# EDGAR Filing Document

**Accession Number:** 0000215829
**File Stem:** 0000215829-25-000039
**Filing Date:** 2025-8
**Character Count:** 1004104
**Document Hash:** 96edd76894ac961118532da5080c73d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000215829-25-000039.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000215829-25-000039

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02676
- **FILM NUMBER:** 251244942

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

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

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

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

## Series and Classes Contracts Data

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

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

### Fidelity Global Credit Fund (Series ID: S000037006)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000113297 | Fidelity Advisor Global Credit Fund: Class A | FGBZX           |
| C000113298 | Fidelity Advisor Global Credit Fund: Class M | FGBWX           |
| C000113299 | Fidelity Advisor Global Credit Fund: Class C | FGBYX           |
| C000113300 | Fidelity Advisor Global Credit Fund: Class I | FGBIX           |
| C000113301 | Fidelity Global Credit Fund                  | FGBFX           |
| C000205054 | Fidelity Advisor Global Credit Fund: Class Z | FIQYX           |

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-02676</u>

<u>Fidelity School Street Trust</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;December 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;June 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Series International Developed Markets Bond Index Fund<br> **Fidelity® Series International Developed Markets Bond Index Fund : FSTQX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series International Developed Markets Bond Index Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series International Developed Markets Bond Index Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14503046766<br>|
| Number of Holdings | 702<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| AAA | 16.2 |
| AA | 16.0 |
| A | 10.4 |
| BBB | 3.8 |
| Not Rated | 53.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6397_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 16.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 53.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

Foreign Government and Government Agency Obligations 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6397_20250630_AA.jpg) <br>|

---

Foreign Government and Government Agency Obligations - 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| Japan | 20.1 |
| France | 6.5 |
| Italy | 6.2 |
| Germany | 5.2 |
| Canada | 4.9 |
| Austria | 4.8 |
| Australia | 4.8 |
| Spain | 4.7 |
| Belgium | 4.7 |
| Others | 38.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6397_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.1&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;France - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.9&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;Austria - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 38.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Japan Government | 20.1<br>|
| French Government | 6.5<br>|
| Italian Republic | 6.2<br>|
| German Federal Republic | 5.2<br>|
| Canadian Government | 4.9<br>|
| Austrian Republic | 4.8<br>|
| Australian Commonwealth | 4.8<br>|
| Spanish Kingdom | 4.7<br>|
| Kingdom of Belgium | 4.7<br>|
| Dutch Government | 4.7<br>|
|  | 66.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6397_20250630_1.jpg)<br>| ![](img110811_2.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> 1.9916197.101 6397-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Series International Credit Fund<br> **Fidelity® Series International Credit Fund : FCDSX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series International Credit Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series International Credit Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $122257588<br>|
| Number of Holdings | 251<br>|
| Portfolio Turnover | 82%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 20.2 |
| AAA | 3.4 |
| AA | 1.0 |
| A | 14.8 |
| BBB | 41.2 |
| BB | 7.4 |
| B | 1.8 |
| CCC,CC,C | 0.4 |
| D | 0.5 |
| Not Rated | 4.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3017_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 20.2 |
| &nbsp;&nbsp;AAA - 3.4&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 - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 14.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 41.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 63.7 |
| U.S. Treasury Obligations | 20.2 |
| Preferred Securities | 7.6 |
| Foreign Government and Government Agency Obligations | 3.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3017_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 63.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 20.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 3.7 |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 31.2 |
| United Kingdom | 19.2 |
| Germany | 14.3 |
| France | 4.9 |
| Switzerland | 4.5 |
| Canada | 4.1 |
| Netherlands | 3.3 |
| Denmark | 2.8 |
| Luxembourg | 2.6 |
| Others | 13.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3017_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 31.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 19.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 14.3&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;France - 4.9&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;Switzerland - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.1&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;Netherlands - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 12.9<br>|
| US Treasury Bonds | 7.3<br>|
| Canadian Government | 2.3<br>|
| HSBC Holdings PLC | 2.2<br>|
| UBS Group AG | 2.1<br>|
| ING Groep NV | 2.0<br>|
| Argentum Netherlands BV for Swiss Re Ltd | 1.9<br>|
| BNP Paribas SA | 1.7<br>|
| Bayer US Finance LLC | 1.5<br>|
| Aroundtown SA | 1.4<br>|
|  | 35.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3017_20250630_1.jpg)<br>| ![](img110812_2.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> 1.9916169.101 3017-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Intermediate Municipal Income Fund<br> **Fidelity® Intermediate Municipal Income Fund : FLTMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Intermediate Municipal Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Intermediate Municipal Income Fund  | $18  | 0.37% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $13136915780<br>|
| Number of Holdings | 3182<br>|
| Portfolio Turnover | 10%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 38.1 |
| Transportation | 18.4 |
| Health Care | 13.0 |
| Special Tax | 7.6 |
| Electric Utilities | 5.2 |
| Others(Individually Less Than 5%) | 15.8 |
| 98.1 | 98.1 |

---

---

| | |
|:---|:---|
| AAA | 8.9 |
| AA | 43.0 |
| A | 35.9 |
| BBB | 6.8 |
| BB | 1.0 |
| B | 0.4 |
| Not Rated | 2.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img36_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 8.9&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;AA - 43.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 35.9&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 - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.1&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;Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 14.7 |
| Illinois | 8.9 |
| Florida | 6.6 |
| New York | 5.9 |
| New Jersey | 5.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img36_20250630_1.jpg)<br>| ![](img110843_2.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> 1.9915936.101 36-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Intermediate Municipal Income Fund<br> **Fidelity Advisor® Intermediate Municipal Income Fund Class Z : FIQZX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Intermediate Municipal Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $15  | 0.31% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $13136915780<br>|
| Number of Holdings | 3182<br>|
| Portfolio Turnover | 10%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 38.1 |
| Transportation | 18.4 |
| Health Care | 13.0 |
| Special Tax | 7.6 |
| Electric Utilities | 5.2 |
| Others(Individually Less Than 5%) | 15.8 |
| 98.1 | 98.1 |

---

---

| | |
|:---|:---|
| AAA | 8.9 |
| AA | 43.0 |
| A | 35.9 |
| BBB | 6.8 |
| BB | 1.0 |
| B | 0.4 |
| Not Rated | 2.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img36_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 8.9&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;AA - 43.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 35.9&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 - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.1&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;Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 14.7 |
| Illinois | 8.9 |
| Florida | 6.6 |
| New York | 5.9 |
| New Jersey | 5.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img36_20250630_1.jpg)<br>| ![](img110844_2.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> 1.9915935.101 3283-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Intermediate Municipal Income Fund<br> **Fidelity Advisor® Intermediate Municipal Income Fund Class M : FZITX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Intermediate Municipal Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $32  | 0.65% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $13136915780<br>|
| Number of Holdings | 3182<br>|
| Portfolio Turnover | 10%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 38.1 |
| Transportation | 18.4 |
| Health Care | 13.0 |
| Special Tax | 7.6 |
| Electric Utilities | 5.2 |
| Others(Individually Less Than 5%) | 15.8 |
| 98.1 | 98.1 |

---

---

| | |
|:---|:---|
| AAA | 8.9 |
| AA | 43.0 |
| A | 35.9 |
| BBB | 6.8 |
| BB | 1.0 |
| B | 0.4 |
| Not Rated | 2.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img36_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 8.9&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;AA - 43.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 35.9&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 - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.1&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;Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 14.7 |
| Illinois | 8.9 |
| Florida | 6.6 |
| New York | 5.9 |
| New Jersey | 5.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img36_20250630_1.jpg)<br>| ![](img110845_2.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> 1.9915933.101 1527-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Intermediate Municipal Income Fund<br> **Fidelity Advisor® Intermediate Municipal Income Fund Class I : FZIIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Intermediate Municipal Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $22  | 0.44% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $13136915780<br>|
| Number of Holdings | 3182<br>|
| Portfolio Turnover | 10%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 38.1 |
| Transportation | 18.4 |
| Health Care | 13.0 |
| Special Tax | 7.6 |
| Electric Utilities | 5.2 |
| Others(Individually Less Than 5%) | 15.8 |
| 98.1 | 98.1 |

---

---

| | |
|:---|:---|
| AAA | 8.9 |
| AA | 43.0 |
| A | 35.9 |
| BBB | 6.8 |
| BB | 1.0 |
| B | 0.4 |
| Not Rated | 2.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img36_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 8.9&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;AA - 43.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 35.9&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 - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.1&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;Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 14.7 |
| Illinois | 8.9 |
| Florida | 6.6 |
| New York | 5.9 |
| New Jersey | 5.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img36_20250630_1.jpg)<br>| ![](img110846_2.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> 1.9915934.101 1528-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Intermediate Municipal Income Fund<br> **Fidelity Advisor® Intermediate Municipal Income Fund Class C : FZICX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Intermediate Municipal Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $71  | 1.43% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $13136915780<br>|
| Number of Holdings | 3182<br>|
| Portfolio Turnover | 10%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 38.1 |
| Transportation | 18.4 |
| Health Care | 13.0 |
| Special Tax | 7.6 |
| Electric Utilities | 5.2 |
| Others(Individually Less Than 5%) | 15.8 |
| 98.1 | 98.1 |

---

---

| | |
|:---|:---|
| AAA | 8.9 |
| AA | 43.0 |
| A | 35.9 |
| BBB | 6.8 |
| BB | 1.0 |
| B | 0.4 |
| Not Rated | 2.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img36_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 8.9&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;AA - 43.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 35.9&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 - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.1&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;Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 14.7 |
| Illinois | 8.9 |
| Florida | 6.6 |
| New York | 5.9 |
| New Jersey | 5.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img36_20250630_1.jpg)<br>| ![](img110847_2.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> 1.9915932.101 1526-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Intermediate Municipal Income Fund<br> **Fidelity Advisor® Intermediate Municipal Income Fund Class A : FZIAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Intermediate Municipal Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $34  | 0.68% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $13136915780<br>|
| Number of Holdings | 3182<br>|
| Portfolio Turnover | 10%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 38.1 |
| Transportation | 18.4 |
| Health Care | 13.0 |
| Special Tax | 7.6 |
| Electric Utilities | 5.2 |
| Others(Individually Less Than 5%) | 15.8 |
| 98.1 | 98.1 |

---

---

| | |
|:---|:---|
| AAA | 8.9 |
| AA | 43.0 |
| A | 35.9 |
| BBB | 6.8 |
| BB | 1.0 |
| B | 0.4 |
| Not Rated | 2.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img36_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 8.9&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;AA - 43.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 35.9&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 - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.1&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;Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 14.7 |
| Illinois | 8.9 |
| Florida | 6.6 |
| New York | 5.9 |
| New Jersey | 5.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img36_20250630_1.jpg)<br>| ![](img110848_2.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> 1.9915931.101 1524-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Global Credit Fund<br> **Fidelity® Global Credit Fund : FGBFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Global Credit Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Global Credit Fund  | $25  | 0.50% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $56118457<br>|
| Number of Holdings | 242<br>|
| Portfolio Turnover | 69%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.1 |
| AAA | 0.2 |
| AA | 1.1 |
| A | 14.2 |
| BBB | 41.7 |
| BB | 10.8 |
| B | 3.4 |
| CCC,CC,C | 0.5 |
| D | 0.5 |
| Not Rated | 4.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2423_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.1 |
| &nbsp;&nbsp;AAA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.1&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;A - 14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 41.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 66.7 |
| U.S. Treasury Obligations | 18.1 |
| Preferred Securities | 9.5 |
| Foreign Government and Government Agency Obligations | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2423_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 66.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 41.0 |
| United Kingdom | 15.7 |
| Germany | 13.0 |
| France | 4.9 |
| Switzerland | 3.3 |
| Netherlands | 2.9 |
| Denmark | 2.7 |
| Luxembourg | 2.3 |
| Canada | 2.0 |
| Others | 12.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2423_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 41.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 4.9&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;Switzerland - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 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;Canada - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 10.9<br>|
| US Treasury Bonds | 7.2<br>|
| Aroundtown SA | 2.2<br>|
| UBS Group AG | 2.2<br>|
| ING Groep NV | 1.9<br>|
| HSBC Holdings PLC | 1.8<br>|
| Bayer US Finance LLC | 1.5<br>|
| BNP Paribas SA | 1.3<br>|
| Bank of Nova Scotia/The | 1.3<br>|
| Prudential Funding Asia PLC | 1.2<br>|
|  | 31.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2423_20250630_1.jpg)<br>| ![](img110850_2.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> 1.9916146.101 2423-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Global Credit Fund<br> **Fidelity Advisor® Global Credit Fund Class Z : FIQYX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Global Credit Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $21  | 0.41% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $56118457<br>|
| Number of Holdings | 242<br>|
| Portfolio Turnover | 69%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.1 |
| AAA | 0.2 |
| AA | 1.1 |
| A | 14.2 |
| BBB | 41.7 |
| BB | 10.8 |
| B | 3.4 |
| CCC,CC,C | 0.5 |
| D | 0.5 |
| Not Rated | 4.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2423_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.1 |
| &nbsp;&nbsp;AAA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.1&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;A - 14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 41.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 66.7 |
| U.S. Treasury Obligations | 18.1 |
| Preferred Securities | 9.5 |
| Foreign Government and Government Agency Obligations | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2423_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 66.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 41.0 |
| United Kingdom | 15.7 |
| Germany | 13.0 |
| France | 4.9 |
| Switzerland | 3.3 |
| Netherlands | 2.9 |
| Denmark | 2.7 |
| Luxembourg | 2.3 |
| Canada | 2.0 |
| Others | 12.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2423_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 41.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 4.9&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;Switzerland - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 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;Canada - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 10.9<br>|
| US Treasury Bonds | 7.2<br>|
| Aroundtown SA | 2.2<br>|
| UBS Group AG | 2.2<br>|
| ING Groep NV | 1.9<br>|
| HSBC Holdings PLC | 1.8<br>|
| Bayer US Finance LLC | 1.5<br>|
| BNP Paribas SA | 1.3<br>|
| Bank of Nova Scotia/The | 1.3<br>|
| Prudential Funding Asia PLC | 1.2<br>|
|  | 31.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2423_20250630_1.jpg)<br>| ![](img110851_2.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> 1.9916151.101 3282-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Global Credit Fund<br> **Fidelity Advisor® Global Credit Fund Class M : FGBWX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Global Credit Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $38  | 0.75% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $56118457<br>|
| Number of Holdings | 242<br>|
| Portfolio Turnover | 69%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.1 |
| AAA | 0.2 |
| AA | 1.1 |
| A | 14.2 |
| BBB | 41.7 |
| BB | 10.8 |
| B | 3.4 |
| CCC,CC,C | 0.5 |
| D | 0.5 |
| Not Rated | 4.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2423_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.1 |
| &nbsp;&nbsp;AAA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.1&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;A - 14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 41.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 66.7 |
| U.S. Treasury Obligations | 18.1 |
| Preferred Securities | 9.5 |
| Foreign Government and Government Agency Obligations | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2423_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 66.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 41.0 |
| United Kingdom | 15.7 |
| Germany | 13.0 |
| France | 4.9 |
| Switzerland | 3.3 |
| Netherlands | 2.9 |
| Denmark | 2.7 |
| Luxembourg | 2.3 |
| Canada | 2.0 |
| Others | 12.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2423_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 41.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 4.9&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;Switzerland - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 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;Canada - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 10.9<br>|
| US Treasury Bonds | 7.2<br>|
| Aroundtown SA | 2.2<br>|
| UBS Group AG | 2.2<br>|
| ING Groep NV | 1.9<br>|
| HSBC Holdings PLC | 1.8<br>|
| Bayer US Finance LLC | 1.5<br>|
| BNP Paribas SA | 1.3<br>|
| Bank of Nova Scotia/The | 1.3<br>|
| Prudential Funding Asia PLC | 1.2<br>|
|  | 31.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2423_20250630_1.jpg)<br>| ![](img110852_2.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> 1.9916149.101 2426-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Global Credit Fund<br> **Fidelity Advisor® Global Credit Fund Class I : FGBIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Global Credit Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $26  | 0.51% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $56118457<br>|
| Number of Holdings | 242<br>|
| Portfolio Turnover | 69%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.1 |
| AAA | 0.2 |
| AA | 1.1 |
| A | 14.2 |
| BBB | 41.7 |
| BB | 10.8 |
| B | 3.4 |
| CCC,CC,C | 0.5 |
| D | 0.5 |
| Not Rated | 4.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2423_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.1 |
| &nbsp;&nbsp;AAA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.1&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;A - 14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 41.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 66.7 |
| U.S. Treasury Obligations | 18.1 |
| Preferred Securities | 9.5 |
| Foreign Government and Government Agency Obligations | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2423_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 66.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 41.0 |
| United Kingdom | 15.7 |
| Germany | 13.0 |
| France | 4.9 |
| Switzerland | 3.3 |
| Netherlands | 2.9 |
| Denmark | 2.7 |
| Luxembourg | 2.3 |
| Canada | 2.0 |
| Others | 12.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2423_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 41.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 4.9&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;Switzerland - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 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;Canada - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 10.9<br>|
| US Treasury Bonds | 7.2<br>|
| Aroundtown SA | 2.2<br>|
| UBS Group AG | 2.2<br>|
| ING Groep NV | 1.9<br>|
| HSBC Holdings PLC | 1.8<br>|
| Bayer US Finance LLC | 1.5<br>|
| BNP Paribas SA | 1.3<br>|
| Bank of Nova Scotia/The | 1.3<br>|
| Prudential Funding Asia PLC | 1.2<br>|
|  | 31.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2423_20250630_1.jpg)<br>| ![](img110853_2.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> 1.9916150.101 2432-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Global Credit Fund<br> **Fidelity Advisor® Global Credit Fund Class C : FGBYX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Global Credit Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $76  | 1.50% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $56118457<br>|
| Number of Holdings | 242<br>|
| Portfolio Turnover | 69%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.1 |
| AAA | 0.2 |
| AA | 1.1 |
| A | 14.2 |
| BBB | 41.7 |
| BB | 10.8 |
| B | 3.4 |
| CCC,CC,C | 0.5 |
| D | 0.5 |
| Not Rated | 4.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2423_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.1 |
| &nbsp;&nbsp;AAA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.1&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;A - 14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 41.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 66.7 |
| U.S. Treasury Obligations | 18.1 |
| Preferred Securities | 9.5 |
| Foreign Government and Government Agency Obligations | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2423_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 66.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 41.0 |
| United Kingdom | 15.7 |
| Germany | 13.0 |
| France | 4.9 |
| Switzerland | 3.3 |
| Netherlands | 2.9 |
| Denmark | 2.7 |
| Luxembourg | 2.3 |
| Canada | 2.0 |
| Others | 12.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2423_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 41.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 4.9&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;Switzerland - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 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;Canada - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 10.9<br>|
| US Treasury Bonds | 7.2<br>|
| Aroundtown SA | 2.2<br>|
| UBS Group AG | 2.2<br>|
| ING Groep NV | 1.9<br>|
| HSBC Holdings PLC | 1.8<br>|
| Bayer US Finance LLC | 1.5<br>|
| BNP Paribas SA | 1.3<br>|
| Bank of Nova Scotia/The | 1.3<br>|
| Prudential Funding Asia PLC | 1.2<br>|
|  | 31.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2423_20250630_1.jpg)<br>| ![](img110854_2.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> 1.9916148.101 2425-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Global Credit Fund<br> **Fidelity Advisor® Global Credit Fund Class A : FGBZX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Global Credit Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $38  | 0.75% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $56118457<br>|
| Number of Holdings | 242<br>|
| Portfolio Turnover | 69%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.1 |
| AAA | 0.2 |
| AA | 1.1 |
| A | 14.2 |
| BBB | 41.7 |
| BB | 10.8 |
| B | 3.4 |
| CCC,CC,C | 0.5 |
| D | 0.5 |
| Not Rated | 4.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2423_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.1 |
| &nbsp;&nbsp;AAA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.1&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;A - 14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 41.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 66.7 |
| U.S. Treasury Obligations | 18.1 |
| Preferred Securities | 9.5 |
| Foreign Government and Government Agency Obligations | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2423_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 66.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 41.0 |
| United Kingdom | 15.7 |
| Germany | 13.0 |
| France | 4.9 |
| Switzerland | 3.3 |
| Netherlands | 2.9 |
| Denmark | 2.7 |
| Luxembourg | 2.3 |
| Canada | 2.0 |
| Others | 12.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2423_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 41.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 4.9&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;Switzerland - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 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;Canada - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 10.9<br>|
| US Treasury Bonds | 7.2<br>|
| Aroundtown SA | 2.2<br>|
| UBS Group AG | 2.2<br>|
| ING Groep NV | 1.9<br>|
| HSBC Holdings PLC | 1.8<br>|
| Bayer US Finance LLC | 1.5<br>|
| BNP Paribas SA | 1.3<br>|
| Bank of Nova Scotia/The | 1.3<br>|
| Prudential Funding Asia PLC | 1.2<br>|
|  | 31.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2423_20250630_1.jpg)<br>| ![](img110855_2.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> 1.9916147.101 2424-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity Advisor® Multi-Asset Income Fund<br> **Fidelity® Multi-Asset Income Fund : FMSDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Multi-Asset Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Multi-Asset Income Fund  | $34  | 0.67% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2878703773<br>|
| Number of Holdings | 342<br>|
| Portfolio Turnover | 216%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 17.6 |
| A | 0.0 |
| BBB | 2.3 |
| BB | 6.3 |
| B | 6.3 |
| CCC,CC,C | 4.2 |
| Not Rated | 8.8 |
| Equities | 52.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2792_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 17.6 |
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 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;BB - 6.3&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 - 6.3&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;CCC,CC,C - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 52.6&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;Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Common Stocks | 45.4 |
| U.S. Treasury Obligations | 17.6 |
| Corporate Bonds | 13.1 |
| Bank Loan Obligations | 8.6 |
| Preferred Stocks | 5.5 |
| Preferred Securities | 3.3 |
| Foreign Government and Government Agency Obligations | 2.5 |
| Alternative Funds | 1.7 |
| Asset-Backed Securities | 0.4 |
| CMOs and Other Mortgage Related Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2792_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 45.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 2.5 |
| Alternative Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Bonds | 17.6<br>|
| NVIDIA Corp | 3.5<br>|
| Microsoft Corp | 3.3<br>|
| X Corp | 2.6<br>|
| DHT Holdings Inc | 2.4<br>|
| MicroStrategy Inc | 2.4<br>|
| Amazon.com Inc | 2.4<br>|
| Capital Power Corp | 2.2<br>|
| Brazilian Federative Republic | 2.0<br>|
| TransAlta Corp | 1.9<br>|
|  | 40.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2792_20250630_1.jpg)<br>| ![](img110878_2.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> 1.9916165.101 3083-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity Advisor® Multi-Asset Income Fund<br> **Fidelity Advisor® Multi-Asset Income Fund Class Z : FIWBX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Multi-Asset Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $31  | 0.61% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2878703773<br>|
| Number of Holdings | 342<br>|
| Portfolio Turnover | 216%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 17.6 |
| A | 0.0 |
| BBB | 2.3 |
| BB | 6.3 |
| B | 6.3 |
| CCC,CC,C | 4.2 |
| Not Rated | 8.8 |
| Equities | 52.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2792_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 17.6 |
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 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;BB - 6.3&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 - 6.3&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;CCC,CC,C - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 52.6&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;Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Common Stocks | 45.4 |
| U.S. Treasury Obligations | 17.6 |
| Corporate Bonds | 13.1 |
| Bank Loan Obligations | 8.6 |
| Preferred Stocks | 5.5 |
| Preferred Securities | 3.3 |
| Foreign Government and Government Agency Obligations | 2.5 |
| Alternative Funds | 1.7 |
| Asset-Backed Securities | 0.4 |
| CMOs and Other Mortgage Related Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2792_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 45.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 2.5 |
| Alternative Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Bonds | 17.6<br>|
| NVIDIA Corp | 3.5<br>|
| Microsoft Corp | 3.3<br>|
| X Corp | 2.6<br>|
| DHT Holdings Inc | 2.4<br>|
| MicroStrategy Inc | 2.4<br>|
| Amazon.com Inc | 2.4<br>|
| Capital Power Corp | 2.2<br>|
| Brazilian Federative Republic | 2.0<br>|
| TransAlta Corp | 1.9<br>|
|  | 40.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2792_20250630_1.jpg)<br>| ![](img110879_2.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> 1.9916166.101 3285-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity Advisor® Multi-Asset Income Fund<br> **Fidelity Advisor® Multi-Asset Income Fund Class M : FAZYX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Multi-Asset Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $49  | 0.95% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2878703773<br>|
| Number of Holdings | 342<br>|
| Portfolio Turnover | 216%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 17.6 |
| A | 0.0 |
| BBB | 2.3 |
| BB | 6.3 |
| B | 6.3 |
| CCC,CC,C | 4.2 |
| Not Rated | 8.8 |
| Equities | 52.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2792_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 17.6 |
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 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;BB - 6.3&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 - 6.3&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;CCC,CC,C - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 52.6&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;Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Common Stocks | 45.4 |
| U.S. Treasury Obligations | 17.6 |
| Corporate Bonds | 13.1 |
| Bank Loan Obligations | 8.6 |
| Preferred Stocks | 5.5 |
| Preferred Securities | 3.3 |
| Foreign Government and Government Agency Obligations | 2.5 |
| Alternative Funds | 1.7 |
| Asset-Backed Securities | 0.4 |
| CMOs and Other Mortgage Related Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2792_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 45.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 2.5 |
| Alternative Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Bonds | 17.6<br>|
| NVIDIA Corp | 3.5<br>|
| Microsoft Corp | 3.3<br>|
| X Corp | 2.6<br>|
| DHT Holdings Inc | 2.4<br>|
| MicroStrategy Inc | 2.4<br>|
| Amazon.com Inc | 2.4<br>|
| Capital Power Corp | 2.2<br>|
| Brazilian Federative Republic | 2.0<br>|
| TransAlta Corp | 1.9<br>|
|  | 40.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2792_20250630_1.jpg)<br>| ![](img110880_2.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> 1.9916163.101 2794-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity Advisor® Multi-Asset Income Fund<br> **Fidelity Advisor® Multi-Asset Income Fund Class I : FAYZX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Multi-Asset Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $36  | 0.71% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2878703773<br>|
| Number of Holdings | 342<br>|
| Portfolio Turnover | 216%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 17.6 |
| A | 0.0 |
| BBB | 2.3 |
| BB | 6.3 |
| B | 6.3 |
| CCC,CC,C | 4.2 |
| Not Rated | 8.8 |
| Equities | 52.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2792_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 17.6 |
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 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;BB - 6.3&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 - 6.3&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;CCC,CC,C - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 52.6&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;Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Common Stocks | 45.4 |
| U.S. Treasury Obligations | 17.6 |
| Corporate Bonds | 13.1 |
| Bank Loan Obligations | 8.6 |
| Preferred Stocks | 5.5 |
| Preferred Securities | 3.3 |
| Foreign Government and Government Agency Obligations | 2.5 |
| Alternative Funds | 1.7 |
| Asset-Backed Securities | 0.4 |
| CMOs and Other Mortgage Related Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2792_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 45.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 2.5 |
| Alternative Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Bonds | 17.6<br>|
| NVIDIA Corp | 3.5<br>|
| Microsoft Corp | 3.3<br>|
| X Corp | 2.6<br>|
| DHT Holdings Inc | 2.4<br>|
| MicroStrategy Inc | 2.4<br>|
| Amazon.com Inc | 2.4<br>|
| Capital Power Corp | 2.2<br>|
| Brazilian Federative Republic | 2.0<br>|
| TransAlta Corp | 1.9<br>|
|  | 40.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2792_20250630_1.jpg)<br>| ![](img110881_2.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> 1.9916164.101 2795-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity Advisor® Multi-Asset Income Fund<br> **Fidelity Advisor® Multi-Asset Income Fund Class C : FWBTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Multi-Asset Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $88  | 1.72% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2878703773<br>|
| Number of Holdings | 342<br>|
| Portfolio Turnover | 216%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 17.6 |
| A | 0.0 |
| BBB | 2.3 |
| BB | 6.3 |
| B | 6.3 |
| CCC,CC,C | 4.2 |
| Not Rated | 8.8 |
| Equities | 52.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2792_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 17.6 |
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 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;BB - 6.3&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 - 6.3&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;CCC,CC,C - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 52.6&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;Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Common Stocks | 45.4 |
| U.S. Treasury Obligations | 17.6 |
| Corporate Bonds | 13.1 |
| Bank Loan Obligations | 8.6 |
| Preferred Stocks | 5.5 |
| Preferred Securities | 3.3 |
| Foreign Government and Government Agency Obligations | 2.5 |
| Alternative Funds | 1.7 |
| Asset-Backed Securities | 0.4 |
| CMOs and Other Mortgage Related Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2792_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 45.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 2.5 |
| Alternative Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Bonds | 17.6<br>|
| NVIDIA Corp | 3.5<br>|
| Microsoft Corp | 3.3<br>|
| X Corp | 2.6<br>|
| DHT Holdings Inc | 2.4<br>|
| MicroStrategy Inc | 2.4<br>|
| Amazon.com Inc | 2.4<br>|
| Capital Power Corp | 2.2<br>|
| Brazilian Federative Republic | 2.0<br>|
| TransAlta Corp | 1.9<br>|
|  | 40.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2792_20250630_1.jpg)<br>| ![](img110882_2.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> 1.9916162.101 2793-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity Advisor® Multi-Asset Income Fund<br> **Fidelity Advisor® Multi-Asset Income Fund Class A : FWATX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Multi-Asset Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $49  | 0.96% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2878703773<br>|
| Number of Holdings | 342<br>|
| Portfolio Turnover | 216%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 17.6 |
| A | 0.0 |
| BBB | 2.3 |
| BB | 6.3 |
| B | 6.3 |
| CCC,CC,C | 4.2 |
| Not Rated | 8.8 |
| Equities | 52.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2792_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 17.6 |
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 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;BB - 6.3&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 - 6.3&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;CCC,CC,C - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 52.6&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;Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Common Stocks | 45.4 |
| U.S. Treasury Obligations | 17.6 |
| Corporate Bonds | 13.1 |
| Bank Loan Obligations | 8.6 |
| Preferred Stocks | 5.5 |
| Preferred Securities | 3.3 |
| Foreign Government and Government Agency Obligations | 2.5 |
| Alternative Funds | 1.7 |
| Asset-Backed Securities | 0.4 |
| CMOs and Other Mortgage Related Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2792_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 45.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 2.5 |
| Alternative Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Bonds | 17.6<br>|
| NVIDIA Corp | 3.5<br>|
| Microsoft Corp | 3.3<br>|
| X Corp | 2.6<br>|
| DHT Holdings Inc | 2.4<br>|
| MicroStrategy Inc | 2.4<br>|
| Amazon.com Inc | 2.4<br>|
| Capital Power Corp | 2.2<br>|
| Brazilian Federative Republic | 2.0<br>|
| TransAlta Corp | 1.9<br>|
|  | 40.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2792_20250630_1.jpg)<br>| ![](img110883_2.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> 1.9916161.101 2792-TSRS-0825 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

**Fidelity® Series International Credit Fund**

**Semi-Annual Report**

**June 30, 2025**

![](img110989_1.jpg)

![](img110989_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SUN-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series International Credit Fund](#Sub_Sec_Fund_3017_SUN-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3017_SUN-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SUN-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SUN-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SUN-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SUN-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Series International Credit Fund**

**Schedule of Investments June 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 3.7%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 3.7%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 3.7%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 3.7%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 2.3%  |  |  |  |
| Canadian Government 1.5% 12/1/2031  | CAD | 3930000 | 2632237 |
| Canadian Government 2.75% 6/1/2033  | CAD | 260000 | 185633 |
| Canadian Government 3% 6/1/2034  | CAD | 40000 | 28873 |
| TOTAL CANADA |  |  | 2846743 |
| JAPAN - 0.3%  |  |  |  |
| Japan Government 0.9% 9/20/2034  | JPY | 60000000 | 399623 |
| MULTI-NATIONAL - 0.6%  |  |  |  |
| European Union 4% 4/4/2044 (b) | EUR | 624000 | 768041 |
| ROMANIA - 0.5%  |  |  |  |
| Romanian Republic 2.124% 7/16/2031 (b) | EUR | 100000 | 97991 |
| Romanian Republic 5.875% 7/11/2032 (b) | EUR | 400000 | 475892 |
| TOTAL ROMANIA |  |  | 573883 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $4,338,193) |  |  | <br> **4588290** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 63.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 63.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 63.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 63.7%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 1.3%  |  |  |  |
| Financials - 1.0% |  |  |  |
| Banks - 0.1% |  |  |  |
| Commonwealth Bank of Australia 2.688% 3/11/2031 (c) |  | 200000 | 178342 |
| Financial Services - 0.4% |  |  |  |
| Cimic Finance Ltd 1.5% 5/28/2029 (b) | EUR | 400000 | 437498 |
| Insurance - 0.5% |  |  |  |
| QBE Insurance Group Ltd 2.5% 9/13/2038 (b)(d) | GBP | 500000 | 631519 |
| TOTAL FINANCIALS |  |  | 1247359 |
| Utilities - 0.3% |  |  |  |
| Electric Utilities - 0.3% |  |  |  |
| AusNet Services Holdings Pty Ltd 6.134% 5/31/2033  | AUD | 530000 | 368905 |
| TOTAL AUSTRALIA |  |  | 1616264 |
| AUSTRIA - 0.1%  |  |  |  |
| Real Estate - 0.1% |  |  |  |
| Real Estate Management & Development - 0.1% |  |  |  |
| Supernova Invest GmbH 5% 6/24/2030 (b) | EUR | 100000 | 117985 |
| BELGIUM - 2.0%  |  |  |  |
| Consumer Staples - 0.5% |  |  |  |
| Food Products - 0.5% |  |  |  |
| Barry Callebaut Services NV 4.25% 8/19/2031 (b) | EUR | 500000 | 592097 |
| Energy - 0.5% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |  |
| Fluxys SA 4% 11/28/2030 (b) | EUR | 500000 | 595751 |
| Financials - 0.6% |  |  |  |
| Banks - 0.6% |  |  |  |
| KBC Group NV 3.5% 1/21/2032 (b)(d) | EUR | 600000 | 715393 |
| Real Estate - 0.4% |  |  |  |
| Real Estate Management & Development - 0.4% |  |  |  |
| Shurgard Luxembourg Sarl 4% 5/27/2035 (b) | EUR | 500000 | 587476 |
| TOTAL BELGIUM |  |  | 2490717 |
| CANADA - 1.8%  |  |  |  |
| Financials - 1.8% |  |  |  |
| Banks - 1.8% |  |  |  |
| Bank of Nova Scotia/The 3.375% 3/5/2033 (b)(d) | EUR | 1300000 | 1524888 |
| Royal Bank of Canada 3.125% 9/27/2031 (b)(d) | EUR | 530000 | 621567 |
| TOTAL CANADA |  |  | 2146455 |
| CZECH REPUBLIC - 0.2%  |  |  |  |
| Real Estate - 0.2% |  |  |  |
| Real Estate Management & Development - 0.2% |  |  |  |
| CPI Property Group SA 1.5% 1/27/2031 (b) | EUR | 275000 | 268585 |
| DENMARK - 2.8%  |  |  |  |
| Consumer Staples - 0.5% |  |  |  |
| Beverages - 0.4% |  |  |  |
| Carlsberg Breweries A/S 3.25% 2/28/2032 (b) | EUR | 350000 | 411293 |
| Tobacco - 0.1% |  |  |  |
| Scandinavian Tobacco Group A/S 4.875% 9/12/2029 (b) | EUR | 150000 | 182736 |
| TOTAL CONSUMER STAPLES |  |  | 594029 |
| Financials - 1.6% |  |  |  |
| Banks - 1.6% |  |  |  |
| Danske Bank A/S 3.875% 1/9/2032 (b)(d) | EUR | 1055000 | 1280408 |
| Jyske Bank A/S 3.625% 4/29/2031 (b)(d) | EUR | 280000 | 334693 |
| Jyske Bank A/S 5.125% 5/1/2035 (b)(d) | EUR | 258000 | 320531 |
|  |  |  | 1935632 |
| Health Care - 0.7% |  |  |  |
| Pharmaceuticals - 0.7% |  |  |  |
| Novo Nordisk Finance Netherlands BV 3.625% 5/27/2037 (b) | EUR | 750000 | 887164 |
| TOTAL DENMARK |  |  | 3416825 |
| FINLAND - 0.2%  |  |  |  |
| Real Estate - 0.2% |  |  |  |
| Real Estate Management & Development - 0.2% |  |  |  |
| Citycon Treasury BV 5% 3/11/2030 (b) | EUR | 100000 | 120624 |
| Citycon Treasury BV 5.375% 7/8/2031 (b) | EUR | 100000 | 121079 |
| TOTAL FINLAND |  |  | 241703 |
| FRANCE - 4.9%  |  |  |  |
| Communication Services - 0.3% |  |  |  |
| Media - 0.3% |  |  |  |
| Publicis Groupe SA 3.375% 6/12/2032 (b) | EUR | 300000 | 352437 |
| Consumer Discretionary - 0.4% |  |  |  |
| Automobiles - 0.4% |  |  |  |
| RCI Banque SA 4.75% 3/24/2037 (b)(d) | EUR | 200000 | 237682 |
| RCI Banque SA 5.5% 10/9/2034 (b)(d) | EUR | 200000 | 247784 |
|  |  |  | 485466 |
| Financials - 2.1% |  |  |  |
| Banks - 2.1% |  |  |  |
| BNP Paribas SA 2.159% 9/15/2029 (c)(d) |  | 225000 | 208577 |
| BNP Paribas SA 3.132% 1/20/2033 (c)(d) |  | 650000 | 578586 |
| BNP Paribas SA 3.945% 2/18/2037 (b)(d) | EUR | 1000000 | 1174057 |
| BNP Paribas SA 5.786% 1/13/2033 (c)(d) |  | 119000 | 123796 |
| BPCE SA 5.716% 1/18/2030 (c)(d) |  | 250000 | 257392 |
| Societe Generale SA 6.691% 1/10/2034 (c)(d) |  | 200000 | 213440 |
|  |  |  | 2555848 |
| Industrials - 0.1% |  |  |  |
| Transportation Infrastructure - 0.1% |  |  |  |
| Holding d'Infrastructures des Metiers de l'Environnement 0.625% 9/16/2028 (b) | EUR | 200000 | 215221 |
| Utilities - 2.0% |  |  |  |
| Electric Utilities - 0.6% |  |  |  |
| Electricite de France SA 4.75% 10/12/2034 (b) | EUR | 500000 | 632930 |
| Electricite de France SA 5.5% 1/25/2035 (b) | GBP | 100000 | 133409 |
|  |  |  | 766339 |
| Multi-Utilities - 1.4% |  |  |  |
| Engie SA 3.875% 3/6/2036 (b) | EUR | 300000 | 356793 |
| Engie SA 4.25% 9/6/2034 (b) | EUR | 300000 | 369872 |
| Veolia Environnement SA 3.324% 6/17/2032 (b) | EUR | 800000 | 939837 |
|  |  |  | 1666502 |
| TOTAL UTILITIES |  |  | 2432841 |
| TOTAL FRANCE |  |  | 6041813 |
| GERMANY - 10.3%  |  |  |  |
| Consumer Discretionary - 1.3% |  |  |  |
| Automobile Components - 1.3% |  |  |  |
| Robert Bosch GmbH 4.375% 6/2/2043 (b) | EUR | 200000 | 237158 |
| Schaeffler AG 4.75% 8/14/2029 (b) | EUR | 400000 | 477126 |
| Schaeffler AG 5.375% 4/1/2031 (b) | EUR | 100000 | 120311 |
| ZF Europe Finance BV 4.75% 1/31/2029 (b) | EUR | 600000 | 664326 |
| ZF Europe Finance BV 7% 6/12/2030 (b) | EUR | 100000 | 118049 |
|  |  |  | 1616970 |
| Consumer Staples - 0.2% |  |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |  |
| METRO AG 4% 3/5/2030 (b) | EUR | 250000 | 303416 |
| Financials - 2.3% |  |  |  |
| Banks - 0.9% |  |  |  |
| Commerzbank AG 3.625% 1/14/2032 (b)(d) | EUR | 300000 | 356282 |
| Commerzbank AG 4.875% 10/16/2034 (b)(d) | EUR | 300000 | 368621 |
| Commerzbank AG 8.625% 2/28/2033 (b)(d) | GBP | 100000 | 147614 |
| Volkswagen Bank GmbH 3.5% 6/19/2031 (b) | EUR | 200000 | 234912 |
|  |  |  | 1107429 |
| Capital Markets - 0.9% |  |  |  |
| Deutsche Bank AG 6.125% 12/12/2030 (b)(d) | GBP | 800000 | 1143511 |
| Financial Services - 0.5% |  |  |  |
| KfW 0.125% 1/9/2032 (b) | EUR | 190000 | 191066 |
| KfW 1.125% 6/15/2037 (b) | EUR | 382000 | 364337 |
|  |  |  | 555403 |
| TOTAL FINANCIALS |  |  | 2806343 |
| Health Care - 1.5% |  |  |  |
| Pharmaceuticals - 1.5% |  |  |  |
| Bayer US Finance LLC 6.375% 11/21/2030 (c) |  | 560000 | 595113 |
| Bayer US Finance LLC 6.5% 11/21/2033 (c) |  | 1165000 | 1249178 |
|  |  |  | 1844291 |
| Industrials - 0.6% |  |  |  |
| Air Freight & Logistics - 0.6% |  |  |  |
| Deutsche Post AG 3.125% 6/5/2032 (b) | EUR | 575000 | 680911 |
| Real Estate - 0.8% |  |  |  |
| Real Estate Management & Development - 0.8% |  |  |  |
| Accentro Real Estate AG 5.625% 2/13/2026 (b)(e) | EUR | 472500 | 201761 |
| Deutsche EuroShop AG 4.5% 10/15/2030 (b) | EUR | 200000 | 235586 |
| LEG Immobilien SE 3.875% 1/20/2035 (b) | EUR | 200000 | 230725 |
| Sirius Real Estate Ltd 4% 1/22/2032 (b) | EUR | 300000 | 350169 |
|  |  |  | 1018241 |
| Utilities - 3.6% |  |  |  |
| Electric Utilities - 2.3% |  |  |  |
| Amprion GmbH 3.125% 8/27/2030 (b) | EUR | 500000 | 589631 |
| Amprion GmbH 3.625% 5/21/2031 (b) | EUR | 100000 | 120322 |
| Amprion GmbH 3.875% 6/5/2036 (b) | EUR | 300000 | 353788 |
| EnBW Energie Baden-Wuerttemberg AG 1.375% 8/31/2081 (b)(d) | EUR | 500000 | 550254 |
| EnBW International Finance BV 3.5% 7/22/2031 (b) | EUR | 250000 | 301605 |
| EnBW International Finance BV 3.75% 11/20/2035 (b) | EUR | 750000 | 885382 |
|  |  |  | 2800982 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |  |
| RWE Finance US LLC 5.875% 4/16/2034 (c) |  | 801000 | 828627 |
| Multi-Utilities - 0.6% |  |  |  |
| E.ON SE 3.5% 4/16/2033 (b) | EUR | 575000 | 683982 |
| TOTAL UTILITIES |  |  | 4313591 |
| TOTAL GERMANY |  |  | 12583763 |
| HONG KONG - 1.3%  |  |  |  |
| Financials - 1.3% |  |  |  |
| Insurance - 1.3% |  |  |  |
| AIA Group Ltd 0.88% 9/9/2033 (b)(d) | EUR | 300000 | 326676 |
| Prudential Funding Asia PLC 2.95% 11/3/2033 (b)(d) |  | 1300000 | 1215728 |
| TOTAL HONG KONG |  |  | 1542404 |
| ITALY - 1.1%  |  |  |  |
| Financials - 0.2% |  |  |  |
| Banks - 0.2% |  |  |  |
| Intesa Sanpaolo SpA 6.625% 6/20/2033 (c) |  | 275000 | 298582 |
| Utilities - 0.9% |  |  |  |
| Electric Utilities - 0.6% |  |  |  |
| Enel Finance International NV 5.5% 6/26/2034 (c) |  | 350000 | 356682 |
| Enel SpA 3.375% (b)(d)(f) | EUR | 300000 | 353629 |
|  |  |  | 710311 |
| Gas Utilities - 0.3% |  |  |  |
| Snam SpA 5.75% 5/28/2035 (c) |  | 361000 | 368449 |
| TOTAL UTILITIES |  |  | 1078760 |
| TOTAL ITALY |  |  | 1377342 |
| JAPAN - 0.3%  |  |  |  |
| Consumer Staples - 0.3% |  |  |  |
| Tobacco - 0.3% |  |  |  |
| Japan Tobacco Inc 5.856% 6/15/2035 (c) |  | 360000 | 376447 |
| LUXEMBOURG - 2.6%  |  |  |  |
| Financials - 0.8% |  |  |  |
| Financial Services - 0.8% |  |  |  |
| CBRE Global Investors Open-Ended Funds SCA SICAV-SIF-Pan European Core Fund 4.75% 3/27/2034 (b) | EUR | 150000 | 184226 |
| Titanium 2l Bondco Sarl 6.25% 1/14/2031 pay-in-kind  | EUR | 2363000 | 813059 |
|  |  |  | 997285 |
| Real Estate - 1.8% |  |  |  |
| Industrial REITs - 0.1% |  |  |  |
| Prologis International Funding II SA 4.375% 7/1/2036 (b) | EUR | 100000 | 121539 |
| Real Estate Management & Development - 1.7% |  |  |  |
| Blackstone Property Partners Europe Holdings Sarl 1% 5/4/2028 (b) | EUR | 233000 | 258958 |
| Blackstone Property Partners Europe Holdings Sarl 1.75% 3/12/2029 (b) | EUR | 600000 | 667148 |
| Logicor Financing Sarl 0.875% 1/14/2031 (b) | EUR | 250000 | 253407 |
| Logicor Financing Sarl 4.25% 7/18/2029 (b) | EUR | 400000 | 485253 |
| P3 Group Sarl 4% 4/19/2032 (b) | EUR | 300000 | 355332 |
|  |  |  | 2020098 |
| TOTAL REAL ESTATE |  |  | 2141637 |
| TOTAL LUXEMBOURG |  |  | 3138922 |
| MEXICO - 0.6%  |  |  |  |
| Energy - 0.6% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |  |
| Petroleos Mexicanos 5.95% 1/28/2031  |  | 880000 | 793408 |
| NETHERLANDS - 3.3%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| Koninklijke KPN NV 3.875% 2/16/2036 (b) | EUR | 100000 | 118254 |
| Consumer Staples - 0.1% |  |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |  |
| REWE International Finance BV 4.875% 9/13/2030 (b) | EUR | 100000 | 126186 |
| Financials - 2.9% |  |  |  |
| Banks - 2.9% |  |  |  |
| ABN AMRO Bank NV 3.875% 1/15/2032 (b) | EUR | 400000 | 485059 |
| Cooperatieve Rabobank UA 1.125% 5/7/2031 (b) | EUR | 600000 | 632661 |
| ING Groep NV 3% 8/17/2031 (b)(d) | EUR | 1700000 | 1979893 |
| ING Groep NV 4.5% 5/23/2029 (b)(d) | EUR | 400000 | 493671 |
|  |  |  | 3591284 |
| Industrials - 0.2% |  |  |  |
| Professional Services - 0.2% |  |  |  |
| Wolters Kluwer NV 3% 9/25/2030 (b) | EUR | 175000 | 206487 |
| TOTAL NETHERLANDS |  |  | 4042211 |
| NORWAY - 0.2%  |  |  |  |
| Financials - 0.2% |  |  |  |
| Banks - 0.2% |  |  |  |
| DNB Bank ASA 0.25% 2/23/2029 (b)(d) | EUR | 200000 | 220924 |
| POLAND - 0.4%  |  |  |  |
| Real Estate - 0.4% |  |  |  |
| Real Estate Management & Development - 0.4% |  |  |  |
| GTC Aurora Luxembourg SA 2.25% 6/23/2026 (b) | EUR | 500000 | 540650 |
| PORTUGAL - 0.3%  |  |  |  |
| Financials - 0.3% |  |  |  |
| Insurance - 0.3% |  |  |  |
| Fidelidade - Co De Seguros SA/Portugal 4.25% 9/4/2031 (b)(d) | EUR | 300000 | 355012 |
| SPAIN - 1.4%  |  |  |  |
| Financials - 1.1% |  |  |  |
| Banks - 1.1% |  |  |  |
| Banco Bilbao Vizcaya Argentaria SA 6.033% 3/13/2035 (d) |  | 600000 | 625631 |
| CaixaBank SA 3.625% 9/19/2032 (b)(d) | EUR | 600000 | 715142 |
|  |  |  | 1340773 |
| Health Care - 0.3% |  |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |  |
| Werfen SA/Spain 4.625% 6/6/2028 (b) | EUR | 300000 | 369636 |
| TOTAL SPAIN |  |  | 1710409 |
| SWEDEN - 0.7%  |  |  |  |
| Real Estate - 0.7% |  |  |  |
| Real Estate Management & Development - 0.7% |  |  |  |
| Heimstaden AB 4.375% 3/6/2027 (b) | EUR | 500000 | 571306 |
| Samhallsbyggnadsbolaget I Norden Holding AB 2.25% 7/12/2027 (b) | EUR | 250000 | 262094 |
| TOTAL SWEDEN |  |  | 833400 |
| SWITZERLAND - 4.5%  |  |  |  |
| Financials - 4.4% |  |  |  |
| Capital Markets - 2.1% |  |  |  |
| UBS Group AG 2.125% 11/15/2029 (b)(d) | GBP | 500000 | 633527 |
| UBS Group AG 4.125% 6/9/2033 (b)(d) | EUR | 460000 | 563782 |
| UBS Group AG 4.75% 3/17/2032 (b)(d) | EUR | 1070000 | 1353652 |
|  |  |  | 2550961 |
| Insurance - 2.3% |  |  |  |
| Argentum Netherlands BV for Swiss Re Ltd 5.625% 8/15/2052 (b)(d) |  | 964000 | 967061 |
| Argentum Netherlands BV for Swiss Re Ltd 5.75% 8/15/2050 (b)(d) |  | 1300000 | 1300000 |
| Zurich Finance Ireland Designated Activity Co 3.5% 5/2/2052 (b)(d) |  | 600000 | 528893 |
|  |  |  | 2795954 |
| TOTAL FINANCIALS |  |  | 5346915 |
| Materials - 0.1% |  |  |  |
| Containers & Packaging - 0.1% |  |  |  |
| SIG Combibloc PurchaseCo Sarl 3.75% 3/19/2030 (b) | EUR | 125000 | 149802 |
| TOTAL SWITZERLAND |  |  | 5496717 |
| UNITED KINGDOM - 17.2%  |  |  |  |
| Communication Services - 0.3% |  |  |  |
| Wireless Telecommunication Services - 0.3% |  |  |  |
| Vodafone Group PLC 4.875% 10/3/2078 (b)(d) | GBP | 250000 | 342751 |
| Consumer Discretionary - 1.5% |  |  |  |
| Broadline Retail - 0.5% |  |  |  |
| John Lewis PLC 4.25% 12/18/2034 (b) | GBP | 200000 | 222847 |
| Marks & Spencer PLC 4.5% 7/10/2027 (b)(e) | GBP | 270000 | 359976 |
|  |  |  | 582823 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |  |
| InterContinental Hotels Group PLC 3.375% 10/8/2028 (b) | GBP | 340000 | 446809 |
| Whitbread Group PLC 2.375% 5/31/2027 (b) | GBP | 250000 | 327041 |
|  |  |  | 773850 |
| Household Durables - 0.4% |  |  |  |
| Berkeley Group PLC/The 2.5% 8/11/2031 (b) | GBP | 400000 | 458627 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 1815300 |
| Consumer Staples - 2.1% |  |  |  |
| Tobacco - 2.1% |  |  |  |
| BAT International Finance PLC 4.125% 4/12/2032 (b) | EUR | 1060000 | 1281965 |
| Imperial Brands Finance Netherlands BV 5.25% 2/15/2031 (b) | EUR | 680000 | 866639 |
| Imperial Brands Finance PLC 3.875% 2/12/2034 (b) | EUR | 375000 | 434302 |
|  |  |  | 2582906 |
| Financials - 7.0% |  |  |  |
| Banks - 5.8% |  |  |  |
| Barclays PLC 3.543% 8/14/2031 (b)(d) | EUR | 475000 | 563563 |
| Barclays PLC 8.407% 11/14/2032 (b)(d) | GBP | 300000 | 440143 |
| HSBC Holdings PLC 4.787% 3/10/2032 (b)(d) | EUR | 470000 | 594742 |
| HSBC Holdings PLC 4.856% 5/23/2033 (b)(d) | EUR | 500000 | 636368 |
| HSBC Holdings PLC 5.813% 5/22/2033 (b)(d) | GBP | 400000 | 563680 |
| HSBC Holdings PLC 6.8% 9/14/2031 (d) | GBP | 160000 | 237206 |
| HSBC Holdings PLC 8.201% 11/16/2034 (b)(d) | GBP | 400000 | 605932 |
| Lloyds Banking Group PLC 4.75% 9/21/2031 (b)(d) | EUR | 670000 | 846069 |
| NatWest Group PLC 2.105% 11/28/2031 (b)(d) | GBP | 650000 | 860894 |
| NatWest Group PLC 7.416% 6/6/2033 (b)(d) | GBP | 300000 | 435516 |
| Standard Chartered PLC 3.864% 3/17/2033 (b)(d) | EUR | 300000 | 357920 |
| Virgin Money UK PLC 7.625% 8/23/2029 (b)(d) | GBP | 600000 | 891788 |
|  |  |  | 7033821 |
| Consumer Finance - 0.5% |  |  |  |
| Motability Operations Group PLC 3.625% 1/22/2033 (b) | EUR | 475000 | 561068 |
| Financial Services - 0.2% |  |  |  |
| Nationwide Building Society 4% 7/30/2035 (b)(d) | EUR | 200000 | 237912 |
| Insurance - 0.5% |  |  |  |
| Admiral Group PLC 8.5% 1/6/2034 (b) | GBP | 400000 | 624810 |
| TOTAL FINANCIALS |  |  | 8457611 |
| Industrials - 1.0% |  |  |  |
| Ground Transportation - 0.4% |  |  |  |
| Mobico Group PLC 4.875% 9/26/2031 (b) | EUR | 500000 | 476849 |
| Trading Companies & Distributors - 0.1% |  |  |  |
| Travis Perkins PLC 3.75% 2/17/2026 (b) | GBP | 100000 | 134690 |
| Transportation Infrastructure - 0.5% |  |  |  |
| Heathrow Funding Ltd 6% 3/5/2032 (b) | GBP | 450000 | 624163 |
| TOTAL INDUSTRIALS |  |  | 1235702 |
| Real Estate - 0.4% |  |  |  |
| Office REITs - 0.2% |  |  |  |
| Great Portland Estates PLC 5.375% 9/25/2031 (b) | GBP | 200000 | 274312 |
| Real Estate Management & Development - 0.2% |  |  |  |
| Tritax EuroBox PLC 0.95% 6/2/2026 (b) | EUR | 210000 | 243440 |
| TOTAL REAL ESTATE |  |  | 517752 |
| Utilities - 4.9% |  |  |  |
| Electric Utilities - 1.4% |  |  |  |
| London Power Networks PLC 3.837% 6/11/2037 (b) | EUR | 275000 | 323746 |
| NGG Finance PLC 2.125% 9/5/2082 (b)(d) | EUR | 750000 | 862285 |
| Scottish Hydro Electric Transmission PLC 3.375% 9/4/2032 (b) | EUR | 400000 | 469175 |
|  |  |  | 1655206 |
| Gas Utilities - 0.4% |  |  |  |
| Southern Gas Networks PLC 3.5% 10/16/2030 (b) | EUR | 400000 | 474120 |
| Water Utilities - 3.1% |  |  |  |
| Anglian Water Osprey Financing PLC 2% 7/31/2028 (b) | GBP | 175000 | 211103 |
| Anglian Water Services Financing PLC 5.875% 6/20/2031 (b) | GBP | 385000 | 540642 |
| Anglian Water Services Financing PLC 6.25% 9/12/2044 (b) | GBP | 175000 | 231660 |
| Anglian Water Services Financing PLC 6.293% 7/30/2030 (b) | GBP | 225000 | 321675 |
| Anglian Water Services Financing PLC 6.625% 1/15/2029 (e) | GBP | 100000 | 142938 |
| Severn Trent Utilities Finance PLC 3.875% 8/4/2035 (b) | EUR | 525000 | 622082 |
| Severn Trent Utilities Finance PLC 4.625% 11/30/2034 (b) | GBP | 140000 | 180674 |
| South West Water Finance PLC 5.75% 12/11/2032 (b) | GBP | 100000 | 140467 |
| SW Finance I PLC 1.625% 3/30/2027 (b) | GBP | 208000 | 254158 |
| SW Finance I PLC 2.375% 5/28/2028 (b) | GBP | 120000 | 144303 |
| SW Finance I PLC 7.375% 12/12/2041 (b) | GBP | 160000 | 213149 |
| United Utilities Water Finance PLC 3.5% 2/27/2033 (b) | EUR | 300000 | 350894 |
| Wessex Water Services Finance PLC 6.125% 9/19/2034 (b) | GBP | 325000 | 450551 |
|  |  |  | 3804296 |
| TOTAL UTILITIES |  |  | 5933622 |
| TOTAL UNITED KINGDOM |  |  | 20885644 |
| UNITED STATES - 6.2%  |  |  |  |
| Communication Services - 0.5% |  |  |  |
| Interactive Media & Services - 0.3% |  |  |  |
| Alphabet Inc 3.375% 5/6/2037  | EUR | 110000 | 127203 |
| Alphabet Inc 3.875% 5/6/2045  | EUR | 100000 | 116599 |
| Alphabet Inc 4% 5/6/2054  | EUR | 100000 | 115842 |
|  |  |  | 359644 |
| Media - 0.2% |  |  |  |
| Warnermedia Holdings Inc 4.693% 5/17/2033  | EUR | 185000 | 204132 |
| TOTAL COMMUNICATION SERVICES |  |  | 563776 |
| Consumer Discretionary - 0.7% |  |  |  |
| Automobiles - 0.2% |  |  |  |
| Stellantis Finance US Inc 5.75% 3/18/2030 (c) |  | 282000 | 284523 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |  |
| McDonald's Corp 3.5% 5/21/2032 (b) | EUR | 450000 | 534445 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 818968 |
| Consumer Staples - 0.9% |  |  |  |
| Tobacco - 0.9% |  |  |  |
| Philip Morris International Inc 3.25% 6/6/2032  | EUR | 950000 | 1101413 |
| Financials - 2.0% |  |  |  |
| Banks - 0.3% |  |  |  |
| JPMorgan Chase & Co 3.761% 3/21/2034 (b)(d) | EUR | 300000 | 360338 |
| Capital Markets - 1.0% |  |  |  |
| Blackstone Private Credit Fund 4.875% 4/14/2026 (b) | GBP | 430000 | 587104 |
| Morgan Stanley 3.955% 3/21/2035 (d) | EUR | 300000 | 361201 |
| Morgan Stanley 4.099% 5/22/2036 (d) | EUR | 200000 | 241047 |
|  |  |  | 1189352 |
| Consumer Finance - 0.7% |  |  |  |
| Ford Motor Credit Co LLC 4.445% 2/14/2030  | EUR | 250000 | 298952 |
| Ford Motor Credit Co LLC 6.86% 6/5/2026  | GBP | 400000 | 557580 |
|  |  |  | 856532 |
| TOTAL FINANCIALS |  |  | 2406222 |
| Information Technology - 0.0% |  |  |  |
| Software - 0.0% |  |  |  |
| Fiserv Funding ULC 3.5% 6/15/2032  | EUR | 100000 | 117444 |
| Real Estate - 0.8% |  |  |  |
| Diversified REITs - 0.1% |  |  |  |
| WP Carey Inc 4.25% 7/23/2032  | EUR | 100000 | 121472 |
| Retail REITs - 0.3% |  |  |  |
| Realty Income Corp 3.375% 6/20/2031  | EUR | 300000 | 352391 |
| Specialized REITs - 0.4% |  |  |  |
| American Tower Corp 3.625% 5/30/2032  | EUR | 425000 | 504185 |
| TOTAL REAL ESTATE |  |  | 978048 |
| Utilities - 1.3% |  |  |  |
| Electric Utilities - 1.3% |  |  |  |
| Duke Energy Corp 3.85% 6/15/2034  | EUR | 550000 | 642848 |
| Southern Co/The 1.875% 9/15/2081 (d) | EUR | 850000 | 957908 |
|  |  |  | 1600756 |
| TOTAL UNITED STATES |  |  | 7586627 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $75,392,863) |  |  | <br> **77824227** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 7.6%** | &nbsp;&nbsp;**Preferred Securities - 7.6%** | &nbsp;&nbsp;**Preferred Securities - 7.6%** | &nbsp;&nbsp;**Preferred Securities - 7.6%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CZECH REPUBLIC - 0.7%  |  |  |  |
| Real Estate - 0.7% |  |  |  |
| Real Estate Management & Development - 0.7% |  |  |  |
| CPI Property Group SA 3.75% (b)(d)(f) | EUR | 800000 | 890279 |
| FINLAND - 0.3%  |  |  |  |
| Real Estate - 0.3% |  |  |  |
| Real Estate Management & Development - 0.3% |  |  |  |
| Citycon Oyj 7.875% (b)(d)(f) | EUR | 300000 | 375005 |
| GERMANY - 4.0%  |  |  |  |
| Consumer Discretionary - 1.0% |  |  |  |
| Automobiles - 1.0% |  |  |  |
| Volkswagen International Finance NV 3.875% (b)(d)(f) | EUR | 1100000 | 1244150 |
| Real Estate - 3.0% |  |  |  |
| Real Estate Management & Development - 3.0% |  |  |  |
| Aroundtown Finance Sarl 7.875% (d)(f) |  | 750000 | 765533 |
| Aroundtown SA 5 year ISDA Fixed EURIBOR + 3.98%, 6.193% (b)(d)(f)(g) | EUR | 1400000 | 1585919 |
| Grand City Properties SA 1.5% (b)(d)(f) | EUR | 1100000 | 1256640 |
|  |  |  | 3608092 |
| TOTAL GERMANY |  |  | 4852242 |
| SWEDEN - 0.6%  |  |  |  |
| Real Estate - 0.6% |  |  |  |
| Real Estate Management & Development - 0.6% |  |  |  |
| Heimstaden Bostad AB 3.625% (b)(d)(f) | EUR | 150000 | 175454 |
| Samhallsbyggnadsbolaget i Norden AB 5 year EUR Swap Annual Index + 2.814%, 4.9355% (b)(d)(f)(g)(h) | EUR | 650000 | 540044 |
| TOTAL SWEDEN |  |  | 715498 |
| SWITZERLAND - 0.0%  |  |  |  |
| Financials - 0.0% |  |  |  |
| Capital Markets - 0.0% |  |  |  |
| Credit Suisse Group AG Claim 5 year USD Swap Index + 4.598%, 0% (b)(d)(f)(g)(h)(i) |  | 1900000 | 128250 |
| UNITED KINGDOM - 2.0%  |  |  |  |
| Consumer Staples - 1.2% |  |  |  |
| Tobacco - 1.2% |  |  |  |
| British American Tobacco PLC 3% (b)(d)(f) | EUR | 1100000 | 1307168 |
| Financials - 0.2% |  |  |  |
| Banks - 0.2% |  |  |  |
| Barclays PLC 8.875% (b)(d)(f) | GBP | 200000 | 290364 |
| Industrials - 0.2% |  |  |  |
| Ground Transportation - 0.2% |  |  |  |
| Mobico Group PLC 4.25% (b)(d)(f) | GBP | 290000 | 245232 |
| Utilities - 0.4% |  |  |  |
| Electric Utilities - 0.4% |  |  |  |
| SSE PLC 3.74% (b)(d)(f) | GBP | 400000 | 546850 |
| TOTAL UNITED KINGDOM |  |  | 2389614 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $11,890,702) |  |  | <br> **9350888** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 20.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 20.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 20.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 20.2%** |
|  | Yield (%) (j) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bonds 1.125% 8/15/2040  | 4.51 | 700000 | 430637 |
| US Treasury Bonds 2.25% 8/15/2046  | 4.78 to 4.92 | 500000 | 327559 |
| US Treasury Bonds 3.25% 5/15/2042 (k) | 4.12 to 4.13 | 2600000 | 2150586 |
| US Treasury Bonds 3.625% 5/15/2053  | 3.94 | 500000 | 407813 |
| US Treasury Bonds 4% 11/15/2042  | 3.75 to 3.77 | 710000 | 647736 |
| US Treasury Bonds 4.125% 8/15/2044  | 4.14 to 4.18 | 400000 | 366453 |
| US Treasury Bonds 4.375% 8/15/2043  | 4.91 | 50000 | 47657 |
| US Treasury Bonds 4.5% 2/15/2044  | 4.45 | 500000 | 483125 |
| US Treasury Bonds 4.625% 11/15/2044  | 4.86 to 4.94 | 325000 | 318144 |
| US Treasury Bonds 4.625% 5/15/2044  | 4.42 to 4.72 | 775000 | 760015 |
| US Treasury Bonds 6.25% 5/15/2030 (k) | 3.46 to 4.46 | 2660000 | 2947613 |
| US Treasury Notes 2.625% 7/31/2029 (l) | 4.11 | 3000000 | 2873555 |
| US Treasury Notes 3.5% 2/15/2033  | 4.32 | 1000000 | 963984 |
| US Treasury Notes 3.625% 9/30/2031  | 3.66 to 4.23 | 1500000 | 1474922 |
| US Treasury Notes 3.75% 12/31/2030  | 4.07 | 435000 | 432842 |
| US Treasury Notes 3.75% 8/31/2031  | 3.64 | 970000 | 960944 |
| US Treasury Notes 4% 4/30/2032  | 4.11 | 2095000 | 2097619 |
| US Treasury Notes 4.125% 11/30/2029  | 4.11 | 410000 | 416022 |
| US Treasury Notes 4.125% 5/31/2032  | 4.19 | 344000 | 346854 |
| US Treasury Notes 4.125% 7/31/2031  | 3.59 to 3.97 | 1700000 | 1719092 |
| US Treasury Notes 4.25% 5/15/2035  | 4.39 to 4.48 | 710000 | 711109 |
| US Treasury Notes 4.25% 6/30/2031  | 4.35 | 560000 | 570347 |
| US Treasury Notes 4.375% 1/31/2032  | 4.21 | 160000 | 163794 |
| US Treasury Notes 4.375% 12/31/2029  | 4.39 | 265000 | 271573 |
| US Treasury Notes 4.5% 11/15/2033  | 3.94 to 4.14 | 965000 | 991236 |
| US Treasury Notes 4.5% 5/31/2029  | 4.37 | 200000 | 205453 |
| US Treasury Notes 4.625% 2/15/2035  | 4.40 to 4.44 | 1025000 | 1057461 |
| US Treasury Notes 4.625% 4/30/2029  | 4.72 | 555000 | 572344 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $24,944,099) |  |  | **24716489** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (m)<br>(Cost $4,846,158)<br>| 4.32 | 4845189 | **4846158** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.2%**<br> (Cost $121,412,015)<br>| <br>**121326052** |
| **NET OTHER ASSETS (LIABILITIES) - 0.8%**  | **931536** |
| **NET ASSETS - 100.0%** | **122257588** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| ASX 10Y Treasury Bond Contracts (Australia) | 11 | Sep 2025 | 829803 | 7137 | 7137 |
| CBOT 10 Year Ultra US Treasury Bond Contracts (United States) | 9 | Sep 2025 | 1028250 | 29524 | 29524 |
| CBOT 2 Year US Treasury Note Contracts (United States) | 5 | Sep 2025 | 1040195 | 4679 | 4679 |
| CBOT 5 Year US Treasury Note Contracts (United States) | 29 | Sep 2025 | 3161680 | 45508 | 45508 |
| CBOT US Treasury Long Bond Contracts (United States) | 18 | Sep 2025 | 2075625 | 88085 | 88085 |
| TMX 10Y Canadian Bond Contracts (Canada) | 14 | Sep 2025 | 1254268 | 7515 | 7515 |
| TOTAL PURCHASED |  |  |  |  | 182448 |
| Sold |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| ICE Long GILT Futures (United Kingdom) | 1 | Sep 2025 | 127698 | (3770) | (3770) |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **178678** |
| The notional amount of futures purchased as a percentage of Net Assets is 7.7% | The notional amount of futures purchased as a percentage of Net Assets is 7.7% | The notional amount of futures purchased as a percentage of Net Assets is 7.7% | The notional amount of futures purchased as a percentage of Net Assets is 7.7% | The notional amount of futures purchased as a percentage of Net Assets is 7.7% | The notional amount of futures purchased as a percentage of Net Assets is 7.7% |
| The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date | Unrealized <br> Appreciation/<br> (Depreciation) ($)  |
| EUR | 65000 | USD | 76293 | BNP Paribas SA | 7/08/25 | 307 |
| EUR | 827000 | USD | 954649 | Bank of America NA | 7/08/25 | 19941 |
| EUR | 469000 | USD | 536463 | Goldman Sachs Bank USA | 7/08/25 | 16237 |
| EUR | 224000 | USD | 252672 | JPMorgan Chase Bank NA | 7/08/25 | 11304 |
| GBP | 32000 | USD | 43389 | Bank of America NA | 7/08/25 | 537 |
| GBP | 45000 | USD | 60669 | Bank of America NA | 7/08/25 | 1102 |
| GBP | 225000 | USD | 302749 | Citibank NA | 7/08/25 | 6107 |
| GBP | 226000 | USD | 305998 | JPMorgan Chase Bank NA | 7/08/25 | 4230 |
| USD | 44799 | AUD | 70000 | Brown Brothers Harriman & Co. | 7/08/25 | (1277) |
| USD | 58606 | AUD | 90000 | Brown Brothers Harriman & Co. | 7/08/25 | (634) |
| USD | 26538 | AUD | 41000 | Canadian Imperial Bank of Commerce | 7/08/25 | (450) |
| USD | 252878 | AUD | 391000 | JPMorgan Chase Bank NA | 7/08/25 | (4491) |
| USD | 2946683 | CAD | 4055000 | JPMorgan Chase Bank NA | 7/08/25 | (32116) |
| USD | 78518 | EUR | 69000 | BNP Paribas SA | 7/08/25 | (2796) |
| USD | 75914 | EUR | 68000 | BNP Paribas SA | 7/08/25 | (4222) |
| USD | 114348 | EUR | 100000 | Bank of America NA | 7/08/25 | (3498) |
| USD | 39375 | EUR | 35000 | Brown Brothers Harriman & Co. | 7/08/25 | (1872) |
| USD | 61916021 | EUR | 54367000 | Goldman Sachs Bank USA | 7/08/25 | (2153526) |
| USD | 68725 | EUR | 60000 | Goldman Sachs Bank USA | 7/08/25 | (1983) |
| USD | 16193745 | GBP | 12090000 | BNP Paribas SA | 7/08/25 | (402077) |
| USD | 204643 | GBP | 153000 | Brown Brothers Harriman & Co. | 7/08/25 | (5378) |
| USD | 57546 | GBP | 42000 | Goldman Sachs Bank USA | 7/08/25 | (107) |
| USD | 413951 | JPY | 58700000 | JPMorgan Chase Bank NA | 7/08/25 | 6025 |
| **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** |  | **(2548637)** |
| Unrealized Appreciation | Unrealized Appreciation | Unrealized Appreciation |  |  |  | 65790 |
| Unrealized Depreciation | Unrealized Depreciation | Unrealized Depreciation |  |  |  | (2614427) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** |
| Underlying Reference | Maturity <br> Date | Clearinghouse / <br> Counterparty | Fixed<br> Payment<br> Received/<br> (Paid) | Payment<br> Frequency | Notional<br> Amount | Notional<br> Amount | Value ($) | Upfront<br> Premium<br> Received/<br> (Paid) ($) | Unrealized <br> Appreciation/<br> (Depreciation) ($) |
| Buy Protection |  |  |  |  |  |  |  |  |  |
| BMW Finance NV 0.75% 7/13/2026 | Jun 2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 1600000 | (33978) | 30860 | (3118) |
| Generali 4.125% 5/4/2026 | Jun 2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 750000 | (1559) | (2717) | (4276) |
| UniCredit SpA 5.375% 4/16/2034 | Jun 2030 | Goldman Sachs Bank USA | (1%) | Quarterly | EUR | 650000 | 2128 | (6201) | (4073) |
| Societe Generale SA 5.25% 9/6/2032 | Jun 2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 650000 | 4885 | (5367) | (482) |
| Intesa Sanpaolo SpA 6.184% 2/20/2034 | Jun 2030 | JPMorgan Chase Bank NA | (1%) | Quarterly | EUR | 700000 | (1754) | (4701) | (6455) |
| Deutsche Bank AG 5.625% 5/19/2031 | Jun 2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 550000 | 9488 | (14043) | (4555) |
| **TOTAL CREDIT DEFAULT SWAPS** |  |  |  |  |  |  | **(20790)** | **(2169)** | **(22959)** |

---

**Currency Abbreviations**

---

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

---

**Legend**

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

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $73,032,408 or 59.7% of net assets.

(c) 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 $5,917,734 or 4.8% of net assets.

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

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

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

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

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

(i) Level 3 security

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

(k) Security or a portion of the security has been segregated as collateral for over the counter (OTC) derivatives. At period end, the value of securities pledged amounts to $2,041,028.

(l) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $202,107.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 5873407 | 19012936 | 20040184 | 75916 | - | (1) | 4846158 | 4845189 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 949374 | 949374 | 49 | - | - | - | - | 0.0% |
| Total | 5873407 | 19962310 | 20989558 | 75965 | - | (1) | 4846158 |  |  |

---

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

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Foreign Government and Government Agency Obligations** | 4588290 | - | 4588290 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 1377218 | - | 1377218 | - |
| Consumer Discretionary | 4736704 | - | 4736704 | - |
| Consumer Staples | 5676494 | - | 5676494 | - |
| Energy | 1389159 | - | 1389159 | - |
| Financials | 35964042 | - | 35964042 | - |
| Health Care | 3101091 | - | 3101091 | - |
| Industrials | 2338321 | - | 2338321 | - |
| Information Technology | 117444 | - | 117444 | - |
| Materials | 149802 | - | 149802 | - |
| Real Estate | 7245477 | - | 7245477 | - |
| Utilities | 15728475 | - | 15728475 | - |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 1244150 | - | 1244150 | - |
| Consumer Staples | 1307168 | - | 1307168 | - |
| Financials | 418614 | - | 290364 | 128250 |
| Industrials | 245232 | - | 245232 | - |
| Real Estate | 5588874 | - | 5588874 | - |
| Utilities | 546850 | - | 546850 | - |
|  **U.S. Treasury Obligations** | 24716489 | - | 24716489 | - |
|  **Money Market Funds** | 4846158 | 4846158 | - | - |
| **Total Investments in Securities:** | 121326052 | 4846158 | 116351644 | 128250 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 182448 | 182448 | - | - |
| Forward Foreign Currency Contracts | 65790 | - | 65790 | - |
| Swaps | 16501 | - | 16501 | - |
| Total Assets | 264739 | 182448 | 82291 | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (3770) | (3770) | - | - |
| Forward Foreign Currency Contracts | (2614427) | - | (2614427) | - |
| Swaps | (37291) | - | (37291) | - |
| Total Liabilities | (2655488) | (3770) | (2651718) | - |
| **Total Derivative Instruments:** | (2390749) | 178678 | (2569427) | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Credit Risk** |  |  |
| Swaps (a)  | 16501 | (37291) |
| **Total Credit Risk**  | 16501 | (37291) |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts (b)  | 65790 | (2614427) |
| **Total Foreign Exchange Risk**  | 65790 | (2614427) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (c)  | 182448 | (3770) |
| **Total Interest Rate Risk**  | 182448 | (3770) |
| **Total Value of Derivatives** | 264739 | (2655488) |

---

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

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

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

The following table is a summary of the Fund's derivatives inclusive of potential netting arrangements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Value of**<br> **Derivative**<br> **Assets ($)** | **Value of**<br> **Derivative**<br> **Liabilities ($)** | <br> **Collateral**<br> **Received**(a) **($)** | <br> **Collateral**<br> **Pledged**(a) **($)** | <br>**Net**(b) **($)** |
| Bank of America NA | 21580 | (3498) | - | - | 18082 |
| BNP Paribas SA | 14680 | (444632) | - | 261379 | (168573) |
| Brown Brothers Harriman & Co | - | (9161) | - | - | (9161) |
| Canadian Imperial Bank of Commerce | - | (450) | - | - | (450) |
| Citibank NA | 6107 | - | - | - | 6107 |
| Goldman Sachs Bank USA | 18365 | (2155616) | - | 1779649 | (357602) |
| JPMorgan Chase Bank NA | 21559 | (38361) | - | - | (16802) |
| Total | $82291 | $(2651718) | $- | $2041028 | $(528399) |

---

*(a) Reflects collateral received from or pledged to an individual counterparty, excluding any excess or initial collateral amounts.*

*(b) Net represents the receivable / (payable) that would be due from / (to) the counterparty in an event of default. Netting may be allowed across transactions traded under the same legal agreement with the same legal entity. Please refer to Derivative Instruments - Risk Exposures and the Use of Derivative Instruments section in the accompanying Notes to Financial Statements.*

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $116,565,857) | $116479894 |  |
| Fidelity Central Funds (cost $4,846,158) | 4846158 |  |
| Total Investment in Securities (cost $121,412,015) |  | $121326052 |
| Cash |  | 17681 |
| Foreign currency held at value (cost $1,653,580) |  | 1660859 |
| Receivable for investments sold |  | 339833 |
| Unrealized appreciation on forward foreign currency contracts |  | 65790 |
| Dividends receivable |  | 17538 |
| Interest receivable |  | 1602681 |
| Distributions receivable from Fidelity Central Funds |  | 12827 |
| Receivable for daily variation margin on futures contracts |  | 24661 |
| Bi-lateral OTC swaps, at value |  | 16501 |
| Receivable from investment adviser for expense reductions |  | 297 |
| Other receivables |  | 16625 |
| **Total assets** |  | 125101345 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $191031 |  |
| Unrealized depreciation on forward foreign currency contracts | 2614427 |  |
| Bi-lateral OTC swaps, at value | 37291 |  |
| Other payables and accrued expenses | 1008 |  |
| **Total liabilities** |  | 2843757 |
| **Net Assets**  |  | $122257588 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $139243545 |
| Total accumulated earnings (loss) |  | (16985957) |
| **Net Assets** |  | $122257588 |
| **Net Asset Value**, offering price and redemption price per share ($122,257,588 ÷ 14,450,272 shares) |  | $8.46 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $153424 |
| Interest  |  | 2203888 |
| Income from Fidelity Central Funds (including $49 from security lending)  |  | 75965 |
| **Total income** |  | 2433277 |
| **Expenses** |  |  |
| Custodian fees and expenses | $3025 |  |
| Independent trustees' fees and expenses | 152 |  |
| Total expenses before reductions | 3177 |  |
| Expense reductions | (1655) |  |
| Total expenses after reductions |  | 1522 |
| **Net Investment income (loss)** |  | 2431755 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 472533 |  |
| Forward foreign currency contracts | (5517468) |  |
| Foreign currency transactions | 151635 |  |
| Futures contracts | (30427) |  |
| Swaps | (75005) |  |
| Total net realized gain (loss) |  | (4998732) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 10343455 |  |
| Fidelity Central Funds  | (1) |  |
| Forward foreign currency contracts | (3625407) |  |
| Assets and liabilities in foreign currencies | 154919 |  |
| Futures contracts | 202046 |  |
| Swaps | (111) |  |
| Total change in net unrealized appreciation (depreciation) |  | 7074901 |
| **Net gain (loss)** |  | 2076169 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4507924 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2431755 | $4454387 |
| &nbsp;&nbsp;Net realized gain (loss) | (4998732)<br>| 140299<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 7074901 | 4581873<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4507924<br>| 9176559<br>|
| Distributions to shareholders | (1512482)<br>| (5498144)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1596584 | 5460552 |
| Reinvestment of distributions | 1512482<br>| 5498144<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1596584) | (5501408) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1512482<br>| 5457288<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 4507924<br>| 9135703<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 117749664 | 108613961<br>|
| &nbsp;&nbsp;End of period | $122257588 | $117749664 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 193197 | 647104 |
| Issued in reinvestment of distributions | 181571<br>| 669805<br>|
| &nbsp;&nbsp;Redeemed | (193197) | (652056) |
| &nbsp;&nbsp;Net increase (decrease) | 181571 | 664853 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.25 | $7.98 | $7.69 | $9.92 | $10.23 | $10.08 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .169  | .322  | .317  | .276  | .255  | .307  |
| Net realized and unrealized gain (loss)  | .147  | .345  | .266  | (1.988)  | (.263)  | .516  |
| Total from investment operations  | .316  | .667  | .583  | (1.712)  | (.008)  | .823  |
| Distributions from net investment income  | (.106)  | (.397)  | (.293)  | (.455)  | (.197) C | (.423)  |
| Distributions from net realized gain  | -  | -  | -  | (.063)  | (.105) C | (.250)  |
| Total distributions  | (.106)  | (.397)  | (.293)  | (.518)  | (.302)  | (.673)  |
| Net asset value, end of period  | $8.46 | $8.25 | $7.98 | $7.69 | $9.92 | $10.23 |
| **Total Return** D,E | 3.85% <br>| 8.47%  | 7.77%  | (17.44)%  | (.07)%  | 8.33%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .01% H | -% I | .01%  | -% I | .01%  | .01%  |
| Expenses net of fee waivers, if any  | -% H,I<br>| -% I | -% I | -% I | -% I | .01%  |
| Expenses net of all reductions, if any  | -% H,I | -% I | -% I | -% I | -% I | .01%  |
| Net investment income (loss)  | 4.10% H | 3.93%  | 4.09%  | 3.20%  | 2.53%  | 3.00%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $122258 | $117750 | $108614 | $100789 | $121985 | $122084 |
| Portfolio turnover rate J | 82% H<br>| 61%  | 61%  | 21%  | 65%  | 52%  |

---

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

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

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

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

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

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

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

H*Annualized.*

I*Amount represents less than .005%.*

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended June 30, 2025

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $6674050 |
| **Gross unrealized depreciation** | <u>(8663584)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(1989534)</u> |
| **Tax cost** | <u>$120922668</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(2611513) |
| Long-term | <u>(11455840)</u> |
| **Total capital loss carryforward** | <u>$(14067353)</u> |

---

**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.

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Series International Credit Fund** |  |  |
| **Credit Risk** |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(75005)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(111)</u> |
| **Total Credit Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(75005)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(111)</u> |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(5517468)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(3625407)</u> |
| **Total Foreign Exchange Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(5517468)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(3625407)</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | (30427) | 202046 |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(30427)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>202046</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp; <u>(5622900)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(3423472)</u> |

---

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

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

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

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

---

| | |
|:---|:---|
|  | **Average Contracts Amount ($)** |
| **Fidelity Series International Credit Fund** | 88259407 |

---

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

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

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

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **Fidelity Series International Credit Fund** | 11690697 |

---

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series International Credit Fund** | 41432107 | 41456442 |

---

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

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

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

**7. Committed Line of Credit.**

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

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

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

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

**8. Security Lending.** 

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

---

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

---

**9. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through April 30, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $1,229.

