# EDGAR Filing Document

**Accession Number:** 0001562565
**File Stem:** 0001562565-26-000037
**Filing Date:** 2026-3
**Character Count:** 176634
**Document Hash:** d4955ed52fe83ea165db116ac5c3c9bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562565-26-000037.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001562565-26-000037

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**EFFECTIVENESS DATE**: 20260325

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22796
- **FILM NUMBER:** 26789020

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

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

## Series and Classes Contracts Data

### Fidelity Municipal Bond Opportunities ETF (Series ID: S000089370)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000255892 | Fidelity Municipal Bond Opportunities ETF | FMUB            |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

<u>Fidelity Merrimack Street Trust</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;January 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;January 31, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Municipal Bond Opportunities ETF<br> **Fidelity® Municipal Bond Opportunities ETF : FMUB** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Municipal Bond Opportunities ETF for the period February 1, 2025 to January 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Municipal Bond Opportunities ETF  | $33  | 0.33% |

---

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

• U.S. tax-exempt municipal bonds notched a strong gain for the 12 months ending January 31, 2026, bolstered by a second-half rally driven by three policy interest-rate cuts by the Federal Reserve since September, moderating muni supply and firming investor demand.

• Against this backdrop, the fund's exposure to airport bonds subject to the Alternative Minimum Tax meaningfully contributed to performance versus the Fidelity Municipal Bond Opportunities Composite Index for the fiscal year, as improving airport fundamentals and the bonds' wide yield spreads boosted demand for the securities.

• Underweights in distressed credits, including bonds issued by Brightline East, Brightline West and American Dream Meadowlands Project also helped, given their lagging performance.

• In contrast, pricing factors detracted from relative performance. 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 estimating the prices of municipal securities, most of which trade infrequently.

• The fund produced slightly less "carry" than the index, which also modestly crimped relative performance.

• Yield-curve positioning, meaning how the fund's investments were allocated across bonds with various maturities, slightly detracted as well.

• During the year, the portfolio management team added exposure to lower-coupon bonds at a discount to par when they felt appropriate opportunities arose.

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

**CUMULATIVE PERFORMANCE**

February 16, 2023 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fidelity® Municipal Bond Opportunities ETF<br>| $10000 | $10628<br>| $10908<br>| $11540<br>|
| Fidelity Municipal Bond Opportunities Composite Index<br>| $10000 | $10432<br>| $10708<br>| $11215<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10457<br>| $10674<br>| $11176<br>|
|  | 2023 | 2024 | 2025 | 2026 |

---

![](img125480_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** |
| Fidelity® Municipal Bond Opportunities ETF - NAV A  | 5.79% | 4.96% |
| Fidelity Municipal Bond Opportunities Composite Index A | 4.73%<br>| 3.95% |
| Bloomberg Municipal Bond Index A | 4.70%<br>| 3.83% |

---

**A** From February 16, 2023

---

| |
|:---|
| 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 January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $154805820<br>|
| Number of Holdings | 486<br>|
| Total Advisory Fee | $295636<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 23.3 |
| Transportation | 19.2 |
| Health Care | 15.2 |
| Education | 8.8 |
| Housing | 7.3 |
| Special Tax | 6.9 |
| Water & Sewer | 5.9 |
| Others(Individually Less Than 5%) | 9.2 |
| 95.8 | 95.8 |

---

---

| | |
|:---|:---|
| AAA | 6.4 |
| AA | 38.6 |
| A | 30.9 |
| BBB | 11.1 |
| BB | 2.3 |
| B | 0.1 |
| Not Rated | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.2 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img8349_20260131_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 6.4&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;AA - 38.6&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 - 30.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 11.1&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 - 2.3&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;B - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 6.4&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) - 4.2 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 12.2 |
| Illinois | 9.5 |
| Alabama | 6.6 |
| Florida | 4.2 |
| Georgia | 3.9 |

---

**How has the Fund changed?**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® Municipal Core Plus Bond Fund converted to Fidelity® Municipal Bond Opportunities ETF on April 4, 2025. The ETF's principal investment strategies and principal investment risks reflect the ETF structure.<br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img8349_20260131_2.jpg)<br>| ![](img125480_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> 1.9917217.100 8349-TSRA-0426 <br>|

---

Item 2.

<u>Code of Ethics</u>

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

Item 3.

<u>Audit Committee Financial Expert</u>

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

Item 4.

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

<u>Fees and Services</u>

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

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

**<u>January 31, 2026 Fees</u><sup>A,B</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Municipal Bond Opportunities ETF | &nbsp;&nbsp;$38800  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$6300  | &nbsp;&nbsp;$200  |

---

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

---

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

---

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

<sup>B</sup> Fidelity Municipal Bond Opportunities ETF commenced operations on April 4, 2025.

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>January 31, 2026</u><sup>A,B</sup>** | &nbsp;&nbsp;**<u>January 31, 2025</u><sup>A,B</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$7975400  | &nbsp;&nbsp;$10640500  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000  |

---

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

<sup>B</sup> May include amounts billed prior to Fidelity Municipal Bond Opportunities ETF's commencement of operations.

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>January 31, 2026</u><sup>A,B</sup>** | &nbsp;&nbsp;**<u>January 31, 2025</u><sup>A,B</sup>** |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13259300  | &nbsp;&nbsp;$15858000  |

---

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

<sup>B</sup> May include amounts billed prior to Fidelity Municipal Bond Opportunities ETF's commencement of operations

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

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

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

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

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

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

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

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

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

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

Item 5.

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

The Audit Committee is a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. As of January 31, 2026, the members of the Audit Committee were Laura M. Bishop, Elizabeth S. Acton, Ann E. Dunwoody, Robert F. Gartland, Robert W. Helm, Mark A. Murray, Lester Owens, Edward Wiese, and Carol J. Zierhoffer.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

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

**Fidelity® Municipal Bond Opportunities ETF**

**Annual Report**

**January 31, 2026**

![](img125408_1.jpg)

![](img125408_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MCP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Municipal Bond Opportunities ETF](#Sub_Sec_Fund_8349_MCP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements8349_MCP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MCP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MCP-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCP-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCP-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCP-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCP-ANN)** |

---

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

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

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® Municipal Bond Opportunities ETF**

