  | 7530000 | 8686861 |
| County of Collin TX Gen. Oblig. Series 2025, 5% 2/15/2037  | 7870000 | 8999586 |
| County of Collin TX Gen. Oblig. Series 2025, 5% 2/15/2038  | 9000000 | 10208024 |
| County of Collin TX Gen. Oblig. Series 2025, 5% 2/15/2039  | 4665000 | 5257911 |
| County of Collin TX Gen. Oblig. Series 2025, 5% 2/15/2040  | 8280000 | 9208579 |
| Cypress-Fairbanks TX Isd Series 2019 A, 3% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 5000000 | 4988901 |
| Cypress-Fairbanks TX Isd Series 2020, 4% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 1425000 | 1487485 |
| Dallas TX Gen. Oblig. Series 2019 B, 3.125% 2/15/2039  | 1850000 | 1689378 |
| Dallas TX Gen. Oblig. Series 2019 B, 5% 2/15/2030  | 4080000 | 4374355 |
| Dallas TX Gen. Oblig. Series 2019 B, 5% 2/15/2032  | 7095000 | 7581051 |
| Dallas TX Gen. Oblig. Series 2019 B, 5% 2/15/2033  | 7585000 | 8086466 |
| Dallas TX Gen. Oblig. Series 2019A, 3% 2/15/2038  | 1940000 | 1771512 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2029  | 16030000 | 17196530 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2030  | 20305000 | 22217653 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2031  | 8555000 | 9536321 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2032  | 16800000 | 18993993 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2033  | 8555000 | 9786086 |
| Dallas TX Gen. Oblig. Series 2024C, 5% 2/15/2037  | 9400000 | 10640031 |
| Dallas TX Gen. Oblig. Series 2024C, 5% 2/15/2038  | 12190000 | 13688008 |
| Dallas TX Gen. Oblig. Series 2024C, 5% 2/15/2039  | 10745000 | 12003578 |
| Dallas TX ISD 5% 2/15/2028  | 1750000 | 1838012 |
| Dallas TX ISD 5% 2/15/2029  | 2355000 | 2474688 |
| Dallas TX ISD 5% 2/15/2030  | 5095000 | 5354211 |
| Dallas TX ISD 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 4500000 | 5059827 |
| Dallas TX ISD 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 3250000 | 3630998 |
| Dallas TX ISD Series 2022, 3% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 2680000 | 2499449 |
| Deer Pk Tex Gen. Oblig. Series 2021, 3% 3/15/2038  | 1060000 | 1001791 |
| Del Valle Tex Indpt Sch Dist Series 2021, 2% 6/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 3740000 | 3194350 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2030  | 600000 | 662312 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2032  | 500000 | 569973 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2033  | 1000000 | 1153374 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2034  | 1000000 | 1164956 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2035  | 1000000 | 1157874 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2036  | 750000 | 861274 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2037  | 750000 | 854250 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2038  | 2000000 | 2262526 |
| Denton Independent School District Series B2, 4% tender 8/15/2055 (Permanent Sch Fund of Texas Guaranteed) (b) | 7300000 | 7723583 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2035  | 1430000 | 1263111 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2036  | 2670000 | 2303180 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2036  | 1465000 | 1263730 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2037  | 1495000 | 1255739 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2037  | 510000 | 428379 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2038  | 1525000 | 1246889 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2038  | 1255000 | 1026128 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2039  | 1560000 | 1244587 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2040  | 1585000 | 1215561 |
| Denton TX Gen. Oblig. Series 2021, 2.5% 2/15/2038  | 10245000 | 9033695 |
| Eagle Mtn & Saginaw TX Isd Series 2019, 3% 8/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 2500000 | 2338724 |
| Eagle Mtn & Saginaw TX Isd Series 2022, 5% 8/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 1190000 | 1353525 |
| Eagle Mtn & Saginaw TX Isd Series 2022, 5% 8/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 1010000 | 1143532 |
| Eagle Mtn & Saginaw TX Isd Series 2022, 5% 8/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1300000 | 1464282 |
| Eagle Mtn & Saginaw TX Isd Series 2022, 5% 8/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 1895000 | 2120301 |
| El Paso Tex Gen. Oblig. 5% 8/15/2030  | 5100000 | 5399877 |
| El Paso Tex Gen. Oblig. 5% 8/15/2031  | 3610000 | 3818745 |
| El Paso Tex Gen. Oblig. 5% 8/15/2032  | 1385000 | 1463111 |
| El Paso Tex Gen. Oblig. Series 2021 C, 3% 8/15/2040  | 1000000 | 886377 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2036  | 1780000 | 2021734 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2037  | 1000000 | 1123624 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2038  | 1000000 | 1116653 |
| Elgin TX Indpt Sch Dist 5% 8/1/2030 (Permanent Sch Fund of Texas Guaranteed)  | 1485000 | 1639239 |
| Fort Bend TX Indpt Sch Dist Series 2021 B, 0.72% tender 8/1/2051 (Permanent Sch Fund of Texas Guaranteed) (b) | 8005000 | 7867289 |
| Fort Worth Tex Indpt Sch Dist Series 2019 A, 2.375% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 2105000 | 1989682 |
| Fort Worth Tex Indpt Sch Dist Series 2023, 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 440000 | 496128 |
| Fort Worth Tex Indpt Sch Dist Series 2023, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 900000 | 1006361 |
| Fort Worth Tex Indpt Sch Dist Series 2023, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1125000 | 1249624 |
| Fort Worth Tex Indpt Sch Dist Series 2023, 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1700000 | 1878667 |
| Fort Worth TX Gen. Oblig. 2% 3/1/2036  | 6480000 | 5329420 |
| Fort Worth TX Gen. Oblig. 2% 3/1/2037  | 6480000 | 5173178 |
| Fort Worth TX Gen. Oblig. Series 2016, 5% 3/1/2027  | 5755000 | 5775784 |
| Fort Worth TX Gen. Oblig. Series 2020, 3% 3/1/2039  | 2500000 | 2235854 |
| Fort Worth TX Gen. Oblig. Series 2020, 5% 3/1/2029  | 4200000 | 4505911 |
| Frisco Tex Indpt Sch Dis 2% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 2355000 | 1957932 |
| Frisco Tex Indpt Sch Dis 3% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1445000 | 1332351 |
| Grand Prairie TX Gen. Oblig. 4% 2/15/2038  | 1755000 | 1803021 |
| Grand Prairie TX Gen. Oblig. 4% 2/15/2039  | 1465000 | 1502826 |
| Harlandale TX Indpt Sch Dist 5% 8/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1050000 | 1165988 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2032  | 5130000 | 5386575 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2033  | 6045000 | 6306390 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2034  | 4995000 | 5178376 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2035  | 3400000 | 3503384 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2036  | 3920000 | 4014946 |
| Harris Cnty TX Gen. Oblig. 3% 10/1/2041  | 2500000 | 2185462 |
| Harris Cnty TX Gen. Oblig. Series 2022 A, 5% 8/15/2032  | 2500000 | 2854494 |
| Harris Cnty TX Gen. Oblig. Series 2024 A, 5% 9/15/2034  | 2235000 | 2600132 |
| Harris Cnty TX Gen. Oblig. Series 2024 A, 5% 9/15/2035  | 1000000 | 1153966 |
| Harris Cnty TX Gen. Oblig. Series 2024 A, 5% 9/15/2035  | 955000 | 1102036 |
| Harris Cnty TX Gen. Oblig. Series 2024, 5% 9/15/2034  | 3710000 | 4316103 |
| Harris Cnty TX Gen. Oblig. Series 2024, 5% 9/15/2035  | 3250000 | 3750388 |
| Harris-Fort Bend Cntys Tex Munutil Dist No 3 Gen. Oblig. Series 2022, 3% 4/1/2036 (Assured Guaranty Inc Insured)  | 1205000 | 1087080 |
| Hays TX Cons Indpt Schl Dist Series 2022, 4% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1030455 |
| Hays TX Cons Indpt Schl Dist Series 2022, 5% 2/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1108582 |
| Hays TX Cons Indpt Schl Dist Series 2022, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1650000 | 1823490 |
| Hays TX Cons Indpt Schl Dist Series 2022, 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 2250000 | 2474746 |
| Houston TX Gen. Oblig. 5% 3/1/2039  | 5465000 | 6044623 |
| Houston TX Indpt Sch Dist 5% 2/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 2250000 | 2553353 |
| Houston TX Indpt Sch Dist 5% 2/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 5790000 | 6726543 |
| Houston TX Indpt Sch Dist 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 2750000 | 3221728 |
| Houston TX Indpt Sch Dist 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 2400000 | 2787379 |
| Houston TX Indpt Sch Dist 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1550000 | 1784398 |
| Houston TX Indpt Sch Dist 5% 7/15/2032  | 1200000 | 1356404 |
| Houston TX Indpt Sch Dist 5% 7/15/2037  | 2900000 | 3305214 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 2450000 | 2809381 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 1650000 | 1911689 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1750000 | 2042540 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 4300000 | 4997787 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1295000 | 1491947 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1800000 | 2056850 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1425000 | 1618093 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 1150000 | 1284668 |
| Lamar TX Isd Series 2021 A, 3% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 1300000 | 1284693 |
| Lamar TX Isd Series 2023, 5% 2/15/2037  | 2000000 | 2215992 |
| Lamar TX Isd Series 2023, 5% 2/15/2038  | 2250000 | 2473723 |
| Lamar TX Isd Series 2023, 5% 2/15/2039  | 5000000 | 5468681 |
| Lamar TX Isd Series 2023, 5% 2/15/2040  | 2765000 | 2996142 |
| Lamar TX Isd Series 2024, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1950000 | 2251683 |
| Lamar TX Isd Series 2024, 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 2500000 | 2864366 |
| Lamar TX Isd Series 2024, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 4000000 | 4546492 |
| Lamar TX Isd Series 2024, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 3400000 | 3835918 |
| Lamar TX Isd Series 2024, 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1600000 | 1793611 |
| Lamar TX Isd Series 2024, 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1661817 |
| Liberty Hill TX Indpt Sch Dist Series 2021, 3% 2/1/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1414221 |
| Lubbock Cnty Tex Gen. Oblig. 4% 2/15/2039  | 3250000 | 3310900 |
| Lubbock Cnty Tex Gen. Oblig. 5% 2/15/2035  | 1905000 | 2127900 |
| Lubbock Cnty Tex Gen. Oblig. 5% 2/15/2037  | 2950000 | 3250501 |
| Lubbock Cnty Tex Gen. Oblig. 5% 2/15/2038  | 3105000 | 3396242 |
| Magnolia Tex Indpt Sch Dist Series 2023, 5% 8/15/2038  | 1135000 | 1241436 |
| Magnolia Tex Indpt Sch Dist Series 2023, 5% 8/15/2039  | 3700000 | 4026127 |
| Mansfield TX Gen. Oblig. 2.5% 2/15/2039  | 1425000 | 1222301 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2034  | 1315000 | 1525629 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2035  | 3125000 | 3606018 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2036  | 1905000 | 2182647 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2037  | 4755000 | 5400986 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2038  | 5175000 | 5822734 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2039  | 1685000 | 1885075 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2040  | 2655000 | 2937456 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2041  | 4160000 | 4570367 |
| Mckinney Tex Indpt Sch Dist Series 2022, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1295000 | 1430513 |
| Midway TX Indpt Sch Dist Series 2020, 4% 8/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1562632 |
| New Braunfels Tex Gen. Oblig. 2% 2/1/2036  | 500000 | 421589 |
| Northwest Tex Indpt Sch Dist Series 2021, 3% 2/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 2250000 | 1795627 |
| Pecos Barstow Toyah Ind Sch Dist Series 2023, 5% 2/15/2031 (Permanent Sch Fund of Texas Guaranteed)  | 2200000 | 2309702 |
| Pecos Barstow Toyah Ind Sch Dist Series 2023, 5% 2/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 2750000 | 2881417 |
| Pecos Barstow Toyah Ind Sch Dist Series 2023, 5% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 2200000 | 2300677 |
| Plano Independent School District 5% 2/15/2034  | 650000 | 730991 |
| Plano Independent School District 5% 2/15/2035  | 2000000 | 2235719 |
| Plano Independent School District 5% 2/15/2036  | 2800000 | 3104327 |
| Plano Independent School District 5% 2/15/2037  | 3125000 | 3441504 |
| Plano Independent School District 5% 2/15/2038  | 3300000 | 3609613 |
| Plano TX Gen. Oblig. 3.37% 9/1/2037  | 3485000 | 3420209 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2030  | 4445000 | 4899903 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2031  | 4670000 | 5226040 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2032  | 4905000 | 5552476 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2033  | 5140000 | 5878858 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2034  | 5400000 | 6230855 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2035  | 1640000 | 1880024 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2036  | 3220000 | 3660511 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2037  | 3380000 | 3810895 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2038  | 3550000 | 3976231 |
| Prosper Tex Gen. Oblig. 2.5% 2/15/2038  | 1170000 | 1000795 |
| Prosper Tex Indpt Sch Dist 3% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 4780000 | 4666863 |
| Prosper Tex Indpt Sch Dist 3% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1370000 | 1303361 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1130255 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1075000 | 1207733 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 800000 | 888354 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 1300000 | 1429933 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 1850000 | 2014156 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2043 (Permanent Sch Fund of Texas Guaranteed)  | 2230000 | 2408045 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2044 (Permanent Sch Fund of Texas Guaranteed)  | 1850000 | 1983461 |
| Richardson TX Indpt Sch Dist Series 2024, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1150000 | 1302599 |
| Richardson TX Indpt Sch Dist Series 2024, 5% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 755000 | 811829 |
| Richardson TX Indpt Sch Dist Series 2024, 5% 2/15/2043 (Permanent Sch Fund of Texas Guaranteed)  | 2200000 | 2349113 |
| Round Rock TX Indpt Sch Dist Series 2016, 3% 8/1/2041 (Permanent Sch Fund of Texas Guaranteed)  | 2675000 | 2394350 |
| Round Rock TX Indpt Sch Dist Series 2025B, 5% 8/1/2038 (Permanent Sch Fund of Texas Guaranteed)  | 10625000 | 12162134 |
| Sabine Pass Tex Indpt Sch Dist Series 2024, 5% 8/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1355000 | 1504679 |
| San Antonio TX Gen. Oblig. Series 2021, 4% 8/1/2033  | 3145000 | 3324005 |
| Sienna Mun Util Dist No 10 Tex Gen. Oblig. Series 2022, 3% 4/1/2036 (Build America Mutual Assurance Co Insured)  | 1185000 | 1104876 |
| Sienna Mun Util Dist No 10 Tex Gen. Oblig. Series 2022, 3% 4/1/2037 (Build America Mutual Assurance Co Insured)  | 1210000 | 1106116 |
| South San Antonio TX Ids Series 2022, 3% 8/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1930000 | 1817823 |
| Spring Branch Tex Indp Sch Dst Series 2019, 3% 2/1/2032 (Permanent Sch Fund of Texas Guaranteed)  | 5315000 | 5341072 |
| Tarrant Cnty Tex Hosp Dist Gen. Oblig. Series 2023, 5% 8/15/2033  | 1105000 | 1244275 |
| Tarrant Cnty Tex Hosp Dist Gen. Oblig. Series 2023, 5.25% 8/15/2035  | 1635000 | 1845333 |
| Tarrant Cnty Tex Hosp Dist Gen. Oblig. Series 2023, 5.25% 8/15/2036  | 1000000 | 1121044 |
| Tarrant Cnty Tex Hosp Dist Gen. Oblig. Series 2023, 5.25% 8/15/2037  | 1000000 | 1113354 |
| Tarrant Cnty Tex Hosp Dist Gen. Oblig. Series 2023, 5.25% 8/15/2038  | 1220000 | 1350059 |
| Tarrant Cnty Tex Hosp Dist Gen. Oblig. Series 2023, 5.25% 8/15/2039  | 1750000 | 1924475 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023B, 5.5% tender 1/1/2054 (BP PLC Guaranteed) (b) | 4835000 | 5374487 |
| Texas State Gen. Oblig. 4% 8/1/2032 (c) | 1700000 | 1757144 |
| Texas State Gen. Oblig. 5% 8/1/2033 (c) | 4805000 | 5285827 |
| Texas State Gen. Oblig. Series 2014, 5% 8/1/2026 (c) | 5020000 | 5028941 |
| Texas State Gen. Oblig. Series 2016, 5.5% 8/1/2026 (c) | 3750000 | 3804056 |
| Texas State Gen. Oblig. Series 2017, 3% 8/1/2034 (c) | 2755000 | 2615868 |
| Texas State Gen. Oblig. Series 2020 B, 4% 8/1/2028 (c) | 4340000 | 4459300 |
| Texas State Gen. Oblig. Series 2020 B, 4% 8/1/2029 (c) | 5605000 | 5809554 |
| Texas State Gen. Oblig. Series 2020 B, 4% 8/1/2030 (c) | 5885000 | 6142762 |
| Texas State Gen. Oblig. Series 2020 B, 4% 8/1/2031 (c) | 6180000 | 6488074 |
| Texas State Gen. Oblig. Series 2021 A, 5% 8/1/2030 (c) | 5720000 | 6249678 |
| Texas State Gen. Oblig. Series 2021 A, 5% 8/1/2031 (c) | 6175000 | 6841195 |
| Texas State Gen. Oblig. Series 2021 A, 5% 8/1/2032 (c) | 6480000 | 7156723 |
| Texas State Gen. Oblig. Series 2021 B, 5% 8/1/2032 (c) | 4915000 | 5511729 |
| Tomball TX Indpt Sch Dist 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 5000000 | 5759571 |
| Tomball TX Indpt Sch Dist 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 6200000 | 7006112 |
| Travis Cnty TX Gen. Oblig. Series 2019 A, 5% 3/1/2034  | 5645000 | 6020678 |
| Travis Cnty TX Gen. Oblig. Series 2019 A, 5% 3/1/2035  | 17080000 | 18174316 |
| Travis Cnty TX Gen. Oblig. Series 2019 A, 5% 3/1/2036  | 5000000 | 5303967 |
| Travis Cnty TX Gen. Oblig. Series 2021, 2% 3/1/2034  | 1130000 | 990270 |
| Travis Cnty TX Gen. Oblig. Series 2021, 2% 3/1/2036  | 1175000 | 981400 |
| Waller TX Indpt Sch Dist Series 2025, 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 4695000 | 5404207 |
| Waller TX Indpt Sch Dist Series 2025, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 3500000 | 3996402 |
| Waller TX Indpt Sch Dist Series 2025, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 4000000 | 4530160 |
| Waller TX Indpt Sch Dist Series 2025, 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 2000000 | 2250851 |
| Wharton TX Indpt Sch Dist 2% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1280000 | 1035267 |
| Willis Tex Indpt Sch Dist 2% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 1700000 | 1469976 |
| Willis Tex Indpt Sch Dist 2% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 821805 |
| TOTAL GENERAL OBLIGATIONS |  | 951366410 |
| Health Care - 0.7% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Med Facs Rev (Baylor College of Medicine Proj.) Series 2024A, 5% 5/15/2029  | 10165000 | 10785700 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 5% 7/1/2037  | 5900000 | 6646830 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 5% 7/1/2038  | 4500000 | 5029646 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Childrens Hospital, TX Proj.) Series 2019 A, 4% 10/1/2035  | 1750000 | 1783833 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Childrens Hospital, TX Proj.) Series 2019 A, 4% 10/1/2036  | 3000000 | 3045334 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2026  | 680000 | 685920 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2027  | 485000 | 489036 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2029  | 630000 | 634788 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2031  | 990000 | 996649 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2026  | 1505000 | 1524861 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2027  | 1565000 | 1618658 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2030  | 2330000 | 2414184 |
| Tarrant Cnty Tex Cultural Ed Facs Fin Corp Retirement Fac Rev (Lifespace Proj.) Series 2015, 5% 11/15/2030  | 6130000 | 6134061 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 5% tender 11/15/2052 (b) | 8030000 | 8733936 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2032  | 1725000 | 1968845 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2033  | 2455000 | 2829443 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2034  | 1650000 | 1916254 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2035  | 1850000 | 2144585 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2036  | 2230000 | 2560038 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2037  | 2000000 | 2272567 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Ascension Health Credit Group Proj.) Series 2025 C2, 5% tender 11/15/2051 (b) | 13900000 | 15833894 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Health Resources Proj.) Series 2016 A, 5% 2/15/2034  | 2040000 | 2066773 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Health Resources Proj.) Series 2025 C, 5% tender 11/15/2064 (b) | 15015000 | 16759988 |
| TOTAL HEALTH CARE |  | 98875823 |
| Housing - 0.3% |  |  |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev (TX Residential Mortgage Proj.) Series 2023B, 6% 1/1/2054  | 15130000 | 16605911 |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev 5.1% 7/1/2050  | 6625000 | 6790737 |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev 5.15% 7/1/2055  | 11190000 | 11333929 |
| Texas St Dept Hsg & Cmnty Affairs Multifamily Hsg Rev Series 2019, 2.95% 7/1/2036  | 6011556 | 5516552 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) Series 2019 A, 4% 3/1/2050  | 3080000 | 3106429 |
| TOTAL HOUSING |  | 43353558 |
| Industrial Development - 0.2% |  |  |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.57% 4/1/2040 VRDN (b) | 18125000 | 18125000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.57% 4/1/2040 VRDN (b) | 8400000 | 8400000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 26525000 |
| Resource Recovery - 0.0% |  |  |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2024, 4% tender 6/1/2054 (b)(c) | 4295000 | 4320634 |
| Special Tax - 0.5% |  |  |
| Dallas TX Rapid Transit Sales Tax Rev 5.25% 12/1/2029  | 7135000 | 7841088 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2029  | 1000000 | 1060129 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2030  | 1250000 | 1322837 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2031  | 1650000 | 1744174 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2033  | 1535000 | 1614898 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2034  | 1250000 | 1313071 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2035  | 1700000 | 1782459 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2037  | 1140000 | 1286730 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2038  | 1195000 | 1339751 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2039  | 550000 | 612541 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2040  | 840000 | 924809 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2041  | 1100000 | 1198791 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2042  | 1115000 | 1202571 |
| Texas Pub Fin Auth Lease Rev (Texas State Proj.) Series 2019, 5% 2/1/2028  | 1315000 | 1382099 |
| Texas Transn Commn Gen. Oblig. (Mobility Fund Proj.) Series 2014 B, 0.65% tender 10/1/2041 (Texas State Guaranteed) (b) | 44145000 | 43819113 |
| TOTAL SPECIAL TAX |  | 68445061 |
| Transportation - 3.0% |  |  |
| Austin Tex Airport Sys 5% 11/15/2029 (c) | 2690000 | 2690601 |
| Austin Tex Airport Sys Series 2019 B, 5% 11/15/2027 (c) | 1500000 | 1557312 |
| Austin Tex Airport Sys Series 2019 B, 5% 11/15/2028 (c) | 2250000 | 2369558 |
| Austin Tex Airport Sys Series 2019 B, 5% 11/15/2029 (c) | 1500000 | 1604032 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2035  | 1000000 | 1092325 |
| Central TX Regl Mobility Auth Rev Series 2020 E, 4% 1/1/2034  | 950000 | 980736 |
| Central TX Regl Mobility Auth Rev Series 2020 E, 4% 1/1/2036  | 750000 | 769185 |
| Central TX Regl Mobility Auth Rev Series 2020 E, 5% 1/1/2029  | 750000 | 799142 |
| Central TX Regl Mobility Auth Rev Series 2020 E, 5% 1/1/2030  | 850000 | 923511 |
| Central TX Regl Mobility Auth Rev Series 2020 E, 5% 1/1/2032  | 800000 | 867308 |
| Central TX Regl Mobility Auth Rev Series 2020 E, 5% 1/1/2035  | 915000 | 983562 |
| Central TX Regl Mobility Auth Rev Series 2020G, 4% 1/1/2034  | 1000000 | 1028562 |
| Central TX Regl Mobility Auth Rev Series 2020G, 4% 1/1/2035  | 1000000 | 1025753 |
| Central TX Regl Mobility Auth Rev Series 2020G, 4% 1/1/2036  | 1000000 | 1021817 |
| Central TX Regl Mobility Auth Rev Series 2020G, 5% 1/1/2028  | 500000 | 522428 |
| Central TX Regl Mobility Auth Rev Series 2020G, 5% 1/1/2030  | 670000 | 727944 |
| Central TX Regl Mobility Auth Rev Series 2020G, 5% 1/1/2031  | 725000 | 787310 |
| Central TX Regl Mobility Auth Rev Series 2020G, 5% 1/1/2032  | 870000 | 943198 |
| City of Houston TX Airport System Revenue (United Airlines Inc Proj.) Series 2025B, 5.25% 7/15/2027 (c) | 8925000 | 9109598 |
| City of Houston TX Airport System Revenue (United Airlines Inc Proj.) Series 2025B, 5.25% 7/15/2028 (c) | 5000000 | 5167635 |
| City of Houston TX Airport System Revenue (United Airlines Inc Proj.) Series 2025B, 5.25% 7/15/2029 (c) | 12500000 | 13060860 |
| City of Houston TX Airport System Revenue (United Airlines Inc Proj.) Series 2025B, 5.5% 7/15/2036 (c) | 460000 | 498345 |
| City of Houston TX Airport System Revenue (United Airlines Inc Proj.) Series 2025B, 5.5% 7/15/2037 (c) | 2600000 | 2796108 |
| City of Houston TX Airport System Revenue (United Airlines Inc Proj.) Series 2025B, 5.5% 7/15/2038 (c) | 2300000 | 2460749 |
| City of Houston TX Airport System Revenue 4% 7/1/2035 (c) | 1100000 | 1118572 |
| City of Houston TX Airport System Revenue 4% 7/1/2036 (c) | 2180000 | 2195019 |
| City of Houston TX Airport System Revenue 4% 7/1/2037 (c) | 1200000 | 1202591 |
| City of Houston TX Airport System Revenue 4% 7/1/2038 (c) | 1750000 | 1737433 |
| City of Houston TX Airport System Revenue 4% 7/1/2039 (c) | 4500000 | 4464642 |
| City of Houston TX Airport System Revenue Series 2018 A, 5% 7/1/2026 (c) | 1635000 | 1652075 |
| City of Houston TX Airport System Revenue Series 2018 A, 5% 7/1/2027 (c) | 2180000 | 2242599 |
| City of Houston TX Airport System Revenue Series 2018 A, 5% 7/1/2028 (c) | 970000 | 1017826 |
| City of Houston TX Airport System Revenue Series 2018 B, 5% 7/1/2028  | 3110000 | 3291835 |
| City of Houston TX Airport System Revenue Series 2018 B, 5% 7/1/2029  | 12140000 | 12821984 |
| City of Houston TX Airport System Revenue Series 2018 B, 5% 7/1/2030  | 6385000 | 6737561 |
| City of Houston TX Airport System Revenue Series 2020 A, 4% 7/1/2035 (c) | 1500000 | 1517979 |
| City of Houston TX Airport System Revenue Series 2020 A, 4% 7/1/2039 (c) | 1895000 | 1880110 |
| City of Houston TX Airport System Revenue Series 2023A, 5% 7/1/2036 (Assured Guaranty Inc Insured) (c) | 3850000 | 4209426 |
| City of Houston TX Airport System Revenue Series 2023A, 5% 7/1/2037 (Assured Guaranty Inc Insured) (c) | 2000000 | 2170798 |
| City of Houston TX Airport System Revenue Series 2023A, 5% 7/1/2038 (Assured Guaranty Inc Insured) (c) | 2000000 | 2157480 |
| City of Houston TX Airport System Revenue Series 2023A, 5.25% 7/1/2039 (Assured Guaranty Inc Insured) (c) | 2700000 | 2966954 |
| City of Houston TX Airport System Revenue Series 2023A, 5.25% 7/1/2040 (Assured Guaranty Inc Insured) (c) | 5000000 | 5435752 |
| Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2030  | 3090000 | 3432938 |
| Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2031  | 1300000 | 1437393 |
| Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2032  | 2000000 | 2204574 |
| Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2033  | 2000000 | 2192924 |
| Dallas Fort Worth International Airport Series 2020 B, 4% 11/1/2035  | 7865000 | 8111175 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5% 11/1/2034 (c) | 24830000 | 27810529 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5% 11/1/2035 (c) | 11365000 | 12637986 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5.25% 11/1/2039 (c) | 12250000 | 13609713 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5.25% 11/1/2040 (c) | 21630000 | 23795622 |
| Galveston TX Wharves & Terminal Revenue Series 2023, 5% 8/1/2035 (c) | 1185000 | 1273440 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2031  | 4965000 | 5232528 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2032  | 4210000 | 4431308 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2033  | 6420000 | 6745684 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2034  | 4855000 | 5092974 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2023, 5% tender 10/1/2052 (b) | 42630000 | 44310855 |
| Love Field TX Arpt Mod Rev 4% 11/1/2034 (Assured Guaranty Inc Insured) (c) | 6245000 | 6393773 |
| Love Field TX Arpt Mod Rev 4% 11/1/2038 (Assured Guaranty Inc Insured) (c) | 1500000 | 1502932 |
| Love Field TX Arpt Mod Rev 5% 11/1/2033 (Assured Guaranty Inc Insured) (c) | 16660000 | 18134105 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2030 (c) | 1360000 | 1361803 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2031 (c) | 5730000 | 5736959 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2035 (c) | 1700000 | 1701486 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2026 (c) | 1000000 | 1015775 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2033 (c) | 1250000 | 1263952 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2034 (c) | 2925000 | 2955830 |
| North TX Twy Auth Rev 0% 1/1/2035 (Assured Guaranty Inc Insured) (f) | 1000000 | 743935 |
| North TX Twy Auth Rev 4% 1/1/2039  | 8025000 | 8059345 |
| North TX Twy Auth Rev 5% 1/1/2030  | 470000 | 470000 |
| North TX Twy Auth Rev 5% 1/1/2031  | 660000 | 660000 |
| North TX Twy Auth Rev 5% 1/1/2032  | 2915000 | 2978404 |
| North TX Twy Auth Rev 5% 1/1/2033  | 1280000 | 1308397 |
| North TX Twy Auth Rev Series 2019 A, 4% 1/1/2036  | 1725000 | 1747463 |
| North TX Twy Auth Rev Series 2020A, 4% 1/1/2037  | 3395000 | 3425836 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2034  | 2775000 | 3200368 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2041  | 6175000 | 6741963 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2043  | 1125000 | 1207863 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2045  | 3430000 | 3618032 |
| North TX Twy Auth Rev Series 2024A, 5.25% 1/1/2042  | 1140000 | 1256951 |
| North TX Twy Auth Rev Series 2024A, 5.25% 1/1/2044  | 2355000 | 2549918 |
| North TX Twy Auth Rev Series 2024B, 5% 1/1/2036  | 15445000 | 17459870 |
| North TX Twy Auth Rev Series A, 5% 1/1/2035  | 1480000 | 1722304 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2027 (c) | 2380000 | 2448342 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2028 (c) | 1085000 | 1138496 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2029 (c) | 3200000 | 3405514 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2029 (c) | 1270000 | 1357220 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2030 (c) | 1510000 | 1601894 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2030 (c) | 1235000 | 1317754 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2031 (c) | 2310000 | 2461641 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2031 (c) | 1250000 | 1324806 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2032 (c) | 1195000 | 1270950 |
| San Antonio TX Arpt Sys Rev Series 2019 A, 5% 7/1/2032 (c) | 950000 | 1004881 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2033  | 1710000 | 1758955 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2034  | 4000000 | 4093386 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2036  | 2965000 | 3001225 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2033  | 2750000 | 2836613 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2034  | 4000000 | 4103896 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2035  | 4000000 | 4080032 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2036  | 1290000 | 1309222 |
| Texas Private Activity Bd Surface Transn Corp Rev (NTE Mobility Partners Segments 3 LLC Proj.) Series 2023, 5% 12/31/2034 (c) | 2655000 | 2817393 |
| Texas Private Activity Bd Surface Transn Corp Rev (NTE Mobility Partners Segments 3 LLC Proj.) Series 2023, 5% 6/30/2034 (c) | 2110000 | 2240994 |
| Texas Private Activity Bd Surface Transn Corp Rev (NTE Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.125% 12/31/2035 (c) | 2095000 | 2223898 |
| Texas Private Activity Bd Surface Transn Corp Rev (NTE Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.125% 6/30/2035 (c) | 2185000 | 2322254 |
| Texas Private Activity Bd Surface Transn Corp Rev (NTE Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.25% 12/31/2036 (c) | 1965000 | 2085932 |
| Texas Private Activity Bd Surface Transn Corp Rev (NTE Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.25% 6/30/2036 (c) | 2310000 | 2455535 |
| Texas Private Activity Bd Surface Transn Corp Rev (NTE Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.375% 6/30/2037 (c) | 1275000 | 1355416 |
| TOTAL TRANSPORTATION |  | 426161371 |
| Water & Sewer - 2.0% |  |  |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2031  | 1000000 | 1129980 |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2033  | 650000 | 741368 |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2035  | 1000000 | 1127883 |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2036  | 1000000 | 1120251 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2034  | 1200000 | 1375785 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2035  | 1900000 | 2166587 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2036  | 3340000 | 3781050 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2037  | 2700000 | 3032215 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2038  | 8000000 | 8918441 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2039  | 10045000 | 11133481 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2040  | 4100000 | 4481415 |
| City of El Paso TX Water & Sewer Revenue Series 2022, 5% 3/1/2035  | 7140000 | 7795421 |
| City of El Paso TX Water & Sewer Revenue Series 2022, 5% 3/1/2036  | 5835000 | 6339070 |
| City of Georgetown TX Series 2025, 5% 8/15/2035  | 1000000 | 1140031 |
| City of Georgetown TX Series 2025, 5% 8/15/2036  | 1375000 | 1554981 |
| City of Georgetown TX Series 2025, 5% 8/15/2037  | 1585000 | 1774047 |
| City of Georgetown TX Series 2025, 5% 8/15/2038  | 1745000 | 1936048 |
| Dallas TX Wtrwks & Swr Sys Rev 5% 10/1/2041  | 7870000 | 8674538 |
| Dallas TX Wtrwks & Swr Sys Rev 5% 10/1/2042  | 1415000 | 1546544 |
| Dallas TX Wtrwks & Swr Sys Rev Series 2021 C, 3% 10/1/2036  | 2080000 | 1975516 |
| Fort Worth TX Wtr & Swr Rev 5% 2/15/2034  | 2135000 | 2348345 |
| Fort Worth TX Wtr & Swr Rev Series 2021, 2% 2/15/2036  | 4655000 | 3924855 |
| Fort Worth TX Wtr & Swr Rev Series 2021, 2% 2/15/2037  | 2450000 | 2021175 |
| Houston TX Util Sys Rev 4% 11/15/2035  | 1500000 | 1539316 |
| Houston TX Util Sys Rev 5% 11/15/2030  | 2145000 | 2386684 |
| Houston TX Util Sys Rev 5% 11/15/2031  | 2500000 | 2777977 |
| Houston TX Util Sys Rev 5% 11/15/2032  | 2000000 | 2211631 |
| Houston TX Util Sys Rev Series 2018 D, 5% 11/15/2031  | 5000000 | 5333852 |
| Houston TX Util Sys Rev Series 2021 A, 4% 11/15/2035  | 700000 | 721760 |
| Houston TX Util Sys Rev Series 2021 A, 4% 11/15/2036  | 700000 | 716533 |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2030  | 11200000 | 12467373 |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2032  | 8000000 | 9146366 |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2037  | 2000000 | 2257625 |
| Irving TX Wtrwks & Swr Rev Series 2021, 2% 8/15/2037  | 1110000 | 892342 |
| Mesquite Tex Wtrwks & Swr Rev Series 2021, 2% 3/1/2035  | 1740000 | 1463986 |
| Mesquite Tex Wtrwks & Swr Rev Series 2021, 2% 3/1/2036  | 1780000 | 1456907 |
| North TX Mun Wtr Dist Upper E Fork Wstwtr Intrcpt Contrct 2% 6/1/2039  | 2195000 | 1723730 |
| San Antonio TX Wtr Rev 5% 5/15/2040  | 2730000 | 2941114 |
| San Antonio TX Wtr Rev 5% 5/15/2041  | 2485000 | 2662571 |
| San Antonio TX Wtr Rev Series 2019C, 5% 5/15/2034  | 1550000 | 1670706 |
| San Antonio TX Wtr Rev Series 2022B, 5% 5/15/2032  | 730000 | 829831 |
| San Antonio TX Wtr Rev Series 2022B, 5% 5/15/2033  | 675000 | 763646 |
| San Antonio TX Wtr Rev Series 2022B, 5% 5/15/2035  | 1460000 | 1631408 |
| San Antonio TX Wtr Rev Series 2022B, 5% 5/15/2036  | 1590000 | 1763661 |
| San Antonio TX Wtr Rev Series 2025A, 5% 5/15/2036  | 10000000 | 11546059 |
| San Antonio TX Wtr Rev Series 2025A, 5% 5/15/2037  | 12500000 | 14272183 |
| San Antonio TX Wtr Rev Series 2025A, 5% 5/15/2038  | 3130000 | 3540768 |
| San Antonio TX Wtr Rev Series 2025A, 5% 5/15/2039  | 6250000 | 7016879 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2034  | 805000 | 934258 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2035  | 1500000 | 1750481 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2036  | 2000000 | 2309212 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2037  | 1665000 | 1901055 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2038  | 2275000 | 2573561 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2039  | 1750000 | 1964726 |
| Tarrant Regional Water District 5% 9/1/2038  | 10825000 | 12169746 |
| Tarrant Regl Wtr Dist Tex Wtr Series 2024, 5% 3/1/2035  | 3960000 | 4527931 |
| Tarrant Regl Wtr Dist Tex Wtr Series 2024, 5% 3/1/2036  | 2200000 | 2492205 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2034  | 875000 | 1003166 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2035  | 750000 | 851248 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2036  | 850000 | 955062 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2037  | 685000 | 763400 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2038  | 840000 | 929868 |
| Texas Wtr Dev Brd 5% 8/1/2032  | 3000000 | 3245888 |
| Texas Wtr Dev Brd 5% 8/1/2033  | 3450000 | 3720916 |
| Texas Wtr Dev Brd 5% 8/1/2034  | 4500000 | 4839297 |
| Texas Wtr Dev Brd 5% 8/1/2035  | 5500000 | 5891017 |
| Texas Wtr Dev Brd Series 2018 B, 4% 10/15/2036  | 9840000 | 9998928 |
| Texas Wtr Dev Brd Series 2018 B, 5% 10/15/2030  | 3240000 | 3460671 |
| Texas Wtr Dev Brd Series 2018 B, 5% 4/15/2031  | 5000000 | 5332865 |
| Texas Wtr Dev Brd Series 2018A, 4% 10/15/2032  | 7000000 | 7169893 |
| Texas Wtr Dev Brd Series 2019 A, 3% 10/15/2034  | 4610000 | 4582346 |
| Texas Wtr Dev Brd Series 2019 A, 5% 4/15/2032  | 3805000 | 4137043 |
| Texas Wtr Dev Brd Series 2021, 4% 8/1/2035  | 6945000 | 7209148 |
| Texas Wtr Dev Brd Series 2022, 5% 10/15/2032  | 1350000 | 1548190 |
| Texas Wtr Dev Brd Series 2022, 5% 10/15/2033  | 1300000 | 1483016 |
| Texas Wtr Dev Brd Series 2022, 5% 4/15/2032  | 1000000 | 1139216 |
| Texas Wtr Dev Brd Series 2022, 5% 4/15/2033  | 850000 | 971750 |
| TOTAL WATER & SEWER |  | 273630038 |
| TOTAL TEXAS |  | 2161062064 |
| Utah - 0.3%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Intermountain Pwr Agy UT Pwr Series 2022A, 4% 7/1/2036  | 4890000 | 5097863 |
| General Obligations - 0.1% |  |  |
| Salt Lake City UT Gen. Oblig. 3% 6/15/2038  | 1085000 | 1013961 |
| Salt Lake City UT Gen. Oblig. 3% 6/15/2039  | 1120000 | 1042579 |
| Salt Lake City UT Gen. Oblig. Series 2021, 3% 6/15/2037  | 1055000 | 1000309 |
| Washington Cnty Utah Sch Dist Series 2020, 1.5% 3/1/2033  | 1840000 | 1571159 |
| Weber Sch Dist Utah 2.375% 6/15/2035  | 1825000 | 1664957 |
| Weber Sch Dist Utah 2.375% 6/15/2036  | 1150000 | 1029141 |
| TOTAL GENERAL OBLIGATIONS |  | 7322106 |
| Housing - 0.0% |  |  |
| Utah Hsg Corp Series 2021E(G2), 2% 4/21/2051  | 1813233 | 1462244 |
| Special Tax - 0.1% |  |  |
| Mida Cormont Public Infrastructure District Gen. Oblig. Series 2025A 1, 6.25% 6/1/2055 (d) | 2225000 | 2334211 |
| Mida Mountain Village Public Infrastructure District Series 2024 2, 5.75% 6/15/2044 (d) | 1875000 | 1919758 |
| Point Phase 1 Public Infrastructure District No 1 Series 2025A1, 5.125% 3/1/2035  | 3052000 | 3191894 |
| Point Phase 1 Public Infrastructure District No 1 Series 2025A1, 5.875% 3/1/2045  | 3929000 | 4058746 |
| TOTAL SPECIAL TAX |  | 11504609 |
| Transportation - 0.1% |  |  |
| Salt Lake City UT Arpt Rev 4% 7/1/2038 (c) | 5000000 | 5016196 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2026 (c) | 1120000 | 1131974 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2028 (c) | 3885000 | 4001514 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2032 (c) | 1215000 | 1247451 |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2029 (c) | 1500000 | 1570926 |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2030 (c) | 1345000 | 1407650 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2036 (c) | 1500000 | 1674962 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2039 (c) | 1500000 | 1643172 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2040 (c) | 2125000 | 2303011 |
| TOTAL TRANSPORTATION |  | 19996856 |
| Water & Sewer - 0.0% |  |  |
| City of Park City UT Water Revenue Series 2021, 2% 12/15/2037  | 265000 | 209563 |
| Spanish Fork City Utah Wtr Rev 2% 6/1/2035  | 1665000 | 1418334 |
| TOTAL WATER & SEWER |  | 1627897 |
| TOTAL UTAH |  | 47011575 |
| Vermont - 0.0%  |  |  |
| Education - 0.0% |  |  |
| Vermont St Stud Assit Corp Series A, 5% 6/15/2027 (c) | 1590000 | 1620842 |
| Virginia - 1.4%  |  |  |
| Education - 0.0% |  |  |
| Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2036  | 525000 | 541126 |
| Virginia College Bldg Auth VA Edl Facs Rev Pub Higher Ed Fing Prog 4% 9/1/2041  | 4100000 | 4133885 |
| TOTAL EDUCATION |  | 4675011 |
| Electric Utilities - 0.1% |  |  |
| Wise Cnty VA Indl Dev Auth Solid Waste & Sew Disp Rev (Virginia Electric And Power Co Proj.) Series 2009A, 3.125% tender 10/1/2040 (b) | 9390000 | 9423109 |
| General Obligations - 0.5% |  |  |
| City of Chesapeake VA Gen. Oblig. Series 2020 A, 5% 8/1/2032  | 1500000 | 1669029 |
| City of Chesapeake VA Gen. Oblig. Series 2020 A, 5% 8/1/2033  | 1500000 | 1663759 |
| Henrico Cnty VA Gen. Oblig. 2% 8/1/2032  | 1095000 | 1006927 |
| Manassas VA Gen. Oblig. 1.75% 1/1/2035  | 2615000 | 2190250 |
| Manassas VA Gen. Oblig. 1.75% 1/1/2036  | 2640000 | 2146367 |
| Manassas VA Gen. Oblig. 2% 1/1/2034  | 2555000 | 2287482 |
| Richmond VA Gen. Oblig. Series 2020 A, 2% 7/15/2036  | 250000 | 208627 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2017 C TRANCHE 2, 4% 2/1/2034  | 3265000 | 3290057 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2017 E, 5% 2/1/2030  | 8875000 | 9337711 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2017 E, 5% 2/1/2031  | 10295000 | 10830572 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2019A, 3% 2/1/2036  | 3445000 | 3356869 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2020 A, 5% 2/1/2034  | 1050000 | 1140645 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2020 A, 5% 2/1/2035  | 2500000 | 2706262 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 3% 2/1/2039  | 2670000 | 2440897 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) 5% 5/15/2029  | 6160000 | 6444248 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) Series 2022, 4% 5/15/2033  | 6530000 | 7040989 |
| Virginia St Pub Sch Auth Spl Oblig Stafford Cnty (County of Stafford VA Proj.) Series 2023, 5% 8/1/2036  | 1000000 | 1144047 |
| Virginia St Pub Sch Auth Spl Oblig Stafford Cnty (County of Stafford VA Proj.) Series 2023, 5% 8/1/2037  | 5090000 | 5776511 |
| Virginia St Pub Sch Auth Spl Oblig Stafford Cnty (County of Stafford VA Proj.) Series 2023, 5% 8/1/2038  | 2370000 | 2673316 |
| Virginia St Pub Sch Auth Spl Oblig Stafford Cnty (County of Stafford VA Proj.) Series 2023, 5% 8/1/2039  | 2510000 | 2814288 |
| TOTAL GENERAL OBLIGATIONS |  | 70168853 |
| Health Care - 0.3% |  |  |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2020, 5% 7/1/2027  | 120000 | 123837 |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2020, 5% 7/1/2028  | 1175000 | 1238128 |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2020, 5% 7/1/2030  | 1265000 | 1384093 |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2020, 5% 7/1/2032  | 1005000 | 1095134 |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2023 A, 5% tender 7/1/2053 (b) | 18810000 | 20329370 |
| Norfolk VA Economic Dev Auth Hosp Facs Rev (Sentara Hlth Sys Obl Group Proj.) Series 2018 A, 5% tender 11/1/2048 (b) | 5455000 | 5775169 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 4% 6/15/2037  | 615000 | 615153 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2032  | 1750000 | 1765370 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2034  | 2735000 | 2756675 |
| Virginia Small Business Fing Auth Rev (National Senior Campuses Proj.) Series 2020A, 5% 1/1/2028  | 1100000 | 1136300 |
| Virginia Small Business Fing Auth Rev (National Senior Campuses Proj.) Series 2020A, 5% 1/1/2029  | 1400000 | 1468609 |
| Virginia Small Business Fing Auth Rev (National Senior Campuses Proj.) Series 2020A, 5% 1/1/2030  | 1600000 | 1685999 |
| Winchester Economic Development Authority (Valley Health Proj.) 5% 1/1/2032  | 1940000 | 1940000 |
| Winchester Economic Development Authority (Valley Health Proj.) 5% 1/1/2033  | 2515000 | 2515000 |
| TOTAL HEALTH CARE |  | 43828837 |
| Housing - 0.0% |  |  |
| Fairfax Cnty VA Redev & Hsg Auth Multi-Family Hsg Rev 5% tender 1/1/2045 (b) | 4440000 | 4568502 |
| Transportation - 0.5% |  |  |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 1/1/2039 (c) | 1850000 | 1819410 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 1/1/2040 (c) | 3200000 | 3077255 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 7/1/2039 (c) | 2750000 | 2688985 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 5% 1/1/2037 (c) | 6265000 | 6626966 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 5% 7/1/2033 (c) | 5765000 | 6219259 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 5% 7/1/2036 (c) | 2875000 | 3052028 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2036 (c) | 3000000 | 3017263 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2037 (c) | 4500000 | 4488135 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2038 (c) | 4750000 | 4716993 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2039 (c) | 12775000 | 12588984 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2040 (c) | 3500000 | 3390712 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 7/1/2033 (c) | 1590000 | 1622259 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 7/1/2035 (c) | 2540000 | 2565770 |
| TOTAL TRANSPORTATION |  | 55874019 |
| Water & Sewer - 0.0% |  |  |
| Chesapeake VA Wtr & Swr Sys 2% 7/1/2037  | 1395000 | 1147724 |
| TOTAL VIRGINIA |  | 189686055 |
| Washington - 2.7%  |  |  |
| Education - 0.1% |  |  |
| Washington St Higher Ed Facs (Whitman College Proj.) Series 2024, 4% 1/1/2043  | 4820000 | 4612949 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2029  | 550000 | 553786 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2030  | 2510000 | 2526612 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2031  | 2635000 | 2651129 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2033  | 560000 | 562645 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2019, 4% 10/1/2049  | 5235000 | 4150427 |
| TOTAL EDUCATION |  | 15057548 |
| Electric Utilities - 0.3% |  |  |
| Energy Norwthwest WA Elec Rev 5% 7/1/2038 (Bonneville Power Administration Guaranteed)  | 2900000 | 3341054 |
| Energy Norwthwest WA Elec Rev 5% 7/1/2039 (Bonneville Power Administration Guaranteed)  | 11165000 | 12771939 |
| Energy Norwthwest WA Elec Rev Series 2022 A, 5% 7/1/2033 (Bonneville Power Administration Guaranteed)  | 5750000 | 6540021 |
| Seattle WA Mun Lt & Pwr Rev Series 2021 A, 4% 7/1/2035  | 8490000 | 8921596 |
| Tacoma WA Elec Sys Rev Series 2017, 5% 1/1/2029  | 1050000 | 1073162 |
| Tacoma WA Elec Sys Rev Series 2017, 5% 1/1/2036  | 1140000 | 1160969 |
| TOTAL ELECTRIC UTILITIES |  | 33808741 |
| General Obligations - 1.0% |  |  |
| Benton Cnty Wash Sch Dist No 017 Kennewick Series 2021, 2.5% 12/1/2038 (State of Washington Guaranteed)  | 1770000 | 1524778 |
| King Cnty WA Sch Dist No 401 Highline Series 2023, 5% 12/1/2038 (State of Washington Guaranteed)  | 1750000 | 1938210 |
| King Cnty WA Sch Dist No 401 Highline Series 2023, 5% 12/1/2039 (State of Washington Guaranteed)  | 2750000 | 3027725 |
| King Cnty WA Sch Dist No 401 Highline Series 2023, 5% 12/1/2040 (State of Washington Guaranteed)  | 3200000 | 3500540 |
| King County WA Gen. Oblig. 2% 1/1/2036  | 1100000 | 948470 |
| King County WA Gen. Oblig. 2% 1/1/2037  | 965000 | 810124 |
| Snohomish Cnty WA Sch Dist #6 Mukilteo Series 2020, 3% 12/1/2037 (State of Washington Guaranteed)  | 2000000 | 1875913 |
| South Correctional Entity Facility Public Development Authority Gen. Oblig. Series 2019, 3% 12/1/2038  | 2580000 | 2376598 |
| State of Washington Gen. Oblig. 5% 2/1/2039  | 1275000 | 1417162 |
| State of Washington Gen. Oblig. Series 2018 A, 5% 8/1/2032  | 14420000 | 14950559 |
| State of Washington Gen. Oblig. Series 2019 B, 5% 6/1/2034  | 3300000 | 3471836 |
| State of Washington Gen. Oblig. Series 2020C, 5% 2/1/2037  | 9530000 | 10233457 |
| State of Washington Gen. Oblig. Series 2021 A, 5% 8/1/2035  | 2625000 | 2861596 |
| State of Washington Gen. Oblig. Series 2023A, 5% 8/1/2035  | 1435000 | 1617551 |
| State of Washington Gen. Oblig. Series 2025C, 5% 2/1/2036  | 10000000 | 11672379 |
| State of Washington Gen. Oblig. Series R 2017A, 5% 8/1/2028  | 1735000 | 1757267 |
| State of Washington Gen. Oblig. Series R 2017A, 5% 8/1/2030  | 1735000 | 1757468 |
| State of Washington Gen. Oblig. Series R 2018 D, 5% 8/1/2032  | 24300000 | 25194077 |
| State of Washington Gen. Oblig. Series R 2018 D, 5% 8/1/2033  | 30735000 | 31831935 |
| State of Washington Gen. Oblig. Series R 2018C, 5% 8/1/2030  | 6665000 | 6919696 |
| State of Washington Gen. Oblig. Series R 2021A, 5% 6/1/2038  | 2250000 | 2415110 |
| State of Washington Gen. Oblig. Series R 2022 D, 4% 7/1/2035  | 4120000 | 4334159 |
| State of Washington Gen. Oblig. Series R 2022C, 4% 7/1/2035  | 9630000 | 10130571 |
| TOTAL GENERAL OBLIGATIONS |  | 146567181 |
| Health Care - 0.3% |  |  |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2026  | 1175000 | 1189128 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2028  | 3825000 | 3936569 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2031  | 5780000 | 5945028 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2017, 5% 8/15/2032  | 1520000 | 1561824 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2031  | 1000000 | 1066609 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2035  | 1500000 | 1577234 |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) Series 2017B, 4% 8/15/2041  | 3095000 | 2955706 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2026  | 1935000 | 1945564 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2029  | 3100000 | 3181594 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2034  | 610000 | 623236 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2042  | 5305000 | 5334681 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2027  | 2430000 | 2511572 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2028  | 3225000 | 3408238 |
| TOTAL HEALTH CARE |  | 35236983 |
| Housing - 0.0% |  |  |
| King Cnty Wash Hsg Auth Affordable Hsg Rev 5% 1/1/2028  | 3120000 | 3123231 |
| King Cnty Wash Hsg Auth Affordable Hsg Rev 5% 1/1/2028  | 1555000 | 1585813 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2021, 2% 12/1/2033  | 1435000 | 1245104 |
| Washington St Hsg Fin Commn Multifamily Tax-Exempt Mtg-Bkd Bonds Series 2022A, 2.85% 9/1/2042 (Fannie Mae Guaranteed)  | 3000000 | 2303195 |
| TOTAL HOUSING |  | 8257343 |
| Special Tax - 0.3% |  |  |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 3% 7/1/2043  | 3770000 | 3028886 |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 4% 7/1/2031  | 40650000 | 41945097 |
| TOTAL SPECIAL TAX |  | 44973983 |
| Transportation - 0.7% |  |  |
| Port Seattle WA Rev 5% 2/1/2029  | 2430000 | 2434381 |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2029 (c) | 1515000 | 1553251 |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2037 (c) | 2290000 | 2328906 |
| Port Seattle WA Rev Series 2019, 5% 4/1/2028 (c) | 2250000 | 2352349 |
| Port Seattle WA Rev Series 2024B, 5% 7/1/2034 (c) | 7000000 | 7920584 |
| Port Seattle WA Rev Series 2024B, 5% 7/1/2035 (c) | 13785000 | 15484040 |
| Port Seattle WA Rev Series 2025 B, 5% 10/1/2036 (c) | 4400000 | 4960513 |
| Port Seattle WA Rev Series 2025 B, 5% 10/1/2037 (c) | 7500000 | 8379632 |
| Port Seattle WA Rev Series 2025 B, 5% 10/1/2038 (c) | 6000000 | 6656716 |
| Port Seattle WA Rev Series 2025 B, 5% 10/1/2039 (c) | 5000000 | 5505264 |
| Port Seattle WA Rev Series 2025 B, 5% 10/1/2040 (c) | 7500000 | 8164346 |
| Port Seattle WA Rev Series 2025 B, 5.25% 10/1/2041 (c) | 20000000 | 22148444 |
| Port Seattle WA Rev Series B, 5% 10/1/2026 (c) | 3625000 | 3641540 |
| Port Seattle WA Rev Series B, 5% 10/1/2029 (c) | 4615000 | 4634659 |
| TOTAL TRANSPORTATION |  | 96164625 |
| TOTAL WASHINGTON |  | 380066404 |
| West Virginia - 0.2%  |  |  |
| Electric Utilities - 0.0% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2015A, 3.375% tender 3/1/2040 (b) | 3425000 | 3463102 |
| Health Care - 0.2% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2036  | 4170000 | 4140074 |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2043  | 3725000 | 3486803 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2025 B, 5% tender 6/1/2055 (b) | 13790000 | 15195816 |
| TOTAL HEALTH CARE |  | 22822693 |
| TOTAL WEST VIRGINIA |  | 26285795 |
| Wisconsin - 1.4%  |  |  |
| Education - 0.0% |  |  |
| Public Fin Auth WI Revenue (Roseman Univ of Hlth Sciences Proj.) Series 2020, 5% 4/1/2030 (d) | 400000 | 409329 |
| Public Fin Auth Wis Edl Fac Rev (Queens University of Charlotte Proj.) 5.25% 3/1/2042  | 4075000 | 4134192 |
| TOTAL EDUCATION |  | 4543521 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Public Fin Auth WI Revenue Series 2020, 5% 4/1/2030 (Escrowed to Maturity) (d) | 125000 | 131063 |
| General Obligations - 0.4% |  |  |
| Howard Suamico WI Scd 2% 3/1/2037  | 4410000 | 3539160 |
| Kohler Wis Sch Dist 2% 3/1/2035  | 1135000 | 957289 |
| Kohler Wis Sch Dist 2% 3/1/2036  | 1160000 | 953074 |
| Kohler Wis Sch Dist 2% 3/1/2037  | 1180000 | 943402 |
| Madison WI Gen. Oblig. 2% 10/1/2031  | 1130000 | 1031351 |
| Madison WI Gen. Oblig. 2% 10/1/2033  | 1130000 | 981059 |
| Marathon Cnty Wis Gen. Oblig. Series 2021 B, 2.125% 2/1/2041  | 1600000 | 1142011 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2030  | 1200000 | 1317374 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2031  | 800000 | 893332 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2033  | 1350000 | 1548528 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2036  | 1115000 | 1264686 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2037  | 4745000 | 5374692 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2038  | 4835000 | 5445440 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2039  | 2510000 | 2807660 |
| Racine WI Uni Sch Dist 5% 4/1/2034 (Assured Guaranty Inc Insured)  | 1860000 | 2107838 |
| Racine WI Uni Sch Dist 5% 4/1/2036 (Assured Guaranty Inc Insured)  | 1100000 | 1230958 |
| Racine WI Uni Sch Dist 5% 4/1/2037 (Assured Guaranty Inc Insured)  | 2375000 | 2636652 |
| Racine WI Uni Sch Dist 5% 4/1/2038 (Assured Guaranty Inc Insured)  | 2490000 | 2751904 |
| Racine WI Uni Sch Dist 5% 4/1/2039 (Assured Guaranty Inc Insured)  | 1300000 | 1429726 |
| Racine WI Uni Sch Dist 5% 4/1/2040 (Assured Guaranty Inc Insured)  | 900000 | 984545 |
| Wisconsin St Gen. Oblig. 5% 5/1/2034  | 3000000 | 3400433 |
| Wisconsin St Gen. Oblig. 5% 5/1/2035  | 3000000 | 3382866 |
| Wisconsin St Gen. Oblig. Series 2025 1, 5% 5/1/2033  | 3985000 | 4623896 |
| Wisconsin St Gen. Oblig. Series 2025 1, 5% 5/1/2036  | 900000 | 1053584 |
| TOTAL GENERAL OBLIGATIONS |  | 51801460 |
| Health Care - 0.8% |  |  |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 4% 6/1/2045  | 20085000 | 18707910 |
| Public Fin Auth WI Hosp Rev (WakeMed Proj.) 5% 10/1/2044  | 790000 | 801620 |
| Public Fin Auth Wis Retirement Fac Rev (Southminster NC Proj.) 5% 10/1/2043 (d) | 1420000 | 1414903 |
| Public Fin Auth Wis Retirement Fac Rev (Southminster NC Proj.) 5% 10/1/2048 (d) | 1480000 | 1404289 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5% 5/15/2030 (d) | 1135000 | 1147615 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5.25% 5/15/2037 (d) | 535000 | 539773 |
| Public Finance Authority (Blue Ridge Healthcare Proj.) Series 2020 A, 5% 1/1/2031  | 1050000 | 1124598 |
| Public Finance Authority (Blue Ridge Healthcare Proj.) Series 2020 A, 5% 1/1/2034  | 1000000 | 1061922 |
| Public Finance Authority (Blue Ridge Healthcare Proj.) Series 2020 A, 5% 1/1/2038  | 1050000 | 1102526 |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2024A, 5% 4/1/2033  | 1310000 | 1491477 |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2024A, 5% 4/1/2034  | 1000000 | 1147474 |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2024A, 5% 4/1/2035  | 1150000 | 1323889 |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2024A, 5% 4/1/2037  | 750000 | 847983 |
| Wisconsin Health & Educational Facilities Authority (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b) | 2515000 | 2545671 |
| Wisconsin Health & Educational Facilities Authority (Froedtert Thedacare Proj.) 5% 12/15/2031  | 1000000 | 1069456 |
| Wisconsin Health & Educational Facilities Authority (Froedtert Thedacare Proj.) 5% 12/15/2032  | 1750000 | 1867770 |
| Wisconsin Health & Educational Facilities Authority (Froedtert Thedacare Proj.) 5% 12/15/2034  | 1720000 | 1825951 |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b) | 7105000 | 7605770 |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) Series 2018C 4, 5% tender 8/15/2054 (b) | 4900000 | 5243688 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) 5% 8/15/2034  | 1000000 | 1144439 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) 5% 8/15/2036  | 1050000 | 1196495 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) 5% 8/15/2038  | 1000000 | 1117678 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) 5% 8/15/2039  | 1250000 | 1386889 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) 5% 8/15/2040  | 450000 | 493181 |
| Wisconsin St Health & Edl Facs Auth Rev (Fort Healthcare Inc Proj.) Series 2024 B, 5% tender 10/1/2054 (b) | 7165000 | 7891712 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2037  | 7850000 | 7069047 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2038  | 4705000 | 4192220 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2039  | 2445000 | 2139768 |
| Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 4.5% 2/15/2054 (Build America Mutual Assurance Co Insured)  | 4870000 | 4741622 |
| Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 5.25% 2/15/2035  | 5575000 | 6304895 |
| Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 5.25% 2/15/2036  | 12925000 | 14513600 |
| Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 5.5% 2/15/2054  | 4675000 | 4911991 |
| TOTAL HEALTH CARE |  | 109377822 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (WI Home Ownership Proj.) 3.5% 9/1/2050  | 3985000 | 3972146 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (WI Home Ownership Proj.) Series 2021 A, 3% 3/1/2052  | 2430000 | 2391271 |
| TOTAL HOUSING |  | 6363417 |
| Special Tax - 0.1% |  |  |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2029 (Assured Guaranty Inc Insured) (f) | 1050000 | 931539 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2031 (Assured Guaranty Inc Insured) (f) | 1350000 | 1118955 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2032 (Assured Guaranty Inc Insured) (f) | 2800000 | 2237241 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2033 (Assured Guaranty Inc Insured) (f) | 1350000 | 1035174 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2034 (Assured Guaranty Inc Insured) (f) | 1250000 | 918515 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2028 (Assured Guaranty Inc Insured) (f) | 255000 | 234095 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2029 (Assured Guaranty Inc Insured) (f) | 390000 | 347350 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2031 (Assured Guaranty Inc Insured) (f) | 1000000 | 833728 |
| TOTAL SPECIAL TAX |  | 7656597 |
| Water & Sewer - 0.1% |  |  |
| Milwaukee Wis Met Sew Dist Gen. Oblig. 2% 10/1/2035  | 2435000 | 2061808 |
| Milwaukee Wis Met Sew Dist Gen. Oblig. 2% 10/1/2036  | 2490000 | 2050847 |
| Milwaukee Wis Met Sew Dist Gen. Oblig. 2% 10/1/2037  | 2545000 | 2036267 |
| Milwaukee Wis Met Sew Dist Gen. Oblig. 2% 10/1/2038  | 2605000 | 2029414 |
| Milwaukee Wis Met Sew Dist Gen. Oblig. 5% 10/1/2037  | 5000000 | 5570645 |
| TOTAL WATER & SEWER |  | 13748981 |
| TOTAL WISCONSIN |  | 193622861 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $13,154,814,895) |  | <br> **13218669328** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.7%** | &nbsp;&nbsp;**Money Market Funds - 4.7%** | &nbsp;&nbsp;**Money Market Funds - 4.7%** | &nbsp;&nbsp;**Money Market Funds - 4.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (j)(k)<br>(Cost $669,401,848)<br>| 3.07 | 669268004 | **669401858** |

