# EDGAR Filing Document

**Accession Number:** 0000880797
**File Stem:** 0000880797-26-000010
**Filing Date:** 2026-4
**Character Count:** 158614
**Document Hash:** 5294565bbc86d9745cb6185b80a0627e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000880797-26-000010.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0000880797-26-000010

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**EFFECTIVENESS DATE**: 20260422

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY UNION STREET TRUST II
- **CENTRAL INDEX KEY:** 0000880797

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06452
- **FILM NUMBER:** 26881836

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

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

## Series and Classes Contracts Data

### Fidelity Municipal Money Market Fund (Series ID: S000007502)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000020476 | Fidelity Municipal Money Market Fund | FTEXX           |

?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>811-06452</u>

<u>Fidelity Union Street Trust II</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;August 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;February 28, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Municipal Money Market Fund<br> **Fidelity® Municipal Money Market Fund : FTEXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Municipal Money Market Fund for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 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® Municipal Money Market Fund  | $19  | 0.39% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3869617396<br>|
| Number of Holdings | 581<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 78.3 |
| 8-30 | 1.7 |
| 31-60 | 3.6 |
| 61-90 | 2.8 |
| 91-180 | 7.4 |
| >180 | 5.7 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 36.3 |
| Tender Option Bond | 30.9 |
| Municipal Securities | 12.4 |
| Commercial Paper | 7.3 |
| Net Other Assets (Liabilities) | 13.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img10_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 36.3 |
| Tender Option Bond - 30.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 12.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 13.1  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img10_20260228_1.jpg)<br>| ![](img126228_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> 1.9915385.101 10-TSRS-0426 <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® Municipal Money Market Fund**

**Semi-Annual Report**

**February 28, 2026**

![](img126673_1.jpg)

![](img126673_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_MMM-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Municipal Money Market Fund](#Sub_Sec_Fund_10_MMM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements10_MMM-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MMM-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MMM-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MMM-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MMM-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.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Municipal Money Market Fund**