**Schedule of Investments January 31, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 95.8%** | &nbsp;&nbsp;**Municipal Securities - 95.8%** | &nbsp;&nbsp;**Municipal Securities - 95.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 6.6%  |  |  |
| Education - 0.4% |  |  |
| Alabama St University Rev Series 2025, 5% 9/1/2028 (Assured Guaranty Inc Insured)  | 475000 | 504711 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2049  | 200000 | 202761 |
| TOTAL EDUCATION |  | 707472 |
| Electric Utilities - 0.0% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2007 A, 3.375% tender 6/1/2034 (d) | 100000 | 101753 |
| General Obligations - 5.8% |  |  |
| Black Belt Energy Gas District 5% tender 12/1/2055 (BP PLC Guaranteed) (d) | 675000 | 723784 |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (d) | 630000 | 664185 |
| Black Belt Energy Gas District Series 2022 E, 5% tender 5/1/2053 (Canadian Imperial Bank of Commerce/New York NY Guaranteed) (d) | 65000 | 67901 |
| Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (d) | 545000 | 578004 |
| Black Belt Energy Gas District Series 2024 C, 5% tender 5/1/2055 (Pacific Life Insurance Co Guaranteed) (d) | 600000 | 644533 |
| Black Belt Energy Gas District Series 2024A, 5.25% tender 5/1/2055 (Athene Annuity And Life Company Guaranteed) (d) | 100000 | 107880 |
| Black Belt Energy Gas District Series 2025 B, 5% 10/1/2035 (Forethought Life Insurance Co Guaranteed)  | 360000 | 375369 |
| Black Belt Energy Gas District Series 2025 F, 5% 12/1/2032 (Pacific Life Global Funding II Guaranteed)  | 265000 | 286709 |
| Black Belt Energy Gas District Series 2025 F, 5% 12/1/2034 (Pacific Life Global Funding II Guaranteed)  | 355000 | 383495 |
| Black Belt Energy Gas District Series 2026B, 5% 12/1/2034 (Canadian Imperial Bank of Commerce/New York NY Guaranteed) (e) | 380000 | 413090 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2025A, 5% 11/1/2035 (Goldman Sachs Group Inc/The Guaranteed)  | 95000 | 102112 |
| Lower Ala Gas Dist Gas Proj Rev Series 2025 A, 5% 12/1/2033 (Equitable Financial Life Global Funding Guaranteed)  | 675000 | 718348 |
| 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) (d) | 380000 | 402639 |
| Southeast Energy Authority A Cooperative District 5.25% tender 3/1/2055 (Athene Annuity And Life Company Guaranteed) (d) | 310000 | 328078 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (d) | 435000 | 469408 |
| Southeast Energy Authority A Cooperative District Series 2025D, 5% 9/1/2035 (New York Life Insurance Co Guaranteed)  | 650000 | 716372 |
| Southeast Energy Authority A Cooperative District Series 2025E, 5% 10/1/2030 (JPMorgan Securities LLC Guaranteed)  | 1770000 | 1921701 |
| TOTAL GENERAL OBLIGATIONS |  | 8903608 |
| Water & Sewer - 0.4% |  |  |
| Jefferson Cnty AL Swr Rev 5% 10/1/2038  | 500000 | 553995 |
| TOTAL ALABAMA |  | 10266828 |
| Arizona - 0.8%  |  |  |
| Education - 0.1% |  |  |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2031  | 75000 | 78237 |
| University AZ Univ Revs Series 2016, 3% 6/1/2034  | 50000 | 49471 |
| TOTAL EDUCATION |  | 127708 |
| Electric Utilities - 0.1% |  |  |
| Coconino Cnty AZ Poll Ctl Corp (Nevada Power Co Proj.) Series 2017 B, 3.75% tender 3/1/2039 (d) | 100000 | 100117 |
| General Obligations - 0.3% |  |  |
| Industrial Development Authority of the City of Phoenix Arizona/The (Guam Govt Proj.) Series 2014, 5.375% 2/1/2041  | 100000 | 95466 |
| Industrial Development Authority of the City of Phoenix Arizona/The Series 2014, 5.125% 2/1/2034 (Guam Govt Guaranteed)  | 100000 | 99252 |
| Salt Verde Finl Corp Gas Rev AZ 5% 12/1/2037 (Citigroup Inc Guaranteed)  | 260000 | 285271 |
| TOTAL GENERAL OBLIGATIONS |  | 479989 |
| Housing - 0.2% |  |  |
| Maricopa Cnty AZ Ida Mfh Auth Series 2025, 2.81% tender 5/1/2048 (d) | 375000 | 375011 |
| Industrial Development - 0.1% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2005, 3.8% tender 12/1/2035 (d) | 125000 | 126852 |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2007, 4.1% tender 12/1/2037 (b)(d) | 55000 | 55685 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 182537 |
| TOTAL ARIZONA |  | 1265362 |
| Arkansas - 0.9%  |  |  |
| General Obligations - 0.9% |  |  |
| Nettleton Ark Spl Sch Dist Craighead Cnty 2% 12/1/2039  | 280000 | 212733 |
| Pea Ridge Ark Sch Dist No 109 2% 2/1/2035  | 205000 | 179235 |
| Pea Ridge Ark Sch Dist No 109 2% 2/1/2039  | 220000 | 172194 |
| Pea Ridge Ark Sch Dist No 109 2% 2/1/2043  | 1115000 | 741477 |
| TOTAL GENERAL OBLIGATIONS |  | 1305639 |
| Health Care - 0.0% |  |  |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2029  | 20000 | 20948 |
| TOTAL ARKANSAS |  | 1326587 |
| California - 3.8%  |  |  |
| Education - 0.1% |  |  |
| California Mun Fin Auth Rev (University of LA Verne Proj.) Series A, 3.5% 6/1/2034  | 50000 | 49338 |
| California Mun Fin Auth Rev (University of LA Verne Proj.) Series A, 3.75% 6/1/2037  | 40000 | 39300 |
| TOTAL EDUCATION |  | 88638 |
| General Obligations - 1.1% |  |  |
| California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity And Life Company Guaranteed) (d) | 140000 | 147738 |
| California Community Choice Financing Authority Series 2025C, 5% 4/1/2029 (American General Life Insurance Co Guaranteed)  | 500000 | 530351 |
| California Community Choice Financing Authority Series 2025D, 5% tender 10/1/2055 (Forethought Life Insurance Co Guaranteed) (d) | 605000 | 636267 |
| Elk Grove Calif Uni Sch Dist Ctfs Partn (Elk Grove CA Uni Sch Dist Proj.) 3% 2/1/2034 (Build America Mutual Assurance Co Insured)  | 50000 | 50000 |
| Los Angeles Unified School District/CA Series 2016B, 2% 7/1/2029  | 10000 | 9754 |
| Los Angeles Unified School District/CA Series 2020 C, 3% 7/1/2035  | 5000 | 4985 |
| Poway CA Unified Sch Dist 0% 8/1/2038 (c) | 60000 | 39302 |
| San Diego CA Uni Sch Dist 0% 7/1/2031 (c) | 10000 | 8747 |
| San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. Series 2018, 5% 9/1/2038  | 5000 | 5395 |
| State of California Gen. Oblig. 4% 11/1/2037  | 50000 | 52141 |
| State of California Gen. Oblig. Series CU, 4.75% 12/1/2042  | 250000 | 265880 |
| TOTAL GENERAL OBLIGATIONS |  | 1750560 |
| Housing - 0.4% |  |  |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2021-1 CA Proj.) Series 1 Class A, 3.5% 11/20/2035  | 554565 | 553749 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2023-1 CA Proj.) Series 1 Class A, 4.375% 9/20/2036  | 97456 | 102009 |
| TOTAL HOUSING |  | 655758 |
| Other - 0.0% |  |  |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (d) | 15000 | 14071 |
| Resource Recovery - 0.3% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2023A, 4.375% tender 9/1/2053 (b)(d) | 500000 | 518813 |
| Tobacco Bonds - 0.0% |  |  |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2021 B 2, 0% 6/1/2066 (c) | 500000 | 52436 |
| Transportation - 1.5% |  |  |
| Alameda Corridor CA Tran Auth Rev Series 2024A, 0% 10/1/2052 (Assured Guaranty Inc Insured) (c) | 100000 | 28155 |
| California Mun Fn Auth Rev (Linxs Apm Project Proj.) Series 2018 A, 5% 12/31/2028 (b) | 40000 | 41586 |
| Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2033 (b) | 15000 | 15504 |
| Los Angeles CA Dept Arpts Rev Series 2019 A, 5% 5/15/2035 (b) | 10000 | 10614 |
| Los Angeles CA Dept Arpts Rev Series 2022 H, 5.5% 5/15/2036 (b) | 715000 | 805920 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5.25% 7/1/2044 (Assured Guaranty Inc Insured) (b) | 500000 | 538396 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2039 (b) | 350000 | 401108 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2023 C, 5.5% 5/1/2037 (b) | 250000 | 285711 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2049 (b) | 100000 | 104451 |
| TOTAL TRANSPORTATION |  | 2231445 |
| Water & Sewer - 0.4% |  |  |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 1/1/2030  | 500000 | 543737 |
| TOTAL CALIFORNIA |  | 5855458 |
| Colorado - 1.5%  |  |  |
| Health Care - 0.0% |  |  |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2037  | 50000 | 52803 |
| Special Tax - 0.6% |  |  |
| Independence Metropolitan District No 3 Series 2024 A, 5.375% 12/1/2054  | 500000 | 497609 |
| Village Met Dist Colo Series 2025A, 5.75% 12/1/2055  | 500000 | 503090 |
| TOTAL SPECIAL TAX |  | 1000699 |
| Transportation - 0.9% |  |  |
| Denver CO City & Cnty Arpt Series 2018 A, 4% 12/1/2043 (b) | 210000 | 200073 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2027 (b) | 90000 | 93703 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2036 (b) | 780000 | 898280 |
| TOTAL TRANSPORTATION |  | 1192056 |
| TOTAL COLORADO |  | 2245558 |
| Connecticut - 2.0%  |  |  |
| Education - 0.0% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2040  | 30000 | 31719 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2010A 3, 2.95% tender 7/1/2049 (d) | 45000 | 45375 |
| TOTAL EDUCATION |  | 77094 |
| General Obligations - 0.3% |  |  |
| Connecticut St Gen. Oblig. Series 2016 A, 5% 3/15/2026  | 50000 | 50164 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2036  | 20000 | 19666 |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2032 (Assured Guaranty Inc Insured)  | 80000 | 90943 |
| Stamford CT Gen. Oblig. Series 2016, 4% 8/1/2026  | 5000 | 5006 |
| West Haven CT Gen. Oblig. Series 2024, 5% 2/15/2038 (Build America Mutual Assurance Co Insured)  | 100000 | 112341 |
| West Haven CT Gen. Oblig. Series 2024, 5% 2/15/2039 (Build America Mutual Assurance Co Insured)  | 100000 | 111521 |
| West Haven CT Gen. Oblig. Series 2024, 5% 2/15/2040 (Build America Mutual Assurance Co Insured)  | 100000 | 110552 |
| TOTAL GENERAL OBLIGATIONS |  | 500193 |
| Health Care - 0.6% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2036  | 5000 | 5073 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2032  | 5000 | 5417 |
| Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 4% 7/1/2034  | 375000 | 380372 |
| Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 5% 7/1/2026  | 500000 | 503936 |
| TOTAL HEALTH CARE |  | 894798 |
| Housing - 0.2% |  |  |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2023 A, 5.25% 11/15/2053  | 225000 | 240687 |
| Special Tax - 0.9% |  |  |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2032  | 1025000 | 1182301 |
| Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2021, 4% 4/1/2051 (f) | 100000 | 85286 |
| Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2024, 5.625% 4/1/2044 (f) | 100000 | 105983 |
| TOTAL SPECIAL TAX |  | 1373570 |
| TOTAL CONNECTICUT |  | 3086342 |
| District Of Columbia - 0.3%  |  |  |
| Education - 0.0% |  |  |
| District Columbia Univ Rev (Georgetown Univ, DC Proj.) Series 2017, 5% 4/1/2033  | 40000 | 40879 |
| General Obligations - 0.1% |  |  |
| District Columbia Gen. Oblig. Series 2016 A, 3% 6/1/2041  | 145000 | 130092 |
| Health Care - 0.2% |  |  |
| District Columbia Hosp Rev (Childrens National Med Ctr, DC Proj.) Series 2015, 4% 7/15/2040  | 270000 | 269997 |
| TOTAL DISTRICT OF COLUMBIA |  | 440968 |
| District Of Columbia,Virginia - 0.9%  |  |  |
| Transportation - 0.9% |  |  |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 4% 10/1/2040 (b) | 175000 | 173984 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2026 (b) | 200000 | 203354 |
| Metropolitan Wash DC Arpts Ath Series 2025A, 5% 10/1/2029 (b) | 1000000 | 1082279 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 1459617 |
| Florida - 4.2%  |  |  |
| Education - 0.2% |  |  |
| Florida Dev Fin Corp Student Hsg Rev (The Henry Stud Hsg Proj.) Series 2024A 1, 5.25% 6/1/2059 (f) | 100000 | 94493 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2034  | 30000 | 31339 |