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| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.2%**<br> (Cost $13,824,216,743)<br>| <br>**13888071186** |
| **NET OTHER ASSETS (LIABILITIES) - 0.8%**  | **105276238** |
| **NET ASSETS - 100.0%** | **13993347424** |

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**Security Type Abbreviations**

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

**Legend**

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

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

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $72,488,675 or 0.5% of net assets.

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

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

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

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

(i) Level 3 security.

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

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | 463681899 | 2582872082 | 2377152123 | 12974420 | - | - | 669401858 | 669268004 | 15.8% |
| Total | 463681899 | 2582872082 | 2377152123 | 12974420 | - | - | 669401858 |  |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 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 | 698464784 | - | 698464784 | - |
| Electric Utilities | 650976944 | - | 650976944 | - |
| Escrowed/Pre-Refunded | 15602987 | - | 15602987 | - |
| General Obligations | 5195047345 | - | 5195047345 | - |
| Health Care | 1658492749 | - | 1655192749 | 3300000 |
| Housing | 513848419 | - | 513848419 | - |
| Industrial Development | 205891935 | - | 205891935 | - |
| Other | 36958982 | - | 36958982 | - |
| Resource Recovery | 19237854 | - | 19237854 | - |
| Special Tax | 1021567524 | - | 1021567524 | - |
| Tobacco Bonds | 34134297 | - | 34134297 | - |
| Transportation | 2599044647 | - | 2599044647 | - |
| Water & Sewer | 569400861 | - | 569400861 | - |
|  **Money Market Funds** | 669401858 | 669401858 | - | - |
| **Total Investments in Securities:** | 13888071186 | 669401858 | 13215369328 | 3300000 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $13,154,814,895) | $13218669328 |  |
| Fidelity Central Funds (cost $669,401,848) | 669401858 |  |
| Total Investment in Securities (cost $13,824,216,743) |  | $13888071186 |
| Cash |  | 8452 |
| Receivable for investments sold |  | 7123 |
| Receivable for fund shares sold |  | 11366127 |
| Interest receivable |  | 165872475 |
| Distributions receivable from Fidelity Central Funds |  | 1487854 |
| Prepaid expenses |  | 9528 |
| Receivable from investment adviser for expense reductions |  | 208111 |
| Other receivables |  | 941 |
| **Total assets** |  | 14067031797 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $25070 |  |
| Delayed delivery | 44672220 |  |
| Payable for fund shares redeemed | 12900220 |  |
| Distributions payable | 11521503 |  |
| Accrued management fee | 3086803 |  |
| Distribution and service plan fees payable | 28592 |  |
| Other affiliated payables | 1195072 |  |
| Other payables and accrued expenses | 254893 |  |
| **Total liabilities** |  | 73684373 |
| **Net Assets**  |  | $13993347424 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $14009144459 |
| Total accumulated earnings (loss) |  | (15797035) |
| **Net Assets** |  | $13993347424 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($96,482,678 ÷ 9,391,490 shares)(a) |  | $10.27 |
| Maximum offering price per share (100/96.00 of $10.27) |  | $10.70 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($10,256,955 ÷ 999,084 shares)(a) |  | $10.27 |
| Maximum offering price per share (100/96.00 of $10.27) |  | $10.70 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($7,585,005 ÷ 738,064 shares)(a) |  | $10.28 |
| **Intermediate Municipal Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,555,080,101 ÷ 443,722,421 shares) |  | $10.27 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,467,326,338 ÷ 239,973,778 shares) |  | $10.28 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,856,616,347 ÷ 666,648,921 shares) |  | $10.29 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $417045144 |
| Income from Fidelity Central Funds  |  | 12969443 |
| **Total income** |  | 430014587 |
| **Expenses** |  |  |
| Management fee | $34209004 |  |
| Transfer agent fees | 12638801 |  |
| Distribution and service plan fees | 350287 |  |
| Accounting fees and expenses | 991898 |  |
| Custodian fees and expenses | 100326 |  |
| Independent trustees' fees and expenses | 31587 |  |
| Registration fees | 618986 |  |
| Audit fees | 64758 |  |
| Legal | 10437 |  |
| Miscellaneous | 43799 |  |
| Total expenses before reductions | 49059883 |  |
| Expense reductions | (2245837) |  |
| Total expenses after reductions |  | 46814046 |
| **Net Investment income (loss)** |  | 383200541 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (28379269) |  |
| Capital gain distributions from Fidelity Central Funds | 4977 |  |
| Total net realized gain (loss) |  | (28374292) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 302388369 |
| **Net gain (loss)** |  | 274014077 |
| **Net increase (decrease) in net assets resulting from operations** |  | $657214618 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $383200541 | $315106206 |
| &nbsp;&nbsp;Net realized gain (loss) | (28374292)<br>| (26443968)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 302388369 | (134448949)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 657214618<br>| 154213289<br>|
| Distributions to shareholders | (376593012)<br>| (310867034)<br>|
| Share transactions - net increase (decrease) | 1593926456<br>| 743579390<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1874548062<br>| 586925645<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 12118799362 | 11531873717<br>|
| &nbsp;&nbsp;End of period | $13993347424 | $12118799362 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.06 | $10.20 | $9.90 | $10.79 | $10.87 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .262  | .240  | .217  | .173  | .157  |
| Net realized and unrealized gain (loss)  | .205  | (.144)  | .298  | (.890)  | (.059)  |
| Total from investment operations  | .467  | .096  | .515  | (.717)  | .098  |
| Distributions from net investment income  | (.256)  | (.235)  | (.215)  | (.172)  | (.158)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | (.001)  | (.020)  |
| Total distributions  | (.257)  | (.236)  | (.215)  | (.173)  | (.178)  |
| Net asset value, end of period  | $10.27 | $10.06 | $10.20 | $9.90 | $10.79 |
| **Total Return** C,D | 4.71% <br>| .96%  | 5.28%  | (6.65)%  | .91%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .70%  | .69%  | .68%  | .67%  | .64%  |
| Expenses net of fee waivers, if any  | .68% <br>| .68%  | .68%  | .67%  | .64%  |
| Expenses net of all reductions, if any  | .68%  | .68%  | .68%  | .67%  | .64%  |
| Net investment income (loss)  | 2.60%  | 2.37%  | 2.18%  | 1.71%  | 1.46%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $96483 | $107463 | $113907 | $111807 | $166197 |
| Portfolio turnover rate G | 15% <br>| 19%  | 14%  | 20%  | 11%  |

---

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

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.06 | $10.19 | $9.90 | $10.78 | $10.87 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .265  | .243  | .221  | .178  | .162  |
| Net realized and unrealized gain (loss)  | .205  | (.134)  | .288  | (.880)  | (.070)  |
| Total from investment operations  | .470  | .109  | .509  | (.702)  | .092  |
| Distributions from net investment income  | (.259)  | (.238)  | (.219)  | (.177)  | (.162)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | (.001)  | (.020)  |
| Total distributions  | (.260)  | (.239)  | (.219)  | (.178)  | (.182)  |
| Net asset value, end of period  | $10.27 | $10.06 | $10.19 | $9.90 | $10.78 |
| **Total Return** C,D | 4.74% <br>| 1.09%  | 5.21%  | (6.51)%  | .85%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .66%  | .65%  | .64%  | .61%  | .60%  |
| Expenses net of fee waivers, if any  | .65% <br>| .65%  | .64%  | .61%  | .60%  |
| Expenses net of all reductions, if any  | .65%  | .65%  | .64%  | .61%  | .60%  |
| Net investment income (loss)  | 2.63%  | 2.40%  | 2.22%  | 1.77%  | 1.49%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10257 | $10623 | $11713 | $11877 | $11071 |
| Portfolio turnover rate G | 15% <br>| 19%  | 14%  | 20%  | 11%  |

---

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

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.07 | $10.20 | $9.91 | $10.79 | $10.88 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .188  | .166  | .147  | .102  | .079  |
| Net realized and unrealized gain (loss)  | .205  | (.134)  | .288  | (.880)  | (.070)  |
| Total from investment operations  | .393  | .032  | .435  | (.778)  | .009  |
| Distributions from net investment income  | (.182)  | (.161)  | (.145)  | (.101)  | (.079)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | (.001)  | (.020)  |
| Total distributions  | (.183)  | (.162)  | (.145)  | (.102)  | (.099)  |
| Net asset value, end of period  | $10.28 | $10.07 | $10.20 | $9.91 | $10.79 |
| **Total Return** C,D | 3.94% <br>| .32%  | 4.43%  | (7.21)%  | .09%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.42%  | 1.41%  | 1.38%  | 1.37%  | 1.37%  |
| Expenses net of fee waivers, if any  | 1.42% <br>| 1.41%  | 1.38%  | 1.37%  | 1.37%  |
| Expenses net of all reductions, if any  | 1.42%  | 1.41%  | 1.38%  | 1.37%  | 1.37%  |
| Net investment income (loss)  | 1.86%  | 1.64%  | 1.47%  | 1.01%  | .72%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7585 | $8145 | $9789 | $11488 | $16255 |
| Portfolio turnover rate G | 15% <br>| 19%  | 14%  | 20%  | 11%  |

---

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

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.06 | $10.19 | $9.90 | $10.78 | $10.87 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .293  | .271  | .248  | .204  | .192  |
| Net realized and unrealized gain (loss)  | .205  | (.134)  | .288  | (.880)  | (.069)  |
| Total from investment operations  | .498  | .137  | .536  | (.676)  | .123  |
| Distributions from net investment income  | (.287)  | (.266)  | (.246)  | (.203)  | (.193)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | (.001)  | (.020)  |
| Total distributions  | (.288)  | (.267)  | (.246)  | (.204)  | (.213)  |
| Net asset value, end of period  | $10.27 | $10.06 | $10.19 | $9.90 | $10.78 |
| **Total Return** C | 5.04% <br>| 1.37%  | 5.51%  | (6.27)%  | 1.14%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .39%  | .38%  | .36%  | .35%  | .32%  |
| Expenses net of fee waivers, if any  | .37% <br>| .37%  | .36%  | .35%  | .32%  |
| Expenses net of all reductions, if any  | .37%  | .37%  | .36%  | .35%  | .32%  |
| Net investment income (loss)  | 2.91%  | 2.68%  | 2.50%  | 2.03%  | 1.77%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4555080 | $4343945 | $4695105 | $4757973 | $5501159 |
| Portfolio turnover rate F | 15% <br>| 19%  | 14%  | 20%  | 11%  |

---

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.07 | $10.21 | $9.91 | $10.80 | $10.88 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .286  | .264  | .241  | .197  | .185  |
| Net realized and unrealized gain (loss)  | .205  | (.143)  | .298  | (.889)  | (.060)  |
| Total from investment operations  | .491  | .121  | .539  | (.692)  | .125  |
| Distributions from net investment income  | (.280)  | (.260)  | (.239)  | (.197)  | (.185)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | (.001)  | (.020)  |
| Total distributions  | (.281)  | (.261)  | (.239)  | (.198)  | (.205)  |
| Net asset value, end of period  | $10.28 | $10.07 | $10.21 | $9.91 | $10.80 |
| **Total Return** C | 4.96% <br>| 1.20%  | 5.53%  | (6.41)%  | 1.16%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .45%  | .44%  | .43%  | .42%  | .39%  |
| Expenses net of fee waivers, if any  | .44% <br>| .44%  | .43%  | .42%  | .39%  |
| Expenses net of all reductions, if any  | .44%  | .44%  | .43%  | .42%  | .39%  |
| Net investment income (loss)  | 2.84%  | 2.61%  | 2.42%  | 1.96%  | 1.70%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2467326 | $1740977 | $1587677 | $1287824 | $1220985 |
| Portfolio turnover rate F | 15% <br>| 19%  | 14%  | 20%  | 11%  |

---

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.08 | $10.21 | $9.92 | $10.80 | $10.89 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .300  | .278  | .254  | .209  | .198  |
| Net realized and unrealized gain (loss)  | .205  | (.134)  | .288  | (.879)  | (.069)  |
| Total from investment operations  | .505  | .144  | .542  | (.670)  | .129  |
| Distributions from net investment income  | (.294)  | (.273)  | (.252)  | (.209)  | (.199)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | (.001)  | (.020)  |
| Total distributions  | (.295)  | (.274)  | (.252)  | (.210)  | (.219)  |
| Net asset value, end of period  | $10.29 | $10.08 | $10.21 | $9.92 | $10.80 |
| **Total Return** C | 5.09% <br>| 1.43%  | 5.56%  | (6.20)%  | 1.19%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .32%  | .32%  | .31%  | .29%  | .27%  |
| Expenses net of fee waivers, if any  | .31% <br>| .31%  | .31%  | .29%  | .27%  |
| Expenses net of all reductions, if any  | .31%  | .31%  | .31%  | .29%  | .27%  |
| Net investment income (loss)  | 2.97%  | 2.74%  | 2.55%  | 2.09%  | 1.83%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6856616 | $5907646 | $5113683 | $4476079 | $3679575 |
| Portfolio turnover rate F | 15% <br>| 19%  | 14%  | 20%  | 11%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

Fidelity Intermediate Municipal Income Fund (the Fund) is a fund of Fidelity School Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Intermediate Municipal Income, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to market discount, 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**  | $226937456 |
| **Gross unrealized depreciation**  | <u>(148573363)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$78364093</u> |
| **Tax Cost**  | <u>$13809707093</u> |

---

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

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(94161127)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$78364093</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 | $(11412799) |
| Long-term | <u>(82748328)</u> |
| **Total capital loss carryforward** | <u>$(94161127)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Tax-exempt Income** | $375240689 | $309670488 |
| **Ordinary Income**  | <u>1352323</u> | <u>1196546</u> |
| **Total**  | <u>$376593012</u> | <u>$310867034</u> |

---

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

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

**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 Intermediate Municipal Income Fund** | 3344788420 | 1891073392 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The fee is based on an annual asset based fee of .10% of the Fund's average net assets plus an income based fee of 5% of the Fund's gross income throughout the month. For the reporting period, the total annual management fee rate was .26% of average net assets.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | - % | .25% | 247223 | 18824 |
| **Class M** | - % | .25% | 25376 | 5 |
| **Class C** | .75% | .25% | <u>77688</u> | <u>6925</u> |
|  |  |  | <u>350287</u> | <u>25754</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 6213 |
| **Class M** | <u>815</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>7028</u> |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Class-Level Average Net Assets** |
| **Class A** | 168406 | .17 |
| **Class M** | 13402 | .13 |
| **Class C** | 11047 | .14 |
| **Intermediate Municipal Income** | 5305656 | .12 |
| **Class I** | 4015226 | .18 |
| **Class Z** | <u>3125064</u> | .05 |
|  | <u>12638801</u> |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets** |
| **Fidelity Intermediate Municipal Income Fund** | .01 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Intermediate Municipal Income Fund** | 4903934 | 17563428 | 18808 |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Intermediate Municipal Income Fund** | 17345 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through April 30, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | .68% | 14780 |
| **Class M** | .65% | 691 |
| **Class C** | 1.43% | - |
| **Intermediate Municipal Income** | .37% | 1019547 |
| **Class I** | .44% | 290245 |
| **Class Z** | .31% | &nbsp;&nbsp;&nbsp;&nbsp; <u>916350</u> |
|  |  | <u>2241613</u> |

---

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. During the period, custodian credits reduced the Fund's expenses by $4,224.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Fidelity Intermediate Municipal Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $2513971 | $2581297 |
| Class M | 261192 | 265794 |
| Class C | 140444 | 143324 |
| Intermediate Municipal Income | 128383419 | 118952373 |
| Class I | 62924217 | 43765354 |
| Class Z | <u>182369769</u> | <u>145158892</u> |
| Total  | <u>$376593012</u> | <u>$310867034</u> |

---

**9. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **Fidelity Intermediate Municipal Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 2216431 | 2085000 | $22396711 | $21107423 |
| Reinvestment of distributions  | 234737 | 240223 | 2371509 | 2427882 |
| Shares redeemed | <u>(3738097)</u> | <u>(2817493)</u> | <u>(37665155)</u> | <u>(28507633)</u> |
| Net increase (decrease) | <u>(1286929)</u> | <u>(492270)</u> | <u>$(12896935)</u> | <u>$(4972328)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 75009 | 79852 | $761684 | $808357 |
| Reinvestment of distributions  | 24097 | 24667 | 243344 | 249131 |
| Shares redeemed | <u>(156315)</u> | <u>(197633)</u> | <u>(1573823)</u> | <u>(2004004)</u> |
| Net increase (decrease) | <u>(57209)</u> | <u>(93114)</u> | <u>$(568795)</u> | <u>$(946516)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 117818 | 146009 | $1184317 | $1480227 |
| Reinvestment of distributions  | 13366 | 13753 | 135144 | 139039 |
| Shares redeemed | <u>(202214)</u> | <u>(310343)</u> | <u>(2044555)</u> | <u>(3143128)</u> |
| Net increase (decrease) | <u>(71030)</u> | <u>(150581)</u> | <u>$(725094)</u> | <u>$(1523862)</u> |
| **Intermediate Municipal Income** |  |  |  |  |
| Shares sold | 129031799 | 129841748 | $1290483328 | $1313525308 |
| Reinvestment of distributions  | 5902157 | 6157581 | 59596949 | 62197583 |
| Shares redeemed | <u>(123187423)</u> | <u>(164806055)</u> | <u>(1235267831)</u> | <u>(1663264988)</u> |
| Net increase (decrease) | <u>11746533</u> | <u>(28806726)</u> | <u>$114812446</u> | <u>$(287542097)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 120285602 | 62356967 | $1214126838 | $631024339 |
| Reinvestment of distributions  | 5637811 | 3908442 | 57035260 | 39536279 |
| Shares redeemed | <u>(58807870)</u> | <u>(48981004)</u> | <u>(591643415)</u> | <u>(495193294)</u> |
| Net increase (decrease) | <u>67115543</u> | <u>17284405</u> | <u>$679518683</u> | <u>$175367324</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 203168236 | 228173787 | $2049244417 | $2307962228 |
| Reinvestment of distributions  | 12871800 | 9858164 | 130304164 | 99781299 |
| Shares redeemed | <u>(135747699)</u> | <u>(152583571)</u> | <u>(1365762430)</u> | <u>(1544546658)</u> |
| Net increase (decrease) | <u>80292337</u> | <u>85448380</u> | <u>$813786151</u> | <u>$863196869</u> |

---

**10. Other.**

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

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity School Street Trust and Shareholders of Fidelity Intermediate Municipal Income Fund

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

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

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2026

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

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

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

During fiscal year ended 2025, 100% of the fund's income dividends were free from federal income tax, and 18.76% of the fund's income dividends was subject to the federal alternative minimum tax.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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 Intermediate Municipal Income Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by indvidual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app 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 in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of a representative class (the retail class), the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also considered the income-based component of the fund's management fee. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for the retail class of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 0.68%, 0.65%, 1.43%, 0.44%, 0.31%, and 0.37% through April 30, 2026.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

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

![](img123169_4.jpg)<br>

1.540000.128 LIM-ANN-0226

**Fidelity Advisor® Multi-Asset Income Fund**

**Annual Report**

**December 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img123179_1.jpg)

![](img123179_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_AMAI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Multi-Asset Income Fund](#Sub_Sec_Fund_2792_AMAI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2792_AMAI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_AMAI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_AMAI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AMAI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AMAI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AMAI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AMAI-ANN)** |