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 $426.

**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.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img110989_4.jpg)<br>

1.9882622.107 SUN-SANN-0825

**Fidelity® Intermediate Municipal Income Fund**

**Semi-Annual Report**

**June 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111001_1.jpg)

![](img111001_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_LIM-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Intermediate Municipal Income Fund](#Sub_Sec_Fund_36_LIM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements36_LIM-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LIM-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LIM-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LIM-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LIM-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Intermediate Municipal Income Fund**

**Schedule of Investments June 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 98.1%** | &nbsp;&nbsp;**Municipal Securities - 98.1%** | &nbsp;&nbsp;**Municipal Securities - 98.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 4.0%  |  |  |
| Education - 0.1% |  |  |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.25% 10/1/2037  | 1770000 | 1867072 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.25% 10/1/2038  | 1860000 | 1945564 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2041  | 1455000 | 1509779 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2044  | 1160000 | 1187972 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2054  | 2025000 | 2043123 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2024 C, 5% 10/1/2056  | 1000000 | 935546 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2024 C, 5.5% 10/1/2049  | 5495000 | 5571814 |
| University AL Gen Rev Series 2019 A, 3% 7/1/2039  | 9000000 | 7384175 |
|  |  | 22445045 |
| Electric Utilities - 0.1% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3.78% tender 6/1/2034 (b) | 6260000 | 6272850 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2007 A, 3.375% tender 6/1/2034 (b) | 8285000 | 8321857 |
|  |  | 14594707 |
| General Obligations - 3.2% |  |  |
| Black Belt Energy Gas Dist Ala Gas Supply Rev 4% tender 7/1/2052 (Liquidity Facility Royal Bank of Canada), (Royal Bank of Canada Guaranteed) (b) | 9420000 | 9498777 |
| Black Belt Energy Gas Dist Ala Gas Supply Rev Series 2023B, 5.25% tender 12/1/2053 (Royal Bank of Canada Guaranteed) (b) | 7120000 | 7630482 |
| Black Belt Energy Gas District 5.5% tender 11/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (b) | 6460000 | 6788276 |
| Black Belt Energy Gas District Series 2022 E, 5% 6/1/2027 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)  | 4175000 | 4294527 |
| Black Belt Energy Gas District Series 2022 E, 5% 6/1/2028 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)  | 5980000 | 6233060 |
| Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b) | 18160000 | 19154296 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2023B 1, 5.75% tender 4/1/2054 (Morgan Stanley Guaranteed) (b) | 9840000 | 10745550 |
| Hoover AL Gen. Oblig. Series 2023, 5% 3/1/2039  | 5000000 | 5402618 |
| Hoover AL Gen. Oblig. Series 2023, 5% 3/1/2041  | 3860000 | 4088405 |
| Lower Ala Gas Dist Gas Proj Rev 4% tender 12/1/2050 (Goldman Sachs Group Inc/The Guaranteed) (b) | 43790000 | 43868848 |
| Southeast AL District Gas Supply Rev Series 2024 B, 5% tender 6/1/2049 (Morgan Stanley Guaranteed) (b) | 40315000 | 42499283 |
| Southeast Energy Auth Commodity Supply Rev Ala Series 2022 B 1, 5% tender 5/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (b) | 34880000 | 36079572 |
| Southeast Energy Auth Coop Dist Ala Commodity Supply Rev Series 2023 B, 5% tender 1/1/2054 (Liquidity Facility Royal Bank of Canada), (Royal Bank of Canada Guaranteed) (b) | 44670000 | 47053756 |
| Southeast Energy Authority A Cooperative District 5% tender 5/1/2055 (Royal Bank of Canada Guaranteed) (b) | 29060000 | 30686712 |
| Southeast Energy Authority A Cooperative District 5.25% tender 3/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 55310000 | 57782136 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 50725000 | 53456491 |
| Southeast Energy Authority A Cooperative District Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 25090000 | 25600052 |
|  |  | 410862841 |
| Health Care - 0.3% |  |  |
| Huntsville AL Hlth Care Auth (Huntsville Hospital Al Proj.) Series 2023 A, 5% tender 6/1/2053 (b) | 32270000 | 34856105 |
| Special Tax - 0.2% |  |  |
| Mobile Cnty AL Brd Sch Commrs 5% 3/1/2029  | 5875000 | 5948399 |
| Mobile Cnty AL Brd Sch Commrs Series 2016 B, 5% 3/1/2030  | 6125000 | 6192755 |
| Mobile Cnty AL Brd Sch Commrs Series 2016 B, 5% 3/1/2031  | 6135000 | 6198079 |
| Mobile Cnty AL Brd Sch Commrs Series 2016 B, 5% 3/1/2032  | 4930000 | 4977819 |
| Mobile Cnty AL Brd Sch Commrs Series 2016 B, 5% 3/1/2033  | 7165000 | 7229635 |
|  |  | 30546687 |
| Water & Sewer - 0.1% |  |  |
| Jefferson Cnty AL Swr Rev 5% 10/1/2030  | 5000000 | 5426399 |
| Jefferson Cnty AL Swr Rev 5% 10/1/2038  | 3310000 | 3486410 |
|  |  | 8912809 |
| TOTAL ALABAMA |  | 522218194 |
| Alaska - 0.2%  |  |  |
| Housing - 0.0% |  |  |
| Alaska Hsg Fin Corp Mtg Rev 2% 12/1/2032  | 4750000 | 4165234 |
| Alaska Hsg Fin Corp Mtg Rev Series 2022A, 3% 6/1/2051  | 2330000 | 2279128 |
|  |  | 6444362 |
| Transportation - 0.2% |  |  |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2034 (c) | 2240000 | 2523256 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2036 (c) | 2500000 | 2773483 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2037 (c) | 2645000 | 2907150 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2039 (c) | 2950000 | 3179106 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2040 (c) | 3120000 | 3326810 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2041 (c) | 3295000 | 3483770 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2042 (c) | 3480000 | 3649837 |
| Municipality of Anchorage AK Series 2024 A, 5.5% 2/1/2044 (c) | 3885000 | 4029933 |
|  |  | 25873345 |
| TOTAL ALASKA |  | 32317707 |
| Arizona - 1.9%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Salt River Proj AZ Agric & Pwr Series 2017A, 5% 1/1/2033  | 4955000 | 5178061 |
| Salt River Proj AZ Agric & Pwr Series 2023B, 5% 1/1/2048  | 4405000 | 4517716 |
|  |  | 9695777 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Glendale AZ Transn Excise Tax Rev Series 2015, 5% 7/1/2026 (Pre-refunded to 7/1/2025 at 100)  | 3565000 | 3564999 |
| General Obligations - 0.3% |  |  |
| Industrial Development Authority of the City of Phoenix Arizona/The (Guam Govt Proj.) Series 2014, 5.375% 2/1/2041  | 9525000 | 8394942 |
| Industrial Development Authority of the City of Phoenix Arizona/The Series 2014, 5.125% 2/1/2034 (Guam Govt Guaranteed)  | 6675000 | 6340662 |
| Maricopa County Special Health Care District Gen. Oblig. 4% 7/1/2035  | 2195000 | 2222250 |
| Maricopa County Special Health Care District Gen. Oblig. 5% 7/1/2033  | 7320000 | 8001933 |
| Maricopa County Special Health Care District Gen. Oblig. 5% 7/1/2034  | 12000000 | 13035245 |
| Western Maricopa Ed Ctr Dist No 402 Maricopa Cnty Ariz 5% 7/1/2025  | 2285000 | 2285000 |
| Western Maricopa Ed Ctr Dist No 402 Maricopa Cnty Ariz 5% 7/1/2027  | 3000000 | 3138708 |
|  |  | 43418740 |
| Health Care - 0.7% |  |  |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2033  | 1800000 | 1975719 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2035  | 1580000 | 1707064 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2036  | 1600000 | 1714788 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2037  | 1700000 | 1806192 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2046  | 1750000 | 1534551 |
| Glendale Ariz Indl Dev Auth Sr Living Facs Rev (Royal Oaks Senior Living Cmnty Proj.) 4% 5/15/2031  | 560000 | 540345 |
| Glendale Ariz Indl Dev Auth Sr Living Facs Rev (Royal Oaks Senior Living Cmnty Proj.) 5% 5/15/2041  | 1000000 | 933347 |
| Glendale Ariz Indl Dev Auth Sr Living Facs Rev (Royal Oaks Senior Living Cmnty Proj.) 5% 5/15/2056  | 2625000 | 2194739 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2033  | 6180000 | 6855308 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2034  | 4510000 | 5003310 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2035  | 6900000 | 7586502 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2036  | 4885000 | 5320861 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2037  | 1910000 | 2055789 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2038  | 2730000 | 2901790 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 D, 5% tender 1/1/2046 (b) | 12610000 | 12788415 |
| Maricopa Cnty AZ Ida Sr Living (Christian Care Surprise Proj.) 5.75% 1/1/2036 (d) | 5170000 | 4651596 |
| Maricopa Cnty AZ Ida Sr Living (Christian Care Surprise Proj.) 6% 1/1/2048 (d) | 7730000 | 6024511 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 4% 8/1/2049 (Assured Guaranty Municipal Corp Insured)  | 3055000 | 2670506 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2035  | 865000 | 949298 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2036  | 765000 | 832358 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2037  | 1500000 | 1617053 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2039  | 1000000 | 1055568 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2041  | 1360000 | 1400918 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5.25% 8/1/2042 (Assured Guaranty Municipal Corp Insured)  | 1775000 | 1849201 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5.25% 8/1/2043 (Assured Guaranty Municipal Corp Insured)  | 905000 | 937609 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5.25% 8/1/2044 (Assured Guaranty Municipal Corp Insured)  | 1080000 | 1112593 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5.25% 8/1/2049  | 5395000 | 5454517 |
|  |  | 83474448 |
| Housing - 0.0% |  |  |
| Arizona Indl Dev Auth Rev (Lihtc Cert 2019-2 Proj.) Series 2 Class A, 3.625% 5/20/2033  | 5855197 | 5607484 |
| Industrial Development - 0.4% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c) | 31940000 | 32507781 |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2007, 4.1% tender 12/1/2037 (b)(c) | 15585000 | 15668042 |
|  |  | 48175823 |
| Special Tax - 0.1% |  |  |
| Glendale Ariz Sr Excise Tax Rev (Glendale AZ Excise Tax Proj.) 5% 7/1/2029  | 7905000 | 7914073 |
| Glendale AZ (Glendale AZ Excise Tax Proj.) 5% 7/1/2032  | 2915000 | 3019510 |
| Phoenix Ariz Civic Impt Corp Distr Rev 5.5% 7/1/2038 (National Public Finance Guarantee Corporation Insured) (e) | 5970000 | 6945828 |
|  |  | 17879411 |
| Transportation - 0.2% |  |  |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) 5% 7/1/2029  | 965000 | 1031325 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2030  | 3680000 | 3908994 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2031  | 1255000 | 1332216 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2032  | 3675000 | 3885903 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2036  | 1000000 | 1036881 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2039  | 1090000 | 1116649 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2027 (c) | 2185000 | 2259898 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2028 (c) | 3085000 | 3184745 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2036 (c) | 1000000 | 1011498 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 B, 5% 7/1/2034 (c) | 2000000 | 2068891 |
|  |  | 20837000 |
| Water & Sewer - 0.1% |  |  |
| Gilbert Water Resource Municipal Property Corp Series 2022, 5% 7/15/2032  | 3630000 | 4100860 |
| Gilbert Water Resource Municipal Property Corp Series 2022, 5% 7/15/2033  | 5080000 | 5705670 |
| Gilbert Water Resource Municipal Property Corp Series 2022, 5% 7/15/2034  | 4715000 | 5251063 |
| Mesa AZ Util Sys Rev Series 2021, 4% 7/1/2035  | 2000000 | 2029126 |
|  |  | 17086719 |
| TOTAL ARIZONA |  | 249740401 |
| Arkansas - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2027  | 1000000 | 1021313 |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2029  | 1430000 | 1490169 |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2031  | 1500000 | 1573106 |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2032  | 1275000 | 1328348 |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2035  | 95000 | 96826 |
|  |  | 5509762 |
| TOTAL ARKANSAS |  | 5509762 |
| California - 5.5%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2031  | 10000000 | 10866570 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2033  | 23000000 | 25246594 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2035  | 1835000 | 2014415 |
|  |  | 38127579 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Golden State Tobacco Securitization Corp. Tobacco Settlement 5% 6/1/2026  | 470000 | 479870 |
| Los Angeles CA Dept Arpts Rev 4% 5/15/2038 (Pre-refunded to 11/15/2031 at 100) (c) | 260000 | 269201 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (Pre-refunded to 11/15/2031 at 100) (c) | 105000 | 114690 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2036 (Pre-refunded to 11/15/2031 at 100) (c) | 385000 | 420529 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2036 (Pre-refunded to 10/1/2033 at 100)  | 3570000 | 4080967 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2037 (Pre-refunded to 10/1/2033 at 100)  | 1950000 | 2229099 |
|  |  | 7594356 |
| General Obligations - 2.1% |  |  |
| California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 28865000 | 29820328 |
| California Community Choice Financing Authority Series 2024C, 5% tender 8/1/2055 (American General Life Insurance Co Guaranteed) (b) | 17455000 | 18396809 |
| California Community Choice Financing Authority Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 28560000 | 29476159 |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2032 (Pacific Life Insurance Co Guaranteed)  | 2750000 | 2929530 |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2033 (Pacific Life Insurance Co Guaranteed)  | 2535000 | 2705256 |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2034 (Pacific Life Insurance Co Guaranteed)  | 1040000 | 1114490 |
| California Community Choice Financing Authority Series 2025B, 5% tender 3/1/2056 (Pacific Life Insurance Co Guaranteed) (b) | 21490000 | 22817867 |
| California St Pub Wks Brd Lse 5% 8/1/2030  | 1265000 | 1401267 |
| California St Pub Wks Brd Lse 5% 8/1/2031  | 555000 | 622595 |
| California St Pub Wks Brd Lse 5% 8/1/2032  | 2095000 | 2331765 |
| California St Pub Wks Brd Lse 5% 8/1/2033  | 2085000 | 2306461 |
| California St Pub Wks Brd Lse 5% 8/1/2034  | 1035000 | 1136925 |
| Central Valley Energy Authority Series 2025, 5% tender 12/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 9535000 | 10163296 |
| Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2036  | 2430000 | 2692554 |
| Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2037  | 1325000 | 1454188 |
| Los Angeles Unified School District/CA Series 2020 C, 4% 7/1/2036  | 3810000 | 3844218 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2025  | 3110000 | 3112473 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2026  | 460000 | 466638 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2031  | 340000 | 360719 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2034  | 2430000 | 2527501 |
| Oakland CA Uni Sch Dist Alameda Cnty Series A, 5% 8/1/2028  | 970000 | 971219 |
| Sacramento CA City Uni Sch Dis 5% 7/1/2031 (Build America Mutual Assurance Co Insured)  | 495000 | 555233 |
| San Joaquin Valley Clean Energy Authority 5.5% tender 1/1/2056 (Goldman Sachs Group Inc/The Guaranteed) (b) | 19000000 | 20837089 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) 3% 5/15/2037  | 1000000 | 888740 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2019 A, 3% 5/1/2037  | 1670000 | 1514352 |
| State of California Gen. Oblig. 4% 11/1/2034  | 4915000 | 5058250 |
| State of California Gen. Oblig. 4% 11/1/2034 (Pre-refunded to 11/1/2030 at 100)  | 85000 | 90236 |
| State of California Gen. Oblig. 4% 11/1/2036  | 9885000 | 9898349 |
| State of California Gen. Oblig. 4% 3/1/2026  | 3300000 | 3328925 |
| State of California Gen. Oblig. 5% 10/1/2039  | 2145000 | 2316007 |
| State of California Gen. Oblig. 5% 11/1/2032  | 10000000 | 10998001 |
| State of California Gen. Oblig. 5% 11/1/2032  | 6140000 | 6752773 |
| State of California Gen. Oblig. 5% 11/1/2032 (Pre-refunded to 11/1/2030 at 100)  | 105000 | 116643 |
| State of California Gen. Oblig. 5% 3/1/2037  | 10270000 | 11468377 |
| State of California Gen. Oblig. 5% 3/1/2038  | 12390000 | 13738327 |
| State of California Gen. Oblig. 5% 9/1/2035  | 3635000 | 4022883 |
| State of California Gen. Oblig. 5.25% 12/1/2033  | 110000 | 110132 |
| State of California Gen. Oblig. 5.25% 4/1/2034  | 30000 | 30035 |
| State of California Gen. Oblig. 5.5% 4/1/2030  | 5000 | 5007 |
| State of California Gen. Oblig. Series 2016, 5% 8/1/2026  | 14065000 | 14436444 |
| State of California Gen. Oblig. Series 2016, 5% 8/1/2029  | 6970000 | 7130894 |
| State of California Gen. Oblig. Series 2016, 5% 9/1/2029  | 2755000 | 2823276 |
| State of California Gen. Oblig. Series 2017, 5% 8/1/2030  | 14245000 | 14887346 |
| State of California Gen. Oblig. Series 2022, 5% 4/1/2035  | 2520000 | 2654777 |
| Washington Twp CA Health Care Dist (Washington Twp CA Hosp Dist Proj.) Gen. Oblig. Series 2013A, 5.5% 8/1/2040  | 3400000 | 3407938 |
|  |  | 277722292 |
| Health Care - 0.7% |  |  |
| California Health Facilities Financing Authority (CommonSpirit Health Proj.) Series 2020 A, 4% 4/1/2035  | 1170000 | 1173382 |
| California Health Facilities Financing Authority (CommonSpirit Health Proj.) Series 2020 A, 4% 4/1/2036  | 5000000 | 4973380 |
| California Health Facilities Financing Authority (Scripps Health, Sys Proj.) Series 2024 B1, 5% tender 11/15/2061 (b) | 32400000 | 34826835 |
| California Health Facilities Financing Authority (Scripps Health, Sys Proj.) Series 2024B 2, 5% tender 11/15/2061 (b) | 34960000 | 38642627 |
| California Hlth Facs Fin Auth (Providence Health Systems Proj.) 5% 7/1/2025  | 3885000 | 3885000 |
| California Mun Fin Auth Ctfs Partn (Palomar Health Calif Rev Proj.) 5% 11/1/2031 (Assured Guaranty Municipal Corp Insured)  | 400000 | 428459 |
| California Mun Fin Auth Ctfs Partn (Palomar Health Calif Rev Proj.) 5% 11/1/2032 (Assured Guaranty Municipal Corp Insured)  | 210000 | 225183 |
| California Mun Fin Auth Ctfs Partn (Palomar Health Calif Rev Proj.) 5% 11/1/2033 (Assured Guaranty Municipal Corp Insured)  | 435000 | 463094 |
| California Mun Fin Auth Ctfs Partn (Palomar Health Calif Rev Proj.) 5.25% 11/1/2034 (Assured Guaranty Municipal Corp Insured)  | 1000000 | 1072633 |
| California Statewide Community Development Authority Rev (Beverly Hospital Proj.) Series 2015, 5% (f)(g) | 1067025 | 906971 |
| California Statewide Community Development Authority Rev (Kaiser Permanente Hlth System Proj.) Series 2009 C 2, 5% tender 4/1/2046 (b) | 7865000 | 8547189 |
|  |  | 95144753 |
| Housing - 0.2% |  |  |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2019-2 CA Proj.) Series 2 Class A, 4% 3/20/2033  | 3367086 | 3370690 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2021-1 CA Proj.) Series 1 Class A, 3.5% 11/20/2035  | 20185169 | 18835717 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2023-1 CA Proj.) Series 1 Class A, 4.375% 9/20/2036  | 7795955 | 7790388 |
|  |  | 29996795 |
| Other - 0.1% |  |  |
| California Infrastructure & Economic Development Bank (CA Academy of Science Proj.) Series 2024A, 3.25% 8/1/2029  | 4415000 | 4438393 |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (b) | 14460000 | 13219342 |
|  |  | 17657735 |
| Resource Recovery - 0.1% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2023A, 4.375% tender 9/1/2053 (b)(c) | 4420000 | 4387246 |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2024A, 3.875% tender 3/1/2054 (b)(c) | 8085000 | 7702875 |
|  |  | 12090121 |
| Special Tax - 0.1% |  |  |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2025  | 1115000 | 1117987 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2028  | 1550000 | 1554159 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2032  | 1630000 | 1633349 |
| Sacramento CA Fin Auth 0% 12/1/2026 (National Public Finance Guarantee Corporation Insured) (h) | 3025000 | 2876206 |
|  |  | 7181701 |
| Tobacco Bonds - 0.1% |  |  |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2021 B 2, 0% 6/1/2066 (h) | 120475000 | 12724666 |
| Transportation - 1.7% |  |  |
| Los Angeles CA Dept Arpts Rev 4% 5/15/2038 (c) | 4605000 | 4465940 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (c) | 10000000 | 10833564 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (c) | 9270000 | 10042714 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (c) | 1840000 | 1936111 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2036 (c) | 9740000 | 10447634 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2036 (c) | 6885000 | 7210506 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2036 (c) | 6455000 | 6923971 |
| Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2036 (c) | 2960000 | 3003625 |
| Los Angeles CA Dept Arpts Rev Series 2019 A, 5% 5/15/2035 (c) | 2085000 | 2150665 |
| Los Angeles CA Dept Arpts Rev Series 2019 D, 5% 5/15/2038 (c) | 3045000 | 3081757 |
| Los Angeles CA Dept Arpts Rev Series 2019 F, 5% 5/15/2030 (c) | 2455000 | 2584720 |
| Los Angeles CA Dept Arpts Rev Series 2020C, 5% 5/15/2045 (c) | 5820000 | 5821806 |
| Los Angeles CA Dept Arpts Rev Series 2022A, 4% 5/15/2037 (c) | 13805000 | 13559555 |
| Los Angeles CA Dept Arpts Rev Series 2022A, 5% 5/15/2036 (c) | 755000 | 793123 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2033 (c) | 12595000 | 13691629 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2034 (c) | 13295000 | 14301562 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2035 (c) | 5000000 | 5334396 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2036 (c) | 1500000 | 1587161 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2037 (c) | 1000000 | 1049605 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2038 (c) | 1000000 | 1039665 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5.25% 5/15/2039 (c) | 1200000 | 1264437 |
| Ontario International Airport Authority Series 2021 B, 4% 5/15/2035 (Assured Guaranty Municipal Corp Insured) (c) | 1100000 | 1095470 |
| Ontario International Airport Authority Series 2021 B, 4% 5/15/2038 (Assured Guaranty Municipal Corp Insured) (c) | 1000000 | 955497 |
| Port Oakland Calif Rev Series 2021 H, 5% 5/1/2026 (c) | 1250000 | 1268006 |
| Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2039 (c) | 3280000 | 3303799 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2020C, 5% 7/1/2030 (c) | 795000 | 847928 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021 B, 5% 7/1/2037 (c) | 16945000 | 17542091 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021 B, 5% 7/1/2038 (c) | 17150000 | 17617890 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2023B, 5% 7/1/2039 (c) | 3515000 | 3606400 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2023B, 5% 7/1/2040 (c) | 3290000 | 3351310 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2026 (c) | 13120000 | 13314412 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2027 (c) | 13295000 | 13746030 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2037 (c) | 3290000 | 3368507 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2044 (c) | 12310000 | 12603629 |
|  |  | 213745115 |
| Water & Sewer - 0.0% |  |  |
| Castaic Lake Wtr Agy CA Ctfs Series 1999 A, 0% 8/1/2028 (Ambac Assurance Corp Insured) (h) | 5845000 | 5353626 |
| TOTAL CALIFORNIA |  | 717338739 |
| Colorado - 2.0%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Colorado Springs Colo Utils 5% 11/15/2033  | 400000 | 438158 |
| Colorado Springs Colo Utils 5% 11/15/2034  | 685000 | 745237 |
| Colorado Springs Colo Utils 5% 11/15/2035  | 460000 | 496036 |
| Colorado Springs Colo Utils 5% 11/15/2036  | 440000 | 470336 |
| Colorado Springs Colo Utils 5% 11/15/2037  | 635000 | 674444 |
| Colorado Springs Colo Utils 5% 11/15/2038  | 885000 | 933844 |
| Colorado Springs Colo Utils Series 2020A, 4% 11/15/2036  | 525000 | 528336 |
| Colorado Springs Colo Utils Series 2020A, 4% 11/15/2037  | 670000 | 669130 |
| Colorado Springs Colo Utils Series 2020A, 5% 11/15/2033  | 700000 | 766777 |
|  |  | 5722298 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Colorado Health Facilities Authority 5% tender 11/15/2049 (b) | 930000 | 955955 |
| General Obligations - 0.4% |  |  |
| Adams Cnty CO Sch Dist No 014 5% 12/1/2033  | 1170000 | 1324897 |
| Adams Cnty CO Sch Dist No 014 5% 12/1/2034  | 1310000 | 1481915 |
| Adams Cnty CO Sch Dist No 014 5.5% 12/1/2035  | 1000000 | 1160151 |
| Adams Cnty CO Sch Dist No 014 5.5% 12/1/2036  | 1500000 | 1723965 |
| Adams Cnty CO Sch Dist No 014 5.5% 12/1/2037  | 2100000 | 2398317 |
| Adams Cnty CO Sch Dist No 014 5.5% 12/1/2038  | 1500000 | 1696067 |
| Adams Cnty CO Sch Dist No 014 5.5% 12/1/2039  | 1650000 | 1850273 |
| Adams Cnty CO Sch Dist No 014 5.5% 12/1/2040  | 2250000 | 2511146 |
| Colorado Ctfs of Prtn (Colorado St Proj.) Series 2021A, 4% 12/15/2038  | 3000000 | 2915507 |
| Colorado Ctfs of Prtn (Colorado St Proj.) Series 2021A, 5% 12/15/2034  | 6940000 | 7596922 |
| Denver CO City & Cnty Gen. Oblig. Series 2020 A, 2% 8/1/2035  | 16240000 | 13130963 |
| Denver CO City & Cnty Gen. Oblig. Series 2020 A, 2% 8/1/2036  | 13075000 | 10238934 |
| Regional Trans Dist CO Ctfs Part 5% 6/1/2030  | 3000000 | 3229392 |
| Regional Trans Dist CO Ctfs Part 5% 6/1/2031  | 1580000 | 1699912 |
|  |  | 52958361 |
| Health Care - 0.6% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) 5% tender 11/15/2049 (b) | 9160000 | 9379413 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2025A, 5% tender 11/15/2060 (b) | 20790000 | 22550169 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2036  | 4000000 | 4127570 |
| Colorado Health Facilities Authority (Commonspirit Health Proj.) Series 2019 B 2, 5% tender 8/1/2049 (b) | 5205000 | 5244604 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2024A, 5% 12/1/2039  | 10665000 | 11141057 |
| Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2022 A, 5% 5/15/2031  | 2500000 | 2765762 |
| Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2022 A, 5% 5/15/2032  | 2000000 | 2226319 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022B, 5% tender 5/15/2062 (b) | 8705000 | 8884213 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022C, 5% tender 5/15/2062 (b) | 11655000 | 12312327 |
|  |  | 78631434 |
| Housing - 0.0% |  |  |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 H, 4.25% 11/1/2049  | 795000 | 803694 |
| Special Tax - 0.1% |  |  |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 4% 12/1/2046 (Assured Guaranty Municipal Corp Insured)  | 1805000 | 1625160 |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 4.25% 12/1/2054 (Assured Guaranty Municipal Corp Insured)  | 1690000 | 1521327 |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 5% 12/1/2032 (Assured Guaranty Municipal Corp Insured)  | 1050000 | 1142394 |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 5% 12/1/2033 (Assured Guaranty Municipal Corp Insured)  | 2000000 | 2166688 |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 5% 12/1/2034 (Assured Guaranty Municipal Corp Insured)  | 1810000 | 1951629 |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 5% 12/1/2038 (Assured Guaranty Municipal Corp Insured)  | 1165000 | 1227220 |
|  |  | 9634418 |
| Transportation - 0.9% |  |  |
| Denver CO City & Cnty Arpt 5% 12/1/2031 (c) | 15915000 | 16529026 |
| Denver CO City & Cnty Arpt 5.5% 11/15/2031 (c) | 15970000 | 17846678 |
| Denver CO City & Cnty Arpt 5.5% 11/15/2032 (c) | 4390000 | 4946538 |
| Denver CO City & Cnty Arpt 5.5% 11/15/2033 (c) | 4935000 | 5524052 |
| Denver CO City & Cnty Arpt 5.75% 11/15/2034 (c) | 2540000 | 2866736 |
| Denver CO City & Cnty Arpt 5.75% 11/15/2035 (c) | 2360000 | 2638206 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2027 (c) | 1025000 | 1066108 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2028 (c) | 5890000 | 6111136 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2029 (c) | 4855000 | 5027834 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2030 (c) | 3885000 | 4017168 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2030 (c) | 7475000 | 8022044 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2035 (c) | 3350000 | 3419441 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2026 (c) | 15500000 | 15877707 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2037 (c) | 7000000 | 7287122 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2035 (h) | 1940000 | 1321221 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2037 (h) | 2915000 | 1773083 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2038 (h) | 3650000 | 2084204 |
| E-470 Pub Hwy Auth Colo Rev 5% 9/1/2028  | 2000000 | 2135124 |
| E-470 Pub Hwy Auth Colo Rev 5% 9/1/2034  | 1135000 | 1222936 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 4% 7/15/2033  | 580000 | 585189 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 4% 7/15/2035  | 1900000 | 1882860 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 4% 7/15/2038  | 700000 | 671818 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 4% 7/15/2039  | 1800000 | 1703396 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 5% 1/15/2030  | 500000 | 531173 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 5% 1/15/2031  | 500000 | 535641 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 5% 1/15/2032  | 700000 | 746833 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 5% 7/15/2030  | 350000 | 373453 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 5% 7/15/2031  | 500000 | 534717 |
|  |  | 117281444 |
| TOTAL COLORADO |  | 265987604 |
| Connecticut - 1.5%  |  |  |
| Education - 0.1% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series L, 5% 7/1/2033  | 615000 | 674486 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series L, 5% 7/1/2034  | 830000 | 903205 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series L, 5% 7/1/2037  | 1010000 | 1070864 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 4% 7/1/2039  | 4400000 | 3629574 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 4% 7/1/2049  | 3025000 | 2209362 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2025  | 400000 | 400000 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2026  | 575000 | 577752 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2010A 3, 2.95% tender 7/1/2049 (b) | 6820000 | 6805262 |
| Connecticut State Health & Educational Facilities Authority (Fairfield Univ, CT Proj.) Series S, 5% 7/1/2026  | 2200000 | 2245438 |
| Connecticut State Health & Educational Facilities Authority (Fairfield Univ, CT Proj.) Series S, 5% 7/1/2029  | 970000 | 1018873 |
|  |  | 19534816 |
| General Obligations - 0.6% |  |  |
| Connecticut St Gen. Oblig. 4% 1/15/2039  | 6745000 | 6666435 |
| Connecticut St Gen. Oblig. 4% 6/1/2035  | 1000000 | 1008382 |
| Connecticut St Gen. Oblig. 4% 6/1/2037  | 950000 | 937380 |
| Connecticut St Gen. Oblig. 5% 6/15/2033  | 300000 | 335464 |
| Connecticut St Gen. Oblig. 5% 6/15/2036  | 300000 | 326337 |
| Connecticut St Gen. Oblig. 5% 9/15/2031  | 600000 | 671067 |
| Connecticut St Gen. Oblig. Series 2016 A, 5% 3/15/2026  | 2940000 | 2983482 |
| Connecticut St Gen. Oblig. Series 2018 E, 5% 9/15/2027  | 4050000 | 4256087 |
| Connecticut St Gen. Oblig. Series 2018 E, 5% 9/15/2029  | 4000000 | 4266683 |
| Connecticut St Gen. Oblig. Series 2018 E, 5% 9/15/2030  | 4000000 | 4255712 |
| Connecticut St Gen. Oblig. Series 2018 E, 5% 9/15/2032  | 1300000 | 1373804 |
| Connecticut St Gen. Oblig. Series 2018 F, 5% 9/15/2027  | 1000000 | 1050886 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2030  | 2345000 | 2530475 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2034  | 2635000 | 2792538 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2035  | 915000 | 964516 |
| Connecticut St Gen. Oblig. Series 2020 B, 5% 1/15/2026  | 975000 | 985780 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2034  | 3195000 | 3004535 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2039  | 3665000 | 3064316 |
| Connecticut St Gen. Oblig. Series 2024 A, 5% 1/15/2028  | 3000000 | 3174394 |
| Connecticut St Gen. Oblig. Series 2024 C, 5% 3/1/2028  | 2000000 | 2121674 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2035  | 1000000 | 1139673 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2036  | 2250000 | 2538919 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2037  | 1395000 | 1556504 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2041  | 6310000 | 6729265 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2043  | 1350000 | 1418652 |
| Connecticut St Gen. Oblig. Series E, 5% 10/15/2029  | 4975000 | 5112573 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut St Univ Sys Proj.) Series Q 1, 5% 11/1/2025 (Connecticut St Guaranteed)  | 1205000 | 1213006 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut St Univ Sys Proj.) Series Q 1, 5% 11/1/2027 (Connecticut St Guaranteed)  | 3115000 | 3274877 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut St Univ Sys Proj.) Series Q 1, 5% 11/1/2028 (Connecticut St Guaranteed)  | 1780000 | 1906537 |
| Connecticut St Series 2024 G, 3% 11/15/2042  | 2370000 | 1859370 |
| Connecticut St Series 2024 G, 3% 11/15/2043  | 1480000 | 1137750 |
| University Connecticut (Connecticut St Proj.) Series 2019 A, 5% 11/1/2027  | 1720000 | 1813073 |
| University Connecticut (Connecticut St Proj.) Series 2019 A, 5% 11/1/2027  | 2050000 | 2160930 |
| University Connecticut (Connecticut St Proj.) Series 2019 A, 5% 11/1/2028  | 1260000 | 1352901 |
|  |  | 79983977 |
| Health Care - 0.3% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2034 (d)(f) | 6000000 | 3900000 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2036  | 1750000 | 1716390 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2038  | 1580000 | 1503889 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2030  | 1830000 | 1947904 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2031  | 2975000 | 3160513 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2033  | 4925000 | 5206223 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2034  | 2050000 | 2163446 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2035  | 3200000 | 3356961 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) Series 2020 A, 5% 7/1/2029  | 1000000 | 1071195 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford Healthcare Proj.) 5% tender 7/1/2053 (b) | 2555000 | 2620187 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2029  | 820000 | 868075 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2032  | 3915000 | 4223175 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2033  | 3270000 | 3509609 |
|  |  | 35247567 |
| Housing - 0.1% |  |  |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2021D SUB D1, 3% 5/15/2051  | 15100000 | 14824269 |
| Special Tax - 0.4% |  |  |
| Connecticut St Gen. Oblig. 4% 1/15/2036  | 6860000 | 6959782 |
| Connecticut St Spl Tax Oblig 5% 7/1/2032  | 2000000 | 2252577 |
| Connecticut St Spl Tax Oblig 5% 7/1/2032  | 1500000 | 1689433 |
| Connecticut St Spl Tax Oblig 5% 7/1/2033  | 2065000 | 2342255 |
| Connecticut St Spl Tax Oblig 5% 7/1/2033  | 1000000 | 1134263 |
| Connecticut St Spl Tax Oblig 5% 7/1/2034  | 1500000 | 1679392 |
| Connecticut St Spl Tax Oblig Series 2020 A, 5% 5/1/2029  | 3675000 | 3980361 |
| Connecticut St Spl Tax Oblig Series 2021 A, 5% 5/1/2035  | 2200000 | 2388563 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2036  | 11065000 | 12416090 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2038  | 2340000 | 2563575 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2039  | 8370000 | 9085374 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2040  | 4000000 | 4305496 |
| Connecticut St Spl Tax Oblig Series A, 5% 9/1/2028  | 2495000 | 2561300 |
|  |  | 53358461 |
| TOTAL CONNECTICUT |  | 202949090 |
| Delaware - 0.1%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Co Proj.) Series 2020A, 3.6% 1/1/2031 (i) | 2905000 | 2959025 |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 1.05% tender 1/1/2031 (b) | 4110000 | 4110001 |
|  |  | 7069026 |
| Special Tax - 0.0% |  |  |
| Delaware Trans Auth Tran Sys Rev Series 2020, 5% 7/1/2032  | 2150000 | 2356358 |
| TOTAL DELAWARE |  | 9425384 |
| Delaware,New Jersey - 0.0%  |  |  |
| Transportation - 0.0% |  |  |
| Delaware River & Bay Auth Series 2021, 4% 1/1/2039  | 1350000 | 1335960 |
| Delaware River & Bay Auth Series 2021, 4% 1/1/2040  | 1200000 | 1170755 |
| Delaware River & Bay Auth Series 2021, 4% 1/1/2041  | 700000 | 669598 |
| Delaware River & Bay Auth Series 2021, 4% 1/1/2042  | 365000 | 341983 |
| Delaware River & Bay Auth Series 2021, 5% 1/1/2027  | 730000 | 756044 |
| Delaware River & Bay Auth Series 2021, 5% 1/1/2031  | 150000 | 166485 |
| Delaware River & Bay Auth Series 2021, 5% 1/1/2036  | 510000 | 554780 |
|  |  | 4995605 |
| TOTAL DELAWARE,NEW JERSEY |  | 4995605 |
| District Of Columbia - 1.1%  |  |  |
| General Obligations - 0.1% |  |  |
| District Columbia Gen. Oblig. Series 2021 D, 4% 2/1/2036  | 2500000 | 2540304 |
| District Columbia Gen. Oblig. Series 2021 D, 4% 2/1/2037  | 2500000 | 2524599 |
| District Columbia Gen. Oblig. Series 2021 E, 4% 2/1/2037  | 3240000 | 3271880 |
| District Columbia Gen. Oblig. Series 2023A, 5% 1/1/2039  | 4000000 | 4273511 |
| District Columbia Gen. Oblig. Series 2023A, 5% 1/1/2040  | 1330000 | 1404550 |
|  |  | 14014844 |
| Special Tax - 0.0% |  |  |
| District Columbia Income Tax Rev Series 2022A, 5% 7/1/2040  | 3555000 | 3743793 |
| Transportation - 0.9% |  |  |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2031 (c) | 2335000 | 2396356 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2034 (c) | 1940000 | 1977432 |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2028 (c) | 3885000 | 4090292 |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2029 (c) | 4030000 | 4217187 |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2030 (c) | 3165000 | 3301285 |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2031 (c) | 4540000 | 4716341 |
| Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2025 (c) | 1530000 | 1536667 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 4% 10/1/2037 (c) | 1680000 | 1639449 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 4% 10/1/2038 (c) | 1865000 | 1798908 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 4% 10/1/2040 (c) | 3250000 | 3045363 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2030 (c) | 7470000 | 8012814 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2031 (c) | 12695000 | 13719295 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2032 (c) | 18670000 | 19939267 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2033 (c) | 19170000 | 20388848 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2034 (c) | 4480000 | 4727675 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2035 (c) | 3985000 | 4178840 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2036 (c) | 3175000 | 3310654 |
| Metropolitan Wash DC Arpts Ath Series 2022 A, 5% 10/1/2031 (c) | 2680000 | 2896236 |
| Metropolitan Wash DC Arpts Ath Series 2022 A, 5% 10/1/2032 (c) | 1250000 | 1356748 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 4% 10/1/2035  | 1185000 | 1186463 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 4% 10/1/2036  | 1760000 | 1745345 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 4% 10/1/2037  | 1770000 | 1732498 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 4% 10/1/2038  | 735000 | 708366 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 5% 10/1/2033  | 1250000 | 1315677 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 3% 10/1/2050 (Assured Guaranty Municipal Corp Insured)  | 1000000 | 703433 |
|  |  | 114641439 |
| Water & Sewer - 0.1% |  |  |
| District Columbia Wtr & Swr Auth Pub Util Rev Series 2022E, 3% tender 10/1/2057 (b) | 9535000 | 9408001 |
| TOTAL DISTRICT OF COLUMBIA |  | 141808077 |
| District Of Columbia,Maryland,Virginia - 0.2%  |  |  |
| Special Tax - 0.2% |  |  |
| Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2034  | 7990000 | 8163780 |
| Washington Metropolitan Area Transit Authority Series 2021 A, 5% 7/15/2037  | 6750000 | 7185574 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2033  | 1305000 | 1467122 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2034  | 2450000 | 2728129 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2035  | 2000000 | 2206558 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2037  | 1400000 | 1517032 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2038  | 1100000 | 1181033 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2039  | 1655000 | 1762728 |
|  |  | 26211956 |
| TOTAL DISTRICT OF COLUMBIA,MARYLAND,VIRGINIA |  | 26211956 |
| Florida - 6.6%  |  |  |
| Education - 0.1% |  |  |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2031  | 2000000 | 2106711 |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2034  | 1250000 | 1292521 |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2035  | 500000 | 513967 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2028  | 1060000 | 1103382 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2030  | 1500000 | 1567378 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2031  | 1750000 | 1821261 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2032  | 1305000 | 1350924 |
| Florida Higher Edl Facs Fing Auth Rev (St Leo University Proj.) Series 2019, 5% 3/1/2029  | 1635000 | 1550422 |
| Florida Higher Edl Facs Fing Auth Rev (St Leo University Proj.) Series 2019, 5% 3/1/2030  | 1715000 | 1601537 |
| Florida Higher Edl Facs Fing Auth Rev (St Leo University Proj.) Series 2019, 5% 3/1/2031  | 1805000 | 1661149 |
| Florida Higher Edl Facs Fing Auth Rev (St Leo University Proj.) Series 2019, 5% 3/1/2032  | 1890000 | 1707356 |
| Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 4% 10/15/2035  | 400000 | 401395 |
| Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 4% 10/15/2036  | 375000 | 373655 |
| Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 4% 10/15/2038  | 750000 | 730855 |
|  |  | 17782513 |
| Electric Utilities - 0.2% |  |  |
| Florida St Mun Pwr Agy Rev 5% 10/1/2030  | 1775000 | 1812659 |
| Florida St Mun Pwr Agy Rev 5% 10/1/2031  | 1940000 | 1980201 |
| Florida St Mun Pwr Agy Rev Series 2015B, 5% 10/1/2027  | 1455000 | 1460980 |
| Jacksonville FL Elec Auth Sys Rev Series 2017 B, 5% 10/1/2026  | 6680000 | 6864819 |
| Jacksonville FL Elec Auth Sys Rev Series 2020 A, 4% 10/1/2035  | 5000000 | 5033123 |
| Jacksonville FL Elec Auth Sys Rev Series 2020 A, 5% 10/1/2030  | 5055000 | 5513463 |
| Jacksonville FL Elec Auth Sys Rev Series 2020 A, 5% 10/1/2031  | 2625000 | 2853001 |
| Jacksonville FL Elec Auth Sys Rev Series 2020 A, 5% 10/1/2032  | 4385000 | 4747761 |
| Jacksonville FL Elec Auth Sys Rev Series 2024 A, 5% 10/1/2036  | 1500000 | 1661147 |
| Jacksonville FL Elec Auth Sys Rev Series THREE 2024A, 5% 10/1/2034  | 1135000 | 1288688 |
| Jacksonville FL Elec Auth Sys Rev Series THREE 2024A, 5% 10/1/2036  | 1085000 | 1204856 |
| Jacksonville FL Elec Auth Sys Rev Series THREE 2024A, 5% 10/1/2038  | 1230000 | 1337415 |
| Orlando Fla Utils Commn Util Sys Rev 5% 10/1/2025  | 875000 | 879318 |
|  |  | 36637431 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Greater Orlando Aviation Auth 5% 10/1/2028 (Pre-refunded to 10/1/2027 at 100) (c) | 3380000 | 3531412 |
| Orange Cnty FL Sch Brd Ctf Par Series 2015C, 5% 8/1/2029 (Pre-refunded to 8/1/2025 at 100)  | 6800000 | 6810950 |
| Tampa Fla Wtr & Wastewtr Sys Series 2001 A, 6% 10/1/2029 (Escrowed to Maturity)  | 2430000 | 2701575 |
|  |  | 13043937 |
| General Obligations - 3.1% |  |  |
| Alachua Cnty Fla Sch Brd Ctfs Partn (Alachua Cnty FL Sch Dist Proj.) 5% 7/1/2027 (Assured Guaranty Municipal Corp Insured)  | 4285000 | 4469858 |
| Alachua Cnty Fla Sch Brd Ctfs Partn (Alachua Cnty FL Sch Dist Proj.) 5% 7/1/2028 (Assured Guaranty Municipal Corp Insured)  | 7045000 | 7489123 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2015A, 5% 7/1/2026  | 11200000 | 11204538 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2015A, 5% 7/1/2027  | 8900000 | 8903606 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2015A, 5% 7/1/2028  | 3885000 | 3886574 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2015B, 5% 7/1/2025  | 2100000 | 2100000 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2015B, 5% 7/1/2026  | 11335000 | 11339593 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2015B, 5% 7/1/2027  | 7670000 | 7673108 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2015B, 5% 7/1/2028  | 13120000 | 13125317 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2020A, 5% 7/1/2031  | 3000000 | 3261736 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series A, 5% 7/1/2032  | 2430000 | 2467408 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL Sch Dist Proj.) Series 2015B, 5% 7/1/2027  | 4260000 | 4260000 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL Sch Dist Proj.) Series 2015B, 5% 7/1/2028  | 970000 | 969999 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL Sch Dist Proj.) Series 2015B, 5% 7/1/2030  | 6440000 | 6440000 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL School Board Proj.) 5% 7/1/2031 (Assured Guaranty Municipal Corp Insured)  | 10700000 | 11865422 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL School Board Proj.) 5% 7/1/2032 (Assured Guaranty Municipal Corp Insured)  | 4250000 | 4729052 |
| Florida St Dept Mgmt Svcs Ctfs Partn (Florida St Proj.) Series 2018 A, 5% 11/1/2029  | 6245000 | 6788720 |
| Hillsborough Cnty FL Sch Brd 5% 7/1/2029  | 6955000 | 7487533 |
| Indian River Cnty FL Sch Brd Ctfs Partn (Indian River CO FL Sch Dist Proj.) 5% 7/1/2025  | 1940000 | 1940000 |
| Lake Cnty Fla Sch Brd Cop (Lake County FL School Board Proj.) Series 2025A, 5% 6/1/2031 (Assured Guaranty Municipal Corp Insured)  | 6935000 | 7643346 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2033  | 2000000 | 2245443 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2034  | 1400000 | 1577364 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2035  | 1000000 | 1126023 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2036  | 1500000 | 1665444 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2037  | 1400000 | 1531869 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2038  | 2650000 | 2863146 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2039  | 2500000 | 2675294 |
| Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2015D, 5% 2/1/2029  | 6435000 | 6498956 |
| Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2015D, 5% 2/1/2030  | 6310000 | 6370521 |
| Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2016A, 5% 5/1/2031  | 19200000 | 19449230 |
| Miami-Dade Cnty FL Spl Oblig (Miami-Dade Cnty Fla Proj.) Series 2021 A, 4% 4/1/2044  | 8990000 | 8148388 |
| Miami-Dade Cnty FL Spl Oblig (Miami-Dade Cnty Fla Proj.) Series 2021 A, 4% 4/1/2046  | 9860000 | 8895923 |
| Miami-Dade Cnty Fla Gen. Oblig. 5% 7/1/2031  | 11690000 | 12817714 |
| Miami-Dade Cnty Fla Seaport Rev (Miami-Dade Cnty Fla Proj.) Series SUB 2021 B2, 4% 10/1/2038  | 3000000 | 2980564 |
| Orange Cnty FL Sch Brd Ctf Par (Orange Cnty FL Sch Dist Proj.) Series 2024A, 5% 8/1/2034  | 35000000 | 39262171 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) 5% 8/1/2025  | 3110000 | 3115117 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2015 D, 5% 8/1/2026  | 23370000 | 23406639 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2015 D, 5% 8/1/2027  | 10595000 | 10611611 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2015B, 5% 8/1/2025 (Escrowed to Maturity)  | 1580000 | 1582477 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2015B, 5% 8/1/2026  | 10160000 | 10175929 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2015B, 5% 8/1/2027  | 8045000 | 8057613 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2015B, 5% 8/1/2028  | 5325000 | 5333349 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2017A, 5% 8/1/2026  | 21905000 | 22461575 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2018 A, 5% 8/1/2026  | 1880000 | 1927768 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2021 A, 5% 8/1/2038  | 3720000 | 3907604 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2021 A, 5% 8/1/2039  | 7440000 | 7762075 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2025A, 5% 8/1/2030  | 7910000 | 8689595 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2025A, 5% 8/1/2031  | 13500000 | 14990138 |
| Pasco Cnty FL Sch Brd Cert of Part (Pasco Cnty FL Sch Dist Proj.) 5% 8/1/2033 (Assured Guaranty Municipal Corp Insured)  | 3000000 | 3254798 |
| Pasco Cnty FL Sch Brd Cert of Part (Pasco Cnty FL Sch Dist Proj.) 5% 8/1/2034 (Assured Guaranty Municipal Corp Insured)  | 2250000 | 2427622 |
| Pasco Cnty Fla Gen. Oblig. Series 2021 B, 5% 10/1/2032  | 2175000 | 2407818 |
| Pasco Cnty Fla Gen. Oblig. Series 2021 B, 5% 10/1/2034  | 2400000 | 2623694 |
| Pasco Cnty Fla Gen. Oblig. Series 2021 B, 5% 10/1/2038  | 2905000 | 3081261 |
| Pasco Cnty Fla Gen. Oblig. Series 2021 B, 5% 10/1/2039  | 3060000 | 3226800 |
| Pasco Cnty Fla Gen. Oblig. Series 2021 B, 5% 10/1/2040  | 3215000 | 3376368 |
| South Fla Wtr Mgmt Dist Ctfs Partn 5% 10/1/2030  | 3885000 | 3935612 |
|  |  | 392508446 |
| Health Care - 0.7% |  |  |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2030  | 2690000 | 2913375 |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2032  | 620000 | 684314 |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2037  | 985000 | 1059689 |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2039  | 1670000 | 1762946 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2040 (Assured Guaranty Municipal Corp Insured)  | 900000 | 944046 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2041 (Assured Guaranty Municipal Corp Insured)  | 750000 | 780071 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2042 (Assured Guaranty Municipal Corp Insured)  | 1000000 | 1032673 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2043 (Assured Guaranty Municipal Corp Insured)  | 1000000 | 1027312 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2044 (Assured Guaranty Municipal Corp Insured)  | 1150000 | 1176533 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, Fl Proj.) Series 2024 B 1, 5% tender 10/1/2054 (Assured Guaranty Municipal Corp Insured) (b) | 3365000 | 3584304 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, Fl Proj.) Series 2024 B 2, 5% tender 10/1/2054 (Assured Guaranty Municipal Corp Insured) (b) | 2340000 | 2527890 |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 4% 8/15/2045  | 4570000 | 3889696 |
| Florida Development Finance Corp (Tampa General Hospital, Fl Proj.) Series 2024 B, 5% tender 8/1/2056 (b) | 17180000 | 18549471 |
| Lakeland FL Hosp Sys Rev (Lakeland FL Hosp Sys Rev Proj.) Series 2024, 5% 11/15/2036  | 7565000 | 8235045 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2033  | 1650000 | 1727177 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2034  | 3250000 | 3385820 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2035  | 6325000 | 6559249 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2037  | 2190000 | 2249466 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2039  | 1500000 | 1523866 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys Fl Hosp Rev Proj.) 5% tender 4/1/2033 (b) | 11585000 | 11627434 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) 5% 10/1/2032  | 1605000 | 1783445 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) 5% 10/1/2033  | 750000 | 832920 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) 5% 10/1/2034  | 1000000 | 1100110 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) 5% 10/1/2035  | 1000000 | 1089106 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) 5% 10/1/2036  | 600000 | 648494 |
| Palm Beach Cnty FL Health Facs (Lifespace Proj.) Series 2015C, 5% 5/15/2030  | 1670000 | 1670427 |
| South Broward Hosp Dist FL Rev Series 2021 A, 2.5% 5/1/2047  | 3000000 | 1870329 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2025  | 4180000 | 4186973 |
|  |  | 88422181 |
| Other - 0.0% |  |  |
| Pinellas Cnty Fla Indl Dev Auth Indl Dev Rev (Patel Foundation For Global Understanding Proj.) Series 2019, 5% 7/1/2029  | 715000 | 723780 |
| Pinellas Cnty Fla Indl Dev Auth Indl Dev Rev (Patel Foundation For Global Understanding Proj.) Series 2019, 5% 7/1/2039  | 1000000 | 968774 |
|  |  | 1692554 |
| Resource Recovery - 0.0% |  |  |
| Hillsborough Cnty FL Sldwst Rec Series A, 5% 9/1/2025 (c) | 2150000 | 2154388 |
| Hillsborough Cnty FL Sldwst Rec Series A, 5% 9/1/2026 (c) | 2200000 | 2240409 |
|  |  | 4394797 |
| Special Tax - 0.4% |  |  |
| Clay Cnty Fla Sales Surtax Rev 5% 10/1/2025  | 1115000 | 1120277 |
| Clay Cnty Fla Sales Surtax Rev 5% 10/1/2031  | 2445000 | 2640453 |
| Clay Cnty Fla Sales Surtax Rev 5% 10/1/2034  | 5390000 | 5729497 |
| Clay Cnty Fla Sales Surtax Rev 5% 10/1/2036  | 3000000 | 3147322 |
| Clay Cnty Fla Sales Surtax Rev 5% 10/1/2037  | 6135000 | 6396385 |
| County of Broward FL Tourist Development Tax Revenue Series 2021, 4% 9/1/2041  | 2700000 | 2518126 |
| Manatee Cnty FL Sch Dist Sales Tax Rev Series 2017, 5% 10/1/2025 (Assured Guaranty Municipal Corp Insured)  | 1940000 | 1949572 |
| Miami-Dade Cnty FL Spl Oblig 5% 10/1/2028  | 5385000 | 5517916 |
| Miami-Dade Cnty FL Spl Oblig 5% 10/1/2029  | 3985000 | 4082372 |
| Miami-Dade Cnty FL Spl Oblig 5% 10/1/2030  | 7215000 | 7386822 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev 3.75% 5/1/2029 (d) | 1000000 | 997248 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev 4.55% 5/1/2044 (d) | 1100000 | 1024930 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev 4.8% 5/1/2055 (d) | 2250000 | 2047821 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev Series 2023, 4.25% 5/1/2028 (d) | 600000 | 606094 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev Series 2023, 4.375% 5/1/2033 (d) | 1000000 | 1015822 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev Series 2023, 4.85% 5/1/2038 (d) | 1000000 | 1008568 |
|  |  | 47189225 |
| Transportation - 2.0% |  |  |
| Broward Cnty FL Arpt Sys Rev 5% 10/1/2029 (c) | 4090000 | 4100908 |
| Broward Cnty FL Arpt Sys Rev 5% 10/1/2031 (c) | 2915000 | 2921355 |
| Broward Cnty FL Arpt Sys Rev 5% 10/1/2032 (c) | 3885000 | 3892497 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2030 (c) | 2050000 | 2105002 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2031 (c) | 3100000 | 3171365 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2035 (c) | 1000000 | 1011190 |
| Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2039 (c) | 1750000 | 1774906 |
| Broward Cnty FL Arpt Sys Rev Series 2019 B, 5% 10/1/2028 (c) | 6000000 | 6315159 |
| Broward Cnty FL Arpt Sys Rev Series 2019 B, 5% 10/1/2029 (c) | 5000000 | 5325156 |
| Broward Cnty FL Port Everglades Series 2019 A, 5% 9/1/2032  | 1055000 | 1124179 |
| Broward Cnty FL Port Everglades Series 2019 B, 4% 9/1/2037 (c) | 1970000 | 1859380 |
| Broward Cnty FL Port Everglades Series 2019 B, 5% 9/1/2028 (c) | 710000 | 746088 |
| Florida Dev Fin Corp Rev (Brightline FL Proj.) Series 2024, 5% 7/1/2035 (c) | 2915000 | 2884451 |
| Florida Dev Fin Corp Rev (Brightline FL Proj.) Series 2024, 5% 7/1/2041 (c) | 7320000 | 6664593 |
| Florida Dev Fin Corp Rev (Brightline FL Proj.) Series 2024, 5% 7/1/2044 (Assured Guaranty Municipal Corp Insured) (c) | 7285000 | 7231735 |
| Florida St Dept Transn Tpk Rev 5% 7/1/2036  | 10365000 | 11646737 |
| Florida St Dept Transn Tpk Rev 5% 7/1/2037  | 5345000 | 5937526 |
| Florida St Dept Transn Tpk Rev 5% 7/1/2038  | 5480000 | 6029848 |
| Florida St Dept Transn Tpk Rev Series 2021C, 3% 7/1/2035  | 4020000 | 3694102 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2032 (Assured Guaranty Municipal Corp Insured) (i) | 6000000 | 6632064 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2033 (Assured Guaranty Municipal Corp Insured) (i) | 3750000 | 4176426 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2034 (Assured Guaranty Municipal Corp Insured) (i) | 5035000 | 5592872 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2035 (Assured Guaranty Municipal Corp Insured) (i) | 1860000 | 2053041 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2037 (Assured Guaranty Municipal Corp Insured) (i) | 2310000 | 2497577 |
| Florida St Mid Bay Bridge Auth Series A, 5% 10/1/2027  | 3495000 | 3510825 |
| Florida St Mid Bay Bridge Auth Series A, 5% 10/1/2028  | 5000000 | 5022639 |
| Florida St Mid Bay Bridge Auth Series A, 5% 10/1/2029  | 2645000 | 2656976 |
| Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2031 (c) | 4225000 | 4446029 |
| Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2044 (c) | 14200000 | 14208105 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2035 (c) | 3125000 | 3347356 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2036 (c) | 4000000 | 4244799 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2037 (c) | 4000000 | 4203996 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2038 (c) | 7680000 | 7988483 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2039 (c) | 8050000 | 8304861 |
| Greater Orlando Aviation Auth Series 2024, 5.25% 10/1/2040 (c) | 6585000 | 6976516 |
| Greater Orlando Aviation Auth Series 2024, 5.25% 10/1/2041 (c) | 18340000 | 19252356 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2024 B, 5% 10/1/2034 (c) | 5055000 | 5466430 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2024 B, 5% 10/1/2035 (c) | 4215000 | 4514913 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2024 B, 5% 10/1/2036 (c) | 3975000 | 4218269 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2024 B, 5% 10/1/2037 (c) | 4445000 | 4671691 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2024 B, 5% 10/1/2038 (c) | 4880000 | 5076015 |
| Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2036  | 2000000 | 1997371 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2030  | 2430000 | 2486885 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2031  | 970000 | 990721 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2032  | 2150000 | 2333618 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2033  | 3325000 | 3582829 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev 5% 7/1/2040  | 7965000 | 7964911 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2016 A, 5% 7/1/2031  | 1455000 | 1475392 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2016 A, 5% 7/1/2032  | 3865000 | 3916887 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2016 A, 5% 7/1/2033  | 3205000 | 3245192 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2016 A, 5% 7/1/2034  | 970000 | 981592 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) 5% 7/1/2035  | 5000000 | 5257506 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2038 (Assured Guaranty Municipal Corp Insured)  | 4000000 | 3969791 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 5% 7/1/2026 (Assured Guaranty Municipal Corp Insured)  | 4140000 | 4236176 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2028 (h) | 490000 | 435289 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2029 (h) | 700000 | 598017 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2035 (c) | 3650000 | 3895204 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2036 (c) | 3105000 | 3285258 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5.25% 10/1/2039 (c) | 3225000 | 3424840 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5.25% 10/1/2040 (c) | 1460000 | 1541138 |
|  |  | 263117033 |
| Water & Sewer - 0.0% |  |  |
| JEA FL Wtr & Swr Sys Rev Series 2020 A, 3% 10/1/2036  | 5000000 | 4524145 |
| TOTAL FLORIDA |  | 869312262 |
| Georgia - 4.4%  |  |  |
| Education - 0.0% |  |  |
| Fulton Cnty GA Dev Auth Rev (University System of GA Proj.) 5% 6/15/2044  | 2365000 | 2393993 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 4% 4/1/2039  | 955000 | 911507 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 4% 4/1/2041  | 1500000 | 1388714 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2032  | 800000 | 874214 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2034  | 2420000 | 2612393 |
|  |  | 8180821 |
| Electric Utilities - 1.1% |  |  |
| Bartow Cnty GA Dev Auth Pollution Cont Rev (Georgia Power Co Proj.) Series FIRST 2009, 3.95% tender 12/1/2032 (b) | 19870000 | 20216545 |
| Bartow Cnty GA Dev Auth Pollution Cont Rev (Georgia Power Co Proj.) Series FIRST 2013, 2.875% tender 8/1/2043 (b) | 11435000 | 11420364 |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 4% 11/1/2062 VRDN (b)(c) | 4100000 | 4099999 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2008 SECOND, 3.375% tender 11/1/2048 (b) | 5685000 | 5674923 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2012, 2.875% tender 12/1/2049 (b) | 3575000 | 3569946 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2008, 3.35% tender 11/1/2048 (b) | 19400000 | 19217989 |
| Burke Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2013A, 3.6% tender 1/1/2040 (b) | 7340000 | 7381364 |
| Burke Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2017 E, 3.6% tender 11/1/2045 (b) | 6830000 | 6871372 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2046 (Assured Guaranty Municipal Corp Insured)  | 1100000 | 997759 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2027  | 990000 | 1021658 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2028  | 520000 | 546155 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2029  | 1140000 | 1214248 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2031  | 700000 | 742429 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2032  | 515000 | 544756 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2033  | 1200000 | 1265203 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2062 (Assured Guaranty Municipal Corp Insured)  | 3345000 | 3327962 |
| Georgia Mun Elec Auth Pwr Rev 5% 11/1/2027  | 600000 | 629370 |
| Georgia Mun Elec Auth Pwr Rev 5% 11/1/2028  | 820000 | 874720 |
| Georgia Mun Elec Auth Pwr Rev 5% 11/1/2029  | 935000 | 1013253 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2033 (Assured Guaranty Municipal Corp Insured)  | 360000 | 400500 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2034 (Assured Guaranty Municipal Corp Insured)  | 1000000 | 1101926 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2034 (Assured Guaranty Municipal Corp Insured)  | 365000 | 403217 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2035 (Assured Guaranty Municipal Corp Insured)  | 845000 | 923006 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2035 (Assured Guaranty Municipal Corp Insured)  | 310000 | 338617 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2036 (Assured Guaranty Municipal Corp Insured)  | 650000 | 702179 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2036 (Assured Guaranty Municipal Corp Insured)  | 450000 | 486124 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2037 (Assured Guaranty Municipal Corp Insured)  | 495000 | 530601 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2038 (Assured Guaranty Municipal Corp Insured)  | 1230000 | 1306187 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2038 (Assured Guaranty Municipal Corp Insured)  | 435000 | 461944 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2039 (Assured Guaranty Municipal Corp Insured)  | 500000 | 525643 |
| Georgia Mun Elec Auth Pwr Rev Series 2020 A, 5% 1/1/2031  | 1000000 | 1092379 |
| Georgia Mun Elec Auth Pwr Rev Series 2020 A, 5% 1/1/2032  | 1150000 | 1251189 |
| Georgia Mun Elec Auth Pwr Rev Series 2020 A, 5% 1/1/2033  | 1000000 | 1082669 |
| Georgia Mun Elec Auth Pwr Rev Series 2020 A, 5% 1/1/2035  | 2000000 | 2141601 |
| Georgia Mun Elec Auth Pwr Rev Series 2020A, 4% 1/1/2034  | 1870000 | 1883743 |
| Georgia Mun Elec Auth Pwr Rev Series 2020A, 5% 1/1/2031  | 1250000 | 1365474 |
| Georgia Mun Elec Auth Pwr Rev Series 2020A, 5% 1/1/2032  | 1000000 | 1087990 |
| Georgia Mun Elec Auth Pwr Rev Series 2022 A, 5% 7/1/2037 (Assured Guaranty Municipal Corp Insured)  | 2845000 | 3037733 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2035  | 3655000 | 4035080 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2037  | 2535000 | 2740158 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2042  | 1150000 | 1182643 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2043  | 1050000 | 1070268 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2038 (Build America Mutual Assurance Co Insured)  | 1125000 | 1244278 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2044 (Build America Mutual Assurance Co Insured)  | 1250000 | 1321915 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2049  | 2305000 | 2397182 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2013, 3.875% tender 4/1/2043 (b) | 3500000 | 3511278 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2008, 3.35% tender 11/1/2048 (b) | 2495000 | 2471592 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2012, 3.875% tender 6/1/2042 (b) | 2785000 | 2793974 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2009, 3.75% tender 10/1/2048 (b) | 2150000 | 2154768 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2006, 3.875% tender 12/1/2041 (b) | 3500000 | 3511279 |
| Monroe Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2013A, 3.6% tender 1/1/2039 (b) | 4930000 | 4959863 |
|  |  | 144147015 |
| General Obligations - 2.7% |  |  |
| Atlanta GA Gen. Oblig. 5% 12/1/2034  | 2250000 | 2513705 |
| Georgia St Gen. Oblig. Series 2020 A, 4% 8/1/2034  | 8545000 | 8780347 |
| Georgia St Gen. Oblig. Series 2020 A, 4% 8/1/2035  | 11000000 | 11210800 |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (b) | 8420000 | 8464270 |
| Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (b) | 49740000 | 50207601 |
| Main Street Natural Gas Inc 5% tender 12/1/2054 (Royal Bank of Canada Guaranteed) (b) | 16235000 | 17157075 |
| Main Street Natural Gas Inc 5% tender 6/1/2053 (Citigroup Inc Guaranteed) (b) | 17250000 | 18082811 |
| Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (b) | 47695000 | 50721658 |
| Main Street Natural Gas Inc Series 2022A, 4% 12/1/2029 (Citigroup Inc Guaranteed)  | 3515000 | 3564169 |
| Main Street Natural Gas Inc Series 2022A, 4% tender 9/1/2052 (Citigroup Inc Guaranteed) (b) | 28790000 | 28924138 |
| Main Street Natural Gas Inc Series 2022B, 5% tender 12/1/2052 (Citigroup Inc Guaranteed) (b) | 34655000 | 35974292 |
| Main Street Natural Gas Inc Series 2023B, 5% tender 7/1/2053 (Royal Bank of Canada Guaranteed) (b) | 14245000 | 15008739 |
| Main Street Natural Gas Inc Series 2023C, 5% tender 9/1/2053 (Royal Bank of Canada Guaranteed) (b) | 17055000 | 18036333 |
| Main Street Natural Gas Inc Series 2023D, 5% tender 5/1/2054 (Citigroup Inc Guaranteed) (b) | 28360000 | 29835140 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% tender 5/1/2054 (Royal Bank of Canada Guaranteed) (b) | 23555000 | 24890957 |
| Main Street Natural Gas Inc Series 2024C, 5% tender 12/1/2054 (Citigroup Inc Guaranteed) (b) | 9100000 | 9559952 |
| Main Street Natural Gas Inc Series 2024D, 5% tender 4/1/2054 (Toronto Dominion Bank Guaranteed) (b) | 13735000 | 14563797 |
|  |  | 347495784 |
| Health Care - 0.3% |  |  |
| Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 5% 7/1/2027  | 1500000 | 1567729 |
| Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 5% 7/1/2038  | 2000000 | 2082042 |
| Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 5% 7/1/2039  | 1250000 | 1294191 |
| Columbus GA Med Ctr Hosp Auth (Piedmont Hosp Og Proj.) 5% tender 7/1/2054 (b) | 10100000 | 10696367 |
| Columbus GA Med Ctr Hosp Auth (Piedmont Hosp Og Proj.) 5% tender 7/1/2054 (b) | 6030000 | 6085482 |
| DeKalb GA Priv Hsp Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 B, 5% 7/1/2026  | 1000000 | 1022047 |
| DeKalb GA Priv Hsp Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 B, 5% 7/1/2028  | 2000000 | 2132229 |
| Fulton Cnty GA Dev Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 C, 5% 7/1/2027  | 3035000 | 3172038 |
| Fulton Cnty GA Dev Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 C, 5% 7/1/2036  | 1300000 | 1369738 |
| Fulton Cnty GA Dev Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 C, 5% 7/1/2037  | 1600000 | 1677691 |
| Fulton Cnty GA Dev Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 C, 5% 7/1/2039  | 1250000 | 1294191 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2020 A, 4% 2/15/2037  | 1080000 | 1069661 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2024, 5% 10/15/2034  | 5000000 | 5534695 |
| Glynn Brunswick Mem Hosp Auth GA Rev (Southeast GA Health System Proj.) Series 2020, 4% 8/1/2038  | 2000000 | 1795813 |
|  |  | 40793914 |
| Housing - 0.1% |  |  |
| Georgia Hsg & Fin Auth Rev (GA Single Family Mortgage Proj.) Series 2020 A, 3.05% 12/1/2040  | 1000000 | 807538 |
| Georgia Hsg & Fin Auth Rev (GA Single Family Mortgage Proj.) Series 2025 C, 6.25% 12/1/2055  | 7870000 | 8744169 |
|  |  | 9551707 |
| Transportation - 0.2% |  |  |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2023 E, 5% 7/1/2037 (c) | 3750000 | 3932087 |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2023 E, 5% 7/1/2038 (c) | 2750000 | 2853413 |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2023 E, 5% 7/1/2040 (c) | 1565000 | 1600444 |
| Atlanta GA Arpt Rev Series 2021 C, 4% 7/1/2038 (c) | 745000 | 721010 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2025 (c) | 710000 | 710000 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2032 (c) | 1750000 | 1867376 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2033 (c) | 1050000 | 1116054 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2034 (c) | 750000 | 791360 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2035 (c) | 1000000 | 1048698 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2036 (c) | 1050000 | 1095097 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2037 (c) | 1115000 | 1155481 |
| Atlanta GA Arpt Rev Series 2024B, 5% 7/1/2034 (c) | 625000 | 676348 |
| Atlanta GA Arpt Rev Series 2024B, 5% 7/1/2035 (c) | 795000 | 852304 |
| Atlanta GA Arpt Rev Series 2024B, 5% 7/1/2036 (c) | 1700000 | 1805878 |
| Atlanta GA Arpt Rev Series 2024B, 5% 7/1/2037 (c) | 3455000 | 3637377 |
| Atlanta GA Arpt Rev Series 2024B, 5% 7/1/2038 (c) | 3915000 | 4077251 |
| Atlanta GA Arpt Rev Series 2024B, 5% 7/1/2039 (c) | 4115000 | 4251217 |
|  |  | 32191395 |
| Water & Sewer - 0.0% |  |  |
| Atlanta GA Wtr & Wastewtr Rev 5% 11/1/2027  | 970000 | 971952 |
| TOTAL GEORGIA |  | 583332588 |
| Hawaii - 0.5%  |  |  |
| Education - 0.0% |  |  |
| University Hawaii Rev Series 2020B, 5% 10/1/2030  | 4280000 | 4725968 |
| General Obligations - 0.3% |  |  |
| Hawaii St Gen. Oblig. 5% 1/1/2030  | 5140000 | 5520458 |
| Hawaii St Gen. Oblig. 5% 1/1/2031  | 1250000 | 1337867 |
| Hawaii St Gen. Oblig. 5% 1/1/2035  | 5000000 | 5261493 |
| Honolulu HI City & Cnty Gen. Oblig. 5% 9/1/2026  | 3110000 | 3194701 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2019 A, 5% 9/1/2030  | 6500000 | 6904728 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2019D, 5% 8/1/2026  | 4500000 | 4613638 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020 C, 4% 7/1/2034  | 850000 | 867444 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020 C, 4% 7/1/2037  | 750000 | 751455 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020 C, 4% 7/1/2040  | 1250000 | 1213177 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020F, 5% 7/1/2033  | 1955000 | 2131784 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020F, 5% 7/1/2034  | 860000 | 932308 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2022 A, 5% 11/1/2025  | 2620000 | 2638147 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2022 A, 5% 11/1/2026  | 700000 | 721875 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2022 A, 5% 11/1/2028  | 4210000 | 4524008 |
|  |  | 40613083 |
| Transportation - 0.1% |  |  |
| Hawaii St Arpts Sys Rev Series 2020 A, 4% 7/1/2036 (c) | 925000 | 917428 |
| Hawaii St Arpts Sys Rev Series 2020 A, 4% 7/1/2037 (c) | 1385000 | 1356937 |
| Hawaii St Arpts Sys Rev Series 2020 A, 4% 7/1/2038 (c) | 1400000 | 1354918 |
| Hawaii St Arpts Sys Rev Series 2020 A, 4% 7/1/2039 (c) | 1500000 | 1432080 |
| Hawaii St Arpts Sys Rev Series 2020 A, 4% 7/1/2040 (c) | 535000 | 503393 |
| Hawaii St Arpts Sys Rev Series 2020 A, 5% 7/1/2033 (c) | 6795000 | 7154620 |
| Hawaii St Hbr Sys Rev Series 2020 A, 4% 7/1/2033 (c) | 1000000 | 996135 |
| Hawaii St Hbr Sys Rev Series 2020 A, 4% 7/1/2035 (c) | 280000 | 275984 |
|  |  | 13991495 |
| Water & Sewer - 0.1% |  |  |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2025A, 5% 7/1/2034  | 2125000 | 2420572 |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2025A, 5% 7/1/2035  | 1125000 | 1282980 |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2025A, 5% 7/1/2038  | 3245000 | 3573136 |
|  |  | 7276688 |
| TOTAL HAWAII |  | 66607234 |
| Idaho - 0.2%  |  |  |
| Health Care - 0.1% |  |  |
| Idaho Health Facs Auth Rev (St Lukes Regional Med Ctr, Id Proj.) Series 2025 C, 5% tender 3/1/2060 (b) | 11000000 | 11962853 |
| Housing - 0.0% |  |  |
| Idaho Hsg & Fin Assn (ID Single Family Hsg 7/1/19 Proj.) Series 2019 A, 4% 1/1/2050  | 420000 | 422020 |
| Transportation - 0.1% |  |  |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2017A, 5% 7/15/2025  | 1260000 | 1260869 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2017A, 5% 7/15/2027  | 3140000 | 3284633 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 4% 7/15/2036  | 2250000 | 2260937 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 4% 7/15/2037  | 750000 | 746914 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 4% 7/15/2038  | 1750000 | 1707925 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 4% 7/15/2039  | 1500000 | 1432299 |
|  |  | 10693577 |
| TOTAL IDAHO |  | 23078450 |
| Illinois - 8.9%  |  |  |
| Education - 0.6% |  |  |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 4% 9/1/2035  | 1000000 | 894304 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2029  | 650000 | 659287 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2031  | 500000 | 503649 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2032  | 1000000 | 1003588 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2034  | 1100000 | 1086848 |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series A, 5% 8/1/2047  | 750000 | 717087 |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series C, 5% 8/1/2049  | 845000 | 796784 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5.5% 10/1/2047  | 1680000 | 1679755 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) 5% 5/15/2035  | 625000 | 686091 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) 5% 5/15/2036  | 400000 | 433763 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) 5% 5/15/2040  | 2500000 | 2612145 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5% 4/1/2031  | 7100000 | 7796426 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5% 4/1/2032  | 7860000 | 8690882 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5% 4/1/2033  | 3045000 | 3383905 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5% 4/1/2034  | 13000000 | 14472452 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5.25% 4/1/2041  | 625000 | 661024 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5.25% 4/1/2042  | 700000 | 734238 |
| University of Illinois (University of Illinois Proj.) Series 2024A, 5.25% 4/1/2041  | 4300000 | 4576710 |
| University of Illinois (University of Illinois Proj.) Series 2024A, 5.25% 4/1/2042  | 5275000 | 5568069 |
| University of Illinois (University of Illinois Proj.) Series 2024A, 5.25% 4/1/2043  | 5130000 | 5382020 |
| University of Illinois (University of Illinois Proj.) Series 2024A, 5.25% 4/1/2044  | 1845000 | 1927353 |
| University of Illinois Series 2025 A, 5% 4/1/2035  | 3600000 | 4074120 |
|  |  | 68340500 |
| Electric Utilities - 0.0% |  |  |
| Illinois Mun Elec Agy Pwr Supp 5% 2/1/2028  | 9710000 | 9720669 |
| Illinois Mun Elec Agy Pwr Supp Series 2015A, 5% 2/1/2031  | 3465000 | 3467955 |