| Florida Higher Edl Facs Fing Auth Rev (Rollins College, FL Proj.) Series 2016 A, 3% 12/1/2046  | 40000 | 29349 |
| Florida Higher Edl Facs Fing Auth Rev (Rollins College, FL Proj.) Series 2020 A, 3% 12/1/2048  | 320000 | 231088 |
| TOTAL EDUCATION |  | 386269 |
| Electric Utilities - 0.1% |  |  |
| Florida St Mun Pwr Agy Rev Series 2021 A, 3% 10/1/2032  | 100000 | 99383 |
| General Obligations - 0.3% |  |  |
| Miami-Dade Cnty Fla Seaport Rev (Miami-Dade Cnty Fla Proj.) Series SUB 2021 B2, 4% 10/1/2043  | 460000 | 455439 |
| Health Care - 1.3% |  |  |
| Halifax Hosp Med Ctr FL Hosp Series 2016, 3.75% 6/1/2041  | 95000 | 87074 |
| Hillsborough Cnty Fla Indl Dev (Tampa General Hospital, FL Proj.) Series 2020A, 3.5% 8/1/2055  | 235000 | 176046 |
| Palm Beach Cnty FL Health Facs (Lifespace Proj.) Series 2023C, 7.625% 5/15/2058  | 50000 | 55565 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Baptist Health Sys of So FL Proj.) Series 2019, 3% 8/15/2044  | 250000 | 197638 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys Of So Fl Proj.) Series 2025B, 5% tender 8/15/2065 (d) | 1000000 | 1076532 |
| Tallahassee FL Health Facs Rev (Tallahassee Mem Hlthcare FL Proj.) Series 2015A, 4% 12/1/2035  | 500000 | 496976 |
| TOTAL HEALTH CARE |  | 2089831 |
| Housing - 0.4% |  |  |
| Florida Housing Finance Corp (FL Homeownership Mortgage Proj.) Series 2025 5, 6.25% 7/1/2056  | 500000 | 563476 |
| Resource Recovery - 0.3% |  |  |
| Florida Dev Fin Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025A, 3.4% tender 9/1/2050 (b)(d) | 500000 | 501436 |
| Special Tax - 0.6% |  |  |
| Seminole County School District Sales Tax Revenue Series 2025, 5% 10/1/2032 (Assured Guaranty Inc Insured)  | 750000 | 861307 |
| Transportation - 0.9% |  |  |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2030 (Assured Guaranty Inc Insured)  | 930000 | 1023622 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2017, 3% 7/1/2034 (Build America Mutual Assurance Co Insured)  | 395000 | 393574 |
| TOTAL TRANSPORTATION |  | 1417196 |
| Water & Sewer - 0.1% |  |  |
| JEA FL Wtr & Swr Sys Rev Series 2024A, 5% 10/1/2028  | 50000 | 53466 |
| JEA FL Wtr & Swr Sys Rev Series 2024A, 5% 10/1/2030  | 50000 | 55791 |
| TOTAL WATER & SEWER |  | 109257 |
| TOTAL FLORIDA |  | 6483594 |
| Georgia - 3.9%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FOURTH 1994, 3.8% tender 10/1/2032 (d) | 340000 | 341007 |
| Burke Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2017 E, 3.6% tender 11/1/2045 (d) | 105000 | 107978 |
| TOTAL ELECTRIC UTILITIES |  | 448985 |
| General Obligations - 2.2% |  |  |
| Main Street Natural Gas Inc 5% tender 6/1/2053 (Citigroup Inc Guaranteed) (d) | 200000 | 212325 |
| Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (d) | 500000 | 539918 |
| Main Street Natural Gas Inc Series 2022A, 4% tender 9/1/2052 (Citigroup Inc Guaranteed) (d) | 200000 | 204385 |
| Main Street Natural Gas Inc Series 2023B, 5% tender 7/1/2053 (Royal Bank of Canada Guaranteed) (d) | 250000 | 264708 |
| Main Street Natural Gas Inc Series 2023C, 5% tender 9/1/2053 (Royal Bank of Canada Guaranteed) (d) | 55000 | 58464 |
| Main Street Natural Gas Inc Series 2024D, 5% tender 4/1/2054 (Toronto Dominion Bank Guaranteed) (d) | 45000 | 48217 |
| Main Street Natural Gas Inc Series 2024E, 5% tender 5/1/2055 (Citigroup Inc Guaranteed) (d) | 2000000 | 2154068 |
| TOTAL GENERAL OBLIGATIONS |  | 3482085 |
| Health Care - 0.3% |  |  |
| Fulton Cnty GA Dev Auth Rev (Piedmont Hosp Og Proj.) Series 2019 A, 3% 7/1/2044  | 440000 | 350852 |
| Griffin-Spalding Cnty GA Hosp Rev (Wellstar Health System Inc Proj.) 3.75% 4/1/2047  | 105000 | 88251 |
| TOTAL HEALTH CARE |  | 439103 |
| Industrial Development - 0.3% |  |  |
| Savannah Georgia Convention Center Authority (Savannah Convention Hotel Proj.) Series 2025B, 6% 6/1/2050 (f) | 535000 | 528174 |
| Other - 0.8% |  |  |
| Fayette Cnty GA Dev Auth Rev (United States Soccer Fed Proj.) Series 2024, 5% 10/1/2028  | 325000 | 342364 |
| Fayette Cnty GA Dev Auth Rev (United States Soccer Fed Proj.) Series 2024, 5% 10/1/2029  | 375000 | 402162 |
| Fayette Cnty GA Dev Auth Rev (United States Soccer Fed Proj.) Series 2024, 5% 10/1/2030  | 400000 | 435815 |
| TOTAL OTHER |  | 1180341 |
| TOTAL GEORGIA |  | 6078688 |
| Hawaii - 0.9%  |  |  |
| General Obligations - 0.0% |  |  |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020F, 5% 7/1/2034  | 5000 | 5516 |
| Housing - 0.2% |  |  |
| Honolulu HI City & Cnty Mfr Series 2023, 5% tender 6/1/2027 (d) | 340000 | 342400 |
| Transportation - 0.4% |  |  |
| Hawaii St Arpts Sys Rev 5% 7/1/2042 (b) | 500000 | 539253 |
| Water & Sewer - 0.3% |  |  |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series B, 5% 7/1/2027  | 500000 | 505126 |
| TOTAL HAWAII |  | 1392295 |
| Illinois - 9.5%  |  |  |
| Education - 0.3% |  |  |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) Series 2016 A, 3% 10/1/2037  | 155000 | 135704 |
| Illinois Finance Authority (Board of Trustees of the University of Illinois/The Proj.) Series 2019A, 5% 10/1/2038  | 350000 | 368458 |
| Illinois Finance Authority Rev (Bradley University Proj.) Series 2021 A, 4% 8/1/2037  | 100000 | 94425 |
| TOTAL EDUCATION |  | 598587 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Railsplitter Tobacco Settlement Auth Settlement Rev Series 2017, 5% 6/1/2026 (Escrowed to Maturity)  | 5000 | 5043 |
| General Obligations - 3.3% |  |  |
| Chicago IL Brd Ed Series 2025 A, 6.25% 12/1/2050  | 1000000 | 1058325 |
| Chicago IL Brd Ed Series 2025 B, 5.25% 12/1/2031  | 650000 | 688593 |
| Chicago IL Brd Ed Series D, 5% 12/1/2031  | 100000 | 101189 |
| Chicago IL Gen. Oblig. Series 2017, 6% 1/1/2038  | 10000 | 10152 |
| Chicago IL Gen. Oblig. Series 2024 B, 5% 1/1/2041  | 500000 | 513642 |
| Chicago IL Gen. Oblig. Series 2025E, 6% 1/1/2045  | 500000 | 535624 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2028  | 25000 | 26003 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2036  | 40000 | 43836 |
| Illinois St Gen. Oblig. Series JUNE 2016, 3.5% 6/1/2029  | 500000 | 500910 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2030  | 120000 | 131001 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5% 5/1/2037  | 500000 | 544366 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2038  | 320000 | 351567 |
| Illinois St Gen. Oblig. Series MAY 2023D, 4% 7/1/2037  | 310000 | 312028 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2035  | 50000 | 56731 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2037  | 50000 | 55671 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2042  | 75000 | 81420 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2049  | 25000 | 25826 |
| Schaumburg IL Gen. Oblig. Series 2023, 4% 12/1/2030  | 100000 | 106445 |
| TOTAL GENERAL OBLIGATIONS |  | 5143329 |
| Health Care - 0.9% |  |  |
| Illinois Fin Auth Rev (Memorial Health Sys Ill Rev Proj.) Series 2019, 5% 4/1/2035  | 15000 | 15834 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 4% 12/1/2040  | 195000 | 196048 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 3.125% 5/15/2037  | 35000 | 31834 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 3.25% 5/15/2039  | 205000 | 182888 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 4% 5/15/2035  | 10000 | 10004 |
| Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2016, 3.25% 11/15/2045  | 650000 | 528930 |
| Illinois Fin Auth Rev (Southern Ill Hlthcare Ent Inc Proj.) Series 2017 C, 5% 3/1/2026  | 15000 | 15021 |
| Illinois Fin Auth Rev (University of Chicago Hosps,Il Proj.) Series B, 4% 8/15/2041  | 15000 | 14525 |
| Illinois Fin Auth Rev (University of Chicago Hosps,Il Proj.) Series B, 5% 8/15/2035  | 10000 | 10187 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 3.25% 8/15/2049  | 500000 | 394703 |
| TOTAL HEALTH CARE |  | 1399974 |
| Housing - 0.1% |  |  |
| Illinois Housing Dev Auth Series 2019 D, 2.7% 10/1/2034 (IL Hsg Revenue Bonds 3/1/2016 Guaranteed)  | 115000 | 107356 |
| Special Tax - 1.0% |  |  |
| Chicago IL Brd Ed Series 2022 B, 4% 12/1/2041  | 100000 | 91905 |
| Illinois St Sales Tax Rev Series SEPTEMBER 2016 A, 3% 6/15/2033  | 115000 | 111328 |
| Illinois St Sales Tax Rev Series SEPTEMBER 2016 A, 3% 6/15/2034  | 220000 | 210599 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2033 (National Public Finance Guarantee Corporation Insured) (c) | 20000 | 15434 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2038 (National Public Finance Guarantee Corporation Insured) (c) | 15000 | 9185 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2041 (c) | 300000 | 159780 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2046 (Assured Guaranty Inc Insured) (c) | 100000 | 38681 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 12/15/2028  | 300000 | 311494 |
| Sales Tax Securitization Corp 3% 1/1/2027  | 264000 | 265429 |
| Sales Tax Securitization Corp Series 2024 A, 5% 1/1/2037  | 300000 | 337037 |
| TOTAL SPECIAL TAX |  | 1550872 |
| Transportation - 2.5% |  |  |
| Chicago IL Midway Arpt Rev Series 2023A, 5.5% 1/1/2036 (Build America Mutual Assurance Co Insured) (b) | 490000 | 558905 |
| Chicago IL Midway Arpt Rev Series 2025 A, 5% 1/1/2030 (b) | 1000000 | 1076744 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 4% 1/1/2044  | 865000 | 827453 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 4% 1/1/2043 (Build America Mutual Assurance Co Insured) (b) | 630000 | 610789 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5% 1/1/2036 (b) | 20000 | 22254 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5.25% 1/1/2041 (b) | 50000 | 54581 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5.25% 1/1/2042 (b) | 130000 | 141561 |
| Illinois Finance Authority (Centerpoint Term Rr Proj.) Series 2012, 4.8% tender 12/1/2043 (b)(d)(f) | 500000 | 520185 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2045  | 20000 | 20850 |
| TOTAL TRANSPORTATION |  | 3833322 |
| Water & Sewer - 1.4% |  |  |
| Chicago IL Wtr Rev 5% 11/1/2035  | 475000 | 545203 |
| Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2019, 5.25% 7/1/2035  | 1475000 | 1595453 |
| TOTAL WATER & SEWER |  | 2140656 |
| TOTAL ILLINOIS |  | 14779139 |
| Indiana - 0.8%  |  |  |
| Education - 0.7% |  |  |
| Indiana Fin Auth Edl Facs Rev (Butler University Proj.) Series 2021, 4% 2/1/2030  | 10000 | 10418 |
| Indiana Fin Auth Edl Facs Rev (Depauw University Proj.) Series 2022A, 5% 7/1/2030  | 500000 | 532886 |
| Indiana Fin Auth Edl Facs Rev (Depauw University Proj.) Series 2022A, 5% 7/1/2031  | 500000 | 538111 |
| TOTAL EDUCATION |  | 1081415 |
| Health Care - 0.1% |  |  |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2025D 3, 5% tender 10/1/2059 (d) | 145000 | 163447 |
| TOTAL INDIANA |  | 1244862 |
| Iowa - 0.9%  |  |  |
| Education - 0.8% |  |  |
| Iowa Higher Ed Ln Auth Rev (Dubuque University IA Proj.) Series 2025, 5% 10/1/2045  | 375000 | 370024 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) 5% 12/1/2033 (b) | 670000 | 730057 |
| TOTAL EDUCATION |  | 1100081 |
| General Obligations - 0.0% |  |  |
| City of Des Moines IA Gen. Oblig. Series 2020 A, 2% 6/1/2031  | 10000 | 9372 |
| Housing - 0.1% |  |  |
| Iowa Fin Auth Single Family Mtg Rev (IA Single Family Mortgage Proj.) Series 2023 A, 5.25% 7/1/2053  | 205000 | 215844 |
| TOTAL IOWA |  | 1325297 |
| Kansas - 0.5%  |  |  |
| Special Tax - 0.5% |  |  |
| Garden City KS Sales Tax Rev Series 2025, 4% 6/1/2029 (f) | 700000 | 699072 |