---

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

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Fidelity Advisor® Multi-Asset Income Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 1.6%** | &nbsp;&nbsp;**Alternative Funds - 1.6%** | &nbsp;&nbsp;**Alternative Funds - 1.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (n)(o)<br>(Cost $55,379,138)<br>| 5674628 | **52691188** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Brant Point CLO 2024-5 Ltd Series 2024-5A Class E, CME Term SOFR 3 month Index + 6.7%, 10.5844% 10/20/2037 (f)(h)(j) | 250000 | 252894 |
| Goldentree Ln Mgmt US Clo 21 Ltd Series 2024-21A Class E, CME Term SOFR 3 month Index + 5.7%, 9.5844% 7/20/2037 (f)(h)(j) | 747000 | 749488 |
| Golub Cap Partners Clo 76 B Ltd Series 2024-76A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (f)(h)(j) | 399000 | 400512 |
| OCP Aegis CLO Ltd Series 2024-39A Class D1, CME Term SOFR 3 month Index + 2.8%, 6.6936% 1/16/2037 (f)(h)(j) | 395000 | 395104 |
| TOTAL BAILIWICK OF JERSEY |  | 1797998 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.4%  |  |  |
| 720 East CLO IV Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.5%, 10.4045% 4/15/2037 (f)(h)(j) | 258000 | 259143 |
| Apidos CLO LIII Series 2025-53A Class E, CME Term SOFR 3 month Index + 6.43%, 10.3144% 7/20/2038 (f)(h)(j) | 402000 | 412508 |
| Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1074% 10/22/2037 (f)(h)(j) | 238000 | 236392 |
| Balboa Bay Loan Funding 2025-1 Ltd Series 2025-1A Class D2, CME Term SOFR 3 month Index + 4.15%, 8.209% 7/20/2038 (f)(h)(j) | 1000000 | 1016198 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.9045% 3/30/2038 (f)(h)(j) | 246000 | 246189 |
| Bbam US Clo III Ltd Series 2025-3A Class DR, 9.1416% 10/15/2038 (f)(j) | 500000 | 491594 |
| Bbam US Clo IV Ltd Series 2024-4A Class D, CME Term SOFR 3 month Index + 6.25%, 10.1545% 7/15/2039 (f)(h)(j) | 500000 | 505130 |
| Benefit Street Partners Clo Xxxix Ltd Series 2025-39A Class D2, CME Term SOFR 3 month Index + 3.65%, 7.5545% 4/15/2038 (f)(h)(j) | 337000 | 338675 |
| Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 6.6074% 4/22/2038 (f)(h)(j) | 360000 | 361081 |
| Birch Grove Clo 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 10.6344% 10/20/2037 (f)(h)(j) | 190000 | 190778 |
| Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (f)(h)(j) | 227000 | 229301 |
| Carval Clo Xi-C Ltd Series 2024-3A Class E, CME Term SOFR 3 month Index + 6.35%, 10.2344% 10/20/2037 (f)(h)(j) | 323000 | 326131 |
| Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 11.12% 7/21/2038 (f)(h)(j) | 493000 | 506011 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.6316% 1/17/2038 (f)(h)(j) | 206000 | 206063 |
| Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.4545% 10/15/2036 (f)(h)(j) | 1072000 | 1078461 |
| Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 8.0045% 4/15/2038 (f)(h)(j) | 223000 | 223737 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.1545% 4/15/2038 (f)(h)(j) | 342000 | 344406 |
| Golub Capital Partners Clo 37b Ltd Series 2024-60A Class ER, CME Term SOFR 3 month Index + 6%, 9.858% 10/25/2034 (f)(h)(j) | 363000 | 360642 |
| Madison Park Funding LXXII Ltd Series 2025-72A Class D2, 8.345% 7/23/2038 (j) | 1000000 | 1022357 |
| Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 9.9045% 7/15/2037 (f)(h)(j) | 189000 | 191441 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 10/20/2037 (f)(h)(j) | 225000 | 226680 |
| OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.4344% 7/20/2037 (f)(h)(j) | 261000 | 262082 |
| OHA Credit Partners Ltd Series 2024-18A Class D2, CME Term SOFR 3 month Index + 4.75%, 8.6344% 4/20/2037 (f)(h)(j) | 341000 | 343589 |
| Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.389% 2/20/2038 (f)(h)(j) | 1000000 | 1001542 |
| Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.4844% 10/20/2037 (f)(h)(j) | 420000 | 423539 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.0445% 2/15/2038 (f)(h)(j) | 154000 | 152356 |
| Palmer Square CLO Series 2024-2A Class E, CME Term SOFR 3 month Index + 5.7%, 9.5844% 7/20/2037 (f)(h)(j) | 1000000 | 1011720 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.6045% 1/15/2033 (f)(h)(j) | 526000 | 522483 |
| Pikes Peak Clo 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 7.6844% 4/20/2038 (f)(h)(j) | 138000 | 137709 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.9045% 10/15/2039 (f)(h)(j) | 395000 | 403446 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 13031384 |
| UNITED STATES - 0.0%  |  |  |
| Diameter Capital Clo 1 Ltd Series 2024-1A Class DR, CME Term SOFR 3 month Index + 6.15%, 10.0545% 10/15/2037 (f)(h)(j) | 250000 | 253808 |
| Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 10.6344% 1/20/2038 (f)(h)(j) | 181000 | 183430 |
| TOTAL UNITED STATES |  | 437238 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $15,156,650) |  | <br> **15266620** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 7.6%** | &nbsp;&nbsp;**Bank Loan Obligations - 7.6%** | &nbsp;&nbsp;**Bank Loan Obligations - 7.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Altice France SA Tranche B12 1LN, term loan CME Term SOFR 1 month Index + 5.0625%, 9.0483% 10/30/2028 (f)(g)(h) | 1847366 | 1821964 |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.8603% 5/31/2031 (f)(g)(h) | 1843537 | 1840846 |
| TOTAL FRANCE |  | 3662810 |
| LUXEMBOURG - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 8.9219% 10/1/2032 (f)(g)(h) | 1750000 | 1734688 |
| UNITED KINGDOM - 0.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Crown Finance US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.3429% 12/2/2031 (f)(g)(h) | 4449887 | 4380914 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| City Football Group Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.9336% 7/18/2030 (f)(g)(h) | 2738463 | 2732466 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.3224% 2/7/2028 (f)(g)(h) | 6808301 | 6828181 |
| TOTAL UNITED KINGDOM |  | 13941561 |
| UNITED STATES - 7.0%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.1806% 4/15/2030 (f)(g)(h) | 7543747 | 7492374 |
| Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 10/6/2032 (f)(g)(h) | 4500000 | 4511250 |
| TOTAL COMMUNICATION SERVICES |  | 12003624 |
| Consumer Discretionary - 1.8% |  |  |
| Broadline Retail - 1.4% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 1/23/2032 (f)(g)(h) | 42405743 | 42617772 |
| Diversified Consumer Services - 0.2% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0217% 3/4/2028 (f)(g)(h) | 10266216 | 7892154 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 1/29/2029 (f)(g)(h) | 4416547 | 4414294 |
| Specialty Retail - 0.1% |  |  |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5839% 6/6/2031 (f)(g)(h) | 2188889 | 2049566 |
| RVR Dealership Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7404% 2/8/2028 (f)(g)(h) | 2237519 | 2151129 |
|  |  | 4200695 |
| TOTAL CONSUMER DISCRETIONARY |  | 59124915 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6719% 9/20/2030 (f)(g)(h) | 2992500 | 2917687 |
| Food Products - 0.1% |  |  |
| Nourish Buyer I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.2501% 7/12/2032 (f)(g)(h) | 2997488 | 3010617 |
| TOTAL CONSUMER STAPLES |  | 5928304 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9661% 10/8/2030 (f)(g)(h) | 19591550 | 19094512 |
| Industrials - 0.1% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| Echo Global Logistics Inc 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5661% 11/23/2028 (e)(f)(g)(h) | 1838250 | 1838250 |
| Echo Global Logistics Inc 2LN, term loan CME Term SOFR 3 month Index + 7.25%, 11.0661% 11/23/2029 (e)(f)(g)(h) | 655000 | 655000 |
| TOTAL INDUSTRIALS |  | 2493250 |
| Information Technology - 3.8% |  |  |
| IT Services - 2.8% |  |  |
| X Corp 1LN, term loan 9.5% 10/26/2029 (g) | 54210000 | 53977439 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.4475% 10/26/2029 (f)(g)(h) | 35612639 | 34951312 |
|  |  | 88928751 |
| Software - 1.0% |  |  |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (g) | 14545853 | 15251908 |
| X.AI LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 10.8454% 6/28/2030 (f)(g)(h) | 19966446 | 19677731 |
|  |  | 34929639 |
| TOTAL INFORMATION TECHNOLOGY |  | 123858390 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.2161% 3/29/2030 (f)(g)(h) | 3434375 | 3451547 |
| TOTAL UNITED STATES |  | 225954542 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $244,533,507) |  | <br> **245293601** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 0.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| BANK Series 2020-BN30 Class MCDG, 2.918% 12/15/2053 (e)(f)(j)<br> (Cost $178,552) | 200000 | **103945** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 47.8%** | &nbsp;&nbsp;**Common Stocks - 47.8%** | &nbsp;&nbsp;**Common Stocks - 47.8%** |
|  | Shares | Value ($)<br>|
| CANADA - 5.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Pizza Pizza Royalty Corp (b) | 848200 | 9646572 |
| Restaurant Brands International Inc  | 1054 | 71922 |
|  |  | 9718494 |
| Specialty Retail - 0.6% |  |  |
| Aritzia Inc Subordinate Voting Shares (c) | 96100 | 8216339 |
| Groupe Dynamite Inc Subordinate Voting Shares (b) | 128900 | 7763770 |
| KITS Eyecare Ltd (c) | 208600 | 2785791 |
|  |  | 18765900 |
| TOTAL CONSUMER DISCRETIONARY |  | 28484394 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Alimentation Couche-Tard Inc  | 930 | 50790 |
| Metro Inc/CN  | 749 | 53910 |
| TOTAL CONSUMER STAPLES |  | 104700 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Canadian Natural Resources Ltd  | 1860 | 63001 |
| Imperial Oil Ltd  | 969 | 83716 |
| Pembina Pipeline Corp (b) | 209093 | 7965810 |
| TOTAL ENERGY |  | 8112527 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Toronto Dominion Bank  | 91100 | 8585987 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| ATS Corp (c) | 267000 | 7355120 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Agnico Eagle Mines Ltd/CA (United States) (d) | 47000 | 7967910 |
| Almonty Industries Inc (United States) (b)(c) | 2480800 | 21855848 |
| TOTAL MATERIALS |  | 29823758 |
| Utilities - 3.3% |  |  |
| Gas Utilities - 0.3% |  |  |
| AltaGas Ltd (b) | 266200 | 8116623 |
| Independent Power and Renewable Electricity Producers - 3.0% |  |  |
| Capital Power Corp (b) | 493300 | 21043106 |
| TransAlta Corp  | 5910961 | 74761782 |
|  |  | 95804888 |
| TOTAL UTILITIES |  | 103921511 |
| TOTAL CANADA |  | 186387997 |
| FRANCE - 0.6%  |  |  |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Vallourec SACA  | 908917 | 16759419 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Sequans Communications SA ADR (b)(c) | 482296 | 2165509 |
| TOTAL FRANCE |  | 18924928 |
| GERMANY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Siemens AG  | 185 | 51814 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Prysmian SpA  | 538 | 54614 |
| JAPAN - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Hitachi Ltd  | 2024 | 63340 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Samsung Electronics Co Ltd  | 2133 | 178693 |
| MONACO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc  | 91954 | 4674022 |
| NETHERLANDS - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| NXP Semiconductors NV  | 482 | 104623 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| On Holding AG Class A (c) | 171611 | 7976479 |
| TAIWAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 634 | 192666 |
| UNITED KINGDOM - 1.2%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Unilever PLC  | 573 | 37438 |
| Tobacco - 0.0% |  |  |
| Imperial Brands PLC  | 529 | 22213 |
| TOTAL CONSUMER STAPLES |  | 59651 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Astrazeneca PLC  | 86332 | 15976544 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Rolls-Royce Holdings PLC  | 6107 | 94449 |
| Commercial Services & Supplies - 0.8% |  |  |
| Serco Group PLC  | 6430300 | 24200282 |
| TOTAL INDUSTRIALS |  | 24294731 |
| TOTAL UNITED KINGDOM |  | 40330926 |
| UNITED STATES - 39.5%  |  |  |
| Communication Services - 3.8% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AT&T Inc  | 3210 | 79736 |
| Verizon Communications Inc  | 2027 | 82560 |
|  |  | 162296 |
| Entertainment - 0.4% |  |  |
| Walt Disney Co/The  | 1130 | 128560 |
| Warner Bros Discovery Inc (c) | 475200 | 13695264 |
|  |  | 13823824 |
| Interactive Media & Services - 3.2% |  |  |
| Alphabet Inc Class A (d) | 260600 | 81567800 |
| Meta Platforms Inc Class A  | 31373 | 20709004 |
|  |  | 102276804 |
| Media - 0.2% |  |  |
| Comcast Corp Class A  | 2437 | 72842 |
| Gray Media Inc (b) | 1014332 | 4909367 |
|  |  | 4982209 |
| Wireless Telecommunication Services - 0.0% |  |  |
| T-Mobile US Inc  | 566 | 114920 |
| TOTAL COMMUNICATION SERVICES |  | 121360053 |
| Consumer Discretionary - 5.5% |  |  |
| Automobile Components - 0.2% |  |  |
| American Axle & Manufacturing Holdings Inc (b)(c) | 1166055 | 7474413 |
| Automobiles - 0.9% |  |  |
| Tesla Inc (c) | 62900 | 28287388 |
| Broadline Retail - 1.8% |  |  |
| Amazon.com Inc (c)(d) | 242488 | 55971080 |
| Diversified Consumer Services - 0.0% |  |  |
| H&R Block Inc  | 779 | 33949 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Cracker Barrel Old Country Store Inc (b) | 184400 | 4683760 |
| McDonald's Corp  | 421 | 128670 |
| Monarch Casino & Resort Inc  | 38100 | 3646170 |
| Sharplink Gaming Inc (b)(c) | 5726863 | 51198155 |
| Starbucks Corp  | 536 | 45137 |
|  |  | 59701892 |
| Household Durables - 0.2% |  |  |
| SharkNinja Inc (c) | 69900 | 7821810 |
| Specialty Retail - 0.5% |  |  |
| Burlington Stores Inc (c) | 226 | 65280 |
| Dick's Sporting Goods Inc  | 278 | 55036 |
| Gap Inc/The  | 275800 | 7060480 |
| Lowe's Cos Inc  | 557 | 134326 |
| Sleep Number Corp (b)(c) | 879138 | 7437507 |
| Sportsman's Warehouse Holdings Inc (c) | 1914598 | 2795313 |
| TJX Cos Inc/The  | 841 | 129186 |
|  |  | 17677128 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Columbia Sportswear Co  | 72 | 3966 |
| NIKE Inc Class B  | 599 | 38162 |
| Tapestry Inc  | 744 | 95062 |
|  |  | 137190 |
| TOTAL CONSUMER DISCRETIONARY |  | 177104850 |
| Consumer Staples - 1.0% |  |  |
| Beverages - 0.5% |  |  |
| Coca-Cola Co/The  | 1746 | 122063 |
| Constellation Brands Inc Class A  | 56300 | 7767148 |
| Keurig Dr Pepper Inc  | 3000 | 84030 |
| PepsiCo Inc  | 55400 | 7951008 |
|  |  | 15924249 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Albertsons Cos Inc Class A  | 908 | 15590 |
| BJ's Wholesale Club Holdings Inc (c) | 719 | 64732 |
| Costco Wholesale Corp  | 12 | 10348 |
| Target Corp  | 767 | 74974 |
| Walmart Inc  | 1932 | 215244 |
|  |  | 380888 |
| Food Products - 0.3% |  |  |
| Flowers Foods Inc (b) | 775035 | 8432381 |
| JM Smucker Co  | 279 | 27289 |
| Mondelez International Inc  | 751 | 40426 |
|  |  | 8500096 |
| Household Products - 0.2% |  |  |
| Clorox Co/The  | 80900 | 8157147 |
| Procter & Gamble Co/The  | 1276 | 182864 |
|  |  | 8340011 |
| Personal Care Products - 0.0% |  |  |
| Kenvue Inc  | 1867 | 32206 |
| TOTAL CONSUMER STAPLES |  | 33177450 |
| Energy - 7.2% |  |  |
| Oil, Gas & Consumable Fuels - 7.2% |  |  |
| Antero Resources Corp (c) | 236700 | 8156682 |
| Cheniere Energy Inc  | 39500 | 7678405 |
| Chevron Corp  | 231 | 35207 |
| DHT Holdings Inc  | 6376889 | 77861816 |
| Diamondback Energy Inc  | 54400 | 8177952 |
| Energy Transfer LP  | 471816 | 7780246 |
| Enterprise Products Partners LP  | 1731 | 55496 |
| Exxon Mobil Corp  | 135418 | 16296202 |
| Hess Midstream LP Class A  | 349600 | 12061200 |
| International Seaways Inc (b) | 1546977 | 75105733 |
| Kinder Morgan Inc  | 304200 | 8362458 |
| Phillips 66  | 232 | 29937 |
| Shell PLC  | 1895 | 69835 |
| Shell PLC ADR  | 110700 | 8134236 |
| Valero Energy Corp  | 186 | 30279 |
| TOTAL ENERGY |  | 229835684 |
| Financials - 3.1% |  |  |
| Banks - 1.5% |  |  |
| Bank of America Corp  | 279938 | 15396590 |
| Huntington Bancshares Inc/OH  | 5092 | 88346 |
| JPMorgan Chase & Co  | 52528 | 16925572 |
| M&T Bank Corp  | 542 | 109202 |
| PNC Financial Services Group Inc/The  | 764 | 159470 |
| US Bancorp  | 1657 | 88418 |
| Wells Fargo & Co  | 159236 | 14840795 |
|  |  | 47608393 |
| Capital Markets - 1.6% |  |  |
| Bank of New York Mellon Corp/The  | 137200 | 15927548 |
| Blackrock Inc  | 14386 | 15397911 |
| Charles Schwab Corp/The  | 87125 | 8704659 |
| Morgan Stanley  | 45600 | 8095368 |
| Strive Inc Class A (b)(c) | 5275517 | 3893332 |
|  |  | 52018818 |
| Consumer Finance - 0.0% |  |  |
| Capital One Financial Corp  | 429 | 103971 |
| Financial Services - 0.0% |  |  |
| Apollo Global Management Inc  | 397 | 57470 |
| Visa Inc Class A  | 166 | 58218 |
|  |  | 115688 |
| Insurance - 0.0% |  |  |
| American Financial Group Inc/OH  | 576 | 78728 |
| Chubb Ltd  | 588 | 183527 |
| Hartford Insurance Group Inc/The  | 900 | 124020 |
| Marsh & McLennan Cos Inc  | 470 | 87194 |
| Travelers Companies Inc/The  | 454 | 131687 |
|  |  | 605156 |
| TOTAL FINANCIALS |  | 100452026 |
| Health Care - 7.1% |  |  |
| Biotechnology - 2.3% |  |  |
| AbbVie Inc  | 71784 | 16401926 |
| Biogen Inc (c) | 84900 | 14941551 |
| Cogent Biosciences Inc (c) | 173200 | 6152064 |
| Gilead Sciences Inc  | 121145 | 14869337 |
| Moderna Inc (c) | 507900 | 14977971 |
| Vaxcyte Inc (c) | 158400 | 7308576 |
|  |  | 74651425 |
| Health Care Equipment & Supplies - 0.7% |  |  |
| Bausch + Lomb Corp (United States) (c) | 478942 | 8180329 |
| Baxter International Inc  | 403400 | 7708974 |
| Boston Scientific Corp (c) | 76700 | 7313345 |
|  |  | 23202648 |
| Health Care Providers & Services - 0.4% |  |  |
| Cigna Group/The  | 173 | 47615 |
| LifeStance Health Group Inc (c) | 685200 | 4823808 |
| UnitedHealth Group Inc  | 22619 | 7466758 |
|  |  | 12338181 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Danaher Corp  | 478 | 109424 |
| Pharmaceuticals - 3.7% |  |  |
| Eli Lilly & Co  | 26292 | 28255488 |
| GSK PLC  | 3422 | 83898 |
| GSK PLC ADR  | 336500 | 16501960 |
| Johnson & Johnson  | 77952 | 16132166 |
| Merck & Co Inc  | 165515 | 17422109 |
| Pfizer Inc  | 601000 | 14964900 |
| Roche Holding AG non-voting shares  | 40000 | 16518811 |
| Royalty Pharma PLC Class A  | 201691 | 7793340 |
|  |  | 117672672 |
| TOTAL HEALTH CARE |  | 227974350 |
| Industrials - 4.3% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| BWX Technologies Inc (d) | 24800 | 4286432 |
| Byrna Technologies Inc (b)(c) | 922046 | 15481152 |
| GE Aerospace  | 394 | 121364 |
| General Dynamics Corp  | 263 | 88542 |
| Huntington Ingalls Industries Inc  | 235 | 79916 |
| Northrop Grumman Corp  | 147 | 83821 |
| Rocket Lab Corp  | 246500 | 17195840 |
| RTX Corp (d) | 36300 | 6657420 |
|  |  | 43994487 |
| Air Freight & Logistics - 0.3% |  |  |
| United Parcel Service Inc Class B  | 102900 | 10206651 |
| Building Products - 0.0% |  |  |
| Johnson Controls International plc  | 866 | 103703 |
| Commercial Services & Supplies - 0.1% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 554 | 23798 |
| HNI Corp  | 111800 | 4700073 |
| Veralto Corp  | 272 | 27140 |
| Vestis Corp  | 44 | 292 |
|  |  | 4751303 |
| Electrical Equipment - 0.2% |  |  |
| AMETEK Inc  | 374 | 76786 |
| GE Vernova Inc (d) | 10535 | 6885360 |
|  |  | 6962146 |
| Ground Transportation - 0.5% |  |  |
| Knight-Swift Transportation Holdings Inc  | 304700 | 15929716 |
| Norfolk Southern Corp  | 373 | 107693 |
|  |  | 16037409 |
| Machinery - 0.6% |  |  |
| Crane Co  | 412 | 75985 |
| ITT Inc  | 936 | 162405 |
| Kennametal Inc (b) | 661737 | 18799949 |
|  |  | 19038339 |
| Passenger Airlines - 0.5% |  |  |
| Delta Air Lines Inc  | 221600 | 15379040 |
| Professional Services - 0.7% |  |  |
| Amentum Holdings Inc (c) | 275800 | 7998200 |
| FTI Consulting Inc (c) | 46700 | 7977761 |
| KBR Inc  | 468 | 18814 |
| Parsons Corp (c) | 124400 | 7687920 |
|  |  | 23682695 |
| Trading Companies & Distributors - 0.0% |  |  |
| Watsco Inc  | 175 | 58965 |
| TOTAL INDUSTRIALS |  | 140214738 |
| Information Technology - 6.0% |  |  |
| Communications Equipment - 0.2% |  |  |
| Cisco Systems Inc  | 102525 | 7897501 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Crane NXT Co  | 605 | 28477 |
| Insight Enterprises Inc (c) | 19003 | 1548174 |
|  |  | 1576651 |
| IT Services - 0.3% |  |  |
| Accenture PLC Class A  | 30170 | 8094611 |
| Amdocs Ltd  | 742 | 59738 |
| GTT Communications Inc (c)(e) | 1508 | 51257 |
| IBM Corporation  | 236 | 69906 |
|  |  | 8275512 |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Analog Devices Inc  | 288 | 78106 |
| Broadcom Inc (d) | 41834 | 14478747 |
| NVIDIA Corp (d) | 238200 | 44424300 |
|  |  | 58981153 |
| Software - 1.6% |  |  |
| Autodesk Inc (c) | 25800 | 7637058 |
| BitMine Immersion Technologies Inc  | 524600 | 14242890 |
| Gen Digital Inc  | 1218 | 33117 |
| Microsoft Corp  | 38873 | 18799761 |
| Zoom Communications Inc Class A (c) | 128818 | 11115705 |
|  |  | 51828531 |
| Technology Hardware, Storage & Peripherals - 2.1% |  |  |
| Apple Inc (d) | 237253 | 64499601 |
| TOTAL INFORMATION TECHNOLOGY |  | 193058949 |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Linde PLC  | 510 | 217458 |
| Mativ Holdings Inc  | 318070 | 3864551 |
| Scotts Miracle-Gro Co/The  | 147557 | 8609951 |
|  |  | 12691960 |
| Containers & Packaging - 0.0% |  |  |
| Ball Corp  | 939 | 49739 |
| Crown Holdings Inc  | 540 | 55604 |
|  |  | 105343 |
| TOTAL MATERIALS |  | 12797303 |
| Real Estate - 0.6% |  |  |
| Retail REITs - 0.6% |  |  |
| Macerich Co/The  | 555100 | 10247146 |
| Tanger Inc  | 298500 | 9960945 |
|  |  | 20208091 |
| Specialized REITs - 0.0% |  |  |
| American Tower Corp  | 269 | 47228 |
| Lamar Advertising Co Class A  | 807 | 102150 |
| Public Storage  | 318 | 82521 |
|  |  | 231899 |
| TOTAL REAL ESTATE |  | 20439990 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.3% |  |  |
| Constellation Energy Corp (d) | 22901 | 8090237 |
| Exelon Corp  | 848 | 36964 |
| FirstEnergy Corp  | 699 | 31294 |
| NextEra Energy Inc  | 1823 | 146350 |
| PG&E Corp  | 2084 | 33490 |
| Southern Co/The  | 1021 | 89031 |
|  |  | 8427366 |
| Gas Utilities - 0.0% |  |  |
| Southwest Gas Holdings Inc  | 314 | 25126 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp (d) | 48973 | 7900814 |
| Multi-Utilities - 0.0% |  |  |
| Ameren Corp  | 386 | 38546 |
| CenterPoint Energy Inc  | 1061 | 40679 |
| WEC Energy Group Inc  | 391 | 41235 |
|  |  | 120460 |
| TOTAL UTILITIES |  | 16473766 |
| TOTAL UNITED STATES |  | 1272889159 |
| ZAMBIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| First Quantum Minerals Ltd (c) | 382827 | 10264131 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,236,013,345) |  | <br> **1542093392** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 8.8%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 8.8%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 8.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 8.8%  |  |  |
| Communication Services - 2.8% |  |  |
| Media - 2.8% |  |  |
| Cardlytics Inc 4.25% 4/1/2029  | 8078000 | 3150420 |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (f) | 26436000 | 88296240 |
| TOTAL COMMUNICATION SERVICES |  | 91446660 |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Cracker Barrel Old Country Store Inc 1.75% 9/15/2030 (j) | 8840000 | 6644144 |
| DoorDash Inc 0% 5/15/2030 (j)(l) | 10645000 | 11118703 |
| TOTAL CONSUMER DISCRETIONARY |  | 17762847 |
| Health Care - 1.7% |  |  |
| Biotechnology - 1.0% |  |  |
| Alnylam Pharmaceuticals Inc 1% 9/15/2027  | 3250000 | 4778475 |
| Bridgebio Pharma Inc 2.5% 3/15/2027  | 4800000 | 9052800 |
| Cytokinetics Inc 3.5% 7/1/2027  | 6640000 | 9445400 |
| Travere Therapeutics Inc 2.25% 3/1/2029  | 6550000 | 9314100 |
|  |  | 32590775 |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Alphatec Holdings Inc 0.75% 3/15/2030 (j) | 4050000 | 6195285 |
| Merit Medical Systems Inc 3% 2/1/2029 (j) | 6700000 | 8086900 |
|  |  | 14282185 |
| Health Care Providers & Services - 0.3% |  |  |
| Guardant Health Inc 0% 5/15/2033 (j)(k) | 7365000 | 8073881 |
| TOTAL HEALTH CARE |  | 54946841 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Rocket Lab USA Inc 4.25% 2/1/2029 (j) | 439000 | 5961532 |
| Electrical Equipment - 0.2% |  |  |
| Eos Energy Enterprises Inc 1.75% 12/1/2031 (j) | 7090000 | 6859575 |
| Ground Transportation - 0.2% |  |  |
| Lyft Inc 0.625% 3/1/2029  | 6475000 | 7783598 |
| TOTAL INDUSTRIALS |  | 20604705 |
| Information Technology - 2.6% |  |  |
| IT Services - 0.4% |  |  |
| DigitalOcean Holdings Inc 0% 8/15/2030 (j)(l) | 9357000 | 13235476 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| MKS Inc 1.25% 6/1/2030  | 8855000 | 11294553 |
| ON Semiconductor Corp 0% 5/1/2027 (l) | 6690000 | 7964445 |
|  |  | 19258998 |
| Software - 1.1% |  |  |
| Strategy Inc 2.25% 6/15/2032  | 22261000 | 24609536 |
| Unity Software Inc 0% 3/15/2030 (j)(k) | 7315000 | 10570175 |
|  |  | 35179711 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Seagate HDD Cayman 3.5% 6/1/2028  | 2235000 | 7506247 |
| Western Digital Corp 3% 11/15/2028  | 1670000 | 7654946 |
|  |  | 15161193 |
| TOTAL INFORMATION TECHNOLOGY |  | 82835378 |
| Real Estate - 0.5% |  |  |
| Health Care REITs - 0.5% |  |  |
| Ventas Realty LP 3.75% 6/1/2026  | 5375000 | 7589500 |
| Welltower OP LLC 2.75% 5/15/2028 (j) | 3750000 | 7344374 |
| TOTAL REAL ESTATE |  | 14933874 |
| TOTAL UNITED STATES |  | 282530305 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $246,861,608) |  | <br> **282530305** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 2.0%  |  |  |
| Financials - 0.6% |  |  |
| Financial Services - 0.6% |  |  |
| Acrisure Holdings Inc Series A-2 (e) | 103820 | 2828056 |
| Apollo Global Management Inc Series A, 6.75%  | 198855 | 14977759 |
| TOTAL FINANCIALS |  | 17805815 |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Bruker Corp 6.375% Series A  | 17049 | 6191856 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Boeing Co Series A, 6%  | 592621 | 41157529 |
| TOTAL UNITED STATES |  | 65155200 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $60,255,426) |  | <br> **65155200** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 2.3%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 2.3%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 2.3%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 2.3%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BRAZIL - 2.3%  |  |  |  |
| Brazilian Federative Republic 10% 1/1/2027 <br> (Cost $72,141,449) | BRL | 418855000 | **74017356** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BRAZIL - 0.4%  |  |  |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Ambipar Lux Sarl 9.875% (j)(q) | 8015000 | 1784299 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (j) | 9510000 | 9539719 |
| TOTAL BRAZIL |  | 11324018 |
| CAMEROON - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Golar LNG Ltd 7.75% 9/19/2029 (j)(p) | 1400000 | 1388604 |
| MONACO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Scorpio Tankers Inc 7.5% 1/30/2030  | 1500000 | 1525853 |
| UNITED STATES - 3.3%  |  |  |
| Communication Services - 0.5% |  |  |
| Media - 0.5% |  |  |
| EchoStar Corp 10.75% 11/30/2029  | 14855658 | 16427404 |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.1% |  |  |
| American Axle & Manufacturing Inc 7.75% 10/15/2033 (j) | 4530000 | 4614161 |
| Broadline Retail - 0.2% |  |  |
| Wayfair LLC 7.25% 10/31/2029 (j) | 5010000 | 5228787 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (j) | 4025000 | 3826869 |
| TOTAL CONSUMER DISCRETIONARY |  | 13669817 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (j) | 3265000 | 3427267 |
| Food Products - 0.1% |  |  |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (j) | 3210000 | 3364131 |
| TOTAL CONSUMER STAPLES |  | 6791398 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Calumet Specialty Products Partners LP / Calumet Finance Corp 9.75% 7/15/2028 (j) | 195000 | 197071 |
| International Seaways Inc 7.125% 9/23/2030  | 1375000 | 1367079 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (j) | 7835000 | 8060233 |
| TOTAL ENERGY |  | 9624383 |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (j) | 2635000 | 2602861 |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (j) | 1395000 | 1437000 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (j) | 7220000 | 7481711 |
| TOTAL FINANCIALS |  | 11521572 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (j) | 2800000 | 2820762 |
| Pharmaceuticals - 0.2% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (j) | 6220000 | 6468905 |
| TOTAL HEALTH CARE |  | 9289667 |
| Industrials - 0.5% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (j) | 3665000 | 3818391 |
| Commercial Services & Supplies - 0.3% |  |  |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6% 6/1/2029 (j) | 3700000 | 3661714 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (j) | 4350000 | 4350000 |
|  |  | 8011714 |
| Construction & Engineering - 0.1% |  |  |
| Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (j) | 1615000 | 1624109 |
| Trading Companies & Distributors - 0.0% |  |  |
| Synergy Infrastructure Holdings LLC 7.875% 12/1/2030 (j) | 1535000 | 1591370 |
| TOTAL INDUSTRIALS |  | 15045584 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (f)(j) | 1397012 | 1515758 |
| Software - 0.5% |  |  |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  | 15180000 | 16158452 |
| TOTAL INFORMATION TECHNOLOGY |  | 17674210 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| WR Grace Holdings LLC 5.625% 8/15/2029 (j) | 6445000 | 6134903 |
| TOTAL UNITED STATES |  | 106178938 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $114,220,004) |  | <br> **120417413** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 5.9%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 5.9%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 5.9%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 5.9%  |  |  |
| Information Technology - 5.9% |  |  |
| Software - 5.9% |  |  |
| Strategy Inc 11% (i) | 971222 | 95952363 |
| Strategy Inc Series A, 10%  | 938377 | 95029439 |
| TOTAL UNITED STATES |  | 190981802 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $183,551,401) |  | <br> **190981802** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.5%** | &nbsp;&nbsp;**Preferred Securities - 0.5%** | &nbsp;&nbsp;**Preferred Securities - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.5%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Energy Transfer LP 6.625% (f)(m) | 4558000 | 4648975 |
| Energy Transfer LP Series G, 7.125% (f)(m) | 4425000 | 4570182 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.2234% (f)(h)(m) | 4525000 | 4586418 |
| TOTAL ENERGY |  | 13805575 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Alliant Holdings LP 10.5% (e)(f)(m) | 1493079 | 1515861 |
| TOTAL UNITED STATES |  | 15321436 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $13,337,942) |  | <br> **15321436** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 18.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.5%** |
|  | Yield (%) (r) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bonds 1.25% 5/15/2050  | 4.67 to 5.16 | 623406000 | 298406922 |
| US Treasury Bonds 1.875% 2/15/2051  | 4.65 to 5.20 | 534643000 | 298773543 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $605,224,561) |  |  | **597180465** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (s) | 3.79 | 17077711 | 17081126 |
| Fidelity Securities Lending Cash Central Fund (s)(t) | 3.77 | 131502840 | 131515990 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $148,598,540) |  |  | **148597116** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.8%**<br> (Cost $2,995,452,123)<br>| <br>**3349649839** |
| **NET OTHER ASSETS (LIABILITIES) - (3.8)%**  | **(122383388)** |
| **NET ASSETS - 100.0%** | **3227266451** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| Agnico Eagle Mines Ltd/CA | Chicago Board Options Exchange | 450 | 7628850 | 200.00 | 3/2026 | (189000) |
| Alphabet Inc Class A | Chicago Board Options Exchange | 800 | 25040000 | 340.00 | 3/2026 | (806000) |
| Amazon.com Inc | Chicago Board Options Exchange | 600 | 13849200 | 255.00 | 3/2026 | (345000) |
| Apple Inc | Chicago Board Options Exchange | 1300 | 35341800 | 295.00 | 3/2026 | (471250) |
| BWX Technologies Inc | Chicago Board Options Exchange | 200 | 3456800 | 200.00 | 3/2026 | (103000) |
| Broadcom Inc | Chicago Board Options Exchange | 300 | 10383000 | 390.00 | 3/2026 | (467250) |
| Constellation Energy Corp | Chicago Board Options Exchange | 200 | 7065400 | 400.00 | 3/2026 | (292000) |
| GE Vernova Inc | Chicago Board Options Exchange | 98 | 6404986 | 740.00 | 2/2026 | (148960) |
| NVIDIA Corp | Chicago Board Options Exchange | 2200 | 41030000 | 200.00 | 3/2026 | (2189000) |
| RTX Corp | Chicago Board Options Exchange | 300 | 5502000 | 195.00 | 3/2026 | (118800) |
| Vistra Corp | Chicago Board Options Exchange | 400 | 6453200 | 200.00 | 3/2026 | (154000) |
|  |  |  |  |  |  | (5284260) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(5284260)** |

---

**Currency Abbreviations**

BRL - Brazilian Real

**Legend**

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

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

(c) Non-income producing.