**Schedule of Investments February 28, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 12.4%** | &nbsp;&nbsp;**Municipal Securities - 12.4%** | &nbsp;&nbsp;**Municipal Securities - 12.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Arizona - 0.1%  |  |  |
| Arizona - 0.1% |  |  |
| Transportation - 0.1% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2018, 5% 7/1/2026 (c) | 1825000 | 1837571 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2023, 5% 7/1/2026 (c) | 1815000 | 1825290 |
| TOTAL ARIZONA |  | 3662861 |
| Colorado - 0.2%  |  |  |
| Colorado - 0.2% |  |  |
| General Obligations - 0.0% |  |  |
| Colorado St Bldg Excellent Schs Today Ctfs Partn (Colorado St Proj.) Series 2025T, 5% 3/15/2026  | 700000 | 700604 |
| Colorado St Ed Ln Prog TRAN (Colorado St Proj.) 5% 6/30/2026  | 1725000 | 1737752 |
|  |  | 2438356 |
| Health Care - 0.2% |  |  |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022B, 5% tender 5/15/2062 (b) | 2465000 | 2488978 |
| Colorado Health Facs Auth Rev (Advent Health Proj.) Series 2016 C, 5% tender 11/15/2036 (b) | 1590000 | 1615468 |
|  |  | 4104446 |
| TOTAL COLORADO |  | 6542802 |
| Connecticut - 0.8%  |  |  |
| Connecticut - 0.8% |  |  |
| Education - 0.2% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2017 B2, 3.2% tender 7/1/2037 (b) | 2125000 | 2128341 |
| Connecticut St Hr Ed Supp Loan Series 2025 B 2, 5% tender 11/15/2045 (b)(c) | 6250000 | 6261850 |
|  |  | 8390191 |
| General Obligations - 0.6% |  |  |
| Connecticut St Gen. Oblig. 5% 9/15/2026  | 665000 | 673663 |
| Connecticut St Gen. Oblig. Series 2025 C, 5% 8/15/2026  | 985000 | 996233 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2026  | 800000 | 800518 |
| Middlefield Conn Gen. Oblig. BAN 4% 10/14/2026  | 2675000 | 2698522 |
| New London CT BAN 4% 3/12/2026  | 400000 | 400139 |
| Regional Sch Dist No 13 CT BAN 3.5% 10/21/2026  | 4300000 | 4325514 |
| Stratford CT Gen. Oblig. BAN 3.5% 7/23/2026  | 4700000 | 4719766 |
| Watertown CT Gen. Oblig. BAN 3.5% 10/28/2026  | 8500000 | 8554195 |
|  |  | 23168550 |
| TOTAL CONNECTICUT |  | 31558741 |
| District Of Columbia,Virginia - 0.1%  |  |  |
| District Of Columbia,Virginia - 0.1% |  |  |
| Transportation - 0.1% |  |  |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2026 (c) | 105000 | 106191 |
| Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2026 (c) | 1000000 | 1011873 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2026 (c) | 675000 | 683523 |
| Metropolitan Wash DC Arpts Ath Series 2022 A, 5% 10/1/2026 (c) | 225000 | 228196 |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5% 10/1/2026 (c) | 135000 | 136532 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2026 (c) | 1430000 | 1447332 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 3613647 |
| Florida - 0.3%  |  |  |
| Florida - 0.3% |  |  |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2039 (Pre-refunded to 10/1/2026 at 100) (c) | 1365000 | 1383420 |
| Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2041 (Pre-refunded to 10/1/2026 at 100) (c) | 3085000 | 3127548 |
| Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2046 (Pre-refunded to 10/1/2026 at 100) (c) | 860000 | 870512 |
|  |  | 5381480 |
| General Obligations - 0.0% |  |  |
| Lee Cnty FL Sch Brd Ctfs Partn (Lee Cnty FL Sch Dist Proj.) 5% 8/1/2026  | 300000 | 302793 |
| Transportation - 0.0% |  |  |
| Greater Orlando Aviation Auth Series 2022 A, 5% 10/1/2026 (c) | 1435000 | 1454969 |
| Water & Sewer - 0.1% |  |  |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2025 B, 5% 10/1/2026  | 3400000 | 3445348 |
| TOTAL FLORIDA |  | 10584590 |
| Georgia - 0.0%  |  |  |
| Georgia - 0.0% |  |  |
| Transportation - 0.0% |  |  |
| Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2026 (c) | 1700000 | 1713311 |