| Kentucky - 1.4%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Trimble Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) 4.7% tender 6/1/2054 (b)(d) | 100000 | 100968 |
| General Obligations - 0.7% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev 5% tender 5/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (d) | 80000 | 84747 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2020 A, 4% tender 12/1/2050 (BP PLC Guaranteed) (d) | 95000 | 95736 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024 A1, 5% 2/1/2029 (Morgan Stanley Guaranteed)  | 400000 | 419920 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024 A1, 5% 8/1/2028 (Morgan Stanley Guaranteed)  | 490000 | 510902 |
| TOTAL GENERAL OBLIGATIONS |  | 1111305 |
| Health Care - 0.6% |  |  |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 4% 2/1/2033  | 200000 | 202333 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) Series 2016 A, 4% 2/1/2036  | 350000 | 350067 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (d) | 350000 | 354742 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2020A, 3% 10/1/2043  | 90000 | 72187 |
| TOTAL HEALTH CARE |  | 979329 |
| Special Tax - 0.0% |  |  |
| Louisville & Jefferson Cnty Visitors & Conv Comm Rev Series 2016, 3.125% 6/1/2046 (Assured Guaranty Inc Insured)  | 20000 | 15439 |
| TOTAL KENTUCKY |  | 2207041 |
| Louisiana - 0.7%  |  |  |
| Health Care - 0.0% |  |  |
| Louisiana Pub Fac Auth Hsp Rev (Franciscan Missionaries Proj.) Series 2017 A, 3.75% 7/1/2047  | 25000 | 21285 |
| Louisiana Pub Fac Auth Hsp Rev (Louisiana Childrens Hospital Proj.) Series 2020 A, 3% 6/1/2050 (Assured Guaranty Inc Insured)  | 65000 | 46318 |
| TOTAL HEALTH CARE |  | 67603 |
| Industrial Development - 0.2% |  |  |
| St John Baptist Parish LA Rev (Conocophillips Inc Proj.) 4.05% tender 6/1/2037 (d) | 260000 | 261262 |
| Transportation - 0.5% |  |  |
| New Orleans LA Aviation Board 5% 1/1/2032 (b) | 85000 | 86109 |
| New Orleans LA Aviation Board 5% 1/1/2034 (b) | 175000 | 177011 |
| New Orleans LA Aviation Board 5% 1/1/2038 (b) | 60000 | 60444 |
| New Orleans LA Aviation Board 5.25% 1/1/2041 (b) | 405000 | 441240 |
| TOTAL TRANSPORTATION |  | 764804 |
| TOTAL LOUISIANA |  | 1093669 |
| Maryland - 0.7%  |  |  |
| Education - 0.6% |  |  |
| Maryland Health & Higher Educational Facilities Authority (MD Inst College of Art Proj.) Series 2024, 5.25% 6/1/2044  | 150000 | 150539 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 5% 6/1/2031  | 315000 | 339230 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 5% 6/1/2033  | 360000 | 383726 |
| TOTAL EDUCATION |  | 873495 |
| Health Care - 0.1% |  |  |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 4% 7/1/2042  | 100000 | 96805 |
| Water & Sewer - 0.0% |  |  |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2020 A, 4% 7/1/2045  | 100000 | 96622 |
| TOTAL MARYLAND |  | 1066922 |
| Massachusetts - 1.4%  |  |  |
| Education - 0.1% |  |  |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2020 B, 5% 7/1/2026 (b) | 100000 | 100830 |
| Massachusetts St Dev Fin Agy Rev (Lesley College Proj.) Series 2016, 5% 7/1/2028  | 30000 | 30166 |
| TOTAL EDUCATION |  | 130996 |
| General Obligations - 0.0% |  |  |
| Amesbury Mass Series 2020, 2% 6/1/2034  | 25000 | 22755 |
| Worcester MA Gen. Oblig. Series 2021, 2% 2/15/2035 (Assured Guaranty Inc Insured)  | 60000 | 53859 |
| TOTAL GENERAL OBLIGATIONS |  | 76614 |
| Health Care - 0.8% |  |  |
| Massachusetts Dev Fin Agy Sr Living Rev (Care Communities LLC Proj.) Series 2025 A 1, 6.5% 7/15/2060 (f) | 375000 | 374683 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2035  | 15000 | 15929 |
| Massachusetts Development Finance Agency (Southcoast Hospital Grp Inc,Ma Proj.) Series 2021 G, 4% 7/1/2046  | 510000 | 445197 |
| Massachusetts St Dev Fin Agy Rev (Mass General Brigham Inc Proj.) Series 2016Q, 4% 7/1/2041  | 305000 | 305010 |
| TOTAL HEALTH CARE |  | 1140819 |
| Housing - 0.2% |  |  |
| Massachusetts St Hsg Fin Agy (Housing Bond Resolution 12/10/02 Proj.) Series 2018A, 3.7% 12/1/2038  | 370000 | 370254 |
| Transportation - 0.3% |  |  |
| Massachusetts St Port Auth Rev 5% 7/1/2039 (b) | 450000 | 481112 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2034 (b) | 30000 | 31892 |
| TOTAL TRANSPORTATION |  | 513004 |
| TOTAL MASSACHUSETTS |  | 2231687 |
| Michigan - 3.2%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Michigan Finance Authority (Public Lighting Auth of Detroit Proj.) 5% 7/1/2044 (Build America Mutual Assurance Co Insured)  | 500000 | 531185 |
| General Obligations - 0.1% |  |  |
| Detroit MI Gen. Oblig. Series 2021A, 5% 4/1/2038  | 100000 | 106772 |
| Rochester MI Cmnty Sch Dist Series 2019 II, 3% 5/1/2031  | 5000 | 5040 |
| TOTAL GENERAL OBLIGATIONS |  | 111812 |
| Housing - 0.0% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2021 A, 2.45% 10/1/2046  | 30000 | 20450 |
| Transportation - 2.1% |  |  |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5% 12/1/2032 (b) | 510000 | 573056 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5% 12/1/2033 (b) | 515000 | 584091 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5.5% 12/1/2044 (b) | 815000 | 892606 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 F, 5% 12/1/2029 (b) | 1000000 | 1079351 |
| TOTAL TRANSPORTATION |  | 3129104 |
| Water & Sewer - 0.7% |  |  |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025 B, 5% 7/1/2031  | 1000000 | 1131454 |
| TOTAL MICHIGAN |  | 4924005 |
| Minnesota - 0.7%  |  |  |
| Education - 0.3% |  |  |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2033  | 150000 | 154774 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2023, 4.25% 10/1/2038  | 300000 | 296371 |
| TOTAL EDUCATION |  | 451145 |
| General Obligations - 0.1% |  |  |
| Minnetonka Independent School District No 276 Series 2026A, 0% 2/1/2033 (Minnesota St Guaranteed) (c) | 120000 | 97441 |
| Minnetonka Independent School District No 276 Series 2026A, 0% 2/1/2034 (Minnesota St Guaranteed) (c) | 150000 | 117291 |
| TOTAL GENERAL OBLIGATIONS |  | 214732 |
| Health Care - 0.3% |  |  |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2023A, 5% tender 11/15/2052 (d) | 315000 | 335342 |
| Minnesota Agric & Ec Dev Brd (Healthpartners Oblig Group Pj Proj.) Series 2024, 5.25% 1/1/2054  | 100000 | 102949 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2016A, 3% 5/1/2032  | 15000 | 14915 |
| TOTAL HEALTH CARE |  | 453206 |
| TOTAL MINNESOTA |  | 1119083 |
| Mississippi - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Jackson St Univ Edl Bldg Corp MS Rev Series 2021 A, 1.85% 3/1/2034 (Build America Mutual Assurance Co Insured) (d) | 100000 | 87744 |
| Missouri - 0.8%  |  |  |
| Housing - 0.3% |  |  |
| 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  | 80000 | 90417 |
| 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  | 500000 | 504664 |
| TOTAL HOUSING |  | 595081 |
| Industrial Development - 0.5% |  |  |
| Missouri Development Finance Board (Procter & Gamble Co/The Proj.) 5.2% 3/15/2029 (b) | 675000 | 719491 |
| TOTAL MISSOURI |  | 1314572 |
| Montana - 1.2%  |  |  |
| Health Care - 0.3% |  |  |
| Montana Facility Fin Auth Rev (Benefis Health System Proj.) Series 2025 B, 5% tender 2/15/2065 (d) | 500000 | 539598 |
| Housing - 0.9% |  |  |
| Montana St Brd Hsg Single Family Mtg Series 2025B, 6% 12/1/2055  | 265000 | 295275 |
| Montana St Brd Hsg Single Family Mtg Series 2026A, 4.85% 12/1/2055 (e) | 1000000 | 1000439 |
| TOTAL HOUSING |  | 1295714 |
| TOTAL MONTANA |  | 1835312 |
| Nebraska - 0.8%  |  |  |
| 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) (d) | 135000 | 143252 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2025A SUB A 1, 5% tender 8/1/2055 (Royal Bank of Canada Guaranteed) (d) | 500000 | 537112 |
| TOTAL GENERAL OBLIGATIONS |  | 680364 |
| Housing - 0.4% |  |  |
| Nebraska Invt Fin Auth Single Family Hsg Rev Series 2025E, 6.25% 9/1/2055  | 500000 | 562324 |
| TOTAL NEBRASKA |  | 1242688 |
| Nevada - 0.1%  |  |  |
| General Obligations - 0.1% |  |  |
| Nevada St Gen. Oblig. Series 2024A, 3% 5/1/2040  | 85000 | 78284 |
| New Hampshire - 0.9%  |  |  |
| Education - 0.0% |  |  |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2027 (b) | 20000 | 20771 |
| General Obligations - 0.8% |  |  |
| Nashua NH Gen. Oblig. 2% 8/1/2037  | 425000 | 350904 |
| Nashua NH Gen. Oblig. 2% 8/1/2038  | 430000 | 346493 |
| Nashua NH Gen. Oblig. 2.25% 8/1/2043  | 650000 | 469396 |
| TOTAL GENERAL OBLIGATIONS |  | 1166793 |
| Housing - 0.1% |  |  |
| National Fin Auth NH Hosp Rev (Lihtc 2023-2 Us Proj.) Series 2 Class A, 3.875% 1/20/2038  | 96971 | 94575 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.625% 4/1/2026  | 10000 | 10005 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.7% 1/1/2027  | 35000 | 35149 |
| TOTAL HOUSING |  | 139729 |
| TOTAL NEW HAMPSHIRE |  | 1327293 |
| New Jersey - 1.9%  |  |  |
| Education - 0.3% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023A, 5% 12/1/2030 (b) | 300000 | 325124 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2031 (b) | 85000 | 92702 |
| TOTAL EDUCATION |  | 417826 |
| Electric Utilities - 0.2% |  |  |
| New Jersey Eda Wtr Facs Rev (New Jersey American Wtr Co Inc Proj.) 3.75% tender 11/1/2034 (b)(d) | 340000 | 344746 |
| General Obligations - 0.8% |  |  |
| Essex Cnty NJ 2% 8/15/2033  | 450000 | 409308 |
| New Jersey St Gen. Oblig. 2.375% 6/1/2036  | 80000 | 72590 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (Financial Guaranty Ins CO Insured) (c) | 15000 | 12727 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2034 (c) | 80000 | 61174 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2032  | 100000 | 114481 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2038  | 35000 | 37828 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2050  | 100000 | 105681 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2055  | 215000 | 225709 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 3.25% 6/15/2039  | 155000 | 144738 |
| TOTAL GENERAL OBLIGATIONS |  | 1184236 |
| Housing - 0.3% |  |  |
| NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2023 C, 5% 11/1/2026 (b) | 500000 | 507689 |
| Special Tax - 0.0% |  |  |
| NJ Eda Motor Vehicle Series 2017A, 4% 7/1/2034  | 10000 | 10053 |
| Tobacco Bonds - 0.3% |  |  |
| Tobacco Settlement Fin Corp NJ Series 2018B, 5% 6/1/2046  | 490000 | 475597 |
| Transportation - 0.0% |  |  |
| New Jersey Turnpike Authority 5% 1/1/2028  | 65000 | 68259 |
| TOTAL NEW JERSEY |  | 3008406 |
| New York - 3.2%  |  |  |
| Education - 0.5% |  |  |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2042  | 725000 | 739598 |
| Electric Utilities - 0.3% |  |  |
| Long Island Pwr Auth NY Elec 5% 9/1/2034  | 5000 | 5502 |
| Long Island Pwr Auth NY Elec Series 2024B, 3% tender 9/1/2049 (d) | 250000 | 249865 |
| Long Island Pwr Auth NY Elec Series 2024B, 3% tender 9/1/2049 (d) | 170000 | 170575 |
| TOTAL ELECTRIC UTILITIES |  | 425942 |
| General Obligations - 0.5% |  |  |
| City of New York NY Gen. Oblig. Series 2018 C, 3% 8/1/2033  | 160000 | 157725 |
| New York Energy Finance Development Corp Series 2025, 5% tender 7/1/2056 (Athene Annuity And Life Company Guaranteed) (d) | 265000 | 282416 |
| New York St Dorm Auth Revs Non St Supported Debt (St Lawrence Lewis Boces Proj.) Series 2020 A, 4% 8/15/2042  | 250000 | 246917 |
| TOTAL GENERAL OBLIGATIONS |  | 687058 |
| Health Care - 0.6% |  |  |
| Genesee County Funding Corp/The (Rochester General Hospital,Ny Proj.) 5% 12/1/2030  | 250000 | 272001 |