(d) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $162,155,236.

(e) Level 3 security.

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

(g) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

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

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

(j) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $184,399,235 or 5.7% of net assets.

(k) Principal Only Strips represent the right to receive the monthly principal payments.

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

(m) Security is perpetual in nature with no stated maturity date.

(n) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $52,691,188 or 1.6% of net assets.

(o) Affiliated fund.

(p) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,388,604 or 0.0% of net assets.

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

(r) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(s) 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.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Fidelity Private Credit Company LLC | 4/28/2022 - 12/31/2025 | 55932330 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 31101300 | 1238256444 | 1252273223 | 1173234 | (1971) | (1424) | 17081126 | 17077711 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 92603154 | 1271936936 | 1233026941 | 3138196 | 2841 | - | 131515990 | 131502840 | 0.4% |
| Total | 123704454 | 2510193380 | 2485300164 | 4311430 | 870 | (1424) | 148597116 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

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

**Affiliated Underlying Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Private Credit Company LLC | 37599850 | 17267326 | - | 6174134 | - | (1622796) | 52691188 | 5674628 |
|  | 37599850 | 17267326 | - | 6174134 | - | (1622796) | 52691188 |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 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>** |  |  |  |  |
|  **Alternative Funds** | 52691188 | - | 52691188 | - |
|  **Asset-Backed Securities** | 15266620 | - | 15266620 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 20047348 | - | 20047348 | - |
| Consumer Discretionary | 61857381 | - | 61857381 | - |
| Consumer Staples | 5928304 | - | 5928304 | - |
| Energy | 6828181 | - | 6828181 | - |
| Financials | 1734688 | - | 1734688 | - |
| Health Care | 19094512 | - | 19094512 | - |
| Industrials | 2493250 | - | - | 2493250 |
| Information Technology | 123858390 | - | 123858390 | - |
| Utilities | 3451547 | - | 3451547 | - |
|  **Commercial Mortgage Securities** | 103945 | - | - | 103945 |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 121360053 | 121360053 | - | - |
| Consumer Discretionary | 213565723 | 213565723 | - | - |
| Consumer Staples | 33341801 | 33282150 | 59651 | - |
| Energy | 259381652 | 259311817 | 69835 | - |
| Financials | 109038013 | 109038013 | - | - |
| Health Care | 243950894 | 211371641 | 32579253 | - |
| Industrials | 172034357 | 171888094 | 146263 | - |
| Information Technology | 195700440 | 195470490 | 178693 | 51257 |
| Materials | 52885192 | 52885192 | - | - |
| Real Estate | 20439990 | 20439990 | - | - |
| Utilities | 120395277 | 120395277 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 91446660 | - | 91446660 | - |
| Consumer Discretionary | 17762847 | - | 17762847 | - |
| Health Care | 54946841 | - | 54946841 | - |
| Industrials | 20604705 | - | 20604705 | - |
| Information Technology | 82835378 | - | 82835378 | - |
| Real Estate | 14933874 | - | 14933874 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 17805815 | - | 14977759 | 2828056 |
| Health Care | 6191856 | - | 6191856 | - |
| Industrials | 41157529 | - | 41157529 | - |
|  **Foreign Government and Government Agency Obligations** | 74017356 | - | 74017356 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 16427404 | - | 16427404 | - |
| Consumer Discretionary | 13669817 | - | 13669817 | - |
| Consumer Staples | 6791398 | - | 6791398 | - |
| Energy | 12538840 | - | 12538840 | - |
| Financials | 11521572 | - | 11521572 | - |
| Health Care | 9289667 | - | 9289667 | - |
| Industrials | 16829883 | - | 16829883 | - |
| Information Technology | 17674210 | - | 17674210 | - |
| Materials | 15674622 | - | 15674622 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 190981802 | 190981802 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 13805575 | - | 13805575 | - |
| Financials | 1515861 | - | - | 1515861 |
|  **U.S. Treasury Obligations** | 597180465 | - | 597180465 | - |
|  **Money Market Funds** | 148597116 | 148597116 | - | - |
| **Total Investments in Securities:** | 3349649839 | 1848587358 | 1494070112 | 6992369 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (5284260) | (5284260) | - | - |
| Total Liabilities | (5284260) | (5284260) | - | - |
| **Total Derivative Instruments:** | (5284260) | (5284260) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | - | (5284260) |
| **Total Equity Risk**  | - | (5284260) |
| **Total Value of Derivatives** | - | (5284260) |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $126,741,122) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,791,474,445) | $3148361535 |  |
| Fidelity Central Funds (cost $148,598,540) | 148597116 |  |
| Other affiliated issuers (cost $55,379,138) | 52691188 |  |
| Total Investment in Securities (cost $2,995,452,123) |  | $3349649839 |
| Cash |  | 55890 |
| Receivable for investments sold |  | 8770949 |
| Receivable for premium on written options |  | 4353981 |
| Receivable for fund shares sold |  | 2447578 |
| Dividends receivable |  | 2072802 |
| Interest receivable |  | 16531565 |
| Distributions receivable from Fidelity Central Funds |  | 105178 |
| Prepaid expenses |  | 2102 |
| **Total assets** |  | 3383989884 |
| **Liabilities** |  |  |
| Payable to custodian bank | $762796 |  |
| Payable for investments purchased  | 13792986 |  |
| Payable for fund shares redeemed | 2283470 |  |
| Distributions payable | 983977 |  |
| Accrued management fee | 1733152 |  |
| Distribution and service plan fees payable | 186142 |  |
| Written options, at value (premium received $4,353,981) | 5284260 |  |
| Other payables and accrued expenses | 183656 |  |
| Collateral on securities loaned | 131512994 |  |
| **Total liabilities** |  | 156723433 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $3227266451 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2897609091 |
| Total accumulated earnings (loss) |  | 329657360 |
| **Net Assets** |  | $3227266451 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($327,136,035 ÷ 21,126,089 shares)(a) |  | $15.48 |
| Maximum offering price per share (100/96.00 of $15.48) |  | $16.13 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($39,043,368 ÷ 2,518,636 shares)(a) |  | $15.50 |
| Maximum offering price per share (100/96.00 of $15.50) |  | $16.15 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($130,498,667 ÷ 8,442,942 shares)(a) |  | $15.46 |
| **Fidelity Multi-Asset Income Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,282,572,846 ÷ 82,790,168 shares) |  | $15.49 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($883,145,471 ÷ 57,022,247 shares) |  | $15.49 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($564,870,064 ÷ 36,464,194 shares) |  | $15.49 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $41828694 |
| Affiliated issuers |  | 5979011 |
| Interest  |  | 83086871 |
| Income from Fidelity Central Funds (including $3,138,196 from security lending)  |  | 4311430 |
| **Total income** |  | 135206006 |
| **Expenses** |  |  |
| Management fee | $19682258 |  |
| Distribution and service plan fees | 2046721 |  |
| Custodian fees and expenses | 97837 |  |
| Independent trustees' fees and expenses | 7202 |  |
| Registration fees | 233814 |  |
| Audit fees | 86385 |  |
| Legal | 10127 |  |
| Interest | 12066 |  |
| Miscellaneous | 9867 |  |
| Total expenses before reductions | 22186277 |  |
| Expense reductions | (382931) |  |
| Total expenses after reductions |  | 21803346 |
| **Net Investment income (loss)** |  | 113402660 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 129415367 |  |
| Fidelity Central Funds | 870 |  |
| Foreign currency transactions | (279947) |  |
| Written options | 1792636 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 195123 |  |
| Total net realized gain (loss) |  | 131124049 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 136779984 |  |
| Fidelity Central Funds  | (1424) |  |
| Other affiliated issuers  | (1622796) |  |
| Assets and liabilities in foreign currencies | 87339 |  |
| Written options | (922917) |  |
| Total change in net unrealized appreciation (depreciation) |  | 134320186 |
| **Net gain (loss)** |  | 265444235 |
| **Net increase (decrease) in net assets resulting from operations** |  | $378846895 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $113402660 | $96821167 |
| &nbsp;&nbsp;Net realized gain (loss) | 131124049<br>| 70345882<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 134320186 | 71786217<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 378846895<br>| 238953266<br>|
| Distributions to shareholders | (116735900)<br>| (100697690)<br>|
| Share transactions - net increase (decrease) | 81475376<br>| 402105953<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 343586371<br>| 540361529<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2883680080 | 2343318551<br>|
| &nbsp;&nbsp;End of period | $3227266451 | $2883680080 |

---

**Financial Highlights** 

**Fidelity Advisor® Multi-Asset Income Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.12 | $13.35 | $12.48 | $14.97 | $13.15 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .529  | .484  | .527  | .440  | .339  |
| Net realized and unrealized gain (loss)  | 1.378  | .790  | .874  | (2.378)  | 1.923  |
| Total from investment operations  | 1.907  | 1.274  | 1.401  | (1.938)  | 2.262  |
| Distributions from net investment income  | (.547)  | (.504)  | (.531)  | (.448)  | (.407)  |
| Distributions from net realized gain  | -  | -  | -  | (.104)  | (.035)  |
| Total distributions  | (.547)  | (.504)  | (.531)  | (.552)  | (.442)  |
| Net asset value, end of period  | $15.48 | $14.12 | $13.35 | $12.48 | $14.97 |
| **Total Return** C,D | 13.76% <br>| 9.65%  | 11.43%  | (13.08)%  | 17.40%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .96%  | .98%  | 1.00%  | 1.00%  | 1.01%  |
| Expenses net of fee waivers, if any  | .95% <br>| .97%  | .99%  | 1.00%  | 1.01%  |
| Expenses net of all reductions, if any  | .95%  | .96%  | .99%  | 1.00%  | 1.01%  |
| Net investment income (loss)  | 3.60%  | 3.47%  | 4.09%  | 3.34%  | 2.35%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $327136 | $269987 | $217454 | $151549 | $132537 |
| Portfolio turnover rate G | 225% <br>| 230%  | 175%  | 256%  | 150%  |

---

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

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

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

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

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

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

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

**Fidelity Advisor® Multi-Asset Income Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.13 | $13.37 | $12.50 | $14.99 | $13.15 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .531  | .486  | .531  | .444  | .342  |
| Net realized and unrealized gain (loss)  | 1.387  | .780  | .873  | (2.379)  | 1.943  |
| Total from investment operations  | 1.918  | 1.266  | 1.404  | (1.935)  | 2.285  |
| Distributions from net investment income  | (.548)  | (.506)  | (.534)  | (.451)  | (.410)  |
| Distributions from net realized gain  | -  | -  | -  | (.104)  | (.035)  |
| Total distributions  | (.548)  | (.506)  | (.534)  | (.555)  | (.445)  |
| Net asset value, end of period  | $15.50 | $14.13 | $13.37 | $12.50 | $14.99 |
| **Total Return** C,D | 13.83% <br>| 9.58%  | 11.44%  | (13.05)%  | 17.58%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .95%  | .96%  | .98%  | .99%  | .99%  |
| Expenses net of fee waivers, if any  | .94% <br>| .95%  | .97%  | .99%  | .99%  |
| Expenses net of all reductions, if any  | .94%  | .95%  | .97%  | .99%  | .99%  |
| Net investment income (loss)  | 3.60%  | 3.49%  | 4.11%  | 3.36%  | 2.37%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $39043 | $31131 | $24031 | $18176 | $18698 |
| Portfolio turnover rate G | 225% <br>| 230%  | 175%  | 256%  | 150%  |

---

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

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

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

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

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

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

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

**Fidelity Advisor® Multi-Asset Income Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.09 | $13.33 | $12.46 | $14.94 | $13.13 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .418  | .379  | .430  | .341  | .231  |
| Net realized and unrealized gain (loss)  | 1.387  | .779  | .873  | (2.368)  | 1.917  |
| Total from investment operations  | 1.805  | 1.158  | 1.303  | (2.027)  | 2.148  |
| Distributions from net investment income  | (.435)  | (.398)  | (.433)  | (.349)  | (.303)  |
| Distributions from net realized gain  | -  | -  | -  | (.104)  | (.035)  |
| Total distributions  | (.435)  | (.398)  | (.433)  | (.453)  | (.338)  |
| Net asset value, end of period  | $15.46 | $14.09 | $13.33 | $12.46 | $14.94 |
| **Total Return** C,D | 13.01% <br>| 8.76%  | 10.61%  | (13.69)%  | 16.50%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.71%  | 1.72%  | 1.75%  | 1.76%  | 1.76%  |
| Expenses net of fee waivers, if any  | 1.70% <br>| 1.72%  | 1.74%  | 1.76%  | 1.76%  |
| Expenses net of all reductions, if any  | 1.70%  | 1.71%  | 1.74%  | 1.75%  | 1.76%  |
| Net investment income (loss)  | 2.85%  | 2.72%  | 3.34%  | 2.59%  | 1.60%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $130499 | $116372 | $97311 | $66028 | $61356 |
| Portfolio turnover rate G | 225% <br>| 230%  | 175%  | 256%  | 150%  |

---

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

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

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

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

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

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

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

**Fidelity® Multi-Asset Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.13 | $13.36 | $12.49 | $14.98 | $13.15 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .573  | .524  | .563  | .480  | .378  |
| Net realized and unrealized gain (loss)  | 1.377  | .790  | .873  | (2.381)  | 1.934  |
| Total from investment operations  | 1.950  | 1.314  | 1.436  | (1.901)  | 2.312  |
| Distributions from net investment income  | (.590)  | (.544)  | (.566)  | (.485)  | (.447)  |
| Distributions from net realized gain  | -  | -  | -  | (.104)  | (.035)  |
| Total distributions  | (.590)  | (.544)  | (.566)  | (.589)  | (.482)  |
| Net asset value, end of period  | $15.49 | $14.13 | $13.36 | $12.49 | $14.98 |
| **Total Return** C | 14.08% <br>| 9.96%  | 11.72%  | (12.83)%  | 17.80%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .67%  | .69%  | .73%  | .73%  | .74%  |
| Expenses net of fee waivers, if any  | .66% <br>| .68%  | .72%  | .73%  | .74%  |
| Expenses net of all reductions, if any  | .66%  | .68%  | .72%  | .73%  | .74%  |
| Net investment income (loss)  | 3.89%  | 3.76%  | 4.36%  | 3.62%  | 2.63%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1282573 | $1208234 | $1050521 | $912819 | $1125873 |
| Portfolio turnover rate F | 225% <br>| 230%  | 175%  | 256%  | 150%  |

---

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

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

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

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

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

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

**Fidelity Advisor® Multi-Asset Income Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.12 | $13.35 | $12.48 | $14.97 | $13.15 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .566  | .519  | .559  | .474  | .375  |
| Net realized and unrealized gain (loss)  | 1.388  | .789  | .874  | (2.379)  | 1.924  |
| Total from investment operations  | 1.954  | 1.308  | 1.433  | (1.905)  | 2.299  |
| Distributions from net investment income  | (.584)  | (.538)  | (.563)  | (.481)  | (.444)  |
| Distributions from net realized gain  | -  | -  | -  | (.104)  | (.035)  |
| Total distributions  | (.584)  | (.538)  | (.563)  | (.585)  | (.479)  |
| Net asset value, end of period  | $15.49 | $14.12 | $13.35 | $12.48 | $14.97 |
| **Total Return** C | 14.11% <br>| 9.92%  | 11.70%  | (12.87)%  | 17.70%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .71%  | .72%  | .75%  | .76%  | .76%  |
| Expenses net of fee waivers, if any  | .70% <br>| .72%  | .75%  | .76%  | .76%  |
| Expenses net of all reductions, if any  | .70%  | .71%  | .75%  | .76%  | .76%  |
| Net investment income (loss)  | 3.85%  | 3.72%  | 4.33%  | 3.59%  | 2.60%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $883145 | $831384 | $695649 | $429436 | $461353 |
| Portfolio turnover rate F | 225% <br>| 230%  | 175%  | 256%  | 150%  |

---

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

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

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

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

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

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

**Fidelity Advisor® Multi-Asset Income Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.12 | $13.36 | $12.49 | $14.98 | $13.15 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .582  | .532  | .572  | .480  | .388  |
| Net realized and unrealized gain (loss)  | 1.387  | .781  | .874  | (2.372)  | 1.933  |
| Total from investment operations  | 1.969  | 1.313  | 1.446  | (1.892)  | 2.321  |
| Distributions from net investment income  | (.599)  | (.553)  | (.576)  | (.494)  | (.456)  |
| Distributions from net realized gain  | -  | -  | -  | (.104)  | (.035)  |
| Total distributions  | (.599)  | (.553)  | (.576)  | (.598)  | (.491)  |
| Net asset value, end of period  | $15.49 | $14.12 | $13.36 | $12.49 | $14.98 |
| **Total Return** C | 14.23% <br>| 9.95%  | 11.81%  | (12.77)%  | 17.87%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .61%  | .63%  | .65%  | .66%  | .67%  |
| Expenses net of fee waivers, if any  | .60% <br>| .62%  | .65%  | .66%  | .67%  |
| Expenses net of all reductions, if any  | .60%  | .62%  | .65%  | .66%  | .67%  |
| Net investment income (loss)  | 3.95%  | 3.81%  | 4.43%  | 3.69%  | 2.69%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $564870 | $426573 | $258352 | $159796 | $93316 |
| Portfolio turnover rate F | 225% <br>| 230%  | 175%  | 256%  | 150%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

Fidelity Advisor Multi-Asset Income Fund (the Fund) is a fund of Fidelity School Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Multi-Asset Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

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

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

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

---

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

---

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

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

**3. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the nine month period ended September 30, 2025 was 9.68%.

**4. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Brokers which make markets in asset backed securities, collateralized mortgage obligations and commercial mortgage securities may also consider such factors as the structure of the issue, cash flow assumptions, the value of underlying assets as well as any guarantees. 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. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), contingent interest, partnerships, equity-debt classifications, certain conversion ratio adjustments, capital loss carryforwards and losses deferred due to wash sales and futures transactions.

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**  | $411926931 |
| **Gross unrealized depreciation**  | <u>(72856211)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$339070720</u> |
| **Tax Cost**  | <u>$3005294859</u> |

---

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

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(3416393)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$334749832</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 | $(3416393) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(3416393)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $116735900 | $100697690 |

---

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

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

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| | | |
|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | Fidelity Private Credit Company LLC | 4549981 |

---

**5. Derivative Instruments.**

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

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

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

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| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

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

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

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

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

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

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

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

**6. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | 6094644572 | 6109026642 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

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

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .71 |
| **Class M** | .69 |
| **Class C** | .71 |
| **Fidelity Multi-Asset Income Fund** | .69 |
| **Class I** | .71 |
| **Class Z** | .61 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .69 |
| **Class M** | .69 |
| **Class C** | .69 |
| **Fidelity Multi-Asset Income Fund** | .65 |
| **Class I** | .69 |
| **Class Z** | .59 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | - % | .25% | 736423 | 66170 |
| **Class M** | - % | .25% | 86095 | - |
| **Class C** | .75% | .25% | <u>1224203</u> | <u>213871</u> |
|  |  |  | <u>2046721</u> | <u>280041</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 82216 |
| **Class M** | 9867 |
| **Class C** A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>594</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>92677</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | 129845 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Advisor Multi-Asset Income Fund**  | Borrower | 6740600 | 4.30% | 12066 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | 202410032 | 374233535 | 14410054 |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | 5162 |

---

**8. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | 3949 |

---

**9. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | 339052 | 408 | 2689860 |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | 774411 |

---

**10. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until April 30, 2027. During the period, this waiver reduced the Fund's management fee by $355,942.

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. During the period, custodian credits reduced the Fund's expenses by $26,989.

**11. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Fidelity Advisor Multi-Asset Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $10930967 | $8837227 |
| Class M | 1280284 | 992558 |
| Class C | 3628029 | 3117778 |
| Fidelity Multi-Asset Income Fund | 47775285 | 44870989 |
| Class I | 33164698 | 29620822 |
| Class Z | <u>19956637</u> | <u>13258316</u> |
| Total  | <u>$116735900</u> | <u>$100697690</u> |

---

**12. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **Fidelity Advisor Multi-Asset Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 5083805 | 6157962 | $75976521 | $85865888 |
| Reinvestment of distributions  | 732660 | 627490 | 10836065 | 8768666 |
| Shares redeemed | <u>(3812610)</u> | <u>(3949475)</u> | <u>(56062830)</u> | <u>(54858340)</u> |
| Net increase (decrease) | <u>2003855</u> | <u>2835977</u> | <u>$30749756</u> | <u>$39776214</u> |
| **Class M** |  |  |  |  |
| Shares sold | 682167 | 693522 | $10061136 | $9734408 |
| Reinvestment of distributions  | 82132 | 68120 | 1216548 | 953033 |
| Shares redeemed | <u>(448174)</u> | <u>(356970)</u> | <u>(6528075)</u> | <u>(4989155)</u> |
| Net increase (decrease) | <u>316125</u> | <u>404672</u> | <u>$4749609</u> | <u>$5698286</u> |
| **Class C** |  |  |  |  |
| Shares sold | 1566447 | 2216487 | $23212215 | $30790724 |
| Reinvestment of distributions  | 245260 | 222711 | 3615681 | 3106997 |
| Shares redeemed | <u>(1626089)</u> | <u>(1483360)</u> | <u>(23808875)</u> | <u>(20650017)</u> |
| Net increase (decrease) | <u>185618</u> | <u>955838</u> | <u>$3019021</u> | <u>$13247704</u> |
| **Fidelity Multi-Asset Income Fund** |  |  |  |  |
| Shares sold | 19007467 | 27182337 | $284538242 | $377713393 |
| Reinvestment of distributions  | 2743424 | 2725929 | 40537531 | 38094104 |
| Shares redeemed | <u>(24497143)</u> | <u>(23015847)</u> | <u>(354086158)</u> | <u>(319886783)</u> |
| Net increase (decrease) | <u>(2746252)</u> | <u>6892419</u> | <u>$(29010385)</u> | <u>$95920714</u> |
| **Class I** |  |  |  |  |
| Shares sold | 16569849 | 23015968 | $244663019 | $319659694 |
| Reinvestment of distributions  | 2204752 | 2078921 | 32556478 | 29050042 |
| Shares redeemed | <u>(20625700)</u> | <u>(18312883)</u> | <u>(298709383)</u> | <u>(254160957)</u> |
| Net increase (decrease) | <u>(1851099)</u> | <u>6782006</u> | <u>$(21489886)</u> | <u>$94548779</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 14766983 | 18235602 | $217338577 | $255816702 |
| Reinvestment of distributions  | 1113898 | 789543 | 16503287 | 11067691 |
| Shares redeemed | <u>(9617449)</u> | <u>(8165855)</u> | <u>(140384603)</u> | <u>(113970137)</u> |
| Net increase (decrease) | <u>6263432</u> | <u>10859290</u> | <u>$93457261</u> | <u>$152914256</u> |

---

**13. 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.

**14. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity School Street Trust and Shareholders of Fidelity Advisor Multi-Asset Income Fund

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

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

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2026

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

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

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

A total of 16.86% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $61,212,174 of distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $81,445,980 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

A percentage of the dividends distributed during the fiscal year qualify for the dividends-received deduction for corporate shareholders:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Fidelity Multi-Asset Income Fund** | **Class I** | **Class Z** |
| January 2025 | 12% | 12% | 17% | 11% | 11% | 11% |
| February 2025 | 12% | 12% | 15% | 11% | 11% | 11% |
| March 2025 | 12% | 12% | 14% | 11% | 11% | 11% |
| April 2025 | 12% | 12% | 15% | 11% | 11% | 11% |
| May 2025 | 11% | 11% | 13% | 11% | 11% | 11% |
| June 2025 | 12% | 12% | 14% | 11% | 11% | 11% |
| July 2025 | 12% | 12% | 16% | 11% | 11% | 11% |
| August 2025 | 12% | 12% | 14% | 11% | 11% | 11% |
| September 2025 | 11% | 11% | 14% | 11% | 11% | 11% |
| October 2025 | 12% | 12% | 15% | 11% | 11% | 11% |
| November 2025 | 12% | 12% | 15% | 11% | 11% | 11% |
| December 2025 | 12% | 12% | 15% | 11% | 11% | 11%<br>|

---

A percentage of the dividends distributed during the fiscal year may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Fidelity Multi-Asset Income Fund** | **Class I** | **Class Z** |
| January 2025 | 23.65% | 23.38% | 33.84% | 20.83% | 21.16% | 20.81% |
| February 2025 | 23.16% | 22.98% | 30.14% | 21.34% | 21.34% | 20.74% |
| March 2025 | 22.72% | 22.93% | 27.55% | 21.08% | 21.47% | 20.77% |
| April 2025 | 23.00% | 22.95% | 29.59% | 21.18% | 21.18% | 21.11% |
| May 2025 | 22.46% | 22.41% | 26.04% | 21.17% | 21.38% | 21.10% |
| June 2025 | 22.70% | 22.70% | 27.84% | 21.15% | 21.25% | 20.92% |
| July 2025 | 23.16% | 23.01% | 31.03% | 20.97% | 21.18% | 20.84% |
| August 2025 | 22.76% | 22.87% | 28.25% | 21.03% | 21.24% | 21.15% |
| September 2025 | 22.59% | 22.47% | 26.84% | 21.22% | 21.37% | 20.81% |
| October 2025 | 22.98% | 23.10% | 29.81% | 21.07% | 21.18% | 20.84% |
| November 2025 | 22.96% | 22.91% | 29.32% | 21.03% | 21.26% | 20.89% |
| December 2025 | 22.78% | 22.92% | 28.94% | 21.07% | 21.39% | 20.77% |

---

A percentage of the dividends distributed during the fiscal year qualify as a section 199A dividend:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Fidelity Multi-Asset Income Fund** | **Class I** | **Class Z** |
| January 2025 | 0.94% | 0.93% | 1.35% | 0.83% | 0.85% | 0.83% |
| February 2025 | 0.93% | 0.92% | 1.20% | 0.85% | 0.85% | 0.83% |
| March 2025 | 0.91% | 0.92% | 1.10% | 0.84% | 0.86% | 0.83% |
| April 2025 | 0.92% | 0.92% | 1.18% | 0.85% | 0.85% | 0.84% |
| May 2025 | 0.90% | 0.90% | 1.04% | 0.85% | 0.85% | 0.84% |
| June 2025 | 0.91% | 0.91% | 1.11% | 0.85% | 0.85% | 0.84% |
| July 2025 | 0.93% | 0.92% | 1.24% | 0.84% | 0.85% | 0.83% |
| August 2025 | 0.91% | 0.91% | 1.13% | 0.84% | 0.85% | 0.85% |
| September 2025 | 0.90% | 0.90% | 1.07% | 0.85% | 0.85% | 0.83% |
| October 2025 | 0.92% | 0.92% | 1.19% | 0.84% | 0.85% | 0.83% |
| November 2025 | 0.92% | 0.92% | 1.17% | 0.84% | 0.85% | 0.84% |
| December 2025 | 0.91% | 0.92% | 1.16% | 0.84% | 0.86% | 0.83% |

---

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 Advisor Multi-Asset Income Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by Fidelity under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with Fidelity, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app 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 in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against one or more appropriate indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the representative class of the fund (the retail class), the Board considered the effective management fee rate for the retail class from March 2024 to December 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for the retail class of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the management fee rate of the retail class of the fund ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-size peer group for 2024.

The Board considered that the fund has a variable management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board noted that, although total expenses ranked above the asset size peer group median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive. The Board also noted that the fund invests in a business development company managed by Fidelity, which accounts for the fund's higher acquired fund fees and expenses. The Board further noted that the fund's fixed income holdings are primarily in high yield securities where a majority of the total peer group is invested in investment grade securities.