|  |  | 13188624 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Grundy & Will Cntys Ill Cmnty Unit Sch Dist No 001 5% 2/1/2029 (Pre-refunded to 2/1/2027 at 100)  | 255000 | 263810 |
| Illinois Fin Auth Rev 5% 7/1/2030 (Pre-refunded to 7/1/2026 at 100)  | 2545000 | 2599781 |
| Illinois Fin Auth Rev 5% 7/1/2036 (Pre-refunded to 7/1/2026 at 100)  | 5715000 | 5838016 |
| Illinois Fin Auth Rev Series 2016 A, 5% 8/15/2033 (Pre-refunded to 8/15/2026 at 100)  | 3205000 | 3278855 |
| Illinois Fin Auth Rev Series 2016 C, 4% 2/15/2041 (Pre-refunded to 2/15/2027 at 100)  | 35000 | 35687 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2033 (Pre-refunded to 2/15/2027 at 100)  | 670000 | 693699 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2036 (Pre-refunded to 2/15/2027 at 100)  | 420000 | 434856 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2041 (Pre-refunded to 2/15/2027 at 100)  | 3290000 | 3406375 |
| Illinois Finance Authority Rev 4% 2/15/2036 (Pre-refunded to 2/15/2027 at 100)  | 4250000 | 4333381 |
| Illinois Finance Authority Rev 4% 2/15/2041 (Pre-refunded to 2/15/2027 at 100)  | 4750000 | 4843191 |
| Will Cnty IL Cmnty Unif Sch Dist No 365 0% 11/1/2026 (Escrowed to Maturity) (h) | 815000 | 785363 |
|  |  | 26513014 |
| General Obligations - 3.8% |  |  |
| Champaign County Community Unit School District No 4 Champaign 0% 1/1/2026 (h) | 800000 | 785041 |
| Champaign County Community Unit School District No 4 Champaign 0% 1/1/2028 (h) | 575000 | 524687 |
| Chicago IL Brd Ed 5% 12/1/2026  | 4625000 | 4688027 |
| Chicago IL Brd Ed 5% 12/1/2026  | 905000 | 917333 |
| Chicago IL Brd Ed 6.5% 12/1/2046  | 700000 | 706923 |
| Chicago IL Brd Ed 7% 12/1/2046 (d) | 2400000 | 2466180 |
| Chicago IL Brd Ed Series 2017 H, 5% 12/1/2046  | 3275000 | 2971417 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2027  | 6280000 | 6441964 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2033  | 700000 | 703717 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2034  | 1400000 | 1401627 |
| Chicago IL Brd Ed Series 2019 A, 5% 12/1/2028  | 6520000 | 6741376 |
| Chicago IL Brd Ed Series 2019 A, 5% 12/1/2030  | 1335000 | 1368536 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2028  | 510000 | 527316 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2029  | 930000 | 965628 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2030  | 900000 | 922609 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2032  | 1250000 | 1267189 |
| Chicago IL Brd Ed Series 2021B, 5% 12/1/2031  | 3250000 | 3363532 |
| Chicago IL Brd Ed Series 2022 A, 5% 12/1/2047  | 11070000 | 10215209 |
| Chicago IL Brd Ed Series D, 5% 12/1/2027  | 2500000 | 2564476 |
| Chicago IL Gen. Oblig. 4% 1/1/2035  | 8000000 | 7733396 |
| Chicago IL Gen. Oblig. 5% 1/1/2034  | 7000000 | 7280004 |
| Chicago IL Gen. Oblig. 5% 1/1/2035  | 2460000 | 2540739 |
| Chicago IL Gen. Oblig. 5.25% 1/1/2036  | 1500000 | 1558026 |
| Chicago IL Gen. Oblig. Series 2019A, 5.5% 1/1/2035  | 2000000 | 2075004 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2031  | 850000 | 887331 |
| Chicago IL Gen. Oblig. Series 2021 A, 5% 1/1/2031  | 7690000 | 8126270 |
| Chicago IL Gen. Oblig. Series 2021 A, 5% 1/1/2034  | 4995000 | 5167533 |
| Chicago IL Gen. Oblig. Series 2025B, 5.25% 1/1/2037  | 7195000 | 7556947 |
| Chicago IL Gen. Oblig. Series 2025B, 5.5% 1/1/2038  | 2705000 | 2863740 |
| Chicago IL Gen. Oblig. Series 2025B, 5.5% 1/1/2040  | 1315000 | 1369541 |
| Chicago IL Gen. Oblig. Series 2025B, 5.5% 1/1/2041  | 2705000 | 2788864 |
| Chicago IL Gen. Oblig. Series 2025C, 5.5% 1/1/2041  | 5865000 | 6042379 |
| Chicago IL Gen. Oblig. Series 2025E, 5.5% 1/1/2041  | 9000000 | 9279031 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2025  | 1150000 | 1157655 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2026  | 2300000 | 2364414 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2026  | 1575000 | 1598081 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2027  | 1585000 | 1622827 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2028  | 795000 | 818490 |
| Cook Cnty IL Gen. Oblig. Series 2022 A, 5% 11/15/2029  | 4365000 | 4739820 |
| Cook Cnty IL Gen. Oblig. Series 2022 A, 5% 11/15/2033  | 1425000 | 1579635 |
| Cook Cnty IL High Sch Dist No 203 New Trier Twp 2% 12/15/2033  | 1125000 | 924025 |
| Cook Cnty IL High Sch Dist No 203 New Trier Twp 2% 12/15/2034  | 1165000 | 932084 |
| Cook County IL Community Consolidate School District No 034 Glenview Series 2021 A, 3% 12/1/2036  | 2535000 | 2233889 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2033  | 620000 | 699339 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2034  | 650000 | 721939 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2035  | 500000 | 551246 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2036  | 780000 | 849645 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2037  | 750000 | 809405 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2038  | 500000 | 536285 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2039  | 600000 | 641444 |
| Du Page Cnty Ill Sch Dist No 013 Bloomingdale 5% 11/1/2040  | 500000 | 529866 |
| Grundy & Will Cntys Ill Cmnty Unit Sch Dist No 001 5% 2/1/2029  | 935000 | 962908 |
| Illinois St Gen. Oblig. 5% 2/1/2027  | 4160000 | 4277293 |
| Illinois St Gen. Oblig. 5% 2/1/2028  | 5965000 | 6118070 |
| Illinois St Gen. Oblig. 5% 3/1/2029  | 3650000 | 3859510 |
| Illinois St Gen. Oblig. 5% 3/1/2030  | 15000000 | 16022480 |
| Illinois St Gen. Oblig. 5% 3/1/2031  | 23510000 | 25320120 |
| Illinois St Gen. Oblig. 5% 3/1/2032  | 6160000 | 6673032 |
| Illinois St Gen. Oblig. 5% 3/1/2033  | 14300000 | 15396122 |
| Illinois St Gen. Oblig. 5% 3/1/2036  | 18040000 | 19015233 |
| Illinois St Gen. Oblig. 5.5% 1/1/2028  | 1410000 | 1487242 |
| Illinois St Gen. Oblig. Series 2016, 5% 1/1/2033  | 1085000 | 1091267 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2025  | 12765000 | 12841501 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2030  | 10690000 | 11418687 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2035  | 8775000 | 9319031 |
| Illinois St Gen. Oblig. Series 2022A, 5.25% 3/1/2037  | 4590000 | 4870410 |
| Illinois St Gen. Oblig. Series JUNE 2016, 5% 6/1/2026  | 1035000 | 1052084 |
| Illinois St Gen. Oblig. Series JUNE 2022 B, 5% 3/1/2034  | 30000000 | 32082678 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2027  | 2725000 | 2805708 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2030  | 2000000 | 2136331 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5% 5/1/2029  | 885000 | 937486 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2038  | 5000000 | 5271003 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2040  | 2585000 | 2688906 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2042  | 9000000 | 9233312 |
| Illinois St Gen. Oblig. Series MAY 2023 C, 5% 5/1/2028  | 5000000 | 5235220 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2029  | 22070000 | 23420744 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2035  | 33175000 | 35237317 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2034  | 5480000 | 5956249 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2036  | 5000000 | 5334999 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2040  | 1915000 | 1971700 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2041  | 6000000 | 6118615 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2042  | 3670000 | 3793033 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2044  | 3290000 | 3359498 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 4% 10/1/2032  | 3610000 | 3612424 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 5% 10/1/2030  | 11425000 | 12265209 |
| Illinois St Gen. Oblig. Series OCT 2020 C, 4.125% 10/1/2036  | 1500000 | 1455338 |
| Illinois St Gen. Oblig. Series OCTOBER 2016, 4% 2/1/2030 (Assured Guaranty Municipal Corp Insured)  | 8335000 | 8376752 |
| Kane McHenry Cook & DuPage Cntys IL Sch Dist Series 2017, 5% 1/1/2029  | 1790000 | 1862433 |
| Lake Cnty IL Forest Presv Dist Gen. Oblig. 2% 12/15/2033  | 1000000 | 824699 |
| Mchenry Cnty IL Comnty SD #200 0% 1/15/2026 (National Public Finance Guarantee Corporation Insured) (h) | 5645000 | 5544600 |
| Schaumburg IL Gen. Oblig. Series 2023, 4% 12/1/2032  | 11240000 | 11733621 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2034 (Assured Guaranty Municipal Corp Insured)  | 275000 | 307642 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2035 (Assured Guaranty Municipal Corp Insured)  | 250000 | 277330 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2036 (Assured Guaranty Municipal Corp Insured)  | 225000 | 247379 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2037 (Assured Guaranty Municipal Corp Insured)  | 315000 | 343324 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2038 (Assured Guaranty Municipal Corp Insured)  | 250000 | 269903 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2039 (Assured Guaranty Municipal Corp Insured)  | 350000 | 374456 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024B, 5% 1/1/2035 (Assured Guaranty Municipal Corp Insured)  | 525000 | 572316 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024B, 5% 1/1/2036 (Assured Guaranty Municipal Corp Insured)  | 260000 | 280531 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024B, 5% 1/1/2037 (Assured Guaranty Municipal Corp Insured)  | 215000 | 229971 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024B, 5% 1/1/2038 (Assured Guaranty Municipal Corp Insured)  | 230000 | 244036 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024B, 5% 1/1/2039 (Assured Guaranty Municipal Corp Insured)  | 230000 | 241841 |
| Will Cnty IL Cmnty Unif Sch Dist No 365 0% 11/1/2026 (Assured Guaranty Municipal Corp Insured) (h) | 4785000 | 4590445 |
| Winnebago Boone Etc Cntys Ill Cmnty College Dist No 511 4% 1/1/2035 (b) | 15000000 | 15000015 |
|  |  | 492083735 |
| Health Care - 1.4% |  |  |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 3.75% 2/15/2034 (Pre-refunded to 2/15/2027 at 100)  | 2705000 | 2746124 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2026  | 2590000 | 2621542 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2028  | 6800000 | 7014992 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2029  | 10570000 | 10884113 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2031  | 1650000 | 1693224 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2032  | 12725000 | 13036693 |
| Illinois Fin Auth Rev (Carle Foundation Hospital,Il Proj.) Series 2016 A, 5% 2/15/2026  | 1455000 | 1470648 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 5% 12/1/2029  | 1755000 | 1777288 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 5% 12/1/2033  | 1900000 | 1912593 |
| Illinois Fin Auth Rev (Northwestern Memorial Hosp,Il Proj.) 5% 7/15/2025  | 1585000 | 1586051 |
| Illinois Fin Auth Rev (Northwestern Memorial Hosp,Il Proj.) 5% 7/15/2026  | 1940000 | 1981646 |
| Illinois Fin Auth Rev (Northwestern Memorial Hosp,Il Proj.) 5% 7/15/2028  | 2040000 | 2140319 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 5% 5/15/2029  | 9870000 | 10367168 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 5% 5/15/2030  | 9845000 | 10306167 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 5% 5/15/2031  | 21400000 | 22357731 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2027  | 1015000 | 1019009 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2028  | 1215000 | 1219874 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2029  | 1830000 | 1836677 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2032  | 3375000 | 3382359 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 5% 5/15/2028  | 2380000 | 2415909 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 5% 5/15/2029  | 1330000 | 1348112 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2018A, 5% 5/15/2032  | 9255000 | 9640680 |
| Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2013, 5% 11/15/2026  | 2600000 | 2601895 |
| Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2013, 5% 11/15/2029  | 780000 | 780709 |
| Illinois Fin Auth Rev (Rush University Medical Center Proj.) Series 2015B, 5% 11/15/2026  | 2940000 | 2942705 |
| Illinois Fin Auth Rev (Silver Cross Health System IL Proj.) Series 2015 C, 5% 8/15/2027  | 875000 | 876962 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 4% 2/15/2036  | 1080000 | 1053584 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 4% 2/15/2041  | 15000 | 13726 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2033  | 4185000 | 4279343 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2036  | 2065000 | 2098291 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2041  | 3575000 | 3597061 |
| Illinois Finance Authority Rev (Carle Foundation Hospital,Il Proj.) Series 2021A, 3% 8/15/2048  | 3335000 | 2353450 |
| Illinois Finance Authority Rev (Carle Foundation Hospital,Il Proj.) Series 2021B, 5% tender 8/15/2053 (b) | 2940000 | 3187324 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 5% 8/15/2030  | 2170000 | 2362795 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 5% 8/15/2031  | 1060000 | 1151385 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 5% 8/15/2032  | 1500000 | 1620476 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 5% 8/15/2033  | 1250000 | 1342094 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2022A, 5% 8/15/2038  | 2700000 | 2833713 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2022A, 5% 8/15/2039  | 3300000 | 3438673 |
| Illinois Finance Authority Rev (Northwestern Memorial Hosp,Il Proj.) Series 2021A, 4% 7/15/2039  | 1500000 | 1399019 |
| Illinois Finance Authority Rev (University Of Chicago Hosps,Il Proj.) Series 2025A 1, 5% tender 8/15/2054 (b) | 13745000 | 14695167 |
| Illinois Finance Authority Rev (University Of Chicago Hosps,Il Proj.) Series 2025A 3, 5% tender 8/15/2064 (b) | 9540000 | 10239781 |
| University of Illinois (University of Illinois Hospital And Health Sciences System Proj.) Series 2023, 5% 10/1/2033  | 1300000 | 1402782 |
| University of Illinois (University of Illinois Hospital And Health Sciences System Proj.) Series 2023, 5% 10/1/2034  | 870000 | 936179 |
| University of Illinois (University of Illinois Hospital And Health Sciences System Proj.) Series 2023, 5% 10/1/2035  | 885000 | 942944 |
| University of Illinois (University of Illinois Hospital And Health Sciences System Proj.) Series 2023, 5% 10/1/2036  | 530000 | 559442 |
|  |  | 179468419 |
| Housing - 0.2% |  |  |
| Illinois Housing Dev Auth (IL Homeowner Mortgage Proj.) Series C, 2.9% 8/1/2031  | 1825000 | 1744509 |
| Illinois Housing Dev Auth (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2019 C, 5% 4/1/2028  | 1200000 | 1263018 |
| Illinois Housing Dev Auth (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2019 D, 3.75% 4/1/2050  | 970000 | 971713 |
| Illinois Housing Dev Auth Series 2019 D, 2.7% 10/1/2034 (IL Hsg Revenue Bonds 3/1/2016 Guaranteed)  | 1870000 | 1636207 |
| Illinois Housing Development Authority (IL Hsg Revenue Bonds 3/1/2016 Proj.) 3.5% 4/1/2052  | 9995000 | 9934959 |
| Illinois Housing Development Authority (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2024 I, 6% 10/1/2055  | 9510000 | 10490017 |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2019, 2.9% 7/1/2035  | 8298670 | 7288927 |
|  |  | 33329350 |
| Special Tax - 1.6% |  |  |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2033  | 1000000 | 1114336 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2034  | 1925000 | 2131549 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2035  | 1270000 | 1408700 |
| Cook Cnty Ill Sales Tax Rev Series 2022 B, 5% 11/15/2032  | 405000 | 450774 |
| Cook Cnty Ill Sales Tax Rev Series 2022 B, 5% 11/15/2034  | 300000 | 329917 |
| Cook Cnty Ill Sales Tax Rev Series 2022 B, 5% 11/15/2035  | 850000 | 925681 |
| Cook Cnty Ill Sales Tax Rev Series 2022 B, 5% 11/15/2036  | 1725000 | 1847979 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2037  | 1250000 | 1322193 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2038  | 360000 | 377777 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2039  | 2000000 | 2083661 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2041  | 1250000 | 1288262 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2042  | 2750000 | 2815175 |
| Illinois St Sales Tax Rev 5% 6/15/2026  | 1500000 | 1526493 |
| Illinois St Sales Tax Rev 5% 6/15/2027  | 3000000 | 3112481 |
| Illinois St Sales Tax Rev Series 2021 A, 3% 6/15/2034  | 2805000 | 2491716 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2026  | 21960000 | 22347855 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2027  | 22070000 | 22897488 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2028  | 22070000 | 23288404 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2031  | 16485000 | 17969217 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2032  | 13830000 | 15164710 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2033  | 11555000 | 12704843 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2034  | 8415000 | 9232905 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2029 (Assured Guaranty Municipal Corp Insured) (h) | 9965000 | 8543748 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2029 (National Public Finance Guarantee Corporation Insured) (h) | 15070000 | 12847326 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2031 (National Public Finance Guarantee Corporation Insured) (h) | 2835000 | 2219984 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2037 (h) | 4240000 | 2411701 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2038 (h) | 3875000 | 2070225 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2028 (h) | 2185000 | 1978369 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2029 (National Public Finance Guarantee Corporation Insured) (h) | 2595000 | 2255189 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2036 (h) | 2080000 | 1293351 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2037 (h) | 2510000 | 1473004 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2038 (h) | 1500000 | 826205 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2039 (h) | 4325000 | 2228157 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2046 (Assured Guaranty Municipal Corp Insured) (h) | 2160000 | 739416 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2047 (Assured Guaranty Municipal Corp Insured) (h) | 3985000 | 1288981 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 6/15/2050  | 23840000 | 23304237 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2002 A, 0% 6/15/2031 (h) | 1755000 | 1416826 |
|  |  | 211728835 |
| Transportation - 0.9% |  |  |
| Chicago IL Midway Arpt Rev Series 2023A, 5% 1/1/2032 (Build America Mutual Assurance Co Insured) (c) | 9830000 | 10601964 |
| Chicago IL Midway Arpt Rev Series 2023A, 5% 1/1/2033 (Build America Mutual Assurance Co Insured) (c) | 3000000 | 3246399 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2029 (c) | 1000000 | 1049796 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2030 (c) | 3000000 | 3180536 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2031 (c) | 3080000 | 3285612 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2032 (c) | 3400000 | 3642607 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2033 (c) | 3745000 | 4017134 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2034 (c) | 2000000 | 2145504 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2035 (c) | 2000000 | 2136836 |
| Chicago IL Midway Arpt Rev Series A, 5% 1/1/2029 (c) | 2155000 | 2168044 |
| Chicago IL Midway Arpt Rev Series A, 5% 1/1/2030 (c) | 3290000 | 3307238 |
| Chicago IL Midway Arpt Rev Series A, 5% 1/1/2031 (c) | 3850000 | 3866989 |
| Chicago IL O'Hare Intl Arpt Rev 4% 1/1/2036 (Assured Guaranty Municipal Corp Insured)  | 5000000 | 5041003 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2026  | 1940000 | 1958676 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2027 (c) | 2415000 | 2481460 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2028 (c) | 460000 | 469447 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2031 (c) | 2850000 | 2896940 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2033  | 2305000 | 2322056 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2033 (c) | 1455000 | 1472928 |
| Chicago IL O'Hare Intl Arpt Rev Series 2023, 5% 1/1/2037 (Build America Mutual Assurance Co Insured)  | 1330000 | 1431960 |
| Chicago IL O'Hare Intl Arpt Rev Series 2023, 5.25% 1/1/2039 (Build America Mutual Assurance Co Insured)  | 1195000 | 1284392 |
| Chicago IL O'Hare Intl Arpt Rev Series 2023, 5.25% 1/1/2040 (Build America Mutual Assurance Co Insured)  | 1700000 | 1808469 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5% 1/1/2038 (c) | 2500000 | 2603307 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5% 1/1/2039 (c) | 2555000 | 2636743 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5.25% 1/1/2041 (c) | 2100000 | 2190168 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5.25% 1/1/2042 (c) | 2450000 | 2535648 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2035 (c) | 1165000 | 1248493 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2036 (c) | 5540000 | 5866430 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2037 (c) | 3395000 | 3574687 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) 5% 7/1/2038 (c) | 2470000 | 2487984 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) Series 2025, 5.5% 7/1/2037 (c) | 2400000 | 2602563 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) Series 2025, 5.5% 7/1/2038 (c) | 4915000 | 5284908 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) Series 2025, 5.5% 7/1/2039 (c) | 1400000 | 1498254 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) Series 2025, 5.5% 7/1/2040 (c) | 1370000 | 1457142 |
| Chicago IL Tran Auth Cap Grnt Rcpts Rev Series 2021, 5% 6/1/2027  | 2250000 | 2318908 |
| Chicago IL Tran Auth Cap Grnt Rcpts Rev Series 2021, 5% 6/1/2028  | 2500000 | 2614744 |
| Illinois St Toll Hwy Auth Hwy Rev 5% 12/1/2031  | 1735000 | 1748419 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 A, 5% 1/1/2044  | 3730000 | 3756885 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 C, 5% 1/1/2026  | 4650000 | 4700496 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 C, 5% 1/1/2031  | 4350000 | 4718340 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2039  | 2100000 | 2184028 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2041  | 4580000 | 4697938 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2024 A, 5% 1/1/2028  | 1250000 | 1318352 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2024 A, 5% 1/1/2029  | 1400000 | 1503083 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2024 A, 5% 1/1/2030  | 235000 | 256273 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2024 A, 5% 1/1/2031  | 460000 | 508035 |
|  |  | 128127818 |
| Water & Sewer - 0.2% |  |  |
| Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2033 (Build America Mutual Assurance Co Insured)  | 1700000 | 1897161 |
| Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2034 (Build America Mutual Assurance Co Insured)  | 1250000 | 1398159 |
| Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2035 (Build America Mutual Assurance Co Insured)  | 1400000 | 1552878 |
| Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2036 (Build America Mutual Assurance Co Insured)  | 2800000 | 3074948 |
| Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2037 (Build America Mutual Assurance Co Insured)  | 1835000 | 1995608 |
| Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2017, 5% 7/1/2029  | 5030000 | 5194544 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2031 (i) | 1525000 | 1674699 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2032 (i) | 570000 | 632848 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2033 (i) | 1420000 | 1589129 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2035 (i) | 690000 | 778377 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2036 (i) | 940000 | 1053674 |
|  |  | 20842025 |
| TOTAL ILLINOIS |  | 1173622320 |
| Indiana - 1.3%  |  |  |
| Education - 0.0% |  |  |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 5% 4/1/2029  | 1185000 | 1252060 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 5% 4/1/2030  | 2220000 | 2353468 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 5% 4/1/2033  | 1445000 | 1523266 |
|  |  | 5128794 |
| Electric Utilities - 0.2% |  |  |
| Indiana St Fin Auth Environmental Facs Rev (Indianapolis Pwr & Lt Co Proj.) 0.75% tender 12/1/2038 (b) | 1550000 | 1514560 |
| Indiana St Fin Auth Environmental Facs Rev (Indianapolis Pwr & Lt Co Proj.) 0.95% tender 12/1/2038 (b)(c) | 2750000 | 2691143 |
| Indiana St Fin Auth Environmental Rev (Duke Energy Ind Inc Proj.) 3.75% tender 3/1/2031 (b)(c) | 3900000 | 3919767 |
| Indiana St Fin Auth Environmental Rev (Duke Energy Ind Inc Proj.) 4.5% tender 5/1/2035 (b)(c) | 3200000 | 3234727 |
| Indinaplis IN Thermal Enrgy Sy Series 2016 A, 5% 10/1/2025  | 11400000 | 11451618 |
|  |  | 22811815 |
| General Obligations - 0.1% |  |  |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 1/15/2034 (Build America Mutual Assurance Co Insured)  | 1600000 | 1792599 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2034 (Build America Mutual Assurance Co Insured)  | 1275000 | 1433383 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2035 (Build America Mutual Assurance Co Insured)  | 1825000 | 2035394 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2036 (Build America Mutual Assurance Co Insured)  | 2600000 | 2872964 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5.25% 7/15/2037 (Build America Mutual Assurance Co Insured)  | 1305000 | 1452620 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 7/15/2035 (Build America Mutual Assurance Co Insured)  | 1365000 | 1522363 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 7/15/2036 (Build America Mutual Assurance Co Insured)  | 2460000 | 2718266 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5.25% 7/15/2039 (Build America Mutual Assurance Co Insured)  | 2200000 | 2396194 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5.25% 7/15/2040 (Build America Mutual Assurance Co Insured)  | 2350000 | 2534571 |
|  |  | 18758354 |
| Health Care - 0.8% |  |  |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 4.25% 3/1/2049  | 1940000 | 1616608 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2038  | 1000000 | 1046684 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2039  | 1000000 | 1035433 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2040  | 1000000 | 1025769 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2041  | 1085000 | 1101040 |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2019 B, 2.25% tender 12/1/2058 (b) | 5045000 | 5045000 |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2025 D 4, 5% tender 10/1/2057 (b)(i) | 12710000 | 13932311 |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2025D 3, 5% tender 10/1/2059 (b)(i) | 33520000 | 36843558 |
| Indiana Fin Auth Hosp Rev (Indiana University Health Proj.) Series 2011 L, 0.7% tender 12/1/2046 (b) | 24895000 | 24450852 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2025  | 995000 | 997671 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2026  | 970000 | 991524 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2029  | 485000 | 496623 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2036  | 2090000 | 2114744 |
| Indiana St Hsg & Cmnty Dev Auth Multifamily Hsg Rev (Glasswater Creek Whitestown Proj Proj.) Series 2020, 5.375% 10/1/2040 (d) | 3640000 | 3028922 |
|  |  | 93726739 |
| Housing - 0.0% |  |  |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 3% 7/1/2050  | 1680000 | 1656753 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 3% 7/1/2051  | 1130000 | 1115492 |
|  |  | 2772245 |
| Industrial Development - 0.1% |  |  |
| Whiting Ind Environmental Facs (Bp Products North America Inc Proj.) Series 2019A, 5% tender 12/1/2044 (BP PLC Guaranteed) (b)(c) | 12305000 | 12414639 |
| Other - 0.0% |  |  |
| Indiana Fin Auth Edl Facs Rev (Indianapolis Museum of Art Proj.) 4% 2/1/2034  | 6125000 | 6314141 |
| Transportation - 0.1% |  |  |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5% 1/1/2032 (c) | 550000 | 591215 |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5% 1/1/2033 (c) | 875000 | 935272 |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5% 1/1/2034 (c) | 750000 | 796849 |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5% 1/1/2035 (c) | 850000 | 897120 |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5.25% 1/1/2036 (c) | 1000000 | 1062693 |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5.25% 1/1/2037 (c) | 850000 | 897095 |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5.25% 1/1/2038 (c) | 1000000 | 1047501 |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5.25% 1/1/2039 (c) | 2075000 | 2158064 |
|  |  | 8385809 |
| Water & Sewer - 0.0% |  |  |
| Indiana St Fin Auth Rev (Indiana State Revolving Fund Program Proj.) 5% 2/1/2038  | 2750000 | 3035425 |
| Indiana St Fin Auth Rev (Indiana State Revolving Fund Program Proj.) 5% 2/1/2039  | 2250000 | 2459377 |
|  |  | 5494802 |
| TOTAL INDIANA |  | 175807338 |
| Iowa - 0.4%  |  |  |
| Education - 0.3% |  |  |
| Iowa Student Ln Liquidity Corp 5% 12/1/2029 (c) | 1575000 | 1650310 |
| Iowa Student Ln Liquidity Corp 5% 12/1/2030 (c) | 2000000 | 2096370 |
| Iowa Student Ln Liquidity Corp 5% 12/1/2031 (c) | 2000000 | 2107284 |
| Iowa Student Ln Liquidity Corp 5% 12/1/2032 (c) | 2000000 | 2124178 |
| Iowa Student Ln Liquidity Corp Series 2019 B, 5% 12/1/2028 (c) | 1000000 | 1046238 |
| Iowa Student Ln Liquidity Corp Series 2023 B, 5% 12/1/2027 (c) | 1000000 | 1032855 |
| Iowa Student Ln Liquidity Corp Series 2023 B, 5% 12/1/2028 (c) | 1445000 | 1507557 |
| Iowa Student Ln Liquidity Corp Series 2023 B, 5% 12/1/2029 (c) | 3600000 | 3772138 |
| Iowa Student Ln Liquidity Corp Series 2023 B, 5% 12/1/2030 (c) | 2230000 | 2337452 |
| Iowa Student Ln Liquidity Corp Series 2023 B, 5% 12/1/2031 (c) | 4100000 | 4319931 |
| Iowa Student Ln Liquidity Corp Series 2023 B, 5% 12/1/2032 (c) | 3750000 | 3982833 |
| Iowa Student Ln Liquidity Corp Series 2023 B, 5% 12/1/2033 (c) | 4280000 | 4529599 |
|  |  | 30506745 |
| General Obligations - 0.0% |  |  |
| City of Des Moines IA Gen. Oblig. Series 2020 A, 2% 6/1/2031  | 1295000 | 1156847 |
| City of Des Moines IA Gen. Oblig. Series 2021 F, 2% 6/1/2034  | 3310000 | 2720926 |
| Clear Lake Iowa Cmnty Sch Dist Series 2020, 2% 6/1/2034  | 1340000 | 1100353 |
|  |  | 4978126 |
| Health Care - 0.1% |  |  |
| Iowa Fin Auth Rev (Lifespace Proj.) 4% 5/15/2028  | 2355000 | 2358630 |
| Iowa Fin Auth Rev (Lifespace Proj.) Series 2021 A, 4% 5/15/2053  | 1000000 | 778838 |
| Iowa Fin Auth Rev (Lifespace Proj.) Series 2023B, 7.25% 5/15/2038  | 4600000 | 5158937 |
|  |  | 8296405 |
| Industrial Development - 0.0% |  |  |
| Iowa Fin Auth Solid Waste Facs Rev 3.875% tender 1/1/2042, LOC Citibank NA (b)(c) | 6125000 | 6119048 |
| TOTAL IOWA |  | 49900324 |
| Kansas - 0.6%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Wyandotte Cnty Kansas City Util Sys Rev Series 2016A, 5% 9/1/2030  | 970000 | 971642 |
| Wyandotte Cnty Kansas City Util Sys Rev Series 2016A, 5% 9/1/2032  | 1115000 | 1116850 |
|  |  | 2088492 |
| General Obligations - 0.1% |  |  |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2033 (Build America Mutual Assurance Co Insured)  | 515000 | 570080 |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2034 (Build America Mutual Assurance Co Insured)  | 635000 | 702409 |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2035 (Build America Mutual Assurance Co Insured)  | 770000 | 846814 |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2036 (Build America Mutual Assurance Co Insured)  | 815000 | 889294 |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2037 (Build America Mutual Assurance Co Insured)  | 1335000 | 1445087 |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2038 (Build America Mutual Assurance Co Insured)  | 2465000 | 2642134 |
| Wyandotte County KS Unified School District 500 Series 2025, 5% 9/1/2039 (Build America Mutual Assurance Co Insured)  | 2210000 | 2356397 |
|  |  | 9452215 |
| Special Tax - 0.5% |  |  |
| Kansas St Dept Transn Hwy Rev Series 2025A, 5% 9/1/2030  | 14000000 | 15475198 |
| Kansas St Dept Transn Hwy Rev Series 2025A, 5% 9/1/2032  | 16965000 | 19106343 |
| Kansas St Dept Transn Hwy Rev Series 2025A, 5% 9/1/2033  | 17490000 | 19812217 |
| Kansas St Dept Transn Hwy Rev Series 2025A, 5% 9/1/2034  | 12495000 | 14186472 |
|  |  | 68580230 |
| TOTAL KANSAS |  | 80120937 |
| Kentucky - 3.2%  |  |  |
| Education - 0.0% |  |  |
| Kentucky Bd Dev Corp Edl Facs Rev (Centre College Proj.) Series 2021, 4% 6/1/2032  | 460000 | 468543 |
| Kentucky Bd Dev Corp Edl Facs Rev (Centre College Proj.) Series 2021, 4% 6/1/2033  | 375000 | 380074 |
| Kentucky Bd Dev Corp Edl Facs Rev (Centre College Proj.) Series 2021, 4% 6/1/2035  | 235000 | 236068 |
| Kentucky Bd Dev Corp Edl Facs Rev (Centre College Proj.) Series 2021, 4% 6/1/2038  | 570000 | 555356 |
|  |  | 1640041 |
| Electric Utilities - 0.1% |  |  |
| Carroll Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) Series 2004 A, 1.75% tender 10/1/2034 (b)(c) | 7955000 | 7713123 |
| General Obligations - 2.3% |  |  |
| Henderson Cnty KY Sch Dist Fincorp Sch Bldg Rev (Henderson County School District Proj.) 2.25% 6/1/2034  | 1170000 | 977777 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev 5% tender 5/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (b) | 17495000 | 18361765 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2020 A, 4% tender 12/1/2050 (BP PLC Guaranteed) (b) | 41220000 | 41388680 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024 A1, 5.25% tender 4/1/2054 (Morgan Stanley Guaranteed) (b) | 32760000 | 35000610 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5.25% tender 6/1/2055 (Morgan Stanley Guaranteed) (b) | 47700000 | 50426323 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2028  | 4855000 | 5152165 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2029  | 565000 | 599827 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2031  | 1425000 | 1502523 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 8/1/2028  | 1035000 | 1036579 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2017 A, 5% 4/1/2027  | 4625000 | 4807092 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2017 D, 5% 5/1/2026  | 1180000 | 1200984 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2017 D, 5% 5/1/2027  | 970000 | 1010094 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2017 D, 5% 5/1/2028  | 970000 | 1007158 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2024 A, 5% 11/1/2038  | 1385000 | 1489527 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2031  | 2030000 | 2153094 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2032  | 3000000 | 3168227 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2033  | 1515000 | 1593222 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 2/1/2029  | 5555000 | 5616615 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 2/1/2030  | 5670000 | 5731245 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 2/1/2032  | 2230000 | 2252019 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 2/1/2033  | 2770000 | 2796388 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2029  | 2300000 | 2478016 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2034  | 6200000 | 6990912 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2036  | 9020000 | 10066251 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2037  | 9450000 | 10403598 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2038  | 8890000 | 9640969 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2039  | 15000000 | 16065383 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2040  | 6500000 | 6909091 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series B, 5% 11/1/2026  | 4825000 | 4968281 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series B, 5% 11/1/2027  | 16420000 | 16833630 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2039  | 8815000 | 9375869 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2040  | 5825000 | 6176189 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2041  | 1295000 | 1361365 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2042  | 5500000 | 5729747 |
| Kentucky St Tpk Auth Economic (Kentucky St Proj.) Series 2022 B, 5% 7/1/2032  | 400000 | 442255 |
| Kentucky St Tpk Auth Economic (Kentucky St Proj.) Series 2022 B, 5% 7/1/2034  | 400000 | 436599 |
|  |  | 295150069 |
| Health Care - 0.3% |  |  |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 4% 2/1/2033  | 1490000 | 1455335 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 5% 2/1/2028  | 880000 | 912299 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 5% 2/1/2029  | 530000 | 554751 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 5% 2/1/2031  | 460000 | 475194 |
| Kentucky Econ Dev Fin Auth (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2032  | 1105000 | 1164566 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2026  | 1815000 | 1815888 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2027  | 1910000 | 1911838 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2028  | 2005000 | 2006800 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2029  | 2105000 | 2106784 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2030  | 2215000 | 2216750 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% 10/1/2029  | 17585000 | 17936138 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% 10/1/2037  | 4300000 | 4430871 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (b) | 3700000 | 3945671 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (b) | 2595000 | 2648633 |
|  |  | 43581518 |
| Industrial Development - 0.4% |  |  |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 4.65% 7/1/2060 VRDN (b)(c) | 34000000 | 34000000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 B 1, 4.65% 7/1/2060 VRDN (b)(c) | 16075000 | 16075000 |
|  |  | 50075000 |
| Special Tax - 0.0% |  |  |
| Kentucky Bond Dev Corp Trans Tax Rev (Lexington KY Ctr Corp Proj.) Series 2018 A, 5% 9/1/2026  | 1745000 | 1786504 |
| Kentucky Bond Dev Corp Trans Tax Rev (Lexington KY Ctr Corp Proj.) Series 2018 A, 5% 9/1/2028  | 1880000 | 1990147 |
| Kentucky Bond Dev Corp Trans Tax Rev (Lexington KY Ctr Corp Proj.) Series 2018 A, 5% 9/1/2030  | 520000 | 549885 |
|  |  | 4326536 |
| Transportation - 0.1% |  |  |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2026  | 585000 | 591067 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2029  | 1555000 | 1568183 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2030  | 1625000 | 1638254 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2037 (c) | 1355000 | 1453322 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2038 (c) | 3000000 | 3187578 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2039 (c) | 1335000 | 1405839 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2040 (c) | 1250000 | 1301487 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2041 (c) | 1325000 | 1367792 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2042 (c) | 1875000 | 1920778 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2043 (c) | 2100000 | 2139749 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2044 (c) | 2250000 | 2285000 |
|  |  | 18859049 |
| Water & Sewer - 0.0% |  |  |
| Louisville & Jefferson Cnty KY Metro Govt Brd Wtr Wks Wtr Sys Rev Series 2022, 5% 11/15/2035  | 2980000 | 3286016 |
| TOTAL KENTUCKY |  | 424631352 |
| Louisiana - 0.8%  |  |  |
| Health Care - 0.0% |  |  |
| Louisiana Pub Facs Rev (Christus Health Proj.) Series 2018 E, 5% 7/1/2035  | 1655000 | 1709989 |
| Louisiana Pub Facs Rev (Christus Health Proj.) Series 2018 E, 5% 7/1/2036  | 1795000 | 1847173 |
|  |  | 3557162 |
| Housing - 0.0% |  |  |
| Louisiana Hsg Corp Single Family Mtg Rev (LA Home Ownership Proj.) 5.75% 12/1/2053  | 3790000 | 4094086 |
| Industrial Development - 0.2% |  |  |
| St John Baptist Parish LA Rev (Conocophillips Inc Proj.) 4.05% tender 6/1/2037 (b) | 12590000 | 12657646 |
| St John Baptist Parish LA Rev (ConocoPhillips Proj.) 2.2% 6/1/2037 (b) | 9665000 | 9542712 |
|  |  | 22200358 |
| Transportation - 0.3% |  |  |
| New Orleans LA Aviation Board 5% 1/1/2026 (c) | 730000 | 737027 |
| New Orleans LA Aviation Board 5% 1/1/2029 (c) | 485000 | 494640 |
| New Orleans LA Aviation Board 5% 1/1/2029 (c) | 390000 | 397751 |
| New Orleans LA Aviation Board 5% 1/1/2030 (c) | 665000 | 677585 |
| New Orleans LA Aviation Board 5% 1/1/2031 (c) | 730000 | 742023 |
| New Orleans LA Aviation Board 5% 1/1/2032 (c) | 1495000 | 1515628 |
| New Orleans LA Aviation Board 5% 1/1/2035 (c) | 1115000 | 1125055 |
| New Orleans LA Aviation Board 5% 1/1/2036 (c) | 630000 | 634611 |
| New Orleans LA Aviation Board 5% 1/1/2037 (c) | 485000 | 487676 |
| New Orleans LA Aviation Board 5% 1/1/2038 (c) | 7380000 | 7669051 |
| New Orleans LA Aviation Board 5% 1/1/2038 (c) | 2670000 | 2774575 |
| New Orleans LA Aviation Board 5% 1/1/2038 (c) | 570000 | 572026 |
| New Orleans LA Aviation Board 5% 1/1/2039 (c) | 7465000 | 7687908 |
| New Orleans LA Aviation Board 5% 1/1/2039 (c) | 2605000 | 2682786 |
| New Orleans LA Aviation Board 5.25% 1/1/2040 (c) | 5735000 | 6020485 |
| New Orleans LA Aviation Board 5.25% 1/1/2040 (c) | 2945000 | 3091601 |
|  |  | 37310428 |
| Water & Sewer - 0.3% |  |  |
| Jefferson Parish LA Cons Sew Dist No 1 Swr Rev Series 2022, 4% 2/1/2035  | 3465000 | 3497316 |
| Jefferson Parish LA Cons Sew Dist No 1 Swr Rev Series 2022, 4% 2/1/2036  | 1960000 | 1960468 |
| Jefferson Parish LA Cons Sew Dist No 1 Swr Rev Series 2022, 4% 2/1/2038  | 1445000 | 1392644 |
| Jefferson Parish LA Cons Sew Dist No 1 Swr Rev Series 2022, 4% 2/1/2039  | 2890000 | 2731231 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth (East Baton Rouge LA Swr Commn Proj.) Series 2024, 5% 2/1/2037 (Build America Mutual Assurance Co Insured)  | 10000000 | 10853081 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth (East Baton Rouge LA Swr Commn Proj.) Series 2024, 5% 2/1/2038 (Build America Mutual Assurance Co Insured)  | 6290000 | 6793656 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth (East Baton Rouge LA Swr Commn Proj.) Series 2024, 5% 2/1/2039 (Build America Mutual Assurance Co Insured)  | 2400000 | 2570976 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth (East Baton Rouge LA Swr Commn Proj.) Series 2024, 5% 2/1/2040 (Build America Mutual Assurance Co Insured)  | 2400000 | 2541230 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth (East Baton Rouge LA Swr Commn Proj.) Series 2024, 5% 2/1/2041 (Build America Mutual Assurance Co Insured)  | 1400000 | 1471504 |
|  |  | 33812106 |
| TOTAL LOUISIANA |  | 100974140 |
| Maine - 0.1%  |  |  |
| General Obligations - 0.1% |  |  |
| Brunswick ME 2% 11/1/2032  | 1095000 | 943946 |
| Brunswick ME 2.125% 11/1/2034  | 1195000 | 990561 |
| Brunswick ME 2.375% 11/1/2037  | 605000 | 475029 |
| Yarmouth MA Series 2020, 2% 11/15/2035  | 1180000 | 928618 |
|  |  | 3338154 |
| Health Care - 0.0% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (Northern Light Health Proj.) Series 2016A, 4% 7/1/2041  | 2030000 | 1615064 |
| Housing - 0.0% |  |  |
| Maine Hsg Auth Mtg Series A 3, 3.5% 11/15/2034  | 1535000 | 1478571 |
| Transportation - 0.0% |  |  |
| Maine Turnpike Auth Rev Bonds 5% 7/1/2027  | 1940000 | 1940000 |
| TOTAL MAINE |  | 8371789 |
| Maryland - 1.1%  |  |  |
| Education - 0.0% |  |  |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2035  | 500000 | 478380 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2046  | 1500000 | 1256118 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2051  | 1000000 | 808469 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2055  | 1000000 | 789610 |
|  |  | 3332577 |
| General Obligations - 0.3% |  |  |
| Anne Arundel Cnty MD Gen. Oblig. Series 2021, 3% 10/1/2036  | 2300000 | 2088486 |
| Baltimore Cnty MD Gen. Oblig. 5% 3/1/2039  | 5140000 | 5561749 |
| Baltimore Cnty MD Gen. Oblig. 5% 3/1/2040  | 2385000 | 2556528 |
| Baltimore Cnty MD Gen. Oblig. Series 2020, 4% 3/1/2036  | 7310000 | 7397298 |
| Baltimore Cnty MD Gen. Oblig. Series 2021, 3% 3/1/2037  | 3205000 | 2884428 |
| Baltimore Cnty MD Gen. Oblig. Series 2023, 5% 3/1/2039  | 1885000 | 2039669 |
| Baltimore Cnty MD Gen. Oblig. Series 2023, 5% 3/1/2040  | 1980000 | 2122400 |
| Charles Cnty MD Gen. Oblig. Series 2019, 3% 10/1/2033  | 2330000 | 2198415 |
| City of Baltimore MD Gen. Oblig. Series 2022A, 5% 10/15/2035  | 1475000 | 1626115 |
| State of Maryland Gen. Oblig. Series SECOND 2021 A, 4% 8/1/2035  | 2575000 | 2621700 |
| State of Maryland Gen. Oblig. Series SECOND 2021 A, 5% 8/1/2033  | 1810000 | 2000031 |
| Washington Suburban Sanitary Dist MD Series 2021, 2.125% 6/1/2037  | 4555000 | 3545275 |
| Washington Suburban Sanitary Dist MD Series 2023, 5% 6/1/2041  | 4140000 | 4409713 |
|  |  | 41051807 |
| Health Care - 0.1% |  |  |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 4% 7/1/2042  | 1410000 | 1281057 |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 5% 7/1/2033  | 2185000 | 2210410 |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 5% 7/1/2034  | 1600000 | 1616234 |
| Maryland St Hlth & HI Ed Facs (Meritus Health Inc,Md Proj.) 5% 7/1/2027  | 1000000 | 1000000 |
| Maryland St Hlth & HI Ed Facs (Meritus Health Inc,Md Proj.) 5% 7/1/2028  | 1300000 | 1300000 |
| Maryland St Hlth & HI Ed Facs (Meritus Health Inc,Md Proj.) 5% 7/1/2029  | 2200000 | 2200000 |
| Maryland St Hlth & HI Ed Facs (Meritus Health Inc,Md Proj.) 5% 7/1/2031  | 1000000 | 1000000 |
|  |  | 10607701 |
| Housing - 0.0% |  |  |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) 3.5% 3/1/2050  | 2300000 | 2293095 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) Series 2019 B, 4% 9/1/2049  | 2300000 | 2301410 |
|  |  | 4594505 |
| Special Tax - 0.1% |  |  |
| Maryland Econ Dev Corp Spl Oblig (Port Covington Tif Proj.) 3.25% 9/1/2030  | 450000 | 430610 |
| Maryland Econ Dev Corp Spl Oblig (Port Covington Tif Proj.) 4% 9/1/2040  | 2095000 | 1867302 |
| Maryland Econ Dev Corp Spl Oblig (Port Covington Tif Proj.) 4% 9/1/2050  | 2625000 | 2110859 |
| Maryland St Dept Transn Cons Series 2019, 4% 10/1/2032  | 3600000 | 3648761 |
| Maryland St Dept Transn Cons Series 2022 A, 5% 12/1/2025  | 1400000 | 1412760 |
|  |  | 9470292 |
| Transportation - 0.4% |  |  |
| Maryland Economic Development Corp (Purple Line Transit Partners Proj.) Series 2022B, 5% 12/31/2036 (c) | 3185000 | 3271326 |
| Maryland Economic Development Corp (Purple Line Transit Partners Proj.) Series 2022B, 5% 12/31/2037 (c) | 2500000 | 2550229 |
| Maryland Economic Development Corp (Purple Line Transit Partners Proj.) Series 2022B, 5% 12/31/2038 (c) | 2200000 | 2228462 |
| Maryland Economic Development Corp (Purple Line Transit Partners Proj.) Series 2022B, 5% 12/31/2039 (c) | 1700000 | 1710834 |
| Maryland Economic Development Corp (Purple Line Transit Partners Proj.) Series 2022B, 5% 6/30/2039 (c) | 3700000 | 3729196 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2032 (c) | 1250000 | 1334222 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2033 (c) | 1000000 | 1059793 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2035 (c) | 1850000 | 1936002 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2036 (c) | 1000000 | 1039609 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2036 (Assured Guaranty Municipal Corp Insured) (c) | 2600000 | 2760991 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2037 (Assured Guaranty Municipal Corp Insured) (c) | 5855000 | 6160580 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2038 (Assured Guaranty Municipal Corp Insured) (c) | 3150000 | 3279194 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2039 (Assured Guaranty Municipal Corp Insured) (c) | 2250000 | 2323388 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5.25% 8/1/2040 (Assured Guaranty Municipal Corp Insured) (c) | 1575000 | 1662502 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5.25% 8/1/2041 (Assured Guaranty Municipal Corp Insured) (c) | 1695000 | 1773018 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5.25% 8/1/2042 (Assured Guaranty Municipal Corp Insured) (c) | 1800000 | 1867661 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5.25% 8/1/2043 (Assured Guaranty Municipal Corp Insured) (c) | 2325000 | 2398742 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5.25% 8/1/2044 (Assured Guaranty Municipal Corp Insured) (c) | 2090000 | 2145657 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2026  | 1940000 | 1967007 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2027  | 1310000 | 1344288 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2031  | 970000 | 1001633 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2032  | 970000 | 998783 |
| Maryland St Transn Auth Transn Series 2020, 5% 7/1/2034  | 5650000 | 6111482 |
|  |  | 54654599 |
| Water & Sewer - 0.2% |  |  |
| Baltimore MD Proj Rev (Baltimore Wastewater Util Rev Proj.) Series 2017 C, 5% 7/1/2028  | 3465000 | 3576432 |
| Baltimore MD Proj Rev (Baltimore Wastewater Util Rev Proj.) Series 2017 C, 5% 7/1/2031  | 6580000 | 6746889 |
| Baltimore MD Proj Rev (Baltimore Wastewater Util Rev Proj.) Series 2017 C, 5% 7/1/2033  | 6635000 | 6783412 |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2017 D, 5% 7/1/2033  | 5630000 | 5756760 |
|  |  | 22863493 |
| TOTAL MARYLAND |  | 146574974 |
| Massachusetts - 1.1%  |  |  |
| Education - 0.2% |  |  |
| Massachusetts Development Finance Agency (Northeastern University Proj.) Series 2022, 5% 10/1/2034  | 1750000 | 1947337 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2019, 5% 7/1/2030  | 1435000 | 1475505 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2019, 5% 7/1/2032  | 1040000 | 1060689 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2023B, 5% 7/1/2031 (c) | 8485000 | 9012116 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2023B, 5% 7/1/2033 (c) | 2280000 | 2414872 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2026 (c) | 3600000 | 3659759 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2027 (c) | 2350000 | 2419092 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2028 (c) | 1775000 | 1847409 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2029 (c) | 1925000 | 2014763 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2030 (c) | 1000000 | 1048961 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2031 (c) | 800000 | 849698 |
| Massachusetts St Dev Fin Agy Rev (Provident Commonwealth Ed Resources Inca Proj.) Series 2016, 5% 10/1/2041  | 3800000 | 3687141 |
| University Mass Bldg Auth Proj (Univ of Massachusetts Proj.) Series 2022 1, 5% 11/1/2039  | 2135000 | 2245656 |
|  |  | 33682998 |
| General Obligations - 0.4% |  |  |
| Braintree MA Gen. Oblig. Series 2020, 2% 10/15/2035  | 2115000 | 1707636 |
| Massachusetts St Gen. Oblig. 5% 1/1/2036  | 2560000 | 2687500 |
| Massachusetts St Gen. Oblig. 5% 10/1/2033  | 4785000 | 5380794 |
| Massachusetts St Gen. Oblig. 5% 10/1/2034  | 6000000 | 6670461 |
| Massachusetts St Gen. Oblig. 5% 7/1/2034  | 3000000 | 3423397 |
| Massachusetts St Gen. Oblig. 5% 7/1/2035  | 3000000 | 3427766 |
| Massachusetts St Gen. Oblig. 5% 7/1/2036  | 1435000 | 1619240 |
| Massachusetts St Gen. Oblig. Series 2016A, 5% 7/1/2028  | 1100000 | 1124892 |
| Massachusetts St Gen. Oblig. Series 2019B, 5% 7/1/2036  | 1700000 | 1781060 |
| Massachusetts St Gen. Oblig. Series 2021A, 5% 9/1/2025  | 13755000 | 13802105 |
| Somerville MA Series 2020, 2% 10/15/2037  | 3580000 | 2708786 |
| Stoneham Mass Series 2022, 2.125% 1/15/2038  | 3335000 | 2557371 |
|  |  | 46891008 |
| Health Care - 0.1% |  |  |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2020A 1, 5% tender 7/1/2050 (b) | 10135000 | 10927450 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2024D, 5% 7/1/2042  | 2250000 | 2334750 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2024D, 5% 7/1/2043  | 4100000 | 4225537 |
|  |  | 17487737 |
| Special Tax - 0.2% |  |  |
| Mass Bay Tran Auth Sls Tax Series 2016, 0% 7/1/2032 (h) | 12450000 | 9686888 |
| Massachusetts St Transn Fd Rev Series 2021 B, 5% 6/1/2038  | 10170000 | 10485435 |
| Massachusetts St Transn Fd Rev Series 2021 B, 5% 6/1/2039  | 10765000 | 11052728 |
|  |  | 31225051 |
| Transportation - 0.2% |  |  |
| MA Dept Transn Met Hwy Sys Rev Series 2019 A, 5% 1/1/2031  | 7500000 | 8044337 |
| Massachusetts St Port Auth Rev 5% 7/1/2035 (c) | 2400000 | 2544390 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2031 (c) | 5000000 | 5259794 |
| Massachusetts St Port Auth Rev Series 2022 A, 5% 7/1/2032 (c) | 1500000 | 1636523 |
| Massachusetts St Port Auth Rev Series 2022 A, 5% 7/1/2033 (c) | 1025000 | 1111319 |
| Massachusetts St Port Auth Rev Series 2022 A, 5% 7/1/2034 (c) | 1350000 | 1454050 |
|  |  | 20050413 |
| TOTAL MASSACHUSETTS |  | 149337207 |
| Michigan - 2.8%  |  |  |
| Education - 0.6% |  |  |
| Michigan St Univ Revs Series 2024A, 5% 8/15/2033  | 1375000 | 1556374 |
| Michigan St Univ Revs Series 2024A, 5% 8/15/2035  | 3000000 | 3356465 |
| Michigan St Univ Revs Series 2024A, 5% 8/15/2037  | 2000000 | 2201007 |
| Michigan St Univ Revs Series 2024A, 5% 8/15/2038  | 2000000 | 2174380 |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2031  | 1850000 | 2054831 |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2032  | 4030000 | 4518204 |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2036  | 3500000 | 3924338 |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2037  | 4000000 | 4436550 |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2038  | 4785000 | 5247860 |
| Michigan St Univ Revs Series 2025A, 5% 8/15/2031  | 1500000 | 1676239 |
| Michigan St Univ Revs Series 2025A, 5% 8/15/2032  | 2000000 | 2251957 |
| Michigan St Univ Revs Series 2025A, 5% 8/15/2036  | 1500000 | 1673419 |
| Michigan St Univ Revs Series 2025A, 5% 8/15/2037  | 3515000 | 3878439 |
| Michigan St Univ Revs Series 2025A, 5% 8/15/2038  | 3165000 | 3451915 |
| Michigan Technological Univ Series 2021, 4% 10/1/2041  | 1450000 | 1356775 |
| Michigan Technological Univ Series 2021, 5% 10/1/2030  | 1645000 | 1797934 |
| Michigan Technological Univ Series 2021, 5% 10/1/2031  | 1250000 | 1377676 |
| Michigan Technological Univ Series 2021, 5% 10/1/2032  | 1250000 | 1366395 |
| Michigan Technological Univ Series 2021, 5% 10/1/2033  | 1325000 | 1441212 |
| Michigan Technological Univ Series 2021, 5% 10/1/2034  | 1405000 | 1518309 |
| Oakland Univ Mich Rev 5% 3/1/2026  | 480000 | 486296 |
| Oakland Univ Mich Rev 5% 3/1/2033  | 1000000 | 1097543 |
| Oakland Univ Mich Rev 5% 3/1/2033  | 1000000 | 1097543 |
| Oakland Univ Mich Rev 5% 3/1/2034  | 1905000 | 2071502 |
| Oakland Univ Mich Rev 5% 3/1/2034  | 1250000 | 1359253 |
| Oakland Univ Mich Rev 5% 3/1/2035  | 2000000 | 2158783 |
| Oakland Univ Mich Rev 5% 3/1/2036  | 2095000 | 2244169 |
| Oakland Univ Mich Rev 5% 3/1/2037  | 2200000 | 2340039 |
| Oakland Univ Mich Rev 5% 3/1/2038  | 2310000 | 2438844 |
| Oakland Univ Mich Rev 5% 3/1/2038  | 1330000 | 1404183 |
| Oakland Univ Mich Rev 5% 3/1/2039  | 2425000 | 2543788 |
| Oakland Univ Mich Rev 5% 3/1/2039  | 1375000 | 1442354 |
| University MI Univ Revs 5% 4/1/2033  | 1440000 | 1622811 |
|  |  | 73567387 |
| Electric Utilities - 0.1% |  |  |
| Lansing Mich Brd Wtr & Lt Util Sys Rev 2% tender 7/1/2051 (b) | 5760000 | 5652281 |
| Michigan Fin Auth Act 38 Facs Sr Rev (Provident Grp Hfh Energy LLC Proj.) Series 2024, 5.25% 2/28/2042  | 1250000 | 1291595 |
| Michigan Fin Auth Act 38 Facs Sr Rev (Provident Grp Hfh Energy LLC Proj.) Series 2024, 5.25% 2/28/2043  | 1600000 | 1648679 |
| Michigan St Strategic Fd Ltd Oblig Rev (Dte Elec Co Proj.) Series 2023 DT, 3.875% tender 6/1/2053 (b)(c) | 3500000 | 3375040 |
|  |  | 11967595 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev Series 2016, 5% 5/15/2027 (Pre-refunded to 5/15/2026 at 100)  | 20000 | 20353 |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev Series 2016, 5% 5/15/2028 (Pre-refunded to 5/15/2026 at 100)  | 15000 | 15264 |
|  |  | 35617 |
| General Obligations - 1.3% |  |  |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2030  | 3300000 | 3615709 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2031  | 4950000 | 5486221 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2032  | 5650000 | 6322375 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2033  | 6020000 | 6787306 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2034  | 6355000 | 7181430 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2036  | 6340000 | 7090705 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2037  | 7815000 | 8642994 |
| Ann Arbor MI Sch Dist Pub Schs Series 2025, 5% 5/1/2038  | 8255000 | 9026043 |
| Detroit MI Gen. Oblig. Series 2021A, 4% 4/1/2041  | 1575000 | 1403992 |
| Detroit MI Gen. Oblig. Series 2021A, 4% 4/1/2042  | 600000 | 522839 |
| Detroit MI Gen. Oblig. Series 2021A, 5% 4/1/2031  | 900000 | 965699 |
| Detroit MI Gen. Oblig. Series 2021A, 5% 4/1/2033  | 1075000 | 1143802 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2033  | 2760000 | 2986187 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2034  | 2895000 | 3132887 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2035  | 3040000 | 3279289 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2036  | 3195000 | 3415077 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2037  | 3355000 | 3554382 |
| Detroit Mich Sch Dist Series 2005A, 5.25% 5/1/2030 (Assured Guaranty Municipal Corp Insured), (State of Michigan Guaranteed)  | 18655000 | 20595588 |
| Forest Hills MI Pub Schs 5% 5/1/2034  | 1575000 | 1782399 |
| Forest Hills MI Pub Schs 5% 5/1/2035  | 1920000 | 2178915 |
| Forest Hills MI Pub Schs 5% 5/1/2036  | 3000000 | 3354790 |
| Forest Hills MI Pub Schs 5% 5/1/2037  | 3050000 | 3377580 |
| Forest Hills MI Pub Schs 5% 5/1/2038  | 3285000 | 3596540 |
| Forest Hills MI Pub Schs 5% 5/1/2039  | 2000000 | 2169610 |
| Forest Hills MI Pub Schs 5% 5/1/2040  | 2000000 | 2147937 |
| Forest Hills MI Pub Schs 5% 5/1/2045  | 1100000 | 1149265 |
| Grand Blanc MI Cmnty Schs Series 2020, 2.25% 11/1/2040 (State of Michigan Guaranteed)  | 2425000 | 1686879 |
| Grand Rapids MI Gen. Oblig. Series 2025, 5% 4/1/2037  | 1000000 | 1105802 |
| Grand Rapids MI Gen. Oblig. Series 2025, 5% 4/1/2038  | 1550000 | 1694964 |
| Grand Rapids MI Pub Schs 5% 5/1/2027 (Assured Guaranty Municipal Corp Insured)  | 1310000 | 1361281 |
| Grand Rapids MI Pub Schs 5% 5/1/2029 (Assured Guaranty Municipal Corp Insured)  | 1890000 | 1955950 |
| Grand Rapids MI Pub Schs 5% 5/1/2030 (Assured Guaranty Municipal Corp Insured)  | 3400000 | 3453092 |
| Grand Rapids MI Pub Schs 5% 5/1/2031 (Assured Guaranty Municipal Corp Insured)  | 4855000 | 4925991 |
| Grand Rapids MI Pub Schs 5% 5/1/2032 (Assured Guaranty Municipal Corp Insured)  | 730000 | 740011 |
| Grand Rapids MI Pub Schs 5% 5/1/2033 (Assured Guaranty Municipal Corp Insured)  | 3030000 | 3070051 |
| Howell MI Pub Schs 5% 5/1/2036 (State of Michigan Guaranteed)  | 1300000 | 1437826 |
| Howell MI Pub Schs 5% 5/1/2037 (State of Michigan Guaranteed)  | 1500000 | 1644241 |
| Howell MI Pub Schs 5% 5/1/2038 (State of Michigan Guaranteed)  | 2750000 | 2980305 |
| Lake Orion MI Sch Dist 5% 5/1/2029 (State of Michigan Guaranteed)  | 1685000 | 1817626 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) 3% 10/15/2045  | 5020000 | 3822379 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) 5% 4/15/2035  | 2720000 | 2770328 |
| Portage MI Pub Schs 5% 11/1/2027  | 1215000 | 1236896 |
| Portage MI Pub Schs 5% 11/1/2029  | 3080000 | 3134483 |
| Utica MI Cmnty Schs Series 2019, 5% 5/1/2030 (State of Michigan Guaranteed)  | 1650000 | 1780154 |
| Utica MI Cmnty Schs Series 2019, 5% 5/1/2032 (State of Michigan Guaranteed)  | 2300000 | 2470079 |
| Utica MI Cmnty Schs Series 2019, 5% 5/1/2033 (State of Michigan Guaranteed)  | 1875000 | 2002246 |
| Utica MI Cmnty Schs Series 2019, 5% 5/1/2034 (State of Michigan Guaranteed)  | 2450000 | 2604379 |
| Warren MI Cons Sch Dist 5% 5/1/2030 (State of Michigan Guaranteed)  | 4415000 | 4481018 |
| Warren MI Cons Sch Dist 5% 5/1/2031 (State of Michigan Guaranteed)  | 4660000 | 4728140 |
| Warren MI Cons Sch Dist 5% 5/1/2032 (State of Michigan Guaranteed)  | 4955000 | 5025816 |
|  |  | 176839498 |
| Health Care - 0.4% |  |  |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev (Bronson Methodist Hsp, MI Proj.) Series 2016, 5% 5/15/2027  | 3255000 | 3308915 |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev (Bronson Methodist Hsp, MI Proj.) Series 2016, 5% 5/15/2028  | 2460000 | 2500736 |
| Michigan Fin Auth Rev (Bronson Methodist Hsp, Mi Proj.) Series 2019 B, 5% tender 11/15/2044 (b) | 5450000 | 5556107 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2033  | 5065000 | 5585744 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2034  | 2530000 | 2767873 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2035  | 1445000 | 1563799 |
| Michigan Fin Auth Rev (Corewell Health Proj.) Series 2022, 5% 4/15/2032  | 8285000 | 9157856 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2015 D2, 1.2% tender 10/15/2038 (b) | 1775000 | 1665973 |
| Michigan Fin Auth Rev (Trinity Health Proj.) 5% 12/1/2025  | 2915000 | 2938558 |
| Michigan Fin Auth Rev (Trinity Health Proj.) 5% 12/1/2026  | 1270000 | 1309139 |
| Michigan Fin Auth Rev (Trinity Health Proj.) 5% 12/1/2027  | 1215000 | 1272515 |
| Michigan Fin Auth Rev (Trinity Health Proj.) 5% 12/1/2028  | 1940000 | 2026931 |
| Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2025  | 1260000 | 1270183 |
| Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2026  | 1940000 | 1999787 |
| Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2027  | 1295000 | 1356919 |
| Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2028  | 2040000 | 2131413 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2028  | 565000 | 591195 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2029  | 1000000 | 1057300 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2030  | 425000 | 452963 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2031  | 495000 | 524348 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2032  | 545000 | 576349 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2033  | 595000 | 626856 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2034  | 385000 | 405408 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2035  | 400000 | 419374 |
|  |  | 51066241 |
| Housing - 0.1% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 3.5% 12/1/2050  | 1805000 | 1797170 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 5.5% 6/1/2053  | 8925000 | 9408518 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) Series 2021A, 3% 6/1/2052  | 3950000 | 3881814 |
|  |  | 15087502 |
| Special Tax - 0.1% |  |  |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2036  | 2000000 | 2177357 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2037  | 2000000 | 2159376 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2038  | 2000000 | 2136054 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2039  | 2000000 | 2111188 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2040  | 620000 | 650708 |
|  |  | 9234683 |
| Tobacco Bonds - 0.1% |  |  |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 5% 6/1/2030  | 775000 | 812405 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 5% 6/1/2031  | 1005000 | 1053871 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 5% 6/1/2032  | 970000 | 1012845 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 5% 6/1/2033  | 1745000 | 1819140 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) Series 2020 A 2, 5% 6/1/2040  | 2340000 | 2368560 |
|  |  | 7066821 |
| Transportation - 0.0% |  |  |
| State of Michigan (MI St Garvee Proj.) 5% 3/15/2027  | 3230000 | 3358761 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2029  | 245000 | 256126 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2030  | 380000 | 396007 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2031  | 390000 | 405687 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2036  | 535000 | 545771 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2029 (c) | 685000 | 705611 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2030 (c) | 485000 | 498819 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2031 (c) | 525000 | 537758 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2033 (c) | 375000 | 381439 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2036 (c) | 810000 | 817213 |
|  |  | 7903192 |
| Water & Sewer - 0.1% |  |  |
| Great Lakes Sewer Auth Mich Series 2022A, 5% 7/1/2033  | 330000 | 368784 |
| Great Lakes Sewer Auth Mich Series 2022A, 5% 7/1/2035  | 745000 | 818799 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2022 A, 5% 7/1/2033  | 270000 | 301732 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2022 A, 5% 7/1/2035  | 3000000 | 3297179 |
| Michigan Fin Auth Rev (Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Proj.) Series D1, 5% 7/1/2027  | 415000 | 415612 |
| Michigan Fin Auth Rev (Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Proj.) Series D1, 5% 7/1/2029  | 970000 | 971461 |
| Michigan Fin Auth Rev (Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Proj.) Series D1, 5% 7/1/2031  | 1165000 | 1166667 |
| Michigan Fin Auth Rev (Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Proj.) Series D1, 5% 7/1/2032  | 970000 | 971313 |
| Michigan Fin Auth Rev (Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Proj.) Series D1, 5% 7/1/2033  | 825000 | 826117 |
|  |  | 9137664 |
| TOTAL MICHIGAN |  | 361906200 |
| Minnesota - 0.8%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| St Paul MN Hsg & Redev Auth Hosp Series 2015A, 5% 11/15/2040 (Pre-refunded to 11/15/2025 at 100)  | 1410000 | 1419204 |
| General Obligations - 0.3% |  |  |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 A, 5% 8/1/2033  | 1875000 | 2073234 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 A, 5% 8/1/2034  | 1500000 | 1643781 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 A, 5% 8/1/2035  | 1210000 | 1327665 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 B, 5% 8/1/2032  | 2120000 | 2353810 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022C, 5% 8/1/2033  | 1780000 | 1977685 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022C, 5% 8/1/2034  | 2685000 | 2961874 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022C, 5% 8/1/2035  | 2820000 | 3081254 |
| Minnesota St Gen. Oblig. Series 2021B, 4% 9/1/2032  | 4475000 | 4672525 |
| Minnesota St Gen. Oblig. Series 2022B, 4% 8/1/2036  | 11000000 | 11160892 |
| Mounds View MN Indpt Sch Dist No 621 Series 2018 A, 3.45% 2/1/2037 (Minnesota St Guaranteed)  | 4795000 | 4552548 |
| Mounds View MN Indpt Sch Dist No 621 Series 2018 A, 3.55% 2/1/2038 (Minnesota St Guaranteed)  | 5005000 | 4687182 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2032 (Minnesota St Guaranteed) (h)(i) | 1015000 | 805817 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2034 (Minnesota St Guaranteed) (h)(i) | 1280000 | 927494 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2036 (Minnesota St Guaranteed) (h)(i) | 2590000 | 1689326 |
| West St Paul MN Indept Sch Dis Series 2018 A, 3.6% 2/1/2037 (Minnesota St Guaranteed)  | 3495000 | 3418367 |
| West St Paul MN Indept Sch Dis Series 2018 A, 3.65% 2/1/2038 (Minnesota St Guaranteed)  | 3665000 | 3512922 |
|  |  | 50846376 |
| Health Care - 0.4% |  |  |
| Maple Grove MN Health Care Sys Rev (North Memorial Med Center, MN Proj.) Series 2015, 5% 9/1/2026  | 2100000 | 2104606 |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2023A, 5% tender 11/15/2052 (b) | 3945000 | 4144933 |
| Shakopee Minn Sr Hsg Rev (Benedictine Living Communities Proj.) Series 2018, 5.85% tender 11/1/2058 (b)(d) | 6840000 | 6823467 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2038  | 2270000 | 2417366 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2039  | 2000000 | 2108985 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2040  | 5000000 | 5219246 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2041  | 2500000 | 2579174 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2042  | 5750000 | 5875662 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2054  | 7910000 | 7815781 |
|  |  | 39089220 |
| Housing - 0.1% |  |  |
| Minneapolis MN Multifamily Rev Series 2019, 2.46% 1/1/2038 (Fannie Mae Guaranteed)  | 6361346 | 4999090 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2021 B, 3% 7/1/2051  | 1490000 | 1468304 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2021 D, 3% 1/1/2052  | 5785000 | 5695366 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 R, 6.25% 7/1/2054  | 2105000 | 2279568 |
|  |  | 14442328 |
| Transportation - 0.0% |  |  |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2032 (c) | 780000 | 841254 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2033 (c) | 1165000 | 1245248 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2034 (c) | 1135000 | 1202557 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2035 (c) | 705000 | 742022 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2036 (c) | 565000 | 590805 |
|  |  | 4621886 |
| Water & Sewer - 0.0% |  |  |
| Minnesota Pub Facs Auth St Revolving Fd Rev Series 2016 B, 4% 3/1/2026  | 1095000 | 1104934 |
| TOTAL MINNESOTA |  | 111523948 |
| Mississippi - 0.2%  |  |  |
| General Obligations - 0.0% |  |  |
| Mississippi St Gen. Oblig. Series 2017 A, 5% 10/1/2030  | 5340000 | 5575409 |
| Health Care - 0.2% |  |  |
| Mississippi Dev Bank Spl Obl (Magnolia Regional Health Center Proj.) Series 2021, 4% 10/1/2036 (d) | 850000 | 736533 |
| Mississippi Dev Bank Spl Obl (Magnolia Regional Health Center Proj.) Series 2021, 4% 10/1/2041 (d) | 1360000 | 1060538 |
| Mississippi Dev Bank Spl Obl (Magnolia Regional Health Center Proj.) Series 2021, 5% 10/1/2029 (d) | 2000000 | 2043872 |
| Mississippi Dev Bank Spl Obl (Magnolia Regional Health Center Proj.) Series 2021, 5% 10/1/2030 (d) | 2800000 | 2865419 |
| Mississippi Dev Bank Spl Obl (Magnolia Regional Health Center Proj.) Series 2021, 5% 10/1/2032 (d) | 3070000 | 3124312 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019 B, 5% 1/1/2026  | 700000 | 705003 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019 B, 5% 1/1/2027  | 1245000 | 1274662 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019 B, 5% 1/1/2028  | 500000 | 519896 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019 B, 5% 1/1/2029  | 510000 | 537175 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019 B, 5% 1/1/2030  | 595000 | 632166 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019A, 5% 1/1/2030  | 500000 | 531232 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019A, 5% 1/1/2031  | 1500000 | 1587094 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019A, 5% 1/1/2032  | 1750000 | 1846525 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019A, 5% 1/1/2034  | 1065000 | 1116086 |
| Mississippi Hosp Eq & Facs Aut (Forrest Cnty Gen Hosp Proj.) Series 2019A, 5% 1/1/2035  | 2000000 | 2089226 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) Series 2020 II, 5% tender 10/1/2040 (b) | 3025000 | 3104805 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) Series 2020 IV, 5% 10/1/2034  | 1435000 | 1499480 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) Series 2020 IV, 5% 10/1/2038  | 1675000 | 1713708 |
|  |  | 26987732 |
| TOTAL MISSISSIPPI |  | 32563141 |
| Missouri - 0.4%  |  |  |
| General Obligations - 0.1% |  |  |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2034  | 950000 | 1035646 |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2035  | 1250000 | 1355780 |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2036  | 1250000 | 1344155 |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2037  | 1350000 | 1440404 |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2038  | 2000000 | 2116331 |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2039  | 2740000 | 2876985 |
|  |  | 10169301 |
| Health Care - 0.2% |  |  |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2027  | 970000 | 1002965 |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2036  | 2375000 | 2399877 |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 A, 4% 7/1/2046  | 3530000 | 3107089 |
| Missouri Hlth & Edl Facs Rev (Childrens Mercy Hospital Fndtn Proj.) 5% 5/15/2029  | 970000 | 988388 |
| Missouri Hlth & Edl Facs Rev (Childrens Mercy Hospital Fndtn Proj.) 5% 5/15/2030  | 970000 | 987493 |
| Missouri Hlth & Edl Facs Rev (Childrens Mercy Hospital Fndtn Proj.) 5% 5/15/2031  | 970000 | 986330 |
| Missouri Hlth & Edl Facs Rev (Lake Regional Hlth Proj.) Series 2021, 4% 2/15/2034  | 400000 | 381194 |
| Missouri Hlth & Edl Facs Rev (Lake Regional Hlth Proj.) Series 2021, 5% 2/15/2030  | 670000 | 705171 |
| Missouri Hlth & Edl Facs Rev (Lake Regional Hlth Proj.) Series 2021, 5% 2/15/2031  | 705000 | 744903 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 5% 2/1/2030  | 2395000 | 2397656 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 5% 2/1/2032  | 2645000 | 2647421 |
| Missouri Hlth & Edl Facs Rev (Ssm Health Care System Proj.) Series 2022A, 5% 6/1/2032  | 2150000 | 2363285 |
| Missouri Hlth & Edl Facs Rev (Ssm Health Care System Proj.) Series 2022A, 5% 6/1/2033  | 1850000 | 2019936 |
| St Louis Cnty MO Indl Dev Auth Sr Living Facs Rev (Friendship Village of West County Proj.) Series 2018A, 5.125% 9/1/2048  | 2210000 | 2087602 |
|  |  | 22819310 |
| Housing - 0.0% |  |  |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2019B, 4% 5/1/2050  | 545000 | 548032 |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2021C, 3.25% 11/1/2052  | 1995000 | 1971910 |
| 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  | 5290000 | 5896058 |
|  |  | 8416000 |
| Transportation - 0.1% |  |  |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 4% 3/1/2040 (c) | 9950000 | 9160030 |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 5% 3/1/2033 (c) | 1600000 | 1670055 |
| St Louis MO Arpt Rev Series 2019C, 5% 7/1/2030  | 3660000 | 3910394 |
|  |  | 14740479 |
| Water & Sewer - 0.0% |  |  |
| Kansas City MO Santn Swr Sys Rev Series 2018 B, 5% 1/1/2029  | 550000 | 580088 |
| Kansas City MO Santn Swr Sys Rev Series 2018 B, 5% 1/1/2031  | 415000 | 436030 |
| Kansas City MO Santn Swr Sys Rev Series 2018 B, 5% 1/1/2034  | 380000 | 396097 |
|  |  | 1412215 |
| TOTAL MISSOURI |  | 57557305 |
| Montana - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Montana Facility Fin Auth Rev (Benefis Health System Proj.) Series 2016, 5% 2/15/2026  | 3105000 | 3131306 |
| Montana Facility Finance Authority (Logan Health Proj.) Series 2018 B, 5% 7/1/2031  | 1170000 | 1213503 |
|  |  | 4344809 |
| Housing - 0.0% |  |  |
| Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) Series 2019B, 4% 6/1/2050  | 345000 | 347672 |
| Other - 0.1% |  |  |
| Gallatin Cnty Mont Indl Dev Rev (Bozeman Fiber Proj.) Series 2021A, 4% 10/15/2032 (d) | 1160000 | 991445 |
| Gallatin Cnty Mont Indl Dev Rev (Bozeman Fiber Proj.) Series 2021A, 4% 10/15/2036 (d) | 3065000 | 2411887 |
| Gallatin Cnty Mont Indl Dev Rev (Bozeman Fiber Proj.) Series 2021A, 4% 10/15/2041 (d) | 4910000 | 3216256 |
| Gallatin Cnty Mont Indl Dev Rev (Bozeman Fiber Proj.) Series 2021A, 4% 10/15/2046 (d) | 3195000 | 2038338 |
| Gallatin Cnty Mont Indl Dev Rev (Bozeman Fiber Proj.) Series 2021A, 4% 10/15/2051 (d) | 2625000 | 1632368 |
|  |  | 10290294 |
| TOTAL MONTANA |  | 14982775 |
| Nebraska - 0.9%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Nebraska Pub Pwr Dist Rev Series 2021 C, 5% 1/1/2026  | 1000000 | 1010510 |
| Nebraska Pub Pwr Dist Rev Series B, 5% 1/1/2031  | 3885000 | 3917441 |
| Nebraska Pub Pwr Dist Rev Series B, 5% 1/1/2034  | 4235000 | 4264490 |
| Nebraska Pub Pwr Dist Rev Series B, 5% 1/1/2036  | 5135000 | 5164668 |
| Omaha Public Power District Series 2022 A, 5% 2/1/2035  | 575000 | 632231 |
| Omaha Public Power District Series 2022 A, 5% 2/1/2036  | 640000 | 693556 |
| Omaha Public Power District Series 2022B, 5% 2/1/2034  | 1550000 | 1721243 |
| Omaha Public Power District Series 2022B, 5% 2/1/2035  | 450000 | 494790 |
|  |  | 17898929 |
| General Obligations - 0.6% |  |  |