| Hawaii - 0.0%  |  |  |
| Hawaii - 0.0% |  |  |
| General Obligations - 0.0% |  |  |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020 B, 5% 3/1/2026  | 1070000 | 1070000 |
| Idaho - 0.0%  |  |  |
| Idaho - 0.0% |  |  |
| Health Care - 0.0% |  |  |
| Idaho Health Facilities Authority (Trinity Health Proj.) Series 2013ID, 2.625% tender 12/1/2048 (b) | 900000 | 900000 |
| Illinois - 1.8%  |  |  |
| Illinois - 1.8% |  |  |
| General Obligations - 0.6% |  |  |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2026  | 910000 | 925227 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2026  | 900000 | 908923 |
| Illinois St Gen. Oblig. 5% 3/1/2026  | 4395000 | 4395000 |
| Illinois St Gen. Oblig. Series 2017 A, 5% 12/1/2026  | 1800000 | 1827763 |
| Illinois St Gen. Oblig. Series 2017 B, 5% 12/1/2026  | 900000 | 913881 |
| Illinois St Gen. Oblig. Series 2017D, 3.25% 11/1/2026  | 1500000 | 1503998 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 4325000 | 4384450 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2026  | 3600000 | 3600000 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2026  | 800000 | 800000 |
| Illinois St Gen. Oblig. Series MAY 2023 C, 5% 5/1/2026  | 360000 | 361179 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2026  | 2560000 | 2577175 |
| Illinois St Gen. Oblig. Series NOVEMBER 2016, 5% 11/1/2026  | 1400000 | 1419259 |
|  |  | 23616855 |
| Health Care - 1.1% |  |  |
| Illinois Fin Auth Rev (Advocate Health Care Network Proj.) SIFMA Municipal Swap Index + 0.3%, 2.18% tender 4/1/2051 (b)(g) | 40690000 | 40690000 |
| Special Tax - 0.1% |  |  |
| Illinois St Sales Tax Rev Series DECEMBER 2025 A, 5% 6/15/2026  | 6200000 | 6237347 |
| TOTAL ILLINOIS |  | 70544202 |
| Kansas - 0.1%  |  |  |
| Kansas - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Lawrence KS BAN 4% 5/1/2026  | 1045000 | 1047191 |
| Wichita KS Gen. Oblig. BAN 5% 10/15/2026  | 1105000 | 1121289 |
| TOTAL KANSAS |  | 2168480 |
| Kentucky - 0.1%  |  |  |
| Kentucky - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2024 B, 5% 11/1/2026  | 500000 | 507693 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2025 B, 5% 9/1/2026  | 700000 | 707993 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2025A, 5% 9/1/2026  | 730000 | 738335 |
| TOTAL KENTUCKY |  | 1954021 |
| Maine - 0.1%  |  |  |
| Maine - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Cape Elizabeth ME BAN Series 2026A, 5% 11/30/2026  | 4400000 | 4484234 |
| Massachusetts - 0.3%  |  |  |
| Massachusetts - 0.3% |  |  |
| General Obligations - 0.3% |  |  |
| Hopkinton MA BAN 4% 6/10/2026  | 12725000 | 12759155 |
| Michigan - 0.5%  |  |  |
| Michigan - 0.5% |  |  |
| Health Care - 0.5% |  |  |
| Kent MI Hosp Fin Auth (Corewell Health Proj.) SIFMA Municipal Swap Index + 0.25%, 2.13% tender 1/15/2047 (b)(g) | 18435000 | 18435000 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2026  | 2595000 | 2601523 |
| TOTAL MICHIGAN |  | 21036523 |
| Minnesota - 0.0%  |  |  |
| Minnesota - 0.0% |  |  |
| General Obligations - 0.0% |  |  |
| Hennepin Cnty Minn Gen. Oblig. Series 2025D, 5% 12/1/2026  | 800000 | 814178 |
| Nevada - 0.1%  |  |  |
| Nevada - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Clark Cnty NV School Dist Series 2020 B, 5% 6/15/2026  | 845000 | 850086 |
| Clark Cnty NV School Dist Series 2025A, 5% 6/15/2026  | 1100000 | 1106001 |
| TOTAL NEVADA |  | 1956087 |
| New Jersey - 3.6%  |  |  |
| New Jersey - 3.6% |  |  |
| Education - 1.2% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (Nj Stud Loan 2025 Proj.) 5% tender 12/1/2056 (b)(c) | 45000000 | 45133714 |
| General Obligations - 2.4% |  |  |
| Burlington Cnty N J Gen. Oblig. BAN Series 2025A, 4% 6/17/2026  | 8900000 | 8923490 |