The Board considered information about the reasons that Class M of the fund was in the 4th quartile for total expense ratio comparisons. The Board also considered that the total expenses for Class M of the fund ranked in the 4th quartile of the total peer group. The Board noted that Class M has a 0.50% 12b‑1 fee, which is comparable to competing Class R shares (which typically have no sales loads but charge higher 12b-1 fees) that are designed specifically for retirement plans. The Board further noted that Lipper classifies Class R shares as institutional load as they do not have sales loads, and thus they are not included in the same total peer group as the Class M shares in the competitive comparisons.

The Board also considered that the total expenses for Class C of the fund ranked in the 4th quartile of the total peer group. The Board noted that Class C has a 1.00% 12b‑1 fee, while Lipper's level load definition is broad and includes both traditionally priced (1.00%) 12b-1 fee classes and funds without sales loads that have relatively lower distribution and service fees.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.10%, 1.10%, 1.85%, 0.85%, 0.76%, and 0.85% through April 30, 2026.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

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

![](img123179_4.jpg)<br>

1.9865887.110 AMAI-ANN-0226

**Fidelity® Series International Developed Markets Bond Index Fund**

**Annual Report**

**December 31, 2025**

![](img123205_1.jpg)

![](img123205_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_IDM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series International Developed Markets Bond Index Fund](#Sub_Sec_Fund_6397_IDM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6397_IDM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IDM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_IDM-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IDM-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IDM-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IDM-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IDM-ANN)** |