| New York NY City Health & Hosp Series 2025A, 5% 2/15/2033  | 500000 | 580659 |
| TOTAL HEALTH CARE |  | 852660 |
| Housing - 0.3% |  |  |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 A2, 3.625% tender 11/1/2063 (d) | 110000 | 111201 |
| New York St Hsg Fin Agy Series 2023 C2, 3.8% tender 11/1/2062 (d) | 370000 | 370171 |
| New York St Hsg Fin Agy Series 2023 E 2, 3.8% tender 11/1/2063 (d) | 35000 | 35016 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 J, 3.05% 11/1/2049  | 15000 | 11282 |
| TOTAL HOUSING |  | 527670 |
| Special Tax - 0.9% |  |  |
| New York NY City Transitional Fin Auth Rev 3% 11/1/2039  | 510000 | 460774 |
| New York NY City Transitional Fin Auth Rev Series 2016, 3.125% 8/1/2031  | 230000 | 230021 |
| New York State Urban Development Corp (New York State Pit Proj.) 4% 3/15/2037  | 5000 | 5106 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2019 A, 3% 3/15/2049  | 1000000 | 739094 |
| TOTAL SPECIAL TAX |  | 1434995 |
| Tobacco Bonds - 0.0% |  |  |
| Suffolk Tobacco Asset Securitization Corp NY Tobacco Settlement Series 2021B1, 4% 6/1/2050  | 185000 | 167106 |
| Transportation - 0.1% |  |  |
| Metropolitan Transn Auth NY Rv 4% 11/15/2047  | 15000 | 13376 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2020, 4% 10/1/2030 (b) | 20000 | 20299 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2028 (b) | 20000 | 21102 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2034 (b) | 35000 | 38439 |
| New York Transportation Development Corp (Jfk Intl Terminal 6 Proj.) 5.5% 12/31/2054 (b) | 100000 | 101507 |
| TOTAL TRANSPORTATION |  | 194723 |
| TOTAL NEW YORK |  | 5029752 |
| North Carolina - 1.2%  |  |  |
| Education - 0.4% |  |  |
| North Carolina St Ed Assistance Auth Rev Series 2023A, 5.5% 6/1/2028 (b) | 550000 | 577107 |
| Housing - 0.5% |  |  |
| North Carolina Hsg Fin Agy (NC Homeownership Proj.) Series 59 A, 6.25% 1/1/2057  | 700000 | 805776 |
| Transportation - 0.3% |  |  |
| Charlotte NC Arpt Rev Series 2025B, 5.25% 7/1/2044 (b) | 500000 | 540816 |
| TOTAL NORTH CAROLINA |  | 1923699 |
| North Dakota - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 4% 12/1/2046  | 60000 | 51312 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 5% 12/1/2028  | 500000 | 522261 |
| TOTAL HEALTH CARE |  | 573573 |
| Housing - 0.0% |  |  |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) Series 2023 F, 6.25% 1/1/2054  | 90000 | 98465 |
| TOTAL NORTH DAKOTA |  | 672038 |
| Ohio - 3.2%  |  |  |
| Education - 0.2% |  |  |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 5% 7/1/2035  | 30000 | 32403 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5% 5/1/2045  | 200000 | 196867 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5.25% 5/1/2054  | 100000 | 96270 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) Series 2015C, 3.75% 5/1/2038  | 5000 | 4701 |
| TOTAL EDUCATION |  | 330241 |
| Electric Utilities - 0.4% |  |  |
| American Mun Pwr Rev Series 2016A, 3% 2/15/2036  | 10000 | 9366 |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2028  | 500000 | 524251 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2005B, 3.7% 7/1/2028 (b) | 225000 | 226798 |
| TOTAL ELECTRIC UTILITIES |  | 760415 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Akron Bath Copley Hsp Dist OH Series 2020, 5% 11/15/2031 (Pre-refunded to 11/15/2030 at 100)  | 100000 | 111588 |
| Akron Bath Copley Hsp Dist OH Series 2020, 5% 11/15/2032 (Pre-refunded to 11/15/2030 at 100)  | 15000 | 16738 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 128326 |
| Health Care - 1.1% |  |  |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) Series 2025, 5.5% 1/1/2040  | 425000 | 462869 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 5% 8/1/2032  | 25000 | 27515 |
| Muskingum Cnty OH Hosp Facs (Genesis Healthcare Proj.) Series 2013, 5% 2/15/2048  | 200000 | 190314 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2020 A, 5% 1/15/2036  | 305000 | 323216 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2021 A, 3% 1/15/2046  | 120000 | 90697 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 3.25% 1/1/2037  | 445000 | 436441 |
| TOTAL HEALTH CARE |  | 1531052 |
| Housing - 0.7% |  |  |
| Columbus-Franklin Cnty Ohio Fin Auth Multifamily Hsg Rev Series 2025, 3.19% tender 6/1/2044 (d) | 1000000 | 1007966 |
| Other - 0.0% |  |  |
| Cuyahoga Cnty OH Econ Dev Rev (Cleveland Orchestra Proj.) Series 2019, 5% 1/1/2034  | 5000 | 5342 |
| Tobacco Bonds - 0.6% |  |  |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 3% 6/1/2048  | 1400000 | 988247 |
| Water & Sewer - 0.1% |  |  |
| Northeast OH Regl Swr Wstwtr Rev Series 2019, 3% 11/15/2038  | 200000 | 183466 |
| TOTAL OHIO |  | 4935055 |
| Oklahoma - 0.3%  |  |  |
| Housing - 0.3% |  |  |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) Series 2023D, 6.5% 9/1/2054  | 95000 | 106991 |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev Series 2025 E, 4.8% 3/1/2057  | 300000 | 297871 |
| TOTAL OKLAHOMA |  | 404862 |
| Oregon - 0.7%  |  |  |
| General Obligations - 0.5% |  |  |
| Redmond or Gen. Oblig. Series 2025 A, 5% 6/1/2040 (b) | 780000 | 850714 |
| Health Care - 0.0% |  |  |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 5% 8/15/2036  | 10000 | 10725 |
| Housing - 0.0% |  |  |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 2.65% 7/1/2039  | 10000 | 8856 |
| Transportation - 0.2% |  |  |
| Port of Portland Arpt Rev 5% 7/1/2030 (b) | 225000 | 246406 |
| TOTAL OREGON |  | 1116701 |
| Pennsylvania - 3.8%  |  |  |
| Education - 0.3% |  |  |
| Lycoming Cnty PA Auth College Rev (Pennsylvania College of Technology Proj.) Series 2016, 3% 10/1/2037  | 465000 | 409175 |
| General Obligations - 1.2% |  |  |
| Pennsylvania St Gen. Oblig. Series 2025 A, 5% 8/15/2031  | 1000000 | 1135463 |
| Pennsylvania St Gen. Oblig. Series FIRST 2020, 3% 5/1/2036  | 310000 | 304646 |
| Pennsylvania St Gen. Oblig. Series FIRST 2021, 3% 5/15/2034  | 40000 | 39954 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 8/1/2030  | 330000 | 365656 |
| TOTAL GENERAL OBLIGATIONS |  | 1845719 |
| Health Care - 1.8% |  |  |
| Centre Cnty PA Hosp Auth Rev (Mount Nittany Medical Center Proj.) Series 2018 A, 3.375% 11/15/2031  | 10000 | 10081 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2028  | 580000 | 590170 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2029  | 220000 | 223934 |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2017 A 2, 5% 2/15/2031  | 10000 | 10250 |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2020 B, 5% tender 4/1/2043 (d) | 50000 | 50663 |
| Lancaster Cnty PA Hosp Aut Rev (Masonic Villages of The Grand Lodge of Pennsylvania Proj.) Series 2025 A, 5% 11/1/2027  | 1160000 | 1202162 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2016 A, 3% 8/15/2032  | 100000 | 98866 |
| Pennslyvania Dev Fing Auth Rev (UPMC Proj.) Series 2016, 4% 3/15/2041  | 630000 | 617801 |
| TOTAL HEALTH CARE |  | 2803927 |
| Transportation - 0.5% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 4% 1/1/2039 (b) | 270000 | 270672 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2033  | 25000 | 28239 |
| Pennsylvania Turnpike Commission Series THIRD 2025 SUB 2, 5% tender 12/1/2045 (d) | 500000 | 563873 |
| TOTAL TRANSPORTATION |  | 862784 |
| TOTAL PENNSYLVANIA |  | 5921605 |
| Puerto Rico - 0.4%  |  |  |
| General Obligations - 0.4% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (c) | 500000 | 365947 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2033  | 14000 | 14149 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2037  | 250000 | 245699 |
| TOTAL GENERAL OBLIGATIONS |  | 625795 |
| Special Tax - 0.0% |  |  |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 0% 7/1/2031 (c) | 24000 | 19872 |
| TOTAL PUERTO RICO |  | 645667 |
| Rhode Island - 0.9%  |  |  |
| Education - 0.9% |  |  |
| Rhode Island St Student Ln 5% 12/1/2028 (b) | 1200000 | 1265021 |
| Rhode Island St Student Ln Series 2024 A, 5% 12/1/2028 (b) | 55000 | 57980 |
| TOTAL RHODE ISLAND |  | 1323001 |
| South Carolina - 1.4%  |  |  |
| Electric Utilities - 0.7% |  |  |
| South Carolina St Svc Auth Rev 5% 12/1/2030  | 700000 | 777186 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2039  | 95000 | 105850 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.25% 12/1/2049  | 30000 | 31365 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.5% 12/1/2054  | 40000 | 42476 |
| South Carolina St Svc Auth Rev Series 2024B, 4.125% 12/1/2044  | 10000 | 9634 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2046  | 15000 | 15584 |
| South Carolina St Svc Auth Rev Series 2024B, 5.25% 12/1/2054  | 110000 | 113947 |
| TOTAL ELECTRIC UTILITIES |  | 1096042 |
| Health Care - 0.1% |  |  |
| Ctsc Jobs-Eco Dev Aut (Beaufort Mem Hosp Proj.) Series 2024, 5.75% 11/15/2054  | 200000 | 203336 |
| Housing - 0.5% |  |  |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2025 C, 5% 1/1/2031  | 340000 | 374149 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2025 C, 5% 7/1/2031  | 350000 | 387902 |
| TOTAL HOUSING |  | 762051 |
| Transportation - 0.1% |  |  |
| Charleston Cnty SC Arpt Dist Series 2024A, 5.25% 7/1/2049 (b) | 110000 | 113662 |
| TOTAL SOUTH CAROLINA |  | 2175091 |
| South Dakota - 2.4%  |  |  |
| Health Care - 0.3% |  |  |
| South Dakota St Hlth & Edl Fac (Sanford Health, Sd Proj.) 5% tender 11/1/2051 (d) | 500000 | 556741 |
| Housing - 0.6% |  |  |
| South Dakota Housing Development Authority (SD Mortgage Proj.) Series 2023G, 6.25% 5/1/2055  | 85000 | 92634 |
| South Dakota Hsg Dev Aut Series 2025E, 6.25% 5/1/2056  | 690000 | 793502 |
| TOTAL HOUSING |  | 886136 |
| Transportation - 1.5% |  |  |
| Sioux Falls Regional Airport Authority Series 2025, 5% 12/1/2028 (Build America Mutual Assurance Co Insured) (b) | 665000 | 704226 |
| Sioux Falls Regional Airport Authority Series 2025, 5% 12/1/2032 (Build America Mutual Assurance Co Insured) (b) | 805000 | 900309 |
| Sioux Falls Regional Airport Authority Series 2025, 5.25% 12/1/2041 (Build America Mutual Assurance Co Insured) (b) | 630000 | 697790 |
| TOTAL TRANSPORTATION |  | 2302325 |
| TOTAL SOUTH DAKOTA |  | 3745202 |
| Tennessee - 2.7%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5.25% 5/15/2049  | 100000 | 106368 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 B, 5% 5/15/2027  | 100000 | 103496 |
| TOTAL ELECTRIC UTILITIES |  | 209864 |
| General Obligations - 1.1% |  |  |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2021 C, 3% 1/1/2035  | 350000 | 346215 |
| Tennessee Engy Acq Crp Gas Rev Series 2025A, 5% 12/1/2035 (Pacific Life Insurance Co Guaranteed)  | 450000 | 484692 |
| Tennessee Engy Acq Crp Gas Rev Series 2026A, 5% 11/1/2034 (Massachusetts Mutual Life Insurance Co Guaranteed)  | 655000 | 711958 |
| TOTAL GENERAL OBLIGATIONS |  | 1542865 |
| Health Care - 0.5% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 3.25% 8/1/2044  | 340000 | 279502 |
| Shelby Cnty TN Hlth Edl & Hsg Facs (Methodist Le Bonheur Health Proj.) Series 2017A, 3.375% 5/1/2032  | 5000 | 4978 |
| Shelby County Health Educational & Housing Facilities Board (Baptist Memorial Hlth Car Corp Proj.) Series 2025 B, 5% tender 9/1/2044 (d) | 500000 | 541407 |
| TOTAL HEALTH CARE |  | 825887 |
| Housing - 0.0% |  |  |
| Tennessee Housing Development Agency Series 2019 4, 2.9% 7/1/2039  | 15000 | 13290 |
| Resource Recovery - 0.3% |  |  |
| Lewisburg Tenn Indl Dev Brd So Lid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2012, 3.4% tender 7/2/2035 (b)(d) | 500000 | 500000 |
| Transportation - 0.7% |  |  |