| Central Plains Energy Proj NE Gas Proj Rev 4% tender 12/1/2049 (Royal Bank of Canada Guaranteed) (b) | 15350000 | 15360171 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2023 A 1, 5% tender 5/1/2054 (Bank of Montreal Guaranteed) (b) | 7925000 | 8330021 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2025A SUB A 1, 5% tender 8/1/2055 (Royal Bank of Canada Guaranteed) (b) | 45000000 | 47630052 |
|  |  | 71320244 |
| Housing - 0.1% |  |  |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 B, 4% 9/1/2049 (c) | 1225000 | 1225792 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 E, 3.75% 9/1/2049 (c) | 1160000 | 1157047 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2020 A, 3.5% 9/1/2050  | 1515000 | 1509388 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2021 A, 3% 9/1/2045  | 3570000 | 3510115 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2022 B, 5% 3/1/2027 (c) | 1165000 | 1192984 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2022 B, 5% 3/1/2028 (c) | 1205000 | 1248955 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2022 B, 5% 9/1/2027 (c) | 1185000 | 1222273 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2022 B, 5% 9/1/2028 (c) | 650000 | 677525 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2022 B, 5% 9/1/2029 (c) | 1270000 | 1334046 |
|  |  | 13078125 |
| Transportation - 0.1% |  |  |
| Lincoln Neb Arpt Auth Series 2021, 4% 7/1/2036 (c) | 1000000 | 960099 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5% 12/15/2035 (Assured Guaranty Municipal Corp Insured) (c) | 1000000 | 1067143 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5% 12/15/2036 (Assured Guaranty Municipal Corp Insured) (c) | 1300000 | 1378395 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5.25% 12/15/2037 (Assured Guaranty Municipal Corp Insured) (c) | 3795000 | 4104695 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5.25% 12/15/2038 (Assured Guaranty Municipal Corp Insured) (c) | 3250000 | 3480620 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5.25% 12/15/2039 (Assured Guaranty Municipal Corp Insured) (c) | 2750000 | 2920772 |
|  |  | 13911724 |
| TOTAL NEBRASKA |  | 116209022 |
| Nevada - 1.1%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Humboldt Cnty Nev Pcr (Sierra Pacific Power Co Proj.) Series 2016 A, 3.55% 10/1/2029  | 1665000 | 1686307 |
| Humboldt Cnty Nev Pcr (Sierra Pacific Power Co Proj.) Series 2016B, 3.55% 10/1/2029  | 1275000 | 1285086 |
| Washoe Cnty NV Gas & Wtr Facs (Sierra Pacific Power Co Proj.) Series 2016B, 3.625% tender 3/1/2036 (b) | 2350000 | 2350264 |
| Washoe Cnty NV Wtr Fac Rev (Sierra Pacific Power Co Proj.) Series 2016 F, 4.125% tender 3/1/2036 (b)(c) | 2105000 | 2109280 |
| Washoe Cnty NV Wtr Fac Rev (Sierra Pacific Power Co Proj.) Series 2016C, 4.125% tender 3/1/2036 (b)(c) | 1130000 | 1132298 |
|  |  | 8563235 |
| General Obligations - 0.7% |  |  |
| Clark Cnty NV Gen. Oblig. Series 2017, 3% 11/1/2035  | 3325000 | 3042392 |
| Clark Cnty NV School Dist 5% 6/15/2034  | 6330000 | 6602813 |
| Clark Cnty NV School Dist Series 2017 A, 5% 6/15/2026  | 5000000 | 5102179 |
| Clark Cnty NV School Dist Series 2018 B, 5% 6/15/2034  | 4195000 | 4397498 |
| Clark Cnty NV School Dist Series 2018 B, 5% 6/15/2035  | 8000000 | 8348277 |
| Clark Cnty NV School Dist Series 2018A, 5% 6/15/2033  | 3400000 | 3555412 |
| Clark Cnty NV School Dist Series 2020A, 5% 6/15/2033 (Assured Guaranty Municipal Corp Insured)  | 1090000 | 1178624 |
| Clark Cnty NV School Dist Series 2024 B, 3% 6/15/2040  | 26300000 | 21396975 |
| Clark Cnty NV School Dist Series 2024 B, 3% 6/15/2044  | 24735000 | 18643059 |
| Nevada St Gen. Oblig. Series 2024A, 3% 5/1/2040  | 8055000 | 6766926 |
| Nevada St Gen. Oblig. Series 2024A, 3% 5/1/2042  | 7680000 | 6147328 |
|  |  | 85181483 |
| Health Care - 0.0% |  |  |
| Carson City Nev Hosp Rev (Carson Tahoe Hospital Proj.) Series 2017, 5% 9/1/2028  | 445000 | 457107 |
| Carson City Nev Hosp Rev (Carson Tahoe Hospital Proj.) Series 2017, 5% 9/1/2030  | 730000 | 746866 |
| Carson City Nev Hosp Rev (Carson Tahoe Hospital Proj.) Series 2017, 5% 9/1/2032  | 725000 | 738134 |
| Carson City Nev Hosp Rev (Carson Tahoe Hospital Proj.) Series 2017, 5% 9/1/2034  | 740000 | 749079 |
|  |  | 2691186 |
| Housing - 0.0% |  |  |
| Nevada Hsg Div Single Family Mtg Rev (NV Single Fam Mort Rev 9/1/2008 Proj.) Series 2019B, 4% 10/1/2049  | 755000 | 758709 |
| Special Tax - 0.0% |  |  |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2028  | 1500000 | 1566411 |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2031  | 2395000 | 2542370 |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2035  | 1825000 | 1898084 |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2040  | 1000000 | 1009859 |
|  |  | 7016724 |
| Transportation - 0.1% |  |  |
| Clark Cnty NV Arpt Rev Series 2019 A, 5% 7/1/2026  | 2965000 | 3031254 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2035 (c) | 1000000 | 1056614 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2036 (c) | 700000 | 733419 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2037 (c) | 750000 | 812204 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2038 (c) | 1525000 | 1633772 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2039 (c) | 650000 | 690811 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2040 (c) | 700000 | 738098 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2041 (c) | 650000 | 679236 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2042 (c) | 1110000 | 1150640 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2043 (c) | 1110000 | 1144177 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2044 (c) | 1430000 | 1466818 |
|  |  | 13137043 |
| Water & Sewer - 0.2% |  |  |
| Las Vegas Valley NV Gen. Oblig. Series 2016A, 5% 6/1/2032  | 2815000 | 2857786 |
| Las Vegas Valley NV Gen. Oblig. Series 2016A, 5% 6/1/2033  | 4855000 | 4924831 |
| Las Vegas Valley NV Gen. Oblig. Series 2016A, 5% 6/1/2034  | 5145000 | 5214811 |
| Las Vegas Valley NV Gen. Oblig. Series 2025A, 5% 6/1/2036  | 2000000 | 2249005 |
| Las Vegas Valley NV Gen. Oblig. Series 2025A, 5% 6/1/2037  | 3275000 | 3646771 |
| Las Vegas Valley NV Gen. Oblig. Series 2025A, 5% 6/1/2038  | 2120000 | 2333267 |
|  |  | 21226471 |
| TOTAL NEVADA |  | 138574851 |
| New Hampshire - 0.7%  |  |  |
| Education - 0.0% |  |  |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2028 (c) | 1000000 | 1056714 |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2029 (c) | 1025000 | 1095357 |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2031 (c) | 1050000 | 1133401 |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2032 (c) | 1000000 | 1079027 |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2033 (c) | 1025000 | 1102033 |
|  |  | 5466532 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| New Hampshire Health and Education Facilities Authority Act Series 2017, 5% 7/1/2036 (Pre-refunded to 7/1/2027 at 100)  | 2105000 | 2202042 |
| New Hampshire Health and Education Facilities Authority Act Series 2017, 5% 7/1/2044 (Pre-refunded to 7/1/2027 at 100)  | 1830000 | 1914363 |
|  |  | 4116405 |
| Health Care - 0.2% |  |  |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 4% 8/15/2036  | 730000 | 697899 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 4% 8/15/2037  | 900000 | 854752 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 4% 8/15/2038  | 1000000 | 944207 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 4% 8/15/2040  | 1050000 | 963498 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 4% 8/15/2041  | 1000000 | 901158 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 5% 8/15/2027  | 505000 | 523828 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 5% 8/15/2034  | 905000 | 964176 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 5% 8/15/2035  | 680000 | 719530 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2030  | 1190000 | 1239226 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 4% 10/1/2038  | 800000 | 750933 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2026  | 4560000 | 4646692 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2027  | 4860000 | 4956900 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2028  | 1940000 | 1977203 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2030  | 7070000 | 7176570 |
|  |  | 27316572 |
| Housing - 0.5% |  |  |
| National Fin Auth NH Hosp Rev (Lihtc 2020-1 Us Proj.) Series 1 Class A, 4.125% 1/20/2034  | 9059400 | 8957419 |
| National Fin Auth NH Hosp Rev (Lihtc 2022-1 Us Proj.) Series 1 Class A, 4.375% 9/20/2036  | 6964331 | 6743720 |
| National Fin Auth NH Hosp Rev (Lihtc 2023-2 Us Proj.) Series 2 Class A, 3.875% 1/20/2038  | 25683030 | 23441945 |
| New Hampshire Business Finance Authority (Lihtc 2022-2 Us Proj.) Series 2 Class A, 4% 10/20/2036  | 10335639 | 9731361 |
|  |  | 48874445 |
| TOTAL NEW HAMPSHIRE |  | 85773954 |
| New Jersey - 5.8%  |  |  |
| Education - 0.6% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) 5% 12/1/2027 (c) | 3735000 | 3848973 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) 5% 12/1/2028 (c) | 6850000 | 7128665 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) 5% 12/1/2029 (c) | 4475000 | 4694543 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019A, 5% 12/1/2025  | 1925000 | 1938642 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020 A, 5% 12/1/2025 (c) | 3900000 | 3921811 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020 A, 5% 12/1/2026 (c) | 3100000 | 3160011 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020 A, 5% 12/1/2028 (c) | 1225000 | 1274834 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020B, 5% 12/1/2025 (c) | 2675000 | 2689960 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2022A, 5% 12/1/2027 (c) | 1275000 | 1313907 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2022A, 5% 12/1/2028 (c) | 1400000 | 1456953 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2022A, 5% 12/1/2029 (c) | 1400000 | 1468684 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2022A, 5% 12/1/2030 (c) | 750000 | 795132 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023A, 5% 12/1/2027 (c) | 1350000 | 1391195 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023A, 5% 12/1/2028 (c) | 1325000 | 1378902 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023A, 5% 12/1/2029 (c) | 2000000 | 2098120 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2027 (c) | 5000000 | 5152575 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2028 (c) | 5500000 | 5723746 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2029 (c) | 5500000 | 5769829 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 A, 5% 12/1/2032 (c) | 1850000 | 1963646 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 A, 5% 12/1/2033 (c) | 785000 | 829067 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2028 (c) | 5500000 | 5723746 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2029 (c) | 1180000 | 1237891 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2030 (c) | 5000000 | 5300881 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2031 (c) | 2420000 | 2577961 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2032 (c) | 2820000 | 2993233 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2033 (c) | 1000000 | 1056137 |
| New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2027 (Assured Guaranty Municipal Corp Insured)  | 1360000 | 1408376 |
| New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2028 (Assured Guaranty Municipal Corp Insured)  | 1940000 | 2001386 |
| New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2029 (Assured Guaranty Municipal Corp Insured)  | 1455000 | 1499428 |
| New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2029  | 1820000 | 1843829 |
|  |  | 83642063 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Bayonne NJ Gen. Oblig. 5% 7/1/2031 (Pre-refunded to 7/1/2026 at 100)  | 1430000 | 1462206 |
| Bayonne NJ Gen. Oblig. 5% 7/1/2032 (Pre-refunded to 7/1/2026 at 100)  | 970000 | 991845 |
| Bayonne NJ Gen. Oblig. 5% 7/1/2033 (Pre-refunded to 7/1/2026 at 100)  | 970000 | 991845 |
| New Jersey Health Care Series 2016 A, 5% 7/1/2028 (Pre-refunded to 7/1/2026 at 100)  | 1185000 | 1209917 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2030 (Pre-refunded to 12/15/2028 at 100)  | 3500000 | 3773131 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2031 (Pre-refunded to 12/15/2028 at 100)  | 2250000 | 2425584 |
|  |  | 10854528 |
| General Obligations - 3.1% |  |  |
| Cherry Hill Twp NJ Sch Dist 4% 8/1/2037  | 4500000 | 4507385 |
| Cherry Hill Twp NJ Sch Dist 4% 8/1/2038  | 3500000 | 3474634 |
| Clearview NJ Regl High Sch Dist 4% 8/1/2037  | 3200000 | 3222062 |
| Clearview NJ Regl High Sch Dist 4% 8/1/2038  | 3015000 | 3019230 |
| Mercer Cnty NJ Gen. Oblig. Series 2021, 2% 2/15/2032  | 2940000 | 2573370 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2018EEE, 5% 6/15/2030  | 2170000 | 2290157 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 GGG, 5.25% 9/1/2025 (d) | 3395000 | 3406411 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 GGG, 5.25% 9/1/2026 (d) | 3200000 | 3287820 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2031  | 2200000 | 2416816 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2032  | 1390000 | 1530966 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2034  | 5150000 | 5392944 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2034  | 2040000 | 2203770 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2035  | 8205000 | 8529883 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2035  | 2085000 | 2233460 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2036  | 5010000 | 5169766 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2033  | 3225000 | 3553502 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2035  | 3000000 | 3266396 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5.25% 6/15/2037  | 1430000 | 1558948 |
| New Jersey St Gen. Oblig. 2% 6/1/2033  | 6000000 | 5132744 |
| New Jersey St Gen. Oblig. 2% 6/1/2034  | 3235000 | 2685560 |
| New Jersey St Gen. Oblig. 2% 6/1/2036  | 4395000 | 3406107 |
| New Jersey St Gen. Oblig. 4% 6/1/2030  | 13105000 | 13812247 |
| New Jersey St Gen. Oblig. 4% 6/1/2031  | 2185000 | 2310542 |
| New Jersey St Gen. Oblig. 4% 6/1/2032  | 1470000 | 1555508 |
| New Jersey St Gen. Oblig. 5% 6/1/2026  | 10480000 | 10699112 |
| New Jersey St Gen. Oblig. 5% 6/1/2029  | 6530000 | 7074694 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2027 (h) | 13270000 | 12317847 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2028 (h) | 3025000 | 2715409 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2029 (Assured Guaranty Municipal Corp Insured) (h) | 5660000 | 4921284 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2030 (h) | 1000000 | 832793 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2030 (Berkshire Hathaway Assurance Corp Insured) (h) | 2535000 | 2124772 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2030 (National Public Finance Guarantee Corporation Insured) (h) | 10960000 | 9127422 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (Financial Guaranty Ins CO Insured) (h) | 5200000 | 4158013 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2033 (Assured Guaranty Municipal Corp Insured) (h) | 6490000 | 4790396 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2034 (h) | 13220000 | 9301194 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2034  | 2510000 | 2524281 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2036  | 2500000 | 2450900 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2036  | 1550000 | 1519558 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2037  | 2150000 | 2082398 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2025  | 4380000 | 4418000 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2026  | 6900000 | 7113543 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2027  | 12250000 | 12871281 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2028  | 4270000 | 4560931 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2030  | 885000 | 954811 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2031  | 4720000 | 5057500 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2033  | 1575000 | 1660617 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2032  | 5660000 | 5953576 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2033  | 1555000 | 1713250 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2035  | 3300000 | 3628717 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2035  | 2000000 | 2162661 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2035  | 2010000 | 2128857 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2036  | 4280000 | 4654266 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2036  | 2270000 | 2387546 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2037  | 6000000 | 6458820 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2037  | 1030000 | 1094472 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2038  | 1930000 | 2004753 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2039  | 6000000 | 6342027 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2040  | 6000000 | 6282688 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2041  | 5000000 | 5190264 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2032  | 1450000 | 1627686 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2036  | 1450000 | 1581865 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2041  | 21745000 | 23073848 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2032  | 1600000 | 1678360 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2033  | 6395000 | 6669408 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2034  | 4640000 | 4808621 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 4% 6/15/2036  | 1000000 | 980360 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2038  | 5000000 | 4795497 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2039  | 14370000 | 13614375 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2030  | 2770000 | 3017829 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2031  | 7210000 | 7932824 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2032  | 5145000 | 5689286 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2033  | 13115000 | 14370398 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2035  | 19670000 | 21175727 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2036  | 10915000 | 11649939 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2028  | 2000000 | 2124279 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2029  | 2500000 | 2693518 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2029  | 2490000 | 2679684 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2030  | 3000000 | 3268051 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2031  | 4500000 | 4945565 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2031  | 3430000 | 3761533 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2032  | 3805000 | 4184766 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2032  | 3120000 | 3437679 |
|  |  | 403579979 |
| Health Care - 0.1% |  |  |
| New Jersey Econom Dev Auth Rev (Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% (d) | 1435000 | 1103100 |
| New Jersey Economic Dev Auth Rev (White Horse HMT Urban Renewal LLC Proj.) 5% (d)(g) | 1508969 | 972435 |
| New Jersey Health Care (Rwj Barnabas Health Proj.) 5% tender 7/1/2042 (b) | 10070000 | 10070000 |
| New Jersey Health Care (Univ of Penn Health Systems Proj.) 5% 7/1/2028  | 440000 | 448469 |
| New Jersey Health Care (Univ of Penn Health Systems Proj.) Series 2016A, 5% 7/1/2033  | 1465000 | 1487527 |
|  |  | 14081531 |
| Housing - 0.1% |  |  |
| New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2025 M, 6.5% 4/1/2056 (i) | 12000000 | 13430084 |
| Special Tax - 0.1% |  |  |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2036 (Assured Guaranty Municipal Corp Insured)  | 1500000 | 1640946 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2037 (Assured Guaranty Municipal Corp Insured)  | 2250000 | 2433397 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2038 (Assured Guaranty Municipal Corp Insured)  | 2250000 | 2404971 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2039 (Assured Guaranty Municipal Corp Insured)  | 1575000 | 1667049 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2040 (Assured Guaranty Municipal Corp Insured)  | 1500000 | 1577857 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2041 (Assured Guaranty Municipal Corp Insured)  | 1300000 | 1353731 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2042 (Assured Guaranty Municipal Corp Insured)  | 1700000 | 1754226 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2036 (Assured Guaranty Municipal Corp Insured)  | 525000 | 574330 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2038 (Assured Guaranty Municipal Corp Insured)  | 750000 | 801657 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2039 (Assured Guaranty Municipal Corp Insured)  | 600000 | 635066 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2040 (Assured Guaranty Municipal Corp Insured)  | 890000 | 936195 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2041 (Assured Guaranty Municipal Corp Insured)  | 950000 | 989265 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2042 (Assured Guaranty Municipal Corp Insured)  | 1200000 | 1238277 |
| Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2043 (Assured Guaranty Municipal Corp Insured)  | 825000 | 848234 |
|  |  | 18855201 |
| Tobacco Bonds - 0.1% |  |  |
| Tobacco Settlement Fin Corp NJ Series 2018B, 5% 6/1/2046  | 8870000 | 8545387 |
| Transportation - 1.6% |  |  |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2027  | 14620000 | 14891489 |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2018 A, 5% 6/15/2030  | 1125000 | 1142709 |
| New Jersey Turnpike Authority 4% 1/1/2035  | 5670000 | 5919703 |
| New Jersey Turnpike Authority 5% 1/1/2028  | 13640000 | 14386247 |
| New Jersey Turnpike Authority 5% 1/1/2028  | 3545000 | 3648338 |
| New Jersey Turnpike Authority 5% 1/1/2030  | 13780000 | 15028140 |
| New Jersey Turnpike Authority 5% 1/1/2032  | 10775000 | 12023784 |
| New Jersey Turnpike Authority 5% 1/1/2033  | 11345000 | 12741920 |
| New Jersey Turnpike Authority 5% 1/1/2034  | 6805000 | 7671081 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2042  | 10735000 | 11257840 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2043  | 11280000 | 11775952 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2044  | 15040000 | 15632290 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2045  | 13420000 | 13920983 |
| New Jersey Turnpike Authority Series 2025 C, 5% 1/1/2032 (i) | 2000000 | 2206317 |
| New Jersey Turnpike Authority Series 2025 C, 5% 1/1/2033 (i) | 970000 | 1076330 |
| New Jersey Turnpike Authority Series 2025 C, 5% 1/1/2034 (i) | 2420000 | 2695420 |
| New Jersey Turnpike Authority Series 2025B, 5% 1/1/2030  | 11955000 | 13037838 |
| New Jersey Turnpike Authority Series 2025B, 5% 1/1/2031  | 11750000 | 12983945 |
| New Jersey Turnpike Authority Series 2025B, 5% 1/1/2033  | 15350000 | 17240060 |
| New Jersey Turnpike Authority Series 2025B, 5% 1/1/2034  | 10460000 | 11791258 |
| New Jersey Turnpike Authority Series 2025B, 5% 1/1/2035  | 2990000 | 3372430 |
|  |  | 204444074 |
| Water & Sewer - 0.0% |  |  |
| New Jersey Enviro Infrast Tr Series 2016A R1, 5% 9/1/2025  | 2065000 | 2071792 |
| New Jersey Enviro Infrast Tr Series 2016A R2, 5% 9/1/2025  | 3010000 | 3019901 |
|  |  | 5091693 |
| TOTAL NEW JERSEY |  | 762524540 |
| New Jersey,New York - 0.7%  |  |  |
| Transportation - 0.7% |  |  |
| Port Auth NY & NJ 5% 1/15/2033 (c) | 2000000 | 2164692 |
| Port Auth NY & NJ 5% 1/15/2034 (c) | 3485000 | 3749464 |
| Port Auth NY & NJ 5% 1/15/2035 (c) | 2000000 | 2130868 |
| Port Auth NY & NJ 5% 1/15/2036 (c) | 1000000 | 1052946 |
| Port Auth NY & NJ 5% 1/15/2037 (c) | 1000000 | 1044731 |
| Port Auth NY & NJ 5% 1/15/2039 (c) | 2390000 | 2454889 |
| Port Auth NY & NJ 5% 1/15/2040 (c) | 5000000 | 5102160 |
| Port Auth NY & NJ 5% 1/15/2041 (c) | 6350000 | 6473981 |
| Port Auth NY & NJ 5% 1/15/2042 (c) | 4100000 | 4148140 |
| Port Auth NY & NJ Series 193, 5% 10/15/2029 (c) | 3650000 | 3659363 |
| Port Auth NY & NJ Series 223, 4% 7/15/2039 (c) | 2175000 | 2077411 |
| Port Auth NY & NJ Series 226, 5% 10/15/2033 (c) | 1350000 | 1439332 |
| Port Auth NY & NJ Series 227, 2% 10/1/2033 (c) | 19565000 | 15607546 |
| Port Auth NY & NJ Series 231, 5% 8/1/2033 (c) | 12500000 | 13450314 |
| Port Auth NY & NJ Series 231, 5% 8/1/2034 (c) | 7095000 | 7569826 |
| Port Auth NY & NJ Series 238, 5% 7/15/2039 (c) | 3150000 | 3242332 |
| Port Auth NY & NJ Series 242, 5% 12/1/2036 (c) | 1750000 | 1835557 |
| Port Auth NY & NJ Series 242, 5% 12/1/2037 (c) | 2200000 | 2289238 |
| Port Auth NY & NJ Series 242, 5% 12/1/2038 (c) | 2000000 | 2065820 |
| Port Auth NY & NJ Series 242, 5% 12/1/2039 (c) | 4150000 | 4246626 |
| Port Auth NY & NJ Series TWO HUNDRED EIGHTEEN, 5% 11/1/2036 (c) | 1080000 | 1110870 |
|  |  | 86916106 |
| TOTAL NEW JERSEY,NEW YORK |  | 86916106 |
| New Mexico - 0.4%  |  |  |
| General Obligations - 0.4% |  |  |
| New Mexico Mun Energy Acquisition Auth Gas Supply Rev 5% tender 6/1/2054 (Royal Bank of Canada Guaranteed) (b) | 45315000 | 48027438 |
| Health Care - 0.0% |  |  |
| New Mexico St Hosp Equip Ln Council Hosp Rev (Presbyterian Hlthcare Serv Sys Proj.) 5% tender 8/1/2049 (b) | 8245000 | 8255803 |
| Housing - 0.0% |  |  |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2019 D, 3.75% 1/1/2050  | 1340000 | 1341456 |
| TOTAL NEW MEXICO |  | 57624697 |
| New York - 5.9%  |  |  |
| Education - 0.1% |  |  |
| New York St Dorm Auth Revs Non St Supportd Debt (New School (The) Proj.) 5% 7/1/2025  | 2430000 | 2430000 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2032  | 1810000 | 1755684 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2033  | 900000 | 862311 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2034  | 255000 | 241030 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2037  | 1840000 | 1895735 |
| Onondaga NY Civic Dev Corp (Syracuse University, NY Proj.) 5% 12/1/2032  | 1250000 | 1364084 |
| Onondaga NY Civic Dev Corp (Syracuse University, NY Proj.) 5% 12/1/2034  | 2300000 | 2477541 |
|  |  | 11026385 |
| Electric Utilities - 0.3% |  |  |
| Long Island Pwr Auth NY Elec 1% 9/1/2025  | 28250000 | 28101436 |
| Long Island Pwr Auth NY Elec 1.5% tender 9/1/2051 (b) | 9325000 | 9115401 |
| Long Island Pwr Auth NY Elec Series 2022 A, 5% 9/1/2035  | 800000 | 881770 |
|  |  | 38098607 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| New York State Dormitory Authority Series 2021E, 5% 3/15/2036 (Pre-refunded to 3/15/2032 at 100)  | 5000 | 5635 |
| General Obligations - 0.5% |  |  |
| City of New York NY Gen. Oblig. 5% 3/1/2042  | 5410000 | 5572718 |
| City of New York NY Gen. Oblig. 5% 8/1/2033  | 2350000 | 2604506 |
| City of New York NY Gen. Oblig. 5% 8/1/2033  | 2000000 | 2162334 |
| City of New York NY Gen. Oblig. 5% 8/1/2033  | 1800000 | 1994941 |
| City of New York NY Gen. Oblig. 5% 8/1/2034  | 1750000 | 1924091 |
| City of New York NY Gen. Oblig. 5% 8/1/2035  | 2250000 | 2451904 |
| City of New York NY Gen. Oblig. 5% 8/1/2036  | 1570000 | 1695971 |
| City of New York NY Gen. Oblig. Series 2021 C, 5% 8/1/2033  | 2500000 | 2702918 |
| City of New York NY Gen. Oblig. Series 2021 C, 5% 8/1/2034  | 3310000 | 3557318 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 SUB B 1, 4% 10/1/2035  | 2395000 | 2398936 |
| City of New York NY Gen. Oblig. Series FISCAL 2021 SUB B 1, 5% 11/1/2032  | 5800000 | 6327366 |
| City of New York NY Gen. Oblig. Series FISCAL 2022A SUB A 1, 4% 8/1/2040  | 8210000 | 7788008 |
| City of New York NY Gen. Oblig. Series FISCAL 2022D SUB D 1, 5% 5/1/2035  | 1540000 | 1676972 |
| City of New York NY Gen. Oblig. Series FISCAL 2023B SUB B 1, 5% 10/1/2031  | 1500000 | 1671197 |
| City of New York NY Gen. Oblig. Series FISCAL 2023B SUB B 1, 5% 10/1/2033  | 1000000 | 1109274 |
| City of New York NY Gen. Oblig. Series FISCAL 2025 A, 5% 8/1/2034  | 5000000 | 5643518 |
| City of New York NY Gen. Oblig. Series FISCAL 2025 A, 5% 8/1/2035  | 6000000 | 6677535 |
| City of New York NY Gen. Oblig. Series FISCAL 2025G SUB G 1, 5% 2/1/2036  | 7315000 | 8168807 |
| East Hampton NY Un Free Sh Dis 2.25% 6/1/2028  | 2075000 | 1998500 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 3, 5% 7/15/2037  | 2000000 | 2058848 |
|  |  | 70185662 |
| Health Care - 0.0% |  |  |
| New York St Dorm Auth Revs Non St Supported Debt (Northwell Health Proj.) Series 2019 B3, 5% tender 5/1/2048 (b) | 4055000 | 4072512 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 4% 12/1/2034 (Assured Guaranty Municipal Corp Insured)  | 1000000 | 1004612 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 4% 12/1/2035 (Assured Guaranty Municipal Corp Insured)  | 1500000 | 1496004 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 4% 12/1/2036 (Assured Guaranty Municipal Corp Insured)  | 1635000 | 1613352 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 5.125% 11/1/2041 (d) | 1360000 | 1159172 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 5.375% 11/1/2054 (d) | 2155000 | 1697050 |
|  |  | 11042702 |
| Housing - 1.1% |  |  |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2023E 2, 3.8% tender 11/1/2063 (b) | 2890000 | 2923364 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 A2, 3.625% tender 11/1/2063 (b) | 23055000 | 23251387 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 B 2, 3.7% tender 5/1/2064 (b) | 38285000 | 38809891 |
| New York St Hsg Fin Agy (Affordable Housing Revenue Bonds 8/22/2007 Proj.) Series 2021D 2, 0.65% tender 11/1/2056 (b) | 685000 | 676627 |
| New York St Hsg Fin Agy (Affordable Housing Revenue Bonds 8/22/2007 Proj.) Series 2021E 2, 0.65% tender 11/1/2056 (b) | 4270000 | 4225060 |
| New York St Hsg Fin Agy (Affordable Housing Revenue Bonds 8/22/2007 Proj.) Series 2022 B 2, 2.5% tender 11/1/2060 (b) | 12305000 | 12125655 |
| New York St Hsg Fin Agy 1.1% tender 11/1/2061 (b) | 18285000 | 17435872 |
| New York St Hsg Fin Agy Series 2023 C2, 3.8% tender 11/1/2062 (b) | 1670000 | 1670576 |
| New York St Hsg Fin Agy Series 2023 E 2, 3.875% tender 11/1/2063 (b) | 3095000 | 3105605 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) 0.6% tender 5/1/2061 (b) | 7210000 | 7210000 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) 3.73% tender 5/1/2063 (b) | 18545000 | 18573227 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 I, 2.25% 11/1/2036  | 2305000 | 1830184 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2023 D, 4.3% tender 11/1/2063 (b) | 9820000 | 10011869 |
| State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 221, 3.5% 10/1/2032 (c) | 615000 | 611906 |
|  |  | 142461223 |
| Industrial Development - 0.2% |  |  |
| MTA Hudson Rail Yards Trust Series 2016 A, 5% 11/15/2051  | 12380000 | 12379657 |
| MTA Hudson Rail Yards Trust Series 2016 A, 5% 11/15/2056  | 11925000 | 11905225 |
|  |  | 24284882 |
| Special Tax - 1.9% |  |  |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2032  | 3885000 | 3998727 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2035  | 7285000 | 7457125 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2034  | 1295000 | 1465078 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2035  | 5000000 | 5620596 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2035  | 4000000 | 4517488 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2036  | 11500000 | 12770192 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2036  | 2500000 | 2776129 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series 2025 J J 1, 5% 11/1/2030  | 7500000 | 8321223 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series 2025 J J 1, 5% 11/1/2031  | 14555000 | 16307534 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series 2025 J J 1, 5% 11/1/2035  | 14910000 | 16760618 |
| New York NY City Transitional Fin Auth Rev Series 2018 C 2, 5% 5/1/2032  | 9175000 | 9604211 |
| New York NY City Transitional Fin Auth Rev Series 2019 A 1, 5% 8/1/2035  | 7520000 | 7811538 |
| New York NY City Transitional Fin Auth Rev Series 2022 F 1, 5% 2/1/2036  | 1000000 | 1079650 |
| New York NY City Transitional Fin Auth Rev Series B 1, 5% 8/1/2034  | 3300000 | 3441560 |
| New York NY City Transitional Fin Auth Rev Series B 1, 5% 8/1/2035  | 8400000 | 8725654 |
| New York NY City Transitional Fin Auth Rev Series B 1, 5% 8/1/2036  | 6555000 | 6782959 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020C SUB C 1, 4% 5/1/2036  | 1075000 | 1078027 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2035  | 3000000 | 3025240 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2036  | 8615000 | 8639263 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2022 D SUB D1, 5% 11/1/2034  | 5910000 | 6477248 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023 SUB E1, 5% 11/1/2037  | 10335000 | 11142732 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023 SUB E1, 5% 11/1/2040  | 9325000 | 9846341 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2018 C, 5% 3/15/2032  | 13810000 | 14441139 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 4% 2/15/2036  | 10000000 | 10028889 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2020 A, 4% 3/15/2034  | 3055000 | 3097626 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 5% 3/15/2033  | 3825000 | 4250033 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 5% 3/15/2036  | 9140000 | 9891161 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 5% 3/15/2041  | 2640000 | 2746216 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2039  | 3000000 | 3220137 |
| New York State Dormitory Authority (New York State Pit Proj.) 5% 3/15/2036  | 11720000 | 12683195 |
| New York State Urban Development Corp (New York State Pit Proj.) 4% 3/15/2037  | 5500000 | 5476536 |
| New York State Urban Development Corp (New York State Pit Proj.) 5% 3/15/2036  | 7610000 | 8068439 |
| New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 5% 3/15/2034  | 7250000 | 8056514 |
| NY Convention Ctr Dev Corp Rev Series 2015, 5% 11/15/2027  | 1330000 | 1338993 |
| NY Convention Ctr Dev Corp Rev Series 2015, 5% 11/15/2040  | 3915000 | 3917317 |
| NY Mta Dedicated Tax Fund Series 2022A, 5% 11/15/2034  | 735000 | 815206 |
| NY Payroll Mobility Tax 4% 11/15/2033  | 1430000 | 1504774 |
| NY Payroll Mobility Tax 4% 11/15/2034  | 285000 | 296920 |
| NY Payroll Mobility Tax 5% 11/15/2034  | 1070000 | 1196566 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2023A, 5% 5/15/2040  | 835000 | 889603 |
|  |  | 249568397 |
| Transportation - 1.7% |  |  |
| Metropolitan Transn Auth NY Rv Series 2016B, 5% 11/15/2025  | 3480000 | 3503440 |
| Metropolitan Transn Auth NY Rv Series 2017 C 2, 0% 11/15/2033 (h) | 9795000 | 7109413 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 5% 11/15/2030  | 1900000 | 1978670 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 5% 11/15/2033  | 6725000 | 6940722 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 4% 11/15/2035  | 1770000 | 1755951 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2026  | 5975000 | 6142433 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2027  | 4435000 | 4645988 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2030  | 4315000 | 4493663 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2033  | 6955000 | 7178100 |
| Metropolitan Transn Auth NY Rv Series 2020 D, 5% 11/15/2043  | 2500000 | 2528693 |
| Metropolitan Transn Auth NY Rv Series A 1, 5% 11/15/2031  | 2000000 | 2057841 |
| Metropolitan Transn Auth NY Rv Series C 1, 5% 11/15/2030  | 1275000 | 1280495 |
| Metropolitan Transn Auth NY Rv Series D 1, 5% 11/15/2033  | 4015000 | 4023576 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2034 (c) | 2500000 | 2534103 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2020, 4% 10/1/2030 (c) | 8000000 | 7861062 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2020, 5% 10/1/2035 (c) | 11390000 | 11577382 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2023, 6% 4/1/2035 (c) | 25350000 | 27574557 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2028 (c) | 1220000 | 1279628 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2030 (c) | 1900000 | 2029602 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2033 (c) | 1800000 | 1884933 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 4% 12/1/2039  | 1350000 | 1266352 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 4% 12/1/2040  | 1500000 | 1392617 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 4% 12/1/2041  | 1450000 | 1322207 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2028  | 950000 | 1005543 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2029  | 950000 | 1018101 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2030  | 750000 | 812286 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2031  | 950000 | 1024966 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2032  | 1125000 | 1207962 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2033  | 2640000 | 2820185 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2034  | 1600000 | 1699587 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2035  | 1500000 | 1583721 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2036  | 1700000 | 1784268 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2037  | 1755000 | 1830299 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2038  | 1500000 | 1554532 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2027 (c) | 8980000 | 9304386 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2028 (c) | 2400000 | 2517301 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2032 (c) | 8050000 | 8624239 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2033 (c) | 9440000 | 10027187 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2034 (c) | 10315000 | 10862730 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2035 (c) | 5155000 | 5375928 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2036 (c) | 3515000 | 3632909 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2037 (c) | 9375000 | 9609390 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.25% 6/30/2037 (c) | 2470000 | 2604307 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.25% 6/30/2038 (c) | 3125000 | 3262964 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.25% 6/30/2041 (c) | 2250000 | 2294044 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 5% 7/1/2041 (c) | 8155000 | 8155234 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 5.25% 1/1/2050 (c) | 13305000 | 13108293 |
|  |  | 218081790 |
| Water & Sewer - 0.1% |  |  |
| New York NY Cty Muni Wtr Fin Auth 5% 6/15/2037  | 6315000 | 7038150 |
| New York NY Cty Muni Wtr Fin Auth 5.5% 6/15/2038  | 5205000 | 5928886 |
|  |  | 12967036 |
| TOTAL NEW YORK |  | 777722319 |
| North Carolina - 1.0%  |  |  |
| Education - 0.1% |  |  |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 4% 5/1/2032  | 1000000 | 1012149 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 4% 5/1/2033  | 1000000 | 1005162 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 4% 5/1/2034  | 1800000 | 1793322 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 5% 5/1/2026  | 275000 | 278734 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 5% 5/1/2027  | 400000 | 412486 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 5% 5/1/2028  | 415000 | 434248 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 5% 5/1/2029  | 525000 | 555564 |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 5% 5/1/2030  | 560000 | 597946 |
| North Carolina St Ed Assistance Auth Rev Series 2023A, 5.5% 6/1/2030 (c) | 1110000 | 1190433 |
| North Carolina St Ed Assistance Auth Rev Series 2023A, 5.5% 6/1/2031 (c) | 2450000 | 2649152 |
| North Carolina St Ed Assistance Auth Rev Series 2023A, 5.5% 6/1/2032 (c) | 2750000 | 2984756 |
| North Carolina St Ed Assistance Auth Rev Series 2023A, 5.5% 6/1/2033 (c) | 2750000 | 2985563 |
|  |  | 15899515 |
| General Obligations - 0.2% |  |  |
| Alamance Cnty NC Gen. Oblig. Series 2021, 2% 5/1/2034  | 4025000 | 3345230 |
| Charlotte NC Gen. Oblig. 2% 6/1/2036  | 2190000 | 1754561 |
| Charlotte NC Gen. Oblig. 2% 6/1/2037  | 2500000 | 1945509 |
| Forsyth Cnty NC Gen. Oblig. 1.625% 3/1/2034  | 2815000 | 2264226 |
| Iredell Cnty NC Series 2025, 5% 4/1/2036  | 3930000 | 4468693 |
| North Carolina St Gen. Oblig. Series 2016 B, 2% 6/1/2030  | 5475000 | 5126518 |
| Wake Cnty Ltd Oblig (Wake Cnty NC Proj.) 5% 5/1/2035  | 2095000 | 2398668 |
| Wake Cnty Ltd Oblig (Wake Cnty NC Proj.) 5% 5/1/2036  | 2300000 | 2598920 |
| Wake Cnty Ltd Oblig (Wake Cnty NC Proj.) 5% 5/1/2037  | 1500000 | 1678454 |
|  |  | 25580779 |
| Health Care - 0.2% |  |  |
| Atrium Health Series 2018 D, 3.625% tender 1/15/2048 (b) | 165000 | 166237 |
| Atrium Health Series 2021C, 5% tender 1/15/2050 (b) | 4430000 | 4704018 |
| North Carolina Med Care Commn Health Care Facs Rev (Unc Rex Healthcare Proj.) Series 2020 A, 3% 7/1/2045  | 2125000 | 1664955 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 2.55% tender 6/1/2048 (b) | 17085000 | 16979652 |
| North Carolina Med Care Commn Hosp Rev (Caromont Health Inc Proj.) 5% tender 2/1/2051 (b) | 3100000 | 3128961 |
| North Carolina Med Care Retirement Fac Rev (Penick Village Proj.) 5% 9/1/2034  | 900000 | 926564 |
|  |  | 27570387 |
| Housing - 0.3% |  |  |
| NC Hsg Fin Agy Homeownership Rev (NC Homeownership Proj.) 3.75% 7/1/2052  | 7580000 | 7592170 |
| NC Hsg Fin Agy Homeownership Rev (NC Homeownership Proj.) Series 52 A, 6.25% 1/1/2055  | 4915000 | 5313641 |
| North Carolina Housing Finance Agency (NC Homeownership Adopted May 1, 1998 Sf&Mf Wl Open Proj.) Series 57 A, 6.25% 1/1/2056  | 8000000 | 8948708 |
| North Carolina Housing Finance Agency (NC Homeownership Adopted May 1, 1998 Sf&Mf Wl Open Proj.) Series 58 A, 6.5% 1/1/2056  | 6000000 | 6796643 |
|  |  | 28651162 |
| Industrial Development - 0.1% |  |  |
| Hertford Cnty NC Indl Facs & Pollutn Ctl Fing Auth Indl Dev Rev (Nucor Corp Proj.) 2.5% 11/1/2033 VRDN (b)(c) | 19500000 | 19500000 |
| Transportation - 0.1% |  |  |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2026 (c) | 3950000 | 4007224 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2027 (c) | 1500000 | 1549531 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2028 (c) | 1875000 | 1963001 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2029 (c) | 1500000 | 1590652 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2030 (c) | 1320000 | 1410657 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2031 (c) | 1350000 | 1431110 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2032 (c) | 1100000 | 1161443 |
|  |  | 13113618 |
| TOTAL NORTH CAROLINA |  | 130315461 |
| North Dakota - 0.2%  |  |  |
| Health Care - 0.1% |  |  |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 3% 12/1/2039 (Assured Guaranty Municipal Corp Insured)  | 4360000 | 3536052 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 4% 12/1/2038  | 1250000 | 1134060 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 4% 12/1/2040  | 5675000 | 4998020 |
|  |  | 9668132 |
| Housing - 0.1% |  |  |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 3% 1/1/2052  | 3170000 | 3126016 |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 4% 1/1/2053  | 6895000 | 6947326 |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) Series 2023 F, 6.25% 1/1/2054  | 1745000 | 1889713 |
|  |  | 11963055 |
| TOTAL NORTH DAKOTA |  | 21631187 |
| Ohio - 2.0%  |  |  |
| Education - 0.1% |  |  |
| Miami Univ. OH Series 2020A, 5% 9/1/2030  | 140000 | 154201 |
| Miami Univ. OH Series 2020A, 5% 9/1/2031  | 950000 | 1043733 |
| Miami Univ. OH Series 2020A, 5% 9/1/2033  | 1770000 | 1919257 |
| Miami Univ. OH Series 2020A, 5% 9/1/2034  | 2500000 | 2697916 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) Series 2020, 5% 5/1/2034  | 35000 | 36642 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2036  | 3405000 | 3733523 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2037  | 1625000 | 1767803 |
| Youngstown St Univ Ohio Gen Rcpts Series 2021, 3% 12/15/2033 (Assured Guaranty Municipal Corp Insured)  | 1930000 | 1801766 |
|  |  | 13154841 |
| Electric Utilities - 0.4% |  |  |
| American Mun Pwr Rev Series 2017A, 5% 2/15/2036  | 5000000 | 5152011 |
| American Mun Pwr Rev Series 2021A, 4% 2/15/2036  | 4045000 | 4036226 |
| American Mun Pwr Rev Series 2021A, 4% 2/15/2037  | 3000000 | 2956785 |
| American Mun Pwr Rev Series 2021A, 4% 2/15/2038  | 235000 | 225748 |
| American Mun Pwr Rev Series 2021A, 5% 2/15/2033  | 2750000 | 2996796 |
| American Mun Pwr Rev Series 2021A, 5% 2/15/2034  | 4000000 | 4327095 |
| American Mun Pwr Rev Series 2021A, 5% 2/15/2035  | 2715000 | 2912305 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2005B, 3.7% 7/1/2028 (c) | 13000000 | 12899238 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2005C, 3.7% 4/1/2028 (c) | 5355000 | 5319926 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2005D, 3.7% 10/1/2028 (c) | 7500000 | 7432386 |
| Ohio St Air Quality Dev Auth (Duke Energy Corp New Proj.) Series 2022A, 4.25% tender 11/1/2039 (b)(c) | 4440000 | 4486866 |
|  |  | 52745382 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Columbus OH City Sch Dist 5% 12/1/2032 (Pre-refunded to 6/1/2026 at 100)  | 280000 | 285291 |
| General Obligations - 0.0% |  |  |
| Columbus OH City Sch Dist 5% 12/1/2032  | 1490000 | 1512964 |
| State of Ohio Gen. Oblig. Series 2021 A, 5% 6/15/2033  | 2300000 | 2542297 |
|  |  | 4055261 |
| Health Care - 0.7% |  |  |
| Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) Series 2020, 4% 11/15/2034  | 970000 | 967117 |
| Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) Series 2020, 4% 11/15/2035  | 1000000 | 991917 |
| Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) Series 2020, 4% 11/15/2036  | 1000000 | 987249 |
| Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) Series 2020, 5% 11/15/2032  | 700000 | 737558 |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 5% 12/1/2029  | 2290000 | 2469975 |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 5% 12/1/2030  | 2290000 | 2475724 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5% 6/15/2026  | 2515000 | 2515293 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5% 6/15/2027  | 2640000 | 2640734 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5% 6/15/2028  | 2770000 | 2770463 |
| Franklin Cnty OH Hosp Facs Rev (Nationwide Children's Hospital Proj.) Series 2016 C, 5% 11/1/2025  | 1940000 | 1952109 |
| Franklin Cnty OH Hosp Facs Rev (Nationwide Children's Hospital Proj.) Series 2016 C, 5% 11/1/2026  | 2040000 | 2096312 |
| Miami Cnty OH Hosp Facs Rev (Kettering Med Ctr Inc, OH Proj.) 5% 8/1/2031  | 1000000 | 1046720 |
| Miami Cnty OH Hosp Facs Rev (Kettering Med Ctr Inc, OH Proj.) 5% 8/1/2032  | 1000000 | 1043191 |
| Miami Cnty OH Hosp Facs Rev (Kettering Med Ctr Inc, OH Proj.) 5% 8/1/2033  | 1000000 | 1039455 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 5% 8/1/2026  | 560000 | 572000 |
| Muskingum Cnty OH Hosp Facs (Genesis Healthcare Proj.) Series 2013, 5% 2/15/2027  | 3005000 | 3021100 |
| Muskingum Cnty OH Hosp Facs (Genesis Healthcare Proj.) Series 2013, 5% 2/15/2044  | 6580000 | 6263018 |
| Muskingum Cnty OH Hosp Facs (Genesis Healthcare Proj.) Series 2013, 5% 2/15/2048  | 4500000 | 4203173 |
| Ohio St Hosp Rev (Cleveland Clinic Foundation Proj.) Series 2019 C, 2.75% tender 1/1/2052 (b) | 5475000 | 5401697 |
| Ohio St Hosp Rev (Cleveland Clinic Foundation/The Proj.) 5% 1/1/2035  | 20180000 | 22555561 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2020 B, 3.9% tender 1/15/2050 (b) | 16390000 | 16491171 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2027  | 2495000 | 2574784 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2029  | 4855000 | 5104315 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) 5% 2/15/2029  | 2250000 | 2269550 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2019, 5% 2/15/2029  | 3000000 | 3088485 |
|  |  | 95278671 |
| Housing - 0.1% |  |  |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2019B, 4.5% 3/1/2050  | 430000 | 435044 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2023 B, 6% 3/1/2055  | 6100000 | 6630161 |
|  |  | 7065205 |
| Special Tax - 0.4% |  |  |
| Cleveland Ohio Income Tax Rev Series 2021 A 1, 3% 10/1/2038  | 1205000 | 1043328 |
| Franklin Cnty OH Convention (Franklin Cnty OH Proj.) Series 2024, 5% 12/1/2037  | 390000 | 425156 |
| Franklin Cnty OH Convention (Franklin Cnty OH Proj.) Series 2024, 5% 12/1/2038  | 7160000 | 7727007 |
| Franklin Cnty OH Convention (Franklin Cnty OH Proj.) Series 2024, 5% 12/1/2039  | 10000000 | 10701798 |
| Franklin Cnty OH Convention (Franklin Cnty OH Proj.) Series 2024, 5% 12/1/2040  | 5375000 | 5724648 |
| Franklin Cnty OH Convention (Franklin Cnty OH Proj.) Series 2024, 5% 12/1/2041  | 5785000 | 6080498 |
| Franklin Cnty OH Convention (Franklin Cnty OH Proj.) Series 2024, 5% 12/1/2042  | 12000000 | 12460255 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev (Franklin Cnty OH Proj.) Series 2019, 5% 12/1/2033  | 2000000 | 2131694 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev (Franklin Cnty OH Proj.) Series 2019, 5% 12/1/2035  | 1000000 | 1051158 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev (Franklin Cnty OH Proj.) Series 2019, 5% 12/1/2036  | 1180000 | 1233470 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev Series 2019, 5% 12/1/2044  | 970000 | 904367 |
|  |  | 49483379 |
| Tobacco Bonds - 0.0% |  |  |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2036  | 2290000 | 2348895 |
| Transportation - 0.2% |  |  |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2035 (c) | 3000000 | 3212562 |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2036 (c) | 3715000 | 3939864 |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2037 (c) | 8200000 | 8614425 |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2038 (c) | 12000000 | 12476880 |
| Ohio St Tpk Commn Tpk Rev Series 2022A, 5% 2/15/2039  | 2860000 | 3065082 |
|  |  | 31308813 |
| Water & Sewer - 0.1% |  |  |
| Northeast OH Regl Swr Wstwtr Rev Series 2019, 3% 11/15/2038  | 1175000 | 984963 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020 A, 5% 12/1/2038  | 2505000 | 2629750 |
| Ohio Water Development Authority 5% 12/1/2040  | 1065000 | 1136233 |
| Ohio Water Development Authority Series 2024 B, 5% 12/1/2032  | 605000 | 686826 |
| Ohio Water Development Authority Series 2024 B, 5% 12/1/2033  | 875000 | 998468 |
| Ohio Water Development Authority Series 2024 B, 5% 12/1/2034  | 1000000 | 1142511 |
| Ohio Water Development Authority Series 2024 B, 5% 6/1/2032  | 570000 | 644386 |
| Ohio Water Development Authority Series 2024 B, 5% 6/1/2033  | 500000 | 568927 |
| Ohio Water Development Authority Series 2024 B, 5% 6/1/2034  | 605000 | 690442 |
|  |  | 9482506 |
| TOTAL OHIO |  | 265208244 |
| Oklahoma - 0.5%  |  |  |
| Education - 0.1% |  |  |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 4% 8/1/2033  | 2645000 | 2569005 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 4% 8/1/2034  | 2755000 | 2649322 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2025  | 930000 | 930323 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2026  | 540000 | 545807 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2027  | 680000 | 696858 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2028  | 725000 | 749618 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2029  | 755000 | 785666 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2030  | 1370000 | 1419980 |
|  |  | 10346579 |
| General Obligations - 0.2% |  |  |
| Canadian County Educational Facilities Authority (Mustang Public Schools Proj.) 5% 9/1/2026  | 2015000 | 2060823 |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2032  | 1000000 | 1117263 |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2034  | 1750000 | 1972249 |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2035  | 1650000 | 1843173 |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2036  | 1250000 | 1385335 |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2037  | 1000000 | 1099988 |
| Oklahoma Cap Imp Auth St Hwy Cap Impt Rev (Oklahoma St Proj.) Series 2025A, 5% 7/1/2030  | 1075000 | 1184985 |
| Oklahoma Cap Imp Auth St Hwy Cap Impt Rev (Oklahoma St Proj.) Series 2025A, 5% 7/1/2033  | 1500000 | 1701158 |
| Oklahoma Cap Imp Auth St Hwy Cap Impt Rev (Oklahoma St Proj.) Series 2025A, 5% 7/1/2034  | 525000 | 596801 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2032  | 6325000 | 6980668 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2033  | 2500000 | 2768876 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2034  | 1000000 | 1110708 |
|  |  | 23822027 |
| Housing - 0.0% |  |  |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) 6% 3/1/2054  | 1105000 | 1204726 |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) Series 2023D, 6.5% 9/1/2054  | 1255000 | 1395681 |
|  |  | 2600407 |
| Special Tax - 0.0% |  |  |
| Oklahoma Cty OK Pub Ppty Auth Hotel Tax Rev 5% 10/1/2025  | 1020000 | 1025005 |
| Oklahoma Cty OK Pub Ppty Auth Hotel Tax Rev 5% 10/1/2026  | 1455000 | 1462150 |
| Oklahoma Cty OK Pub Ppty Auth Hotel Tax Rev 5% 10/1/2027  | 1155000 | 1160297 |
|  |  | 3647452 |
| Transportation - 0.2% |  |  |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2036  | 3000000 | 3369309 |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2037  | 4500000 | 4986717 |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2037 (i) | 3000000 | 3254219 |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2038  | 8000000 | 8766485 |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2040 (i) | 2250000 | 2395322 |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2041 (i) | 2000000 | 2094340 |
|  |  | 24866392 |
| TOTAL OKLAHOMA |  | 65282857 |
| Oregon - 1.5%  |  |  |
| General Obligations - 0.0% |  |  |
| Clackamas Cnty Ore Gen. Oblig. 1.625% 6/1/2037  | 1195000 | 839659 |
| Multnomah Cnty OR Sch Dist No 1 Portland Series 2020 B, 3% 6/15/2033 (Oregon St Guaranteed)  | 1000000 | 961513 |
| Oregon St Gen. Oblig. 5% 8/1/2036  | 1500000 | 1697437 |
| Oregon St Gen. Oblig. 5% 8/1/2037  | 1455000 | 1629933 |
| Oregon St Gen. Oblig. 5% 8/1/2038  | 2125000 | 2352701 |
| Washington Multnomah & Yamhill Cnty Sch Dist 1J 5% 6/15/2030 (Oregon St Guaranteed)  | 2915000 | 3029976 |
|  |  | 10511219 |
| Health Care - 0.3% |  |  |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5% 8/1/2034  | 8370000 | 9124955 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5% 8/1/2035  | 1400000 | 1513589 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5% 8/1/2036  | 1755000 | 1883331 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5.25% 8/1/2038  | 2000000 | 2123669 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5.25% 8/1/2041  | 1525000 | 1572151 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5.25% 8/1/2042  | 1375000 | 1403712 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5.25% 8/1/2043  | 1455000 | 1474332 |
| Astoria OR Hosp Facs Auth Rev (Columbia Memorial Hospital, or Proj.) Series 2024, 5.25% 8/1/2044  | 1375000 | 1383876 |
| Oregon St Facs Auth Rev (Legacy Health System, or Proj.) 5% 6/1/2030  | 12940000 | 13963137 |
|  |  | 34442752 |
| Housing - 0.0% |  |  |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 2.65% 7/1/2039  | 2630000 | 2030647 |
| Special Tax - 0.0% |  |  |
| Oregon St Dept Admin Lottery 5% 4/1/2038  | 1000000 | 1105613 |
| Transportation - 1.2% |  |  |
| Port of Portland Arpt Rev 4% 7/1/2035 (c) | 3000000 | 2981218 |
| Port of Portland Arpt Rev 4% 7/1/2039 (c) | 2545000 | 2422101 |
| Port of Portland Arpt Rev 5% 7/1/2025 (c) | 800000 | 799999 |
| Port of Portland Arpt Rev 5% 7/1/2026 (c) | 1300000 | 1322853 |
| Port of Portland Arpt Rev 5% 7/1/2027 (c) | 1090000 | 1127363 |
| Port of Portland Arpt Rev 5% 7/1/2029  | 1155000 | 1216543 |
| Port of Portland Arpt Rev 5% 7/1/2029  | 1000000 | 1057393 |
| Port of Portland Arpt Rev 5% 7/1/2033  | 785000 | 849549 |
| Port of Portland Arpt Rev 5% 7/1/2036 (c) | 8655000 | 8971003 |
| Port of Portland Arpt Rev Series THIRTY A, 5% 7/1/2034 (c) | 5500000 | 5951866 |
| Port of Portland Arpt Rev Series THIRTY A, 5% 7/1/2035 (c) | 11655000 | 12458793 |
| Port of Portland Arpt Rev Series THIRTY A, 5% 7/1/2036 (c) | 9075000 | 9640201 |
| Port of Portland Arpt Rev Series THIRTY A, 5% 7/1/2037 (c) | 12175000 | 12817676 |
| Port of Portland Arpt Rev Series THIRTY B, 5% 7/1/2034 (c) | 1725000 | 1866722 |
| Port of Portland Arpt Rev Series THIRTY B, 5% 7/1/2035 (c) | 3835000 | 4099483 |
| Port of Portland Arpt Rev Series THIRTY B, 5% 7/1/2036 (c) | 3655000 | 3882637 |
| Port of Portland Arpt Rev Series THIRTY B, 5% 7/1/2037 (c) | 4230000 | 4453287 |
| Port of Portland Arpt Rev Series TWENTY FOUR B, 5% 7/1/2031 (c) | 1000000 | 1017428 |
| Port of Portland Arpt Rev Series TWENTY FOUR B, 5% 7/1/2032 (c) | 2795000 | 2837681 |
| Port of Portland Arpt Rev Series TWENTY NINE, 5% 7/1/2030 (c) | 12085000 | 12935319 |
| Port of Portland Arpt Rev Series TWENTY NINE, 5% 7/1/2031 (c) | 12035000 | 12988288 |
| Port of Portland Arpt Rev Series TWENTY NINE, 5% 7/1/2033 (c) | 9960000 | 10830175 |
| Port of Portland Arpt Rev Series TWENTY NINE, 5% 7/1/2034 (c) | 2730000 | 2923366 |
| Port of Portland Arpt Rev Series TWENTY NINE, 5% 7/1/2038 (c) | 2680000 | 2780780 |
| Port of Portland Arpt Rev Series TWENTY NINE, 5.25% 7/1/2040 (c) | 19745000 | 20599115 |
| Port of Portland Arpt Rev Series TWENTY THREE, 5% 7/1/2027  | 1475000 | 1475814 |
|  |  | 144306653 |
| TOTAL OREGON |  | 192396884 |
| Pennsylvania - 3.1%  |  |  |
| Education - 0.5% |  |  |
| Allegheny Cnty High Ed Bldg Auth (Carnegie-Mellon Univ, PA Proj.) Series 2024A, 5% 8/1/2027  | 17865000 | 18715169 |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2021 A, 4% 3/1/2036  | 825000 | 811232 |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2021 A, 4% 3/1/2037  | 1000000 | 963308 |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2021 A, 4% 3/1/2038  | 1050000 | 999471 |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2021 A, 4% 3/1/2039  | 2000000 | 1865489 |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2021 A, 4% 3/1/2040  | 2115000 | 1935129 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 3.5% (g) | 2445000 | 1173600 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4% (g) | 5005000 | 2402400 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4.25% (g) | 5575000 | 2676000 |
| Northampton Cnty PA Gen Purp Ath (Lehigh Univ, PA Proj.) Series 2024 A, 5% 11/15/2034  | 7605000 | 8651151 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev 5% 6/1/2029 (c) | 3800000 | 3957489 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev 5% 6/1/2030 (c) | 8600000 | 8985328 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev 5% 6/1/2031 (c) | 4900000 | 5146409 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2024 1A, 5% 6/1/2030 (c) | 2365000 | 2483894 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2024 1A, 5% 6/1/2032 (c) | 2000000 | 2103593 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2024 1A, 5% 6/1/2033 (c) | 1875000 | 1976939 |
| Pennsylvania St Univ Series 2023, 5% 9/1/2038  | 750000 | 810835 |
| Pennsylvania St Univ Series 2023, 5% 9/1/2039  | 750000 | 803797 |
| Pennsylvania St Univ Series 2023, 5% 9/1/2040  | 1500000 | 1598425 |
|  |  | 68059658 |
| Electric Utilities - 0.1% |  |  |
| Philadelphia PA Gas Wks Rev Series 15TH, 5% 8/1/2025  | 775000 | 776078 |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH A, 5.25% 8/1/2041 (Assured Guaranty Municipal Corp Insured)  | 2330000 | 2501496 |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH A, 5.25% 8/1/2043 (Assured Guaranty Municipal Corp Insured)  | 3750000 | 3960735 |
|  |  | 7238309 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| State Pub Sch Bldg Auth PA Sch Rev Series 2016 A, 5% 12/1/2028 (Pre-refunded to 12/1/2026 at 100)  | 835000 | 861883 |
| State Pub Sch Bldg Auth PA Sch Rev Series 2016 A, 5% 12/1/2033 (Pre-refunded to 12/1/2026 at 100)  | 895000 | 923815 |
|  |  | 1785698 |
| General Obligations - 1.0% |  |  |
| Pennsylvania St Gen. Oblig. Series 2016, 4% 2/1/2032  | 6490000 | 6515134 |
| Pennsylvania St Gen. Oblig. Series 2018, 3.2% 3/1/2029  | 16970000 | 16916948 |
| Pennsylvania St Gen. Oblig. Series 2018, 3.35% 3/1/2030  | 25255000 | 25256552 |
| Philadelphia PA Gen. Oblig. 5% 8/1/2027  | 2915000 | 2919446 |
| Philadelphia PA Gen. Oblig. 5% 8/1/2029  | 10165000 | 10180505 |
| Philadelphia PA Gen. Oblig. 5% 8/1/2030  | 10705000 | 10721328 |
| Philadelphia PA Gen. Oblig. 5% 8/1/2031  | 11280000 | 11297205 |
| Philadelphia PA Gen. Oblig. Series 2019 A, 5% 8/1/2026  | 3225000 | 3302759 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2026  | 1180000 | 1194203 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2027  | 1500000 | 1551853 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2028  | 2250000 | 2372260 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2029  | 2425000 | 2601202 |
| Philadelphia PA Sch Dist 5% 9/1/2029  | 3070000 | 3288932 |
| Philadelphia PA Sch Dist 5% 9/1/2033  | 11245000 | 11911561 |
| Philadelphia PA Sch Dist 5% 9/1/2034 (Assured Guaranty Municipal Corp Insured)  | 3675000 | 3887808 |
| State Pub Sch Bldg Auth PA Lease Rev (Philadelphia PA Sch Dist Proj.) Series 2015A, 5% 6/1/2026  | 1345000 | 1347002 |
| State Pub Sch Bldg Auth PA Sch Rev (Harrisburg PA Sch Dist Proj.) Series 2016 A, 5% 12/1/2028  | 5265000 | 5370455 |
| State Pub Sch Bldg Auth PA Sch Rev (Harrisburg PA Sch Dist Proj.) Series 2016 A, 5% 12/1/2033  | 3405000 | 3448246 |
|  |  | 124083399 |
| Health Care - 0.5% |  |  |
| Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 5% 7/15/2025  | 3630000 | 3632046 |
| Doylestown PA Hosp Auth Hosp (Univ of Penn Health Systems Proj.) 5% 7/1/2049  | 1350000 | 1319730 |
| Doylestown PA Hosp Auth Hosp (Univ of Penn Health Systems Proj.) Series 2024, 5% 7/1/2031 (d) | 1500000 | 1580929 |
| Lancaster Cnty PA Hosp Aut Rev (Penn State Hlth System Proj.) Series 2021, 5% 11/1/2051  | 2020000 | 1959451 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2028  | 1385000 | 1357964 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2029  | 1495000 | 1454415 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2032  | 4670000 | 4406376 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2036  | 7560000 | 6772349 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2040  | 3490000 | 2916913 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 5% 9/1/2030  | 1250000 | 1335619 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 5% 9/1/2031  | 2500000 | 2668071 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 5% 9/1/2033  | 1370000 | 1453027 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 2, 5% 7/1/2038  | 1045000 | 1075962 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 2, 5% 7/1/2042  | 3000000 | 3026483 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2023A SUB A1, 5% 5/15/2031  | 17825000 | 19341031 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) 5.25% 11/1/2041  | 3000000 | 3148463 |
| Pennsylvania St Higher Edl Rev (Univ of Penn Health Systems Proj.) 5% 8/15/2028  | 1215000 | 1263795 |
| Pennsylvania St Higher Edl Rev (Univ of Penn Health Systems Proj.) 5% 8/15/2030  | 2090000 | 2162786 |
| Philadelphia PA Auth For Indl Dev Hosp Rev (Childrens Hosp Of Phil, Pa Proj.) Series 2024B2, 4% 7/1/2054 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 5000000 | 5000000 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 5% 6/1/2038  | 2890000 | 2980176 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2023A, 5% 6/1/2034  | 1630000 | 1812574 |
|  |  | 70668160 |
| Housing - 0.0% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 2.35% 10/1/2040  | 1250000 | 908540 |
| Special Tax - 0.1% |  |  |
| Southeastern PA Transn Auth Rev 5% 6/1/2033  | 1000000 | 1111748 |
| Southeastern PA Transn Auth Rev 5% 6/1/2034  | 1000000 | 1101955 |
| Southeastern PA Transn Auth Rev 5% 6/1/2035  | 1750000 | 1908343 |
| Southeastern PA Transn Auth Rev 5% 6/1/2036  | 2500000 | 2698079 |
|  |  | 6820125 |
| Transportation - 0.8% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2033 (c) | 3635000 | 3841491 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5% 1/1/2034 (Assured Guaranty Municipal Corp Insured) (c) | 1730000 | 1852411 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5% 1/1/2035 (Assured Guaranty Municipal Corp Insured) (c) | 2000000 | 2126853 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5.25% 1/1/2036 (Assured Guaranty Municipal Corp Insured) (c) | 1000000 | 1084351 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5.25% 1/1/2037 (Assured Guaranty Municipal Corp Insured) (c) | 1000000 | 1075947 |
| Pennsylvania Turnpike Commission 4% 12/1/2038  | 1040000 | 1030082 |
| Pennsylvania Turnpike Commission 5% 12/1/2029  | 1455000 | 1524045 |
| Pennsylvania Turnpike Commission 5% 12/1/2033  | 5465000 | 6132781 |
| Pennsylvania Turnpike Commission 5% 12/1/2033  | 4350000 | 4881537 |
| Pennsylvania Turnpike Commission 5% 12/1/2034  | 3250000 | 3662525 |
| Pennsylvania Turnpike Commission 5% 12/1/2034  | 3125000 | 3521658 |
| Pennsylvania Turnpike Commission 5% 12/1/2034  | 970000 | 1002256 |
| Pennsylvania Turnpike Commission 5% 12/1/2036  | 2850000 | 3181535 |
| Pennsylvania Turnpike Commission 5% 12/1/2037  | 1300000 | 1396531 |
| Pennsylvania Turnpike Commission 5% 12/1/2038  | 4500000 | 4906507 |
| Pennsylvania Turnpike Commission 5% 12/1/2038  | 4100000 | 4473899 |
| Pennsylvania Turnpike Commission 5% 12/1/2039  | 3250000 | 3515478 |
| Pennsylvania Turnpike Commission 5% 12/1/2039  | 2350000 | 2539961 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2033  | 2095000 | 2322902 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2034  | 1750000 | 1932826 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2035  | 1750000 | 1917772 |
| Pennsylvania Turnpike Commission Series A 2, 5% 12/1/2028 (e) | 995000 | 1028240 |
| Pennsylvania Turnpike Commission Series A 2, 5% 12/1/2033 (e) | 1215000 | 1279511 |
| Pennsylvania Turnpike Commission Series FIRST 2023, 5% 12/1/2032  | 3205000 | 3602141 |
| Pennsylvania Turnpike Commission Series FIRST 2023, 5% 12/1/2033  | 12980000 | 14648916 |
| Pennsylvania Turnpike Commission Series FIRST 2023, 5% 12/1/2034  | 5325000 | 5958671 |
| Pennsylvania Turnpike Commission Series FIRST 2023, 5% 12/1/2035  | 1425000 | 1578533 |
| Pennsylvania Turnpike Commission Series FIRST 2024, 5% 12/1/2041  | 3700000 | 3856634 |
| Pennsylvania Turnpike Commission Series FIRST 2024, 5% 12/1/2042  | 5000000 | 5144148 |
| Philadelphia PA Airport Rev 5% 7/1/2026 (c) | 2950000 | 3004780 |
| Philadelphia PA Airport Rev 5% 7/1/2029 (c) | 1200000 | 1231967 |
| Philadelphia PA Airport Rev 5% 7/1/2030 (c) | 1720000 | 1761871 |
| Philadelphia PA Airport Rev 5% 7/1/2031 (c) | 2430000 | 2481243 |
| Philadelphia PA Airport Rev Series 2017 B, 5% 7/1/2035 (c) | 800000 | 807008 |
| Philadelphia PA Airport Rev Series 2020 A, 4% 7/1/2035  | 2000000 | 2008387 |
| Philadelphia PA Airport Rev Series 2020 A, 4% 7/1/2036  | 3500000 | 3499021 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2036 (c) | 2750000 | 2860711 |
|  |  | 112675130 |
| Water & Sewer - 0.1% |  |  |
| Allegheny Cnty PA San Auth Swr Series 2024, 5% 12/1/2040  | 1000000 | 1061326 |
| Allegheny Cnty PA San Auth Swr Series 2024, 5% 12/1/2042  | 3000000 | 3142044 |
| Allegheny Cnty PA San Auth Swr Series 2024, 5% 12/1/2043  | 2085000 | 2172331 |
| Philadelphia PA Wtr & Wastewtr Series 2022C, 5% 6/1/2035  | 1110000 | 1218952 |
| Philadelphia PA Wtr & Wastewtr Series 2022C, 5% 6/1/2037  | 2000000 | 2151652 |
| Philadelphia PA Wtr & Wastewtr Series 2022C, 5% 6/1/2038  | 1500000 | 1591436 |
| Philadelphia PA Wtr & Wastewtr Series 2022C, 5% 6/1/2039  | 1850000 | 1947416 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 A, 5% 9/1/2038 (Assured Guaranty Municipal Corp Insured)  | 570000 | 592348 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 B, 5% 9/1/2031 (Assured Guaranty Municipal Corp Insured)  | 1855000 | 2071218 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 B, 5% 9/1/2033 (Assured Guaranty Municipal Corp Insured)  | 1250000 | 1416718 |
|  |  | 17365441 |
| TOTAL PENNSYLVANIA |  | 409604460 |
| Puerto Rico - 0.4%  |  |  |
| General Obligations - 0.3% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2033  | 27122170 | 26461173 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2035  | 9725000 | 9363646 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.375% 7/1/2025  | 2364228 | 2364228 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 4097403 | 4321976 |
|  |  | 42511023 |
| Water & Sewer - 0.1% |  |  |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2020A, 5% 7/1/2035 (d) | 1500000 | 1540957 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (d) | 5185000 | 5313052 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 5% 7/1/2037 (d) | 3620000 | 3722105 |
|  |  | 10576114 |
| TOTAL PUERTO RICO |  | 53087137 |
| Rhode Island - 0.6%  |  |  |
| Education - 0.2% |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2034  | 475000 | 527398 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2037  | 2255000 | 2415269 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2039  | 1845000 | 1935024 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2033  | 315000 | 351758 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2034  | 375000 | 413204 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2035  | 350000 | 381840 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2037  | 400000 | 428356 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2038  | 350000 | 371333 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2039  | 395000 | 415061 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2040  | 600000 | 626831 |
| Rhode Island St Student Ln 3.5% 12/1/2034 (c) | 1440000 | 1371327 |
| Rhode Island St Student Ln 5% 12/1/2026 (c) | 2100000 | 2142987 |
| Rhode Island St Student Ln 5% 12/1/2027 (c) | 1500000 | 1552450 |
| Rhode Island St Student Ln 5% 12/1/2028 (c) | 1750000 | 1824046 |
| Rhode Island St Student Ln 5% 12/1/2029 (c) | 1875000 | 1965432 |
| Rhode Island St Student Ln 5% 12/1/2029 (c) | 1650000 | 1724119 |
| Rhode Island St Student Ln 5% 12/1/2030 (c) | 1125000 | 1184807 |
| Rhode Island St Student Ln 5% 12/1/2031 (c) | 1575000 | 1665871 |
| Rhode Island St Student Ln Series 2017A, 4% 12/1/2026 (c) | 520000 | 517833 |
| Rhode Island St Student Ln Series 2023 A, 5% 12/1/2032 (c) | 5100000 | 5389850 |
|  |  | 27204796 |
| General Obligations - 0.2% |  |  |
| Rhode Island & Providence Plantations (Rhode Island St Proj.) Gen. Oblig. Series 2019 A, 4% 5/1/2035  | 2160000 | 2183404 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2036 (Build America Mutual Assurance Co Insured)  | 1410000 | 1540160 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2037 (Build America Mutual Assurance Co Insured)  | 2180000 | 2358336 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2038 (Build America Mutual Assurance Co Insured)  | 835000 | 898186 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5.25% 5/15/2040 (Build America Mutual Assurance Co Insured)  | 1450000 | 1558954 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5.25% 5/15/2043 (Build America Mutual Assurance Co Insured)  | 730000 | 767168 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5.25% 5/15/2044 (Build America Mutual Assurance Co Insured)  | 1825000 | 1912495 |
| Rhode Island St Gen. Oblig. Series 2022A, 5% 8/1/2035  | 10110000 | 11073640 |
|  |  | 22292343 |
| Health Care - 0.2% |  |  |
| Rhode Island Health & Edl Bldg Corp Rev (Care New England Health System Proj.) 5% 9/1/2031  | 10630000 | 10652497 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2034  | 6100000 | 6610634 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2035  | 1320000 | 1421566 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2037  | 735000 | 779095 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2038  | 880000 | 924372 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2040  | 735000 | 756179 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2041  | 800000 | 813978 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2043  | 790000 | 789341 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2044  | 550000 | 547097 |
|  |  | 23294759 |
| Housing - 0.0% |  |  |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 70, 4% 10/1/2049  | 825000 | 828356 |
| Tobacco Bonds - 0.0% |  |  |
| Tobacco Setlement Fing Corp RI Series 2015 A, 5% 6/1/2027  | 1770000 | 1771614 |
| Tobacco Setlement Fing Corp RI Series SER A, 5% 6/1/2028  | 2330000 | 2331887 |
|  |  | 4103501 |
| TOTAL RHODE ISLAND |  | 77723755 |
| South Carolina - 1.5%  |  |  |
| Electric Utilities - 0.6% |  |  |
| South Carolina St Svc Auth Rev 4% 12/1/2033  | 900000 | 909982 |
| South Carolina St Svc Auth Rev 4% 12/1/2034  | 4000000 | 4019256 |
| South Carolina St Svc Auth Rev 4% 12/1/2035  | 500000 | 497544 |
| South Carolina St Svc Auth Rev 4% 12/1/2037  | 2000000 | 1946867 |
| South Carolina St Svc Auth Rev 5% 12/1/2031  | 2800000 | 3048414 |
| South Carolina St Svc Auth Rev 5% 12/1/2034  | 500000 | 556317 |
| South Carolina St Svc Auth Rev 5% 12/1/2036  | 1900000 | 2073216 |
| South Carolina St Svc Auth Rev 5% 12/1/2037  | 2125000 | 2294279 |
| South Carolina St Svc Auth Rev 5% 12/1/2037  | 1625000 | 1754449 |
| South Carolina St Svc Auth Rev 5% 12/1/2038  | 4500000 | 4807842 |
| South Carolina St Svc Auth Rev 5% 12/1/2038  | 3000000 | 3205228 |
| South Carolina St Svc Auth Rev 5% 12/1/2039  | 4030000 | 4254969 |
| South Carolina St Svc Auth Rev 5% 12/1/2039  | 1325000 | 1398966 |
| South Carolina St Svc Auth Rev 5% 12/1/2040  | 1625000 | 1704527 |
| South Carolina St Svc Auth Rev 5.25% 12/1/2033 (Assured Guaranty Municipal Corp Insured)  | 1200000 | 1333518 |
| South Carolina St Svc Auth Rev Series 2024B, 4.125% 12/1/2044  | 2000000 | 1816438 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2035  | 5000000 | 5484393 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2036  | 6500000 | 7067792 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2038  | 7000000 | 7459094 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2041  | 1000000 | 1037176 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2035  | 6250000 | 6271935 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2036  | 9330000 | 9358283 |
|  |  | 72300485 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| South Carolina St Ports Auth Series 2015, 5% 7/1/2045 (Pre-refunded to 7/1/2025 at 100) (c) | 1000000 | 1000000 |
| General Obligations - 0.2% |  |  |
| Beaufort Cnty SC Sch Dist Series 2021 A, 2% 3/1/2034  | 3890000 | 3265522 |
| Patriots Energy Group Financing Agency Series 2023 SUB B 1, 5.25% tender 2/1/2054 (Royal Bank of Canada Guaranteed) (b) | 21845000 | 23452314 |
| Scago Edl Facs Corp For Colleton Sch Dist SC Installment Pur Rev (Colleton County School District Proj.) Series 2015, 5% 12/1/2027  | 3885000 | 3890297 |
| Scago Edl Facs Corp For Colleton Sch Dist SC Installment Pur Rev (Colleton County School District Proj.) Series 2015, 5% 12/1/2029  | 3155000 | 3158374 |
|  |  | 33766507 |
| Health Care - 0.6% |  |  |
| Ctsc Jobs-Eco Dev Aut (Beaufort Mem Hosp Proj.) Series 2024, 5.75% 11/15/2054  | 2500000 | 2524228 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5% 11/1/2034  | 15850000 | 17552853 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5% 11/1/2035  | 11250000 | 12332204 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5% 11/1/2036  | 14000000 | 15176144 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5% 11/1/2037  | 7775000 | 8324552 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5% 11/1/2038  | 17650000 | 18646577 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Anmed Health Proj.) 5% 2/1/2026  | 1650000 | 1667380 |
|  |  | 76223938 |
| Housing - 0.0% |  |  |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2019 A, 4% 1/1/2050  | 1540000 | 1550413 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2020 A, 4% 7/1/2050  | 1530000 | 1539960 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2023 B, 6% 1/1/2054  | 3700000 | 4027795 |
|  |  | 7118168 |
| Transportation - 0.1% |  |  |