---

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

You may also call 1-800-544-8544 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.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Series International Developed Markets Bond Index Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 97.9%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 97.9%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 97.9%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 97.9%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 4.8%  |  |  |  |
| Australian Commonwealth 1% 11/21/2031 (c) | AUD | 108757000 | 59879114 |
| Australian Commonwealth 1% 12/21/2030 (c) | AUD | 78512000 | 44738504 |
| Australian Commonwealth 1.25% 5/21/2032  | AUD | 63500000 | 34905708 |
| Australian Commonwealth 1.5% 6/21/2031  | AUD | 18500000 | 10645934 |
| Australian Commonwealth 1.75% 6/21/2051 (c) | AUD | 28212000 | 9626387 |
| Australian Commonwealth 2.5% 5/21/2030  | AUD | 64800000 | 40245289 |
| Australian Commonwealth 2.75% 11/21/2027 (c) | AUD | 131951000 | 85991672 |
| Australian Commonwealth 2.75% 11/21/2028 (c) | AUD | 40367000 | 25929247 |
| Australian Commonwealth 2.75% 11/21/2029 (c) | AUD | 137813000 | 87188932 |
| Australian Commonwealth 2.75% 5/21/2041 (c) | AUD | 35678000 | 18096335 |
| Australian Commonwealth 2.75% 6/21/2035 (c) | AUD | 111000000 | 62950398 |
| Australian Commonwealth 3% 11/21/2033 (c) | AUD | 34500000 | 20610474 |
| Australian Commonwealth 3% 3/21/2047 (c) | AUD | 24400000 | 11742242 |
| Australian Commonwealth 3.25% 4/21/2029 (c) | AUD | 64300000 | 41685507 |
| Australian Commonwealth 3.5% 12/21/2034 (c) | AUD | 88000000 | 53643996 |
| Australian Commonwealth 3.75% 4/21/2037 (c) | AUD | 29572000 | 17895189 |
| Australian Commonwealth 3.75% 5/21/2034 (c) | AUD | 39600000 | 24798096 |
| Australian Commonwealth 4.25% 12/21/2035 (c) | AUD | 29900000 | 19170580 |
| Australian Commonwealth 4.25% 6/21/2034 (c) | AUD | 12800000 | 8307258 |
| Australian Commonwealth 4.5% 4/21/2033 (c) | AUD | 72521000 | 48279285 |
| Australian Commonwealth 4.75% 4/21/2027 (c) | AUD | 31200000 | 21013709 |
| Australian Commonwealth 4.75% 6/21/2054 (c) | AUD | 15800000 | 9809942 |
| TOTAL AUSTRALIA |  |  | 757153798 |
| AUSTRIA - 4.6%  |  |  |  |
| Austrian Republic 0% 10/20/2028 (c)(d) | EUR | 8400000 | 9271423 |
| Austrian Republic 0% 10/20/2040 (c)(d) | EUR | 46009000 | 32333348 |
| Austrian Republic 0% 2/20/2030 (c)(d) | EUR | 86862000 | 92169662 |
| Austrian Republic 0% 2/20/2031 (c)(d) | EUR | 50203000 | 51578316 |
| Austrian Republic 0.25% 10/20/2036 (c)(d) | EUR | 24709000 | 21186718 |
| Austrian Republic 0.5% 2/20/2029 (c)(d) | EUR | 63200000 | 70167220 |
| Austrian Republic 0.5% 4/20/2027 (c)(d) | EUR | 58716000 | 67663970 |
| Austrian Republic 0.7% 4/20/2071 (c)(d) | EUR | 2400000 | 963857 |
| Austrian Republic 0.75% 2/20/2028 (c)(d) | EUR | 19197000 | 21902117 |
| Austrian Republic 0.75% 3/20/2051 (c)(d) | EUR | 36477000 | 21966819 |
| Austrian Republic 0.85% 6/30/2120 (c)(d) | EUR | 32016000 | 11263463 |
| Austrian Republic 0.9% 2/20/2032 (c)(d) | EUR | 12330000 | 12971569 |
| Austrian Republic 1.5% 11/2/2086 (c)(d) | EUR | 16500000 | 8928843 |
| Austrian Republic 2.1% 9/20/2117 (c)(d) | EUR | 6220000 | 4180618 |
| Austrian Republic 2.8% 9/20/2032 (c)(d) | EUR | 16700000 | 19596068 |
| Austrian Republic 2.9% 2/20/2033 (c)(d) | EUR | 32600000 | 38373585 |
| Austrian Republic 2.9% 2/20/2034 (c)(d) | EUR | 77000000 | 89824617 |
| Austrian Republic 2.9% 5/23/2029 (c)(d) | EUR | 9400000 | 11242056 |
| Austrian Republic 2.95% 2/20/2035 (c)(d) | EUR | 26100000 | 30313420 |
| Austrian Republic 3.15% 10/20/2053 (c)(d) | EUR | 18500000 | 19236723 |
| Austrian Republic 3.15% 6/20/2044 (c)(d) | EUR | 49780000 | 54740690 |
| Austrian Republic 3.8% 1/26/2062 (c)(d) | EUR | 12165000 | 14155561 |
| Austrian Republic 4.15% 3/15/2037 (c)(d) | EUR | 16199000 | 20616342 |
| TOTAL AUSTRIA |  |  | 724647005 |
| BELGIUM - 4.6%  |  |  |  |
| Kingdom of Belgium 0% 10/22/2027 (c)(d) | EUR | 59128000 | 66859832 |
| Kingdom of Belgium 0% 10/22/2031 (c)(d) | EUR | 54206000 | 54187373 |
| Kingdom of Belgium 0.1% 6/22/2030 (c)(d) | EUR | 21700000 | 22812834 |
| Kingdom of Belgium 0.35% 6/22/2032 (c)(d) | EUR | 51290000 | 51195136 |
| Kingdom of Belgium 0.4% 6/22/2040 (c)(d) | EUR | 18700000 | 13723422 |
| Kingdom of Belgium 0.65% 6/22/2071 (c)(d) | EUR | 53103000 | 17759621 |
| Kingdom of Belgium 0.8% 6/22/2027 (c)(d) | EUR | 6886000 | 7942910 |
| Kingdom of Belgium 0.8% 6/22/2028 (c)(d) | EUR | 29386000 | 33325569 |
| Kingdom of Belgium 0.9% 6/22/2029 (c)(d) | EUR | 33476000 | 37323469 |
| Kingdom of Belgium 1% 6/22/2031 (c)(d) | EUR | 19681000 | 21035614 |
| Kingdom of Belgium 1.4% 6/22/2053 (c)(d) | EUR | 31810000 | 20142619 |
| Kingdom of Belgium 1.6% 6/22/2047 (c)(d) | EUR | 9816000 | 7443405 |
| Kingdom of Belgium 1.7% 6/22/2050 (c)(d) | EUR | 16649000 | 12167449 |
| Kingdom of Belgium 1.9% 6/22/2038 (c)(d) | EUR | 7550000 | 7342599 |
| Kingdom of Belgium 2.15% 6/22/2066 (c)(d) | EUR | 9430000 | 6433778 |
| Kingdom of Belgium 2.7% 10/22/2029 (c)(d) | EUR | 34700000 | 41024117 |
| Kingdom of Belgium 2.85% 10/22/2034 (c)(d) | EUR | 63200000 | 71916119 |
| Kingdom of Belgium 3% 6/22/2033 (c)(d) | EUR | 19500000 | 22815110 |
| Kingdom of Belgium 3.1% 6/22/2035 (c)(d) | EUR | 30500000 | 35132290 |
| Kingdom of Belgium 3.3% 6/22/2054 (c)(d) | EUR | 5200000 | 5120135 |
| Kingdom of Belgium 3.45% 6/22/2043 (c)(d) | EUR | 1700000 | 1867632 |
| Kingdom of Belgium 3.5% 6/22/2055 (c)(d) | EUR | 4500000 | 4564372 |
| Kingdom of Belgium 3.75% 6/22/2045 (c) | EUR | 33738000 | 38270702 |
| Kingdom of Belgium 4.25% 3/28/2041 (c)(d) | EUR | 44660000 | 54961435 |
| Kingdom of Belgium 5% 3/28/2035 (c)(d) | EUR | 46949000 | 62608672 |
| TOTAL BELGIUM |  |  | 717976214 |
| CANADA - 4.6%  |  |  |  |
| Canadian Government 0.5% 12/1/2030  | CAD | 63762000 | 41203850 |
| Canadian Government 1% 6/1/2027  | CAD | 6319000 | 4508670 |
| Canadian Government 1.25% 3/1/2027  | CAD | 30500000 | 21915639 |
| Canadian Government 1.25% 6/1/2030  | CAD | 12150000 | 8239162 |
| Canadian Government 1.5% 12/1/2031  | CAD | 54493000 | 36277585 |
| Canadian Government 1.75% 12/1/2053 (b) | CAD | 46000000 | 21516773 |
| Canadian Government 2% 12/1/2051  | CAD | 59969000 | 30499769 |
| Canadian Government 2% 6/1/2032  | CAD | 12000000 | 8159324 |
| Canadian Government 2.25% 6/1/2029  | CAD | 700000 | 501150 |
| Canadian Government 2.5% 11/1/2027  | CAD | 64600000 | 46977042 |
| Canadian Government 2.5% 12/1/2032  | CAD | 24700000 | 17228784 |
| Canadian Government 2.5% 8/1/2027  | CAD | 43500000 | 31667109 |
| Canadian Government 2.75% 12/1/2055  | CAD | 6600000 | 3872628 |
| Canadian Government 2.75% 12/1/2064  | CAD | 39400000 | 22391971 |
| Canadian Government 2.75% 3/1/2030  | CAD | 19500000 | 14123286 |
| Canadian Government 2.75% 6/1/2033  | CAD | 15500000 | 10937535 |
| Canadian Government 2.75% 9/1/2027  | CAD | 4200000 | 3069025 |
| Canadian Government 2.75% 9/1/2030  | CAD | 63400000 | 45766282 |
| Canadian Government 3% 6/1/2034  | CAD | 74800000 | 53258675 |
| Canadian Government 3.25% 12/1/2033  | CAD | 33700000 | 24520388 |
| Canadian Government 3.25% 12/1/2034  | CAD | 42800000 | 30950420 |
| Canadian Government 3.25% 12/1/2035  | CAD | 9700000 | 6964111 |
| Canadian Government 3.25% 6/1/2035  | CAD | 64400000 | 46409322 |
| Canadian Government 3.5% 12/1/2045  | CAD | 8519000 | 5998181 |
| Canadian Government 3.5% 12/1/2057  | CAD | 6500000 | 4432506 |
| Canadian Government 3.5% 3/1/2028  | CAD | 57700000 | 42789770 |
| Canadian Government 3.5% 9/1/2029  | CAD | 102500000 | 76394079 |
| Canadian Government 4% 3/1/2029  | CAD | 44500000 | 33618135 |
| Canadian Government 4% 6/1/2041  | CAD | 19381000 | 14701253 |
| Canadian Government 5.75% 6/1/2029  | CAD | 4040000 | 3223052 |
| Canadian Government 5.75% 6/1/2033  | CAD | 14800000 | 12551309 |
| TOTAL CANADA |  |  | 724666785 |
| CYPRUS - 0.3%  |  |  |  |
| Cyprus Government Bond 0% 2/9/2026 (c) | EUR | 5219000 | 6097550 |
| Cyprus Government Bond 0.625% 1/21/2030 (c) | EUR | 10782000 | 11739537 |
| Cyprus Government Bond 0.95% 1/20/2032 (c) | EUR | 1900000 | 1994577 |
| Cyprus Government Bond 1.25% 1/21/2040 (c) | EUR | 7274000 | 6347148 |
| Cyprus Government Bond 2.25% 4/16/2050 (c) | EUR | 3919000 | 3417016 |
| Cyprus Government Bond 2.375% 9/25/2028 (c) | EUR | 2600000 | 3057521 |
| Cyprus Government Bond 2.75% 2/26/2034 (c) | EUR | 4289000 | 4923293 |
| Cyprus Government Bond 3.25% 6/27/2031 (c) | EUR | 4500000 | 5405353 |
| TOTAL CYPRUS |  |  | 42981995 |
| DENMARK - 1.8%  |  |  |  |
| Danish Kingdom 0% 11/15/2031  | DKK | 124327000 | 17074777 |
| Danish Kingdom 0% 11/15/2031  | DKK | 12602000 | 1732375 |
| Danish Kingdom 0.25% 11/15/2052  | DKK | 233950000 | 17880050 |
| Danish Kingdom 0.5% 11/15/2027  | DKK | 335487000 | 51514448 |
| Danish Kingdom 0.5% 11/15/2029  | DKK | 206326000 | 30503286 |
| Danish Kingdom 2.25% 11/15/2026  | DKK | 91200000 | 14414469 |
| Danish Kingdom 2.25% 11/15/2033  | DKK | 384500000 | 59087523 |
| Danish Kingdom 2.25% 11/15/2035  | DKK | 169800000 | 25565177 |
| Danish Kingdom 4.5% 11/15/2039  | DKK | 310564000 | 57483793 |
| TOTAL DENMARK |  |  | 275255898 |
| ESTONIA - 0.1%  |  |  |  |
| Estonia Government International Bond 0.125% 6/10/2030 (c) | EUR | 2467000 | 2557806 |
| Estonia Government International Bond 3.25% 1/17/2034 (c) | EUR | 2200000 | 2560516 |
| Estonia Government International Bond 4% 10/12/2032 (c) | EUR | 6500000 | 7984457 |
| TOTAL ESTONIA |  |  | 13102779 |
| FINLAND - 3.6%  |  |  |  |
| Finnish Government 0% 9/15/2026 (c)(d) | EUR | 12240000 | 14189470 |
| Finnish Government 0% 9/15/2030 (c)(d) | EUR | 63005000 | 65586823 |
| Finnish Government 0.125% 4/15/2036 (c)(d) | EUR | 23991000 | 20513497 |
| Finnish Government 0.125% 4/15/2052 (c)(d) | EUR | 25200000 | 11585700 |
| Finnish Government 0.125% 9/15/2031 (c)(d) | EUR | 28767000 | 29171332 |
| Finnish Government 0.25% 9/15/2040 (c)(d) | EUR | 22189000 | 16308773 |
| Finnish Government 0.5% 4/15/2043 (c)(d) | EUR | 76170000 | 53516381 |
| Finnish Government 0.5% 9/15/2027 (c)(d) | EUR | 50808000 | 58080088 |
| Finnish Government 0.5% 9/15/2028 (c)(d) | EUR | 7879000 | 8829579 |
| Finnish Government 0.5% 9/15/2029 (c)(d) | EUR | 21445000 | 23485190 |
| Finnish Government 1.125% 4/15/2034 (c)(d) | EUR | 2320000 | 2349362 |
| Finnish Government 1.375% 4/15/2027 (c)(d) | EUR | 8500000 | 9903070 |
| Finnish Government 1.5% 9/15/2032 (c)(d) | EUR | 32160000 | 34702318 |
| Finnish Government 2.875% 4/15/2029 (c)(d) | EUR | 68800000 | 82072477 |
| Finnish Government 2.95% 4/15/2055 (c)(d) | EUR | 16400000 | 16133123 |
| Finnish Government 3% 9/15/2033 (c)(d) | EUR | 38000000 | 44756025 |
| Finnish Government 3% 9/15/2034 (c)(d) | EUR | 35500000 | 41498903 |
| Finnish Government 3% 9/15/2035 (c)(d) | EUR | 31600000 | 36631266 |
| TOTAL FINLAND |  |  | 569313377 |
| FRANCE - 8.2%  |  |  |  |
| French Government 0% 11/25/2029 (c)(d) | EUR | 50654000 | 53809670 |
| French Government 0% 11/25/2030 (c)(d) | EUR | 24200000 | 24840272 |
| French Government 0% 11/25/2031 (c)(d) | EUR | 80369000 | 79486936 |
| French Government 0% 2/25/2027 (c)(d) | EUR | 26074000 | 29902800 |
| French Government 0% 5/25/2032 (c)(d) | EUR | 37200000 | 36071697 |
| French Government 0.5% 5/25/2029 (c)(d) | EUR | 31290000 | 34354616 |
| French Government 0.5% 5/25/2040 (c)(d) | EUR | 24343000 | 17863556 |
| French Government 0.5% 5/25/2072 (c)(d) | EUR | 41670000 | 12128055 |
| French Government 0.5% 6/25/2044 (c)(d) | EUR | 7500000 | 4725937 |
| French Government 0.75% 11/25/2028 (c)(d) | EUR | 27662000 | 30983577 |
| French Government 0.75% 2/25/2028 (c)(d) | EUR | 14300000 | 16259774 |
| French Government 0.75% 5/25/2028 (c)(d) | EUR | 12780000 | 14462480 |
| French Government 0.75% 5/25/2052 (c)(d) | EUR | 34264000 | 17608763 |
| French Government 0.75% 5/25/2053 (c)(d) | EUR | 12500000 | 6217413 |
| French Government 1.25% 5/25/2036 (c)(d) | EUR | 61786000 | 57860002 |
| French Government 1.75% 5/25/2066 (c)(d) | EUR | 4110000 | 2359040 |
| French Government 1.75% 6/25/2039 (c)(d) | EUR | 6190000 | 5678349 |
| French Government 2% 11/25/2032 (c)(d) | EUR | 94800000 | 103662105 |
| French Government 2% 5/25/2048 (c)(d) | EUR | 70000 | 55524 |
| French Government 2.5% 5/25/2030 (c)(d) | EUR | 50278000 | 58595813 |
| French Government 2.5% 5/25/2043 (c)(d) | EUR | 119400000 | 112622380 |
| French Government 2.5% 9/24/2027 (c)(d) | EUR | 80500000 | 95024586 |
| French Government 2.7% 2/25/2031 (c)(d) | EUR | 51300000 | 59860923 |
| French Government 2.75% 10/25/2027 (c)(d) | EUR | 40810000 | 48378794 |
| French Government 2.75% 2/25/2029 (c)(d) | EUR | 72900000 | 86309595 |
| French Government 2.75% 2/25/2030 (c)(d) | EUR | 22700000 | 26747387 |
| French Government 3% 11/25/2034 (c)(d) | EUR | 57300000 | 65172666 |
| French Government 3% 5/25/2033 (c)(d) | EUR | 4600000 | 5330680 |
| French Government 3% 5/25/2054 (c)(d) | EUR | 3200000 | 2896227 |
| French Government 3.2% 5/25/2035 (c)(d) | EUR | 23700000 | 27212669 |
| French Government 3.25% 5/25/2045 (c)(d) | EUR | 11653000 | 12059333 |
| French Government 3.25% 5/25/2055 (c)(d) | EUR | 39000000 | 36900537 |
| French Government 3.5% 11/25/2033 (c)(d) | EUR | 15700000 | 18719650 |
| French Government 3.5% 11/25/2035 (c)(d) | EUR | 51200000 | 59875406 |
| French Government 4% 4/25/2060 (c)(d) | EUR | 24600000 | 26381169 |
| French Government 4.5% 4/25/2041 (c)(d) | EUR | 1710000 | 2129619 |
| French Government 4.75% 4/25/2035 (c)(d) | EUR | 36000 | 46572 |
| TOTAL FRANCE |  |  | 1292594572 |
| GERMANY - 6.6%  |  |  |  |
| German Federal Republic 0% 10/9/2026 (c) | EUR | 15949000 | 18462828 |
| German Federal Republic 0% 2/15/2032 (c) | EUR | 8590000 | 8652458 |
| German Federal Republic 0% 4/16/2027 (c) | EUR | 21390000 | 24495767 |
| German Federal Republic 0% 5/15/2036 (c)(e) | EUR | 19065000 | 16568637 |
| German Federal Republic 0% 8/15/2029 (c) | EUR | 14992000 | 16232438 |
| German Federal Republic 0% 8/15/2030 (c)(e) | EUR | 31124000 | 32798485 |
| German Federal Republic 0% 8/15/2031 (c) | EUR | 17740000 | 18157728 |
| German Federal Republic 0% 8/15/2050 (c)(e) | EUR | 16203000 | 8182228 |
| German Federal Republic 0% 8/15/2052 (c) | EUR | 13519000 | 6378338 |
| German Federal Republic 0.25% 2/15/2027 (c) | EUR | 1710000 | 1970866 |
| German Federal Republic 0.25% 2/15/2029 (c)(e) | EUR | 20250000 | 22395348 |
| German Federal Republic 1.25% 8/15/2048 (c) | EUR | 4320000 | 3354238 |
| German Federal Republic 1.3% 10/15/2027 (c)(e) | EUR | 49600000 | 57511167 |
| German Federal Republic 1.7% 8/15/2032 (c) | EUR | 24900000 | 27694948 |
| German Federal Republic 1.8% 8/15/2053 (c) | EUR | 17000000 | 14102872 |
| German Federal Republic 2% 12/16/2027 (c)(e) | EUR | 57300000 | 67180714 |
| German Federal Republic 2.1% 11/15/2029 (c) | EUR | 5600000 | 6524062 |
| German Federal Republic 2.1% 4/12/2029 (c) | EUR | 10400000 | 12154859 |
| German Federal Republic 2.2% 10/10/2030 (c)(e) | EUR | 58300000 | 67748583 |
| German Federal Republic 2.2% 2/15/2034 (c) | EUR | 31000000 | 34984038 |
| German Federal Republic 2.2% 4/13/2028 (c) | EUR | 19000000 | 22359993 |
| German Federal Republic 2.3% 2/15/2033 (c) | EUR | 20600000 | 23659294 |
| German Federal Republic 2.4% 10/19/2028 (c) | EUR | 93400000 | 110333151 |
| German Federal Republic 2.4% 11/15/2030 (c) | EUR | 6400000 | 7503749 |
| German Federal Republic 2.5% 10/11/2029 (c) | EUR | 35600000 | 42088478 |
| German Federal Republic 2.5% 2/15/2035 (c) | EUR | 6000000 | 6871253 |
| German Federal Republic 2.5% 7/4/2044 (c)(e) | EUR | 24052000 | 25051087 |
| German Federal Republic 2.5% 8/15/2046 (c)(e) | EUR | 41281000 | 42240451 |
| German Federal Republic 2.5% 8/15/2054 (c) | EUR | 31000000 | 30029546 |
| German Federal Republic 2.6% 8/15/2034 (c) | EUR | 46500000 | 53866232 |
| German Federal Republic 2.6% 8/15/2035 (c) | EUR | 73400000 | 84430026 |
| German Federal Republic 2.9% 8/15/2056 (c) | EUR | 22400000 | 23477637 |
| German Federal Republic 3.25% 7/4/2042 (c)(e) | EUR | 31970000 | 37475638 |
| German Federal Republic 4% 1/4/2037 (c) | EUR | 8010000 | 10320234 |
| German Federal Republic 4.75% 7/4/2034 (c) | EUR | 650000 | 879000 |
| German Federal Republic 4.75% 7/4/2040 (c) | EUR | 15931000 | 22129536 |
| German Federal Republic 5.5% 1/4/2031 (c)(e) | EUR | 12481000 | 16743147 |
| German Federal Republic 6.5% 7/4/2027 (c) | EUR | 4770000 | 5969682 |
| TOTAL GERMANY |  |  | 1030978736 |
| GREECE - 2.0%  |  |  |  |
| Greek Government 1.5% 6/18/2030 (c)(d) | EUR | 21800000 | 24425967 |
| Greek Government 1.875% 1/24/2052 (c)(d) | EUR | 27600000 | 20789566 |
| Greek Government 2% 4/22/2027 (c)(d) | EUR | 20900000 | 24598292 |
| Greek Government 3.375% 6/15/2034 (c)(d) | EUR | 51500000 | 60744949 |
| Greek Government 3.875% 3/12/2029 (c)(d) | EUR | 29100000 | 35642926 |
| Greek Government 3.9% 1/30/2033 (c) | EUR | 75900000 | 93257691 |
| Greek Government 4.2% 1/30/2042 (c) | EUR | 42800000 | 52288688 |
| Greek Government 4.25% 6/15/2033 (c)(d) | EUR | 7000000 | 8800074 |
| TOTAL GREECE |  |  | 320548153 |
| HONG KONG - 0.2%  |  |  |  |
| Hong Kong Government 1.25% 6/29/2027  | HKD | 66600000 | 8420821 |
| Hong Kong Government 1.59% 3/4/2036  | HKD | 33800000 | 3745439 |
| Hong Kong Government 1.68% 1/21/2026  | HKD | 33050000 | 4243399 |
| Hong Kong Government 1.89% 3/2/2032  | HKD | 77000000 | 9398263 |
| Hong Kong Government 1.97% 1/17/2029  | HKD | 36000000 | 4563046 |
| Hong Kong Government 2.02% 3/7/2034  | HKD | 12000000 | 1440688 |
| Hong Kong Government 2.13% 7/16/2030  | HKD | 4750000 | 598895 |
| TOTAL HONG KONG |  |  | 32410551 |
| IRELAND - 2.7%  |  |  |  |
| Republic of Ireland Treasury Bill 0% 10/18/2031 (c) | EUR | 25031000 | 25251829 |
| Republic of Ireland Treasury Bill 0.2% 10/18/2030 (c) | EUR | 5245000 | 5519917 |
| Republic of Ireland Treasury Bill 0.2% 5/15/2027 (c) | EUR | 30134000 | 34556471 |
| Republic of Ireland Treasury Bill 0.35% 10/18/2032 (c) | EUR | 22212000 | 22226749 |
| Republic of Ireland Treasury Bill 0.4% 5/15/2035 (c) | EUR | 24240000 | 22306769 |
| Republic of Ireland Treasury Bill 0.55% 4/22/2041 (c) | EUR | 13006000 | 10066601 |
| Republic of Ireland Treasury Bill 1.1% 5/15/2029 (c) | EUR | 62829000 | 70896060 |
| Republic of Ireland Treasury Bill 1.35% 3/18/2031 (c) | EUR | 35400000 | 39204136 |
| Republic of Ireland Treasury Bill 1.5% 5/15/2050 (c) | EUR | 30643000 | 23553638 |
| Republic of Ireland Treasury Bill 1.7% 5/15/2037 (c) | EUR | 2690000 | 2704289 |
| Republic of Ireland Treasury Bill 2% 2/18/2045 (c) | EUR | 23084000 | 21385252 |
| Republic of Ireland Treasury Bill 2.4% 5/15/2030 (c) | EUR | 31160000 | 36482716 |
| Republic of Ireland Treasury Bill 2.6% 10/18/2034 (c) | EUR | 46800000 | 53271720 |
| Republic of Ireland Treasury Bill 3% 10/18/2043 (c) | EUR | 39300000 | 43210977 |
| Republic of Ireland Treasury Bill 3.15% 10/18/2055 (c) | EUR | 11900000 | 12457829 |
| TOTAL IRELAND |  |  | 423094953 |
| ITALY - 8.0%  |  |  |  |
| Italian Republic 0.25% 3/15/2028 (c) | EUR | 12975000 | 14592684 |
| Italian Republic 0.45% 2/15/2029 (c) | EUR | 29560000 | 32664304 |
| Italian Republic 0.6% 8/1/2031 (c)(d) | EUR | 17143000 | 17791212 |
| Italian Republic 0.95% 3/1/2037 (c)(d) | EUR | 41747000 | 37193201 |
| Italian Republic 0.95% 6/1/2032 (c) | EUR | 13940000 | 14427881 |
| Italian Republic 0.95% 8/1/2030 (c) | EUR | 16920000 | 18383769 |
| Italian Republic 1.1% 4/1/2027 (c) | EUR | 27790000 | 32259913 |
| Italian Republic 1.5% 4/30/2045 (c)(d) | EUR | 48000000 | 37139178 |
| Italian Republic 1.65% 3/1/2032 (c)(d) | EUR | 1710000 | 1860922 |
| Italian Republic 1.7% 9/1/2051 (c)(d) | EUR | 5786000 | 4113639 |
| Italian Republic 1.8% 3/1/2041 (c)(d) | EUR | 22410000 | 19986567 |
| Italian Republic 2.1% 8/26/2027 (c) | EUR | 117700000 | 138102218 |
| Italian Republic 2.15% 3/1/2072 (c)(d) | EUR | 19100000 | 13267077 |
| Italian Republic 2.15% 9/1/2052 (c)(d) | EUR | 16010000 | 12511719 |
| Italian Republic 2.5% 12/1/2032 (c) | EUR | 18000000 | 20392070 |
| Italian Republic 2.65% 12/1/2027 (c) | EUR | 14400000 | 17052848 |
| Italian Republic 2.7% 10/1/2030 (c)(d) | EUR | 73900000 | 86595424 |
| Italian Republic 2.7% 3/1/2047 (c)(d) | EUR | 1950000 | 1832003 |
| Italian Republic 2.8% 3/1/2067 (c)(d) | EUR | 4900000 | 4084828 |
| Italian Republic 2.8% 6/15/2029 (c) | EUR | 16700000 | 19805711 |
| Italian Republic 2.95% 7/1/2030 (c) | EUR | 21500000 | 25509968 |
| Italian Republic 3% 10/1/2029 (c) | EUR | 45800000 | 54573931 |
| Italian Republic 3% 8/1/2029 (c) | EUR | 18611000 | 22224874 |
| Italian Republic 3.15% 11/15/2031 (c)(d) | EUR | 10200000 | 12115253 |
| Italian Republic 3.25% 11/15/2032 (c)(d) | EUR | 43100000 | 51061394 |
| Italian Republic 3.25% 7/15/2032 (c)(d) | EUR | 9200000 | 10934014 |
| Italian Republic 3.25% 9/1/2046 (c)(d) | EUR | 4530000 | 4680798 |
| Italian Republic 3.35% 7/1/2029 (c) | EUR | 27000000 | 32561737 |
| Italian Republic 3.45% 7/15/2027 (c) | EUR | 19000000 | 22750824 |
| Italian Republic 3.45% 7/15/2031 (c) | EUR | 41600000 | 50283348 |
| Italian Republic 3.5% 3/1/2030 (c)(d) | EUR | 5600000 | 6803106 |
| Italian Republic 3.6% 10/1/2035 (c) | EUR | 66700000 | 79255923 |
| Italian Republic 3.65% 8/1/2035 (c)(d) | EUR | 27600000 | 32947417 |
| Italian Republic 3.7% 6/15/2030 (c) | EUR | 5900000 | 7217268 |
| Italian Republic 3.8% 8/1/2028 (c) | EUR | 9700000 | 11803664 |
| Italian Republic 3.85% 12/15/2029 (c) | EUR | 5900000 | 7250556 |
| Italian Republic 3.85% 2/1/2035 (c) | EUR | 50800000 | 61855754 |
| Italian Republic 3.85% 7/1/2034 (c) | EUR | 18200000 | 22198968 |
| Italian Republic 4% 11/15/2030 (c) | EUR | 3000000 | 3719332 |
| Italian Republic 4% 2/1/2037 (c)(d) | EUR | 137000 | 167359 |
| Italian Republic 4.2% 3/1/2034 (c) | EUR | 18800000 | 23549584 |
| Italian Republic 4.3% 10/1/2054 (c)(d) | EUR | 8100000 | 9447852 |
| Italian Republic 4.35% 11/1/2033 (c) | EUR | 10500000 | 13290860 |
| Italian Republic 4.4% 5/1/2033 (c) | EUR | 7400000 | 9403504 |
| Italian Republic 4.45% 9/1/2043 (c)(d) | EUR | 51300000 | 63240751 |
| Italian Republic 4.5% 10/1/2053 (c)(d) | EUR | 6900000 | 8312105 |
| Italian Republic 4.75% 9/1/2044 (c)(d) | EUR | 11726000 | 15051223 |
| Italian Republic 5% 8/1/2034 (c)(d) | EUR | 9900000 | 13098563 |
| Italian Republic 6% 5/1/2031 (c) | EUR | 13509000 | 18361606 |
| Italian Republic 7.25% 11/1/2026 (c) | EUR | 19492000 | 23884371 |
| TOTAL ITALY |  |  | 1261613075 |
| JAPAN - 11.8%  |  |  |  |
| Japan Government 0.005% 12/20/2026  | JPY | 3359600000 | 21266671 |
| Japan Government 0.005% 6/20/2027  | JPY | 2590000000 | 16289023 |
| Japan Government 0.1% 3/20/2027  | JPY | 3530000000 | 22307689 |
| Japan Government 0.1% 6/20/2030  | JPY | 5704200000 | 34217917 |
| Japan Government 0.1% 6/20/2031  | JPY | 1077900000 | 6344774 |
| Japan Government 0.1% 9/20/2027  | JPY | 8326500000 | 52261226 |
| Japan Government 0.1% 9/20/2027  | JPY | 5022600000 | 31524318 |
| Japan Government 0.1% 9/20/2030  | JPY | 4341000000 | 25917133 |
| Japan Government 0.2% 12/20/2027  | JPY | 1559000000 | 9773509 |
| Japan Government 0.2% 6/20/2028  | JPY | 1186500000 | 7392749 |
| Japan Government 0.2% 6/20/2036  | JPY | 703100000 | 3685664 |
| Japan Government 0.3% 12/20/2028  | JPY | 3077800000 | 19092813 |
| Japan Government 0.3% 12/20/2039  | JPY | 4435800000 | 21002935 |
| Japan Government 0.3% 9/20/2028  | JPY | 280600000 | 1747122 |
| Japan Government 0.4% 12/20/2028  | JPY | 410800000 | 2555751 |
| Japan Government 0.4% 3/20/2040  | JPY | 9506100000 | 45343320 |
| Japan Government 0.4% 6/20/2041  | JPY | 19083800000 | 87252587 |
| Japan Government 0.4% 9/20/2028  | JPY | 2067700000 | 12910717 |
| Japan Government 0.5% 3/20/2029  | JPY | 579600000 | 3604517 |
| Japan Government 0.5% 3/20/2060  | JPY | 1168300000 | 3220358 |
| Japan Government 0.5% 6/20/2029  | JPY | 2644400000 | 16389236 |
| Japan Government 0.6% 1/1/2027  | JPY | 80500000 | 512376 |
| Japan Government 0.6% 12/20/2033  | JPY | 14331400000 | 82931632 |
| Japan Government 0.6% 12/20/2036  | JPY | 8330000000 | 45068363 |
| Japan Government 0.6% 6/20/2029  | JPY | 2487200000 | 15469101 |
| Japan Government 0.7% 3/20/2061  | JPY | 4163300000 | 12219328 |
| Japan Government 0.7% 5/1/2027  | JPY | 5314200000 | 33792531 |
| Japan Government 0.8% 3/20/2042  | JPY | 68300000 | 327695 |
| Japan Government 0.8% 6/1/2027  | JPY | 1706800000 | 10861672 |
| Japan Government 0.8% 9/20/2033  | JPY | 5624900000 | 33226195 |
| Japan Government 0.9% 12/20/2029  | JPY | 6294600000 | 39344063 |
| Japan Government 0.9% 6/20/2042  | JPY | 3810000000 | 18485213 |
| Japan Government 0.9% 8/1/2027  | JPY | 7081400000 | 45083798 |
| Japan Government 0.9% 9/20/2034  | JPY | 22967800000 | 134390370 |
| Japan Government 1% 11/1/2027  | JPY | 3328200000 | 21195390 |
| Japan Government 1% 3/20/2030  | JPY | 10274200000 | 64318696 |
| Japan Government 1% 3/20/2052  | JPY | 5347200000 | 20109350 |
| Japan Government 1% 6/20/2030  | JPY | 7680700000 | 47958283 |
| Japan Government 1% 6/20/2030  | JPY | 2047400000 | 12786503 |
| Japan Government 1.1% 12/20/2029  | JPY | 3619600000 | 22802278 |
| Japan Government 1.1% 3/20/2043  | JPY | 4675100000 | 23074949 |
| Japan Government 1.1% 6/20/2034  | JPY | 683400000 | 4084476 |
| Japan Government 1.1% 6/20/2043  | JPY | 6114400000 | 29972036 |
| Japan Government 1.2% 12/20/2034  | JPY | 6881100000 | 41161841 |
| Japan Government 1.2% 6/20/2053  | JPY | 5376400000 | 21013404 |
| Japan Government 1.3% 12/20/2043  | JPY | 10894400000 | 54712645 |
| Japan Government 1.3% 3/20/2063  | JPY | 4059800000 | 14302864 |
| Japan Government 1.3% 6/20/2052  | JPY | 2660000000 | 10839025 |
| Japan Government 1.3% 9/20/2030  | JPY | 3389800000 | 21403523 |
| Japan Government 1.4% 12/20/2042  | JPY | 7799400000 | 40717807 |
| Japan Government 1.4% 3/20/2035  | JPY | 7528400000 | 45654863 |
| Japan Government 1.4% 3/20/2053  | JPY | 5827900000 | 24152449 |
| Japan Government 1.4% 9/20/2052  | JPY | 2841600000 | 11852215 |
| Japan Government 1.5% 6/20/2035  | JPY | 11715800000 | 71469073 |
| Japan Government 1.6% 12/20/2052  | JPY | 1127200000 | 4939919 |
| Japan Government 1.6% 12/20/2053  | JPY | 5076700000 | 22015130 |
| Japan Government 1.6% 3/20/2044  | JPY | 11772500000 | 61883788 |
| Japan Government 1.7% 9/20/2032  | JPY | 200000000 | 1274349 |
| Japan Government 1.8% 9/20/2044  | JPY | 1507000000 | 8124081 |
| Japan Government 1.8% 9/20/2053  | JPY | 2224000000 | 10172415 |
| Japan Government 1.9% 6/20/2044  | JPY | 968600000 | 5329650 |