| Memphis-Shelby Cnty TN Arpt Auth Series 2018, 5% 7/1/2038 (b) | 5000 | 5091 |
| Metro Nashville Arpt Auth Rev Series 2026 D, 5% 7/1/2045 (b)(e) | 1000000 | 1048287 |
| TOTAL TRANSPORTATION |  | 1053378 |
| TOTAL TENNESSEE |  | 4145284 |
| Texas - 12.2%  |  |  |
| Education - 1.3% |  |  |
| Brazos Tex Higher Ed Auth Inc Student Loan Prog Rev 5% 4/1/2029 (b) | 350000 | 367108 |
| Houston TX Higher Ed Fin Corp Univ Rev (Houston Baptist University Proj.) 5.125% 10/1/2051  | 725000 | 683607 |
| North Tex Higher Ed Auth Inc Tex Ed Ln Rev Series 2025A, 5% 6/1/2030 (b) | 500000 | 530137 |
| Red Riv Ed Fin Corp Tex Higher Ed Rev (Houston Baptist University Proj.) Series 2017, 4.5% 10/1/2036  | 330000 | 330423 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) 5% 10/1/2039  | 5000 | 5109 |
| University Houston TX Univ Rev Series 2017 C, 3.125% 2/15/2036  | 50000 | 49405 |
| TOTAL EDUCATION |  | 1965789 |
| Electric Utilities - 2.0% |  |  |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2034  | 5000 | 5350 |
| Lower Colorado River Authority Series 2025 A, 5% 5/15/2028  | 1000000 | 1057654 |
| San Antonio TX Elec & Gas Rev Series 2024C, 5.5% 2/1/2049  | 500000 | 542233 |
| San Antonio TX Elec & Gas Rev Series 2025A, 3.2% tender 2/1/2055 (d) | 500000 | 505428 |
| San Antonio TX Elec & Gas Rev Series 2026A, 3.15% tender 2/1/2055 (d)(e) | 1000000 | 1008486 |
| TOTAL ELECTRIC UTILITIES |  | 3119151 |
| General Obligations - 1.4% |  |  |
| City of Waco TX Gen. Oblig. Series 2020, 2.375% 2/1/2040  | 40000 | 32723 |
| Dallas TX ISD 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 75000 | 82866 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 400000 | 455583 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 600000 | 692604 |
| South Buda Wtr Ctl & Impt Dist No 1 Tex Gen. Oblig. Series 2020, 2.5% 8/1/2050 (Assured Guaranty Inc Insured)  | 500000 | 317881 |
| Texas State Gen. Oblig. Series 2017, 3% 8/1/2034 (b) | 675000 | 649554 |
| TOTAL GENERAL OBLIGATIONS |  | 2231211 |
| Health Care - 0.2% |  |  |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 4% 8/15/2040  | 265000 | 265189 |
| Housing - 0.3% |  |  |
| Houston Tex Fin Corp Multifamilty Hsg Rev 5% tender 8/1/2041 (d) | 25000 | 25118 |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev 5.1% 7/1/2050  | 500000 | 508942 |
| TOTAL HOUSING |  | 534060 |
| Industrial Development - 0.6% |  |  |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 3.25% 4/1/2040 VRDN (d) | 900000 | 900000 |
| Special Tax - 0.3% |  |  |
| Fort Worth Tex Spl Tax Rev (Will Rogers Memorial Ctr Proj.) Series 2025, 5% 3/1/2027  | 400000 | 411415 |
| Transportation - 3.6% |  |  |
| City of Houston TX Airport System Revenue Series 2020 A, 4% 7/1/2047 (b) | 475000 | 420551 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5% 11/1/2026 (b) | 1990000 | 2025936 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5.25% 11/1/2040 (b) | 500000 | 555748 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5.5% 11/1/2050 (b) | 1000000 | 1056147 |
| Fort Bend Grand Parkway Toll Road Authority Series 2021 A, 3% 3/1/2037  | 580000 | 555513 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2023, 5% tender 10/1/2052 (d) | 145000 | 151099 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2041  | 650000 | 724311 |
| TOTAL TRANSPORTATION |  | 5489305 |
| Water & Sewer - 2.5% |  |  |
| City of Georgetown TX Series 2025, 5% 8/15/2026  | 350000 | 354813 |
| City of Georgetown TX Series 2025, 5% 8/15/2027  | 500000 | 519361 |
| City of Georgetown TX Series 2025, 5% 8/15/2028  | 600000 | 638546 |
| City of Georgetown TX Series 2025, 5.25% 8/15/2050  | 570000 | 597701 |
| Garland TX Wtr & Swr Rev Series 2025, 5% 3/1/2031  | 330000 | 368410 |
| Garland TX Wtr & Swr Rev Series 2025, 5% 3/1/2044  | 645000 | 692223 |
| Texas Wtr Dev Brd 3% 10/15/2038  | 250000 | 233919 |
| Texas Wtr Dev Brd 5% 8/1/2035  | 5000 | 5387 |
| Upper Trinty TX Rgl Wtr Dst Rv Series 2025, 5% 8/1/2028 (Build America Mutual Assurance Co Insured)  | 500000 | 531028 |
| TOTAL WATER & SEWER |  | 3941388 |
| TOTAL TEXAS |  | 18857508 |
| Utah - 2.7%  |  |  |
| Housing - 0.3% |  |  |
| UT Hsg Corp Multifamily Rev Series 2025, 3% tender 9/1/2045 (d) | 500000 | 501341 |
| Utah Hsg Corp Series 2021E(G2), 2% 4/21/2051  | 9670 | 7914 |
| TOTAL HOUSING |  | 509255 |
| Special Tax - 2.1% |  |  |
| Mida Mountain Village Public Infrastructure District (Mida Mtn Villaige East Pid Proj.) Series 2025 2, 0% 6/1/2035 (f)(g) | 500000 | 391014 |
| Mida Mountain Village Public Infrastructure District Series 2024 2, 6% 6/15/2054 (f) | 500000 | 511953 |
| Pine View Public Infrastructure District No 2 6.25% 12/1/2055 (e)(f) | 1000000 | 1000081 |
| Point Phase 1 Public Infrastructure District No 1 Series 2025A1, 5.125% 3/1/2035  | 500000 | 527157 |
| South Salt Lake Redevelopment Agency Series 2025, 6.25% 4/15/2046 (f) | 750000 | 758352 |
| TOTAL SPECIAL TAX |  | 3188557 |
| Transportation - 0.3% |  |  |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2038 (b) | 270000 | 299707 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2040 (b) | 150000 | 164424 |
| TOTAL TRANSPORTATION |  | 464131 |
| TOTAL UTAH |  | 4161943 |
| Virgin Islands - 0.5%  |  |  |
| Transportation - 0.5% |  |  |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2027  | 800000 | 825288 |
| Virginia - 0.9%  |  |  |
| Education - 0.4% |  |  |
| Salem Economic Development Authority (Roanoke College Proj.) Series 2025, 6% 4/1/2050  | 550000 | 575489 |
| Health Care - 0.3% |  |  |
| Fairfax Cnty VA Indl Dev Auth Health Care Rev (Inova Health System Proj.) Series 2022, 4% 5/15/2042  | 495000 | 491352 |
| Housing - 0.0% |  |  |
| Fairfax Cnty VA Redev & Hsg Auth Multi-Family Hsg Rev 5% tender 1/1/2045 (d) | 20000 | 20605 |
| Transportation - 0.2% |  |  |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 1/1/2039 (b) | 100000 | 99278 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 1/1/2040 (b) | 35000 | 34192 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 5% 7/1/2038 (b) | 185000 | 195173 |
| TOTAL TRANSPORTATION |  | 328643 |
| TOTAL VIRGINIA |  | 1416089 |
| Washington - 3.5%  |  |  |
| Education - 0.8% |  |  |
| Washington St Higher Ed Facs (Whitman College Proj.) Series 2017, 4% 1/1/2047  | 310000 | 276950 |
| Washington St Higher Ed Facs (Whitman College Proj.) Series 2024, 4% 1/1/2043  | 800000 | 770080 |
| Washington St Hsg Fin Commn Nonprofit Rev (Seattle Academy Arts Sciences Proj.) Series 2023, 5% 7/1/2028 (f) | 155000 | 160108 |
| TOTAL EDUCATION |  | 1207138 |
| Electric Utilities - 0.1% |  |  |
| Tacoma WA Elec Sys Rev Series 2025A, 5% 1/1/2045  | 200000 | 212918 |
| General Obligations - 0.6% |  |  |
| King Cnty Wash Hsg Auth Rev Series 2018, 3.25% 5/1/2033 (King County WA Guaranteed)  | 1000000 | 1004005 |
| State of Washington Gen. Oblig. Series 2024 D, 5% 6/1/2032  | 50000 | 57712 |
| State of Washington Gen. Oblig. Series R 2021A, 5% 6/1/2038  | 15000 | 16210 |
| TOTAL GENERAL OBLIGATIONS |  | 1077927 |
| Health Care - 0.8% |  |  |
| WA St Hsg Fin Commission (Horizon House Proj.) Series 2025A, 4.875% 1/1/2036  | 400000 | 405792 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2027  | 75000 | 77760 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2036  | 10000 | 10601 |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) Series 2017B, 5% 8/15/2030  | 15000 | 15642 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2027  | 150000 | 153503 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2036  | 155000 | 157996 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) Series 2017 A, 4% 7/1/2042  | 10000 | 9400 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) 4.25% 10/1/2040  | 275000 | 275193 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2031  | 25000 | 26525 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2033  | 15000 | 15839 |
| TOTAL HEALTH CARE |  | 1148251 |
| Housing - 0.0% |  |  |
| Washington St Hsg Fin Commn Multifamily Hsg Rev Series 2023, 5% tender 12/1/2043 (d) | 45000 | 45315 |
| Transportation - 1.2% |  |  |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2037 (b) | 5000 | 5095 |
| Port Seattle WA Rev Series 2019, 5% 4/1/2035 (b) | 30000 | 31617 |
| Port Seattle WA Rev Series 2019, 5% 4/1/2036 (b) | 5000 | 5246 |
| Port Seattle WA Rev Series 2024B, 5% 7/1/2037 (b) | 995000 | 1108485 |
| Port Seattle WA Rev Series C, 5% 5/1/2031 (b) | 500000 | 513245 |
| TOTAL TRANSPORTATION |  | 1663688 |
| TOTAL WASHINGTON |  | 5355237 |
| West Virginia - 1.8%  |  |  |
| 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 (d) | 15000 | 15199 |
| Health Care - 1.8% |  |  |
| Monongalia Cty W VA Bld Cm Rev (Vandalia Health Proj.) Series 2015, 5% 7/1/2029  | 220000 | 220190 |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2043  | 70000 | 65846 |
| West Virginia St Hosp Fin Auth Hosp Rev (Vandalia Health Proj.) Series 2023B, 6% 9/1/2053  | 1000000 | 1071098 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2016A, 3% 6/1/2033  | 520000 | 509660 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2016A, 3% 6/1/2036  | 600000 | 564629 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2016A, 3.25% 6/1/2039  | 290000 | 265143 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2025 B, 5% tender 6/1/2055 (d) | 30000 | 33273 |
| TOTAL HEALTH CARE |  | 2729839 |
| TOTAL WEST VIRGINIA |  | 2745038 |
| Wisconsin - 2.2%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev Series 2013 B 2, 4% 11/15/2043 (Pre-refunded to 11/15/2028 at 100)  | 5000 | 5237 |
| General Obligations - 0.3% |  |  |
| Howard Suamico WI Scd 2% 3/1/2038  | 15000 | 11977 |
| Madison WI Met Sch Dist Series 2025A, 5% 3/1/2045  | 300000 | 319871 |
| Milwaukee WI Gen. Oblig. Series 2017, 5% 4/1/2026  | 5000 | 5019 |
| Westosha Cent High Sch Dist Wis 2% 3/1/2035  | 90000 | 77056 |
| Westosha Cent High Sch Dist Wis 2% 3/1/2036  | 60000 | 49878 |
| TOTAL GENERAL OBLIGATIONS |  | 463801 |
| Health Care - 1.8% |  |  |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 3% 6/1/2045  | 255000 | 191330 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 3% 6/1/2045 (Assured Guaranty Inc Insured)  | 500000 | 378413 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 4% 6/1/2045  | 100000 | 91741 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) Series 2015A, 4.25% 6/1/2041  | 300000 | 298563 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) Series 2016 A, 3% 6/1/2036  | 400000 | 377078 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2016 A, 4% 11/15/2039  | 360000 | 356206 |
| Wisconsin Health & Educational Facilities Authority (Prohealth Care Inc Proj.) Series 2015, 3.15% 8/15/2027  | 80000 | 79997 |
| Wisconsin Health & Educational Facilities Authority (Sanford Health, SD Proj.) Series 2016 A, 3.5% 2/15/2046  | 240000 | 198495 |
| Wisconsin St Health & Edl Facs Auth Rev (Ascension Health Credit Group Proj.) Series 2013 B 2, 4% 11/15/2043  | 50000 | 47857 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) Series 2021, 3% 8/15/2051  | 720000 | 521790 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2039  | 135000 | 119400 |
| TOTAL HEALTH CARE |  | 2660870 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Eda Hsg Rev (Wi Mhsg Rev 2007 Proj.) Series 2023 E, 3.875% tender 11/1/2054 (d) | 40000 | 40023 |
| Industrial Development - 0.1% |  |  |
| Public Fin Auth WI Revenue (Mclemore Hotel Proj.) Series 2021 A, 4.5% 6/1/2056 (f) | 315000 | 222075 |
| TOTAL WISCONSIN |  | 3392006 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $144,222,948) |  | <br> **148277439** |