| South Carolina St Ports Auth Series 2018, 5% 7/1/2028 (c) | 2235000 | 2339623 |
| South Carolina St Ports Auth Series 2018, 5% 7/1/2030 (c) | 4790000 | 4978156 |
| South Carolina St Ports Auth Series 2018, 5% 7/1/2033 (c) | 2150000 | 2213398 |
|  |  | 9531177 |
| TOTAL SOUTH CAROLINA |  | 199940275 |
| South Dakota - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2027  | 365000 | 378949 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2033  | 1700000 | 1751078 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2035  | 1360000 | 1393432 |
| South Dakota St Hlth & Edl Fac (Sanford Health, SD Proj.) 5% 11/1/2026  | 195000 | 195302 |
|  |  | 3718761 |
| Housing - 0.1% |  |  |
| South Dakota Housing Development Authority (SD Mortgage Proj.) Series 2021 A, 3% 11/1/2051  | 2185000 | 2154479 |
| South Dakota Housing Development Authority (SD Mortgage Proj.) Series 2023G, 6.25% 5/1/2055  | 2460000 | 2665729 |
|  |  | 4820208 |
| TOTAL SOUTH DAKOTA |  | 8538969 |
| Tennessee - 0.7%  |  |  |
| Education - 0.2% |  |  |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) 5% 7/1/2035 (Build America Mutual Assurance Co Insured)  | 615000 | 663946 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) 5% 7/1/2037 (Build America Mutual Assurance Co Insured)  | 450000 | 478164 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) 5% 7/1/2038 (Build America Mutual Assurance Co Insured)  | 500000 | 526086 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) 5% 7/1/2039 (Build America Mutual Assurance Co Insured)  | 500000 | 522246 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) 5% 7/1/2040 (Build America Mutual Assurance Co Insured)  | 425000 | 440716 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024 B 1, 4.5% 7/1/2046 (Build America Mutual Assurance Co Insured)  | 1180000 | 1112317 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024 B 1, 5% 7/1/2039 (Build America Mutual Assurance Co Insured)  | 1125000 | 1175054 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024 B 1, 5% 7/1/2044 (Build America Mutual Assurance Co Insured)  | 2240000 | 2264971 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024 B 1, 5% 7/1/2049 (Build America Mutual Assurance Co Insured)  | 1200000 | 1187683 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024A 1, 5% 7/1/2034 (Build America Mutual Assurance Co Insured)  | 550000 | 598876 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Vanderbilt University/The Proj.) 5% 10/1/2034  | 2190000 | 2481537 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Vanderbilt University/The Proj.) 5% 10/1/2035  | 5500000 | 6186260 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Vanderbilt University/The Proj.) 5% 10/1/2036  | 835000 | 930377 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Vanderbilt University/The Proj.) 5% 10/1/2037  | 1000000 | 1103411 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Vanderbilt University/The Proj.) 5% 10/1/2038  | 750000 | 818948 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Vanderbilt University/The Proj.) 5% 10/1/2039  | 1000000 | 1080497 |
|  |  | 21571089 |
| General Obligations - 0.3% |  |  |
| County of Williamson TN Gen. Oblig. 3.05% 4/1/2034  | 1680000 | 1599433 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2017, 4% 7/1/2031  | 17400000 | 17636329 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2018, 4% 7/1/2034  | 6000000 | 6049431 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2021 C, 3% 1/1/2035  | 1100000 | 1024443 |
| New Memphis Arena Bldg Auth Memphis & Sheby Cnty Tenn (Memphis TN Proj.) Gen. Oblig. Series 2021, 0% 4/1/2034 (h) | 1000000 | 672495 |
| New Memphis Arena Bldg Auth Memphis & Sheby Cnty Tenn (Memphis TN Proj.) Gen. Oblig. Series 2021, 0% 4/1/2035 (h) | 1100000 | 698598 |
| New Memphis Arena Bldg Auth Memphis & Sheby Cnty Tenn (Memphis TN Proj.) Gen. Oblig. Series 2021, 0% 4/1/2036 (h) | 1000000 | 595034 |
| Tennessee Engy Acq Crp Gas Rev Series 2018, 4% tender 11/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b) | 10670000 | 10685163 |
|  |  | 38960926 |
| Health Care - 0.2% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 4% 8/1/2037  | 3040000 | 2924927 |
| Greeneville TN Health & Edl Facs Brd Hosp Rev (Ballad Health Proj.) Series 2018A, 5% 7/1/2029  | 970000 | 1014362 |
| Greeneville TN Health & Edl Facs Brd Hosp Rev (Ballad Health Proj.) Series 2018A, 5% 7/1/2030  | 1165000 | 1216309 |
| Shelby County Health Educational & Housing Facilities Board (Baptist Memorial Hlth Car Corp Proj.) Series 2024B, 5% tender 9/1/2049 (b) | 15850000 | 16612759 |
|  |  | 21768357 |
| Housing - 0.0% |  |  |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series ISSUE 2022 1, 3.75% 7/1/2052  | 4870000 | 4877527 |
| Tennessee Housing Development Agency Series 2019 3, 2.6% 7/1/2039  | 1040000 | 796372 |
| Tennessee Housing Development Agency Series 2019 3, 2.8% 7/1/2044  | 1265000 | 912764 |
| Tennessee Housing Development Agency Series 2019 4, 2.9% 7/1/2039  | 2385000 | 1949136 |
|  |  | 8535799 |
| Transportation - 0.0% |  |  |
| Memphis-Shelby Cnty TN Arpt Auth Series 2020 B, 5% 7/1/2025 (c) | 1000000 | 999999 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2044 (c) | 1190000 | 1179501 |
|  |  | 2179500 |
| TOTAL TENNESSEE |  | 93015671 |
| Texas - 14.7%  |  |  |
| Education - 0.9% |  |  |
| Houston TX Higher Ed Fin Corp Univ Rev (Houston Baptist University Proj.) 3.375% 10/1/2037  | 1585000 | 1371640 |
| Newark Higher Ed Fin Corp Tex Rev (Abilene Christian Univ, TX Proj.) 5% 4/1/2027  | 2135000 | 2160177 |
| Newark Higher Ed Fin Corp Tex Rev (Abilene Christian Univ, TX Proj.) 5% 4/1/2028  | 1395000 | 1410873 |
| San Antonio TX Ed Facs Corp Rv (Trinity University Proj.) Series 2024 A, 5% 6/1/2033  | 3515000 | 3924642 |
| San Antonio TX Ed Facs Corp Rv (Trinity University Proj.) Series 2024 A, 5% 6/1/2034  | 23150000 | 25893310 |
| Texas A&M Univ Perm Univ Fund 5% 7/1/2037  | 8235000 | 8904023 |
| Texas A&M Univ Perm Univ Fund 5% 7/1/2038  | 8030000 | 8595593 |
| Texas A&M Univ Revs Series 2021 A, 4% 5/15/2034  | 1000000 | 1027101 |
| Texas A&M Univ Revs Series 2022, 5% 5/15/2032  | 1000000 | 1126317 |
| Texas A&M Univ Revs Series 2022, 5% 5/15/2033  | 1000000 | 1118192 |
| Texas A&M Univ Revs Series 2022, 5% 5/15/2034  | 1250000 | 1383202 |
| Texas A&M Univ Revs Series 2022, 5% 5/15/2035  | 1000000 | 1096918 |
| Texas St Univ Sys Fing Rev Series 2017 A, 5% 3/15/2029  | 4530000 | 4687585 |
| Texas Tech Univ Revs Series 2025 A, 5% 2/15/2033  | 1800000 | 2027475 |
| Texas Tech Univ Revs Series 2025 A, 5% 2/15/2034  | 2250000 | 2547078 |
| Texas Tech Univ Revs Series 2025 A, 5% 2/15/2035  | 845000 | 958459 |
| Texas Tech Univ Revs Series 2025 A, 5% 2/15/2036  | 1800000 | 2026364 |
| Texas Tech Univ Revs Series 2025 A, 5% 2/15/2037  | 1300000 | 1446053 |
| Texas Tech Univ Revs Series 2025 A, 5% 2/15/2038  | 2250000 | 2473951 |
| University Houston TX Univ Rev Series 2017 A, 5% 2/15/2030  | 6325000 | 6397880 |
| University Houston TX Univ Rev Series 2021 A, 2% 2/15/2033  | 4105000 | 3512474 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2032  | 540000 | 603865 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2033  | 520000 | 574461 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2034  | 720000 | 790438 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2035  | 755000 | 821811 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2036  | 720000 | 777085 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2037  | 950000 | 1016819 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2038  | 1095000 | 1162032 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2039  | 1190000 | 1253642 |
| University TX Perm Univ Fd Series 2016 B, 5% 7/1/2029  | 1740000 | 1775418 |
| University TX Perm Univ Fd Series 2023A, 5% 7/1/2032  | 13135000 | 14829190 |
| University TX Perm Univ Fd Series 2023A, 5% 7/1/2033  | 9375000 | 10647946 |
|  |  | 118342014 |
| Electric Utilities - 1.0% |  |  |
| City of Georgetown TX Series 2022, 5% 8/15/2031 (Assured Guaranty Municipal Corp Insured)  | 1375000 | 1527960 |
| City of Georgetown TX Series 2022, 5% 8/15/2033 (Assured Guaranty Municipal Corp Insured)  | 1500000 | 1645869 |
| City of Georgetown TX Series 2022, 5% 8/15/2035 (Assured Guaranty Municipal Corp Insured)  | 1700000 | 1837802 |
| City of Georgetown TX Series 2022, 5% 8/15/2036 (Assured Guaranty Municipal Corp Insured)  | 1585000 | 1701200 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2035 (Build America Mutual Assurance Co Insured)  | 1750000 | 1908399 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2036 (Build America Mutual Assurance Co Insured)  | 1355000 | 1467257 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2037 (Build America Mutual Assurance Co Insured)  | 1430000 | 1538736 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2038 (Build America Mutual Assurance Co Insured)  | 1000000 | 1068305 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2039 (Build America Mutual Assurance Co Insured)  | 1000000 | 1060932 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2040 (Build America Mutual Assurance Co Insured)  | 1000000 | 1051359 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2041 (Build America Mutual Assurance Co Insured)  | 1240000 | 1293934 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2042 (Build America Mutual Assurance Co Insured)  | 1200000 | 1243078 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2043 (Build America Mutual Assurance Co Insured)  | 1855000 | 1911436 |
| City of Greenville TX Electric System Revenue Series 2024, 5% 2/15/2044 (Build America Mutual Assurance Co Insured)  | 2000000 | 2051203 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2032 (Assured Guaranty Municipal Corp Insured)  | 1000000 | 1112323 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2033 (Assured Guaranty Municipal Corp Insured)  | 1000000 | 1117661 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2034 (Assured Guaranty Municipal Corp Insured)  | 950000 | 1065326 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2035 (Assured Guaranty Municipal Corp Insured)  | 615000 | 683671 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2036 (Assured Guaranty Municipal Corp Insured)  | 600000 | 660995 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2037 (Assured Guaranty Municipal Corp Insured)  | 500000 | 545986 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2038 (Assured Guaranty Municipal Corp Insured)  | 500000 | 540561 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2039 (Assured Guaranty Municipal Corp Insured)  | 500000 | 535848 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2040 (Assured Guaranty Municipal Corp Insured)  | 500000 | 530321 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2032  | 1500000 | 1597665 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2033  | 2250000 | 2388539 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2034  | 2250000 | 2375906 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2035  | 5575000 | 5848540 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2036  | 1075000 | 1123084 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2032  | 4565000 | 4782491 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2034  | 2430000 | 2529162 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2036  | 2430000 | 2508730 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2022A, 5% 5/15/2032  | 395000 | 438014 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2022A, 5.25% 5/15/2035  | 1500000 | 1654196 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024A, 5% 5/15/2036 (Assured Guaranty Municipal Corp Insured)  | 5915000 | 6511421 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024A, 5% 5/15/2037 (Assured Guaranty Municipal Corp Insured)  | 5755000 | 6265213 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024A, 5% 5/15/2039 (Assured Guaranty Municipal Corp Insured)  | 7500000 | 7977550 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024A, 5% 5/15/2040 (Assured Guaranty Municipal Corp Insured)  | 7000000 | 7395666 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024A, 5% 5/15/2041 (Assured Guaranty Municipal Corp Insured)  | 4150000 | 4345311 |
| Lower Colorado River Authority Series 2015D, 5% 5/15/2026  | 1360000 | 1361880 |
| Lower Colorado River Authority Series 2020, 5% 5/15/2026  | 3350000 | 3409871 |
| Lower Colorado River Authority Series 2025 B, 5% tender 5/15/2045 (b) | 20000000 | 21533425 |
| Lower Colorado River Authority Series B, 5% 5/15/2027  | 2915000 | 2919031 |
| Lower Colorado River Authority Series B, 5% 5/15/2028  | 2845000 | 2848934 |
| Lower Colorado River Authority Series B, 5% 5/15/2029  | 8255000 | 8266414 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2029  | 1455000 | 1516342 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2030  | 970000 | 1008589 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2031  | 1455000 | 1509858 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2033  | 1165000 | 1202962 |
| San Antonio TX Elec & Gas Rev Series 2019, 5% 2/1/2036  | 5980000 | 6317918 |
| Texas Mun Pwr Agy Rv Series 2021, 3% 9/1/2034 (Assured Guaranty Municipal Corp Insured)  | 1125000 | 1041518 |
|  |  | 138778392 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Central TX Regl Mobility Auth Rev Series A, 5% 1/1/2031 (Pre-refunded to 7/1/2025 at 100)  | 1165000 | 1165000 |
| Central TX Regl Mobility Auth Rev Series A, 5% 1/1/2034 (Pre-refunded to 7/1/2025 at 100)  | 1940000 | 1940000 |
| Central TX Regl Mobility Auth Rev Series A, 5% 1/1/2040 (Pre-refunded to 7/1/2025 at 100)  | 5340000 | 5340000 |
| El Paso Tex Gen. Oblig. 5% 8/15/2032 (Pre-refunded to 8/15/2028 at 100)  | 2235000 | 2384259 |
|  |  | 10829259 |
| General Obligations - 6.5% |  |  |
| Alvin Tex Indpt Sch Dist 5% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 3000000 | 3382292 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 1100000 | 1246530 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 570000 | 638266 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 575000 | 637925 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 700000 | 767066 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 775000 | 840903 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1100000 | 1183045 |
| Alvin Tex Indpt Sch Dist 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 650000 | 691734 |
| Argyle TX Indpt Sch Dist 5% 8/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 1005000 | 1110822 |
| Austin Tex Gen. Oblig. Series 2022, 5% 9/1/2034  | 1600000 | 1774367 |
| Austin Tex Gen. Oblig. Series 2022, 5% 9/1/2035  | 2500000 | 2751260 |
| Austin Tex Gen. Oblig. Series 2022, 5% 9/1/2036  | 3035000 | 3308615 |
| Austin TX Indpt Sch Dist 5% 8/1/2035  | 2000000 | 2204353 |
| Austin TX Indpt Sch Dist 5% 8/1/2039  | 1795000 | 1915486 |
| Austin TX Indpt Sch Dist Series 2021, 4% 8/1/2032 (Permanent Sch Fund of Texas Guaranteed)  | 8300000 | 8671282 |
| Austin TX Indpt Sch Dist Series 2021, 4% 8/1/2033 (Permanent Sch Fund of Texas Guaranteed)  | 9255000 | 9598922 |
| Austin TX Indpt Sch Dist Series 2021, 4% 8/1/2034 (Permanent Sch Fund of Texas Guaranteed)  | 10590000 | 10912629 |
| Austin TX Indpt Sch Dist Series 2021, 4% 8/1/2035 (Permanent Sch Fund of Texas Guaranteed)  | 7215000 | 7375816 |
| Bexar Cnty TX Gen. Oblig. Series 2016, 3% 6/15/2041  | 7105000 | 5714283 |
| Birdville TX Indpt Sch Dist 2.375% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1575000 | 1342330 |
| Birdville TX Indpt Sch Dist Series 2021, 5% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 2225000 | 2255334 |
| Boerne TX Isd Series 2023, 3.125% tender 2/1/2053 (Permanent Sch Fund of Texas Guaranteed) (b) | 5505000 | 5499703 |
| Brazos Cnty Tex Gen. Oblig. 2.125% 9/1/2039  | 1515000 | 1058000 |
| Brazosport Texas Indpt Sch Dis 2.125% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 3495000 | 3040197 |
| Cedar Hill TX Indpt Sch Dist Series 2024, 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1900000 | 2043442 |
| Cedar Park TX Gen. Oblig. 1.75% 2/15/2037  | 1635000 | 1168242 |
| Cedar Park TX Gen. Oblig. 5% 2/15/2036  | 1245000 | 1334666 |
| City of Frisco TX 2% 2/15/2038  | 1315000 | 982984 |
| City of Frisco TX Gen. Oblig. 2% 2/15/2037  | 4640000 | 3593240 |
| City of Frisco TX Gen. Oblig. 2% 2/15/2041  | 2290000 | 1526890 |
| City of Garland TX Gen. Oblig. Series 2021, 2% 2/15/2039  | 1660000 | 1154177 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2033 (City of Garland TX Guaranteed)  | 2145000 | 2387881 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2034 (City of Garland TX Guaranteed)  | 2150000 | 2402445 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2035 (City of Garland TX Guaranteed)  | 2010000 | 2226282 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2037 (City of Garland TX Guaranteed)  | 1700000 | 1841906 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2038 (City of Garland TX Guaranteed)  | 1250000 | 1336597 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2040  | 1275000 | 1335347 |
| City of Waco TX Gen. Oblig. 2% 2/1/2033  | 3330000 | 2856128 |
| City of Waco TX Gen. Oblig. 2.125% 2/1/2035  | 2240000 | 1844860 |
| City of Waco TX Gen. Oblig. 2.375% 2/1/2038  | 1675000 | 1305959 |
| City of Waco TX Gen. Oblig. 2.375% 2/1/2039  | 3800000 | 2879720 |
| City of Waco TX Gen. Oblig. Series 2023A, 4% 2/1/2039  | 3990000 | 3867579 |
| Clear Creek Independent School District Series 2013B, 3.6% tender 2/15/2035 (Permanent Sch Fund of Texas Guaranteed) (b) | 6655000 | 6656923 |
| Clear Creek Independent School District Series 2021, 3% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 4725000 | 4365240 |
| Collin Cnty TX Cmnty Coll Dist Gen. Oblig. Series 2018, 3.5% 8/15/2037  | 2500000 | 2339730 |
| Comal Tex Indpt Sch Dist 3% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 2665000 | 2339688 |
| Comal Tex Indpt Sch Dist 3% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 9400000 | 8026802 |
| Comal Tex Indpt Sch Dist 3% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 6015000 | 4985546 |
| Comal Tex Indpt Sch Dist 3% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 2500000 | 2026461 |
| Comal Tex Indpt Sch Dist 3% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 2250000 | 1795884 |
| Comal Tex Indpt Sch Dist 3% 2/15/2043 (Permanent Sch Fund of Texas Guaranteed)  | 2750000 | 2157299 |
| Comal Tex Indpt Sch Dist Series 2020, 1.625% 2/1/2032 (Permanent Sch Fund of Texas Guaranteed)  | 6775000 | 5788471 |
| Cypress-Fairbanks TX Isd Series 2016, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)  | 3475000 | 3522953 |
| Cypress-Fairbanks TX Isd Series 2019 A, 3% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 5000000 | 4806649 |
| Cypress-Fairbanks TX Isd Series 2020, 4% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 1425000 | 1467145 |
| Dallas TX Gen. Oblig. Series 2019 B, 5% 2/15/2030  | 4080000 | 4367327 |
| Dallas TX Gen. Oblig. Series 2019 B, 5% 2/15/2032  | 7095000 | 7535700 |
| Dallas TX Gen. Oblig. Series 2019 B, 5% 2/15/2033  | 7585000 | 8016445 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2028  | 19880000 | 21022231 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2029  | 16030000 | 17240055 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2030  | 20305000 | 22146508 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2031  | 8555000 | 9430599 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2032  | 16800000 | 18661082 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2033  | 8555000 | 9542001 |
| Dallas TX Gen. Oblig. Series 2024C, 5% 2/15/2037  | 9400000 | 10191833 |
| Dallas TX Gen. Oblig. Series 2024C, 5% 2/15/2038  | 12190000 | 13080387 |
| Dallas TX Gen. Oblig. Series 2024C, 5% 2/15/2039  | 10745000 | 11431638 |
| Dallas TX ISD (Permanent Sch Fund of Texas Proj.) Series 2021, 4% 2/15/2026  | 2455000 | 2471776 |
| Dallas TX ISD 5% 2/15/2028  | 1750000 | 1851915 |
| Dallas TX ISD 5% 2/15/2029  | 2355000 | 2485737 |
| Dallas TX ISD 5% 2/15/2030  | 5095000 | 5367001 |
| Dallas TX ISD 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 4500000 | 4896450 |
| Dallas TX ISD 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 3250000 | 3507683 |
| Del Valle Tex Indpt Sch Dist Series 2021, 2% 6/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 3740000 | 2984579 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2030  | 600000 | 659044 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2032  | 500000 | 559163 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2033  | 1000000 | 1122892 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2034  | 1000000 | 1126711 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2035  | 1000000 | 1115285 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2036  | 750000 | 828739 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2037  | 750000 | 821186 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2038  | 2000000 | 2166219 |
| Denton Independent School District Series 2016, 0% 8/15/2025 (Permanent Sch Fund of Texas Guaranteed) (h) | 2770000 | 2759250 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2035  | 1430000 | 1150794 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2036  | 2670000 | 2074252 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2036  | 1465000 | 1138120 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2037  | 1495000 | 1122724 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2037  | 510000 | 383002 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2038  | 1525000 | 1103719 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2038  | 1255000 | 908307 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2039  | 1560000 | 1089204 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2040  | 1585000 | 1062818 |
| Eagle Mtn & Saginaw TX Isd Series 2022, 5% 8/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 1190000 | 1324965 |
| Eagle Mtn & Saginaw TX Isd Series 2022, 5% 8/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 1010000 | 1116349 |
| Eagle Mtn & Saginaw TX Isd Series 2022, 5% 8/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1300000 | 1425927 |
| Eagle Mtn & Saginaw TX Isd Series 2022, 5% 8/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 1895000 | 2062837 |
| El Paso Tex Gen. Oblig. 5% 8/15/2030  | 5100000 | 5389302 |
| El Paso Tex Gen. Oblig. 5% 8/15/2031  | 3610000 | 3804121 |
| El Paso Tex Gen. Oblig. 5% 8/15/2032  | 1385000 | 1454425 |
| El Paso Tex Gen. Oblig. 5% 8/15/2033 (Pre-refunded to 8/15/2028 at 100)  | 5890000 | 6283349 |
| El Paso Tex Gen. Oblig. 5% 8/15/2034 (Pre-refunded to 8/15/2028 at 100)  | 2945000 | 3141674 |
| El Paso Tex Gen. Oblig. Series 2021 C, 3% 8/15/2040  | 1000000 | 805824 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2036  | 1780000 | 1952297 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2037  | 1000000 | 1086566 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2038  | 1000000 | 1075034 |
| Elgin TX Indpt Sch Dist 5% 8/1/2030 (Permanent Sch Fund of Texas Guaranteed)  | 1485000 | 1637095 |
| Fort Bend TX Indpt Sch Dist Series 2021 B, 0.72% tender 8/1/2051 (Permanent Sch Fund of Texas Guaranteed) (b) | 8210000 | 7939129 |
| Fort Worth Tex Indpt Sch Dist Series 2016, 5% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 3530000 | 3579442 |
| Fort Worth Tex Indpt Sch Dist Series 2019 A, 2.375% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 2105000 | 1895321 |
| Fort Worth Tex Indpt Sch Dist Series 2023, 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 440000 | 487932 |
| Fort Worth Tex Indpt Sch Dist Series 2023, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 900000 | 977561 |
| Fort Worth Tex Indpt Sch Dist Series 2023, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1125000 | 1211102 |
| Fort Worth Tex Indpt Sch Dist Series 2023, 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1700000 | 1815575 |
| Fort Worth TX Gen. Oblig. 2% 3/1/2036  | 6480000 | 5026927 |
| Fort Worth TX Gen. Oblig. 2% 3/1/2037  | 6480000 | 4871803 |
| Fort Worth TX Gen. Oblig. Series 2016, 5% 3/1/2027  | 5755000 | 5832479 |
| Fort Worth TX Gen. Oblig. Series 2020, 3% 3/1/2039  | 2500000 | 2038739 |
| Fort Worth TX Gen. Oblig. Series 2020, 5% 3/1/2029  | 4200000 | 4524914 |
| Grand Prairie TX Gen. Oblig. 4% 2/15/2038  | 1755000 | 1753239 |
| Grand Prairie TX Gen. Oblig. 4% 2/15/2039  | 1465000 | 1443909 |
| Harlandale TX Indpt Sch Dist 5% 8/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1050000 | 1129604 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2032  | 5130000 | 5312384 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2033  | 6045000 | 6214487 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2034  | 4995000 | 5099283 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2035  | 3400000 | 3445291 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2036  | 3920000 | 3943252 |
| Harris Cnty TX Gen. Oblig. 3% 10/1/2041  | 2500000 | 2024098 |
| Harris Cnty TX Gen. Oblig. Series 2022 A, 5% 8/15/2032  | 2500000 | 2804189 |
| Harris Cnty TX Gen. Oblig. Series 2024 A, 5% 9/15/2034  | 2235000 | 2531721 |
| Harris Cnty TX Gen. Oblig. Series 2024 A, 5% 9/15/2035  | 1000000 | 1120293 |
| Harris Cnty TX Gen. Oblig. Series 2024 A, 5% 9/15/2035  | 955000 | 1069879 |
| Harris Cnty TX Gen. Oblig. Series 2024, 5% 9/15/2034  | 3710000 | 4202543 |
| Harris Cnty TX Gen. Oblig. Series 2024, 5% 9/15/2035  | 3250000 | 3640954 |
| Hays TX Cons Indpt Schl Dist Series 2022, 4% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1005246 |
| Hays TX Cons Indpt Schl Dist Series 2022, 5% 2/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1088657 |
| Hays TX Cons Indpt Schl Dist Series 2022, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1650000 | 1785544 |
| Hays TX Cons Indpt Schl Dist Series 2022, 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 2250000 | 2418916 |
| Houston TX Gen. Oblig. 5% 3/1/2039  | 5465000 | 5830180 |
| Houston TX Indpt Sch Dist 5% 2/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 2250000 | 2530429 |
| Houston TX Indpt Sch Dist 5% 2/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 5790000 | 6603393 |
| Houston TX Indpt Sch Dist 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 2750000 | 3137535 |
| Houston TX Indpt Sch Dist 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 2400000 | 2711322 |
| Houston TX Indpt Sch Dist 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1550000 | 1734211 |
| Houston TX Indpt Sch Dist 5% 7/15/2032  | 1200000 | 1346019 |
| Houston TX Indpt Sch Dist 5% 7/15/2037  | 2900000 | 3215776 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 2450000 | 2762204 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 1650000 | 1869795 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1750000 | 1984250 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 4300000 | 4850259 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1295000 | 1446665 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1800000 | 1989159 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1425000 | 1559589 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 1150000 | 1244047 |
| Lamar TX Isd Series 2021 A, 3% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 1300000 | 1169494 |
| Lamar TX Isd Series 2023, 5% 2/15/2037  | 2000000 | 2161245 |
| Lamar TX Isd Series 2023, 5% 2/15/2038  | 2250000 | 2410235 |
| Lamar TX Isd Series 2023, 5% 2/15/2039  | 5000000 | 5311454 |
| Lamar TX Isd Series 2023, 5% 2/15/2040  | 2765000 | 2912390 |
| Lamar TX Isd Series 2024, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1950000 | 2171199 |
| Lamar TX Isd Series 2024, 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 2500000 | 2757937 |
| Lamar TX Isd Series 2024, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 4000000 | 4370879 |
| Lamar TX Isd Series 2024, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 3400000 | 3683928 |
| Lamar TX Isd Series 2024, 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1600000 | 1718374 |
| Lamar TX Isd Series 2024, 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1598552 |
| Liberty Hill TX Indpt Sch Dist Series 2021, 3% 2/1/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1287787 |
| Lubbock Cnty Tex Gen. Oblig. 4% 2/15/2039  | 3250000 | 3154950 |
| Lubbock Cnty Tex Gen. Oblig. 5% 2/15/2035  | 1905000 | 2083077 |
| Lubbock Cnty Tex Gen. Oblig. 5% 2/15/2037  | 2950000 | 3169285 |
| Lubbock Cnty Tex Gen. Oblig. 5% 2/15/2038  | 3105000 | 3304407 |
| Magnolia Tex Indpt Sch Dist Series 2023, 5% 8/15/2038  | 1135000 | 1207552 |
| Magnolia Tex Indpt Sch Dist Series 2023, 5% 8/15/2039  | 3700000 | 3896621 |
| Mansfield TX Gen. Oblig. 2.5% 2/15/2039  | 1425000 | 1122684 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2034  | 1315000 | 1491462 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2035  | 3125000 | 3512216 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2036  | 1905000 | 2122785 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2037  | 4755000 | 5259438 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2038  | 5175000 | 5671627 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2039  | 1685000 | 1831726 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2040  | 2655000 | 2857823 |
| Mansfield TX Gen. Oblig. Series 2025, 5% 2/15/2041  | 4160000 | 4430744 |
| Mckinney Tex Indpt Sch Dist Series 2022, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1295000 | 1400692 |
| Midway TX Indpt Sch Dist Series 2020, 4% 8/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1542403 |
| Northwest Tex Indpt Sch Dist Series 2021, 3% 2/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 2250000 | 1638890 |
| Pecos Barstow Toyah Ind Sch Dist Series 2023, 5% 2/15/2031 (Permanent Sch Fund of Texas Guaranteed)  | 2200000 | 2308132 |
| Pecos Barstow Toyah Ind Sch Dist Series 2023, 5% 2/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 2750000 | 2876188 |
| Pecos Barstow Toyah Ind Sch Dist Series 2023, 5% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 2200000 | 2293818 |
| Plano Independent School District 5% 2/15/2034  | 650000 | 715930 |
| Plano Independent School District 5% 2/15/2035  | 2000000 | 2187056 |
| Plano Independent School District 5% 2/15/2036  | 2800000 | 3037834 |
| Plano Independent School District 5% 2/15/2037  | 3125000 | 3365070 |
| Plano Independent School District 5% 2/15/2038  | 3300000 | 3523736 |
| Plano TX Gen. Oblig. 3.37% 9/1/2037  | 3485000 | 3213136 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2030  | 4445000 | 4895129 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2031  | 4670000 | 5197916 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2032  | 4905000 | 5506948 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2033  | 5140000 | 5806221 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2034  | 5400000 | 6121358 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2035  | 1640000 | 1841410 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2036  | 3220000 | 3581731 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2037  | 3380000 | 3724096 |
| Plano TX Gen. Oblig. Series 2025, 5% 9/1/2038  | 3550000 | 3870091 |
| Prosper Tex Indpt Sch Dist 3% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 4780000 | 4329614 |
| Prosper Tex Indpt Sch Dist 3% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1370000 | 1211518 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1084358 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1075000 | 1154964 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 800000 | 850627 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 1300000 | 1371610 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 1850000 | 1937329 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2043 (Permanent Sch Fund of Texas Guaranteed)  | 2230000 | 2326941 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2044 (Permanent Sch Fund of Texas Guaranteed)  | 1850000 | 1922153 |
| Richardson TX Indpt Sch Dist Series 2024, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 1150000 | 1282714 |
| Richardson TX Indpt Sch Dist Series 2024, 5% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 755000 | 787758 |
| Richardson TX Indpt Sch Dist Series 2024, 5% 2/15/2043 (Permanent Sch Fund of Texas Guaranteed)  | 2200000 | 2283704 |
| Round Rock TX Indpt Sch Dist Series 2016, 3% 8/1/2041 (Permanent Sch Fund of Texas Guaranteed)  | 2675000 | 2133659 |
| Round Rock TX Indpt Sch Dist Series 2025B, 5% 8/1/2038 (Permanent Sch Fund of Texas Guaranteed)  | 10625000 | 11650069 |
| Sabine Pass Tex Indpt Sch Dist Series 2024, 5% 8/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1355000 | 1457727 |
| San Antonio TX Gen. Oblig. Series 2021, 4% 8/1/2033  | 3145000 | 3267531 |
| Spring Branch Tex Indp Sch Dst Series 2019, 3% 2/1/2032 (Permanent Sch Fund of Texas Guaranteed)  | 5315000 | 5177987 |
| Tarrant Cnty Tex Hosp Dist Gen. Oblig. Series 2023, 5% 8/15/2033  | 1105000 | 1220857 |
| Tarrant Cnty Tex Hosp Dist Gen. Oblig. Series 2023, 5.25% 8/15/2035  | 1635000 | 1801583 |
| Tarrant Cnty Tex Hosp Dist Gen. Oblig. Series 2023, 5.25% 8/15/2036  | 1000000 | 1091651 |
| Tarrant Cnty Tex Hosp Dist Gen. Oblig. Series 2023, 5.25% 8/15/2037  | 1000000 | 1082275 |
| Tarrant Cnty Tex Hosp Dist Gen. Oblig. Series 2023, 5.25% 8/15/2038  | 1220000 | 1308144 |
| Tarrant Cnty Tex Hosp Dist Gen. Oblig. Series 2023, 5.25% 8/15/2039  | 1750000 | 1864194 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023B, 5.5% tender 1/1/2054 (BP PLC Guaranteed) (b) | 4835000 | 5303378 |
| Texas Pub Fin Auth Lease Rev (Texas State Proj.) Series 2019, 5% 2/1/2026  | 2600000 | 2631730 |
| Texas State Gen. Oblig. 4% 8/1/2032 (c) | 1700000 | 1731387 |
| Texas State Gen. Oblig. 5% 8/1/2033 (c) | 4805000 | 5162610 |
| Texas State Gen. Oblig. Series 2013 B, 5% 8/1/2025 (c) | 11725000 | 11742387 |
| Texas State Gen. Oblig. Series 2014, 5% 8/1/2026 (c) | 5020000 | 5028885 |
| Texas State Gen. Oblig. Series 2016, 5.5% 8/1/2026 (c) | 3750000 | 3849287 |
| Texas State Gen. Oblig. Series 2017, 3% 8/1/2034 (c) | 2755000 | 2492148 |
| Texas State Gen. Oblig. Series 2020 B, 4% 8/1/2028 (c) | 4340000 | 4433415 |
| Texas State Gen. Oblig. Series 2020 B, 4% 8/1/2029 (c) | 5605000 | 5748875 |
| Texas State Gen. Oblig. Series 2020 B, 4% 8/1/2030 (c) | 5885000 | 6051148 |
| Texas State Gen. Oblig. Series 2020 B, 4% 8/1/2031 (c) | 6180000 | 6361222 |
| Texas State Gen. Oblig. Series 2021 A, 5% 8/1/2030 (c) | 5720000 | 6165886 |
| Texas State Gen. Oblig. Series 2021 A, 5% 8/1/2031 (c) | 6175000 | 6706283 |
| Texas State Gen. Oblig. Series 2021 A, 5% 8/1/2032 (c) | 6480000 | 7001155 |
| Texas State Gen. Oblig. Series 2021 B, 5% 8/1/2032 (c) | 4915000 | 5367633 |
| Travis Cnty TX Gen. Oblig. Series 2019 A, 5% 3/1/2034  | 5645000 | 5966913 |
| Travis Cnty TX Gen. Oblig. Series 2019 A, 5% 3/1/2035  | 17080000 | 17973988 |
| Travis Cnty TX Gen. Oblig. Series 2019 A, 5% 3/1/2036  | 5000000 | 5238180 |
| Willis Tex Indpt Sch Dist 2% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 1700000 | 1338019 |
|  |  | 845530835 |
| Health Care - 0.5% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Med Facs Rev (Baylor College of Medicine Proj.) Series 2024A, 5% 5/15/2029  | 10165000 | 10809284 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 5% 7/1/2037  | 5900000 | 6359263 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 5% 7/1/2038  | 4500000 | 4797788 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Childrens Hospital, TX Proj.) Series 2019 A, 4% 10/1/2035  | 1750000 | 1745930 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Childrens Hospital, TX Proj.) Series 2019 A, 4% 10/1/2036  | 3000000 | 2961590 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2026  | 680000 | 689540 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2027  | 485000 | 492392 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2029  | 630000 | 639261 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2031  | 990000 | 1001910 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2025  | 2430000 | 2434869 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2026  | 1505000 | 1538770 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2027  | 1565000 | 1631577 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2030  | 2330000 | 2417939 |
| Tarrant Cnty Tex Cultural Ed Facs Fin Corp Retirement Fac Rev (Lifespace Proj.) Series 2015, 5% 11/15/2030  | 6130000 | 6138979 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 5% tender 11/15/2052 (b) | 8030000 | 8638709 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2032  | 1725000 | 1936843 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2033  | 2455000 | 2769259 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2034  | 1650000 | 1864301 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2035  | 1850000 | 2078155 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2036  | 2230000 | 2476369 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2037  | 2000000 | 2190531 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Health Resources Proj.) Series 2016 A, 5% 2/15/2034  | 2040000 | 2074709 |
|  |  | 67687968 |
| Housing - 0.3% |  |  |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev (TX Residential Mortgage Proj.) Series 2023B, 6% 1/1/2054  | 15780000 | 17191813 |
| Texas St Dept Hsg & Cmnty Affairs Multifamily Hsg Rev Series 2019, 2.95% 7/1/2036  | 6047575 | 5227736 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) Series 2019 A, 4% 3/1/2050  | 3425000 | 3451801 |
| Travis Cnty Tex Hsg Fin Corp Multifamily Hsg Series 2023, 3.75% tender 8/1/2026 (b) | 2230000 | 2230165 |
|  |  | 28101515 |
| Industrial Development - 0.2% |  |  |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 4% 4/1/2040 VRDN (b) | 18125000 | 18125000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 4% 4/1/2040 VRDN (b) | 8400000 | 8400000 |
|  |  | 26525000 |
| Resource Recovery - 0.0% |  |  |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2024, 4% tender 6/1/2054 (b)(c) | 4295000 | 4125338 |
| Special Tax - 0.6% |  |  |
| Dallas TX Rapid Transit Sales Tax Rev 5% 12/1/2025  | 750000 | 756262 |
| Dallas TX Rapid Transit Sales Tax Rev 5.25% 12/1/2029  | 7135000 | 7841690 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2029  | 1000000 | 1055610 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2030  | 1250000 | 1316295 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2031  | 1650000 | 1732366 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2033  | 1535000 | 1599166 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2034  | 1250000 | 1296773 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2035  | 1700000 | 1757126 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2037  | 1140000 | 1246930 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2038  | 1195000 | 1294050 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2039  | 550000 | 592481 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2040  | 840000 | 893636 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2041  | 1100000 | 1157008 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2042  | 1115000 | 1163214 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2043  | 1940000 | 2016702 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2044  | 2040000 | 2108538 |
| Mansfield Tex Economic Dev Corp Sales Tax Rev Series 2025, 5% 8/1/2045  | 1590000 | 1636442 |
| Texas Pub Fin Auth Lease Rev (Texas State Proj.) Series 2019, 5% 2/1/2027  | 2500000 | 2590316 |
| Texas Pub Fin Auth Lease Rev (Texas State Proj.) Series 2019, 5% 2/1/2028  | 1315000 | 1389784 |
| Texas Transn Commn Gen. Oblig. Series 2014 B, 0.65% tender 10/1/2041 (Texas State Guaranteed) (b) | 44145000 | 43014774 |
|  |  | 76459163 |
| Transportation - 2.4% |  |  |
| Austin Tex Airport Sys 5% 11/15/2029 (c) | 2690000 | 2691608 |
| Austin Tex Airport Sys Series 2019 B, 5% 11/15/2027 (c) | 1500000 | 1559461 |
| Austin Tex Airport Sys Series 2019 B, 5% 11/15/2028 (c) | 2250000 | 2371855 |
| Austin Tex Airport Sys Series 2019 B, 5% 11/15/2029 (c) | 1500000 | 1599638 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2035  | 1000000 | 1066685 |
| Central TX Regl Mobility Auth Rev Series 2020 E, 4% 1/1/2034  | 950000 | 965244 |
| Central TX Regl Mobility Auth Rev Series 2020 E, 4% 1/1/2036  | 750000 | 751272 |
| Central TX Regl Mobility Auth Rev Series 2020 E, 5% 1/1/2029  | 750000 | 800133 |
| Central TX Regl Mobility Auth Rev Series 2020 E, 5% 1/1/2030  | 850000 | 920349 |
| Central TX Regl Mobility Auth Rev Series 2020 E, 5% 1/1/2032  | 800000 | 859195 |
| Central TX Regl Mobility Auth Rev Series 2020 E, 5% 1/1/2035  | 915000 | 967752 |
| Central TX Regl Mobility Auth Rev Series 2020G, 4% 1/1/2034  | 1000000 | 1007771 |
| Central TX Regl Mobility Auth Rev Series 2020G, 4% 1/1/2035  | 1000000 | 1000786 |
| Central TX Regl Mobility Auth Rev Series 2020G, 4% 1/1/2036  | 1000000 | 986628 |
| Central TX Regl Mobility Auth Rev Series 2020G, 5% 1/1/2028  | 500000 | 523670 |
| Central TX Regl Mobility Auth Rev Series 2020G, 5% 1/1/2030  | 670000 | 716425 |
| Central TX Regl Mobility Auth Rev Series 2020G, 5% 1/1/2031  | 725000 | 774676 |
| Central TX Regl Mobility Auth Rev Series 2020G, 5% 1/1/2032  | 870000 | 926492 |
| City of Houston TX Airport System Revenue 4% 7/1/2035 (c) | 1100000 | 1087773 |
| City of Houston TX Airport System Revenue 4% 7/1/2036 (c) | 2180000 | 2113267 |
| City of Houston TX Airport System Revenue 4% 7/1/2037 (c) | 1200000 | 1157041 |
| City of Houston TX Airport System Revenue 4% 7/1/2038 (c) | 1750000 | 1658558 |
| City of Houston TX Airport System Revenue 4% 7/1/2039 (c) | 4500000 | 4229019 |
| City of Houston TX Airport System Revenue Series 2018 A, 5% 7/1/2026 (c) | 1635000 | 1664228 |
| City of Houston TX Airport System Revenue Series 2018 A, 5% 7/1/2027 (c) | 2180000 | 2253871 |
| City of Houston TX Airport System Revenue Series 2018 A, 5% 7/1/2028 (c) | 970000 | 1017701 |
| City of Houston TX Airport System Revenue Series 2018 B, 5% 7/1/2028  | 3110000 | 3312416 |
| City of Houston TX Airport System Revenue Series 2018 B, 5% 7/1/2029  | 12140000 | 12775490 |
| City of Houston TX Airport System Revenue Series 2018 B, 5% 7/1/2030  | 6385000 | 6706495 |
| City of Houston TX Airport System Revenue Series 2020 A, 4% 7/1/2035 (c) | 1500000 | 1483326 |
| City of Houston TX Airport System Revenue Series 2020 A, 4% 7/1/2039 (c) | 1895000 | 1780887 |
| City of Houston TX Airport System Revenue Series 2023A, 5% 7/1/2036 (Assured Guaranty Municipal Corp Insured) (c) | 3850000 | 4067316 |
| City of Houston TX Airport System Revenue Series 2023A, 5% 7/1/2037 (Assured Guaranty Municipal Corp Insured) (c) | 2000000 | 2095732 |
| City of Houston TX Airport System Revenue Series 2023A, 5% 7/1/2038 (Assured Guaranty Municipal Corp Insured) (c) | 2000000 | 2075209 |
| City of Houston TX Airport System Revenue Series 2023A, 5.25% 7/1/2039 (Assured Guaranty Municipal Corp Insured) (c) | 2700000 | 2855659 |
| City of Houston TX Airport System Revenue Series 2023A, 5.25% 7/1/2040 (Assured Guaranty Municipal Corp Insured) (c) | 5000000 | 5250421 |
| Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2030  | 3090000 | 3410234 |
| Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2031  | 1300000 | 1425437 |
| Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2032  | 2000000 | 2182651 |
| Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2033  | 2000000 | 2166559 |
| Dallas Fort Worth International Airport Series 2020 B, 4% 11/1/2035  | 7865000 | 7883793 |
| Galveston TX Wharves & Terminal Revenue Series 2023, 5% 8/1/2035 (c) | 1185000 | 1224440 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2031  | 4965000 | 5207338 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2032  | 4210000 | 4398265 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2033  | 6420000 | 6690441 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2034  | 4855000 | 5043213 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2023, 5% tender 10/1/2052 (b) | 42630000 | 44642273 |
| Love Field TX Arpt Mod Rev 4% 11/1/2034 (Assured Guaranty Municipal Corp Insured) (c) | 6245000 | 6247693 |
| Love Field TX Arpt Mod Rev 4% 11/1/2038 (Assured Guaranty Municipal Corp Insured) (c) | 1500000 | 1427721 |
| Love Field TX Arpt Mod Rev 5% 11/1/2033 (Assured Guaranty Municipal Corp Insured) (c) | 16660000 | 17617382 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2030 (c) | 1360000 | 1362569 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2031 (c) | 5730000 | 5739912 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2035 (c) | 1700000 | 1701968 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2026 (c) | 1000000 | 1022322 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2033 (c) | 1250000 | 1262213 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2034 (c) | 2925000 | 2949144 |
| North TX Twy Auth Rev 0% 1/1/2035 (Assured Guaranty Inc Insured) (h) | 1000000 | 694882 |
| North TX Twy Auth Rev 4% 1/1/2039  | 8025000 | 7422853 |
| North TX Twy Auth Rev 5% 1/1/2030  | 470000 | 474207 |
| North TX Twy Auth Rev 5% 1/1/2031  | 660000 | 665520 |
| North TX Twy Auth Rev 5% 1/1/2032  | 2915000 | 2983550 |
| North TX Twy Auth Rev 5% 1/1/2033  | 1280000 | 1308941 |
| North TX Twy Auth Rev Series 2019 A, 4% 1/1/2036  | 1725000 | 1719713 |
| North TX Twy Auth Rev Series 2020A, 4% 1/1/2037  | 3395000 | 3339326 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2034  | 2775000 | 3103912 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2041  | 6175000 | 6473714 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2043  | 1125000 | 1163950 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2045  | 3430000 | 3520194 |
| North TX Twy Auth Rev Series 2024A, 5.25% 1/1/2042  | 1140000 | 1205911 |
| North TX Twy Auth Rev Series 2024A, 5.25% 1/1/2044  | 2355000 | 2466096 |
| North TX Twy Auth Rev Series 2024B, 5% 1/1/2036  | 15445000 | 16873137 |
| North TX Twy Auth Rev Series A, 5% 1/1/2035  | 1480000 | 1657685 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2027 (c) | 2380000 | 2455050 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2028 (c) | 1085000 | 1138357 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2029 (c) | 3200000 | 3384160 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2029 (c) | 1270000 | 1348942 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2030 (c) | 1510000 | 1589505 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2030 (c) | 1235000 | 1301909 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2031 (c) | 2310000 | 2421248 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2031 (c) | 1250000 | 1310199 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2032 (c) | 1195000 | 1245877 |
| San Antonio TX Arpt Sys Rev Series 2019 A, 5% 7/1/2032 (c) | 950000 | 990446 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2033  | 1710000 | 1703848 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2034  | 4000000 | 3946876 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2036  | 2965000 | 2852779 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2033  | 2750000 | 2750747 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2034  | 4000000 | 3968417 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2035  | 4000000 | 3924038 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2036  | 1290000 | 1249627 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5% 12/31/2034 (c) | 2655000 | 2785114 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5% 6/30/2034 (c) | 2110000 | 2220851 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.125% 12/31/2035 (c) | 2095000 | 2196971 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.125% 6/30/2035 (c) | 2185000 | 2298863 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.25% 12/31/2036 (c) | 1965000 | 2060280 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.25% 6/30/2036 (c) | 2310000 | 2429752 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.375% 6/30/2037 (c) | 1275000 | 1340938 |
|  |  | 309668002 |
| Water & Sewer - 2.2% |  |  |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2031  | 1000000 | 1118781 |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2033  | 650000 | 728938 |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2035  | 1000000 | 1097857 |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2036  | 1000000 | 1086655 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2034  | 1200000 | 1347592 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2035  | 1900000 | 2112154 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2036  | 3340000 | 3679536 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2037  | 2700000 | 2942066 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2038  | 8000000 | 8612373 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2039  | 10045000 | 10704585 |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2040  | 4100000 | 4315091 |
| City of El Paso TX Water & Sewer Revenue Series 2022, 5% 3/1/2035  | 7140000 | 7694123 |
| City of El Paso TX Water & Sewer Revenue Series 2022, 5% 3/1/2036  | 5835000 | 6242220 |
| City of Georgetown TX Series 2025, 5% 8/15/2035  | 1000000 | 1110173 |
| City of Georgetown TX Series 2025, 5% 8/15/2036  | 1375000 | 1512325 |
| City of Georgetown TX Series 2025, 5% 8/15/2037  | 1585000 | 1727029 |
| City of Georgetown TX Series 2025, 5% 8/15/2038  | 1745000 | 1881176 |
| Dallas TX Wtrwks & Swr Sys Rev 5% 10/1/2041  | 7870000 | 8326860 |
| Dallas TX Wtrwks & Swr Sys Rev 5% 10/1/2042  | 1415000 | 1488033 |
| Dallas TX Wtrwks & Swr Sys Rev Series 2021 C, 3% 10/1/2036  | 2080000 | 1898893 |
| Fort Worth TX Wtr & Swr Rev 5% 2/15/2034  | 2135000 | 2320133 |
| Houston TX Util Sys Rev 4% 11/15/2035  | 1500000 | 1518839 |
| Houston TX Util Sys Rev 5% 11/15/2030  | 2145000 | 2368359 |
| Houston TX Util Sys Rev 5% 11/15/2031  | 2500000 | 2749507 |
| Houston TX Util Sys Rev 5% 11/15/2032  | 2000000 | 2189787 |
| Houston TX Util Sys Rev Series 2018 D, 5% 11/15/2031  | 5000000 | 5310796 |
| Houston TX Util Sys Rev Series 2021 A, 4% 11/15/2035  | 700000 | 709057 |
| Houston TX Util Sys Rev Series 2021 A, 4% 11/15/2036  | 700000 | 704356 |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2030  | 11200000 | 12366258 |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2032  | 8000000 | 9004609 |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2037  | 2000000 | 2194386 |
| North TX Mun Wtr Dist Upper E Fork Wstwtr Intrcpt Contrct 2% 6/1/2039  | 2195000 | 1573583 |
| San Antonio TX Wtr Rev 5% 5/15/2040  | 2730000 | 2874902 |
| San Antonio TX Wtr Rev 5% 5/15/2041  | 2485000 | 2598353 |
| San Antonio TX Wtr Rev Series 2019C, 5% 5/15/2034  | 1550000 | 1658827 |
| San Antonio TX Wtr Rev Series 2022B, 5% 5/15/2032  | 730000 | 820020 |
| San Antonio TX Wtr Rev Series 2022B, 5% 5/15/2033  | 675000 | 752825 |
| San Antonio TX Wtr Rev Series 2022B, 5% 5/15/2035  | 1460000 | 1603051 |
| San Antonio TX Wtr Rev Series 2022B, 5% 5/15/2036  | 1590000 | 1731885 |
| San Antonio TX Wtr Rev Series 2025A, 5% 5/15/2036  | 10000000 | 11226371 |
| San Antonio TX Wtr Rev Series 2025A, 5% 5/15/2037  | 12500000 | 13896276 |
| San Antonio TX Wtr Rev Series 2025A, 5% 5/15/2038  | 3130000 | 3439708 |
| San Antonio TX Wtr Rev Series 2025A, 5% 5/15/2039  | 6250000 | 6790063 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2034  | 805000 | 913768 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2035  | 1500000 | 1700913 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2036  | 2000000 | 2245274 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2037  | 1665000 | 1850984 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2038  | 2275000 | 2500107 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2039  | 1750000 | 1901218 |
| Tarrant Regional Water District 5% 9/1/2038  | 10825000 | 11806699 |
| Tarrant Regl Wtr Dist Tex Wtr Series 2024, 5% 3/1/2035  | 3960000 | 4430445 |
| Tarrant Regl Wtr Dist Tex Wtr Series 2024, 5% 3/1/2036  | 2200000 | 2439186 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2034 (i) | 875000 | 976819 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2035 (i) | 750000 | 826362 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2036 (i) | 850000 | 925867 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2037 (i) | 685000 | 739286 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2038 (i) | 840000 | 896913 |
| Texas Wtr Dev Brd 5% 8/1/2030  | 3210000 | 3549985 |
| Texas Wtr Dev Brd 5% 8/1/2032  | 3000000 | 3230912 |
| Texas Wtr Dev Brd 5% 8/1/2033  | 3450000 | 3699641 |
| Texas Wtr Dev Brd 5% 8/1/2034  | 4500000 | 4794851 |
| Texas Wtr Dev Brd 5% 8/1/2035  | 5500000 | 5830340 |
| Texas Wtr Dev Brd Series 2018 B, 4% 10/15/2036  | 9840000 | 9746052 |
| Texas Wtr Dev Brd Series 2018 B, 5% 10/15/2029  | 2250000 | 2406805 |
| Texas Wtr Dev Brd Series 2018 B, 5% 10/15/2030  | 3240000 | 3457372 |
| Texas Wtr Dev Brd Series 2018 B, 5% 4/15/2029  | 2750000 | 2944833 |
| Texas Wtr Dev Brd Series 2018 B, 5% 4/15/2031  | 5000000 | 5316213 |
| Texas Wtr Dev Brd Series 2018A, 4% 10/15/2032  | 7000000 | 7079858 |
| Texas Wtr Dev Brd Series 2019 A, 3% 10/15/2034  | 4610000 | 4255684 |
| Texas Wtr Dev Brd Series 2019 A, 5% 4/15/2032  | 3805000 | 4116883 |
| Texas Wtr Dev Brd Series 2021, 4% 8/1/2035  | 6945000 | 7016455 |
| Texas Wtr Dev Brd Series 2022, 5% 10/15/2032  | 1350000 | 1526168 |
| Texas Wtr Dev Brd Series 2022, 5% 10/15/2033  | 1300000 | 1457352 |
| Texas Wtr Dev Brd Series 2022, 5% 4/15/2032  | 1000000 | 1125749 |
| Texas Wtr Dev Brd Series 2022, 5% 4/15/2033  | 850000 | 956134 |
| Texas Wtr Dev Brd Series A, 5% 4/15/2026  | 4195000 | 4269985 |
| Texas Wtr Dev Brd Series A, 5% 4/15/2029  | 6310000 | 6610914 |
| Texas Wtr Dev Brd Series A, 5% 4/15/2030  | 16995000 | 17772832 |
|  |  | 295347270 |
| TOTAL TEXAS |  | 1921394756 |
| Utah - 0.3%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Intermountain Pwr Agy UT Pwr Series 2022A, 4% 7/1/2036  | 4890000 | 4845673 |
| General Obligations - 0.1% |  |  |
| Salt Lake City UT Gen. Oblig. 3% 6/15/2038  | 1085000 | 952599 |
| Salt Lake City UT Gen. Oblig. 3% 6/15/2039  | 1120000 | 964454 |
| Salt Lake City UT Gen. Oblig. Series 2021, 3% 6/15/2037  | 1055000 | 946800 |
| Washington Cnty Utah Sch Dist Series 2020, 1.5% 3/1/2033  | 1840000 | 1482667 |
| Weber Sch Dist Utah 2.375% 6/15/2035  | 1825000 | 1517207 |
| Weber Sch Dist Utah 2.375% 6/15/2036  | 1150000 | 932424 |
|  |  | 6796151 |
| Housing - 0.0% |  |  |
| Utah Hsg Corp Series 2021E(G2), 2% 4/21/2051  | 1909851 | 1492816 |
| Special Tax - 0.1% |  |  |
| Mida Cormont Public Infrastructure District Gen. Oblig. Series 2025A 1, 6.25% 6/1/2055 (d) | 2225000 | 2280850 |
| Mida Mountain Village Public Infrastructure District Series 2024 2, 5.75% 6/15/2044 (d) | 1875000 | 1870583 |
| Point Phase 1 Public Infrastructure District No 1 Series 2025A1, 5.125% 3/1/2035 (i) | 800000 | 812706 |
| Point Phase 1 Public Infrastructure District No 1 Series 2025A1, 5.875% 3/1/2045 (i) | 3179000 | 3229679 |
|  |  | 8193818 |
| Transportation - 0.1% |  |  |
| Salt Lake City UT Arpt Rev 4% 7/1/2038 (c) | 5000000 | 4738736 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2026 (c) | 1120000 | 1139689 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2028 (c) | 3885000 | 3993153 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2032 (c) | 1215000 | 1239501 |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2029 (c) | 1500000 | 1556730 |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2030 (c) | 1345000 | 1393229 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2036 (c) | 1500000 | 1615249 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2039 (c) | 1500000 | 1575120 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2040 (c) | 2125000 | 2215477 |
|  |  | 19466884 |
| TOTAL UTAH |  | 40795342 |
| Vermont - 0.0%  |  |  |
| Education - 0.0% |  |  |
| Vermont St Stud Assit Corp Series A, 5% 6/15/2027 (c) | 1590000 | 1628347 |
| Virginia - 1.6%  |  |  |
| Education - 0.0% |  |  |
| Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2036  | 525000 | 530227 |
| Virginia College Bldg Auth VA Edl Facs Rev Pub Higher Ed Fing Prog 4% 9/1/2041  | 4100000 | 3867943 |
|  |  | 4398170 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Hampton Rds VA Transn Accountability Commn Rev Series 2021 A, 5% 7/1/2026  | 28000000 | 28644546 |
| General Obligations - 0.7% |  |  |
| City of Chesapeake VA Gen. Oblig. Series 2020 A, 5% 8/1/2032  | 1500000 | 1651421 |
| City of Chesapeake VA Gen. Oblig. Series 2020 A, 5% 8/1/2033  | 1500000 | 1641321 |
| Henrico Cnty VA Gen. Oblig. 2% 8/1/2032  | 1095000 | 957963 |
| Manassas VA Gen. Oblig. 1.75% 1/1/2035  | 2615000 | 2072351 |
| Manassas VA Gen. Oblig. 1.75% 1/1/2036  | 2640000 | 2012713 |
| Manassas VA Gen. Oblig. 2% 1/1/2034  | 2555000 | 2132720 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2017 C TRANCHE 1, 5% 2/1/2026  | 5540000 | 5610913 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2017 C TRANCHE 2, 4% 2/1/2034  | 3265000 | 3281584 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2017 E, 5% 2/1/2030  | 8875000 | 9355414 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2017 E, 5% 2/1/2031  | 10295000 | 10839604 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2019A, 3% 2/1/2036  | 3445000 | 3121780 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2020 A, 5% 2/1/2034  | 1050000 | 1129516 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2020 A, 5% 2/1/2035  | 2500000 | 2675917 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 3% 2/1/2039  | 2670000 | 2241764 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) 5% 5/15/2029  | 6160000 | 6467532 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) Series 2022, 4% 5/15/2033  | 6530000 | 6875572 |
| Virginia St Pub Sch Auth Spl Oblig Stafford Cnty (County of Stafford VA Proj.) Series 2023, 5% 8/1/2036  | 1000000 | 1108984 |
| Virginia St Pub Sch Auth Spl Oblig Stafford Cnty (County of Stafford VA Proj.) Series 2023, 5% 8/1/2037  | 5090000 | 5589768 |
| Virginia St Pub Sch Auth Spl Oblig Stafford Cnty (County of Stafford VA Proj.) Series 2023, 5% 8/1/2038  | 2370000 | 2577322 |
| Virginia St Pub Sch Auth Spl Oblig Stafford Cnty (County of Stafford VA Proj.) Series 2023, 5% 8/1/2039  | 2510000 | 2709354 |
|  |  | 74053513 |
| Health Care - 0.3% |  |  |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2020, 5% 7/1/2027  | 120000 | 124871 |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2020, 5% 7/1/2028  | 1175000 | 1243938 |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2020, 5% 7/1/2030  | 1265000 | 1374792 |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2020, 5% 7/1/2032  | 1005000 | 1085161 |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2023 A, 5% tender 7/1/2053 (b) | 18810000 | 20270902 |
| Norfolk VA Economic Dev Auth Hosp Facs Rev (Sentara Hlth Sys Obl Group Proj.) Series 2018 A, 5% tender 11/1/2048 (b) | 5455000 | 5783646 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 4% 6/15/2037  | 615000 | 583896 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2032  | 1750000 | 1772756 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2034  | 2735000 | 2762170 |
| Virginia Small Business Fing Auth Rev (National Senior Campuses Proj.) Series 2020A, 5% 1/1/2028  | 1100000 | 1138484 |
| Virginia Small Business Fing Auth Rev (National Senior Campuses Proj.) Series 2020A, 5% 1/1/2029  | 1400000 | 1464813 |
| Virginia Small Business Fing Auth Rev (National Senior Campuses Proj.) Series 2020A, 5% 1/1/2030  | 1600000 | 1685765 |
| Winchester Economic Development Authority (Valley Health Proj.) 5% 1/1/2032  | 1940000 | 1953104 |
| Winchester Economic Development Authority (Valley Health Proj.) 5% 1/1/2033  | 2515000 | 2529981 |
|  |  | 43774279 |
| Housing - 0.0% |  |  |
| Fairfax Cnty VA Redev & Hsg Auth Multi-Family Hsg Rev 5% tender 1/1/2045 (b) | 4440000 | 4596915 |
| Transportation - 0.4% |  |  |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 1/1/2039 (c) | 1850000 | 1714585 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 1/1/2040 (c) | 3200000 | 2908009 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 7/1/2039 (c) | 2750000 | 2533975 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 5% 1/1/2037 (c) | 6265000 | 6420887 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 5% 7/1/2033 (c) | 5765000 | 6046783 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 5% 7/1/2036 (c) | 2875000 | 2959871 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2036 (c) | 3000000 | 2878371 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2037 (c) | 4500000 | 4275074 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2038 (c) | 4750000 | 4459837 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2039 (c) | 10520000 | 9759901 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2040 (c) | 3500000 | 3177239 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 7/1/2033 (c) | 1590000 | 1564893 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 7/1/2035 (c) | 2540000 | 2449482 |
|  |  | 51148907 |
| Water & Sewer - 0.0% |  |  |
| Chesapeake VA Wtr & Swr Sys 2% 7/1/2037  | 1395000 | 1053113 |
| TOTAL VIRGINIA |  | 207669443 |
| Washington - 2.5%  |  |  |
| Education - 0.1% |  |  |
| Washington St Higher Ed Facs (Whitman College Proj.) Series 2024, 4% 1/1/2043  | 4820000 | 4384398 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2025  | 490000 | 491345 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2029  | 550000 | 555439 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2030  | 2510000 | 2531824 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2031  | 2635000 | 2654541 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2033  | 560000 | 562484 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2019, 4% 10/1/2049  | 5235000 | 4029023 |
|  |  | 15209054 |
| Electric Utilities - 0.3% |  |  |
| Energy Norwthwest WA Elec Rev 5% 7/1/2038 (Bonneville Power Administration Guaranteed)  | 2900000 | 3170497 |
| Energy Norwthwest WA Elec Rev 5% 7/1/2039 (Bonneville Power Administration Guaranteed)  | 11165000 | 12099183 |
| Energy Norwthwest WA Elec Rev Series 2022 A, 5% 7/1/2033 (Bonneville Power Administration Guaranteed)  | 5750000 | 6422373 |
| Seattle WA Mun Lt & Pwr Rev Series 2021 A, 4% 7/1/2035  | 8490000 | 8691657 |
| Tacoma WA Elec Sys Rev Series 2017, 5% 1/1/2029  | 1050000 | 1079665 |
| Tacoma WA Elec Sys Rev Series 2017, 5% 1/1/2036  | 1140000 | 1163817 |
|  |  | 32627192 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Washington St Health Care Facs Auth Rev 5% 1/1/2029 (Pre-refunded to 7/1/2025 at 100)  | 1260000 | 1260000 |
| General Obligations - 1.1% |  |  |
| King Cnty WA Sch Dist No 401 Highline Series 2023, 5% 12/1/2038 (State of Washington Guaranteed)  | 1750000 | 1880725 |
| King Cnty WA Sch Dist No 401 Highline Series 2023, 5% 12/1/2039 (State of Washington Guaranteed)  | 2750000 | 2935096 |
| King Cnty WA Sch Dist No 401 Highline Series 2023, 5% 12/1/2040 (State of Washington Guaranteed)  | 3200000 | 3403456 |
| King County WA Gen. Oblig. 2% 1/1/2036  | 1100000 | 877781 |
| King County WA Gen. Oblig. 2% 1/1/2037  | 965000 | 745512 |
| Snohomish Cnty WA Sch Dist #6 Mukilteo Series 2020, 3% 12/1/2037 (State of Washington Guaranteed)  | 2000000 | 1734894 |
| South Correctional Entity Facility Public Development Authority Gen. Oblig. Series 2019, 3% 12/1/2038  | 2580000 | 2087652 |
| State of Washington Gen. Oblig. 5% 2/1/2039  | 1275000 | 1368745 |
| State of Washington Gen. Oblig. Series 2018 A, 5% 8/1/2032  | 14420000 | 14962160 |
| State of Washington Gen. Oblig. Series 2019 B, 5% 6/1/2034  | 3300000 | 3454929 |
| State of Washington Gen. Oblig. Series 2020C, 5% 2/1/2037  | 9530000 | 10028297 |
| State of Washington Gen. Oblig. Series 2021 A, 5% 8/1/2035  | 2625000 | 2813152 |
| State of Washington Gen. Oblig. Series 2023A, 5% 8/1/2035  | 1435000 | 1575820 |
| State of Washington Gen. Oblig. Series 2025C, 5% 2/1/2036  | 10000000 | 11246251 |
| State of Washington Gen. Oblig. Series R 2017A, 5% 8/1/2028  | 1735000 | 1774566 |
| State of Washington Gen. Oblig. Series R 2017A, 5% 8/1/2030  | 1735000 | 1772137 |
| State of Washington Gen. Oblig. Series R 2018 D, 5% 8/1/2032  | 24300000 | 25233565 |
| State of Washington Gen. Oblig. Series R 2018 D, 5% 8/1/2033  | 30735000 | 31852789 |
| State of Washington Gen. Oblig. Series R 2018C, 5% 8/1/2030  | 6665000 | 6936037 |
| State of Washington Gen. Oblig. Series R 2021A, 5% 6/1/2038  | 2250000 | 2359517 |
| State of Washington Gen. Oblig. Series R 2022 D, 4% 7/1/2035  | 4120000 | 4227115 |
| State of Washington Gen. Oblig. Series R 2022C, 4% 7/1/2035  | 9630000 | 9874364 |
|  |  | 143144560 |
| Health Care - 0.3% |  |  |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2025  | 1300000 | 1302330 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2026  | 1175000 | 1199141 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2028  | 3825000 | 3913654 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2031  | 5780000 | 5871198 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2017, 5% 8/15/2032  | 1520000 | 1539400 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2031  | 1000000 | 1063618 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2035  | 1500000 | 1556797 |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) Series 2017B, 4% 8/15/2041  | 3095000 | 2831585 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2025  | 240000 | 239999 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2026  | 1935000 | 1953789 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2029  | 3100000 | 3183510 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2034  | 610000 | 620006 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2042  | 5305000 | 5212211 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2027  | 2430000 | 2528334 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2028  | 3225000 | 3406991 |
|  |  | 36422563 |
| Housing - 0.1% |  |  |
| King Cnty Wash Hsg Auth Affordable Hsg Rev 5% 1/1/2028  | 3120000 | 3148373 |
| King Cnty Wash Hsg Auth Affordable Hsg Rev 5% 1/1/2028  | 1555000 | 1596769 |
| King Cnty Wash Hsg Auth Hsg Rev Series 2021, 2% 12/1/2033  | 1435000 | 1183992 |
| Seattle Wash Hsg Auth Rev Series 2021, 1% 6/1/2026  | 4345000 | 4225566 |
| Washington St Hsg Fin Commn Multifamily Tax-Exempt Mtg-Bkd Bonds Series 2022A, 2.85% 9/1/2042 (Fannie Mae Guaranteed)  | 3000000 | 2142871 |
|  |  | 12297571 |
| Special Tax - 0.3% |  |  |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 3% 7/1/2043  | 2150000 | 1609439 |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 4% 7/1/2031  | 40650000 | 41185527 |
|  |  | 42794966 |
| Transportation - 0.3% |  |  |
| Port Seattle WA Rev 5% 2/1/2027  | 1205000 | 1220547 |
| Port Seattle WA Rev 5% 2/1/2029  | 2430000 | 2455428 |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2029 (c) | 1515000 | 1553654 |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2037 (c) | 2290000 | 2306739 |
| Port Seattle WA Rev Series 2019, 5% 4/1/2028 (c) | 2250000 | 2347331 |
| Port Seattle WA Rev Series 2024B, 5% 7/1/2034 (c) | 7000000 | 7547554 |
| Port Seattle WA Rev Series 2024B, 5% 7/1/2035 (c) | 13785000 | 14724979 |
| Port Seattle WA Rev Series B, 5% 10/1/2026 (c) | 3625000 | 3672406 |
| Port Seattle WA Rev Series B, 5% 10/1/2029 (c) | 4615000 | 4665879 |
|  |  | 40494517 |
| TOTAL WASHINGTON |  | 324250423 |
| West Virginia - 0.2%  |  |  |
| Electric Utilities - 0.0% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2015A, 3.375% tender 3/1/2040 (b) | 3425000 | 3417530 |
| Health Care - 0.2% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2036  | 4170000 | 4217561 |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2043  | 3725000 | 3604952 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2025 B, 5% tender 6/1/2055 (b)(i) | 13790000 | 14718776 |
|  |  | 22541289 |
| TOTAL WEST VIRGINIA |  | 25958819 |
| Wisconsin - 1.7%  |  |  |
| Education - 0.0% |  |  |
| Public Fin Auth WI Revenue (Roseman Univ of Hlth Sciences Proj.) Series 2020, 5% 4/1/2030 (d) | 400000 | 408591 |
| Public Fin Auth Wis Edl Fac Rev (Queens University of Charlotte Proj.) 5.25% 3/1/2042  | 4075000 | 4001294 |
|  |  | 4409885 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Public Fin Auth WI Revenue Series 2020, 5% 4/1/2030 (Escrowed to Maturity) (d) | 100000 | 105407 |
| Wisconsin General Fund Annual Appropiation 5% 5/1/2026  | 8580000 | 8731862 |
| Wisconsin General Fund Annual Appropiation 5% 5/1/2027  | 12590000 | 13108099 |
| Wisconsin Health & Educational Facilities Authority Series 2016, 4% 2/15/2038 (Pre-refunded to 8/15/2025 at 100)  | 1260000 | 1260529 |
| Wisconsin Health & Educational Facilities Authority Series 2017 A, 5% 9/1/2034 (Pre-refunded to 9/1/2027 at 100)  | 1800000 | 1879768 |
| Wisconsin Health & Educational Facilities Authority Series 2017 A, 5% 9/1/2036 (Pre-refunded to 9/1/2027 at 100)  | 2100000 | 2193063 |
|  |  | 27278728 |
| General Obligations - 0.4% |  |  |
| Howard Suamico WI Scd 2% 3/1/2037  | 4410000 | 3323315 |
| Kohler Wis Sch Dist 2% 3/1/2035  | 1135000 | 900788 |
| Kohler Wis Sch Dist 2% 3/1/2036  | 1160000 | 891102 |
| Kohler Wis Sch Dist 2% 3/1/2037  | 1180000 | 877968 |
| Madison WI Gen. Oblig. 2% 10/1/2031  | 1130000 | 994979 |
| Madison WI Gen. Oblig. 2% 10/1/2033  | 1130000 | 938565 |
| Marathon Cnty Wis Gen. Oblig. Series 2021 B, 2.125% 2/1/2041  | 1600000 | 1052689 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2030  | 1200000 | 1313824 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2031  | 800000 | 886223 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2033  | 1350000 | 1520324 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2036  | 1115000 | 1222645 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2037  | 4745000 | 5190355 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2038  | 4835000 | 5244380 |
| Mukwonago WI SD Wauk&Walwth Cn 5% 4/1/2039  | 2510000 | 2697755 |
| Racine WI Uni Sch Dist 5% 4/1/2034 (Assured Guaranty Municipal Corp Insured)  | 1860000 | 2059272 |
| Racine WI Uni Sch Dist 5% 4/1/2036 (Assured Guaranty Municipal Corp Insured)  | 1100000 | 1194932 |
| Racine WI Uni Sch Dist 5% 4/1/2037 (Assured Guaranty Municipal Corp Insured)  | 2375000 | 2556044 |
| Racine WI Uni Sch Dist 5% 4/1/2038 (Assured Guaranty Municipal Corp Insured)  | 2490000 | 2661189 |
| Racine WI Uni Sch Dist 5% 4/1/2039 (Assured Guaranty Municipal Corp Insured)  | 1300000 | 1379726 |
| Racine WI Uni Sch Dist 5% 4/1/2040 (Assured Guaranty Municipal Corp Insured)  | 900000 | 950125 |
| Wisconsin St Gen. Oblig. 5% 5/1/2034  | 3000000 | 3343387 |
| Wisconsin St Gen. Oblig. 5% 5/1/2035  | 3000000 | 3310921 |
| Wisconsin St Gen. Oblig. Series 2025 1, 5% 5/1/2033  | 3985000 | 4546365 |
| Wisconsin St Gen. Oblig. Series 2025 1, 5% 5/1/2036  | 900000 | 1015999 |
|  |  | 50072872 |
| Health Care - 0.9% |  |  |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 4% 6/1/2045  | 20085000 | 17699944 |
| Public Fin Auth WI Hosp Rev (WakeMed Proj.) 5% 10/1/2044  | 790000 | 779877 |
| Public Fin Auth Wis Retirement Fac Rev (Southminster NC Proj.) 5% 10/1/2043 (d) | 1420000 | 1354758 |
| Public Fin Auth Wis Retirement Fac Rev (Southminster NC Proj.) 5% 10/1/2048 (d) | 1480000 | 1362669 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5% 5/15/2030 (d) | 1135000 | 1146445 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5.25% 5/15/2037 (d) | 535000 | 536881 |
| Public Finance Authority (Blue Ridge Healthcare Proj.) Series 2020 A, 5% 1/1/2031  | 1050000 | 1113654 |
| Public Finance Authority (Blue Ridge Healthcare Proj.) Series 2020 A, 5% 1/1/2034  | 1000000 | 1047968 |
| Public Finance Authority (Blue Ridge Healthcare Proj.) Series 2020 A, 5% 1/1/2038  | 1050000 | 1080057 |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2024A, 5% 4/1/2033  | 1310000 | 1464331 |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2024A, 5% 4/1/2034  | 1000000 | 1122083 |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2024A, 5% 4/1/2035  | 1150000 | 1287086 |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2024A, 5% 4/1/2037  | 750000 | 822525 |
| Wisconsin Health & Educational Facilities Authority (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b) | 2515000 | 2558532 |
| Wisconsin Health & Educational Facilities Authority (Froedtert Thedacare Proj.) 5% 12/15/2031  | 1000000 | 1058645 |
| Wisconsin Health & Educational Facilities Authority (Froedtert Thedacare Proj.) 5% 12/15/2032  | 1750000 | 1846632 |
| Wisconsin Health & Educational Facilities Authority (Froedtert Thedacare Proj.) 5% 12/15/2034  | 1720000 | 1797861 |
| Wisconsin Health & Educational Facilities Authority (Hospital Sisters Svcs Inc Proj.) 5% 11/15/2027  | 6515000 | 6523232 |
| Wisconsin St Health & Edl Facs (Mercy Alliance Inc Proj.) 5% 6/1/2027  | 1750000 | 1755241 |
| Wisconsin St Health & Edl Facs (Mercy Alliance Inc Proj.) 5% 6/1/2032  | 995000 | 997039 |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b) | 7105000 | 7575299 |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) Series 2018C 4, 5% tender 8/15/2054 (b) | 4900000 | 5226230 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) 5% 8/15/2034  | 1000000 | 1114497 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) 5% 8/15/2036  | 1050000 | 1156377 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) 5% 8/15/2038  | 1000000 | 1074156 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) 5% 8/15/2039  | 1250000 | 1330833 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) 5% 8/15/2040  | 450000 | 475434 |
| Wisconsin St Health & Edl Facs Auth Rev (Fort Healthcare Inc Proj.) Series 2024 B, 5% tender 10/1/2054 (b) | 7165000 | 7812305 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2037  | 7850000 | 6681674 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2038  | 4705000 | 3918074 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2039  | 2445000 | 1988021 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 4.5% 2/15/2054 (Build America Mutual Assurance Co Insured)  | 4870000 | 4598516 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 5.25% 2/15/2035  | 5575000 | 6095488 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 5.25% 2/15/2036  | 12925000 | 14006770 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 5.5% 2/15/2054  | 4675000 | 4895314 |
|  |  | 115304448 |
| Housing - 0.1% |  |  |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (WI Home Ownership Proj.) 3.5% 9/1/2050  | 4710000 | 4691238 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (WI Home Ownership Proj.) Series 2021 A, 3% 3/1/2052  | 2890000 | 2837283 |
|  |  | 7528521 |
| Special Tax - 0.1% |  |  |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2029 (Assured Guaranty Municipal Corp Insured) (h) | 1050000 | 897882 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2031 (Assured Guaranty Municipal Corp Insured) (h) | 1350000 | 1062507 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2032 (Assured Guaranty Municipal Corp Insured) (h) | 2800000 | 2107796 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2033 (Assured Guaranty Municipal Corp Insured) (h) | 1350000 | 969544 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2034 (Assured Guaranty Municipal Corp Insured) (h) | 1250000 | 853746 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2028 (Assured Guaranty Municipal Corp Insured) (h) | 255000 | 226734 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2029 (Assured Guaranty Municipal Corp Insured) (h) | 390000 | 333499 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2031 (Assured Guaranty Municipal Corp Insured) (h) | 1000000 | 787042 |
|  |  | 7238750 |
| Water & Sewer - 0.0% |  |  |
| Milwaukee Wis Met Sew Dist Gen. Oblig. 5% 10/1/2037  | 5000000 | 5375067 |
| TOTAL WISCONSIN |  | 217208271 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $13,176,632,357) |  | <br> **12889702593** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (j)(k)<br>(Cost $245,515,339)<br>| 2.90 | 245466255 | **245515348** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $13,422,147,696)<br>| <br>**13135217941** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **1697839** |
| **NET ASSETS - 100.0%** | **13136915780** |