| Japan Government 2.1% 6/20/2027  | JPY | 730000000 | 4732137 |
| Japan Government 2.2% 3/20/2064  | JPY | 13553200000 | 62925819 |
| Japan Government 2.3% 3/20/2040  | JPY | 1641350000 | 10191480 |
| Japan Government 2.4% 3/20/2045  | JPY | 398000000 | 2351945 |
| Japan Government 2.4% 3/20/2048  | JPY | 4353800000 | 24742225 |
| Japan Government 2.4% 3/20/2055  | JPY | 3322000000 | 17418656 |
| Japan Government 2.4% 6/20/2028  | JPY | 393850000 | 2587557 |
| Japan Government 2.5% 6/20/2045  | JPY | 8154000000 | 48823533 |
| Japan Government 2.7% 9/20/2045  | JPY | 1843700000 | 11351749 |
| Japan Government 3.1% 3/20/2065  | JPY | 294100000 | 1721172 |
| Japan Government 3.2% 9/20/2055  | JPY | 1132600000 | 7012807 |
| TOTAL JAPAN |  |  | 1826992448 |
| LATVIA - 0.5%  |  |  |  |
| Republic of Latvia 0% 1/24/2029 (c) | EUR | 7000000 | 7570427 |
| Republic of Latvia 0% 3/17/2031 (c) | EUR | 5378000 | 5388182 |
| Republic of Latvia 0.25% 1/23/2030 (c) | EUR | 2400000 | 2539842 |
| Republic of Latvia 0.375% 10/7/2026 (c) | EUR | 6887000 | 7957549 |
| Republic of Latvia 1.125% 5/30/2028 (c) | EUR | 7800000 | 8854897 |
| Republic of Latvia 1.375% 5/16/2036 (c) | EUR | 10433000 | 9718572 |
| Republic of Latvia 1.875% 2/19/2049 (c) | EUR | 4878000 | 3757277 |
| Republic of Latvia 2.25% 2/15/2047 (c) | EUR | 1380000 | 1192411 |
| Republic of Latvia 3% 1/24/2032 (c) | EUR | 4300000 | 4996813 |
| Republic of Latvia 3.875% 3/25/2027 (c) | EUR | 16600000 | 19859080 |
| Republic of Latvia 3.875% 5/22/2029 (c) | EUR | 3600000 | 4382730 |
| TOTAL LATVIA |  |  | 76217780 |
| LITHUANIA - 0.5%  |  |  |  |
| Lithuania Government 0.5% 7/28/2050 (c) | EUR | 6985000 | 3396297 |
| Lithuania Government 0.75% 5/6/2030 (c) | EUR | 3462000 | 3719828 |
| Lithuania Government 0.75% 7/15/2051 (c) | EUR | 2250000 | 1155198 |
| Lithuania Government 0.95% 5/26/2027 (c) | EUR | 1116000 | 1284244 |
| Lithuania Government 1.625% 6/19/2049 (c) | EUR | 1009000 | 702821 |
| Lithuania Government 2.1% 5/26/2047 (c) | EUR | 3903000 | 3120725 |
| Lithuania Government 2.125% 10/22/2035 (c) | EUR | 17210000 | 17680661 |
| Lithuania Government 2.125% 10/29/2026 (c) | EUR | 4140000 | 4851948 |
| Lithuania Government 2.125% 6/1/2032 (c) | EUR | 8400000 | 9236734 |
| Lithuania Government 3.5% 2/13/2034 (c) | EUR | 5800000 | 6844174 |
| Lithuania Government 3.875% 6/14/2033 (c) | EUR | 5200000 | 6306104 |
| Lithuania Government 4.125% 4/25/2028 (c) | EUR | 13600000 | 16523735 |
| Lithuania Government 4.25% 9/10/2045 (c) | EUR | 2000000 | 2295072 |
| TOTAL LITHUANIA |  |  | 77117541 |
| LUXEMBOURG - 0.5%  |  |  |  |
| Luxembourg Government 0% 11/13/2026 (c) | EUR | 10726000 | 12359016 |
| Luxembourg Government 0% 4/28/2030 (c) | EUR | 1879000 | 1974679 |
| Luxembourg Government 0.625% 2/1/2027 (c) | EUR | 5651000 | 6541546 |
| State of the Grand-Duchy of Luxembourg 0% 3/24/2031 (c) | EUR | 12200000 | 12450787 |
| State of the Grand-Duchy of Luxembourg 0% 9/14/2032 (c) | EUR | 6197000 | 6022905 |
| State of the Grand-Duchy of Luxembourg 1.375% 5/25/2029 (c) | EUR | 3870000 | 4391662 |
| State of the Grand-Duchy of Luxembourg 1.75% 5/25/2042 (c) | EUR | 6730000 | 5968178 |
| State of the Grand-Duchy of Luxembourg 2.625% 10/23/2034 (c) | EUR | 11100000 | 12639551 |
| State of the Grand-Duchy of Luxembourg 2.875% 3/1/2034 (c) | EUR | 5100000 | 5958373 |
| State of the Grand-Duchy of Luxembourg 3.25% 3/2/2043 (c) | EUR | 5700000 | 6212299 |
| TOTAL LUXEMBOURG |  |  | 74518996 |
| NETHERLANDS - 4.5%  |  |  |  |
| Dutch Government 0% 1/15/2029 (c)(d) | EUR | 4200000 | 4606115 |
| Dutch Government 0% 1/15/2038 (c)(d) | EUR | 34830000 | 27939193 |
| Dutch Government 0% 1/15/2052 (c)(d) | EUR | 4927000 | 2318353 |
| Dutch Government 0% 7/15/2030 (c)(d) | EUR | 50213000 | 52769918 |
| Dutch Government 0% 7/15/2031 (c)(d) | EUR | 43851000 | 44674818 |
| Dutch Government 0.25% 7/15/2029 (c)(d) | EUR | 37500000 | 40933891 |
| Dutch Government 0.5% 1/15/2040 (c)(d) | EUR | 31789000 | 25712565 |
| Dutch Government 0.5% 7/15/2026 (c)(d) | EUR | 9511000 | 11089038 |
| Dutch Government 0.5% 7/15/2032 (c)(d) | EUR | 22900000 | 23399031 |
| Dutch Government 0.75% 7/15/2027 (c)(d) | EUR | 58202000 | 67056291 |
| Dutch Government 0.75% 7/15/2028 (c)(d) | EUR | 70954000 | 80397285 |
| Dutch Government 2% 1/15/2054 (c)(d) | EUR | 60200000 | 51028001 |
| Dutch Government 2.5% 1/15/2033 (c)(d) | EUR | 11430000 | 13233869 |
| Dutch Government 2.5% 7/15/2033 (c)(d) | EUR | 26500000 | 30521888 |
| Dutch Government 2.5% 7/15/2034 (c)(d) | EUR | 46100000 | 52642611 |
| Dutch Government 2.5% 7/15/2035 (c)(d) | EUR | 26800000 | 30292884 |
| Dutch Government 2.75% 1/15/2047 (c)(d) | EUR | 23265000 | 24382018 |
| Dutch Government 3.25% 1/15/2044 (c)(d) | EUR | 41100000 | 47209124 |
| Dutch Government 3.5% 1/15/2056 (c)(d) | EUR | 11300000 | 13056527 |
| Dutch Government 3.75% 1/15/2042 (c)(d) | EUR | 45030000 | 55430434 |
| Dutch Government 4% 1/15/2037 (c)(d) | EUR | 8170000 | 10400085 |
| TOTAL NETHERLANDS |  |  | 709093939 |
| NEW ZEALAND - 2.2%  |  |  |  |
| New Zealand Government 0.25% 5/15/2028  | NZD | 39600000 | 21310580 |
| New Zealand Government 1.5% 5/15/2031  | NZD | 58500000 | 29795941 |
| New Zealand Government 1.75% 5/15/2041  | NZD | 26864000 | 10238484 |
| New Zealand Government 2% 5/15/2032  | NZD | 41113000 | 20956367 |
| New Zealand Government 2.75% 4/15/2037 (c) | NZD | 45131000 | 21725428 |
| New Zealand Government 2.75% 5/15/2051  | NZD | 31500000 | 11997273 |
| New Zealand Government 3% 4/20/2029  | NZD | 131094000 | 74445750 |
| New Zealand Government 3.5% 4/14/2033 (c) | NZD | 28700000 | 15825133 |
| New Zealand Government 4.25% 5/15/2034  | NZD | 82700000 | 47446678 |
| New Zealand Government 4.5% 4/15/2027 (c) | NZD | 49800000 | 29309597 |
| New Zealand Government 4.5% 5/15/2030  | NZD | 32700000 | 19442425 |
| New Zealand Government 4.5% 5/15/2035  | NZD | 61200000 | 35481832 |
| New Zealand Government 5% 5/15/2054  | NZD | 9700000 | 5448018 |
| TOTAL NEW ZEALAND |  |  | 343423506 |
| NORWAY - 1.1%  |  |  |  |
| Kingdom of Norway 1.25% 9/17/2031 (c)(d) | NOK | 69261000 | 5935798 |
| Kingdom of Norway 1.375% 8/19/2030 (c)(d) | NOK | 313381000 | 27800128 |
| Kingdom of Norway 1.75% 2/17/2027 (c)(d) | NOK | 393482000 | 38100885 |
| Kingdom of Norway 1.75% 9/6/2029 (c)(d) | NOK | 128390000 | 11810100 |
| Kingdom of Norway 2% 4/26/2028 (c)(d) | NOK | 45900000 | 4364473 |
| Kingdom of Norway 2.125% 5/18/2032 (c)(d) | NOK | 142533000 | 12665782 |
| Kingdom of Norway 3% 8/15/2033 (c)(d) | NOK | 97000000 | 8959788 |
| Kingdom of Norway 3.5% 10/6/2042 (c)(d) | NOK | 116800000 | 10693921 |
| Kingdom of Norway 3.625% 4/13/2034 (c)(d) | NOK | 310900000 | 29829498 |
| Kingdom of Norway 3.75% 6/12/2035 (c)(d) | NOK | 214100000 | 20570525 |
| TOTAL NORWAY |  |  | 170730898 |
| PORTUGAL - 4.1%  |  |  |  |
| Portugal Obrigacoes do Tesouro 0.3% 10/17/2031 (c)(d) | EUR | 12800000 | 13159743 |
| Portugal Obrigacoes do Tesouro 0.475% 10/18/2030 (c)(d) | EUR | 48591000 | 51972993 |
| Portugal Obrigacoes do Tesouro 0.7% 10/15/2027 (c)(d) | EUR | 60505000 | 69414037 |
| Portugal Obrigacoes do Tesouro 0.9% 10/12/2035 (c)(d) | EUR | 14477000 | 13776134 |
| Portugal Obrigacoes do Tesouro 1% 4/12/2052 (c)(d) | EUR | 27215000 | 16881015 |
| Portugal Obrigacoes do Tesouro 1.15% 4/11/2042 (c)(d) | EUR | 27900000 | 22742075 |
| Portugal Obrigacoes do Tesouro 1.65% 7/16/2032 (c)(d) | EUR | 29740000 | 32613021 |
| Portugal Obrigacoes do Tesouro 1.95% 6/15/2029 (c)(d) | EUR | 97074000 | 112876667 |
| Portugal Obrigacoes do Tesouro 2.875% 10/20/2034 (c)(d) | EUR | 91500000 | 105989884 |
| Portugal Obrigacoes do Tesouro 2.875% 7/21/2026 (c)(d) | EUR | 19990000 | 23599796 |
| Portugal Obrigacoes do Tesouro 3% 6/15/2035 (c)(d) | EUR | 39000000 | 45296831 |
| Portugal Obrigacoes do Tesouro 3.5% 6/18/2038 (c)(d) | EUR | 4400000 | 5190167 |
| Portugal Obrigacoes do Tesouro 3.625% 6/12/2054 (c)(d) | EUR | 15200000 | 16700013 |
| Portugal Obrigacoes do Tesouro 3.875% 2/15/2030 (c)(d) | EUR | 16065000 | 19965334 |
| Portugal Obrigacoes do Tesouro 4.1% 2/15/2045 (c)(d) | EUR | 30747000 | 37829890 |
| Republic of Portugal 2.125% 10/17/2028 (c)(d) | EUR | 19285000 | 22648071 |
| Republic of Portugal 4.1% 4/15/2037 (c)(d) | EUR | 24573000 | 30960712 |
| TOTAL PORTUGAL |  |  | 641616383 |
| SINGAPORE - 2.9%  |  |  |  |
| Republic of Singapore 1.625% 7/1/2031  | SGD | 18254000 | 13991325 |
| Republic of Singapore 1.875% 10/1/2051  | SGD | 41700000 | 30574380 |
| Republic of Singapore 1.875% 3/1/2050  | SGD | 13850000 | 10148017 |
| Republic of Singapore 2.125% 6/1/2026  | SGD | 23013000 | 17945850 |
| Republic of Singapore 2.25% 8/1/2036  | SGD | 8615000 | 6717877 |
| Republic of Singapore 2.375% 7/1/2039  | SGD | 5400000 | 4259523 |
| Republic of Singapore 2.5% 4/1/2030  | SGD | 22700000 | 18167416 |
| Republic of Singapore 2.625% 5/1/2028  | SGD | 3800000 | 3028393 |
| Republic of Singapore 2.625% 8/1/2032  | SGD | 15000000 | 12125568 |
| Republic of Singapore 2.75% 3/1/2035  | SGD | 30600000 | 25152647 |
| Republic of Singapore 2.75% 3/1/2046  | SGD | 24500000 | 20775825 |
| Republic of Singapore 2.75% 4/1/2042  | SGD | 49317000 | 41088360 |
| Republic of Singapore 2.875% 7/1/2029  | SGD | 3553000 | 2872284 |
| Republic of Singapore 2.875% 9/1/2027  | SGD | 70000000 | 55689591 |
| Republic of Singapore 2.875% 9/1/2030  | SGD | 25600000 | 20823152 |
| Republic of Singapore 3% 8/1/2072 (c) | SGD | 28800000 | 26284279 |
| Republic of Singapore 3.375% 5/1/2034  | SGD | 45000000 | 38436518 |
| Republic of Singapore 3.375% 9/1/2033  | SGD | 23600000 | 20044184 |
| Republic of Singapore 3.5% 3/1/2027  | SGD | 18124000 | 14419761 |
| Republic of Singapore Treasury Bills 3% 4/1/2029  | SGD | 93300000 | 75676952 |
| TOTAL SINGAPORE |  |  | 458221902 |
| SLOVAKIA - 1.7%  |  |  |  |
| Slovakia Treasury Bill 0.125% 6/17/2027 (c) | EUR | 15970000 | 18216026 |
| Slovakia Treasury Bill 0.375% 4/21/2036 (c) | EUR | 22420000 | 19001837 |
| Slovakia Treasury Bill 0.75% 4/9/2030 (c) | EUR | 10300000 | 11164944 |
| Slovakia Treasury Bill 1% 10/13/2051 (c) | EUR | 920000 | 535050 |
| Slovakia Treasury Bill 1% 10/9/2030 (c) | EUR | 14233000 | 15459580 |
| Slovakia Treasury Bill 1% 6/12/2028 (c) | EUR | 13930000 | 15840540 |
| Slovakia Treasury Bill 1.375% 1/21/2027 (c) | EUR | 3150000 | 3670507 |
| Slovakia Treasury Bill 1.625% 1/21/2031 (c) | EUR | 11100000 | 12325630 |
| Slovakia Treasury Bill 1.875% 3/9/2037 (c) | EUR | 4837000 | 4737272 |
| Slovakia Treasury Bill 2% 10/17/2047 (c) | EUR | 18134000 | 14384977 |
| Slovakia Treasury Bill 2.25% 6/12/2068 (c) | EUR | 6082000 | 4000707 |
| Slovakia Treasury Bill 3.625% 1/16/2029 (c) | EUR | 23871000 | 28980708 |
| Slovakia Treasury Bill 3.625% 6/8/2033 (c) | EUR | 24500000 | 29391642 |
| Slovakia Treasury Bill 3.75% 2/23/2035 (c) | EUR | 16300000 | 19453872 |
| Slovakia Treasury Bill 3.75% 3/6/2034 (c) | EUR | 45800000 | 55196676 |
| Slovakia Treasury Bill 3.875% 2/8/2033 (c) | EUR | 3054000 | 3740026 |
| Slovakia Treasury Bill 4% 2/23/2043 (c) | EUR | 12900000 | 14856878 |
| TOTAL SLOVAKIA |  |  | 270956872 |
| SLOVENIA - 0.8%  |  |  |  |
| Slovenia Ministry of Finance Treasury Bill 0% 2/12/2031 (c) | EUR | 11100000 | 11459134 |
| Slovenia Ministry of Finance Treasury Bill 0.125% 7/1/2031 (c) | EUR | 5960000 | 6128405 |
| Slovenia Ministry of Finance Treasury Bill 0.4875% 10/20/2050 (c) | EUR | 3465000 | 1890712 |
| Slovenia Ministry of Finance Treasury Bill 0.6875% 3/3/2081 (c) | EUR | 15148000 | 4887876 |
| Slovenia Ministry of Finance Treasury Bill 0.875% 7/15/2030 (c) | EUR | 14118000 | 15564254 |
| Slovenia Ministry of Finance Treasury Bill 1% 3/6/2028 (c) | EUR | 9000000 | 10345565 |
| Slovenia Ministry of Finance Treasury Bill 1.1875% 3/14/2029 (c) | EUR | 4421000 | 5034887 |
| Slovenia Ministry of Finance Treasury Bill 1.5% 3/25/2035 (c) | EUR | 6884000 | 7038063 |
| Slovenia Ministry of Finance Treasury Bill 1.75% 11/3/2040 (c) | EUR | 8240000 | 7694264 |
| Slovenia Ministry of Finance Treasury Bill 3% 3/10/2034 (c) | EUR | 17000000 | 19933949 |
| Slovenia Ministry of Finance Treasury Bill 3.125% 7/2/2035 (c) | EUR | 4700000 | 5451911 |
| Slovenia Ministry of Finance Treasury Bill 3.125% 8/7/2045 (c) | EUR | 9338000 | 9989785 |
| Slovenia Ministry of Finance Treasury Bill 3.625% 3/11/2033 (c) | EUR | 4400000 | 5412580 |
| Slovenia Ministry of Finance Treasury Bill 5.125% 3/30/2026 (c) | EUR | 12292000 | 14555525 |
| TOTAL SLOVENIA |  |  | 125386910 |
| SPAIN - 5.1%  |  |  |  |
| Spanish Kingdom 0% 1/31/2027  | EUR | 31580000 | 36283044 |
| Spanish Kingdom 0% 1/31/2028  | EUR | 25308000 | 28442297 |
| Spanish Kingdom 0.5% 10/31/2031 (c)(d) | EUR | 7736000 | 7996385 |
| Spanish Kingdom 0.6% 10/31/2029 (c)(d) | EUR | 19277000 | 21119726 |
| Spanish Kingdom 0.7% 4/30/2032 (c)(d) | EUR | 5430000 | 5599948 |
| Spanish Kingdom 0.8% 7/30/2027 (c)(d) | EUR | 23656000 | 27239739 |
| Spanish Kingdom 0.8% 7/30/2029  | EUR | 24230000 | 26869044 |
| Spanish Kingdom 0.85% 7/30/2037 (c)(d) | EUR | 29074000 | 25710901 |
| Spanish Kingdom 1% 10/31/2050 (c)(d) | EUR | 5109000 | 3201423 |
| Spanish Kingdom 1% 7/30/2042 (c)(d) | EUR | 11860000 | 9231331 |
| Spanish Kingdom 1.2% 10/31/2040 (c)(d) | EUR | 600000 | 506969 |
| Spanish Kingdom 1.25% 10/31/2030 (c)(d) | EUR | 46415000 | 51174818 |
| Spanish Kingdom 1.45% 10/31/2071 (c)(d) | EUR | 31259000 | 16530397 |
| Spanish Kingdom 1.45% 4/30/2029 (c)(d) | EUR | 8730000 | 9956725 |
| Spanish Kingdom 1.9% 10/31/2052 (c)(d) | EUR | 12800000 | 9819783 |
| Spanish Kingdom 2.4% 5/31/2028  | EUR | 8300000 | 9784203 |
| Spanish Kingdom 2.5% 5/31/2027  | EUR | 44800000 | 52897464 |
| Spanish Kingdom 2.55% 10/31/2032 (c)(d) | EUR | 21200000 | 24366127 |
| Spanish Kingdom 2.7% 1/31/2030  | EUR | 38200000 | 45153466 |
| Spanish Kingdom 2.7% 10/31/2048 (c)(d) | EUR | 443000 | 425064 |
| Spanish Kingdom 2.9% 10/31/2046 (c)(d) | EUR | 720000 | 729044 |
| Spanish Kingdom 3.1% 7/30/2031  | EUR | 32700000 | 39113961 |
| Spanish Kingdom 3.15% 4/30/2033 (c)(d) | EUR | 7100000 | 8432332 |
| Spanish Kingdom 3.15% 4/30/2035 (c)(d) | EUR | 7000000 | 8171003 |
| Spanish Kingdom 3.2% 10/31/2035 (c)(d) | EUR | 29400000 | 34324917 |
| Spanish Kingdom 3.25% 4/30/2034 (c)(d) | EUR | 6600000 | 7823440 |
| Spanish Kingdom 3.45% 10/31/2034 (c)(d) | EUR | 57500000 | 68950821 |
| Spanish Kingdom 3.45% 7/30/2043 (c)(d) | EUR | 71600000 | 80128618 |
| Spanish Kingdom 3.5% 5/31/2029  | EUR | 37800000 | 45964201 |
| Spanish Kingdom 3.55% 10/31/2033 (c)(d) | EUR | 30900000 | 37545585 |
| Spanish Kingdom 4% 10/31/2054 (c)(d) | EUR | 4200000 | 4834759 |
| Spanish Kingdom 4.2% 1/31/2037 (c)(d) | EUR | 6230000 | 7853969 |
| Spanish Kingdom 5.15% 10/31/2044 (c)(d) | EUR | 14225000 | 19680180 |
| Spanish Kingdom 5.75% 7/30/2032  | EUR | 6620000 | 9117798 |
| Spanish Kingdom 6% 1/31/2029  | EUR | 6030000 | 7850964 |
| TOTAL SPAIN |  |  | 792830446 |
| SWEDEN - 1.4%  |  |  |  |
| Sweden Kingdom 0.125% 5/12/2031 (c) | SEK | 396665000 | 38186951 |
| Sweden Kingdom 0.5% 11/24/2045 (c) | SEK | 62760000 | 4286306 |
| Sweden Kingdom 0.75% 11/12/2029 (c) | SEK | 323220000 | 33164236 |
| Sweden Kingdom 0.75% 5/12/2028 (c) | SEK | 170060000 | 17904728 |
| Sweden Kingdom 1% 11/12/2026 (c) | SEK | 276075000 | 29735345 |
| Sweden Kingdom 1.375% 6/23/2071 (c) | SEK | 34910000 | 2111255 |
| Sweden Kingdom 1.75% 11/11/2033 (c) | SEK | 96500000 | 9838357 |
| Sweden Kingdom 2.25% 5/11/2035 (c) | SEK | 282100000 | 29386246 |
| Sweden Kingdom 2.25% 6/1/2032 (c) | SEK | 153765000 | 16450425 |
| Sweden Kingdom 2.5% 10/15/2036 (c) | SEK | 163300000 | 17191509 |
| Sweden Kingdom 3.5% 3/30/2039 (c) | SEK | 171525000 | 19789325 |
| TOTAL SWEDEN |  |  | 218044683 |
| SWITZERLAND - 2.2%  |  |  |  |
| Swiss Confederation 0% 6/22/2029 (c) | CHF | 36300000 | 45805321 |
| Swiss Confederation 0% 6/26/2034 (c) | CHF | 48000000 | 59273001 |
| Swiss Confederation 0% 7/24/2039 (c) | CHF | 2070000 | 2463998 |
| Swiss Confederation 0.25% 6/23/2035 (c) | CHF | 28110000 | 35348760 |
| Swiss Confederation 0.5% 5/24/2055 (c) | CHF | 18400000 | 23150410 |
| Swiss Confederation 0.5% 5/27/2030 (c) | CHF | 12600000 | 16189274 |
| Swiss Confederation 0.5% 5/30/2058 (c) | CHF | 3907000 | 5028493 |
| Swiss Confederation 0.5% 6/28/2045 (c) | CHF | 1736000 | 2187419 |
| Swiss Confederation 0.875% 5/22/2047 (c) | CHF | 2300000 | 3110360 |
| Swiss Confederation 1.25% 6/27/2037 (c) | CHF | 6501000 | 9000122 |
| Swiss Confederation 1.25% 6/28/2043 (c) | CHF | 25000000 | 35486618 |
| Swiss Confederation 1.5% 4/30/2042 (c) | CHF | 14124000 | 20602870 |
| Swiss Confederation 2% 6/25/2064 (c) | CHF | 10942000 | 21911103 |
| Swiss Confederation 2.5% 3/8/2036 (c) | CHF | 3128000 | 4810387 |
| Swiss Confederation 3.5% 4/8/2033 (c) | CHF | 17304000 | 26993672 |
| Swiss Confederation 4% 1/6/2049 (c) | CHF | 15826000 | 35000694 |
| Swiss Confederation 4% 4/8/2028 (c) | CHF | 2610000 | 3595315 |
| TOTAL SWITZERLAND |  |  | 349957817 |
| UNITED KINGDOM - 6.5%  |  |  |  |
| United Kingdom of Great Britain and Northern Ireland 0.125% 1/31/2028 (c) | GBP | 2396000 | 3012521 |
| United Kingdom of Great Britain and Northern Ireland 0.25% 7/31/2031 (c) | GBP | 12200000 | 13445210 |
| United Kingdom of Great Britain and Northern Ireland 0.375% 10/22/2026 (c) | GBP | 21340000 | 28095972 |
| United Kingdom of Great Britain and Northern Ireland 0.375% 10/22/2030 (c) | GBP | 12977000 | 14852752 |
| United Kingdom of Great Britain and Northern Ireland 0.5% 1/31/2029 (c) | GBP | 29000000 | 35472368 |
| United Kingdom of Great Britain and Northern Ireland 0.625% 10/22/2050 (c) | GBP | 5800000 | 2883163 |
| United Kingdom of Great Britain and Northern Ireland 0.625% 7/31/2035 (c) | GBP | 5655000 | 5360390 |
| United Kingdom of Great Britain and Northern Ireland 0.875% 1/31/2046 (c) | GBP | 692000 | 439598 |
| United Kingdom of Great Britain and Northern Ireland 1.125% 10/22/2073 (c) | GBP | 95700000 | 41450415 |
| United Kingdom of Great Britain and Northern Ireland 1.25% 10/22/2041 (c) | GBP | 54457000 | 43908783 |
| United Kingdom of Great Britain and Northern Ireland 1.25% 7/22/2027 (c) | GBP | 18140000 | 23565166 |
| United Kingdom of Great Britain and Northern Ireland 1.25% 7/31/2051 (c) | GBP | 39040000 | 23343782 |
| United Kingdom of Great Britain and Northern Ireland 1.5% 7/22/2026 (c) | GBP | 6200000 | 8262017 |
| United Kingdom of Great Britain and Northern Ireland 1.625% 10/22/2028 (c) | GBP | 3570000 | 4552083 |
| United Kingdom of Great Britain and Northern Ireland 1.625% 10/22/2071 (c) | GBP | 19072000 | 10535026 |
| United Kingdom of Great Britain and Northern Ireland 2.5% 7/22/2065 (c) | GBP | 4840000 | 3642693 |
| United Kingdom of Great Britain and Northern Ireland 3.25% 1/22/2044 (c) | GBP | 400000 | 422431 |
| United Kingdom of Great Britain and Northern Ireland 3.25% 1/31/2033 (c) | GBP | 23900000 | 30261234 |
| United Kingdom of Great Britain and Northern Ireland 3.5% 1/22/2045 (c) | GBP | 85800000 | 93101327 |
| United Kingdom of Great Britain and Northern Ireland 3.5% 7/22/2068 (c) | GBP | 1510000 | 1473189 |
| United Kingdom of Great Britain and Northern Ireland 3.75% 10/22/2053 (c) | GBP | 20800000 | 22013842 |
| United Kingdom of Great Britain and Northern Ireland 4% 10/22/2031 (c) | GBP | 22400000 | 30056878 |
| United Kingdom of Great Britain and Northern Ireland 4% 10/22/2063 (c) | GBP | 54400000 | 59068071 |
| United Kingdom of Great Britain and Northern Ireland 4.125% 1/29/2027 (c) | GBP | 12200000 | 16512464 |
| United Kingdom of Great Britain and Northern Ireland 4.125% 7/22/2029 (c) | GBP | 13000000 | 17679098 |
| United Kingdom of Great Britain and Northern Ireland 4.25% 12/7/2027 (c) | GBP | 17400000 | 23722108 |
| United Kingdom of Great Britain and Northern Ireland 4.25% 12/7/2049 (c) | GBP | 8124000 | 9585538 |
| United Kingdom of Great Britain and Northern Ireland 4.25% 3/7/2036 (c) | GBP | 2199000 | 2885696 |
| United Kingdom of Great Britain and Northern Ireland 4.25% 6/7/2032 (c) | GBP | 12700000 | 17278291 |
| United Kingdom of Great Britain and Northern Ireland 4.25% 7/31/2034 (c) | GBP | 65200000 | 86829770 |
| United Kingdom of Great Britain and Northern Ireland 4.375% 3/7/2030 (c) | GBP | 21200000 | 29060341 |
| United Kingdom of Great Britain and Northern Ireland 4.5% 12/7/2042 (c) | GBP | 6500000 | 8250370 |
| United Kingdom of Great Britain and Northern Ireland 4.5% 3/7/2035 (c) | GBP | 92400000 | 124759078 |
| United Kingdom of Great Britain and Northern Ireland 4.5% 6/7/2028 (c) | GBP | 109800000 | 150538310 |
| United Kingdom of Great Britain and Northern Ireland 4.625% 1/31/2034 (c) | GBP | 6200000 | 8503843 |
| United Kingdom of Great Britain and Northern Ireland 4.75% 12/7/2030 (c) | GBP | 22792000 | 31902803 |
| TOTAL UNITED KINGDOM |  |  | 1026726621 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $15,839,406,157) |  |  | <br> **15348174633** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $98,576,997)<br>| 3.79 | 98556520 | **98576231** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.5%**<br> (Cost $15,937,983,154)<br>| <br>**15446750864** |
| **NET OTHER ASSETS (LIABILITIES) - 1.5%**  | **232681816** |
| **NET ASSETS - 100.0%** | **15679432680** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| Eurex Euro-Bobl Contracts (Germany) | 220 | 3/2026 | 30032471 | (109636) |
| ICE Long GILT Futures (United Kingdom) | 454 | 3/2026 | 55915635 | 339650 |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **230014** |
| The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date | Unrealized <br> Appreciation/<br> (Depreciation) ($)  |
| AUD | 11935000 | USD | 7943793 | Morgan Stanley Capital Services LLC | 1/2026 | 21029 |
| AUD | 1148748000 | USD | 769676094 | Royal Bank of Canada | 1/2026 | (3059114) |
| CAD | 67396000 | USD | 48224455 | Canadian Imperial Bank of Commerce | 1/2026 | 878310 |
| CAD | 1009269000 | USD | 737818278 | Royal Bank of Canada | 1/2026 | (2494246) |
| CAD | 13865000 | USD | 10120328 | JPMorgan Chase Bank NA | 2/2026 | (5475) |
| CHF | 777000 | USD | 971182 | State Street Bank & Trust Co | 1/2026 | 9755 |
| CHF | 284445000 | USD | 359806464 | State Street Bank & Trust Co | 1/2026 | (704078) |
| DKK | 1780418000 | USD | 280482026 | JPMorgan Chase Bank NA | 1/2026 | (350489) |
| EUR | 7967817000 | USD | 9375730264 | Bank of America NA | 1/2026 | (11951698) |
| EUR | 10605000 | USD | 12474672 | JPMorgan Chase Bank NA | 1/2026 | (11676) |
| EUR | 55643000 | USD | 65371566 | State Street Bank & Trust Co | 2/2026 | 109776 |
| GBP | 773625000 | USD | 1043001999 | BNP Paribas SA | 1/2026 | (194180) |
| HKD | 253833890 | USD | 32619961 | Royal Bank of Canada | 1/2026 | (4816) |
| JPY | 291777056515 | USD | 1867253657 | State Street Bank & Trust Co | 1/2026 | (4529854) |
| JPY | 1123100000 | USD | 7162326 | State Street Bank & Trust Co | 1/2026 | 7618 |
| JPY | 4374150000 | USD | 27960381 | HSBC Bank USA NA | 2/2026 | 36541 |
| NOK | 1759616990 | USD | 175318737 | Canadian Imperial Bank of Commerce | 1/2026 | (753559) |
| NZD | 606791973 | USD | 352273080 | State Street Bank & Trust Co | 1/2026 | (2912602) |
| SEK | 2031649000 | USD | 221113814 | JPMorgan Chase Bank NA | 1/2026 | (438313) |
| SGD | 597309487 | USD | 465357397 | Bank of America NA | 1/2026 | (669761) |
| SGD | 33414000 | USD | 25843926 | HSBC Bank USA NA | 1/2026 | 151095 |
| USD | 27157005 | AUD | 41454000 | BNP Paribas SA | 1/2026 | (507322) |
| USD | 717110459 | AUD | 1109477000 | Bank of America NA | 1/2026 | (23299019) |
| USD | 6453344 | AUD | 9752000 | HSBC Bank USA NA | 1/2026 | (54653) |
| USD | 775097315 | AUD | 1156727000 | Royal Bank of Canada | 2/2026 | 3030314 |
| USD | 758327869 | CAD | 1068059000 | JPMorgan Chase Bank NA | 1/2026 | (19828847) |
| USD | 6176417 | CAD | 8606000 | JPMorgan Chase Bank NA | 1/2026 | (93664) |
| USD | 738760124 | CAD | 1009283000 | Royal Bank of Canada | 2/2026 | 2463744 |
| USD | 1022376 | CHF | 815000 | Brown Brothers Harriman & Co. | 1/2026 | (6535) |
| USD | 353019083 | CHF | 284407000 | Goldman Sachs Bank USA | 1/2026 | (6035329) |
| USD | 360618736 | CHF | 284235000 | State Street Bank & Trust Co | 2/2026 | 659153 |
| USD | 11465668 | DKK | 73215000 | Bank of America NA | 1/2026 | (54003) |
| USD | 5345448 | DKK | 34333000 | Goldman Sachs Bank USA | 1/2026 | (56517) |
| USD | 259458244 | DKK | 1672870000 | HSBC Bank USA NA | 1/2026 | (3751656) |
| USD | 280792965 | DKK | 1779471000 | JPMorgan Chase Bank NA | 2/2026 | 330758 |
| USD | 9152127719 | EUR | 7891432000 | Bank of America NA | 1/2026 | (121883195) |
| USD | 61144567 | EUR | 52296000 | Bank of America NA | 1/2026 | (313693) |
| USD | 42774943 | EUR | 36801000 | Royal Bank of Canada | 1/2026 | (473592) |
| USD | 9395219562 | EUR | 7973822000 | Bank of America NA | 2/2026 | 11531201 |
| USD | 1004270816 | GBP | 761455000 | Bank of America NA | 1/2026 | (22132451) |
| USD | 15976005 | GBP | 12071000 | Royal Bank of Canada | 1/2026 | (295100) |
| USD | 1043635645 | GBP | 774126000 | BNP Paribas SA | 2/2026 | 191517 |
| USD | 32713248 | HKD | 254249000 | Canadian Imperial Bank of Commerce | 1/2026 | 44765 |
| USD | 32848139 | HKD | 255357000 | Royal Bank of Canada | 2/2026 | 2549 |
| USD | 10291218 | JPY | 1599950000 | Bank of America NA | 1/2026 | 77033 |
| USD | 19892390 | JPY | 3066550000 | JPMorgan Chase Bank NA | 1/2026 | 315335 |
| USD | 1851700833 | JPY | 288233900000 | JPMorgan Chase Bank NA | 1/2026 | 11596773 |
| USD | 1872518469 | JPY | 291862900000 | State Street Bank & Trust Co | 2/2026 | 4438303 |
| USD | 171649018 | NOK | 1759617000 | HSBC Bank USA NA | 1/2026 | (2916160) |
| USD | 175652342 | NOK | 1762927000 | Canadian Imperial Bank of Commerce | 2/2026 | 742861 |
| USD | 12449725 | NZD | 21676000 | Bank of America NA | 1/2026 | (30232) |
| USD | 328543196 | NZD | 585117000 | HSBC Bank USA NA | 1/2026 | (8337917) |
| USD | 351620007 | NZD | 605023000 | State Street Bank & Trust Co | 2/2026 | 2844053 |
| USD | 4626671 | SEK | 43590000 | Bank of America NA | 1/2026 | (108027) |
| USD | 206676210 | SEK | 1970761000 | Bank of America NA | 1/2026 | (7385703) |
| USD | 1844947 | SEK | 17298000 | HSBC Bank USA NA | 1/2026 | (33943) |
| USD | 221367794 | SEK | 2030998000 | JPMorgan Chase Bank NA | 2/2026 | 424298 |
| USD | 486507054 | SGD | 630987000 | BNP Paribas SA | 1/2026 | (4380607) |
| USD | 466434689 | SGD | 597577000 | Bank of America NA | 2/2026 | 638142 |
| **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** |  | **(209513103)** |
| Unrealized Appreciation | Unrealized Appreciation | Unrealized Appreciation |  |  |  | 40544923 |
| Unrealized Depreciation | Unrealized Depreciation | Unrealized Depreciation |  |  |  | (250058026) |