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (h)(i)<br>(Cost $9,752,625)<br>| 2.36 | 9750675 | **9752625** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.1%**<br> (Cost $153,975,573)<br>| <br>**158030064** |
| **NET OTHER ASSETS (LIABILITIES) - (2.1)%**  | **(3224244)** |
| **NET ASSETS - 100.0%** | **154805820** |

---

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

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

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

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,451,459 or 3.5% of net assets.

(g) 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.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 4001785 | 81022087 | 75271247 | 189651 | - | - | 9752625 | 9750675 | 0.2% |
| Total | 4001785 | 81022087 | 75271247 | 189651 | - | - | 9752625 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 13317658 | - | 13317658 | - |
| Electric Utilities | 7566668 | - | 7566668 | - |
| Escrowed/Pre-Refunded | 138606 | - | 138606 | - |
| General Obligations | 36115052 | - | 36115052 | - |
| Health Care | 23261663 | - | 23261663 | - |
| Housing | 11656103 | - | 11656103 | - |
| Industrial Development | 2813539 | - | 2813539 | - |
| Other | 1199754 | - | 1199754 | - |
| Resource Recovery | 1520249 | - | 1520249 | - |
| Special Tax | 10565851 | - | 10565851 | - |
| Tobacco Bonds | 1683386 | - | 1683386 | - |
| Transportation | 29233209 | - | 29233209 | - |
| Water & Sewer | 9205701 | - | 9205701 | - |
|  **Money Market Funds** | 9752625 | 9752625 | - | - |
| **Total Investments in Securities:** | 158030064 | 9752625 | 148277439 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of January 31, 2026** | **As of January 31, 2026** | **As of January 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $144,222,948) | $148277439 |  |
| Fidelity Central Funds (cost $9,752,625) | 9752625 |  |
| Total Investment in Securities (cost $153,975,573) |  | $158030064 |
| Cash |  | 99818 |
| Interest receivable |  | 1563612 |
| Distributions receivable from Fidelity Central Funds |  | 10289 |
| Receivable from investment adviser for expense reductions |  | 22643 |
| Other receivables |  | 122 |
| **Total assets** |  | 159726548 |
| **Liabilities** |  |  |
| Payable for investments purchased on a delayed delivery basis | $4460573 |  |
| Distributions payable | 421552 |  |
| Accrued management fee | 38603 |  |
| **Total liabilities** |  | 4920728 |
| **Net Assets**  |  | $154805820 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $150388555 |
| Total accumulated earnings (loss) |  | 4417265 |
| **Net Assets** |  | $154805820 |
| **Net Asset Value**, offering price and redemption price per share ($154,805,820 ÷ 3,032,750 shares) |  | $51.04 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** |
| **Investment Income** |  |  |
| Interest  |  | $3860848 |
| Income from Fidelity Central Funds  |  | 189636 |
| **Total income** |  | 4050484 |
| **Expenses** |  |  |
| Management fee | $318716 |  |
| Distribution and service plan fees | 4745 |  |
| Custodian fees and expenses | 239 |  |
| Independent trustees' fees and expenses | 219 |  |
| Registration fees | 28228 |  |
| Audit fees | 23128 |  |
| Legal | 4 |  |
| Proxy fee | 22486 |  |
| Miscellaneous | 67 |  |
| Total expenses before reductions | 397832 |  |
| Expense reductions | (70953) |  |
| Total expenses after reductions |  | 326879 |
| **Net Investment income (loss)** |  | 3723605 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 311830 |  |
| Capital gain distributions from Fidelity Central Funds | 15 |  |
| Total net realized gain (loss) |  | 311845 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 3301319 |
| **Net gain (loss)** |  | 3613164 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7336769 |

---

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

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3723605 | $2151233 |
| &nbsp;&nbsp;Net realized gain (loss) | 311845<br>| 59933<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3301319 | (701205)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7336769<br>| 1509961<br>|
| Distributions to shareholders | (3784215)<br>| (2147896)<br>|
| Share transactions - net increase (decrease) | -<br>| 14505967<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 111401242 | - |
| Reinvestment of distributions | 276531<br>| -<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (28663946) | - |
| **Net increase (decrease) in net assets resulting from share transactions** | 83013827<br>| -<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 86566381<br>| 13868032<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 68239439 | 54371407<br>|
| &nbsp;&nbsp;End of period | $154805820 | $68239439 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2236079 | 335438 |
| Issued in reinvestment of distributions | 5545<br>| 31964<br>|
| &nbsp;&nbsp;Redeemed | (575241) | (78434) |
| &nbsp;&nbsp;Net increase (decrease) | 1666383 | 288968 |

---

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

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

**Financial Highlights** 

**Fidelity® Municipal Bond Opportunities ETF** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended January 31,** | **2026** A  | **2025** A | **2024** A,B  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $49.98 | $50.47 | $49.10 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) C,D | 1.844  | 1.817  | 1.684  |
| Net realized and unrealized gain (loss)  | .989  | (.511)  | 1.331 E |
| Total from investment operations  | 2.833  | 1.306  | 3.015  |
| Distributions from net investment income  | (1.661)  | (1.738)  | (1.625)  |
| Distributions from net realized gain  | (.112)  | (.059)  | (.015)  |
| Total distributions  | (1.773)  | (1.797)  | (1.640)  |
| Net asset value, end of period  | $51.04 | $49.98 | $50.47 |
| **Total Return** F,G,H | 5.79% <br>| 2.64%  | 6.28% E |
| **Ratios to Average Net Assets** D,I,J |  |  |  |
| Expenses before reductions  | .39%  | .63%  | 1.04% K,L |
| Expenses net of fee waivers, if any  | .33% <br>| .37%  | .37% K,L |
| Expenses net of all reductions, if any  | .32%  | .37%  | .36% K,L |
| Net investment income (loss)  | 3.69%  | 3.62%  | 3.58% K,L |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $154806 | $42207 | $32502 |
| Portfolio turnover rate M | 39% <br>| 21%  | 25% L |

---

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

B*For the period February 16, 2023 (commencement of operations) through January 31, 2024.*

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

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

E*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 6.25%.*

F*Total returns for periods of less than one year are not annualized.*

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

H*Based on net asset value.*

I*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.*

J*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.*

K*Audit fees are not annualized.*

L*Annualized.*

M*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 January 31, 2026

**1. Organization.**

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

Effective April 4, 2025, Fidelity Municipal Core Plus Bond Fund (Predecessor Fund) reorganized into the newly created Fidelity Municipal Bond Opportunities ETF. The Predecessor Fund was the accounting survivor in the reorganization, and, as such, the financial statements and financial highlights of the Fund reflects the financial information of the Predecessor Fund through April 4, 2025 (see Reorganization Information note). Prior to the reorganization on March 14, 2025, Class A, Class M, Class C, Class I and Class Z were converted to Fidelity Municipal Core Plus Bond Fund shares in the Predecessor Fund.