---

**Security Type Abbreviations**

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

**Legend**

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

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

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $86,565,342 or 0.7% of net assets.

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

(f) Level 3 security

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

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

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

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

(k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 | 463681899 | 1165556475 | 1383723025 | 7251195 | - | (1) | 245515348 | 245466255 | 8.7% |
| Total | 463681899 | 1165556475 | 1383723025 | 7251195 | - | (1) | 245515348 |  |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 689227133 | - | 689227133 | - |
| Electric Utilities | 690277216 | - | 690277216 | - |
| Escrowed/Pre-Refunded | 139187172 | - | 139187172 | - |
| General Obligations | 4938188641 | - | 4938188641 | - |
| Health Care | 1688443332 | - | 1683636361 | 4806971 |
| Housing | 500695517 | - | 500695517 | - |
| Industrial Development | 209294750 | - | 209294750 | - |
| Other | 35954724 | - | 35954724 | - |
| Resource Recovery | 20610256 | - | 20610256 | - |
| Special Tax | 1003851225 | - | 1003851225 | - |
| Tobacco Bonds | 34789270 | - | 34789270 | - |
| Transportation | 2409211451 | - | 2409211451 | - |
| Water & Sewer | 529971906 | - | 529971906 | - |
|  **Money Market Funds** | 245515348 | 245515348 | - | - |
| **Total Investments in Securities:** | 13135217941 | 245515348 | 12884895622 | 4806971 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $13,176,632,357) | $12889702593 |  |
| Fidelity Central Funds (cost $245,515,339) | 245515348 |  |
| Total Investment in Securities (cost $13,422,147,696) |  | $13135217941 |
| Receivable for investments sold |  | 8634 |
| Receivable for fund shares sold |  | 8961827 |
| Interest receivable |  | 155030531 |
| Distributions receivable from Fidelity Central Funds |  | 1120344 |
| Receivable from investment adviser for expense reductions |  | 109655 |
| Other receivables |  | 463 |
| **Total assets** |  | 13300449395 |
| **Liabilities** |  |  |
| Payable to custodian bank | $26054 |  |
| Payable for investments purchased on a delayed delivery basis | 133139521 |  |
| Payable for fund shares redeemed | 15899432 |  |
| Distributions payable | 10500267 |  |
| Accrued management fee | 2682969 |  |
| Distribution and service plan fees payable | 28873 |  |
| Other affiliated payables | 1131872 |  |
| Other payables and accrued expenses | 124627 |  |
| **Total liabilities** |  | 163533615 |
| **Net Assets**  |  | $13136915780 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $13500359279 |
| Total accumulated earnings (loss) |  | (363443499) |
| **Net Assets** |  | $13136915780 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($95,108,502 ÷ 9,499,557 shares)(a) |  | $10.01 |
| Maximum offering price per share (100/96.00 of $10.01) |  | $10.43 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($10,078,137 ÷ 1,007,311 shares)(a) |  | $10.00 |
| Maximum offering price per share (100/96.00 of $10.00) |  | $10.42 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($7,838,135 ÷ 782,617 shares)(a) |  | $10.02 |
| **Intermediate Municipal Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,522,598,981 ÷ 452,066,806 shares) |  | $10.00 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,288,750,048 ÷ 228,419,808 shares) |  | $10.02 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,212,541,977 ÷ 619,806,202 shares) |  | $10.02 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $196012163 |
| Income from Fidelity Central Funds  |  | 7251195 |
| **Total income** |  | 203263358 |
| **Expenses** |  |  |
| Management fee | $16171876 |  |
| Transfer agent fees | 6088960 |  |
| Distribution and service plan fees | 179288 |  |
| Accounting fees and expenses | 486893 |  |
| Custodian fees and expenses | 48839 |  |
| Independent trustees' fees and expenses | 15990 |  |
| Registration fees | 433627 |  |
| Audit fees | 32488 |  |
| Legal | 6185 |  |
| Miscellaneous | 26635 |  |
| Total expenses before reductions | 23490781 |  |
| Expense reductions | (1058627) |  |
| Total expenses after reductions |  | 22432154 |
| **Net Investment income (loss)** |  | 180831204 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (21578245) |  |
| Total net realized gain (loss) |  | (21578245) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (48395828) |  |
| Fidelity Central Funds  | (1) |  |
| Total change in net unrealized appreciation (depreciation) |  | (48395829) |
| **Net gain (loss)** |  | (69974074) |
| **Net increase (decrease) in net assets resulting from operations** |  | $110857130 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $180831204 | $315106206 |
| &nbsp;&nbsp;Net realized gain (loss) | (21578245)<br>| (26443968)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (48395829) | (134448949)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 110857130<br>| 154213289<br>|
| Distributions to shareholders | (177306619)<br>| (310867034)<br>|
| Share transactions - net increase (decrease) | 1084565907<br>| 743579390<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1018116418<br>| 586925645<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 12118799362 | 11531873717<br>|
| &nbsp;&nbsp;End of period | $13136915780 | $12118799362 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.06 | $10.20 | $9.90 | $10.79 | $10.87 | $10.64 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .127  | .240  | .217  | .173  | .157  | .191  |
| Net realized and unrealized gain (loss)  | (.053)  | (.144)  | .298  | (.890)  | (.059)  | .241  |
| Total from investment operations  | .074  | .096  | .515  | (.717)  | .098  | .432  |
| Distributions from net investment income  | (.124)  | (.235)  | (.215)  | (.172)  | (.158)  | (.191)  |
| Distributions from net realized gain  | -  | (.001)  | -  | (.001)  | (.020)  | (.011)  |
| Total distributions  | (.124)  | (.236)  | (.215)  | (.173)  | (.178)  | (.202)  |
| Net asset value, end of period  | $10.01 | $10.06 | $10.20 | $9.90 | $10.79 | $10.87 |
| **Total Return** C,D,E | .74% <br>| .96%  | 5.28%  | (6.65)%  | .91%  | 4.11%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .70% H | .69%  | .68%  | .67%  | .64%  | .66%  |
| Expenses net of fee waivers, if any  | .68% H<br>| .68%  | .68%  | .67%  | .64%  | .66%  |
| Expenses net of all reductions, if any  | .68% H | .68%  | .68%  | .67%  | .64%  | .66%  |
| Net investment income (loss)  | 2.55% H | 2.37%  | 2.18%  | 1.71%  | 1.46%  | 1.79%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $95109 | $107463 | $113907 | $111807 | $166197 | $120578 |
| Portfolio turnover rate I | 10% H<br>| 19%  | 14%  | 20%  | 11%  | 18%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.06 | $10.19 | $9.90 | $10.78 | $10.87 | $10.63 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .128  | .243  | .221  | .178  | .162  | .195  |
| Net realized and unrealized gain (loss)  | (.063)  | (.134)  | .288  | (.880)  | (.070)  | .251  |
| Total from investment operations  | .065  | .109  | .509  | (.702)  | .092  | .446  |
| Distributions from net investment income  | (.125)  | (.238)  | (.219)  | (.177)  | (.162)  | (.195)  |
| Distributions from net realized gain  | -  | (.001)  | -  | (.001)  | (.020)  | (.011)  |
| Total distributions  | (.125)  | (.239)  | (.219)  | (.178)  | (.182)  | (.206)  |
| Net asset value, end of period  | $10.00 | $10.06 | $10.19 | $9.90 | $10.78 | $10.87 |
| **Total Return** C,D,E | .65% <br>| 1.09%  | 5.21%  | (6.51)%  | .85%  | 4.24%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .65% H | .65%  | .64%  | .61%  | .60%  | .63%  |
| Expenses net of fee waivers, if any  | .65% H<br>| .65%  | .64%  | .61%  | .60%  | .63%  |
| Expenses net of all reductions, if any  | .65% H | .65%  | .64%  | .61%  | .60%  | .63%  |
| Net investment income (loss)  | 2.58% H | 2.40%  | 2.22%  | 1.77%  | 1.49%  | 1.82%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10078 | $10623 | $11713 | $11877 | $11071 | $14525 |
| Portfolio turnover rate I | 10% H<br>| 19%  | 14%  | 20%  | 11%  | 18%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.07 | $10.20 | $9.91 | $10.79 | $10.88 | $10.65 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .090  | .166  | .147  | .102  | .079  | .112  |
| Net realized and unrealized gain (loss)  | (.053)  | (.134)  | .288  | (.880)  | (.070)  | .241  |
| Total from investment operations  | .037  | .032  | .435  | (.778)  | .009  | .353  |
| Distributions from net investment income  | (.087)  | (.161)  | (.145)  | (.101)  | (.079)  | (.112)  |
| Distributions from net realized gain  | -  | (.001)  | -  | (.001)  | (.020)  | (.011)  |
| Total distributions  | (.087)  | (.162)  | (.145)  | (.102)  | (.099)  | (.123)  |
| Net asset value, end of period  | $10.02 | $10.07 | $10.20 | $9.91 | $10.79 | $10.88 |
| **Total Return** C,D,E | .37% <br>| .32%  | 4.43%  | (7.21)%  | .09%  | 3.34%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.43% H | 1.41%  | 1.38%  | 1.37%  | 1.37%  | 1.40%  |
| Expenses net of fee waivers, if any  | 1.43% H<br>| 1.41%  | 1.38%  | 1.37%  | 1.37%  | 1.40%  |
| Expenses net of all reductions, if any  | 1.43% H | 1.41%  | 1.38%  | 1.37%  | 1.37%  | 1.40%  |
| Net investment income (loss)  | 1.80% H | 1.64%  | 1.47%  | 1.01%  | .72%  | 1.05%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7838 | $8145 | $9789 | $11488 | $16255 | $26852 |
| Portfolio turnover rate I | 10% H<br>| 19%  | 14%  | 20%  | 11%  | 18%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.06 | $10.19 | $9.90 | $10.78 | $10.87 | $10.63 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .142  | .271  | .248  | .204  | .192  | .225  |
| Net realized and unrealized gain (loss)  | (.063)  | (.134)  | .288  | (.880)  | (.069)  | .251  |
| Total from investment operations  | .079  | .137  | .536  | (.676)  | .123  | .476  |
| Distributions from net investment income  | (.139)  | (.266)  | (.246)  | (.203)  | (.193)  | (.225)  |
| Distributions from net realized gain  | -  | (.001)  | -  | (.001)  | (.020)  | (.011)  |
| Total distributions  | (.139)  | (.267)  | (.246)  | (.204)  | (.213)  | (.236)  |
| Net asset value, end of period  | $10.00 | $10.06 | $10.19 | $9.90 | $10.78 | $10.87 |
| **Total Return** C,D | .79% <br>| 1.37%  | 5.51%  | (6.27)%  | 1.14%  | 4.54%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .39% G | .38%  | .36%  | .35%  | .32%  | .34%  |
| Expenses net of fee waivers, if any  | .37% G<br>| .37%  | .36%  | .35%  | .32%  | .34%  |
| Expenses net of all reductions, if any  | .37% G | .37%  | .36%  | .35%  | .32%  | .34%  |
| Net investment income (loss)  | 2.86% G | 2.68%  | 2.50%  | 2.03%  | 1.77%  | 2.11%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4522599 | $4343945 | $4695105 | $4757973 | $5501159 | $4666119 |
| Portfolio turnover rate H | 10% G<br>| 19%  | 14%  | 20%  | 11%  | 18%  |

---

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

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

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

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

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

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

G*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.07 | $10.21 | $9.91 | $10.80 | $10.88 | $10.65 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .138  | .264  | .241  | .197  | .185  | .217  |
| Net realized and unrealized gain (loss)  | (.052)  | (.143)  | .298  | (.889)  | (.060)  | .242  |
| Total from investment operations  | .086  | .121  | .539  | (.692)  | .125  | .459  |
| Distributions from net investment income  | (.136)  | (.260)  | (.239)  | (.197)  | (.185)  | (.218)  |
| Distributions from net realized gain  | -  | (.001)  | -  | (.001)  | (.020)  | (.011)  |
| Total distributions  | (.136)  | (.261)  | (.239)  | (.198)  | (.205)  | (.229)  |
| Net asset value, end of period  | $10.02 | $10.07 | $10.21 | $9.91 | $10.80 | $10.88 |
| **Total Return** C,D | .86% <br>| 1.20%  | 5.53%  | (6.41)%  | 1.16%  | 4.36%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .45% G | .44%  | .43%  | .42%  | .39%  | .41%  |
| Expenses net of fee waivers, if any  | .44% G<br>| .44%  | .43%  | .42%  | .39%  | .41%  |
| Expenses net of all reductions, if any  | .44% G | .44%  | .43%  | .42%  | .39%  | .41%  |
| Net investment income (loss)  | 2.79% G | 2.61%  | 2.42%  | 1.96%  | 1.70%  | 2.03%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2288750 | $1740977 | $1587677 | $1287824 | $1220985 | $1362509 |
| Portfolio turnover rate H | 10% G<br>| 19%  | 14%  | 20%  | 11%  | 18%  |

---

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

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

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

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

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

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

G*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.08 | $10.21 | $9.92 | $10.80 | $10.89 | $10.65 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .145  | .278  | .254  | .209  | .198  | .230  |
| Net realized and unrealized gain (loss)  | (.063)  | (.134)  | .288  | (.879)  | (.069)  | .252  |
| Total from investment operations  | .082  | .144  | .542  | (.670)  | .129  | .482  |
| Distributions from net investment income  | (.142)  | (.273)  | (.252)  | (.209)  | (.199)  | (.231)  |
| Distributions from net realized gain  | -  | (.001)  | -  | (.001)  | (.020)  | (.011)  |
| Total distributions  | (.142)  | (.274)  | (.252)  | (.210)  | (.219)  | (.242)  |
| Net asset value, end of period  | $10.02 | $10.08 | $10.21 | $9.92 | $10.80 | $10.89 |
| **Total Return** C,D | .82% <br>| 1.43%  | 5.56%  | (6.20)%  | 1.19%  | 4.59%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .32% G | .32%  | .31%  | .29%  | .27%  | .29%  |
| Expenses net of fee waivers, if any  | .31% G<br>| .31%  | .31%  | .29%  | .27%  | .29%  |
| Expenses net of all reductions, if any  | .31% G | .31%  | .31%  | .29%  | .27%  | .29%  |
| Net investment income (loss)  | 2.92% G | 2.74%  | 2.55%  | 2.09%  | 1.83%  | 2.16%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6212542 | $5907646 | $5113683 | $4476079 | $3679575 | $2923185 |
| Portfolio turnover rate H | 10% G<br>| 19%  | 14%  | 20%  | 11%  | 18%  |

---

A*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.*

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

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

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

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

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

G*Annualized.*

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended June 30, 2025

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $69929815 |
| **Gross unrealized depreciation** | <u>(346471533)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(276541718)</u> |
| **Tax cost** | <u>$13411759659</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(9545487) |
| Long-term | <u>(56238229)</u> |
| **Total capital loss carryforward** | <u>$(65783716)</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.

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Intermediate Municipal Income Fund** | 2013653805 | 612754990 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | -% | .25% | 127522 | 9051 |
| **Class M** | -% | .25% | 12858 | 111 |
| **Class C** | .75% | .25% | <u>38908</u> | <u>3201</u> |
|  |  |  | <u>179288</u> | <u>12363</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 1884 |
| **Class M** | <u>49</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1933</u> |

---

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Class-Level Average Net AssetsA** |
| **Class A** | 87347 | .17 |
| **Class M** | 6444 | .13 |
| **Class C** | 5736 | .15 |
| **Intermediate Municipal Income** | 2606247 | .12 |
| **Class I** | 1886077 | .18 |
| **Class Z** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1497109</u> | .05 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6088960</u> |  |

---

*A Annualized*

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

---

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

---

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

---

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

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Intermediate Municipal Income Fund** | 9759 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through April 30, 2026. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | .68% | 9264 |
| **Class M** | .65% | 112 |
| **Class C** | 1.43% | - |
| **Intermediate Municipal Income** | .37% | 482975 |
| **Class I** | .44% | 142817 |
| **Class Z** | .31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>420115</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1055283</u> |

---

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3,344.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **Fidelity Intermediate Municipal Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1262626 | $2581297 |
| Class M | 128844 | 265794 |
| Class C | 67395 | 143324 |
| Intermediate Municipal Income | 61906727 | 118952373 |
| Class I | 28800929 | 43765354 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>85140098</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>145158892</u> |
| Total  | <u>$177306619</u> | <u>$310867034</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **Fidelity Intermediate Municipal Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 967776 | 2085000 | $9686093 | $21107423 |
| Reinvestment of distributions | 118680 | 240223 | 1190261 | 2427882 |
| Shares redeemed | <u>(2265318)</u> | <u>(2817493)</u> | <u>(22678897)</u> | <u>(28507633)</u> |
| Net increase (decrease) | <u>(1178862)</u> | <u>(492270)</u> | <u>$(11802543)</u> | <u>$(4972328)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 4990 | 79852 | $49696 | $808357 |
| Reinvestment of distributions | 12009 | 24667 | 120307 | 249131 |
| Shares redeemed | <u>(65981)</u> | <u>(197633)</u> | <u>(659072)</u> | <u>(2004004)</u> |
| Net increase (decrease) | <u>(48982)</u> | <u>(93114)</u> | <u>$(489069)</u> | <u>$(946516)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 63908 | 146009 | $635986 | $1480227 |
| Reinvestment of distributions | 6487 | 13753 | 65071 | 139039 |
| Shares redeemed | <u>(96872)</u> | <u>(310343)</u> | <u>(970442)</u> | <u>(3143128)</u> |
| Net increase (decrease) | <u>(26477)</u> | <u>(150581)</u> | <u>$(269385)</u> | <u>$(1523862)</u> |
| **Intermediate Municipal Income** |  |  |  |  |
| Shares sold | 96125291 | 129841748 | $956107369 | $1313525308 |
| Reinvestment of distributions | 2930748 | 6157581 | 29361704 | 62197583 |
| Shares redeemed | <u>(78965121)</u> | <u>(164806055)</u> | <u>(785812851)</u> | <u>(1663264988)</u> |
| Net increase (decrease) | <u>20090918</u> | <u>(28806726)</u> | <u>$199656222</u> | <u>$(287542097)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 88122522 | 62356967 | $887376123 | $631024339 |
| Reinvestment of distributions | 2603233 | 3908442 | 26114091 | 39536279 |
| Shares redeemed | <u>(35164182)</u> | <u>(48981004)</u> | <u>(351237197)</u> | <u>(495193294)</u> |
| Net increase (decrease) | <u>55561573</u> | <u>17284405</u> | <u>$562253017</u> | <u>$175367324</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 111361050 | 228173787 | $1114177484 | $2307962228 |
| Reinvestment of distributions | 6038689 | 9858164 | 60613253 | 99781299 |
| Shares redeemed | <u>(83950121)</u> | <u>(152583571)</u> | <u>(839573072)</u> | <u>(1544546658)</u> |
| Net increase (decrease) | <u>33449618</u> | <u>85448380</u> | <u>$335217665</u> | <u>$863196869</u> |

---

**10. Other.**

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

**11. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img111001_4.jpg)<br>

1.706327.127 LIM-SANN-0825

**Fidelity® Global Credit Fund**

**Semi-Annual Report**

**June 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111003_1.jpg)

![](img111003_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_GLB-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Global Credit Fund](#Sub_Sec_Fund_2423_GLB-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2423_GLB-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GLB-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GLB-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GLB-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GLB-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Global Credit Fund**

**Schedule of Investments June 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.9%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.9%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.9%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.9%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.2%  |  |  |  |
| Canadian Government 3% 6/1/2034  | CAD | 50000 | 36091 |
| Canadian Government 3.25% 12/1/2034  | CAD | 95000 | 69746 |
| TOTAL CANADA |  |  | 105837 |
| JAPAN - 0.2%  |  |  |  |
| Japan Government 0.9% 9/20/2034  | JPY | 19000000 | 126547 |
| ROMANIA - 0.5%  |  |  |  |
| Romanian Republic 2.124% 7/16/2031 (b) | EUR | 50000 | 48996 |
| Romanian Republic 5.875% 7/11/2032 (b) | EUR | 200000 | 237946 |
| TOTAL ROMANIA |  |  | 286942 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $507,393) |  |  | <br> **519326** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 66.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 66.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 66.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 66.7%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.9%  |  |  |  |
| Financials - 0.6% |  |  |  |
| Financial Services - 0.3% |  |  |  |
| Cimic Finance Ltd 1.5% 5/28/2029 (b) | EUR | 136000 | 148749 |
| Insurance - 0.3% |  |  |  |
| QBE Insurance Group Ltd 2.5% 9/13/2038 (b)(c) | GBP | 150000 | 189456 |
| TOTAL FINANCIALS |  |  | 338205 |
| Utilities - 0.3% |  |  |  |
| Electric Utilities - 0.3% |  |  |  |
| AusNet Services Holdings Pty Ltd 6.134% 5/31/2033  | AUD | 240000 | 167051 |
| TOTAL AUSTRALIA |  |  | 505256 |
| AUSTRIA - 0.2%  |  |  |  |
| Real Estate - 0.2% |  |  |  |
| Real Estate Management & Development - 0.2% |  |  |  |
| Supernova Invest GmbH 5% 6/24/2030 (b) | EUR | 100000 | 117986 |
| BELGIUM - 1.9%  |  |  |  |
| Consumer Staples - 0.4% |  |  |  |
| Food Products - 0.4% |  |  |  |
| Barry Callebaut Services NV 4.25% 8/19/2031 (b) | EUR | 200000 | 236839 |
| Energy - 0.4% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |  |
| Fluxys SA 4% 11/28/2030 (b) | EUR | 200000 | 238300 |
| Financials - 0.7% |  |  |  |
| Banks - 0.7% |  |  |  |
| KBC Group NV 3.5% 1/21/2032 (b)(c) | EUR | 300000 | 357696 |
| Real Estate - 0.4% |  |  |  |
| Real Estate Management & Development - 0.4% |  |  |  |
| Shurgard Luxembourg Sarl 4% 5/27/2035 (b) | EUR | 200000 | 234991 |
| TOTAL BELGIUM |  |  | 1067826 |
| CANADA - 1.8%  |  |  |  |
| Consumer Staples - 0.0% |  |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |  |
| Alimentation Couche-Tard Inc 2.95% 1/25/2030 (d) |  | 54000 | 50461 |
| Financials - 1.8% |  |  |  |
| Banks - 1.8% |  |  |  |
| Bank of Nova Scotia/The 3.375% 3/5/2033 (b)(c) | EUR | 600000 | 703795 |
| Royal Bank of Canada 3.125% 9/27/2031 (b)(c) | EUR | 240000 | 281464 |
|  |  |  | 985259 |
| TOTAL CANADA |  |  | 1035720 |
| DENMARK - 2.7%  |  |  |  |
| Consumer Staples - 0.5% |  |  |  |
| Beverages - 0.3% |  |  |  |
| Carlsberg Breweries A/S 3.25% 2/28/2032 (b) | EUR | 150000 | 176268 |
| Tobacco - 0.2% |  |  |  |
| Scandinavian Tobacco Group A/S 4.875% 9/12/2029 (b) | EUR | 100000 | 121824 |
| TOTAL CONSUMER STAPLES |  |  | 298092 |
| Financials - 1.5% |  |  |  |
| Banks - 1.5% |  |  |  |
| Danske Bank A/S 3.875% 1/9/2032 (b)(c) | EUR | 465000 | 564350 |
| Jyske Bank A/S 3.625% 4/29/2031 (b)(c) | EUR | 125000 | 149417 |
| Jyske Bank A/S 5.125% 5/1/2035 (b)(c) | EUR | 115000 | 142872 |
|  |  |  | 856639 |
| Health Care - 0.7% |  |  |  |
| Pharmaceuticals - 0.7% |  |  |  |
| Novo Nordisk Finance Netherlands BV 3.625% 5/27/2037 (b) | EUR | 325000 | 384438 |
| TOTAL DENMARK |  |  | 1539169 |
| FRANCE - 4.9%  |  |  |  |
| Communication Services - 0.4% |  |  |  |
| Media - 0.4% |  |  |  |
| Publicis Groupe SA 3.375% 6/12/2032 (b) | EUR | 200000 | 234958 |
| Consumer Discretionary - 0.2% |  |  |  |
| Automobiles - 0.2% |  |  |  |
| RCI Banque SA 5.5% 10/9/2034 (b)(c) | EUR | 100000 | 123891 |
| Financials - 2.2% |  |  |  |
| Banks - 2.2% |  |  |  |
| BNP Paribas SA 2.159% 9/15/2029 (c)(d) |  | 243000 | 225263 |
| BNP Paribas SA 3.945% 2/18/2037 (b)(c) | EUR | 400000 | 469623 |
| BNP Paribas SA 5.786% 1/13/2033 (c)(d) |  | 52000 | 54095 |
| BPCE SA 5.716% 1/18/2030 (c)(d) |  | 250000 | 257392 |
| Societe Generale SA 6.691% 1/10/2034 (c)(d) |  | 200000 | 213440 |
|  |  |  | 1219813 |
| Industrials - 0.4% |  |  |  |
| Transportation Infrastructure - 0.4% |  |  |  |
| Holding d'Infrastructures des Metiers de l'Environnement 0.625% 9/16/2028 (b) | EUR | 200000 | 215222 |
| Utilities - 1.7% |  |  |  |
| Electric Utilities - 0.4% |  |  |  |
| Electricite de France SA 5.5% 1/25/2035 (b) | GBP | 200000 | 266817 |
| Multi-Utilities - 1.3% |  |  |  |
| Engie SA 3.875% 3/6/2036 (b) | EUR | 200000 | 237862 |
| Veolia Environnement SA 3.324% 6/17/2032 (b) | EUR | 400000 | 469919 |
|  |  |  | 707781 |
| TOTAL UTILITIES |  |  | 974598 |
| TOTAL FRANCE |  |  | 2768482 |
| GERMANY - 8.3%  |  |  |  |
| Consumer Discretionary - 1.0% |  |  |  |
| Automobile Components - 1.0% |  |  |  |
| Robert Bosch GmbH 4.375% 6/2/2043 (b) | EUR | 100000 | 118579 |
| Schaeffler AG 4.75% 8/14/2029 (b) | EUR | 200000 | 238563 |
| ZF Europe Finance BV 4.75% 1/31/2029 (b) | EUR | 200000 | 221442 |
|  |  |  | 578584 |
| Consumer Staples - 0.2% |  |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |  |
| METRO AG 4% 3/5/2030 (b) | EUR | 100000 | 121367 |
| Financials - 1.2% |  |  |  |
| Banks - 0.7% |  |  |  |
| Commerzbank AG 3.625% 1/14/2032 (b)(c) | EUR | 100000 | 118761 |
| Commerzbank AG 8.625% 2/28/2033 (b)(c) | GBP | 100000 | 147614 |
| Volkswagen Bank GmbH 3.5% 6/19/2031 (b) | EUR | 100000 | 117455 |
|  |  |  | 383830 |
| Capital Markets - 0.5% |  |  |  |
| Deutsche Bank AG 6.125% 12/12/2030 (b)(c) | GBP | 200000 | 285878 |
| TOTAL FINANCIALS |  |  | 669708 |
| Health Care - 1.5% |  |  |  |
| Pharmaceuticals - 1.5% |  |  |  |
| Bayer US Finance LLC 6.375% 11/21/2030 (d) |  | 200000 | 212540 |
| Bayer US Finance LLC 6.5% 11/21/2033 (d) |  | 610000 | 654076 |
|  |  |  | 866616 |
| Industrials - 0.5% |  |  |  |
| Air Freight & Logistics - 0.5% |  |  |  |
| Deutsche Post AG 3.125% 6/5/2032 (b) | EUR | 250000 | 296048 |
| Real Estate - 0.9% |  |  |  |
| Real Estate Management & Development - 0.9% |  |  |  |
| Accentro Real Estate AG 5.625% 2/13/2026 (b)(e) | EUR | 315000 | 134507 |
| Deutsche EuroShop AG 4.5% 10/15/2030 (b) | EUR | 100000 | 117793 |
| LEG Immobilien SE 3.875% 1/20/2035 (b) | EUR | 100000 | 115363 |
| Sirius Real Estate Ltd 4% 1/22/2032 (b) | EUR | 100000 | 116723 |
|  |  |  | 484386 |
| Utilities - 3.0% |  |  |  |
| Electric Utilities - 2.0% |  |  |  |
| Amprion GmbH 3.125% 8/27/2030 (b) | EUR | 300000 | 353779 |
| Amprion GmbH 3.875% 6/5/2036 (b) | EUR | 100000 | 117930 |
| EnBW Energie Baden-Wuerttemberg AG 1.375% 8/31/2081 (b)(c) | EUR | 300000 | 330152 |
| EnBW International Finance BV 3.75% 11/20/2035 (b) | EUR | 250000 | 295127 |
|  |  |  | 1096988 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |  |
| RWE Finance US LLC 5.875% 4/16/2034 (d) |  | 202000 | 208967 |
| Multi-Utilities - 0.6% |  |  |  |
| E.ON SE 3.5% 4/16/2033 (b) | EUR | 275000 | 327122 |
| TOTAL UTILITIES |  |  | 1633077 |
| TOTAL GERMANY |  |  | 4649786 |
| HONG KONG - 1.6%  |  |  |  |
| Financials - 1.6% |  |  |  |
| Insurance - 1.6% |  |  |  |
| AIA Group Ltd 0.88% 9/9/2033 (b)(c) | EUR | 200000 | 217784 |
| Prudential Funding Asia PLC 2.95% 11/3/2033 (b)(c) |  | 742000 | 693900 |
| TOTAL HONG KONG |  |  | 911684 |
| IRELAND - 0.2%  |  |  |  |
| Financials - 0.2% |  |  |  |
| Consumer Finance - 0.2% |  |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.3% 1/30/2032  |  | 150000 | 135898 |
| ITALY - 0.4%  |  |  |  |
| Utilities - 0.4% |  |  |  |
| Gas Utilities - 0.4% |  |  |  |
| Snam SpA 5.75% 5/28/2035 (d) |  | 200000 | 204127 |
| JAPAN - 0.3%  |  |  |  |
| Consumer Staples - 0.3% |  |  |  |
| Tobacco - 0.3% |  |  |  |
| Japan Tobacco Inc 5.856% 6/15/2035 (d) |  | 160000 | 167310 |
| LUXEMBOURG - 2.3%  |  |  |  |
| Financials - 0.9% |  |  |  |
| Financial Services - 0.9% |  |  |  |
| Titanium 2l Bondco Sarl 6.25% 1/14/2031 pay-in-kind  | EUR | 1503100 | 517185 |
| Real Estate - 1.4% |  |  |  |
| Industrial REITs - 0.2% |  |  |  |
| Prologis International Funding II SA 4.375% 7/1/2036 (b) | EUR | 100000 | 121539 |
| Real Estate Management & Development - 1.2% |  |  |  |
| Blackstone Property Partners Europe Holdings Sarl 1% 5/4/2028 (b) | EUR | 102000 | 113364 |
| Blackstone Property Partners Europe Holdings Sarl 1.75% 3/12/2029 (b) | EUR | 278000 | 309112 |
| Logicor Financing Sarl 4.25% 7/18/2029 (b) | EUR | 100000 | 121313 |
| P3 Group Sarl 4% 4/19/2032 (b) | EUR | 100000 | 118444 |
|  |  |  | 662233 |
| TOTAL REAL ESTATE |  |  | 783772 |
| TOTAL LUXEMBOURG |  |  | 1300957 |
| MEXICO - 0.7%  |  |  |  |
| Energy - 0.7% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |  |
| Petroleos Mexicanos 5.95% 1/28/2031  |  | 405000 | 365148 |
| NETHERLANDS - 2.9%  |  |  |  |
| Financials - 2.7% |  |  |  |
| Banks - 2.7% |  |  |  |
| ABN AMRO Bank NV 3.875% 1/15/2032 (b) | EUR | 100000 | 121265 |
| Cooperatieve Rabobank UA 1.125% 5/7/2031 (b) | EUR | 300000 | 316330 |
| ING Groep NV 3% 8/17/2031 (b)(c) | EUR | 800000 | 931715 |
| ING Groep NV 4.5% 5/23/2029 (b)(c) | EUR | 100000 | 123418 |
|  |  |  | 1492728 |
| Industrials - 0.2% |  |  |  |
| Professional Services - 0.2% |  |  |  |
| Wolters Kluwer NV 3% 9/25/2030 (b) | EUR | 100000 | 117992 |
| TOTAL NETHERLANDS |  |  | 1610720 |
| NORWAY - 0.2%  |  |  |  |
| Financials - 0.2% |  |  |  |
| Banks - 0.2% |  |  |  |
| DNB Bank ASA 0.25% 2/23/2029 (b)(c) | EUR | 100000 | 110462 |
| PORTUGAL - 0.5%  |  |  |  |
| Financials - 0.5% |  |  |  |
| Banks - 0.1% |  |  |  |
| Banco Espirito Santo SA 4% (b)(f)(g) | EUR | 200000 | 51829 |
| Insurance - 0.4% |  |  |  |
| Fidelidade - Co De Seguros SA/Portugal 4.25% 9/4/2031 (b)(c) | EUR | 200000 | 236675 |
| TOTAL PORTUGAL |  |  | 288504 |
| SPAIN - 1.2%  |  |  |  |
| Financials - 0.8% |  |  |  |
| Banks - 0.8% |  |  |  |
| Banco Bilbao Vizcaya Argentaria SA 6.033% 3/13/2035 (c) |  | 200000 | 208544 |
| CaixaBank SA 3.625% 9/19/2032 (b)(c) | EUR | 200000 | 238380 |
|  |  |  | 446924 |
| Health Care - 0.4% |  |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |  |
| Werfen SA/Spain 4.625% 6/6/2028 (b) | EUR | 200000 | 246424 |
| TOTAL SPAIN |  |  | 693348 |
| SWEDEN - 0.9%  |  |  |  |
| Real Estate - 0.9% |  |  |  |
| Real Estate Management & Development - 0.9% |  |  |  |
| Heimstaden AB 4.375% 3/6/2027 (b) | EUR | 300000 | 342784 |
| Samhallsbyggnadsbolaget I Norden Holding AB 2.25% 7/12/2027 (b) | EUR | 150000 | 157256 |
| TOTAL SWEDEN |  |  | 500040 |
| SWITZERLAND - 3.2%  |  |  |  |
| Financials - 3.0% |  |  |  |
| Capital Markets - 2.2% |  |  |  |
| UBS Group AG 2.125% 11/15/2029 (b)(c) | GBP | 347000 | 439668 |
| UBS Group AG 4.75% 3/17/2032 (b)(c) | EUR | 600000 | 759057 |
|  |  |  | 1198725 |
| Insurance - 0.8% |  |  |  |
| Argentum Netherlands BV for Swiss Re Ltd 5.625% 8/15/2052 (b)(c) |  | 249000 | 249791 |
| Zurich Finance Ireland Designated Activity Co 3.5% 5/2/2052 (b)(c) |  | 250000 | 220372 |
|  |  |  | 470163 |
| TOTAL FINANCIALS |  |  | 1668888 |
| Materials - 0.2% |  |  |  |
| Containers & Packaging - 0.2% |  |  |  |
| SIG Combibloc PurchaseCo Sarl 3.75% 3/19/2030 (b) | EUR | 100000 | 119841 |
| TOTAL SWITZERLAND |  |  | 1788729 |
| UNITED KINGDOM - 13.5%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |  |
| Vodafone Group PLC 4.875% 10/3/2078 (b)(c) | GBP | 100000 | 137100 |
| Consumer Discretionary - 1.3% |  |  |  |
| Broadline Retail - 0.2% |  |  |  |
| John Lewis PLC 4.25% 12/18/2034 (b) | GBP | 100000 | 111424 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |  |
| InterContinental Hotels Group PLC 3.375% 10/8/2028 (b) | GBP | 130000 | 170838 |
| Whitbread Group PLC 2.375% 5/31/2027 (b) | GBP | 150000 | 196225 |
|  |  |  | 367063 |
| Household Durables - 0.4% |  |  |  |
| Berkeley Group PLC/The 2.5% 8/11/2031 (b) | GBP | 213000 | 244219 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 722706 |
| Consumer Staples - 1.6% |  |  |  |
| Tobacco - 1.6% |  |  |  |
| BAT International Finance PLC 4.125% 4/12/2032 (b) | EUR | 250000 | 302350 |
| Imperial Brands Finance Netherlands BV 5.25% 2/15/2031 (b) | EUR | 310000 | 395085 |
| Imperial Brands Finance PLC 3.875% 2/12/2034 (b) | EUR | 150000 | 173721 |
|  |  |  | 871156 |
| Financials - 5.2% |  |  |  |
| Banks - 4.3% |  |  |  |
| Barclays PLC 8.407% 11/14/2032 (b)(c) | GBP | 150000 | 220072 |
| HSBC Holdings PLC 4.787% 3/10/2032 (b)(c) | EUR | 180000 | 227774 |
| HSBC Holdings PLC 4.856% 5/23/2033 (b)(c) | EUR | 200000 | 254547 |
| HSBC Holdings PLC 5.813% 5/22/2033 (b)(c) | GBP | 125000 | 176150 |
| HSBC Holdings PLC 6.8% 9/14/2031 (c) | GBP | 100000 | 148253 |
| HSBC Holdings PLC 8.201% 11/16/2034 (b)(c) | GBP | 100000 | 151483 |
| Lloyds Banking Group PLC 4.75% 9/21/2031 (b)(c) | EUR | 270000 | 340953 |
| NatWest Group PLC 2.105% 11/28/2031 (b)(c) | GBP | 486000 | 643684 |
| Standard Chartered PLC 3.864% 3/17/2033 (b)(c) | EUR | 200000 | 238613 |
|  |  |  | 2401529 |
| Consumer Finance - 0.4% |  |  |  |
| Motability Operations Group PLC 3.625% 1/22/2033 (b) | EUR | 200000 | 236239 |
| Financial Services - 0.2% |  |  |  |
| Nationwide Building Society 4% 7/30/2035 (b)(c) | EUR | 100000 | 118956 |
| Insurance - 0.3% |  |  |  |
| Admiral Group PLC 8.5% 1/6/2034 (b) | GBP | 100000 | 156203 |
| TOTAL FINANCIALS |  |  | 2912927 |
| Industrials - 1.0% |  |  |  |
| Ground Transportation - 0.3% |  |  |  |
| Mobico Group PLC 4.875% 9/26/2031 (b) | EUR | 150000 | 143055 |
| Trading Companies & Distributors - 0.2% |  |  |  |
| Travis Perkins PLC 3.75% 2/17/2026 (b) | GBP | 100000 | 134690 |
| Transportation Infrastructure - 0.5% |  |  |  |
| Heathrow Funding Ltd 6% 3/5/2032 (b) | GBP | 200000 | 277406 |
| TOTAL INDUSTRIALS |  |  | 555151 |
| Real Estate - 0.2% |  |  |  |
| Office REITs - 0.2% |  |  |  |
| Great Portland Estates PLC 5.375% 9/25/2031 (b) | GBP | 100000 | 137156 |
| Utilities - 4.0% |  |  |  |
| Electric Utilities - 1.2% |  |  |  |
| London Power Networks PLC 3.837% 6/11/2037 (b) | EUR | 125000 | 147157 |
| NGG Finance PLC 2.125% 9/5/2082 (b)(c) | EUR | 329000 | 378256 |
| Scottish Hydro Electric Transmission PLC 3.375% 9/4/2032 (b) | EUR | 125000 | 146617 |
|  |  |  | 672030 |
| Gas Utilities - 0.4% |  |  |  |
| Southern Gas Networks PLC 3.5% 10/16/2030 (b) | EUR | 175000 | 207428 |
| Water Utilities - 2.4% |  |  |  |
| Anglian Water Osprey Financing PLC 2% 7/31/2028 (b) | GBP | 175000 | 211103 |
| Anglian Water Services Financing PLC 5.875% 6/20/2031 (b) | GBP | 150000 | 210640 |
| Anglian Water Services Financing PLC 6.293% 7/30/2030 (b) | GBP | 25000 | 35741 |
| Anglian Water Services Financing PLC 6.625% 1/15/2029 (e) | GBP | 100000 | 142938 |
| Severn Trent Utilities Finance PLC 3.875% 8/4/2035 (b) | EUR | 100000 | 118491 |
| SW Finance I PLC 2.375% 5/28/2028 (b) | GBP | 170000 | 204429 |
| SW Finance I PLC 7.375% 12/12/2041 (b) | GBP | 56000 | 74602 |
| United Utilities Water Finance PLC 3.5% 2/27/2033 (b) | EUR | 125000 | 146206 |
| Wessex Water Services Finance PLC 6.125% 9/19/2034 (b) | GBP | 150000 | 207947 |
|  |  |  | 1352097 |
| TOTAL UTILITIES |  |  | 2231555 |
| TOTAL UNITED KINGDOM |  |  | 7567751 |
| UNITED STATES - 18.1%  |  |  |  |
| Communication Services - 1.5% |  |  |  |
| Interactive Media & Services - 0.4% |  |  |  |
| Alphabet Inc 3.375% 5/6/2037  | EUR | 100000 | 115639 |
| Alphabet Inc 3.875% 5/6/2045  | EUR | 100000 | 116599 |
|  |  |  | 232238 |
| Media - 1.1% |  |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.2% 3/15/2028  |  | 347000 | 343963 |
| Time Warner Cable LLC 5.875% 11/15/2040  |  | 278000 | 266897 |
|  |  |  | 610860 |
| TOTAL COMMUNICATION SERVICES |  |  | 843098 |
| Consumer Discretionary - 0.8% |  |  |  |
| Automobiles - 0.4% |  |  |  |
| Stellantis Finance US Inc 5.75% 3/18/2030 (d) |  | 200000 | 201789 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |  |
| McDonald's Corp 3.5% 5/21/2032 (b) | EUR | 200000 | 237531 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 439320 |
| Consumer Staples - 0.9% |  |  |  |
| Tobacco - 0.9% |  |  |  |
| Philip Morris International Inc 3.25% 6/6/2032  | EUR | 425000 | 492737 |
| Energy - 0.4% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |  |
| Western Gas Partners LP 4.05% 2/1/2030 (e) |  | 261000 | 251010 |
| Financials - 3.1% |  |  |  |
| Banks - 0.5% |  |  |  |
| Huntington Bancshares Inc/OH 6.208% 8/21/2029 (c) |  | 150000 | 157398 |
| JPMorgan Chase & Co 3.761% 3/21/2034 (b)(c) | EUR | 100000 | 120112 |
|  |  |  | 277510 |
| Capital Markets - 1.8% |  |  |  |
| Ares Capital Corp 2.15% 7/15/2026  |  | 208000 | 202685 |
| Ares Capital Corp 3.25% 7/15/2025  |  | 260000 | 259841 |
| Blackstone Private Credit Fund 4.875% 4/14/2026 (b) | GBP | 208000 | 283995 |
| Morgan Stanley 3.955% 3/21/2035 (c) | EUR | 100000 | 120400 |
| Morgan Stanley 4.099% 5/22/2036 (c) | EUR | 100000 | 120524 |
|  |  |  | 987445 |
| Consumer Finance - 0.8% |  |  |  |
| Capital One Financial Corp 5.468% 2/1/2029 (c) |  | 44000 | 45055 |
| Capital One Financial Corp 5.817% 2/1/2034 (c) |  | 76000 | 78403 |
| Capital One Financial Corp 6.7% 11/29/2032  |  | 15000 | 16378 |
| Ford Motor Credit Co LLC 4.445% 2/14/2030  | EUR | 125000 | 149476 |
| Ford Motor Credit Co LLC 6.86% 6/5/2026  | GBP | 130000 | 181214 |
|  |  |  | 470526 |
| TOTAL FINANCIALS |  |  | 1735481 |
| Health Care - 2.9% |  |  |  |
| Health Care Providers & Services - 2.4% |  |  |  |
| Centene Corp 4.25% 12/15/2027  |  | 396000 | 390000 |
| Centene Corp 4.625% 12/15/2029  |  | 281000 | 273309 |
| Sabra Health Care LP 3.2% 12/1/2031  |  | 94000 | 83766 |
| Universal Health Services Inc 2.65% 10/15/2030  |  | 695000 | 619675 |
|  |  |  | 1366750 |
| Pharmaceuticals - 0.5% |  |  |  |
| Elanco Animal Health Inc 6.65% 8/28/2028 (c) |  | 243000 | 252773 |
| TOTAL HEALTH CARE |  |  | 1619523 |
| Industrials - 1.1% |  |  |  |
| Aerospace & Defense - 0.7% |  |  |  |
| Boeing Co 5.15% 5/1/2030  |  | 313000 | 318665 |
| Boeing Co 6.298% 5/1/2029  |  | 14000 | 14800 |
| Boeing Co 6.388% 5/1/2031  |  | 11000 | 11822 |
| Boeing Co 6.528% 5/1/2034  |  | 12000 | 13038 |
| Boeing Co 6.858% 5/1/2054  |  | 17000 | 18610 |
| Boeing Co 7.008% 5/1/2064  |  | 16000 | 17574 |
|  |  |  | 394509 |
| Passenger Airlines - 0.1% |  |  |  |
| American Airlines 2016-3 Class A Pass Through Trust equipment trust certificate 3.75% 4/15/2027  |  | 52591 | 52229 |
| Professional Services - 0.0% |  |  |  |
| Paychex Inc 5.1% 4/15/2030  |  | 5000 | 5121 |
| Paychex Inc 5.35% 4/15/2032  |  | 6000 | 6161 |
| Paychex Inc 5.6% 4/15/2035  |  | 6000 | 6202 |
|  |  |  | 17484 |
| Trading Companies & Distributors - 0.3% |  |  |  |
| Air Lease Corp 3.125% 12/1/2030  |  | 191000 | 176500 |
| TOTAL INDUSTRIALS |  |  | 640722 |
| Information Technology - 1.7% |  |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |  |
| Vontier Corp 2.4% 4/1/2028  |  | 695000 | 652875 |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |  |
| Broadcom Inc 2.45% 2/15/2031 (d) |  | 190000 | 169897 |
| Software - 0.2% |  |  |  |
| Fiserv Funding ULC 3.5% 6/15/2032  | EUR | 100000 | 117444 |
| TOTAL INFORMATION TECHNOLOGY |  |  | 940216 |
| Real Estate - 1.6% |  |  |  |
| Office REITs - 0.8% |  |  |  |
| Hudson Pacific Properties LP 3.95% 11/1/2027  |  | 486000 | 466055 |
| Retail REITs - 0.4% |  |  |  |
| Realty Income Corp 3.375% 6/20/2031  | EUR | 200000 | 234928 |
| Specialized REITs - 0.4% |  |  |  |
| American Tower Corp 3.625% 5/30/2032  | EUR | 175000 | 207605 |
| TOTAL REAL ESTATE |  |  | 908588 |
| Utilities - 4.1% |  |  |  |
| Electric Utilities - 2.4% |  |  |  |
| Cleco Corporate Holdings LLC 3.375% 9/15/2029  |  | 695000 | 646214 |
| Duke Energy Corp 3.85% 6/15/2034  | EUR | 207000 | 241945 |
| Southern Co/The 1.875% 9/15/2081 (c) | EUR | 364000 | 410210 |
|  |  |  | 1298369 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |  |
| AES Corp/The 2.45% 1/15/2031  |  | 497000 | 434499 |
| Multi-Utilities - 0.9% |  |  |  |
| Puget Energy Inc 4.1% 6/15/2030  |  | 521000 | 503244 |
| TOTAL UTILITIES |  |  | 2236112 |
| TOTAL UNITED STATES |  |  | 10106807 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $37,923,219) |  |  | <br> **37435710** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 9.5%** | &nbsp;&nbsp;**Preferred Securities - 9.5%** | &nbsp;&nbsp;**Preferred Securities - 9.5%** | &nbsp;&nbsp;**Preferred Securities - 9.5%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CZECH REPUBLIC - 1.2%  |  |  |  |
| Real Estate - 1.2% |  |  |  |
| Real Estate Management & Development - 1.2% |  |  |  |
| CPI Property Group SA 3.75% (b)(c)(h) | EUR | 590000 | 656581 |
| FINLAND - 0.5%  |  |  |  |
| Real Estate - 0.5% |  |  |  |
| Real Estate Management & Development - 0.5% |  |  |  |
| Citycon Oyj 7.875% (b)(c)(h) | EUR | 243000 | 303754 |
| GERMANY - 4.7%  |  |  |  |
| Consumer Discretionary - 1.0% |  |  |  |
| Automobiles - 1.0% |  |  |  |
| Volkswagen International Finance NV 3.875% (b)(c)(h) | EUR | 500000 | 565523 |
| Real Estate - 3.7% |  |  |  |
| Real Estate Management & Development - 3.7% |  |  |  |
| Aroundtown Finance Sarl 7.875% (c)(h) |  | 250000 | 255178 |
| Aroundtown SA 5 year ISDA Fixed EURIBOR + 3.98%, 6.193% (b)(c)(h)(i) | EUR | 1100000 | 1246078 |
| Grand City Properties SA 1.5% (b)(c)(h) | EUR | 500000 | 571200 |
|  |  |  | 2072456 |
| TOTAL GERMANY |  |  | 2637979 |
| SWEDEN - 0.8%  |  |  |  |
| Real Estate - 0.8% |  |  |  |
| Real Estate Management & Development - 0.8% |  |  |  |
| Heimstaden Bostad AB 3.625% (b)(c)(h) | EUR | 150000 | 175454 |
| Samhallsbyggnadsbolaget i Norden AB 5 year EUR Swap Annual Index + 2.814%, 4.9355% (b)(c)(g)(h)(i) | EUR | 313000 | 260052 |
| TOTAL SWEDEN |  |  | 435506 |
| SWITZERLAND - 0.1%  |  |  |  |
| Financials - 0.1% |  |  |  |
| Capital Markets - 0.1% |  |  |  |
| Credit Suisse Group AG Claim 5 year USD Swap Index + 4.598%, 0% (b)(c)(f)(g)(h)(i) |  | 1389000 | 93757 |
| UNITED KINGDOM - 2.2%  |  |  |  |
| Consumer Staples - 0.8% |  |  |  |
| Tobacco - 0.8% |  |  |  |
| British American Tobacco PLC 3% (b)(c)(h) | EUR | 388000 | 461074 |
| Financials - 0.5% |  |  |  |
| Banks - 0.5% |  |  |  |
| Barclays PLC 8.875% (b)(c)(h) | GBP | 200000 | 290364 |
| Industrials - 0.2% |  |  |  |
| Ground Transportation - 0.2% |  |  |  |
| Mobico Group PLC 4.25% (b)(c)(h) | GBP | 100000 | 84563 |
| Utilities - 0.7% |  |  |  |
| Electric Utilities - 0.7% |  |  |  |
| SSE PLC 3.74% (b)(c)(h) | GBP | 278000 | 380060 |
| TOTAL UNITED KINGDOM |  |  | 1216061 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $7,176,930) |  |  | <br> **5343638** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 18.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.1%** |
|  | Yield (%) (j) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bonds 1.125% 8/15/2040 (k) | 4.51 | 1800000 | 1107352 |
| US Treasury Bonds 3.625% 5/15/2053  | 3.94 to 4.13 | 1200000 | 978750 |
| US Treasury Bonds 3.875% 5/15/2043 (l) | 4.14 to 5.12 | 1070000 | 955060 |
| US Treasury Bonds 4.125% 8/15/2044  | 4.05 to 4.18 | 785000 | 719164 |
| US Treasury Bonds 4.625% 11/15/2044  | 4.86 to 4.94 | 275000 | 269198 |
| US Treasury Notes 3.625% 9/30/2031  | 3.60 to 4.23 | 500000 | 491641 |
| US Treasury Notes 3.75% 8/31/2031  | 3.64 to 3.82 | 760000 | 752905 |
| US Treasury Notes 4.125% 10/31/2031  | 4.26 | 415000 | 419328 |
| US Treasury Notes 4.125% 2/29/2032  | 4.14 to 4.18 | 740000 | 746764 |
| US Treasury Notes 4.125% 3/31/2032  | 4.08 to 4.17 | 870000 | 877714 |
| US Treasury Notes 4.125% 5/31/2032  | 4.19 | 220000 | 221825 |
| US Treasury Notes 4.125% 7/31/2031  | 3.59 | 500000 | 505615 |
| US Treasury Notes 4.25% 5/15/2035  | 4.39 | 310000 | 310484 |
| US Treasury Notes 4.25% 6/30/2031  | 4.35 | 400000 | 407391 |
| US Treasury Notes 4.375% 1/31/2032  | 4.21 | 240000 | 245691 |
| US Treasury Notes 4.5% 11/15/2033  | 3.94 to 4.14 | 755000 | 775527 |
| US Treasury Notes 4.625% 4/30/2031  | 4.47 | 200000 | 207656 |
| US Treasury Notes 4.625% 5/31/2031  | 4.50 | 150000 | 155725 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $10,430,579) |  |  | **10147790** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (m)<br>(Cost $2,282,714)<br>| 4.32 | 2282257 | **2282714** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.3%**<br> (Cost $58,320,835)<br>| <br>**55729178** |
| **NET OTHER ASSETS (LIABILITIES) - 0.7%**  | **389279** |
| **NET ASSETS - 100.0%** | **56118457** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| ASX 10Y Treasury Bond Contracts (Australia) | 2 | Sep 2025 | 150873 | 1298 | 1298 |
| CBOT 10 Year Ultra US Treasury Bond Contracts (United States) | 12 | Sep 2025 | 1371000 | 34301 | 34301 |
| CBOT 5 Year US Treasury Note Contracts (United States) | 31 | Sep 2025 | 3379727 | 48647 | 48647 |
| CBOT US Treasury Long Bond Contracts (United States) | 31 | Sep 2025 | 3574688 | 143849 | 143849 |
| CBOT US Treasury Ultra Bond Contracts (United States) | 8 | Sep 2025 | 951250 | 45359 | 45359 |
| TMX 10Y Canadian Bond Contracts (Canada) | 10 | Sep 2025 | 895906 | 5368 | 5368 |
| TOTAL PURCHASED |  |  |  |  | 278822 |
| Sold |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| Eurex Deutschland Contracts (Germany) | 25 | Sep 2025 | 3465529 | 8423 | 8423 |
| Eurex Deutschland Contracts (Germany) | 5 | Sep 2025 | 766551 | 3883 | 3883 |
| ICE Long GILT Futures (United Kingdom) | 3 | Sep 2025 | 383093 | (11311) | (11311) |
| TOTAL SOLD |  |  |  |  | 995 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **279817** |
| The notional amount of futures purchased as a percentage of Net Assets is 18.4% | The notional amount of futures purchased as a percentage of Net Assets is 18.4% | The notional amount of futures purchased as a percentage of Net Assets is 18.4% | The notional amount of futures purchased as a percentage of Net Assets is 18.4% | The notional amount of futures purchased as a percentage of Net Assets is 18.4% | The notional amount of futures purchased as a percentage of Net Assets is 18.4% |
| The notional amount of futures sold as a percentage of Net Assets is 8.3% | The notional amount of futures sold as a percentage of Net Assets is 8.3% | The notional amount of futures sold as a percentage of Net Assets is 8.3% | The notional amount of futures sold as a percentage of Net Assets is 8.3% | The notional amount of futures sold as a percentage of Net Assets is 8.3% | The notional amount of futures sold as a percentage of Net Assets is 8.3% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date | Unrealized <br> Appreciation/<br> (Depreciation) ($)  |
| EUR | 54000 | USD | 61041 | BNP Paribas SA | 7/08/25 | 2596 |
| EUR | 30000 | USD | 35212 | BNP Paribas SA | 7/08/25 | 142 |
| EUR | 56000 | USD | 62799 | Brown Brothers Harriman & Co. | 7/08/25 | 3195 |
| EUR | 97000 | USD | 109416 | JPMorgan Chase Bank NA | 7/08/25 | 4895 |
| EUR | 102000 | USD | 113994 | JPMorgan Chase Bank NA | 7/08/25 | 6209 |
| GBP | 214000 | USD | 287948 | Citibank NA | 7/08/25 | 5808 |
| GBP | 157000 | USD | 212574 | JPMorgan Chase Bank NA | 7/08/25 | 2938 |
| GBP | 76000 | USD | 100760 | JPMorgan Chase Bank NA | 7/08/25 | 3564 |
| USD | 19535 | AUD | 30000 | Brown Brothers Harriman & Co. | 7/08/25 | (211) |
| USD | 32640 | AUD | 51000 | Brown Brothers Harriman & Co. | 7/08/25 | (930) |
| USD | 8414 | AUD | 13000 | Canadian Imperial Bank of Commerce | 7/08/25 | (143) |
| USD | 18283 | AUD | 28000 | JPMorgan Chase Bank NA | 7/08/25 | (148) |
| USD | 92485 | AUD | 143000 | JPMorgan Chase Bank NA | 7/08/25 | (1643) |
| USD | 151149 | CAD | 208000 | JPMorgan Chase Bank NA | 7/08/25 | (1647) |
| USD | 518036 | EUR | 456000 | BNP Paribas SA | 7/08/25 | (19344) |
| USD | 57174 | EUR | 50000 | Bank of America NA | 7/08/25 | (1749) |
| USD | 100823 | EUR | 86000 | Bank of America NA | 7/08/25 | (525) |
| USD | 112168 | EUR | 98000 | Bank of America NA | 7/08/25 | (3322) |
| USD | 62718 | EUR | 55000 | Bank of America NA | 7/08/25 | (2097) |
| USD | 34362 | EUR | 30000 | Goldman Sachs Bank USA | 7/08/25 | (991) |
| USD | 23720030 | EUR | 20828000 | Goldman Sachs Bank USA | 7/08/25 | (825016) |
| USD | 224931 | EUR | 198000 | JPMorgan Chase Bank NA | 7/08/25 | (8405) |
| USD | 96549 | EUR | 83000 | JPMorgan Chase Bank NA | 7/08/25 | (1264) |
| USD | 291436 | EUR | 253000 | JPMorgan Chase Bank NA | 7/08/25 | (6715) |
| USD | 7046757 | GBP | 5261000 | BNP Paribas SA | 7/08/25 | (174965) |
| USD | 131079 | GBP | 98000 | Brown Brothers Harriman & Co. | 7/08/25 | (3445) |
| USD | 131167 | JPY | 18600000 | JPMorgan Chase Bank NA | 7/08/25 | 1909 |
| **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** |  | **(1021304)** |
| Unrealized Appreciation | Unrealized Appreciation | Unrealized Appreciation |  |  |  | 31256 |
| Unrealized Depreciation | Unrealized Depreciation | Unrealized Depreciation |  |  |  | (1052560) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** |
| Underlying Reference | Maturity <br> Date | Clearinghouse / <br> Counterparty | Fixed<br> Payment<br> Received/<br> (Paid) | Payment<br> Frequency | Notional<br> Amount | Notional<br> Amount | Value ($) | Upfront<br> Premium<br> Received/<br> (Paid) ($) | Unrealized <br> Appreciation/<br> (Depreciation) ($) |
| Buy Protection |  |  |  |  |  |  |  |  |  |
| BMW Finance NV 0.75% 7/13/2026 | Jun 2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 700000 | (14865) | 13501 | (1364) |
| Generali 4.125% 5/4/2026 | Jun 2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 350000 | (728) | (1268) | (1996) |
| UniCredit SpA 5.375% 4/16/2034 | Jun 2030 | Goldman Sachs Bank USA | (1%) | Quarterly | EUR | 300000 | 982 | (2862) | (1880) |
| Societe Generale SA 5.25% 9/6/2032 | Jun 2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 300000 | 2255 | (2477) | (222) |
| Intesa Sanpaolo SpA 6.184% 2/20/2034 | Jun 2030 | JPMorgan Chase Bank NA | (1%) | Quarterly | EUR | 300000 | (752) | (2014) | (2766) |
| Deutsche Bank AG 5.625% 5/19/2031 | Jun 2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 250000 | 4313 | (6383) | (2070) |
| **TOTAL CREDIT DEFAULT SWAPS** |  |  |  |  |  |  | **(8795)** | **(1503)** | **(10298)** |

---

**Currency Abbreviations**

---

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

---

**Legend**

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

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $29,413,255 or 52.4% of net assets.

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,619,357 or 4.7% of net assets.

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

(f) Level 3 security

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

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

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

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

(k) Security or a portion of the security has been segregated as collateral for over the counter (OTC) derivatives. At period end, the value of securities pledged amounts to $676,716.

(l) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $365,957.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2364691 | 16279096 | 16361073 | 38780 | - | - | 2282714 | 2282257 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 754457 | 754457 | 24 | - | - | - | - | 0.0% |
| Total | 2364691 | 17033553 | 17115530 | 38804 | - | - | 2282714 |  |  |

---

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

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Foreign Government and Government Agency Obligations** | 519326 | - | 519326 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 1215156 | - | 1215156 | - |
| Consumer Discretionary | 1864501 | - | 1864501 | - |
| Consumer Staples | 2237962 | - | 2237962 | - |
| Energy | 854458 | - | 854458 | - |
| Financials | 14648001 | - | 14596172 | 51829 |
| Health Care | 3117001 | - | 3117001 | - |
| Industrials | 1825135 | - | 1825135 | - |
| Information Technology | 940216 | - | 940216 | - |
| Materials | 119841 | - | 119841 | - |
| Real Estate | 3166919 | - | 3166919 | - |
| Utilities | 7446520 | - | 7446520 | - |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 565523 | - | 565523 | - |
| Consumer Staples | 461074 | - | 461074 | - |
| Financials | 384121 | - | 290364 | 93757 |
| Industrials | 84563 | - | 84563 | - |
| Real Estate | 3468297 | - | 3468297 | - |
| Utilities | 380060 | - | 380060 | - |
|  **U.S. Treasury Obligations** | 10147790 | - | 10147790 | - |
|  **Money Market Funds** | 2282714 | 2282714 | - | - |
| **Total Investments in Securities:** | 55729178 | 2282714 | 53300878 | 145586 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 291128 | 291128 | - | - |
| Forward Foreign Currency Contracts | 31256 | - | 31256 | - |
| Swaps | 7550 | - | 7550 | - |
| Total Assets | 329934 | 291128 | 38806 | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (11311) | (11311) | - | - |
| Forward Foreign Currency Contracts | (1052560) | - | (1052560) | - |
| Swaps | (16345) | - | (16345) | - |
| Total Liabilities | (1080216) | (11311) | (1068905) | - |
| **Total Derivative Instruments:** | (750282) | 279817 | (1030099) | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Credit Risk** |  |  |
| Swaps (a)  | 7550 | (16345) |
| **Total Credit Risk**  | 7550 | (16345) |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts (b)  | 31256 | (1052560) |
| **Total Foreign Exchange Risk**  | 31256 | (1052560) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (c)  | 291128 | (11311) |
| **Total Interest Rate Risk**  | 291128 | (11311) |
| **Total Value of Derivatives** | 329934 | (1080216) |

---

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

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

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

The following table is a summary of the Fund's derivatives inclusive of potential netting arrangements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Value of**<br> **Derivative**<br> **Assets ($)** | **Value of**<br> **Derivative**<br> **Liabilities ($)** | <br> **Collateral**<br> **Received**(a) **($)** | <br> **Collateral**<br> **Pledged**(a) **($)** | <br>**Net**(b) **($)** |
| Bank of America NA | - | (7693) | - | - | (7693) |
| BNP Paribas SA | 9306 | (209902) | - | - | (200596) |
| Brown Brothers Harriman & Co | 3195 | (4586) | - | - | (1391) |
| Canadian Imperial Bank of Commerce | - | (143) | - | - | (143) |
| Citibank NA | 5808 | - | - | - | 5808 |
| Goldman Sachs Bank USA | 982 | (826007) | - | 676716 | (148309) |
| JPMorgan Chase Bank NA | 19515 | (20574) | - | - | (1059) |
| Total | $38806 | $(1068905) | $- | $676716 | $(353383) |

---

*(a) Reflects collateral received from or pledged to an individual counterparty, excluding any excess or initial collateral amounts.*

*(b) Net represents the receivable / (payable) that would be due from / (to) the counterparty in an event of default. Netting may be allowed across transactions traded under the same legal agreement with the same legal entity. Please refer to Derivative Instruments - Risk Exposures and the Use of Derivative Instruments section in the accompanying Notes to Financial Statements.*

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $56,038,121) | $53446464 |  |
| Fidelity Central Funds (cost $2,282,714) | 2282714 |  |
| Total Investment in Securities (cost $58,320,835) |  | $55729178 |
| Foreign currency held at value (cost $383,135) |  | 386877 |
| Receivable for investments sold |  | 200714 |
| Unrealized appreciation on forward foreign currency contracts |  | 31256 |
| Receivable for fund shares sold |  | 130994 |
| Dividends receivable |  | 5619 |
| Interest receivable |  | 688652 |
| Distributions receivable from Fidelity Central Funds |  | 6098 |
| Receivable for daily variation margin on futures contracts |  | 56253 |
| Bi-lateral OTC swaps, at value |  | 7550 |
| Receivable from investment adviser for expense reductions |  | 780 |
| Other receivables |  | 6892 |
| **Total assets** |  | 57250863 |
| **Liabilities** |  |  |
| Unrealized depreciation on forward foreign currency contracts | $1052560 |  |
| Payable for fund shares redeemed | 37479 |  |
| Bi-lateral OTC swaps, at value | 16345 |  |
| Accrued management fee | 18315 |  |
| Distribution and service plan fees payable | 1768 |  |
| Other affiliated payables | 5164 |  |
| Other payables and accrued expenses | 775 |  |
| **Total liabilities** |  | 1132406 |
| **Net Assets**  |  | $56118457 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $75414600 |
| Total accumulated earnings (loss) |  | (19296143) |
| **Net Assets** |  | $56118457 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($3,643,319 ÷ 447,922 shares)(a) |  | $8.13 |
| Maximum offering price per share (100/96.00 of $8.13) |  | $8.47 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($1,379,903 ÷ 169,634 shares)(a) |  | $8.13 |
| Maximum offering price per share (100/96.00 of $8.13) |  | $8.47 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($886,739 ÷ 109,135 shares)(a) |  | $8.13 |
| **Global Credit :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($39,919,161 ÷ 4,900,529 shares) |  | $8.15 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,798,797 ÷ 343,760 shares) |  | $8.14 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,490,538 ÷ 915,165 shares) |  | $8.18 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $103569 |
| Interest  |  | 957255 |
| Income from Fidelity Central Funds (including $24 from security lending)  |  | 38804 |
| Income before foreign taxes withheld |  | $1099628 |
| Less foreign taxes withheld |  | (295) |
| **Total income** |  | 1099333 |
| **Expenses** |  |  |
| Management fee | $107322 |  |
| Transfer agent fees | 30784 |  |
| Distribution and service plan fees | 10716 |  |
| Independent trustees' fees and expenses | 68 |  |
| Total expenses before reductions | 148890 |  |
| Expense reductions | (7758) |  |
| Total expenses after reductions |  | 141132 |
| **Net Investment income (loss)** |  | 958201 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (320669) |  |
| Forward foreign currency contracts | (2011897) |  |
| Foreign currency transactions | (19543) |  |
| Futures contracts | (237122) |  |
| Swaps | (34070) |  |
| Total net realized gain (loss) |  | (2623301) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4773395 |  |
| Forward foreign currency contracts | (1373200) |  |
| Assets and liabilities in foreign currencies | 73512 |  |
| Futures contracts | 379984 |  |
| Swaps | 126 |  |
| Total change in net unrealized appreciation (depreciation) |  | 3853817 |
| **Net gain (loss)** |  | 1230516 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2188717 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $958201 | $1761448 |
| &nbsp;&nbsp;Net realized gain (loss) | (2623301)<br>| (118255)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3853817 | 2425438<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2188717<br>| 4068631<br>|
| Distributions to shareholders | (640358)<br>| (1882540)<br>|
| Share transactions - net increase (decrease) | 2955151<br>| (4005964)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 4503510<br>| (1819873)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 51614947 | 53434820<br>|
| &nbsp;&nbsp;End of period | $56118457 | $51614947 |

---

**Financial Highlights** 

**Fidelity Advisor® Global Credit Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.90 | $7.56 | $7.34 | $9.72 | $10.02 | $9.61 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .134  | .249  | .252  | .197  | .159  | .210  |
| Net realized and unrealized gain (loss)  | .189  | .362  | .229  | (2.118)  | (.236)  | .547  |
| Total from investment operations  | .323  | .611  | .481  | (1.921)  | (.077)  | .757  |
| Distributions from net investment income  | (.093)  | (.271)  | (.249)  | (.408)  | (.133) C | (.255) C |
| Distributions from net realized gain  | -  | -  | -  | (.051)  | (.090) C | (.092) C |
| Distributions from tax return of capital  | - | - | (.012) | - | - | - |
| Total distributions  | (.093)  | (.271)  | (.261)  | (.459)  | (.223)  | (.347)  |
| Net asset value, end of period  | $8.13 | $7.90 | $7.56 | $7.34 | $9.72 | $10.02 |
| **Total Return** D,E,F | 4.10% <br>| 8.15%  | 6.74%  | (19.93)%  | (.76)%  | 8.00%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .90% I | .88%  | .88%  | 1.24%  | 1.20%  | 1.27%  |
| Expenses net of fee waivers, if any  | .75% I<br>| .75%  | .75%  | .95%  | .99%  | 1.00%  |
| Expenses net of all reductions, if any  | .75% I | .75%  | .75%  | .95%  | .99%  | 1.00%  |
| Net investment income (loss)  | 3.35% I | 3.19%  | 3.44%  | 2.38%  | 1.61%  | 2.14%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3643 | $3501 | $5534 | $4778 | $5643 | $4643 |
| Portfolio turnover rate J | 69% I<br>| 57%  | 37% K | 19%  | 57%  | 59%  |

---

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

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

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

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

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

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

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

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

I*Annualized.*

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

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Global Credit Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.91 | $7.57 | $7.34 | $9.72 | $10.02 | $9.60 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .134  | .249  | .254  | .199  | .159  | .210  |
| Net realized and unrealized gain (loss)  | .179  | .363  | .237  | (2.121)  | (.237)  | .556  |
| Total from investment operations  | .313  | .612  | .491  | (1.922)  | (.078)  | .766  |
| Distributions from net investment income  | (.093)  | (.272)  | (.249)  | (.407)  | (.132) C | (.254) C |
| Distributions from net realized gain  | -  | -  | -  | (.051)  | (.090) C | (.092) C |
| Distributions from tax return of capital  | - | - | (.012) | - | - | - |
| Total distributions  | (.093)  | (.272)  | (.261)  | (.458)  | (.222)  | (.346)  |
| Net asset value, end of period  | $8.13 | $7.91 | $7.57 | $7.34 | $9.72 | $10.02 |
| **Total Return** D,E,F | 3.97% <br>| 8.16%  | 6.88%  | (19.94)%  | (.77)%  | 8.10%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .90% I | .90%  | .90%  | 1.29%  | 1.27%  | 1.35%  |
| Expenses net of fee waivers, if any  | .75% I<br>| .75%  | .75%  | .95%  | .99%  | 1.00%  |
| Expenses net of all reductions, if any  | .75% I | .75%  | .74%  | .95%  | .99%  | 1.00%  |
| Net investment income (loss)  | 3.35% I | 3.19%  | 3.45%  | 2.38%  | 1.61%  | 2.14%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1380 | $1362 | $1343 | $1366 | $1983 | $2062 |
| Portfolio turnover rate J | 69% I<br>| 57%  | 37% K | 19%  | 57%  | 59%  |

---

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

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

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

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

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

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

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

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

I*Annualized.*

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

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Global Credit Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.91 | $7.57 | $7.35 | $9.72 | $10.03 | $9.61 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .104  | .190  | .198  | .137  | .085  | .136  |
| Net realized and unrealized gain (loss)  | .195  | .364  | .227  | (2.112)  | (.246)  | .561  |
| Total from investment operations  | .299  | .554  | .425  | (1.975)  | (.161)  | .697  |
| Distributions from net investment income  | (.079)  | (.214)  | (.195)  | (.344)  | (.075) C | (.185) C |
| Distributions from net realized gain  | -  | -  | -  | (.051)  | (.074) C | (.092) C |
| Distributions from tax return of capital  | - | - | (.010) | - | - | - |
| Total distributions  | (.079)  | (.214)  | (.205)  | (.395)  | (.149)  | (.277)  |
| Net asset value, end of period  | $8.13 | $7.91 | $7.57 | $7.35 | $9.72 | $10.03 |
| **Total Return** D,E,F | 3.79% <br>| 7.37%  | 5.92%  | (20.47)%  | (1.60)%  | 7.33%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.65% I | 1.65%  | 1.66%  | 2.04%  | 2.02%  | 2.10%  |
| Expenses net of fee waivers, if any  | 1.50% I<br>| 1.51%  | 1.50%  | 1.70%  | 1.74%  | 1.75%  |
| Expenses net of all reductions, if any  | 1.50% I | 1.50%  | 1.50%  | 1.70%  | 1.74%  | 1.75%  |
| Net investment income (loss)  | 2.60% I | 2.44%  | 2.69%  | 1.64%  | .86%  | 1.39%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $887 | $934 | $1052 | $1298 | $2126 | $2398 |
| Portfolio turnover rate J | 69% I<br>| 57%  | 37% K | 19%  | 57%  | 59%  |

---

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

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

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

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

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

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

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

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

I*Annualized.*

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

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Global Credit Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.91 | $7.57 | $7.34 | $9.72 | $10.03 | $9.61 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .144  | .269  | .272  | .221  | .183  | .234  |
| Net realized and unrealized gain (loss)  | .193  | .362  | .237  | (2.122)  | (.247)  | .556  |
| Total from investment operations  | .337  | .631  | .509  | (1.901)  | (.064)  | .790  |
| Distributions from net investment income  | (.097)  | (.291)  | (.266)  | (.428)  | (.156) C | (.278) C |
| Distributions from net realized gain  | -  | -  | -  | (.051)  | (.090) C | (.092) C |
| Distributions from tax return of capital  | - | - | (.013) | - | - | - |
| Total distributions  | (.097)  | (.291)  | (.279)  | (.479)  | (.246)  | (.370)  |
| Net asset value, end of period  | $8.15 | $7.91 | $7.57 | $7.34 | $9.72 | $10.03 |
| **Total Return** D,E | 4.28% <br>| 8.42%  | 7.14%  | (19.73)%  | (.63)%  | 8.36%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .50% H | .50%  | .50%  | .94%  | .90%  | .95%  |
| Expenses net of fee waivers, if any  | .50% H<br>| .50%  | .50%  | .70%  | .74%  | .75%  |
| Expenses net of all reductions, if any  | .50% H | .50%  | .50%  | .70%  | .74%  | .75%  |
| Net investment income (loss)  | 3.60% H | 3.44%  | 3.69%  | 2.64%  | 1.86%  | 2.39%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $39919 | $32665 | $32617 | $40426 | $65990 | $96584 |
| Portfolio turnover rate I | 69% H<br>| 57%  | 37% J | 19%  | 57%  | 59%  |

---

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

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

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

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

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

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

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

H*Annualized.*

I*Amount 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.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Global Credit Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.91 | $7.57 | $7.34 | $9.72 | $10.02 | $9.61 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .144  | .268  | .272  | .220  | .184  | .234  |
| Net realized and unrealized gain (loss)  | .183  | .364  | .237  | (2.121)  | (.238)  | .546  |
| Total from investment operations  | .327  | .632  | .509  | (1.901)  | (.054)  | .780  |
| Distributions from net investment income  | (.097)  | (.292)  | (.266)  | (.428)  | (.156) C | (.278) C |
| Distributions from net realized gain  | -  | -  | -  | (.051)  | (.090) C | (.092) C |
| Distributions from tax return of capital  | - | - | (.013) | - | - | - |
| Total distributions  | (.097)  | (.292)  | (.279)  | (.479)  | (.246)  | (.370)  |
| Net asset value, end of period  | $8.14 | $7.91 | $7.57 | $7.34 | $9.72 | $10.02 |
| **Total Return** D,E | 4.15% <br>| 8.44%  | 7.14%  | (19.73)%  | (.53)%  | 8.25%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .55% H | .56%  | .57%  | .93%  | .91%  | .97%  |
| Expenses net of fee waivers, if any  | .51% H,I<br>| .50%  | .50%  | .70%  | .74%  | .75%  |
| Expenses net of all reductions, if any  | .50% H | .50%  | .50%  | .70%  | .74%  | .75%  |
| Net investment income (loss)  | 3.60% H | 3.44%  | 3.69%  | 2.64%  | 1.86%  | 2.39%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2799 | $6103 | $4949 | $4700 | $8005 | $9952 |
| Portfolio turnover rate J | 69% H<br>| 57%  | 37% K | 19%  | 57%  | 59%  |

---

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

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

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

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

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

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

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

H*Annualized.*

I*On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

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

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Global Credit Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.95 | $7.60 | $7.37 | $9.75 | $10.04 | $9.61 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .148  | .277  | .290  | .228  | .191  | .244  |
| Net realized and unrealized gain (loss)  | .181  | .371  | .226  | (2.129)  | (.235)  | .556  |
| Total from investment operations  | .329  | .648  | .516  | (1.901)  | (.044)  | .800  |
| Distributions from net investment income  | (.099)  | (.298)  | (.273)  | (.428)  | (.156) C | (.278) C |
| Distributions from net realized gain  | -  | -  | -  | (.051)  | (.090) C | (.092) C |
| Distributions from tax return of capital  | - | - | (.013) | - | - | - |
| Total distributions  | (.099)  | (.298)  | (.286)  | (.479)  | (.246)  | (.370)  |
| Net asset value, end of period  | $8.18 | $7.95 | $7.60 | $7.37 | $9.75 | $10.04 |
| **Total Return** D,E | 4.15% <br>| 8.61%  | 7.21%  | (19.67)%  | (.42)%  | 8.46%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .45% H | .45%  | .46%  | .84%  | .78%  | .91%  |
| Expenses net of fee waivers, if any  | .41% H<br>| .42%  | .41%  | .61%  | .64%  | .66%  |
| Expenses net of all reductions, if any  | .41% H | .41%  | .41%  | .61%  | .64%  | .66%  |
| Net investment income (loss)  | 3.69% H | 3.53%  | 3.79%  | 2.73%  | 1.96%  | 2.48%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7491 | $7050 | $7939 | $33046 | $48742 | $3017 |
| Portfolio turnover rate I | 69% H<br>| 57%  | 37% J | 19%  | 57%  | 59%  |

---

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

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

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

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

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

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

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

H*Annualized.*

I*Amount 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.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended June 30, 2025

**1. Organization.**

Fidelity Global Credit Fund (the Fund) is a fund of Fidelity School Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Global Credit, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Effective after the close of business on August 25, 2025, new positions in the Fund may no longer be opened.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $2636447 |
| **Gross unrealized depreciation** | <u>(5741376)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(3104929)</u> |
| **Tax cost** | <u>$58082322</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(4198731) |
| Long-term | <u>(11265571)</u> |
| **Total capital loss carryforward** | <u>$(15464302)</u> |

---

**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.

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Global Credit Fund** |  |  |
| **Credit Risk** |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(34070)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>126</u> |
| **Total Credit Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(34070)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>126</u> |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(2011897)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1373200)</u> |
| **Total Foreign Exchange Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(2011897)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1373200)</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(237122)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>379984</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(237122)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>379984</u> |
| **Totals** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(2283089)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(993090)</u> |

---

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

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

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

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

---

| | |
|:---|:---|
|  | **Average Contracts Amount ($)** |
| **Fidelity Global Credit Fund** | 31972109 |

---

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

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

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

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **Fidelity Global Credit Fund** | 12434407 |

---

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Global Credit Fund** | 14954882 | 14139116 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .40% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, transfer agent fees, distribution and service plan fees and certain other expenses such as proxy and shareholder meeting expenses.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | - % | .25% | 4390 | 705 |
| **Class M** | - % | .25% | 1703 | 791 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4623</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2391</u> |
|  |  |  | <u>10716</u> | <u>3887</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 115 |
| **Class M** | 15 |
| **Class C** A | &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>3</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>133</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Class-Level Average Net AssetsA** |
| **Class A** | 4329 | .25 |
| **Class M** | 1701 | .25 |
| **Class C** | 1162 | .25 |
| **Global Credit** | 17534 | .10 |
| **Class I** | 4244 | .15 |
| **Class Z** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1814</u> | .05 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>30784</u> |  |

---

*A Annualized*

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

**7. Committed Line of Credit.**

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

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

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

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

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Global Credit Fund** | 2 | - | - |

---

**9. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through April 30, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | .75% | 2577 |
| **Class M** | .75% | 1022 |
| **Class C** | 1.50% | 697 |
| **Global Credit** | .50% | 28 |
| **Class I** | .50% | 1358 |
| **Class Z** | .41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1457</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>7139</u> |

---

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested U.S. dollar cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $619.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **Fidelity Global Credit Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $39412 | $130134 |
| Class M | 15838 | 46674 |
| Class C | 9543 | 25667 |
| Global Credit | 412488 | 1182400 |
| Class I | 75094 | 217578 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>87983</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>280087</u> |
| Total  | <u>$640358</u> | <u>$1882540</u> |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **Fidelity Global Credit Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 49750 | 82052 | $397425 | $646293 |
| Reinvestment of distributions | 4843 | 16358 | 38889 | 128109 |
| Shares redeemed | <u>(49571)</u> | <u>(387184)</u> | <u>(395795)</u> | <u>(2991169)</u> |
| Net increase (decrease) | <u>5022</u> | <u>(288774)</u> | <u>$40519</u> | <u>$(2216767)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 3105 | 4978 | $24999 | $38312 |
| Reinvestment of distributions | 1972 | 5953 | 15838 | 46667 |
| Shares redeemed | <u>(7691)</u> | <u>(16173)</u> | <u>(61399)</u> | <u>(125663)</u> |
| Net increase (decrease) | <u>(2614)</u> | <u>(5242)</u> | <u>$(20562)</u> | <u>$(40684)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 11689 | 4446 | $93878 | $34915 |
| Reinvestment of distributions | 1187 | 3212 | 9543 | 25202 |
| Shares redeemed | <u>(21833)</u> | <u>(28535)</u> | <u>(174140)</u> | <u>(218779)</u> |
| Net increase (decrease) | <u>(8957)</u> | <u>(20877)</u> | <u>$(70719)</u> | <u>$(158662)</u> |
| **Global Credit** |  |  |  |  |
| Shares sold | 1347230 | 901090 | $10804195 | $7189734 |
| Reinvestment of distributions | 47174 | 138192 | 379281 | 1085024 |
| Shares redeemed | <u>(623279)</u> | <u>(1219367)</u> | <u>(4990750)</u> | <u>(9531084)</u> |
| Net increase (decrease) | <u>771125</u> | <u>(180085)</u> | <u>$6192726</u> | <u>$(1256326)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 326511 | 191360 | $2656923 | $1477249 |
| Reinvestment of distributions | 9248 | 27445 | 74357 | 215154 |
| Shares redeemed | <u>(763954)</u> | <u>(100902)</u> | <u>(6142604)</u> | <u>(784151)</u> |
| Net increase (decrease) | <u>(428195)</u> | <u>117903</u> | <u>$(3411324)</u> | <u>$908252</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 98158 | 279244 | $788242 | $2224601 |
| Reinvestment of distributions | 5653 | 18979 | 45679 | 149610 |
| Shares redeemed | <u>(75829)</u> | <u>(455243)</u> | <u>(609410)</u> | <u>(3615988)</u> |
| Net increase (decrease) | <u>27982</u> | <u>(157020)</u> | <u>$224511</u> | <u>$(1241777)</u> |

---

**12. 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.

In July 2025, the Board of Trustees approved a Plan of Liquidation and Dissolution. The Fund will distribute all of its net assets to its shareholders on or about September 8, 2025.