---

**Currency Abbreviations**

---

| | | |
|:---|:---|:---|
| AUD | - | Australian Dollar |
| CAD | - | Canadian Dollar |
| CHF | - | Swiss Franc |
| DKK | - | Danish Krone |
| EUR | - | European Monetary Unit (Euro) |
| GBP | - | British Pound Sterling |
| HKD | - | Hong Kong Dollar |
| JPY | - | Japanese Yen |
| NOK | - | Norwegian Krone |
| NZD | - | New Zealand Dollar |
| SEK | - | Swedish Krona |
| SGD | - | Singapore Dollar |
| USD | - | United States Dollar |

---

**Legend**

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

(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,861,669.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $11,393,074,607 or 72.7% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,918,293,069 or 37.7% of net assets.

(e) Security or a portion of the security has been segregated as collateral for over the counter (OTC) derivatives. At period end, the value of securities pledged amounts to $232,512,163.

(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 Cash Central Fund | 83892675 | 2736227823 | 2721544793 | 2627089 | 1292 | (766) | 98576231 | 98556520 | 0.2% |
| Total | 83892675 | 2736227823 | 2721544793 | 2627089 | 1292 | (766) | 98576231 |  |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 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>** |  |  |  |  |
|  **Foreign Government and Government Agency Obligations** | 15348174633 | - | 15348174633 | - |
|  **Money Market Funds** | 98576231 | 98576231 | - | - |
| **Total Investments in Securities:** | 15446750864 | 98576231 | 15348174633 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 339650 | 339650 | - | - |
| Forward Foreign Currency Contracts | 40544923 | - | 40544923 | - |
| Total Assets | 40884573 | 339650 | 40544923 | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (109636) | (109636) | - | - |
| Forward Foreign Currency Contracts | (250058026) | - | (250058026) | - |
| Total Liabilities | (250167662) | (109636) | (250058026) | - |
| **Total Derivative Instruments:** | (209283089) | 230014 | (209513103) | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts (a)  | 40544923 | (250058026) |
| **Total Foreign Exchange Risk**  | 40544923 | (250058026) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (b)  | 339650 | (109636) |
| **Total Interest Rate Risk**  | 339650 | (109636) |
| **Total Value of Derivatives** | 40884573 | (250167662) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the unrealized appreciation/depreciation on forward foreign currency contracts line-item(s).

(b)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

The following table is a summary of the Fund's derivatives inclusive of potential netting arrangements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Value of**<br> **Derivative**<br> **Assets ($)** | **Value of**<br> **Derivative**<br> **Liabilities ($)** | <br> **Collateral**<br> **Received**(a) **($)** | <br> **Collateral**<br> **Pledged**(a) **($)** | <br>**Net**(b) **($)** |
| Bank of America NA | 12246376 | (187827782) | - | 175581406 | - |
| BNP Paribas SA | 191517 | (5082109) | - | 4890592 | - |
| Brown Brothers Harriman & Co | - | (6535) | - | - | (6535) |
| Canadian Imperial Bank of Commerce | 1665936 | (753559) | (912377) | - | - |
| Goldman Sachs Bank USA | - | (6091846) | - | 6091846 | - |
| HSBC Bank USA NA | 187636 | (15094329) | - | 14906693 | - |
| JPMorgan Chase Bank NA | 12667164 | (20728464) | - | 8061300 | - |
| Morgan Stanley Capital Services LLC | 21029 | - | - | - | 21029 |
| Royal Bank of Canada | 5496607 | (6326868) | - | 830261 | - |
| State Street Bank & Trust Co | 8068658 | (8146534) | - | - | (77876) |
| Total | $40544923 | $(250058026) | $(912377) | $210362098 | $(63382) |

---

*(a) Reflects collateral received from or pledged to an individual counterparty, excluding any excess or initial collateral amounts.*

*(b) Net represents the receivable / (payable) that would be due from / (to) the counterparty in an event of default. Netting may be allowed across transactions traded under the same legal agreement with the same legal entity. Please refer to Derivative Instruments - Risk Exposures and the Use of Derivative Instruments section in the accompanying Notes to Financial Statements.*

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $15,839,406,157) | $15348174633 |  |
| Fidelity Central Funds (cost $98,576,997) | 98576231 |  |
| Total Investment in Securities (cost $15,937,983,154) |  | $15446750864 |
| Foreign currency held at value (cost $906,615) |  | 907869 |
| Unrealized appreciation on forward foreign currency contracts |  | 40544923 |
| Receivable for fund shares sold |  | 355804111 |
| Interest receivable |  | 138853754 |
| Distributions receivable from Fidelity Central Funds |  | 355367 |
| Receivable for daily variation margin on futures contracts |  | 34394 |
| Receivable from investment adviser for expense reductions |  | 34229 |
| **Total assets** |  | 15983285511 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $6968905 |  |
| Unrealized depreciation on forward foreign currency contracts | 250058026 |  |
| Payable for fund shares redeemed | 46681423 |  |
| Other payables and accrued expenses | 144477 |  |
| **Total liabilities** |  | 303852831 |
| **Net Assets**  |  | $15679432680 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $16996547335 |
| Total accumulated earnings (loss) |  | (1317114655) |
| **Net Assets** |  | $15679432680 |
| **Net Asset Value**, offering price and redemption price per share ($15,679,432,680 ÷ 1,849,292,498 shares) |  | $8.48 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $314011860 |
| Income from Fidelity Central Funds  |  | 2627089 |
| Income before foreign taxes withheld |  | $316638949 |
| Less foreign taxes withheld |  | (45012) |
| **Total income** |  | 316593937 |
| **Expenses** |  |  |
| Custodian fees and expenses | $862005 |  |
| Independent trustees' fees and expenses | 34451 |  |
| Total expenses before reductions | 896456 |  |
| Expense reductions | (432747) |  |
| Total expenses after reductions |  | 463709 |
| **Net Investment income (loss)** |  | 316130228 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (335401187) |  |
| Fidelity Central Funds | 1292 |  |
| Forward foreign currency contracts | (385275452) |  |
| Foreign currency transactions | (589554) |  |
| Futures contracts | (1937301) |  |
| Total net realized gain (loss) |  | (723202202) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1219873731 |  |
| Fidelity Central Funds  | (766) |  |
| Forward foreign currency contracts | (585805496) |  |
| Assets and liabilities in foreign currencies | 5553944 |  |
| Futures contracts | 1919478 |  |
| Total change in net unrealized appreciation (depreciation) |  | 641540891 |
| **Net gain (loss)** |  | (81661311) |
| **Net increase (decrease) in net assets resulting from operations** |  | $234468917 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $316130228 | $193537562 |
| &nbsp;&nbsp;Net realized gain (loss) | (723202202)<br>| 255025316<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 641540891 | (154327641)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 234468917<br>| 294235237<br>|
| Distributions to shareholders | (589042588)<br>| (427107283)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3878385060 | 4945845747 |
| Reinvestment of distributions | 589042588<br>| 427107283<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1979330992) | (1522711788) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2488096656<br>| 3850241242<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2133522985<br>| 3717369196<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 13545909695 | 9828540499<br>|
| &nbsp;&nbsp;End of period | $15679432680 | $13545909695 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 447288069 | 561882809 |
| Issued in reinvestment of distributions | 69131468<br>| 49104849<br>|
| &nbsp;&nbsp;Redeemed | (228298113) | (174684412) |
| &nbsp;&nbsp;Net increase (decrease) | 288121424 | 436303246 |

---

**Financial Highlights** 

**Fidelity® Series International Developed Markets Bond Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.68 | $8.74 | $8.41 | $9.83 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .191  | .156  | .118  | .066  | .007  |
| Net realized and unrealized gain (loss)  | (.050)  | .095  | .547  | (1.420)  | (.169)  |
| Total from investment operations  | .141  | .251  | .665  | (1.354)  | (.162)  |
| Distributions from net investment income  | (.341)  | (.311)  | (.335)  | (.066)  | (.008)  |
| Total distributions  | (.341)  | (.311)  | (.335)  | (.066)  | (.008)  |
| Net asset value, end of period  | $8.48 | $8.68 | $8.74 | $8.41 | $9.83 |
| **Total Return** D,E | 1.65% <br>| 2.91%  | 7.99%  | (13.79)%  | (1.62)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .01%  | .01%  | .01%  | .01%  | .01% H |
| Expenses net of fee waivers, if any I | -% <br>| -%  | -%  | -%  | -% H |
| Expenses net of all reductions, if any I | -%  | -%  | -%  | -%  | -% H |
| Net investment income (loss)  | 2.21%  | 1.80%  | 1.38%  | .74%  | .21% H |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15679433 | $13545910 | $9828540 | $8334404 | $4701543 |
| Portfolio turnover rate J | 27% <br>| 17%  | 18%  | 22%  | 2% K |

---

A*For the period August 31, 2021 (commencement of operations) through December 31, 2021.*

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

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

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

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

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

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

H*Annualized.*

I*Amount represents less than .005%.*

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

K*Amount not annualized.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

Fidelity Series International Developed Markets Bond Index Fund (the Fund) is a non-diversified fund of Fidelity School Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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. Foreign government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The U.S. dollar value of forward foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 in the hierarchy. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in interest receivable.

**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 December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $465783342 |
| **Gross unrealized depreciation**  | <u>(1367383448)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(901600106)</u> |
| **Tax Cost**  | <u>$15829933624</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$55536330</u> |
| **Capital loss carryforward**  | <u>$(473638943)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(899012042)</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 | $(123266827) |
| Long-term | <u>(350372116)</u> |
| **Total capital loss carryforward** | <u>$(473638943)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $589042588 | $427107283 |

---

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

**4. Derivative Instruments.**

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

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

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

---

| | |
|:---|:---|
| Foreign Exchange Risk  | Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.<br>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Series International Developed Markets Bond Index Fund** |  |  |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts | <u>(385275452)</u> | <u>(585805496)</u> |
| **Total Foreign Exchange Risk** | <u>(385275452)</u> | <u>(585805496)</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | <u>(1937301)</u> | <u>1919478</u> |
| **Total Interest Rate Risk** | <u>(1937301)</u> | <u>1919478</u> |
| Totals | <u>(387212753)</u> | <u>(583886018)</u> |

---

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

**Forward Foreign Currency Contracts.** Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Forward foreign currency contracts were used to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.

Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are recorded as unrealized appreciation or (depreciation) and reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When the contract is closed, a gain or loss is realized equal to the difference between the closing value and the value at the time it was opened. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward foreign currency contracts during the period is presented in the Statement of Operations.

Any open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end, and is representative of volume of activity during the period, unless an average contract value is presented in the table below.

---

| | |
|:---|:---|
|  | **Average Contracts Amount ($)** |
| **Fidelity Series International Developed Markets Bond Index Fund**  | 44722634314 |

---

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

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

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

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

**5. 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 Series International Developed Markets Bond Index Fund** | 4930143276 | 3779017120 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

**7. Committed Line of Credit.**

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

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

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

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

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through April 30, 2029. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $432,747.

**9. Other.**

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

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

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity School Street Trust and the Shareholders of Fidelity Series International Developed Markets Bond Index Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Series International Developed Markets Bond Index Fund (the "Fund"), a fund of Fidelity School Street Trust, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the four years in the period then ended and for the period from August 31, 2021 (commencement of operations) through December 31, 2021, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and 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 then ended, and the financial highlights for each of the four years in the period then ended and for the period from August 31, 2021(commencement of operations) through December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights 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 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 13, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

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

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

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 Series International Developed Markets Bond Index Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity and derivatives risk management. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, collective investment trusts, and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies, collective investment trusts, and 529 plans.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, collective investment trusts, and 529 plans that invest in the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through April 30, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

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

![](img123205_4.jpg)<br>

1.9901932.104 IDM-ANN-0226

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 School 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; February 20, 2026 |

---

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; February 20, 2026 |

---

---

| | |
|:---|:---|
| &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; February 20, 2026 |

---

## 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 School 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:

February 20, 2026

---

| |
|:---|
| &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 School 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:

February 20, 2026

---

| |
|:---|
| &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 School 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: February 20, 2026

---

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

---

Dated: February 20, 2026

---

| |
|:---|
| &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>