**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 January 31, 2026 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

Book-tax differences are primarily due to market discount and losses deferred due to excise tax regulations.

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**  | $4556449 |
| **Gross unrealized depreciation**  | <u>(215935)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$4340514</u> |
| **Tax Cost**  | <u>$153689550</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$29071</u> |
| **Undistributed ordinary income**  | <u>$70449</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$4340515</u> |

---

The Fund intends to elect to defer to its next fiscal year $22,767 of capital losses recognized during the period November 1, 2025 to January 31, 2026.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **January 31, 2025** |
| **Tax-exempt Income** | 3498706 | 2073816 |
| **Ordinary Income**  | $30500 | $21307 |
| **Long-term Capital Gains**  | <u>255009</u> | <u>52773</u> |
| **Total**  | <u>$3784215</u> | <u>$2147896</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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Municipal Bond Opportunities ETF** | 115951899 | 35869273 |

---

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

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

Effective April 5, 2025, the Fund pays a monthly management fee that is based on an annual rate of .30% of average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholders meeting expenses.

During the period February 1, 2025 through April 4, 2025, the Predecessor Fund's management contract incorporated a management fee rate that varied by class. The investment adviser or an affiliate paid certain expenses of managing and operating the Predecessor Fund out of each class's management fee. Each class of the Predecessor Fund paid a management fee to the investment adviser. The management fee was calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate was calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate was subtracted from the mandate rate once the Predecessor Fund's monthly average net assets reached a certain level. The mandate rate and discount rate varied by class. The annual management fee rate for a class of shares of the Predecessor Fund was 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.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .51 |
| **Class M** | .52 |
| **Class C** | .52 |
| **Fidelity Municipal Core Plus Bond Fund** | .39 |
| **Class I** | .52 |
| **Class Z** | .39 |

---

One-twelfth of the management fee rate for a class was applied to the average net assets of the class for the month, giving a dollar amount which was the management fee for the class for that month. A different management fee rate was applicable to each class of the Predecessor Fund. The difference between classes was the result of separate arrangements for class-level services and/or waivers of certain expenses. It was not the result of any difference in advisory or custodial fees or other expenses related to the management of the Predecessor Fund's assets, which did not vary by class. For the period February 1, 2025 through April 4, 2025, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .51 |
| **Class M** | .52 |
| **Class C** | .52 |
| **Fidelity Municipal Core Plus Bond Fund** | .39 |
| **Class I** | .52 |
| **Class Z** | .37 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Predecessor Fund had adopted separate Distribution and Service Plans for each class of shares. Certain classes paid Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which was based on an annual percentage of each class' average net assets. In addition, FDC paid financial intermediaries for selling shares of the Predecessor Fund and providing shareholder support services. For the period February 1, 2025 through April 4, 2025, 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% | 1153 | 1153 |
| **Class M** | - % | .25% | 673 | 673 |
| **Class C** | .75% | .25% | <u>2919</u> | <u>2919</u> |
|  |  |  | <u>4745</u> | <u>4745</u> |

---

**Sales Load.** During the period February 1, 2025 through April 4, 2025, FDC received a front-end sales charge from the Predecessor Fund of up to 4.00% for selling Class A shares and Class M shares, some of which was paid to financial intermediaries for selling shares of the Predecessor Fund. Depending on the holding period, FDC received contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges were 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 February 1, 2025 through April 4, 2025, there were no sales charge amounts retained by FDC.

**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 Municipal Bond Opportunities ETF** | - | 19954746 | 86678 |

---

**6. Committed Line of Credit.**

During the period February 1, 2025 through April 4, 2025, the Predecessor Fund participated with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Municipal Core Plus Bond Fund** | 26 |

---

**7. Expense Reductions.** 

During the period February 1, 2025 through April 4, 2025, the investment adviser contractually agreed to reimburse expenses of each class of the Predecessor Fund to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, were excluded from this reimbursement. Effective April 5, 2025 the expense limitation was discontinued. The following classes of the Predecessor Fund were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations (%)** | **Reimbursements ($)** |
| Class A | .62 | 2345 |
| Class M | .62 | 1378 |
| Class C | 1.37 | 1349 |
| Fidelity Municipal Core Plus Bond Fund | .30/.37A | 33153 |
| Class I | .37 | 1605 |
| Class Z | .31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6955</u> |
|  |  | <u>46785</u> |

---

*A Effective March 15, 2025 the expense limitation changed from .37% to .30%.*

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 $1,088.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $23,080.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **February 1, 2025 through April 4, 2025A** | **Year ended**<br> **January 31, 2025** |
| **Fidelity Municipal Core Plus Bond Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $15383 | $95692 |
| Class M | 9007 | 71538 |
| Class C | 9774 | 84641 |
| Fidelity Municipal Core Plus Bond Fund | 270585 | 1316358 |
| Class I | 10857 | 79331 |
| Class Z | <u>27277</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>500336</u> |
| Total  | <u>$342883</u> | <u>$2147896</u> |

---

*A Current fiscal year distributions for Class A, Class M, Class C, and Class I and Class Z were for the period February 1, 2025 through March 14, 2025.*

**9. Share Transactions.**

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

Share transactions for each class of the Predecessor Fund were as follows and may have contained in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **February 1, 2025 through April 4, 2025A**  | **Year ended**<br> **January 31, 2025** | **February 1, 2025 through April 4, 2025** | **Year ended**<br> **January 31, 2025** |
| **Fidelity Municipal Core Plus Bond Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 52 | 26193 | $2648 | $1317962 |
| Reinvestment of distributions  | 202 | 1909 | 10190 | 95692 |
| Shares redeemed | <u>(76468)</u> | <u>(219)</u> | <u>(3801943)</u> | <u>(10958)</u> |
| Net increase (decrease) | <u>(76214)</u> | <u>27883</u> | <u>$(3789105)</u> | <u>$1402696</u> |
| **Class M** |  |  |  |  |
| Shares sold | - | 200 | $- | $10003 |
| Reinvestment of distributions  | 117 | 1427 | 5906 | 71538 |
| redeemed | <u>(43757)</u> | <u>-</u> | <u>(2174490)</u> | <u>-</u> |
| Net increase (decrease) | <u>(43640)</u> | <u>1627</u> | <u>$(2168584)</u> | <u>$81541</u> |
| **Class C** |  |  |  |  |
| Shares sold | - | 1016 | $- | $50673 |
| Reinvestment of distributions  | 133 | 1708 | 6585 | 84641 |
| Shares redeemed | <u>(48897)</u> | <u>(4405)</u> | <u>(2394113)</u> | <u>(217183)</u> |
| Net increase (decrease) | <u>(48764)</u> | <u>(1681)</u> | <u>$(2387528)</u> | <u>$(81869)</u> |
| **Fidelity Municipal Core Plus Bond Fund** |  |  |  |  |
| Shares sold | 295905 | 225561 | $14707259 | $11309984 |
| Reinvestment of distributions  | 4777 | 23241 | 237970 | 1165029 |
| Shares redeemed | <u>(48675)</u> | <u>(47957)</u> | <u>(2428662)</u> | <u>(2404059)</u> |
| Net increase (decrease) | <u>252007</u> | <u>200845</u> | <u>$12516567</u> | <u>$10070954</u> |
| **Class I** |  |  |  |  |
| Shares sold | - | 6594 | $- | $330446 |
| Reinvestment of distributions  | 146 | 1581 | 7314 | 79219 |
| Shares redeemed | <u>(49163)</u> | <u>(2550)</u> | <u>(2443533)</u> | <u>(127730)</u> |
| Net increase (decrease) | <u>(49017)</u> | <u>5625</u> | <u>$(2436219)</u> | <u>$281935</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 122 | 75874 | $6071 | $3813975 |
| Reinvestment of distributions  | 170 | 2099 | 8566 | 105224 |
| Shares redeemed | <u>(304346)</u> | <u>(23303)</u> | <u>(15224493)</u> | <u>(1168489)</u> |
| Net increase (decrease) | <u>(304054)</u> | <u>54670</u> | <u>$(15209856)</u> | <u>$2750710</u><br>|

---

*A Current fiscal year share transactions for Class A, Class M, Class C, and Class I and Class Z were for the period February 1, 2025 through March 14, 2025.*

**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.

**12. Reorganization Information.**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Predecessor Fund/Accounting Survivor** | **Investments ($)** | **Unrealized appreciation (depreciation) ($)** | **Net Assets ($)** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Municipal Core Plus Bond Fund** | 54253726 | 581884 | 54834116 | 5384506 | .2036740000 |

---

---

| | | |
|:---|:---|:---|
| **Legal Acquiring ETF** | **Net Assets ($)** | **Total net assets after the acquisition ($)** |
| **Fidelity Municipal Bond Opportunities ETF** | 50 | 54834166 |

---

Pro forma results of operations of the combined entity for the entire period ended January 31, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $3739975 |
| **Total net realized gain (loss)** | 311845 |
| **Total change in net unrealized appreciation (depreciation)** | <u>3301319</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$7353139</u> |

---

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

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Municipal Bond Opportunities ETF (one of the funds constituting Fidelity Merrimack Street Trust, referred to hereafter as the "Fund") as of January 31, 2026, the related statement of operations for the year ended January 31, 2026, the statement of changes in net assets for each of the two years in the period ended January 31, 2026, including the related notes, and the financial highlights for each of the two years in the period ended January 31, 2026 and for the period February 16, 2023 (commencement of operations) through January 31, 2024 (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 January 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended January 31, 2026 and the financial highlights for each of the two years in the period ended January 31, 2026 and for the period February 16, 2023 (commencement of operations) through January 31, 2024 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 January 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

March 18, 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*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2026, $243,023, or, if subsequently determined to be different, the net capital gain of such year.

During the fiscal year ended 2026, 100% of Fidelity Municipal Bond Opportunities ETF's income dividends was free from federal income tax, and 20.78% of Fidelity Municipal Bond Opportunities ETF's income dividends was subject to the federal alternative minimum tax.

During the fiscal year ended 2026, 100% of Fidelity Municipal Core Plus Bond Fund's income dividends was free from federal income tax, and 15.19% of Fidelity Municipal Core Plus Bond Fund's income dividends was subject to the federal alternative minimum tax.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Municipal Bond Opportunities ETF**

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 total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by 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. 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 the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account 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 receives and considers 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 total expense ratio, the Board considered the fund's all-inclusive (subject to certain limited exceptions) fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board noted that 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) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons 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 fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) 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 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 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.

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.

![](img125408_4.jpg)<br>

1.9917212.100 MCP-ANN-0426

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

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

Not applicable.

Item 15.

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

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

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

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

Not applicable.

Item 18.

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

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

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

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

(a) (3) Not applicable.

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

SIGNATURES

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

Fidelity Merrimack Street Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; March 25, 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; March 25, 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; March 25, 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 Merrimack Street Trust;

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

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

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

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

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

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

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

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

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

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

Date:

March 25, 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 Merrimack Street Trust;

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

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

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

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

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

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

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

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

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

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

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

Date:

March 25, 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 Merrimack Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

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

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

Dated: March 25, 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: March 25, 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>