**13. 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.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img111003_4.jpg)<br>

1.939064.113 GLB-SANN-0825

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

**Semi-Annual Report**

**June 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111012_1.jpg)

![](img111012_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_AMAI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Multi-Asset Income Fund](#Sub_Sec_Fund_2792_AMAI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2792_AMAI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AMAI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AMAI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AMAI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AMAI-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

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

**Schedule of Investments June 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 1.7%** | &nbsp;&nbsp;**Alternative Funds - 1.7%** | &nbsp;&nbsp;**Alternative Funds - 1.7%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (b)(c)<br>(Cost $51,700,731)<br>| 5224212 | **50404769** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Brant Point CLO 2024-5 Ltd Series 2024-5A Class E, CME Term SOFR 3 month Index + 6.7%, 10.9695% 10/20/2037 (d)(e)(f) | 250000 | 252600 |
| Goldentree Ln Mgmt US Clo 21 Ltd Series 2024-21A Class E, CME Term SOFR 3 month Index + 5.7%, 9.9695% 7/20/2037 (d)(e)(f) | 747000 | 750420 |
| Golub Cap Partners Clo 76 B Ltd Series 2024-76A Class E, CME Term SOFR 3 month Index + 5.75%, 10.0318% 10/25/2037 (d)(e)(f) | 399000 | 402928 |
| OCP Aegis CLO Ltd Series 2024-39A Class D1, CME Term SOFR 3 month Index + 2.8%, 7.0605% 1/16/2037 (d)(e)(f) | 395000 | 395289 |
| TOTAL BAILIWICK OF JERSEY |  | 1801237 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.4%  |  |  |
| 720 East CLO IV Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.5%, 10.7561% 4/15/2037 (d)(e)(f) | 258000 | 261316 |
| Ammc Clo 24 Ltd Series 2024-24A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.7695% 1/20/2035 (d)(e)(f) | 412000 | 406889 |
| Apidos Clo Liii Series 2025-53A Class E, CME Term SOFR 3 month Index + 6.43%, 10.7585% 7/20/2038 (d)(e)(f) | 402000 | 408437 |
| Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5224% 10/22/2037 (d)(e)(f) | 238000 | 238004 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 7.2561% 3/30/2038 (d)(e)(f) | 246000 | 241506 |
| Bbam US Clo IV Ltd Series 2024-4A Class D, CME Term SOFR 3 month Index + 6.25%, 10.5061% 7/15/2039 (d)(e)(f) | 500000 | 506102 |
| Benefit Street Partners Clo Xxxix Ltd Series 2025-39A Class D2, CME Term SOFR 3 month Index + 3.65%, 7.9065% 4/15/2038 (d)(e)(f) | 337000 | 336819 |
| Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 7.0928% 4/22/2038 (d)(e)(f) | 360000 | 360179 |
| Birch Grove Clo 4 Ltd Series 2024-4A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.7561% 7/15/2037 (d)(e)(f) | 305000 | 305946 |
| Birch Grove Clo 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 11.0195% 10/20/2037 (d)(e)(f) | 190000 | 191042 |
| Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 10.2067% 10/25/2037 (d)(e)(f) | 227000 | 228647 |
| Carval Clo Xi-C Ltd Series 2024-3A Class E, CME Term SOFR 3 month Index + 6.35%, 10.6195% 10/20/2037 (d)(e)(f) | 323000 | 326382 |
| Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 11.579% 7/21/2038 (d)(e)(f) | 493000 | 502164 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0205% 1/17/2038 (d)(e)(f) | 206000 | 206220 |
| Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.8061% 10/15/2036 (d)(e)(f) | 1072000 | 1079677 |
| Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 8.3834% 4/15/2038 (d)(e)(f) | 223000 | 223685 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.5334% 4/15/2038 (d)(e)(f) | 342000 | 345525 |
| Golub Capital Partners Clo 37b Ltd Series 2024-60A Class ER, CME Term SOFR 3 month Index + 6%, 10.2818% 10/25/2034 (d)(e)(f) | 363000 | 361592 |
| Madison Park Funding LXXII Ltd Series 2025-72A Class D2, 8.345% 7/23/2038 (f)(g) | 1000000 | 1001379 |
| Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 10.2561% 7/15/2037 (d)(e)(f) | 189000 | 191160 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5195% 10/20/2037 (d)(e)(f) | 225000 | 227129 |
| OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.8195% 7/20/2037 (d)(e)(f) | 261000 | 258909 |
| OHA Credit Partners Ltd Series 2024-18A Class D2, CME Term SOFR 3 month Index + 4.75%, 9.0195% 4/20/2037 (d)(e)(f) | 341000 | 342280 |
| Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.822% 2/20/2038 (d)(e)(f) | 1000000 | 1003879 |
| Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.8695% 10/20/2037 (d)(e)(f) | 420000 | 423756 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.3961% 2/15/2038 (d)(e)(f) | 154000 | 154399 |
| Palmer Square CLO Series 2024-2A Class E, CME Term SOFR 3 month Index + 5.7%, 9.9695% 7/20/2037 (d)(e)(f) | 1000000 | 1008790 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.9561% 1/15/2033 (d)(e)(f) | 526000 | 521103 |
| Pikes Peak Clo 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 8.0695% 4/20/2038 (d)(e)(f) | 138000 | 137430 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 10.2561% 10/15/2039 (d)(e)(f) | 395000 | 401210 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 12201556 |
| UNITED STATES - 0.0%  |  |  |
| Diameter Capital Clo 1 Ltd Series 2024-1A Class DR, CME Term SOFR 3 month Index + 6.15%, 10.4061% 10/15/2037 (d)(e)(f) | 250000 | 253211 |
| Goldentree Loan Management US Clo 7 Ltd Series 2024-7A Class ERR, CME Term SOFR 3 month Index + 5.25%, 9.5195% 4/20/2034 (d)(e)(f) | 250000 | 247290 |
| Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 11.1731% 1/20/2038 (d)(e)(f) | 181000 | 181207 |
| TOTAL UNITED STATES |  | 681708 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $14,623,546) |  | <br> **14684501** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 8.6%** | &nbsp;&nbsp;**Bank Loan Obligations - 8.6%** | &nbsp;&nbsp;**Bank Loan Obligations - 8.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5456% 8/1/2030 (d)(e)(h) | 6178070 | 6110482 |
| FINLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 5/22/2030 (d)(e)(h)(i) | 3000000 | 2988750 |
| FRANCE - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Altice France SA Tranche B-12 1LN, term loan CME Term SOFR 6 month Index + 3.6875%, 10.1875% 1/31/2026 (d)(e)(h) | 2398865 | 2097207 |
| Altice France SA Tranche B-13 1LN, term loan CME Term SOFR 6 month Index + 4%, 10.5% 8/14/2026 (d)(e)(h) | 6179196 | 5422245 |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7561% 8/15/2028 (d)(e)(h) | 2393893 | 2163146 |
| TOTAL FRANCE |  | 9682598 |
| UNITED KINGDOM - 1.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Crown Finance US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.5658% 12/2/2031 (d)(e)(h) | 5672248 | 5665158 |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| City Football Group Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 8.0413% 7/21/2030 (d)(e)(h) | 14537376 | 14440412 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| EG America LLC Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5827% 2/7/2028 (d)(e)(h) | 9587514 | 9618289 |
| TOTAL UNITED KINGDOM |  | 29723859 |
| UNITED STATES - 7.0%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.7913% 4/15/2030 (d)(e)(h) | 9195172 | 9070210 |
| Consumer Discretionary - 2.6% |  |  |
| Broadline Retail - 1.9% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 1/23/2032 (d)(e)(h) | 54089674 | 53937682 |
| Diversified Consumer Services - 0.2% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5774% 3/4/2028 (d)(e)(h) | 6867070 | 6008687 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| CE Intermediate I LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.4503% 3/25/2032 (d)(e)(h) | 1492500 | 1490634 |
| ClubCorp Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5572% 9/18/2026 (d)(e)(h) | 2296066 | 2294918 |
| Fertitta Entertainment LLC/NV 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8268% 1/27/2029 (d)(e)(h) | 5539490 | 5529796 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5572% 6/1/2028 (d)(e)(h) | 3706818 | 3629605 |
|  |  | 12944953 |
| Specialty Retail - 0.1% |  |  |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1618% 6/6/2031 (d)(e)(h) | 495000 | 460969 |
| RVR Dealership Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1768% 2/8/2028 (d)(e)(h) | 2249173 | 2053000 |
|  |  | 2513969 |
| TOTAL CONSUMER DISCRETIONARY |  | 75405291 |
| Health Care - 0.7% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 12/18/2030 (d)(e)(h)(i) | 650000 | 650409 |
| Pharmaceuticals - 0.7% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5613% 10/8/2030 (d)(e)(h) | 18790000 | 18082369 |
| TOTAL HEALTH CARE |  | 18732778 |
| Industrials - 0.1% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| Echo Global Logistics Inc 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.1768% 11/23/2028 (d)(e)(h)(j) | 1847750 | 1794165 |
| Echo Global Logistics Inc 2LN, term loan CME Term SOFR 3 month Index + 7.25%, 11.6768% 11/23/2029 (d)(e)(h)(j) | 655000 | 626835 |
|  |  | 2421000 |
| Machinery - 0.0% |  |  |
| JBT Marel Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.4268% 1/2/2032 (d)(e)(h) | 159600 | 159999 |
| TOTAL INDUSTRIALS |  | 2580999 |
| Information Technology - 3.2% |  |  |
| IT Services - 2.6% |  |  |
| X Corp 1LN, term loan 9.5% 10/26/2029 (h) | 46140000 | 44832854 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.9268% 10/26/2029 (d)(e)(h) | 29403497 | 28696049 |
|  |  | 73528903 |
| Software - 0.6% |  |  |
| Dcert Buyer Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3268% 10/16/2026 (d)(e)(h) | 2869257 | 2839359 |
| RealPage Inc 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0456% 4/24/2028 (d)(e)(h) | 209475 | 209475 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (h) | 7700000 | 7724101 |
| X.AI LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 0% 6/28/2030 (d)(e)(h)(i) | 6200000 | 5902896 |
|  |  | 16675831 |
| TOTAL INFORMATION TECHNOLOGY |  | 90204734 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.8268% 3/29/2030 (d)(e)(h) | 3478125 | 3447691 |
| TOTAL UNITED STATES |  | 199441703 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $249,414,318) |  | <br> **247947392** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 0.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| BANK Series 2020-BN30 Class MCDG, 3.0155% 12/15/2053 (d)<br> (Cost $178,332) | 200000 | **96239** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 45.4%** | &nbsp;&nbsp;**Common Stocks - 45.4%** | &nbsp;&nbsp;**Common Stocks - 45.4%** |
|  | Shares | Value ($)<br>|
| CANADA - 8.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Quebecor Inc Class B  | 116840 | 3556466 |
| Consumer Discretionary - 0.8% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Pizza Pizza Royalty Corp (k) | 770400 | 8491797 |
| Restaurant Brands International Inc  | 1054 | 69915 |
|  |  | 8561712 |
| Specialty Retail - 0.5% |  |  |
| Aritzia Inc Subordinate Voting Shares (l) | 114300 | 5921693 |
| Groupe Dynamite Inc Subordinate Voting Shares  | 442600 | 8531852 |
|  |  | 14453545 |
| TOTAL CONSUMER DISCRETIONARY |  | 23015257 |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Alimentation Couche-Tard Inc  | 930 | 46229 |
| Metro Inc/CN  | 603 | 47368 |
| North West Co Inc/The  | 375830 | 13322059 |
|  |  | 13415656 |
| Food Products - 0.4% |  |  |
| Maple Leaf Foods Inc  | 548800 | 11433417 |
| TOTAL CONSUMER STAPLES |  | 24849073 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Canadian Natural Resources Ltd  | 2026 | 63677 |
| Canadian Natural Resources Ltd (United States)  | 208100 | 6534341 |
| Imperial Oil Ltd  | 969 | 76979 |
| South Bow Corp  | 165000 | 4283275 |
|  |  | 10958272 |
| Financials - 1.0% |  |  |
| Banks - 0.8% |  |  |
| Toronto Dominion Bank  | 310400 | 22830669 |
| Capital Markets - 0.2% |  |  |
| TMX Group Ltd  | 169200 | 7171819 |
| TOTAL FINANCIALS |  | 30002488 |
| Industrials - 0.2% |  |  |
| Machinery - 0.1% |  |  |
| ATS Corp (l) | 110580 | 3526705 |
| Professional Services - 0.1% |  |  |
| Thomson Reuters Corp  | 17100 | 3438710 |
| TOTAL INDUSTRIALS |  | 6965415 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Lumine Group Inc Subordinate Voting Shares (l)(m) | 81100 | 2848550 |
| Materials - 0.4% |  |  |
| Containers & Packaging - 0.2% |  |  |
| CCL Industries Inc Class B  | 86736 | 5057981 |
| Metals & Mining - 0.2% |  |  |
| Agnico Eagle Mines Ltd/CA (United States) (s) | 44400 | 5280492 |
| TOTAL MATERIALS |  | 10338473 |
| Utilities - 4.4% |  |  |
| Gas Utilities - 0.3% |  |  |
| AltaGas Ltd (k) | 248300 | 7207857 |
| Independent Power and Renewable Electricity Producers - 4.1% |  |  |
| Capital Power Corp (k) | 1481400 | 59614995 |
| TransAlta Corp (k) | 5186200 | 55946597 |
|  |  | 115561592 |
| TOTAL UTILITIES |  | 122769449 |
| TOTAL CANADA |  | 235303443 |
| FRANCE - 0.5%  |  |  |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Vallourec SACA  | 728966 | 13477069 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| adidas AG  | 158 | 36841 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Siemens AG  | 185 | 47519 |
| TOTAL GERMANY |  | 84360 |
| IRELAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Accenture PLC Class A  | 292 | 87276 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (l) | 250000 | 4190000 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Prysmian SpA  | 538 | 38090 |
| JAPAN - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Hitachi Ltd  | 2024 | 58826 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Samsung Electronics Co Ltd  | 1888 | 83436 |
| MONACO - 1.0%  |  |  |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Scorpio Tankers Inc (k) | 762376 | 29831773 |
| NETHERLANDS - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| NXP Semiconductors NV  | 481 | 105094 |
| NORWAY - 0.8%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Frontline PLC (k) | 1473986 | 24188110 |
| TAIWAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 634 | 143595 |
| UNITED KINGDOM - 1.0%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Genius Sports Ltd Class A (k)(l) | 2550549 | 26525710 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Unilever PLC  | 761 | 46441 |
| Tobacco - 0.0% |  |  |
| Imperial Brands PLC  | 529 | 20900 |
| TOTAL CONSUMER STAPLES |  | 67341 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Astrazeneca PLC  | 23728 | 3302206 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Rolls-Royce Holdings PLC  | 6106 | 80921 |
| TOTAL UNITED KINGDOM |  | 29976178 |
| UNITED STATES - 33.4%  |  |  |
| Communication Services - 2.8% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AT&T Inc  | 3224 | 93303 |
| Verizon Communications Inc  | 2029 | 87794 |
|  |  | 181097 |
| Entertainment - 0.0% |  |  |
| Walt Disney Co/The  | 1182 | 146580 |
| Interactive Media & Services - 2.6% |  |  |
| Alphabet Inc Class A  | 162120 | 28570408 |
| Meta Platforms Inc Class A  | 62873 | 46405933 |
|  |  | 74976341 |
| Media - 0.0% |  |  |
| Comcast Corp Class A  | 10196 | 363895 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile US Inc  | 20463 | 4875514 |
| TOTAL COMMUNICATION SERVICES |  | 80543427 |
| Consumer Discretionary - 4.2% |  |  |
| Automobiles - 0.6% |  |  |
| Tesla Inc (l) | 58100 | 18456046 |
| Broadline Retail - 2.4% |  |  |
| Amazon.com Inc (l) | 301944 | 66243495 |
| Diversified Consumer Services - 0.0% |  |  |
| H&R Block Inc  | 779 | 42759 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Boyd Gaming Corp  | 44800 | 3504704 |
| Churchill Downs Inc  | 35200 | 3555200 |
| McDonald's Corp  | 440 | 128555 |
| Monarch Casino & Resort Inc  | 38100 | 3293364 |
| Starbucks Corp  | 536 | 49113 |
|  |  | 10530936 |
| Household Durables - 0.5% |  |  |
| Whirlpool Corp (k) | 154500 | 15669390 |
| Specialty Retail - 0.3% |  |  |
| Burlington Stores Inc (l) | 226 | 52576 |
| Dick's Sporting Goods Inc  | 34278 | 6780531 |
| Lowe's Cos Inc  | 457 | 101395 |
| Sportsman's Warehouse Holdings Inc (l) | 596335 | 2057356 |
| TJX Cos Inc/The  | 879 | 108548 |
|  |  | 9100406 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Columbia Sportswear Co  | 72 | 4398 |
| Tapestry Inc  | 789 | 69282 |
|  |  | 73680 |
| TOTAL CONSUMER DISCRETIONARY |  | 120116712 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.0% |  |  |
| Coca-Cola Co/The  | 1829 | 129402 |
| Keurig Dr Pepper Inc  | 3002 | 99246 |
|  |  | 228648 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Albertsons Cos Inc Class A  | 908 | 19531 |
| BJ's Wholesale Club Holdings Inc (l) | 719 | 77530 |
| Costco Wholesale Corp  | 12 | 11879 |
| Dollar Tree Inc (l) | 108800 | 10775553 |
| Target Corp  | 546 | 53863 |
| Walmart Inc  | 2144 | 209640 |
|  |  | 11147996 |
| Food Products - 0.0% |  |  |
| JM Smucker Co  | 279 | 27398 |
| Mondelez International Inc  | 751 | 50647 |
|  |  | 78045 |
| Household Products - 0.0% |  |  |
| Procter & Gamble Co/The  | 1138 | 181306 |
| Personal Care Products - 0.0% |  |  |
| Kenvue Inc  | 1867 | 39076 |
| TOTAL CONSUMER STAPLES |  | 11675071 |
| Energy - 4.2% |  |  |
| Oil, Gas & Consumable Fuels - 4.2% |  |  |
| Cheniere Energy Inc  | 30100 | 7329952 |
| DHT Holdings Inc  | 6376889 | 68934170 |
| Energy Transfer LP  | 783300 | 14201229 |
| Enterprise Products Partners LP  | 1731 | 53678 |
| Exxon Mobil Corp  | 2770 | 298606 |
| Hess Corp  | 434 | 60126 |
| International Seaways Inc (k) | 657095 | 23970826 |
| Phillips 66  | 232 | 27678 |
| Shell PLC  | 2357 | 82235 |
| Shell PLC ADR  | 96900 | 6822729 |
| Valero Energy Corp  | 224 | 30110 |
|  |  | 121811339 |
| Financials - 6.1% |  |  |
| Banks - 4.2% |  |  |
| Bank of America Corp  | 482628 | 22837957 |
| Huntington Bancshares Inc/OH  | 5097 | 85426 |
| JPMorgan Chase & Co  | 94746 | 27467814 |
| M&T Bank Corp  | 572 | 110962 |
| PNC Financial Services Group Inc/The  | 120480 | 22459882 |
| Truist Financial Corp  | 526600 | 22638534 |
| US Bancorp  | 1657 | 74979 |
| Wells Fargo & Co  | 329536 | 26402424 |
|  |  | 122077978 |
| Capital Markets - 1.5% |  |  |
| Blackrock Inc  | 86 | 90235 |
| Charles Schwab Corp/The  | 251686 | 22963831 |
| Morgan Stanley  | 137700 | 19396422 |
|  |  | 42450488 |
| Consumer Finance - 0.0% |  |  |
| Capital One Financial Corp  | 429 | 91274 |
| Financial Services - 0.4% |  |  |
| Affirm Holdings Inc Class A (l) | 88000 | 6084320 |
| Apollo Global Management Inc  | 437 | 61997 |
| Rocket Cos Inc Class A (k) | 306243 | 4342526 |
| Visa Inc Class A  | 166 | 58938 |
|  |  | 10547781 |
| Insurance - 0.0% |  |  |
| American Financial Group Inc/OH  | 576 | 72697 |
| Chubb Ltd  | 607 | 175860 |
| Hartford Insurance Group Inc/The  | 942 | 119512 |
| Marsh & McLennan Cos Inc  | 470 | 102761 |
| The Travelers Companies, Inc.  | 454 | 121463 |
|  |  | 592293 |
| TOTAL FINANCIALS |  | 175759814 |
| Health Care - 1.4% |  |  |
| Biotechnology - 0.3% |  |  |
| AbbVie Inc  | 784 | 145526 |
| Gilead Sciences Inc  | 64346 | 7134041 |
|  |  | 7279567 |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Bausch + Lomb Corp (United States) (l) | 188750 | 2455638 |
| Boston Scientific Corp (l) | 32600 | 3501566 |
|  |  | 5957204 |
| Health Care Providers & Services - 0.0% |  |  |
| Cigna Group/The  | 173 | 57190 |
| UnitedHealth Group Inc  | 419 | 130716 |
|  |  | 187906 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Danaher Corp  | 504 | 99559 |
| Pharmaceuticals - 0.9% |  |  |
| Eli Lilly & Co  | 10992 | 8568594 |
| GSK PLC  | 3021 | 57600 |
| Johnson & Johnson  | 994 | 151834 |
| Merck & Co Inc  | 60962 | 4825752 |
| Roche Holding AG  | 31 | 10118 |
| Royalty Pharma PLC Class A  | 332391 | 11976048 |
|  |  | 25589946 |
| TOTAL HEALTH CARE |  | 39114182 |
| Industrials - 3.0% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| BWX Technologies Inc  | 30700 | 4422642 |
| Byrna Technologies Inc (k)(l) | 917281 | 28325637 |
| GE Aerospace  | 413 | 106302 |
| General Dynamics Corp  | 263 | 76707 |
| Huntington Ingalls Industries Inc  | 235 | 56743 |
| Northrop Grumman Corp  | 147 | 73497 |
| RTX Corp  | 36300 | 5300526 |
|  |  | 38362054 |
| Building Products - 0.2% |  |  |
| Johnson Controls International plc  | 33566 | 3545241 |
| Trane Technologies PLC  | 7800 | 3411798 |
|  |  | 6957039 |
| Commercial Services & Supplies - 0.1% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 67387 | 3401640 |
| Veralto Corp  | 272 | 27458 |
|  |  | 3429098 |
| Construction & Engineering - 0.1% |  |  |
| EMCOR Group Inc  | 7200 | 3851208 |
| Electrical Equipment - 0.8% |  |  |
| AMETEK Inc  | 374 | 67679 |
| Eaton Corp PLC  | 15500 | 5533345 |
| GE Vernova Inc  | 31935 | 16898405 |
|  |  | 22499429 |
| Ground Transportation - 0.1% |  |  |
| Knight-Swift Transportation Holdings Inc  | 77168 | 3413141 |
| Norfolk Southern Corp  | 393 | 100596 |
|  |  | 3513737 |
| Machinery - 0.0% |  |  |
| Crane Co  | 444 | 84311 |
| ITT Inc  | 936 | 146793 |
|  |  | 231104 |
| Passenger Airlines - 0.3% |  |  |
| Delta Air Lines Inc  | 175800 | 8645844 |
| Professional Services - 0.0% |  |  |
| KBR Inc  | 468 | 22436 |
| Trading Companies & Distributors - 0.0% |  |  |
| Watsco Inc  | 141 | 62268 |
| TOTAL INDUSTRIALS |  | 87574217 |
| Information Technology - 10.5% |  |  |
| Communications Equipment - 0.3% |  |  |
| Cisco Systems Inc  | 106325 | 7376829 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Crane NXT Co  | 605 | 32610 |
| IT Services - 0.0% |  |  |
| Amdocs Ltd  | 742 | 67700 |
| GTT Communications Inc (j)(l) | 1508 | 61391 |
|  |  | 129091 |
| Semiconductors & Semiconductor Equipment - 4.1% |  |  |
| Analog Devices Inc  | 288 | 68550 |
| Broadcom Inc  | 26834 | 7396792 |
| NVIDIA Corp  | 637300 | 100687027 |
| ON Semiconductor Corp (l) | 193200 | 10125612 |
|  |  | 118277981 |
| Software - 5.5% |  |  |
| Gen Digital Inc  | 1218 | 35809 |
| Microsoft Corp  | 186873 | 92952499 |
| MicroStrategy Inc Class A (l) | 95153 | 38463697 |
| Riot Platforms Inc (k)(l) | 1352000 | 15277600 |
| Zoom Communications Inc Class A (l) | 62918 | 4906346 |
| Zscaler Inc (l) | 13745 | 4315105 |
|  |  | 155951056 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| Apple Inc  | 88353 | 18127385 |
| TOTAL INFORMATION TECHNOLOGY |  | 299894952 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Linde PLC  | 514 | 241159 |
| Containers & Packaging - 0.1% |  |  |
| AptarGroup Inc  | 21400 | 3347602 |
| Ball Corp  | 1085 | 60858 |
| Crown Holdings Inc  | 540 | 55609 |
|  |  | 3464069 |
| Metals & Mining - 0.0% |  |  |
| Freeport-McMoRan Inc  | 1031 | 44693 |
| TOTAL MATERIALS |  | 3749921 |
| Real Estate - 0.0% |  |  |
| Specialized REITs - 0.0% |  |  |
| American Tower Corp  | 269 | 59453 |
| Lamar Advertising Co Class A  | 807 | 97938 |
| Public Storage Operating Co  | 318 | 93308 |
|  |  | 250699 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.1% |  |  |
| Constellation Energy Corp  | 10806 | 3487745 |
| Exelon Corp  | 848 | 36820 |
| FirstEnergy Corp  | 699 | 28142 |
| NextEra Energy Inc  | 1829 | 126969 |
| PG&E Corp  | 2084 | 29051 |
| Southern Co/The  | 1021 | 93758 |
|  |  | 3802485 |
| Gas Utilities - 0.0% |  |  |
| Southwest Gas Holdings Inc  | 314 | 23358 |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| Vistra Corp  | 76673 | 14859994 |
| Multi-Utilities - 0.0% |  |  |
| Ameren Corp  | 386 | 37071 |
| CenterPoint Energy Inc  | 1061 | 38981 |
| WEC Energy Group Inc  | 391 | 40743 |
|  |  | 116795 |
| TOTAL UTILITIES |  | 18802632 |
| TOTAL UNITED STATES |  | 959292966 |
| ZAMBIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| First Quantum Minerals Ltd (l) | 518937 | 9218348 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,028,823,344) |  | <br> **1306078564** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 4.2%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 4.2%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 4.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 4.2%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Centrus Energy Corp 2.25% 11/1/2030 (f) | 2095000 | 4337698 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Galaxy Digital Holdings LP 2.5% 12/1/2029 (f) | 4250000 | 5206260 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Axon Enterprise Inc 0.5% 12/15/2027  | 1380000 | 5005950 |
| Rocket Lab USA Inc 4.25% 2/1/2029 (f) | 1294000 | 9087924 |
|  |  | 14093874 |
| Information Technology - 3.4% |  |  |
| Software - 2.9% |  |  |
| Core Scientific Inc 3% 9/1/2029 (f) | 8720000 | 14985320 |
| MicroStrategy Inc 0.625% 3/15/2030  | 24692000 | 68637439 |
|  |  | 83622759 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Seagate HDD Cayman 3.5% 6/1/2028  | 3790000 | 6816315 |
| Western Digital Corp 3% 11/15/2028  | 3840000 | 6892800 |
|  |  | 13709115 |
| TOTAL INFORMATION TECHNOLOGY |  | 97331874 |
| TOTAL UNITED STATES |  | 120969706 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $87,574,193) |  | <br> **120969706** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 3.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.4%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 3.4%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Acrisure Holdings Inc Series A-2 (j) | 103820 | 2544628 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Boeing Co Series A, 6%  | 535500 | 36542520 |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Microchip Technology Inc 7.5%  | 132400 | 8823136 |
| Software - 1.8% |  |  |
| MicroStrategy Inc 8%  | 416209 | 50489690 |
| TOTAL INFORMATION TECHNOLOGY |  | 59312826 |
| TOTAL UNITED STATES |  | 98399974 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $80,717,910) |  | <br> **98399974** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 2.5%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 2.5%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 2.5%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 2.5%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BRAZIL - 2.0%  |  |  |  |
| Brazilian Federative Republic 10% 1/1/2027  | BRL | 233365000 | 40745776 |
| Brazilian Federative Republic 10% 1/1/2031  | BRL | 108160000 | 17471410 |
| TOTAL BRAZIL |  |  | 58217186 |
| ISRAEL - 0.5%  |  |  |  |
| Israel Government 5.625% 2/19/2035  |  | 13520000 | 13735873 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $68,912,478) |  |  | <br> **71953059** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 8.9%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 8.9%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 8.9%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Mineral Resources Ltd 8% 11/1/2027 (f) | 3380000 | 3395751 |
| Mineral Resources Ltd 9.25% 10/1/2028 (f) | 1775000 | 1816549 |
| TOTAL AUSTRALIA |  | 5212300 |
| BRAZIL - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (f) | 13750000 | 13681250 |
| CAMEROON - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Golar LNG Ltd 7.75% 9/19/2029 (f)(m) | 1400000 | 1406132 |
| CANADA - 1.4%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (f) | 5705000 | 5723986 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Enbridge Inc 8.5% 1/15/2084 (d) | 4345000 | 4837584 |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (d)(f) | 4185000 | 4317861 |
| South Bow Canadian Infrastructure Holdings Ltd 7.625% 3/1/2055 (d)(f) | 3250000 | 3374010 |
|  |  | 12529455 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Royal Bank of Canada 6.35% 11/24/2084 (d) | 13350000 | 12548882 |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| ATS Corp 6.5% 8/21/2032 <br> CAD | 3690000 | 2729448 |
| Utilities - 0.2% |  |  |
| Gas Utilities - 0.2% |  |  |
| AltaGas Ltd 7.2% 10/15/2054 (d)(f) | 5665000 | 5666252 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| TransAlta Corp 7.75% 11/15/2029  | 1360000 | 1428756 |
| TOTAL UTILITIES |  | 7095008 |
| TOTAL CANADA |  | 40626779 |
| FRANCE - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Altice France SA 5.125% 7/15/2029 (f) | 1555000 | 1285246 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Vallourec SACA 7.5% 4/15/2032 (f) | 3240000 | 3396055 |
| TOTAL FRANCE |  | 4681301 |
| LUXEMBOURG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Cruise Yacht Upper HoldCo Ltd 11.875% 7/5/2028  | 1000000 | 827703 |
| MONACO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc 7.5% 1/30/2030  | 1500000 | 1501917 |
| UNITED STATES - 6.1%  |  |  |
| Communication Services - 2.3% |  |  |
| Media - 2.3% |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital 3.7% 4/1/2051  | 17876000 | 11907388 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 3.9% 6/1/2052  | 12500000 | 8578873 |
| DISH Network Corp 11.75% 11/15/2027 (f) | 22140000 | 22822488 |
| EchoStar Corp 10.75% 11/30/2029  | 13190658 | 13567911 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (d) | 5423150 | 4949331 |
| Univision Communications Inc 4.5% 5/1/2029 (f) | 2635000 | 2395747 |
| Warnermedia Holdings Inc 5.141% 3/15/2052  | 496000 | 306280 |
|  |  | 64528018 |
| Consumer Discretionary - 0.8% |  |  |
| Automobiles - 0.0% |  |  |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (f) | 2415000 | 2372791 |
| Broadline Retail - 0.2% |  |  |
| Wayfair LLC 7.25% 10/31/2029 (f) | 4390000 | 4391967 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Caesars Entertainment Inc 7% 2/15/2030 (f) | 3200000 | 3313862 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (f) | 6595000 | 6085877 |
|  |  | 9399739 |
| Specialty Retail - 0.1% |  |  |
| Carvana Co 11% 6/1/2030 pay-in-kind (d)(f) | 2500000 | 2628371 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Wolverine World Wide Inc 4% 8/15/2029 (f) | 4820000 | 4321618 |
| TOTAL CONSUMER DISCRETIONARY |  | 23114486 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (f) | 3265000 | 3381407 |
| Food Products - 0.1% |  |  |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (f) | 3210000 | 3387089 |
| TOTAL CONSUMER STAPLES |  | 6768496 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (f) | 5085000 | 5240067 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (f) | 9680000 | 9415312 |
|  |  | 14655379 |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (f) | 2635000 | 2561719 |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (f) | 1395000 | 1414771 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (f) | 4635000 | 4814611 |
|  |  | 8791101 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (f) | 2800000 | 2888026 |
| Pharmaceuticals - 0.2% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (f) | 6220000 | 6274550 |
| TOTAL HEALTH CARE |  | 9162576 |
| Industrials - 0.9% |  |  |
| Air Freight & Logistics - 0.3% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (f) | 7340000 | 7370534 |
| Commercial Services & Supplies - 0.5% |  |  |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6% 6/1/2029 (f) | 3700000 | 3598512 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (f) | 3800000 | 3506018 |
| GEO Group Inc/The 8.625% 4/15/2029  | 1790000 | 1895126 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (f) | 4350000 | 4208625 |
| OT Midco Inc 10% 2/15/2030 (f) | 3195000 | 2469060 |
|  |  | 15677341 |
| Construction & Engineering - 0.1% |  |  |
| Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (f) | 1615000 | 1651338 |
| TOTAL INDUSTRIALS |  | 24699213 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.0% |  |  |
| Acuris Finance US Inc / Acuris Finance SARL 9% 8/1/2029 (f) | 1350000 | 1380315 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Wolfspeed Inc 7.9583% 6/23/2030 (f)(j)(n) | 1687669 | 1658135 |
| TOTAL INFORMATION TECHNOLOGY |  | 3038450 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Olympus Water US Holding Corp 7.125% 10/1/2027 (f) | 2800000 | 2851171 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (f) | 4445000 | 4023552 |
|  |  | 6874723 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| PacifiCorp 7.375% 9/15/2055 (d) | 5780000 | 6008659 |
| PG&E Corp 5.25% 7/1/2030  | 6250000 | 5954015 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (f) | 2110000 | 2242600 |
|  |  | 14205274 |
| TOTAL UNITED STATES |  | 175837716 |
| ZAMBIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| First Quantum Minerals Ltd 8% 3/1/2033 (f) | 4645000 | 4764330 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (f) | 4585000 | 4747859 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (f) | 2300000 | 2437195 |
| TOTAL ZAMBIA |  | 11949384 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $250,245,185) |  | <br> **255724482** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 2.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 2.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 2.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 2.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Morgan Stanley 5.85% (d) | 81677 | 1912875 |
| Information Technology - 2.0% |  |  |
| Software - 2.0% |  |  |
| MicroStrategy Inc 10%  | 113066 | 10074181 |
| MicroStrategy Inc Series A, 10%  | 417200 | 47235384 |
|  |  | 57309565 |
| TOTAL UNITED STATES |  | 59222440 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $49,878,826) |  | <br> **59222440** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 3.3%** | &nbsp;&nbsp;**Preferred Securities - 3.3%** | &nbsp;&nbsp;**Preferred Securities - 3.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 3.3%  |  |  |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Energy Transfer LP 6.5% (d)(o) | 4950000 | 5013219 |
| Energy Transfer LP 6.625% (d)(o) | 14873000 | 15165728 |
| Energy Transfer LP Series G, 7.125% (d)(o) | 10125000 | 10406131 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.6979% (d)(e)(o) | 7275000 | 7372991 |
|  |  | 37958069 |
| Financials - 1.3% |  |  |
| Banks - 0.4% |  |  |
| Citigroup Inc 6.95% (d)(o) | 3500000 | 3605684 |
| JPMorgan Chase & Co 6.875% (d)(o) | 4175000 | 4430125 |
| PNC Financial Services Group Inc/The 3.4% (d)(o) | 5000000 | 4835653 |
|  |  | 12871462 |
| Capital Markets - 0.3% |  |  |
| Goldman Sachs Group Inc/The 6.125% (d)(o) | 1935000 | 1954292 |
| Goldman Sachs Group Inc/The 6.85% (d)(o) | 1900000 | 2017322 |
| State Street Corp 6.7% (d)(o) | 3400000 | 3560551 |
|  |  | 7532165 |
| Consumer Finance - 0.5% |  |  |
| Capital One Financial Corp 3.95% (d)(o) | 7800000 | 7634714 |
| Capital One Financial Corp 5.5% (d)(o) | 7055000 | 7030066 |
|  |  | 14664780 |
| Insurance - 0.1% |  |  |
| Alliant Holdings LP 10.5% (d)(j)(o) | 1493079 | 1532408 |
| TOTAL FINANCIALS |  | 36600815 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Aircastle Ltd 5.25% (d)(f)(o) | 2745000 | 2758410 |
| Utilities - 0.6% |  |  |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| Vistra Corp 7% (d)(f)(o) | 10415000 | 10570200 |
| Vistra Corp 8% (d)(f)(o) | 6195000 | 6449482 |
|  |  | 17019682 |
| TOTAL UNITED STATES |  | 94336976 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $89,677,108) |  | <br> **94336976** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 17.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 17.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 17.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 17.6%** |
|  | Yield (%) (p) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bonds 1.25% 5/15/2050  | 4.42 to 5.16 | 540381000 | 259551749 |
| US Treasury Bonds 1.375% 8/15/2050  | 4.61 to 5.27 | 54153000 | 26699967 |
| US Treasury Bonds 1.625% 11/15/2050  | 4.58 to 5.10 | 51300000 | 27026684 |
| US Treasury Bonds 1.875% 11/15/2051  | 4.57 to 5.08 | 48225000 | 26828924 |
| US Treasury Bonds 1.875% 2/15/2051  | 4.53 to 5.20 | 294560000 | 165459875 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $507,533,258) |  |  | **505567199** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.5%** | &nbsp;&nbsp;**Money Market Funds - 6.5%** | &nbsp;&nbsp;**Money Market Funds - 6.5%** | &nbsp;&nbsp;**Money Market Funds - 6.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (q) | 4.32 | 22444989 | 22449477 |
| Fidelity Securities Lending Cash Central Fund (q)(r) | 4.32 | 164282972 | 164299400 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $186,748,877) |  |  | **186748877** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.6%**<br> (Cost $2,666,028,106)<br>| <br>**3012134178** |
| **NET OTHER ASSETS (LIABILITIES) - (4.6)%**  | **(133430405)** |
| **NET ASSETS - 100.0%** | **2878703773** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| Agnico Eagle Mines Ltd/CA | Chicago Board Options Exchange | 400 | 4757200 | 135.00 | 08/15/25 | (56000) |
|  |  |  |  |  |  | (56000) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(56000)** |

---

**Currency Abbreviations**

BRL - Brazilian Real <br> CAD - Canadian Dollar

**Legend**

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

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $50,404,769 or 1.8% of net assets.

(c) Affiliated Fund

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

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

(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 $246,762,404 or 8.6% of net assets.

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

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

(i) A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.

(j) Level 3 security

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

(l) Non-income producing

(m) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $4,254,682 or 0.1% of net assets.

(n) 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.

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

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

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

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

(s) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $4,757,200.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Fidelity Private Credit Company LLC | 4/28/22 - 6/09/25 | 51700731 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 31101300 | 486342679 | 494994502 | 656261 | - | - | 22449477 | 22444989 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 92603154 | 664448560 | 592752314 | 390768 | - | - | 164299400 | 164282972 | 0.5% |
| Total | 123704454 | 1150791239 | 1087746816 | 1047029 | - | - | 186748877 |  |  |

---

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

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

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

**Affiliated Underlying Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Private Credit Company LLC | 37599850 | 13035727 | - | 2495727 | - | (230808) | 50404769 | 5224212 |
|  | 37599850 | 13035727 | - | 2495727 | - | (230808) | 50404769 |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Alternative Funds** | 50404769 | - | 50404769 | - |
|  **Asset-Backed Securities** | 14684501 | - | 14684501 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 24417966 | - | 24417966 | - |
| Consumer Discretionary | 95956185 | - | 95956185 | - |
| Energy | 9618289 | - | 9618289 | - |
| Health Care | 18732778 | - | 18732778 | - |
| Industrials | 2580999 | - | 159999 | 2421000 |
| Information Technology | 90204734 | - | 90204734 | - |
| Materials | 2988750 | - | 2988750 | - |
| Utilities | 3447691 | - | 3447691 | - |
|  **Commercial Mortgage Securities** | 96239 | - | 96239 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 84099893 | 84099893 | - | - |
| Consumer Discretionary | 169694520 | 169694520 | - | - |
| Consumer Staples | 36591485 | 36524144 | 67341 | - |
| Energy | 200266563 | 200184328 | 82235 | - |
| Financials | 205762302 | 205762302 | - | - |
| Health Care | 46606388 | 43236464 | 3369924 | - |
| Industrials | 94764988 | 94539632 | 225356 | - |
| Information Technology | 303162903 | 303101512 | - | 61391 |
| Materials | 23306742 | 23306742 | - | - |
| Real Estate | 250699 | 250699 | - | - |
| Utilities | 141572081 | 141572081 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Energy | 4337698 | - | 4337698 | - |
| Financials | 5206260 | - | 5206260 | - |
| Industrials | 14093874 | - | 14093874 | - |
| Information Technology | 97331874 | - | 97331874 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 2544628 | - | - | 2544628 |
| Industrials | 36542520 | - | 36542520 | - |
| Information Technology | 59312826 | - | 59312826 | - |
|  **Foreign Government and Government Agency Obligations** | 71953059 | - | 71953059 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 65813264 | - | 65813264 | - |
| Consumer Discretionary | 28838472 | - | 28838472 | - |
| Consumer Staples | 6768496 | - | 6768496 | - |
| Energy | 33488938 | - | 33488938 | - |
| Financials | 22167686 | - | 22167686 | - |
| Health Care | 9162576 | - | 9162576 | - |
| Industrials | 27428661 | - | 27428661 | - |
| Information Technology | 3038450 | - | 1380315 | 1658135 |
| Materials | 37717657 | - | 37717657 | - |
| Utilities | 21300282 | - | 21300282 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Financials | 1912875 | 1912875 | - | - |
| Information Technology | 57309565 | 57309565 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 37958069 | - | 37958069 | - |
| Financials | 36600815 | - | 35068407 | 1532408 |
| Industrials | 2758410 | - | 2758410 | - |
| Utilities | 17019682 | - | 17019682 | - |
|  **U.S. Treasury Obligations** | 505567199 | - | 505567199 | - |
|  **Money Market Funds** | 186748877 | 186748877 | - | - |
| **Total Investments in Securities:** | 3012134178 | 1548243634 | 1455672982 | 8217562 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (56000) | (56000) | - | - |
| Total Liabilities | (56000) | (56000) | - | - |
| **Total Derivative Instruments:** | (56000) | (56000) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | 0 | (56000) |
| **Total Equity Risk**  | 0 | (56000) |
| **Total Value of Derivatives** | 0 | (56000) |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $157,108,951) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,427,578,498) | $2774980532 |  |
| Fidelity Central Funds (cost $186,748,877) | 186748877 |  |
| Other affiliated issuers (cost $51,700,731) | 50404769 |  |
| Total Investment in Securities (cost $2,666,028,106) |  | $3012134178 |
| Cash |  | 2581850 |
| Foreign currency held at value (cost $89,746) |  | 89747 |
| Receivable for investments sold |  | 70370686 |
| Receivable for premium on written options |  | 73175 |
| Receivable for fund shares sold |  | 2125509 |
| Dividends receivable |  | 2206249 |
| Interest receivable |  | 15770215 |
| Distributions receivable from Fidelity Central Funds |  | 126500 |
| Other receivables |  | 47861 |
| **Total assets** |  | 3105525970 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $53700467 |  |
| Delayed delivery | 1000000 |  |
| Payable for fund shares redeemed | 5017774 |  |
| Distributions payable | 965537 |  |
| Accrued management fee | 1535069 |  |
| Distribution and service plan fees payable | 164441 |  |
| Written options, at value (premium received $73,175) | 56000 |  |
| Other payables and accrued expenses | 83665 |  |
| Collateral on securities loaned | 164299244 |  |
| **Total liabilities** |  | 226822197 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $2878703773 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2710526545 |
| Total accumulated earnings (loss) |  | 168177228 |
| **Net Assets** |  | $2878703773 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($288,393,511 ÷ 19,666,726 shares)(a) |  | $14.66 |
| Maximum offering price per share (100/96.00 of $14.66) |  | $15.27 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($34,068,284 ÷ 2,320,727 shares)(a) |  | $14.68 |
| Maximum offering price per share (100/96.00 of $14.68) |  | $15.29 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($121,102,886 ÷ 8,273,632 shares)(a) |  | $14.64 |
| **Fidelity Multi-Asset Income Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,150,068,242 ÷ 78,392,638 shares) |  | $14.67 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($811,591,041 ÷ 55,335,621 shares) |  | $14.67 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($473,479,809 ÷ 32,275,742 shares) |  | $14.67 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $22276218 |
| Affiliated issuers |  | 2495727 |
| Interest  |  | 41911489 |
| Income from Fidelity Central Funds (including $390,768 from security lending)  |  | 1047029 |
| **Total income** |  | 67730463 |
| **Expenses** |  |  |
| Management fee | $9481507 |  |
| Distribution and service plan fees | 968582 |  |
| Custodian fees and expenses | 51947 |  |
| Independent trustees' fees and expenses | 3682 |  |
| Registration fees | 130247 |  |
| Audit fees | 46681 |  |
| Legal | 2067 |  |
| Interest | 4351 |  |
| Miscellaneous | 6093 |  |
| Total expenses before reductions | 10695157 |  |
| Expense reductions | (181796) |  |
| Total expenses after reductions |  | 10513361 |
| **Net Investment income (loss)** |  | 57217102 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (26469060) |  |
| Foreign currency transactions | (301761) |  |
| Written options | 213826 |  |
| Total net realized gain (loss) |  | (26556995) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 127294928 |  |
| Affiliated issuers  | (230808) |  |
| Assets and liabilities in foreign currencies | 132969 |  |
| Written options | 24537 |  |
| Total change in net unrealized appreciation (depreciation) |  | 127221626 |
| **Net gain (loss)** |  | 100664631 |
| **Net increase (decrease) in net assets resulting from operations** |  | $157881733 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $57217102 | $96821167 |
| &nbsp;&nbsp;Net realized gain (loss) | (26556995)<br>| 70345882<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 127221626 | 71786217<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 157881733<br>| 238953266<br>|
| Distributions to shareholders | (57250854)<br>| (100697690)<br>|
| Share transactions - net increase (decrease) | (105607186)<br>| 402105953<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (4976307)<br>| 540361529<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2883680080 | 2343318551<br>|
| &nbsp;&nbsp;End of period | $2878703773 | $2883680080 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.12 | $13.35 | $12.48 | $14.97 | $13.15 | $11.72 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .267  | .484  | .527  | .440  | .339  | .384  |
| Net realized and unrealized gain (loss)  | .541  | .790  | .874  | (2.378)  | 1.923  | 1.464  |
| Total from investment operations  | .808  | 1.274  | 1.401  | (1.938)  | 2.262  | 1.848  |
| Distributions from net investment income  | (.268)  | (.504)  | (.531)  | (.448)  | (.407)  | (.401)  |
| Distributions from net realized gain  | -  | -  | -  | (.104)  | (.035)  | (.017)  |
| Total distributions  | (.268)  | (.504)  | (.531)  | (.552)  | (.442)  | (.418)  |
| Net asset value, end of period  | $14.66 | $14.12 | $13.35 | $12.48 | $14.97 | $13.15 |
| **Total Return** C,D,E | 5.81% <br>| 9.65%  | 11.43%  | (13.08)%  | 17.40%  | 16.26%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .98% H | .98%  | 1.00%  | 1.00%  | 1.01%  | 1.13%  |
| Expenses net of fee waivers, if any  | .96% H<br>| .97%  | .99%  | 1.00%  | 1.01%  | 1.10%  |
| Expenses net of all reductions, if any  | .96% H | .96%  | .99%  | 1.00%  | 1.01%  | 1.08%  |
| Net investment income (loss)  | 3.84% H | 3.47%  | 4.09%  | 3.34%  | 2.35%  | 3.27%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $288394 | $269987 | $217454 | $151549 | $132537 | $30583 |
| Portfolio turnover rate I | 216% H<br>| 230%  | 175%  | 256%  | 150%  | 308%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.13 | $13.37 | $12.50 | $14.99 | $13.15 | $11.72 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .268  | .486  | .531  | .444  | .342  | .383  |
| Net realized and unrealized gain (loss)  | .551  | .780  | .873  | (2.379)  | 1.943  | 1.463  |
| Total from investment operations  | .819  | 1.266  | 1.404  | (1.935)  | 2.285  | 1.846  |
| Distributions from net investment income  | (.269)  | (.506)  | (.534)  | (.451)  | (.410)  | (.399)  |
| Distributions from net realized gain  | -  | -  | -  | (.104)  | (.035)  | (.017)  |
| Total distributions  | (.269)  | (.506)  | (.534)  | (.555)  | (.445)  | (.416)  |
| Net asset value, end of period  | $14.68 | $14.13 | $13.37 | $12.50 | $14.99 | $13.15 |
| **Total Return** C,D,E | 5.89% <br>| 9.58%  | 11.44%  | (13.05)%  | 17.58%  | 16.24%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .97% H | .96%  | .98%  | .99%  | .99%  | 1.13%  |
| Expenses net of fee waivers, if any  | .95% H<br>| .95%  | .97%  | .99%  | .99%  | 1.10%  |
| Expenses net of all reductions, if any  | .95% H | .95%  | .97%  | .99%  | .99%  | 1.08%  |
| Net investment income (loss)  | 3.85% H | 3.49%  | 4.11%  | 3.36%  | 2.37%  | 3.27%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $34068 | $31131 | $24031 | $18176 | $18698 | $11048 |
| Portfolio turnover rate I | 216% H<br>| 230%  | 175%  | 256%  | 150%  | 308%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.09 | $13.33 | $12.46 | $14.94 | $13.13 | $11.70 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .214  | .379  | .430  | .341  | .231  | .298  |
| Net realized and unrealized gain (loss)  | .551  | .779  | .873  | (2.368)  | 1.917  | 1.463  |
| Total from investment operations  | .765  | 1.158  | 1.303  | (2.027)  | 2.148  | 1.761  |
| Distributions from net investment income  | (.215)  | (.398)  | (.433)  | (.349)  | (.303)  | (.314)  |
| Distributions from net realized gain  | -  | -  | -  | (.104)  | (.035)  | (.017)  |
| Total distributions  | (.215)  | (.398)  | (.433)  | (.453)  | (.338)  | (.331)  |
| Net asset value, end of period  | $14.64 | $14.09 | $13.33 | $12.46 | $14.94 | $13.13 |
| **Total Return** C,D,E | 5.50% <br>| 8.76%  | 10.61%  | (13.69)%  | 16.50%  | 15.44%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.73% H | 1.72%  | 1.75%  | 1.76%  | 1.76%  | 1.84%  |
| Expenses net of fee waivers, if any  | 1.72% H<br>| 1.72%  | 1.74%  | 1.76%  | 1.76%  | 1.84%  |
| Expenses net of all reductions, if any  | 1.72% H | 1.71%  | 1.74%  | 1.75%  | 1.76%  | 1.82%  |
| Net investment income (loss)  | 3.08% H | 2.72%  | 3.34%  | 2.59%  | 1.60%  | 2.53%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $121103 | $116372 | $97311 | $66028 | $61356 | $13015 |
| Portfolio turnover rate I | 216% H<br>| 230%  | 175%  | 256%  | 150%  | 308%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

**Fidelity® Multi-Asset Income Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.13 | $13.36 | $12.49 | $14.98 | $13.15 | $11.72 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .289  | .524  | .563  | .480  | .378  | .417  |
| Net realized and unrealized gain (loss)  | .540  | .790  | .873  | (2.381)  | 1.934  | 1.460  |
| Total from investment operations  | .829  | 1.314  | 1.436  | (1.901)  | 2.312  | 1.877  |
| Distributions from net investment income  | (.289)  | (.544)  | (.566)  | (.485)  | (.447)  | (.430)  |
| Distributions from net realized gain  | -  | -  | -  | (.104)  | (.035)  | (.017)  |
| Total distributions  | (.289)  | (.544)  | (.566)  | (.589)  | (.482)  | (.447)  |
| Net asset value, end of period  | $14.67 | $14.13 | $13.36 | $12.49 | $14.98 | $13.15 |
| **Total Return** C,D | 5.96% <br>| 9.96%  | 11.72%  | (12.83)%  | 17.80%  | 16.55%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .68% G | .69%  | .73%  | .73%  | .74%  | .85%  |
| Expenses net of fee waivers, if any  | .67% G<br>| .68%  | .72%  | .73%  | .74%  | .85%  |
| Expenses net of all reductions, if any  | .67% G | .68%  | .72%  | .73%  | .74%  | .83%  |
| Net investment income (loss)  | 4.13% G | 3.76%  | 4.36%  | 3.62%  | 2.63%  | 3.53%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1150068 | $1208234 | $1050521 | $912819 | $1125873 | $211236 |
| Portfolio turnover rate H | 216% G<br>| 230%  | 175%  | 256%  | 150%  | 308%  |

---

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

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

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

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

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

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

G*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.12 | $13.35 | $12.48 | $14.97 | $13.15 | $11.72 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .285  | .519  | .559  | .474  | .375  | .417  |
| Net realized and unrealized gain (loss)  | .551  | .789  | .874  | (2.379)  | 1.924  | 1.461  |
| Total from investment operations  | .836  | 1.308  | 1.433  | (1.905)  | 2.299  | 1.878  |
| Distributions from net investment income  | (.286)  | (.538)  | (.563)  | (.481)  | (.444)  | (.431)  |
| Distributions from net realized gain  | -  | -  | -  | (.104)  | (.035)  | (.017)  |
| Total distributions  | (.286)  | (.538)  | (.563)  | (.585)  | (.479)  | (.448)  |
| Net asset value, end of period  | $14.67 | $14.12 | $13.35 | $12.48 | $14.97 | $13.15 |
| **Total Return** C,D | 6.02% <br>| 9.92%  | 11.70%  | (12.87)%  | 17.70%  | 16.56%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .72% G | .72%  | .75%  | .76%  | .76%  | .83%  |
| Expenses net of fee waivers, if any  | .71% G<br>| .72%  | .75%  | .76%  | .76%  | .83%  |
| Expenses net of all reductions, if any  | .71% G | .71%  | .75%  | .76%  | .76%  | .81%  |
| Net investment income (loss)  | 4.09% G | 3.72%  | 4.33%  | 3.59%  | 2.60%  | 3.54%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $811591 | $831384 | $695649 | $429436 | $461353 | $55206 |
| Portfolio turnover rate H | 216% G<br>| 230%  | 175%  | 256%  | 150%  | 308%  |

---

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

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

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

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

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

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

G*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.12 | $13.36 | $12.49 | $14.98 | $13.15 | $11.72 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .292  | .532  | .572  | .480  | .388  | .431  |
| Net realized and unrealized gain (loss)  | .551  | .781  | .874  | (2.372)  | 1.933  | 1.457  |
| Total from investment operations  | .843  | 1.313  | 1.446  | (1.892)  | 2.321  | 1.888  |
| Distributions from net investment income  | (.293)  | (.553)  | (.576)  | (.494)  | (.456)  | (.441)  |
| Distributions from net realized gain  | -  | -  | -  | (.104)  | (.035)  | (.017)  |
| Total distributions  | (.293)  | (.553)  | (.576)  | (.598)  | (.491)  | (.458)  |
| Net asset value, end of period  | $14.67 | $14.12 | $13.36 | $12.49 | $14.98 | $13.15 |
| **Total Return** C,D | 6.07% <br>| 9.95%  | 11.81%  | (12.77)%  | 17.87%  | 16.65%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .62% G | .63%  | .65%  | .66%  | .67%  | .77%  |
| Expenses net of fee waivers, if any  | .61% G<br>| .62%  | .65%  | .66%  | .67%  | .76%  |
| Expenses net of all reductions, if any  | .61% G | .62%  | .65%  | .66%  | .67%  | .74%  |
| Net investment income (loss)  | 4.19% G | 3.81%  | 4.43%  | 3.69%  | 2.69%  | 3.61%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $473480 | $426573 | $258352 | $159796 | $93316 | $20701 |
| Portfolio turnover rate H | 216% G<br>| 230%  | 175%  | 256%  | 150%  | 308%  |

---

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

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

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

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

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

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

G*Annualized.*

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended June 30, 2025

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the six month period ended June 30, 2025 was 9.80%.

**4. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, foreign government and government agency obligations, preferred securities, U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Brokers which make markets in asset backed securities, collateralized mortgage obligations and commercial mortgage securities may also consider such factors as the structure of the issue, cash flow assumptions, the value of underlying assets as well as any guarantees. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

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

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), contingent interest, equity-debt classifications, certain conversion ratio adjustments, partnerships, capital loss carryforwards and losses deferred due to wash sales and options.

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** | $366758779 |
| **Gross unrealized depreciation** | <u>(36943305)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$329815474</u> |
| **Tax cost** | <u>$2682335879</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(132511381) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(132511381)</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.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | |
|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | Fidelity Private Credit Company LLC | 4549982 |

---

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

**5. Derivative Instruments.**

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

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

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

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

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

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.

**6. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | 2678694033 | 2795500995 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .71 |
| **Class M** | .69 |
| **Class C** | .71 |
| **Fidelity Multi-Asset Income Fund** | .69 |
| **Class I** | .71 |
| **Class Z** | .61 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .71 |
| **Class M** | .69 |
| **Class C** | .71 |
| **Fidelity Multi-Asset Income Fund** | .66 |
| **Class I** | .71 |
| **Class Z** | .60 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | - % | .25% | 344983 | 38819 |
| **Class M** | - % | .25% | 39852 | - |
| **Class C** | .75% | .25% | <u>583747</u> | <u>122755</u> |
|  |  |  | <u>968582</u> | <u>161574</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 25919 |
| **Class M** | 3981 |
| **Class C** A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>171</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>30071</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | 40415 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Advisor Multi-Asset Income Fund**  | Borrower | 5737500 | 4.55% | 4351 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | 98350844 | 163193195 | (2090107) |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | 2221 |

---

**8. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | 2289 |

---

**9. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Multi-Asset Income Fund** | 43603 | 19 | - |

---

**10. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until April 30, 2026. During the period, this waiver reduced the Fund's management fee by $166,291.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $15,505.

**11. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **Fidelity Advisor Multi-Asset Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $5275088 | $8837227 |
| Class M | 612109 | 992558 |
| Class C | 1793720 | 3117778 |
| Fidelity Multi-Asset Income Fund | 23660310 | 44870989 |
| Class I | 16526690 | 29620822 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9382937</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>13258316</u> |
| Total  | <u>$57250854</u> | <u>$100697690</u> |

---

**12. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **Fidelity Advisor Multi-Asset Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 2062061 | 6157962 | $29206422 | $85865888 |
| Reinvestment of distributions | 370334 | 627490 | 5229369 | 8768666 |
| Shares redeemed | <u>(1887903)</u> | <u>(3949475)</u> | <u>(26334694)</u> | <u>(54858340)</u> |
| Net increase (decrease) | <u>544492</u> | <u>2835977</u> | <u>$8101097</u> | <u>$39776214</u> |
| **Class M** |  |  |  |  |
| Shares sold | 329917 | 693522 | $4613628 | $9734408 |
| Reinvestment of distributions | 41121 | 68120 | 581262 | 953033 |
| Shares redeemed | <u>(252822)</u> | <u>(356970)</u> | <u>(3520076)</u> | <u>(4989155)</u> |
| Net increase (decrease) | <u>118216</u> | <u>404672</u> | <u>$1674814</u> | <u>$5698286</u> |
| **Class C** |  |  |  |  |
| Shares sold | 713330 | 2216487 | $10069373 | $30790724 |
| Reinvestment of distributions | 126869 | 222711 | 1787301 | 3106997 |
| Shares redeemed | <u>(823891)</u> | <u>(1483360)</u> | <u>(11501374)</u> | <u>(20650017)</u> |
| Net increase (decrease) | <u>16308</u> | <u>955838</u> | <u>$355300</u> | <u>$13247704</u> |
| **Fidelity Multi-Asset Income Fund** |  |  |  |  |
| Shares sold | 7518934 | 27182337 | $106742829 | $377713393 |
| Reinvestment of distributions | 1422457 | 2725929 | 20089556 | 38094104 |
| Shares redeemed | <u>(16085173)</u> | <u>(23015847)</u> | <u>(224522818)</u> | <u>(319886783)</u> |
| Net increase (decrease) | <u>(7143782)</u> | <u>6892419</u> | <u>$(97690433)</u> | <u>$95920714</u> |
| **Class I** |  |  |  |  |
| Shares sold | 8480692 | 23015968 | $119870298 | $319659694 |
| Reinvestment of distributions | 1149947 | 2078921 | 16237591 | 29050042 |
| Shares redeemed | <u>(13168364)</u> | <u>(18312883)</u> | <u>(183579050)</u> | <u>(254160957)</u> |
| Net increase (decrease) | <u>(3537725)</u> | <u>6782006</u> | <u>$(47471161)</u> | <u>$94548779</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 6828566 | 18235602 | $95889366 | $255816702 |
| Reinvestment of distributions | 546121 | 789543 | 7715773 | 11067691 |
| Shares redeemed | <u>(5299707)</u> | <u>(8165855)</u> | <u>(74181942)</u> | <u>(113970137)</u> |
| Net increase (decrease) | <u>2074980</u> | <u>10859290</u> | <u>$29423197</u> | <u>$152914256</u> |

---

**13. Other.**

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

**14. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img111012_4.jpg)<br>

1.9865889.109 AMAI-SANN-0825

**Fidelity® Series International Developed Markets Bond Index Fund**

**Semi-Annual Report**

**June 30, 2025**

![](img111015_1.jpg)

![](img111015_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_IDM-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series International Developed Markets Bond Index Fund](#Sub_Sec_Fund_6397_IDM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6397_IDM-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IDM-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IDM-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IDM-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IDM-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Series International Developed Markets Bond Index Fund**

**Schedule of Investments June 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 99.6%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 99.6%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 99.6%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 99.6%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 4.8%  |  |  |  |
| Australian Commonwealth 0.5% 9/21/2026 (b) | AUD | 64476000 | 41039621 |
| Australian Commonwealth 1% 11/21/2031 (b) | AUD | 108757000 | 60569659 |
| Australian Commonwealth 1% 12/21/2030 (b) | AUD | 32812000 | 18865582 |
| Australian Commonwealth 1.25% 5/21/2032  | AUD | 36100000 | 20101246 |
| Australian Commonwealth 1.5% 6/21/2031  | AUD | 18500000 | 10783232 |
| Australian Commonwealth 1.75% 11/21/2032 (b) | AUD | 13400000 | 7613359 |
| Australian Commonwealth 1.75% 6/21/2051 (b) | AUD | 28212000 | 10078563 |
| Australian Commonwealth 2.5% 5/21/2030  | AUD | 64800000 | 40807427 |
| Australian Commonwealth 2.75% 11/21/2027 (b) | AUD | 131951000 | 85874377 |
| Australian Commonwealth 2.75% 11/21/2028 (b) | AUD | 7267000 | 4699220 |
| Australian Commonwealth 2.75% 11/21/2029 (b) | AUD | 137813000 | 88286242 |
| Australian Commonwealth 2.75% 5/21/2041 (b) | AUD | 35678000 | 18783302 |
| Australian Commonwealth 2.75% 6/21/2035 (b) | AUD | 52500000 | 30596225 |
| Australian Commonwealth 3% 11/21/2033 (b) | AUD | 34500000 | 21075645 |
| Australian Commonwealth 3% 3/21/2047 (b) | AUD | 24400000 | 12274108 |
| Australian Commonwealth 3.25% 4/21/2029 (b) | AUD | 64300000 | 42183201 |
| Australian Commonwealth 3.5% 12/21/2034 (b) | AUD | 88000000 | 55136016 |
| Australian Commonwealth 3.75% 4/21/2037 (b) | AUD | 29572000 | 18519060 |
| Australian Commonwealth 3.75% 5/21/2034 (b) | AUD | 39600000 | 25460430 |
| Australian Commonwealth 4.25% 6/21/2034 (b) | AUD | 5800000 | 3883319 |
| Australian Commonwealth 4.5% 4/21/2033 (b) | AUD | 72521000 | 49563471 |
| Australian Commonwealth 4.75% 4/21/2027 (b) | AUD | 31200000 | 21081724 |
| Australian Commonwealth 4.75% 6/21/2054 (b) | AUD | 12500000 | 8100922 |
| TOTAL AUSTRALIA |  |  | 695375951 |
| AUSTRIA - 4.8%  |  |  |  |
| Austrian Republic 0% 10/20/2028 (b)(c) | EUR | 8400000 | 9221044 |
| Austrian Republic 0% 10/20/2040 (b)(c) | EUR | 46009000 | 32613274 |
| Austrian Republic 0% 2/20/2030 (b)(c) | EUR | 86862000 | 91907115 |
| Austrian Republic 0% 2/20/2031 (b)(c) | EUR | 18603000 | 19061155 |
| Austrian Republic 0.25% 10/20/2036 (b)(c) | EUR | 24709000 | 21175056 |
| Austrian Republic 0.5% 2/20/2029 (b)(c) | EUR | 63200000 | 70034072 |
| Austrian Republic 0.5% 4/20/2027 (b)(c) | EUR | 58716000 | 67433391 |
| Austrian Republic 0.7% 4/20/2071 (b)(c) | EUR | 2400000 | 1025449 |
| Austrian Republic 0.75% 10/20/2026 (b)(c) | EUR | 41310000 | 47958545 |
| Austrian Republic 0.75% 2/20/2028 (b)(c) | EUR | 19197000 | 21863934 |
| Austrian Republic 0.75% 3/20/2051 (b)(c) | EUR | 36477000 | 23248525 |
| Austrian Republic 0.85% 6/30/2120 (b)(c) | EUR | 25016000 | 9576969 |
| Austrian Republic 0.9% 2/20/2032 (b)(c) | EUR | 12330000 | 12997522 |
| Austrian Republic 1.5% 11/2/2086 (b)(c) | EUR | 16500000 | 9514688 |
| Austrian Republic 2.1% 9/20/2117 (b)(c) | EUR | 6220000 | 4486230 |
| Austrian Republic 2.9% 2/20/2033 (b)(c) | EUR | 32600000 | 38772317 |
| Austrian Republic 2.9% 2/20/2034 (b)(c) | EUR | 77000000 | 90922284 |
| Austrian Republic 2.9% 5/23/2029 (b)(c) | EUR | 9400000 | 11343817 |
| Austrian Republic 2.95% 2/20/2035 (b)(c) | EUR | 3000000 | 3526259 |
| Austrian Republic 3.15% 10/20/2053 (b)(c) | EUR | 5500000 | 5980823 |
| Austrian Republic 3.15% 6/20/2044 (b)(c) | EUR | 44680000 | 50666826 |
| Austrian Republic 3.8% 1/26/2062 (b)(c) | EUR | 12165000 | 14852467 |
| Austrian Republic 4.15% 3/15/2037 (b)(c) | EUR | 16199000 | 20946085 |
| Austrian Republic 4.85% 3/15/2026 (b)(c) | EUR | 17828000 | 21431633 |
| TOTAL AUSTRIA |  |  | 700559480 |
| BELGIUM - 4.7%  |  |  |  |
| Kingdom of Belgium 0% 10/22/2027 (b)(c) | EUR | 44928000 | 50548285 |
| Kingdom of Belgium 0% 10/22/2031 (b)(c) | EUR | 54206000 | 54123601 |
| Kingdom of Belgium 0.1% 6/22/2030 (b)(c) | EUR | 21700000 | 22772498 |
| Kingdom of Belgium 0.35% 6/22/2032 (b)(c) | EUR | 28490000 | 28470016 |
| Kingdom of Belgium 0.4% 6/22/2040 (b)(c) | EUR | 18700000 | 14026894 |
| Kingdom of Belgium 0.65% 6/22/2071 (b)(c) | EUR | 47603000 | 17735070 |
| Kingdom of Belgium 0.8% 6/22/2027 (b)(c) | EUR | 6886000 | 7929410 |
| Kingdom of Belgium 0.8% 6/22/2028 (b)(c) | EUR | 29386000 | 33305052 |
| Kingdom of Belgium 0.9% 6/22/2029 (b)(c) | EUR | 33476000 | 37372559 |
| Kingdom of Belgium 1% 6/22/2026 (b)(c) | EUR | 10527000 | 12288677 |
| Kingdom of Belgium 1% 6/22/2031 (b)(c) | EUR | 19681000 | 21144871 |
| Kingdom of Belgium 1.4% 6/22/2053 (b)(c) | EUR | 31810000 | 21605504 |
| Kingdom of Belgium 1.6% 6/22/2047 (b)(c) | EUR | 9816000 | 7807405 |
| Kingdom of Belgium 1.7% 6/22/2050 (b)(c) | EUR | 16649000 | 12828163 |
| Kingdom of Belgium 1.9% 6/22/2038 (b)(c) | EUR | 7550000 | 7499077 |
| Kingdom of Belgium 2.15% 6/22/2066 (b)(c) | EUR | 9430000 | 6981865 |
| Kingdom of Belgium 2.7% 10/22/2029 (b)(c) | EUR | 34700000 | 41445723 |
| Kingdom of Belgium 2.85% 10/22/2034 (b)(c) | EUR | 63200000 | 73164174 |
| Kingdom of Belgium 3% 6/22/2033 (b)(c) | EUR | 19500000 | 23149696 |
| Kingdom of Belgium 3.1% 6/22/2035 (b)(c) | EUR | 18700000 | 21944863 |
| Kingdom of Belgium 3.3% 6/22/2054 (b)(c) | EUR | 5200000 | 5454787 |
| Kingdom of Belgium 3.45% 6/22/2043 (b)(c) | EUR | 1700000 | 1942660 |
| Kingdom of Belgium 3.75% 6/22/2045 (b) | EUR | 31138000 | 36795448 |
| Kingdom of Belgium 4.25% 3/28/2041 (b)(c) | EUR | 44660000 | 56808199 |
| Kingdom of Belgium 5% 3/28/2035 (b)(c) | EUR | 46949000 | 64124384 |
| TOTAL BELGIUM |  |  | 681268881 |
| CANADA - 4.9%  |  |  |  |
| Canadian Government 0.5% 12/1/2030  | CAD | 63762000 | 41193272 |
| Canadian Government 1% 6/1/2027  | CAD | 6319000 | 4503417 |
| Canadian Government 1.25% 3/1/2027  | CAD | 30500000 | 21908624 |
| Canadian Government 1.25% 6/1/2030  | CAD | 12150000 | 8268796 |
| Canadian Government 1.5% 12/1/2031  | CAD | 54493000 | 36498337 |
| Canadian Government 1.75% 12/1/2053 (d) | CAD | 46000000 | 22842038 |
| Canadian Government 2% 12/1/2051  | CAD | 59969000 | 32183692 |
| Canadian Government 2% 6/1/2032  | CAD | 12000000 | 8226385 |
| Canadian Government 2.25% 6/1/2029  | CAD | 700000 | 504746 |
| Canadian Government 2.5% 12/1/2032  | CAD | 24700000 | 17407477 |
| Canadian Government 2.5% 8/1/2027  | CAD | 43500000 | 31874871 |
| Canadian Government 2.75% 12/1/2055  | CAD | 3900000 | 2432678 |
| Canadian Government 2.75% 12/1/2064  | CAD | 34100000 | 20912652 |
| Canadian Government 2.75% 3/1/2030  | CAD | 16200000 | 11854502 |
| Canadian Government 2.75% 6/1/2033  | CAD | 15500000 | 11066607 |
| Canadian Government 2.75% 9/1/2027  | CAD | 4200000 | 3092130 |
| Canadian Government 2.75% 9/1/2030  | CAD | 15800000 | 11528576 |
| Canadian Government 3% 6/1/2034  | CAD | 100400000 | 72470604 |
| Canadian Government 3.25% 11/1/2026  | CAD | 97800000 | 72429692 |
| Canadian Government 3.25% 12/1/2033  | CAD | 33700000 | 24877232 |
| Canadian Government 3.25% 12/1/2034  | CAD | 42800000 | 31422269 |
| Canadian Government 3.5% 12/1/2045  | CAD | 8519000 | 6248903 |
| Canadian Government 3.5% 12/1/2057  | CAD | 3700000 | 2675357 |
| Canadian Government 3.5% 3/1/2028  | CAD | 57700000 | 43286051 |
| Canadian Government 3.5% 9/1/2029  | CAD | 102500000 | 77363146 |
| Canadian Government 4% 3/1/2029  | CAD | 44500000 | 34097290 |
| Canadian Government 4% 6/1/2041  | CAD | 19381000 | 15169083 |
| Canadian Government 4% 8/1/2026  | CAD | 29400000 | 21912382 |
| Canadian Government 5.75% 6/1/2029  | CAD | 4040000 | 3293051 |
| Canadian Government 5.75% 6/1/2033  | CAD | 14800000 | 12815541 |
| TOTAL CANADA |  |  | 704359401 |
| CYPRUS - 0.3%  |  |  |  |
| Republic of Cyprus Ministry of Finance 0% 2/9/2026 (b) | EUR | 5219000 | 6052124 |
| Republic of Cyprus Ministry of Finance 0.625% 1/21/2030 (b) | EUR | 10782000 | 11680795 |
| Republic of Cyprus Ministry of Finance 0.95% 1/20/2032 (b) | EUR | 1900000 | 2005062 |
| Republic of Cyprus Ministry of Finance 1.25% 1/21/2040 (b) | EUR | 5974000 | 5146704 |
| Republic of Cyprus Ministry of Finance 2.25% 4/16/2050 (b) | EUR | 3919000 | 3394983 |
| Republic of Cyprus Ministry of Finance 2.375% 9/25/2028 (b) | EUR | 2600000 | 3058076 |
| Republic of Cyprus Ministry of Finance 2.75% 2/26/2034 (b) | EUR | 4289000 | 4977252 |
| Republic of Cyprus Ministry of Finance 3.25% 6/27/2031 (b) | EUR | 4500000 | 5457201 |
| TOTAL CYPRUS |  |  | 41772197 |
| DENMARK - 1.7%  |  |  |  |
| Danish Kingdom 0% 11/15/2031  | DKK | 124327000 | 17067934 |
| Danish Kingdom 0% 11/15/2031  | DKK | 12602000 | 1733105 |
| Danish Kingdom 0.25% 11/15/2052  | DKK | 233950000 | 19162176 |
| Danish Kingdom 0.5% 11/15/2027  | DKK | 143587000 | 22036712 |
| Danish Kingdom 0.5% 11/15/2029  | DKK | 206326000 | 30540729 |
| Danish Kingdom 1.75% 11/15/2025  | DKK | 86698000 | 13690180 |
| Danish Kingdom 2.25% 11/15/2026  | DKK | 91200000 | 14534609 |
| Danish Kingdom 2.25% 11/15/2033  | DKK | 384500000 | 60120319 |
| Danish Kingdom 2.25% 11/15/2035  | DKK | 40800000 | 6268138 |
| Danish Kingdom 4.5% 11/15/2039  | DKK | 310564000 | 59062169 |
| TOTAL DENMARK |  |  | 244216071 |
| ESTONIA - 0.1%  |  |  |  |
| Estonia Treasury Bill 0.125% 6/10/2030 (b) | EUR | 2467000 | 2551790 |
| Estonia Treasury Bill 3.25% 1/17/2034 (b) | EUR | 2200000 | 2596828 |
| Estonia Treasury Bill 4% 10/12/2032 (b) | EUR | 6500000 | 8118526 |
| TOTAL ESTONIA |  |  | 13267144 |
| FINLAND - 3.4%  |  |  |  |
| Finnish Government 0% 9/15/2026 (b)(c) | EUR | 17640000 | 20315873 |
| Finnish Government 0% 9/15/2030 (b)(c) | EUR | 40805000 | 42347808 |
| Finnish Government 0.125% 4/15/2036 (b)(c) | EUR | 23991000 | 20584022 |
| Finnish Government 0.125% 4/15/2052 (b)(c) | EUR | 25200000 | 12571318 |
| Finnish Government 0.125% 9/15/2031 (b)(c) | EUR | 28767000 | 29137359 |
| Finnish Government 0.25% 9/15/2040 (b)(c) | EUR | 22189000 | 16561682 |
| Finnish Government 0.5% 4/15/2043 (b)(c) | EUR | 69770000 | 50509608 |
| Finnish Government 0.5% 9/15/2027 (b)(c) | EUR | 13808000 | 15753904 |
| Finnish Government 0.5% 9/15/2028 (b)(c) | EUR | 19079000 | 21340626 |
| Finnish Government 0.5% 9/15/2029 (b)(c) | EUR | 21445000 | 23452819 |
| Finnish Government 1.125% 4/15/2034 (b)(c) | EUR | 2320000 | 2359040 |
| Finnish Government 1.375% 4/15/2027 (b)(c) | EUR | 8500000 | 9916888 |
| Finnish Government 1.5% 9/15/2032 (b)(c) | EUR | 22160000 | 24033792 |
| Finnish Government 2.875% 4/15/2029 (b)(c) | EUR | 68800000 | 82865779 |
| Finnish Government 2.95% 4/15/2055 (b)(c) | EUR | 14600000 | 15224746 |
| Finnish Government 3% 9/15/2033 (b)(c) | EUR | 38000000 | 45313748 |
| Finnish Government 3% 9/15/2034 (b)(c) | EUR | 35500000 | 42047638 |
| Finnish Government 3% 9/15/2035 (b)(c) | EUR | 10400000 | 12218052 |
| TOTAL FINLAND |  |  | 486554702 |
| FRANCE - 6.5%  |  |  |  |
| French Government 0% 11/25/2029 (b)(c) | EUR | 50654000 | 53635264 |
| French Government 0% 11/25/2030 (b)(c) | EUR | 24200000 | 24794946 |
| French Government 0% 11/25/2031 (b)(c) | EUR | 80369000 | 79440804 |
| French Government 0% 2/25/2027 (b)(c) | EUR | 26074000 | 29751603 |
| French Government 0% 5/25/2032 (b)(c) | EUR | 17500000 | 16961261 |
| French Government 0.5% 5/25/2029 (b)(c) | EUR | 31290000 | 34297305 |
| French Government 0.5% 5/25/2040 (b)(c) | EUR | 24343000 | 18410336 |
| French Government 0.5% 5/25/2072 (b)(c) | EUR | 34970000 | 11292227 |
| French Government 0.5% 6/25/2044 (b)(c) | EUR | 7500000 | 4975456 |
| French Government 0.75% 11/25/2028 (b)(c) | EUR | 27662000 | 30963960 |
| French Government 0.75% 2/25/2028 (b)(c) | EUR | 14300000 | 16250893 |
| French Government 0.75% 5/25/2028 (b)(c) | EUR | 12780000 | 14455571 |
| French Government 0.75% 5/25/2052 (b)(c) | EUR | 34264000 | 19170347 |
| French Government 0.75% 5/25/2053 (b)(c) | EUR | 12500000 | 6820695 |
| French Government 1.25% 5/25/2036 (b)(c) | EUR | 61786000 | 58806775 |
| French Government 1.75% 5/25/2066 (b)(c) | EUR | 4110000 | 2620526 |
| French Government 1.75% 6/25/2039 (b)(c) | EUR | 6190000 | 5857797 |
| French Government 2% 11/25/2032 (b)(c) | EUR | 32000000 | 35378206 |
| French Government 2% 5/25/2048 (b)(c) | EUR | 70000 | 59360 |
| French Government 2.5% 5/25/2030 (b)(c) | EUR | 50278000 | 59152301 |
| French Government 2.5% 5/25/2043 (b)(c) | EUR | 67200000 | 66317119 |
| French Government 2.5% 9/24/2027 (b)(c) | EUR | 80500000 | 95747622 |
| French Government 2.75% 10/25/2027 (b)(c) | EUR | 40810000 | 48807643 |
| French Government 2.75% 2/25/2029 (b)(c) | EUR | 18300000 | 21860802 |
| French Government 2.75% 2/25/2030 (b)(c) | EUR | 22700000 | 27016379 |
| French Government 3% 11/25/2034 (b)(c) | EUR | 57300000 | 66375849 |
| French Government 3% 5/25/2033 (b)(c) | EUR | 4600000 | 5413921 |
| French Government 3% 5/25/2054 (b)(c) | EUR | 3200000 | 3118826 |
| French Government 3.2% 5/25/2035 (b)(c) | EUR | 16800000 | 19675453 |
| French Government 3.25% 5/25/2045 (b)(c) | EUR | 11653000 | 12716975 |
| French Government 3.25% 5/25/2055 (b)(c) | EUR | 900000 | 915976 |
| French Government 3.5% 11/25/2033 (b)(c) | EUR | 15700000 | 19074752 |
| French Government 3.5% 4/25/2026 (b)(c) | EUR | 2216000 | 2643750 |
| French Government 4% 4/25/2060 (b)(c) | EUR | 24600000 | 28595042 |
| French Government 4.5% 4/25/2041 (b)(c) | EUR | 1710000 | 2215125 |
| French Government 4.75% 4/25/2035 (b)(c) | EUR | 36000 | 47760 |
| TOTAL FRANCE |  |  | 943638627 |
| GERMANY - 5.2%  |  |  |  |
| German Federal Republic 0% 10/10/2025 (b)(e) | EUR | 26674000 | 31261241 |
| German Federal Republic 0% 10/9/2026 (b) | EUR | 15949000 | 18359342 |
| German Federal Republic 0% 2/15/2032 (b) | EUR | 8590000 | 8691965 |
| German Federal Republic 0% 4/10/2026 (b) | EUR | 11500000 | 13360703 |
| German Federal Republic 0% 4/16/2027 (b)(e) | EUR | 58190000 | 66347499 |
| German Federal Republic 0% 5/15/2036 (b) | EUR | 19065000 | 16766812 |
| German Federal Republic 0% 8/15/2029 (b) | EUR | 14992000 | 16246687 |
| German Federal Republic 0% 8/15/2030 (b)(e) | EUR | 31124000 | 32876818 |
| German Federal Republic 0% 8/15/2031 (b) | EUR | 17740000 | 18232069 |
| German Federal Republic 0% 8/15/2050 (b) | EUR | 16203000 | 9024892 |
| German Federal Republic 0% 8/15/2052 (b) | EUR | 13519000 | 7078627 |
| German Federal Republic 0.25% 2/15/2027 (b) | EUR | 1710000 | 1964517 |
| German Federal Republic 0.25% 2/15/2029 (b)(e) | EUR | 20250000 | 22422183 |
| German Federal Republic 1.25% 8/15/2048 (b)(e) | EUR | 4320000 | 3605571 |
| German Federal Republic 1.3% 10/15/2027 (b)(e) | EUR | 49600000 | 57725788 |
| German Federal Republic 1.7% 8/15/2032 (b) | EUR | 10000000 | 11278895 |
| German Federal Republic 1.8% 8/15/2053 (b) | EUR | 17000000 | 15271580 |
| German Federal Republic 2.1% 11/15/2029 (b) | EUR | 5600000 | 6593063 |
| German Federal Republic 2.1% 4/12/2029 (b) | EUR | 10400000 | 12276406 |
| German Federal Republic 2.2% 2/15/2034 (b) | EUR | 31000000 | 35627128 |
| German Federal Republic 2.2% 4/13/2028 (b) | EUR | 19000000 | 22560098 |
| German Federal Republic 2.3% 2/15/2033 (b) | EUR | 20600000 | 24069023 |
| German Federal Republic 2.4% 10/19/2028 (b) | EUR | 9900000 | 11817167 |
| German Federal Republic 2.4% 11/15/2030 (b) | EUR | 6400000 | 7607861 |
| German Federal Republic 2.5% 10/11/2029 (b) | EUR | 35600000 | 42608706 |
| German Federal Republic 2.5% 2/15/2035 (b) | EUR | 10400000 | 12150847 |
| German Federal Republic 2.5% 7/4/2044 (b)(e) | EUR | 24052000 | 26361219 |
| German Federal Republic 2.5% 8/15/2046 (b) | EUR | 4481000 | 4867167 |
| German Federal Republic 2.5% 8/15/2054 (b)(e) | EUR | 31000000 | 32447568 |
| German Federal Republic 2.6% 8/15/2034 (b) | EUR | 46500000 | 54960471 |
| German Federal Republic 2.9% 6/18/2026 (b) | EUR | 14300000 | 17008853 |
| German Federal Republic 3.25% 7/4/2042 (b)(e) | EUR | 31970000 | 39149004 |
| German Federal Republic 4% 1/4/2037 (b) | EUR | 8010000 | 10602885 |
| German Federal Republic 4.75% 7/4/2034 (b) | EUR | 650000 | 902611 |
| German Federal Republic 4.75% 7/4/2040 (b)(e) | EUR | 15931000 | 22962469 |
| German Federal Republic 5.5% 1/4/2031 (b) | EUR | 12481000 | 17169430 |
| German Federal Republic 6.5% 7/4/2027 (b)(e) | EUR | 4770000 | 6130528 |
| TOTAL GERMANY |  |  | 758387693 |
| GREECE - 2.2%  |  |  |  |
| Greek Government 1.5% 6/18/2030 (b)(c) | EUR | 5300000 | 5928542 |
| Greek Government 1.875% 1/24/2052 (b)(c) | EUR | 27600000 | 21405129 |
| Greek Government 2% 4/22/2027 (b)(c) | EUR | 20900000 | 24623421 |
| Greek Government 3.375% 6/15/2034 (b)(c) | EUR | 46300000 | 55417982 |
| Greek Government 3.875% 3/12/2029 (b)(c) | EUR | 29100000 | 36083144 |
| Greek Government 3.9% 1/30/2033 (b) | EUR | 93300000 | 116432563 |
| Greek Government 4.2% 1/30/2042 (b) | EUR | 34700000 | 42953973 |
| Greek Government 4.25% 6/15/2033 (b)(c) | EUR | 7000000 | 8944880 |
| Greek Government Treasury Bills 0% 2/12/2026 (b)(c) | EUR | 6300000 | 7332891 |
| TOTAL GREECE |  |  | 319122525 |
| HONG KONG - 0.2%  |  |  |  |
| Hong Kong Government 1.25% 6/29/2027  | HKD | 66600000 | 8383225 |
| Hong Kong Government 1.59% 3/4/2036  | HKD | 33800000 | 3753705 |
| Hong Kong Government 1.68% 1/21/2026  | HKD | 33050000 | 4211470 |
| Hong Kong Government 1.89% 3/2/2032  | HKD | 77000000 | 9338416 |
| Hong Kong Government 1.97% 1/17/2029  | HKD | 36000000 | 4585076 |
| Hong Kong Government 2.02% 3/7/2034  | HKD | 12000000 | 1426075 |
| Hong Kong Government 2.13% 7/16/2030  | HKD | 4750000 | 599070 |
| TOTAL HONG KONG |  |  | 32297037 |
| IRELAND - 2.8%  |  |  |  |
| Republic of Ireland 0% 10/18/2031 (b) | EUR | 14131000 | 14203534 |
| Republic of Ireland 0.2% 10/18/2030 (b) | EUR | 5245000 | 5501812 |
| Republic of Ireland 0.2% 5/15/2027 (b) | EUR | 30134000 | 34412003 |
| Republic of Ireland 0.35% 10/18/2032 (b) | EUR | 36012000 | 35970323 |
| Republic of Ireland 0.4% 5/15/2035 (b) | EUR | 24240000 | 22278875 |
| Republic of Ireland 0.55% 4/22/2041 (b) | EUR | 13006000 | 10149700 |
| Republic of Ireland 1.1% 5/15/2029 (b) | EUR | 62829000 | 71034686 |
| Republic of Ireland 1.35% 3/18/2031 (b) | EUR | 35400000 | 39329818 |
| Republic of Ireland 1.5% 5/15/2050 (b) | EUR | 30643000 | 24698225 |
| Republic of Ireland 1.7% 5/15/2037 (b) | EUR | 2690000 | 2731368 |
| Republic of Ireland 2% 2/18/2045 (b) | EUR | 13284000 | 12613481 |
| Republic of Ireland 2.4% 5/15/2030 (b) | EUR | 26160000 | 30908388 |
| Republic of Ireland 2.6% 10/18/2034 (b) | EUR | 43500000 | 49964928 |
| Republic of Ireland 3% 10/18/2043 (b) | EUR | 39300000 | 44061721 |
| Republic of Ireland 3.15% 10/18/2055 (b) | EUR | 10000000 | 10955654 |
| TOTAL IRELAND |  |  | 408814516 |
| ITALY - 6.2%  |  |  |  |
| Italian Republic 0% 8/1/2026 (b) | EUR | 12600000 | 14549334 |
| Italian Republic 0.25% 3/15/2028 (b) | EUR | 12975000 | 14536824 |
| Italian Republic 0.45% 2/15/2029 (b) | EUR | 29560000 | 32587879 |
| Italian Republic 0.6% 8/1/2031 (b)(c) | EUR | 17143000 | 17699486 |
| Italian Republic 0.95% 3/1/2037 (b)(c) | EUR | 41747000 | 37003865 |
| Italian Republic 0.95% 6/1/2032 (b) | EUR | 13940000 | 14374613 |
| Italian Republic 0.95% 8/1/2030 (b) | EUR | 16920000 | 18349994 |
| Italian Republic 1.1% 4/1/2027 (b) | EUR | 27790000 | 32237328 |
| Italian Republic 1.5% 4/30/2045 (b)(c) | EUR | 9100000 | 7137860 |
| Italian Republic 1.65% 3/1/2032 (b)(c) | EUR | 1710000 | 1861248 |
| Italian Republic 1.7% 9/1/2051 (b)(c) | EUR | 5786000 | 4252673 |
| Italian Republic 1.8% 3/1/2041 (b)(c) | EUR | 22410000 | 20031963 |
| Italian Republic 2.15% 3/1/2072 (b)(c) | EUR | 10800000 | 7648891 |
| Italian Republic 2.15% 9/1/2052 (b)(c) | EUR | 16010000 | 12791895 |
| Italian Republic 2.5% 12/1/2032 (b) | EUR | 18000000 | 20446149 |
| Italian Republic 2.65% 12/1/2027 (b) | EUR | 14400000 | 17182076 |
| Italian Republic 2.7% 3/1/2047 (b)(c) | EUR | 1950000 | 1857609 |
| Italian Republic 2.8% 3/1/2067 (b)(c) | EUR | 4900000 | 4176644 |
| Italian Republic 2.8% 6/15/2029 (b) | EUR | 16700000 | 19966448 |
| Italian Republic 2.95% 2/15/2027 (b) | EUR | 31500000 | 37645123 |
| Italian Republic 2.95% 7/1/2030 (b) | EUR | 15600000 | 18616477 |
| Italian Republic 3% 10/1/2029 (b) | EUR | 45800000 | 55001597 |
| Italian Republic 3% 8/1/2029 (b) | EUR | 18611000 | 22442398 |
| Italian Republic 3.15% 11/15/2031 (b)(c) | EUR | 10200000 | 12167826 |
| Italian Republic 3.25% 9/1/2046 (b)(c) | EUR | 4530000 | 4743191 |
| Italian Republic 3.35% 7/1/2029 (b) | EUR | 27000000 | 32871823 |
| Italian Republic 3.45% 7/15/2027 (b) | EUR | 19000000 | 22991113 |
| Italian Republic 3.45% 7/15/2031 (b) | EUR | 41600000 | 50570317 |
| Italian Republic 3.5% 1/15/2026 (b) | EUR | 17100000 | 20303283 |
| Italian Republic 3.5% 3/1/2030 (b)(c) | EUR | 5600000 | 6887915 |
| Italian Republic 3.65% 8/1/2035 (b)(c) | EUR | 10600000 | 12713720 |
| Italian Republic 3.7% 6/15/2030 (b) | EUR | 5900000 | 7287184 |
| Italian Republic 3.8% 8/1/2028 (b) | EUR | 9700000 | 11952756 |
| Italian Republic 3.85% 12/15/2029 (b) | EUR | 5900000 | 7337084 |
| Italian Republic 3.85% 2/1/2035 (b) | EUR | 50800000 | 62182292 |
| Italian Republic 3.85% 7/1/2034 (b) | EUR | 18200000 | 22367628 |
| Italian Republic 4% 11/15/2030 (b) | EUR | 3000000 | 3755974 |
| Italian Republic 4% 2/1/2037 (b)(c) | EUR | 137000 | 168803 |
| Italian Republic 4.2% 3/1/2034 (b) | EUR | 18800000 | 23745248 |
| Italian Republic 4.35% 11/1/2033 (b) | EUR | 10500000 | 13412745 |
| Italian Republic 4.4% 5/1/2033 (b) | EUR | 7400000 | 9491331 |
| Italian Republic 4.45% 9/1/2043 (b)(c) | EUR | 51300000 | 63971053 |
| Italian Republic 4.5% 10/1/2053 (b)(c) | EUR | 6900000 | 8451858 |
| Italian Republic 4.75% 9/1/2044 (b)(c) | EUR | 11726000 | 15240789 |
| Italian Republic 5% 8/1/2034 (b)(c) | EUR | 9900000 | 13243277 |
| Italian Republic 6% 5/1/2031 (b) | EUR | 13509000 | 18697848 |
| Italian Republic 7.25% 11/1/2026 (b) | EUR | 19492000 | 24573078 |
| TOTAL ITALY |  |  | 901526510 |
| JAPAN - 20.1%  |  |  |  |
| Japan Government 0.005% 6/20/2026  | JPY | 4721750000 | 32614028 |
| Japan Government 0.005% 6/20/2027  | JPY | 2590000000 | 17733330 |
| Japan Government 0.1% 3/20/2027  | JPY | 3530000000 | 24269133 |
| Japan Government 0.1% 6/20/2030  | JPY | 4749800000 | 31567262 |
| Japan Government 0.1% 6/20/2031  | JPY | 1077900000 | 7075270 |
| Japan Government 0.1% 9/20/2027  | JPY | 30000000 | 205393 |
| Japan Government 0.1% 9/20/2028  | JPY | 1415100000 | 9603970 |
| Japan Government 0.2% 12/20/2027  | JPY | 1559000000 | 10678887 |
| Japan Government 0.2% 12/20/2028  | JPY | 7138500000 | 48482612 |
| Japan Government 0.2% 6/20/2028  | JPY | 1186500000 | 8097005 |
| Japan Government 0.2% 6/20/2036  | JPY | 703100000 | 4207566 |
| Japan Government 0.3% 12/20/2028  | JPY | 3077800000 | 20974906 |
| Japan Government 0.3% 9/20/2028  | JPY | 2825200000 | 19296623 |
| Japan Government 0.4% 12/20/2028  | JPY | 410800000 | 2809175 |
| Japan Government 0.4% 3/20/2029  | JPY | 6712800000 | 45810472 |
| Japan Government 0.4% 3/20/2040  | JPY | 9506100000 | 52650083 |
| Japan Government 0.4% 6/20/2033  | JPY | 5282900000 | 34402591 |
| Japan Government 0.4% 6/20/2041  | JPY | 27727900000 | 148065696 |
| Japan Government 0.4% 8/1/2026  | JPY | 1537400000 | 10654346 |
| Japan Government 0.4% 9/1/2026  | JPY | 5378400000 | 37260934 |
| Japan Government 0.4% 9/20/2028  | JPY | 2067700000 | 14167704 |
| Japan Government 0.5% 11/1/2026  | JPY | 15698800000 | 108818341 |
| Japan Government 0.5% 3/20/2029  | JPY | 579600000 | 3970001 |
| Japan Government 0.5% 3/20/2060  | JPY | 335100000 | 1109189 |
| Japan Government 0.5% 6/20/2029  | JPY | 2644400000 | 18075866 |
| Japan Government 0.6% 1/1/2027  | JPY | 80500000 | 558405 |
| Japan Government 0.6% 12/20/2033  | JPY | 15759800000 | 103489043 |
| Japan Government 0.6% 12/20/2036  | JPY | 8330000000 | 51591568 |
| Japan Government 0.6% 3/20/2029  | JPY | 4490100000 | 30866183 |
| Japan Government 0.6% 6/20/2029  | JPY | 2487200000 | 17068163 |
| Japan Government 0.6% 9/20/2029  | JPY | 4297600000 | 29433061 |
| Japan Government 0.7% 3/20/2061  | JPY | 4709500000 | 16535658 |
| Japan Government 0.7% 5/1/2027  | JPY | 5314200000 | 36888493 |
| Japan Government 0.7% 9/20/2029  | JPY | 14081600000 | 96841864 |
| Japan Government 0.8% 3/1/2027  | JPY | 6614300000 | 46009127 |
| Japan Government 0.8% 3/20/2034  | JPY | 13648100000 | 90821161 |
| Japan Government 0.8% 3/20/2042  | JPY | 12868900000 | 72301940 |
| Japan Government 0.8% 6/1/2027  | JPY | 1706800000 | 11864456 |
| Japan Government 0.8% 9/20/2033  | JPY | 5624900000 | 37698411 |
| Japan Government 0.9% 12/20/2029  | JPY | 6294600000 | 43603016 |
| Japan Government 0.9% 6/20/2042  | JPY | 3810000000 | 21657511 |
| Japan Government 0.9% 9/20/2034  | JPY | 46405100000 | 309076237 |
| Japan Government 1% 3/20/2030  | JPY | 10274200000 | 71404638 |
| Japan Government 1% 3/20/2052  | JPY | 6313200000 | 29489512 |
| Japan Government 1.1% 12/20/2029  | JPY | 3619600000 | 25295098 |
| Japan Government 1.1% 3/20/2043  | JPY | 4675100000 | 27100029 |
| Japan Government 1.1% 6/20/2034  | JPY | 683400000 | 4648762 |
| Japan Government 1.1% 6/20/2043  | JPY | 6114400000 | 35250415 |
| Japan Government 1.2% 12/20/2034  | JPY | 6881100000 | 46931773 |
| Japan Government 1.2% 6/20/2053  | JPY | 5376400000 | 25963377 |
| Japan Government 1.3% 12/20/2043  | JPY | 10894400000 | 64486556 |
| Japan Government 1.3% 3/20/2063  | JPY | 4059800000 | 17271030 |
| Japan Government 1.3% 6/20/2052  | JPY | 2660000000 | 13410368 |
| Japan Government 1.4% 12/20/2042  | JPY | 7799400000 | 47757751 |
| Japan Government 1.4% 3/20/2035  | JPY | 7528400000 | 52120859 |
| Japan Government 1.4% 3/20/2053  | JPY | 5827900000 | 29811102 |
| Japan Government 1.4% 9/20/2052  | JPY | 2841600000 | 14645966 |
| Japan Government 1.6% 12/20/2052  | JPY | 7051200000 | 38087399 |
| Japan Government 1.6% 12/20/2053  | JPY | 5076700000 | 27006754 |
| Japan Government 1.6% 3/20/2033  | JPY | 1403200000 | 10029121 |
| Japan Government 1.6% 3/20/2044  | JPY | 11772500000 | 73067081 |
| Japan Government 1.7% 9/20/2032  | JPY | 200000000 | 1440992 |
| Japan Government 1.8% 3/20/2054  | JPY | 5102100000 | 28421253 |
| Japan Government 1.8% 9/20/2044  | JPY | 26217300000 | 167193205 |
| Japan Government 1.8% 9/20/2053  | JPY | 2224000000 | 12481612 |
| Japan Government 1.9% 6/20/2044  | JPY | 968600000 | 6299583 |
| Japan Government 2.1% 6/20/2027  | JPY | 730000000 | 5205176 |
| Japan Government 2.2% 3/20/2064  | JPY | 22737000000 | 126939106 |
| Japan Government 2.3% 3/20/2040  | JPY | 1641350000 | 11834748 |
| Japan Government 2.4% 3/20/2045  | JPY | 4676100000 | 32683181 |
| Japan Government 2.4% 3/20/2048  | JPY | 4353800000 | 29736933 |
| Japan Government 2.4% 3/20/2055  | JPY | 3322000000 | 21168018 |
| Japan Government 2.4% 6/20/2028  | JPY | 393850000 | 2863819 |
| Japan Government 2.5% 6/20/2034  | JPY | 8518600000 | 64896464 |
| Japan Government 3.1% 3/20/2065  | JPY | 2780300000 | 19339211 |
| TOTAL JAPAN |  |  | 2913185572 |
| LATVIA - 0.5%  |  |  |  |
| Republic of Latvia 0% 1/24/2029 (b) | EUR | 7000000 | 7511457 |
| Republic of Latvia 0% 3/17/2031 (b) | EUR | 5378000 | 5353341 |
| Republic of Latvia 0.25% 1/23/2030 (b) | EUR | 2400000 | 2521331 |
| Republic of Latvia 0.375% 10/7/2026 (b) | EUR | 6887000 | 7902995 |
| Republic of Latvia 1.125% 5/30/2028 (b) | EUR | 7800000 | 8824257 |
| Republic of Latvia 1.375% 5/16/2036 (b) | EUR | 1833000 | 1750093 |
| Republic of Latvia 1.875% 2/19/2049 (b) | EUR | 4878000 | 3983270 |
| Republic of Latvia 2.25% 2/15/2047 (b) | EUR | 1380000 | 1217870 |
| Republic of Latvia 3% 1/24/2032 (b) | EUR | 4300000 | 5041125 |
| Republic of Latvia 3.875% 3/25/2027 (b) | EUR | 16600000 | 20094148 |
| Republic of Latvia 3.875% 5/22/2029 (b) | EUR | 3600000 | 4423094 |
| TOTAL LATVIA |  |  | 68622981 |
| LITHUANIA - 0.4%  |  |  |  |
| Lithuania Government 0.5% 7/28/2050 (b) | EUR | 6985000 | 3667211 |
| Lithuania Government 0.75% 5/6/2030 (b) | EUR | 3462000 | 3704512 |
| Lithuania Government 0.75% 7/15/2051 (b) | EUR | 2250000 | 1245682 |
| Lithuania Government 0.95% 5/26/2027 (b) | EUR | 1116000 | 1279374 |
| Lithuania Government 1.625% 6/19/2049 (b) | EUR | 1009000 | 756216 |
| Lithuania Government 2.1% 5/26/2047 (b) | EUR | 3903000 | 3341859 |
| Lithuania Government 2.125% 10/22/2035 (b) | EUR | 6210000 | 6454598 |
| Lithuania Government 2.125% 10/29/2026 (b) | EUR | 4140000 | 4872129 |
| Lithuania Government 2.125% 6/1/2032 (b) | EUR | 8400000 | 9343047 |
| Lithuania Government 3.5% 2/13/2034 (b) | EUR | 5800000 | 6932474 |
| Lithuania Government 3.875% 6/14/2033 (b) | EUR | 5200000 | 6433506 |
| Lithuania Government 4.125% 4/25/2028 (b) | EUR | 13600000 | 16765536 |
| TOTAL LITHUANIA |  |  | 64796144 |
| LUXEMBOURG - 0.4%  |  |  |  |
| Luxembourg Government 0% 11/13/2026 (b) | EUR | 10726000 | 12295953 |
| Luxembourg Government 0% 4/28/2030 (b) | EUR | 1879000 | 1965795 |
| Luxembourg Government 0.625% 2/1/2027 (b) | EUR | 5651000 | 6522691 |
| State of the Grand-Duchy of Luxembourg 0% 3/24/2031 (b) | EUR | 12200000 | 12413403 |
| State of the Grand-Duchy of Luxembourg 0% 9/14/2032 (b) | EUR | 6197000 | 6001058 |
| State of the Grand-Duchy of Luxembourg 1.375% 5/25/2029 (b) | EUR | 3870000 | 4391641 |
| State of the Grand-Duchy of Luxembourg 1.75% 5/25/2042 (b) | EUR | 6730000 | 6190666 |
| State of the Grand-Duchy of Luxembourg 2.875% 3/1/2034 (b) | EUR | 5100000 | 6031671 |
| State of the Grand-Duchy of Luxembourg 3.25% 3/2/2043 (b) | EUR | 5700000 | 6519466 |
| TOTAL LUXEMBOURG |  |  | 62332344 |
| NETHERLANDS - 4.7%  |  |  |  |
| Dutch Government 0% 1/15/2026 (b)(c) | EUR | 19920000 | 23224649 |
| Dutch Government 0% 1/15/2027 (b)(c) | EUR | 10784000 | 12347405 |
| Dutch Government 0% 1/15/2029 (b)(c) | EUR | 4200000 | 4594592 |
| Dutch Government 0% 1/15/2038 (b)(c) | EUR | 34830000 | 28305052 |
| Dutch Government 0% 1/15/2052 (b)(c) | EUR | 4927000 | 2560902 |
| Dutch Government 0% 7/15/2030 (b)(c) | EUR | 50213000 | 52722225 |
| Dutch Government 0% 7/15/2031 (b)(c) | EUR | 43851000 | 44701618 |
| Dutch Government 0.25% 7/15/2029 (b)(c) | EUR | 37500000 | 40925384 |
| Dutch Government 0.5% 1/15/2040 (b)(c) | EUR | 31789000 | 26411908 |
| Dutch Government 0.5% 7/15/2026 (b)(c) | EUR | 9511000 | 11046981 |
| Dutch Government 0.5% 7/15/2032 (b)(c) | EUR | 18500000 | 18969130 |
| Dutch Government 0.75% 7/15/2027 (b)(c) | EUR | 58202000 | 67008651 |
| Dutch Government 0.75% 7/15/2028 (b)(c) | EUR | 56954000 | 64591644 |
| Dutch Government 2% 1/15/2054 (b)(c) | EUR | 60200000 | 55143391 |
| Dutch Government 2.5% 1/15/2033 (b)(c) | EUR | 11430000 | 13403515 |
| Dutch Government 2.5% 7/15/2033 (b)(c) | EUR | 26500000 | 30937387 |
| Dutch Government 2.5% 7/15/2034 (b)(c) | EUR | 46100000 | 53351229 |
| Dutch Government 2.5% 7/15/2035 (b)(c) | EUR | 2700000 | 3098457 |
| Dutch Government 2.75% 1/15/2047 (b)(c) | EUR | 7665000 | 8488385 |
| Dutch Government 3.25% 1/15/2044 (b)(c) | EUR | 41100000 | 49373886 |
| Dutch Government 3.75% 1/15/2042 (b)(c) | EUR | 45030000 | 57620672 |
| Dutch Government 4% 1/15/2037 (b)(c) | EUR | 8170000 | 10655993 |
| TOTAL NETHERLANDS |  |  | 679483056 |
| NEW ZEALAND - 2.1%  |  |  |  |
| New Zealand Government 0.25% 5/15/2028  | NZD | 39600000 | 22000744 |
| New Zealand Government 1.5% 5/15/2031  | NZD | 58500000 | 30919280 |
| New Zealand Government 1.75% 5/15/2041  | NZD | 26864000 | 10619460 |
| New Zealand Government 2% 5/15/2032  | NZD | 41113000 | 21760472 |
| New Zealand Government 2.75% 4/15/2037 (b) | NZD | 45131000 | 22629948 |
| New Zealand Government 2.75% 5/15/2051  | NZD | 31500000 | 12596971 |
| New Zealand Government 3% 4/20/2029  | NZD | 131094000 | 77944200 |
| New Zealand Government 3.5% 4/14/2033 (b) | NZD | 28700000 | 16524738 |
| New Zealand Government 4.25% 5/15/2034  | NZD | 82700000 | 49642548 |
| New Zealand Government 4.5% 4/15/2027 (b) | NZD | 49800000 | 30969987 |
| New Zealand Government 4.5% 5/15/2035  | NZD | 14300000 | 8679084 |
| New Zealand Government 5% 5/15/2054  | NZD | 9700000 | 5717231 |
| TOTAL NEW ZEALAND |  |  | 310004663 |
| NORWAY - 1.2%  |  |  |  |
| Kingdom of Norway 1.25% 9/17/2031 (b)(c) | NOK | 69261000 | 5945408 |
| Kingdom of Norway 1.375% 8/19/2030 (b)(c) | NOK | 313381000 | 27818572 |
| Kingdom of Norway 1.5% 2/19/2026 (b)(c) | NOK | 76672000 | 7495286 |
| Kingdom of Norway 1.75% 2/17/2027 (b)(c) | NOK | 393482000 | 37954926 |
| Kingdom of Norway 1.75% 9/6/2029 (b)(c) | NOK | 128390000 | 11837116 |
| Kingdom of Norway 2% 4/26/2028 (b)(c) | NOK | 45900000 | 4371516 |
| Kingdom of Norway 2.125% 5/18/2032 (b)(c) | NOK | 142533000 | 12767899 |
| Kingdom of Norway 3% 8/15/2033 (b)(c) | NOK | 97000000 | 9102298 |
| Kingdom of Norway 3.5% 10/6/2042 (b)(c) | NOK | 116800000 | 11227373 |
| Kingdom of Norway 3.625% 4/13/2034 (b)(c) | NOK | 310900000 | 30434233 |
| Kingdom of Norway 3.75% 6/12/2035 (b)(c) | NOK | 131000000 | 12931405 |
| TOTAL NORWAY |  |  | 171886032 |
| PORTUGAL - 4.0%  |  |  |  |
| Portugal Obrigacoes do Tesouro OT 0.3% 10/17/2031 (b)(c) | EUR | 12800000 | 13137011 |
| Portugal Obrigacoes do Tesouro OT 0.475% 10/18/2030 (b)(c) | EUR | 16191000 | 17292562 |
| Portugal Obrigacoes do Tesouro OT 0.7% 10/15/2027 (b)(c) | EUR | 33005000 | 37878758 |
| Portugal Obrigacoes do Tesouro OT 0.9% 10/12/2035 (b)(c) | EUR | 14477000 | 13851345 |
| Portugal Obrigacoes do Tesouro OT 1% 4/12/2052 (b)(c) | EUR | 27215000 | 17394654 |
| Portugal Obrigacoes do Tesouro OT 1.15% 4/11/2042 (b)(c) | EUR | 27900000 | 23017852 |
| Portugal Obrigacoes do Tesouro OT 1.65% 7/16/2032 (b)(c) | EUR | 29740000 | 32772619 |
| Portugal Obrigacoes do Tesouro OT 1.95% 6/15/2029 (b)(c) | EUR | 97074000 | 113479499 |
| Portugal Obrigacoes do Tesouro OT 2.875% 10/15/2025 (b)(c) | EUR | 3988000 | 4709409 |
| Portugal Obrigacoes do Tesouro OT 2.875% 10/20/2034 (b)(c) | EUR | 91500000 | 107094342 |
| Portugal Obrigacoes do Tesouro OT 2.875% 7/21/2026 (b)(c) | EUR | 24450000 | 29096950 |
| Portugal Obrigacoes do Tesouro OT 3% 6/15/2035 (b)(c) | EUR | 22100000 | 25940065 |
| Portugal Obrigacoes do Tesouro OT 3.5% 6/18/2038 (b)(c) | EUR | 4400000 | 5284618 |
| Portugal Obrigacoes do Tesouro OT 3.625% 6/12/2054 (b)(c) | EUR | 8200000 | 9287504 |
| Portugal Obrigacoes do Tesouro OT 3.875% 2/15/2030 (b)(c) | EUR | 16065000 | 20229015 |
| Portugal Obrigacoes do Tesouro OT 4.1% 2/15/2045 (b)(c) | EUR | 30747000 | 38557632 |
| Republic of Portugal 2.125% 10/17/2028 (b)(c) | EUR | 33085000 | 39074194 |
| Republic of Portugal 4.1% 4/15/2037 (b)(c) | EUR | 24573000 | 31490156 |
| TOTAL PORTUGAL |  |  | 579588185 |
| SINGAPORE - 3.0%  |  |  |  |
| Republic of Singapore 1.25% 11/1/2026  | SGD | 36300000 | 28330375 |
| Republic of Singapore 1.625% 7/1/2031  | SGD | 18254000 | 14013317 |
| Republic of Singapore 1.875% 10/1/2051  | SGD | 41700000 | 29771219 |
| Republic of Singapore 1.875% 3/1/2050  | SGD | 13850000 | 10028729 |
| Republic of Singapore 2.125% 6/1/2026  | SGD | 23013000 | 18139874 |
| Republic of Singapore 2.25% 8/1/2036  | SGD | 8615000 | 6757765 |
| Republic of Singapore 2.375% 7/1/2039  | SGD | 5400000 | 4272222 |
| Republic of Singapore 2.5% 4/1/2030  | SGD | 11900000 | 9645130 |
| Republic of Singapore 2.625% 5/1/2028  | SGD | 3800000 | 3057322 |
| Republic of Singapore 2.625% 8/1/2032  | SGD | 15000000 | 12180885 |
| Republic of Singapore 2.75% 3/1/2035  | SGD | 14600000 | 11978660 |
| Republic of Singapore 2.75% 3/1/2046  | SGD | 24500000 | 20638962 |
| Republic of Singapore 2.75% 4/1/2042  | SGD | 49317000 | 40994174 |
| Republic of Singapore 2.875% 7/1/2029  | SGD | 3553000 | 2901282 |
| Republic of Singapore 2.875% 8/1/2028  | SGD | 22500000 | 18263543 |
| Republic of Singapore 2.875% 9/1/2027  | SGD | 36200000 | 29132655 |
| Republic of Singapore 3% 8/1/2072 (b) | SGD | 23100000 | 20985611 |
| Republic of Singapore 3.375% 5/1/2034  | SGD | 45000000 | 38611247 |
| Republic of Singapore 3.375% 9/1/2033  | SGD | 23600000 | 20156792 |
| Republic of Singapore 3.5% 3/1/2027  | SGD | 18124000 | 14655139 |
| Republic of Singapore Treasury Bills 3% 4/1/2029  | SGD | 93300000 | 76384759 |
| TOTAL SINGAPORE |  |  | 430899662 |
| SLOVAKIA - 1.6%  |  |  |  |
| Slovakia Government Bond 0.125% 6/17/2027 (b) | EUR | 15970000 | 18077446 |
| Slovakia Government Bond 0.375% 4/21/2036 (b) | EUR | 9720000 | 8179075 |
| Slovakia Government Bond 0.75% 4/9/2030 (b) | EUR | 2800000 | 3035430 |
| Slovakia Government Bond 1% 10/13/2051 (b) | EUR | 920000 | 550729 |
| Slovakia Government Bond 1% 10/9/2030 (b) | EUR | 14233000 | 15403796 |
| Slovakia Government Bond 1% 6/12/2028 (b) | EUR | 13930000 | 15801060 |
| Slovakia Government Bond 1.375% 1/21/2027 (b) | EUR | 3150000 | 3669281 |
| Slovakia Government Bond 1.875% 3/9/2037 (b) | EUR | 4837000 | 4759326 |
| Slovakia Government Bond 2% 10/17/2047 (b) | EUR | 18134000 | 14788716 |
| Slovakia Government Bond 2.25% 6/12/2068 (b) | EUR | 6082000 | 4246204 |
| Slovakia Government Bond 3.625% 1/16/2029 (b) | EUR | 23871000 | 29301242 |
| Slovakia Government Bond 3.625% 6/8/2033 (b) | EUR | 24500000 | 29687473 |
| Slovakia Government Bond 3.75% 2/23/2035 (b) | EUR | 16300000 | 19696920 |
| Slovakia Government Bond 3.75% 3/6/2034 (b) | EUR | 45800000 | 55665184 |
| Slovakia Government Bond 3.875% 2/8/2033 (b) | EUR | 3054000 | 3783736 |
| Slovakia Government Bond 4% 2/23/2043 (b) | EUR | 7600000 | 8824490 |
| TOTAL SLOVAKIA |  |  | 235470108 |
| SLOVENIA - 0.9%  |  |  |  |
| Republic of Slovenia 0% 2/12/2031 (b) | EUR | 11100000 | 11332217 |
| Republic of Slovenia 0.125% 7/1/2031 (b) | EUR | 5960000 | 6081755 |
| Republic of Slovenia 0.4875% 10/20/2050 (b) | EUR | 3465000 | 1931656 |
| Republic of Slovenia 0.6875% 3/3/2081 (b) | EUR | 8248000 | 2953388 |
| Republic of Slovenia 0.875% 7/15/2030 (b) | EUR | 14118000 | 15446637 |
| Republic of Slovenia 1% 3/6/2028 (b) | EUR | 9000000 | 10344992 |
| Republic of Slovenia 1.1875% 3/14/2029 (b) | EUR | 4421000 | 5027426 |
| Republic of Slovenia 1.5% 3/25/2035 (b) | EUR | 6884000 | 7018042 |
| Republic of Slovenia 1.75% 11/3/2040 (b) | EUR | 8240000 | 7734180 |
| Republic of Slovenia 2.125% 7/28/2025 (b) | EUR | 261000 | 307413 |
| Republic of Slovenia 3% 3/10/2034 (b) | EUR | 17000000 | 20005125 |
| Republic of Slovenia 3.125% 8/7/2045 (b) | EUR | 9338000 | 10181650 |
| Republic of Slovenia 3.625% 3/11/2033 (b) | EUR | 4400000 | 5453817 |
| Republic of Slovenia 5.125% 3/30/2026 (b) | EUR | 12292000 | 14819626 |
| Slovenia Government Bond 3.125% 7/2/2035 (b) | EUR | 4700000 | 5525957 |
| TOTAL SLOVENIA |  |  | 124163881 |
| SPAIN - 4.7%  |  |  |  |
| Spanish Kingdom 0% 1/31/2027  | EUR | 31580000 | 36094273 |
| Spanish Kingdom 0% 1/31/2028  | EUR | 25308000 | 28276472 |
| Spanish Kingdom 0.5% 10/31/2031 (b)(c) | EUR | 7736000 | 7957615 |
| Spanish Kingdom 0.6% 10/31/2029 (b)(c) | EUR | 19277000 | 21048752 |
| Spanish Kingdom 0.7% 4/30/2032 (b)(c) | EUR | 5430000 | 5578480 |
| Spanish Kingdom 0.8% 7/30/2027 (b)(c) | EUR | 23656000 | 27197647 |
| Spanish Kingdom 0.8% 7/30/2029  | EUR | 24230000 | 26817808 |
| Spanish Kingdom 0.85% 7/30/2037 (b)(c) | EUR | 29074000 | 25641472 |
| Spanish Kingdom 1% 10/31/2050 (b)(c) | EUR | 5109000 | 3267035 |
| Spanish Kingdom 1% 7/30/2042 (b)(c) | EUR | 11860000 | 9245193 |
| Spanish Kingdom 1.2% 10/31/2040 (b)(c) | EUR | 600000 | 506668 |
| Spanish Kingdom 1.25% 10/31/2030 (b)(c) | EUR | 8115000 | 8942505 |
| Spanish Kingdom 1.45% 10/31/2071 (b)(c) | EUR | 25659000 | 13996300 |
| Spanish Kingdom 1.45% 4/30/2029 (b)(c) | EUR | 8730000 | 9966545 |
| Spanish Kingdom 1.9% 10/31/2052 (b)(c) | EUR | 12800000 | 9985910 |
| Spanish Kingdom 2.4% 5/31/2028  | EUR | 8300000 | 9843547 |
| Spanish Kingdom 2.5% 5/31/2027  | EUR | 32900000 | 39124893 |
| Spanish Kingdom 2.55% 10/31/2032 (b)(c) | EUR | 31800000 | 36739301 |
| Spanish Kingdom 2.7% 1/31/2030  | EUR | 25800000 | 30714497 |
| Spanish Kingdom 2.7% 10/31/2048 (b)(c) | EUR | 443000 | 430590 |
| Spanish Kingdom 2.8% 5/31/2026  | EUR | 14700000 | 17439344 |
| Spanish Kingdom 2.9% 10/31/2046 (b)(c) | EUR | 720000 | 737726 |
| Spanish Kingdom 3.1% 7/30/2031  | EUR | 32700000 | 39395657 |
| Spanish Kingdom 3.15% 4/30/2033 (b)(c) | EUR | 7100000 | 8500547 |
| Spanish Kingdom 3.15% 4/30/2035 (b)(c) | EUR | 7000000 | 8233529 |
| Spanish Kingdom 3.25% 4/30/2034 (b)(c) | EUR | 6600000 | 7889988 |
| Spanish Kingdom 3.45% 10/31/2034 (b)(c) | EUR | 57500000 | 69570713 |
| Spanish Kingdom 3.45% 7/30/2043 (b)(c) | EUR | 48000000 | 54190600 |
| Spanish Kingdom 3.5% 5/31/2029  | EUR | 37800000 | 46440482 |
| Spanish Kingdom 3.55% 10/31/2033 (b)(c) | EUR | 27400000 | 33599107 |
| Spanish Kingdom 4% 10/31/2054 (b)(c) | EUR | 4200000 | 4935618 |
| Spanish Kingdom 4.2% 1/31/2037 (b)(c) | EUR | 6230000 | 7942069 |
| Spanish Kingdom 5.15% 10/31/2044 (b)(c) | EUR | 14225000 | 19925878 |
| Spanish Kingdom 5.75% 7/30/2032  | EUR | 6620000 | 9269283 |
| Spanish Kingdom 6% 1/31/2029  | EUR | 6030000 | 8015076 |
| TOTAL SPAIN |  |  | 687461120 |
| SWEDEN - 1.3%  |  |  |  |
| Sweden Kingdom 0.125% 5/12/2031 (b) | SEK | 396665000 | 37711790 |
| Sweden Kingdom 0.5% 11/24/2045 (b) | SEK | 39360000 | 2839141 |
| Sweden Kingdom 0.75% 11/12/2029 (b) | SEK | 323220000 | 32629816 |
| Sweden Kingdom 0.75% 5/12/2028 (b) | SEK | 170060000 | 17502291 |
| Sweden Kingdom 1% 11/12/2026 (b) | SEK | 276075000 | 28897576 |
| Sweden Kingdom 1.375% 6/23/2071 (b) | SEK | 34910000 | 2376458 |
| Sweden Kingdom 1.75% 11/11/2033 (b) | SEK | 96500000 | 9895715 |
| Sweden Kingdom 2.25% 5/11/2035 (b) | SEK | 282100000 | 29854731 |
| Sweden Kingdom 2.25% 6/1/2032 (b) | SEK | 87865000 | 9409205 |
| Sweden Kingdom 3.5% 3/30/2039 (b) | SEK | 171525000 | 20436366 |
| TOTAL SWEDEN |  |  | 191553089 |
| SWITZERLAND - 2.3%  |  |  |  |
| Swiss Confederation 0% 6/22/2029 (b) | CHF | 36300000 | 45636619 |
| Swiss Confederation 0% 6/26/2034 (b) | CHF | 48000000 | 58543001 |
| Swiss Confederation 0% 7/24/2039 (b) | CHF | 2070000 | 2392617 |
| Swiss Confederation 0.25% 6/23/2035 (b) | CHF | 16910000 | 20946491 |
| Swiss Confederation 0.5% 5/24/2055 (b) | CHF | 17600000 | 21219418 |
| Swiss Confederation 0.5% 5/27/2030 (b) | CHF | 9900000 | 12700897 |
| Swiss Confederation 0.5% 5/30/2058 (b) | CHF | 3907000 | 4762911 |
| Swiss Confederation 0.5% 6/28/2045 (b) | CHF | 1736000 | 2113166 |
| Swiss Confederation 0.875% 5/22/2047 (b) | CHF | 2300000 | 3031246 |
| Swiss Confederation 1.25% 5/28/2026 (b) | CHF | 5574000 | 7112149 |
| Swiss Confederation 1.25% 6/27/2037 (b) | CHF | 6501000 | 8871397 |
| Swiss Confederation 1.25% 6/28/2043 (b) | CHF | 25000000 | 34672632 |
| Swiss Confederation 1.5% 4/30/2042 (b) | CHF | 14124000 | 20219936 |
| Swiss Confederation 2% 6/25/2064 (b) | CHF | 8642000 | 16211116 |
| Swiss Confederation 2.5% 3/8/2036 (b) | CHF | 3128000 | 4784529 |
| Swiss Confederation 3.5% 4/8/2033 (b) | CHF | 17304000 | 27174335 |
| Swiss Confederation 4% 1/6/2049 (b) | CHF | 15826000 | 34480315 |
| Swiss Confederation 4% 4/8/2028 (b) | CHF | 2610000 | 3656868 |
| TOTAL SWITZERLAND |  |  | 328529643 |
| UNITED KINGDOM - 4.6%  |  |  |  |
| United Kingdom of Great Britain and Northern Ireland 0.125% 1/31/2028 (b) | GBP | 2396000 | 3009808 |
| United Kingdom of Great Britain and Northern Ireland 0.25% 7/31/2031 (b) | GBP | 12200000 | 13428352 |
| United Kingdom of Great Britain and Northern Ireland 0.375% 10/22/2026 (b) | GBP | 21340000 | 28084138 |
| United Kingdom of Great Britain and Northern Ireland 0.375% 10/22/2030 (b) | GBP | 12977000 | 14866824 |
| United Kingdom of Great Britain and Northern Ireland 0.5% 1/31/2029 (b) | GBP | 29000000 | 35511230 |
| United Kingdom of Great Britain and Northern Ireland 0.625% 10/22/2050 (b) | GBP | 5800000 | 2925353 |
| United Kingdom of Great Britain and Northern Ireland 0.625% 7/31/2035 (b) | GBP | 5655000 | 5348624 |
| United Kingdom of Great Britain and Northern Ireland 0.875% 1/31/2046 (b) | GBP | 692000 | 437845 |
| United Kingdom of Great Britain and Northern Ireland 1.125% 10/22/2073 (b) | GBP | 81900000 | 36615205 |
| United Kingdom of Great Britain and Northern Ireland 1.25% 10/22/2041 (b) | GBP | 54457000 | 43915861 |
| United Kingdom of Great Britain and Northern Ireland 1.25% 7/22/2027 (b) | GBP | 18140000 | 23703409 |
| United Kingdom of Great Britain and Northern Ireland 1.25% 7/31/2051 (b) | GBP | 39040000 | 23423427 |
| United Kingdom of Great Britain and Northern Ireland 1.5% 7/22/2026 (b) | GBP | 6200000 | 8314382 |
| United Kingdom of Great Britain and Northern Ireland 1.625% 10/22/2028 (b) | GBP | 3570000 | 4590732 |
| United Kingdom of Great Britain and Northern Ireland 1.625% 10/22/2071 (b) | GBP | 19072000 | 10524031 |
| United Kingdom of Great Britain and Northern Ireland 2.5% 7/22/2065 (b) | GBP | 4840000 | 3682562 |
| United Kingdom of Great Britain and Northern Ireland 3.25% 1/22/2044 (b) | GBP | 400000 | 425930 |
| United Kingdom of Great Britain and Northern Ireland 3.25% 1/31/2033 (b) | GBP | 23900000 | 30682420 |
| United Kingdom of Great Britain and Northern Ireland 3.5% 1/22/2045 (b) | GBP | 35500000 | 38812708 |
| United Kingdom of Great Britain and Northern Ireland 3.5% 10/22/2025 (b) | GBP | 15700000 | 21499747 |
| United Kingdom of Great Britain and Northern Ireland 3.5% 7/22/2068 (b) | GBP | 1510000 | 1483847 |
| United Kingdom of Great Britain and Northern Ireland 3.75% 10/22/2053 (b) | GBP | 20800000 | 22161379 |
| United Kingdom of Great Britain and Northern Ireland 4% 10/22/2031 (b) | GBP | 22400000 | 30562219 |
| United Kingdom of Great Britain and Northern Ireland 4% 10/22/2063 (b) | GBP | 11000000 | 12021943 |
| United Kingdom of Great Britain and Northern Ireland 4.125% 1/29/2027 (b) | GBP | 12200000 | 16820221 |
| United Kingdom of Great Britain and Northern Ireland 4.125% 7/22/2029 (b) | GBP | 13000000 | 18010704 |
| United Kingdom of Great Britain and Northern Ireland 4.25% 12/7/2027 (b) | GBP | 17400000 | 24217742 |
| United Kingdom of Great Britain and Northern Ireland 4.25% 12/7/2049 (b) | GBP | 8124000 | 9640393 |
| United Kingdom of Great Britain and Northern Ireland 4.25% 3/7/2036 (b) | GBP | 2199000 | 2936770 |
| United Kingdom of Great Britain and Northern Ireland 4.25% 6/7/2032 (b) | GBP | 12700000 | 17583905 |
| United Kingdom of Great Britain and Northern Ireland 4.25% 7/31/2034 (b) | GBP | 65200000 | 88293049 |
| United Kingdom of Great Britain and Northern Ireland 4.5% 12/7/2042 (b) | GBP | 6500000 | 8356101 |
| United Kingdom of Great Britain and Northern Ireland 4.5% 3/7/2035 (b) | GBP | 8300000 | 11398023 |
| United Kingdom of Great Britain and Northern Ireland 4.5% 6/7/2028 (b) | GBP | 8500000 | 11889735 |
| United Kingdom of Great Britain and Northern Ireland 4.625% 1/31/2034 (b) | GBP | 6200000 | 8661466 |
| United Kingdom of Great Britain and Northern Ireland 4.75% 12/7/2030 (b) | GBP | 22792000 | 32584530 |
| TOTAL UNITED KINGDOM |  |  | 666424615 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $14,638,124,791) |  |  | <br> **14445561830** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $141,323,053)<br>| 4.32 | 141294795 | **141323053** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $14,779,447,844)<br>| <br>**14586884883** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(83838117)** |
| **NET ASSETS - 100.0%** | **14503046766** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| Eurex Deutschland Contracts (Germany) | 245 | Sep 2025 | 33962183 | (80044) | (80044) |
| ICE Long GILT Futures (United Kingdom) | 480 | Sep 2025 | 61294862 | 1647747 | 1647747 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **1567703** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date | Unrealized <br> Appreciation/<br> (Depreciation) ($)  |
| AUD | 5892568 | USD | 3859991 | BNP Paribas SA | 7/02/25 | 18202 |
| AUD | 30076000 | USD | 19360733 | Goldman Sachs Bank USA | 7/02/25 | 433786 |
| AUD | 452000 | USD | 291557 | HSBC BANK USA | 7/02/25 | 5926 |
| AUD | 1050211000 | USD | 685367699 | State Street Bank & Trust Co | 7/02/25 | 5828670 |
| CAD | 62984730 | USD | 46225527 | BNP Paribas SA | 7/02/25 | 27258 |
| CAD | 10817000 | USD | 7923809 | Bank of America NA | 7/02/25 | 19646 |
| CAD | 20897000 | USD | 15296788 | JPMorgan Chase Bank NA | 7/02/25 | 48907 |
| CAD | 905579000 | USD | 662942167 | Royal Bank of Canada | 7/02/25 | 2069032 |
| CHF | 264153175 | USD | 330274037 | Citibank NA | 7/02/25 | 2643191 |
| CHF | 42275 | USD | 51722 | JPMorgan Chase Bank NA | 7/02/25 | 1558 |
| CHF | 2520909 | USD | 3168046 | State Street Bank & Trust Co | 7/02/25 | 9103 |
| CHF | 4527000 | USD | 5713500 | State Street Bank & Trust Co | 8/05/25 | 18442 |
| DKK | 21049436 | USD | 3309811 | Citibank NA | 7/02/25 | 13566 |
| DKK | 1550154000 | USD | 243409594 | State Street Bank & Trust Co | 7/02/25 | 1335462 |
| EUR | 114756000 | USD | 135164551 | BNP Paribas SA | 7/02/25 | 12278 |
| EUR | 11326000 | USD | 13053642 | Bank of America NA | 7/02/25 | 287820 |
| EUR | 856000 | USD | 979284 | Bank of America NA | 7/02/25 | 29042 |
| EUR | 6565488000 | USD | 7698691229 | Bank of America NA | 7/02/25 | 35125337 |
| EUR | 4805000 | USD | 5568279 | Brown Brothers Harriman & Co. | 7/02/25 | 91771 |
| EUR | 5763000 | USD | 6626193 | Canadian Imperial Bank of Commerce | 7/02/25 | 162333 |
| EUR | 70412000 | USD | 80574656 | Canadian Imperial Bank of Commerce | 7/02/25 | 2367160 |
| GBP | 5669000 | USD | 7779489 | State Street Bank & Trust Co | 7/01/25 | 2064 |
| GBP | 478436000 | USD | 656397380 | BNP Paribas SA | 7/02/25 | 327796 |
| GBP | 2588000 | USD | 3506117 | Bank of America NA | 7/02/25 | 46302 |
| GBP | 4229000 | USD | 5739128 | Bank of America NA | 7/02/25 | 65809 |
| GBP | 355000 | USD | 482930 | State Street Bank & Trust Co | 7/02/25 | 4361 |
| HKD | 254117890 | USD | 32371706 | Canadian Imperial Bank of Commerce | 7/02/25 | 206 |
| JPY | 14952555263 | USD | 103499164 | BNP Paribas SA | 7/02/25 | 334420 |
| JPY | 1073100000 | USD | 7509704 | Goldman Sachs Bank USA | 7/02/25 | (57879) |
| JPY | 403364960485 | USD | 2783939268 | Royal Bank of Canada | 7/02/25 | 17109033 |
| JPY | 1738300000 | USD | 11910031 | State Street Bank & Trust Co | 7/02/25 | 161078 |
| NOK | 1984000 | USD | 199545 | Brown Brothers Harriman & Co. | 7/02/25 | (2708) |
| NOK | 1735112000 | USD | 172134127 | State Street Bank & Trust Co | 7/02/25 | 10247 |
| NZD | 509822000 | USD | 308748203 | State Street Bank & Trust Co | 7/02/25 | 2013796 |
| SEK | 95282295 | USD | 9992323 | BNP Paribas SA | 7/02/25 | 78843 |
| SEK | 485775 | USD | 50239 | Bank of America NA | 7/02/25 | 1107 |
| SEK | 1713788225 | USD | 180645960 | State Street Bank & Trust Co | 7/02/25 | 498352 |
| SGD | 542344487 | USD | 424801823 | State Street Bank & Trust Co | 7/02/25 | 1737294 |
| USD | 690459183 | AUD | 1072075000 | Bank of America NA | 7/02/25 | (15126978) |
| USD | 5644050 | AUD | 8664000 | State Street Bank & Trust Co | 7/02/25 | (58161) |
| USD | 10530823 | AUD | 16066000 | BNP Paribas SA | 8/05/25 | (50562) |
| USD | 687715122 | AUD | 1053148000 | State Street Bank & Trust Co | 8/05/25 | (5908931) |
| USD | 1177166 | CAD | 1611000 | Brown Brothers Harriman & Co. | 7/02/25 | (5870) |
| USD | 10090421 | CAD | 13816000 | Canadian Imperial Bank of Commerce | 7/02/25 | (55347) |
| USD | 667553664 | CAD | 920680000 | Goldman Sachs Bank USA | 7/02/25 | (8546942) |
| USD | 864331 | CAD | 1186000 | State Street Bank & Trust Co | 7/02/25 | (6607) |
| USD | 43664376 | CAD | 59394000 | BNP Paribas SA | 8/05/25 | (34069) |
| USD | 665451826 | CAD | 907470000 | Royal Bank of Canada | 8/05/25 | (2208668) |
| USD | 9435276 | CHF | 7740000 | Bank of America NA | 7/02/25 | (319592) |
| USD | 312722665 | CHF | 256927000 | HSBC BANK USA | 7/02/25 | (11087279) |
| USD | 333060441 | CHF | 265252000 | Citibank NA | 8/05/25 | (2793100) |
| USD | 2315518 | DKK | 14848000 | Brown Brothers Harriman & Co. | 7/02/25 | (28749) |
| USD | 689785 | DKK | 4526000 | HSBC BANK USA | 7/02/25 | (24799) |
| USD | 233582626 | DKK | 1530780000 | State Street Bank & Trust Co | 7/02/25 | (8103579) |
| USD | 3139501 | DKK | 19916000 | Citibank NA | 8/05/25 | (13553) |
| USD | 244274128 | DKK | 1551779000 | State Street Bank & Trust Co | 8/05/25 | (1399795) |
| USD | 6287901 | EUR | 5406000 | Canadian Imperial Bank of Commerce | 7/02/25 | (80096) |
| USD | 188693790 | EUR | 165961000 | JPMorgan Chase Bank NA | 7/02/25 | (6799969) |
| USD | 7382476120 | EUR | 6488429000 | State Street Bank & Trust Co | 7/02/25 | (260568797) |
| USD | 110438362 | EUR | 93553000 | BNP Paribas SA | 8/05/25 | (31087) |
| USD | 7729009843 | EUR | 6576571000 | Bank of America NA | 8/05/25 | (36750488) |
| USD | 631975378 | GBP | 468586000 | Citibank NA | 7/02/25 | (11229195) |
| USD | 23253311 | GBP | 17272000 | State Street Bank & Trust Co | 7/02/25 | (455100) |
| USD | 659196985 | GBP | 480409000 | BNP Paribas SA | 8/05/25 | (353359) |
| USD | 18752372 | GBP | 13663000 | State Street Bank & Trust Co | 8/05/25 | (5471) |
| USD | 9621958 | HKD | 75224000 | Brown Brothers Harriman & Co. | 7/02/25 | 39222 |
| USD | 22946283 | HKD | 179309000 | Canadian Imperial Bank of Commerce | 7/02/25 | 104226 |
| USD | 32501481 | HKD | 254235000 | Canadian Imperial Bank of Commerce | 8/05/25 | (5981) |
| USD | 75546295 | JPY | 10859100000 | Bank of America NA | 7/02/25 | 138497 |
| USD | 16745229 | JPY | 2421350000 | Brown Brothers Harriman & Co. | 7/02/25 | (69118) |
| USD | 2731784334 | JPY | 392896150000 | Citibank NA | 7/02/25 | 3433582 |
| USD | 127561753 | JPY | 18359000000 | BNP Paribas SA | 8/05/25 | (453828) |
| USD | 2794972028 | JPY | 403433250000 | Royal Bank of Canada | 8/05/25 | (18130101) |
| USD | 4548852 | NOK | 46461000 | Bank of America NA | 7/02/25 | (60648) |
| USD | 166608031 | NOK | 1690635000 | State Street Bank & Trust Co | 7/02/25 | (1123679) |
| USD | 172938674 | NOK | 1742891000 | State Street Bank & Trust Co | 8/05/25 | (14476) |
| USD | 6457456 | NZD | 10707000 | Brown Brothers Harriman & Co. | 7/02/25 | (68996) |
| USD | 298583071 | NZD | 499115000 | HSBC BANK USA | 7/02/25 | (5652477) |
| USD | 309754767 | NZD | 510918000 | State Street Bank & Trust Co | 8/05/25 | (2045255) |
| USD | 179443500 | SEK | 1714274000 | State Street Bank & Trust Co | 7/02/25 | (1752158) |
| USD | 11633009 | SEK | 110684000 | BNP Paribas SA | 8/05/25 | (94070) |
| USD | 181357264 | SEK | 1716746000 | State Street Bank & Trust Co | 8/05/25 | (533674) |
| USD | 9330664 | SGD | 12011000 | JPMorgan Chase Bank NA | 7/02/25 | (115659) |
| USD | 403588121 | SGD | 518528000 | State Street Bank & Trust Co | 7/02/25 | (4219980) |
| USD | 9471357 | SGD | 12069000 | State Street Bank & Trust Co | 7/02/25 | (20581) |
| USD | 426613036 | SGD | 543351000 | State Street Bank & Trust Co | 8/05/25 | (1880629) |
| **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** |  | **(331693315)** |
| Unrealized Appreciation | Unrealized Appreciation | Unrealized Appreciation |  |  |  | 76654725 |
| Unrealized Depreciation | Unrealized Depreciation | Unrealized Depreciation |  |  |  | (408348040) |

---

**Currency Abbreviations**

---

| | | |
|:---|:---|:---|
| AUD | - | Australian Dollar |
| CAD | - | Canadian Dollar |
| CHF | - | Swiss Franc |
| DKK | - | Danish Krone |
| EUR | - | European Monetary Unit (Euro) |
| GBP | - | United Kingdom Pound |
| HKD | - | Hong Kong Dollar |
| JPY | - | Japanese Yen |
| NOK | - | Norwegian Krone |
| NZD | - | New Zealand Dollar |
| SEK | - | Swedish Krona |
| SGD | - | Singapore Dollar |
| USD | - | United States Dollar |

---

**Legend**

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

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $9,538,586,471 or 65.8% of net assets.

(c) 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 $5,013,999,858 or 34.6% of net assets.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,251,927.

(e) Security or a portion of the security has been segregated as collateral for over the counter (OTC) derivatives. At period end, the value of securities pledged amounts to $268,478,512.

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

**Affiliated Central Funds**

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 83892675 | 1055770443 | 998340065 | 1204089 | - | - | 141323053 | 141294795 | 0.3% |
| Total | 83892675 | 1055770443 | 998340065 | 1204089 | - | - | 141323053 |  |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Foreign Government and Government Agency Obligations** | 14445561830 | - | 14445561830 | - |
|  **Money Market Funds** | 141323053 | 141323053 | - | - |
| **Total Investments in Securities:** | 14586884883 | 141323053 | 14445561830 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1647747 | 1647747 | - | - |
| Forward Foreign Currency Contracts | 76654725 | - | 76654725 | - |
| Total Assets | 78302472 | 1647747 | 76654725 | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (80044) | (80044) | - | - |
| Forward Foreign Currency Contracts | (408348040) | - | (408348040) | - |
| Total Liabilities | (408428084) | (80044) | (408348040) | - |
| **Total Derivative Instruments:** | (330125612) | 1567703 | (331693315) | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts (a)  | 76654725 | (408348040) |
| **Total Foreign Exchange Risk**  | 76654725 | (408348040) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (b)  | 1647747 | (80044) |
| **Total Interest Rate Risk**  | 1647747 | (80044) |
| **Total Value of Derivatives** | 78302472 | (408428084) |

---

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

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

The following table is a summary of the Fund's derivatives inclusive of potential netting arrangements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Value of**<br> **Derivative**<br> **Assets ($)** | **Value of**<br> **Derivative**<br> **Liabilities ($)** | <br> **Collateral**<br> **Received**(a) **($)** | <br> **Collateral**<br> **Pledged**(a) **($)** | <br>**Net**(b) **($)** |
| Bank of America NA | 35713560 | (52257706) | - | 10239684 | (6304462) |
| BNP Paribas SA | 798797 | (1016975) | - | - | (218178) |
| Brown Brothers Harriman & Co | 130993 | (175441) | - | - | (44448) |
| Canadian Imperial Bank of Commerce | 2633925 | (141424) | (2037273) | - | 455228 |
| Citibank NA | 6090339 | (14035848) | - | - | (7945509) |
| Goldman Sachs Bank USA | 433786 | (8604821) | - | 4607772 | (3563263) |
| HSBC BANK USA | 5926 | (16764555) | - | 12423044 | (4335585) |
| JPMorgan Chase Bank NA | 50465 | (6915628) | - | 5856226 | (1008937) |
| Royal Bank of Canada | 19178065 | (20338769) | - | - | (1160704) |
| State Street Bank & Trust Co | 11618869 | (288096873) | - | 235351786 | (41126218) |
| Total | $76654725 | $(408348040) | $(2037273) | $268478512 | $(65252076) |

---

*(a) Reflects collateral received from or pledged to an individual counterparty, excluding any excess or initial collateral amounts.*

*(b) Net represents the receivable / (payable) that would be due from / (to) the counterparty in an event of default. Netting may be allowed across transactions traded under the same legal agreement with the same legal entity. Please refer to Derivative Instruments - Risk Exposures and the Use of Derivative Instruments section in the accompanying Notes to Financial Statements.*

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $14,638,124,791) | $14445561830 |  |
| Fidelity Central Funds (cost $141,323,053) | 141323053 |  |
| Total Investment in Securities (cost $14,779,447,844) |  | $14586884883 |
| Foreign currency held at value (cost $2,074,885) |  | 2087624 |
| Unrealized appreciation on forward foreign currency contracts |  | 76654725 |
| Receivable for fund shares sold |  | 457603699 |
| Interest receivable |  | 102734300 |
| Distributions receivable from Fidelity Central Funds |  | 490189 |
| Receivable from investment adviser for expense reductions |  | 32845 |
| **Total assets** |  | 15226488265 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $312930335 |  |
| Unrealized depreciation on forward foreign currency contracts | 408348040 |  |
| Payable for fund shares redeemed | 1830427 |  |
| Payable for daily variation margin on futures contracts | 194013 |  |
| Other payables and accrued expenses | 138684 |  |
| **Total liabilities** |  | 723441499 |
| **Net Assets**  |  | $14503046766 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $15399091472 |
| Total accumulated earnings (loss) |  | (896044706) |
| **Net Assets** |  | $14503046766 |
| **Net Asset Value**, offering price and redemption price per share ($14,503,046,766 ÷ 1,663,333,149 shares) |  | $8.72 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $143432551 |
| Income from Fidelity Central Funds  |  | 1204089 |
| Income before foreign taxes withheld |  | $144636640 |
| Less foreign taxes withheld |  | (35539) |
| **Total income** |  | 144601101 |
| **Expenses** |  |  |
| Custodian fees and expenses | $428275 |  |
| Independent trustees' fees and expenses | 17408 |  |
| Total expenses before reductions | 445683 |  |
| Expense reductions | (223121) |  |
| Total expenses after reductions |  | 222562 |
| **Net Investment income (loss)** |  | 144378539 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (154879723) |  |
| Forward foreign currency contracts | (675544615) |  |
| Foreign currency transactions | (755725) |  |
| Futures contracts | (2877802) |  |
| Total net realized gain (loss) |  | (834057865) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1518542294 |  |
| Forward foreign currency contracts | (707985708) |  |
| Assets and liabilities in foreign currencies | 9093578 |  |
| Futures contracts | 3257167 |  |
| Total change in net unrealized appreciation (depreciation) |  | 822907331 |
| **Net gain (loss)** |  | (11150534) |
| **Net increase (decrease) in net assets resulting from operations** |  | $133228005 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $144378539 | $193537562 |
| &nbsp;&nbsp;Net realized gain (loss) | (834057865)<br>| 255025316<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 822907331 | (154327641)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 133228005<br>| 294235237<br>|
| Distributions to shareholders | (66268665)<br>| (427107283)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1682404197 | 4945845747 |
| Reinvestment of distributions | 66268665<br>| 427107283<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (858495131) | (1522711788) |
| **Net increase (decrease) in net assets resulting from share transactions** | 890177731<br>| 3850241242<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 957137071<br>| 3717369196<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 13545909695 | 9828540499<br>|
| &nbsp;&nbsp;End of period | $14503046766 | $13545909695 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 193702795 | 561882809 |
| Issued in reinvestment of distributions | 7634639<br>| 49104849<br>|
| &nbsp;&nbsp;Redeemed | (99175359) | (174684412) |
| &nbsp;&nbsp;Net increase (decrease) | 102162075 | 436303246 |

---

**Financial Highlights** 

**Fidelity® Series International Developed Markets Bond Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.68 | $8.74 | $8.41 | $9.83 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .091  | .156  | .118  | .066  | .007  |
| Net realized and unrealized gain (loss)  | (.009)  | .095  | .547  | (1.420)  | (.169)  |
| Total from investment operations  | .082  | .251  | .665  | (1.354)  | (.162)  |
| Distributions from net investment income  | (.042)  | (.311)  | (.335)  | (.066)  | (.008)  |
| Total distributions  | (.042)  | (.311)  | (.335)  | (.066)  | (.008)  |
| Net asset value, end of period  | $8.72 | $8.68 | $8.74 | $8.41 | $9.83 |
| **Total Return** D,E | .95% <br>| 2.91%  | 7.99%  | (13.79)%  | (1.62)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .01% H | .01%  | .01%  | .01%  | .01% H |
| Expenses net of fee waivers, if any I | -% H<br>| -%  | -%  | -%  | -% H |
| Expenses net of all reductions, if any I | -% H | -%  | -%  | -%  | -% H |
| Net investment income (loss)  | 2.13% H | 1.80%  | 1.38%  | .74%  | .21% H |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14503047 | $13545910 | $9828540 | $8334404 | $4701543 |
| Portfolio turnover rate J | 24% H<br>| 17%  | 18%  | 22%  | 2% K |

---

A*For the period August 31, 2021 (commencement of operations) through December 31, 2021.*

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

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

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

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

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

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

H*Annualized.*

I*Amount represents less than .005%.*

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

K*Amount not annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended June 30, 2025

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Foreign government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in interest. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in interest receivable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $863866870 |
| **Gross unrealized depreciation** | <u>(1301125943)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(437259073)</u> |
| **Tax cost** | <u>$14694018344</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(85523496) |
| Long-term | <u>(189781706)</u> |
| **Total capital loss carryforward** | <u>$(275305202)</u> |

---

**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.

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

**4. Derivative Instruments.**

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

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

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

---

| | |
|:---|:---|
| Foreign Exchange Risk  | Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.<br>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Series International Developed Markets Bond Index Fund** |  |  |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts | <u>(675544615)</u> | <u>(707985708)</u> |
| **Total Foreign Exchange Risk** | <u>(675544615)</u> | <u>(707985708)</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | <u>(2877802)</u> | <u>3257167</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(2877802)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3257167</u> |
| Totals | <u>(678422417)</u> | <u>(704728541)</u> |

---

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

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

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

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

---

| | |
|:---|:---|
|  | **Average Contracts Amount ($)** |
| **Fidelity Series International Developed Markets Bond Index Fund** | 43189709533 |

---

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series International Developed Markets Bond Index Fund** | 1625860566 | 1803900633 |

---

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

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

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

**7. Committed Line of Credit.**

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

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

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

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

**8. Expense Reductions.**

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through April 30, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $223,121.

**9. Other.**

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

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**10. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img111015_4.jpg)<br>

1.9901933.103 IDM-SANN-0825

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

<u>Purchases 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 Fidelity School Street 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 Fidelity School Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

Item 17.

<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) Not applicable.

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

(a) (3) Not applicable.

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

SIGNATURES

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

Fidelity School Street Trust

---

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

---

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

---

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

---

---

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

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date:

August 22, 2025

---

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

---

I, Stephanie Caron, certify that:

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

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

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

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

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

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

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

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

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

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

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

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

Date:

August 22, 2025

---

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

---

## Exhibit 99.906

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

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

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

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

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

Dated: August 22, 2025

---

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

---

Dated: August 22, 2025

---

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

---

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

<br>