| Cedar Grove Twp NJ Gen. Oblig. BAN Series 2025, 4% 6/24/2026  | 2900000 | 2907705 |
| Edison Twp NJ Gen. Oblig. BAN Series 2025, 4% 11/5/2026  | 7800000 | 7877316 |
| Essex Cnty NJ Gen. Oblig. BAN Series 2025, 4% 7/8/2026  | 1495000 | 1501854 |
| Essex Cnty NJ Impt Auth Lease Gen. Oblig. RAN Series 2025, 5% 3/17/2026  | 4380000 | 4383891 |
| Freehold Township NJ Gen. Oblig. BAN Series 2025B, 3.5% 10/19/2026  | 8200000 | 8245679 |
| Hazlet Twp NJ Gen. Oblig. BAN Series 2025 A, 3.5% 11/4/2026  | 3763000 | 3785920 |
| Hudson Cnty NJ Impt Auth Lease Rev BAN 4% 3/12/2026  | 975000 | 975286 |
| Jefferson Twp NJ Gen. Oblig. BAN 4% 6/12/2026  | 3000000 | 3007306 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2023 RRR, 5% 3/1/2026  | 6985000 | 6985000 |
| New Jersey St Gen. Oblig. 5% 6/1/2026  | 2125000 | 2135510 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2026  | 905000 | 920560 |
| Passaic Cnty NJ Gen. Oblig. BAN 3.5% 10/29/2026  | 6500000 | 6540751 |
| Scotch Plains Twp NJ Gen. Oblig. BAN 3.75% 8/25/2026  | 1260000 | 1264326 |
| Stafford Twp NJ Gen. Oblig. BAN Series 2025A, 3.5% 10/20/2026  | 9700000 | 9758577 |
| Upper Saddle River NJ BAN 4% 3/20/2026  | 2200000 | 2200909 |
| Vernon Twp NJ Ban Gen. Oblig. BAN 3.75% 8/21/2026  | 2400000 | 2411068 |
| Verona Twp NJ Gen. Oblig. BAN Series 2025B, 3.5% 10/21/2026  | 2100000 | 2112063 |
| West Milford Township NJ Gen. Oblig. BAN 3.75% 9/11/2026  | 3700000 | 3720865 |
| Westfield NJ Gen. Oblig. BAN 4% 11/6/2026  | 2700000 | 2717394 |
| Wood-Ridge Boro NJ BAN 4% 5/14/2026  | 4700000 | 4707386 |
| Woodcliff Lake NJ Gen. Oblig. BAN 3.75% 9/18/2026  | 2200000 | 2210601 |
|  |  | 89293457 |
| Housing - 0.0% |  |  |
| NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 2, 2.85% 11/1/2026  | 1800000 | 1799401 |
| TOTAL NEW JERSEY |  | 136226572 |
| New Mexico - 0.1%  |  |  |
| New Mexico - 0.1% |  |  |
| Housing - 0.1% |  |  |
| New Mexico Mtg Fin Auth (Nm Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) 3% tender 9/1/2057 (b) | 2600000 | 2600000 |
| New Mexico Mtg Fin Auth (Nm Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) 3% tender 9/1/2057 (b) | 2100000 | 2100000 |
| New Mexico Mtg Fin Auth (Nm Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) 3% tender 9/1/2057 (b) | 500000 | 500000 |
| TOTAL NEW MEXICO |  | 5200000 |
| New York - 1.6%  |  |  |
| New York - 1.6% |  |  |
| General Obligations - 1.6% |  |  |
| Burnt Hills Ballston Lake NY Cent Sch Dist BAN Series 2025, 4% 6/18/2026  | 7900000 | 7919440 |
| Island Trees Ufsd New York BAN Series 2025, 3.5% 6/17/2026  | 3500000 | 3508391 |
| Livingston Cnty NY Gen. Oblig. BAN 3.5% 12/11/2026  | 3761560 | 3770393 |
| Newburgh N Y Enlarged City Schdist BAN Series 2025, 4% 6/24/2026  | 21400000 | 21458794 |
| Niagara-Wheatfield NY Csd BAN 4% 6/25/2026  | 3200000 | 3208379 |
| South Colonie NY Cent Sch Dist BAN Series 2025A, 4% 7/9/2026  | 15900000 | 15952723 |
| White Plains NY City Sch Dist BAN Series 2025, 3.5% 6/19/2026  | 6000000 | 6016982 |
| TOTAL NEW YORK |  | 61835102 |
| North Carolina - 0.0%  |  |  |
| North Carolina - 0.0% |  |  |
| General Obligations - 0.0% |  |  |
| State of North Carolina Gen. Oblig. Series 2025B, 5% 5/1/2026  | 1150000 | 1154429 |
| Ohio - 1.1%  |  |  |
| Ohio - 1.1% |  |  |
| General Obligations - 1.1% |  |  |
| Bay Village Ohio Gen. Oblig. BAN 4% 12/17/2026  | 900000 | 907526 |
| Blue Ash OH Gen. Oblig. BAN Series 2025, 3.75% 3/24/2026  | 3100000 | 3101287 |
| Cleveland OH Gen. Oblig. BAN Series 2025, 4% 12/9/2026  | 2800000 | 2828975 |
| County of Muskingum OH Gen. Oblig. BAN Series 2025A, 4% 12/15/2026  | 4200000 | 4241417 |
| County of Muskingum OH Gen. Oblig. BAN Series 2025B, 4% 6/16/2026  | 1500000 | 1505565 |
| Cuyahoga Cnty OH Gen. Oblig. BAN 4.25% 5/4/2026  | 2500000 | 2504637 |
| Delaware OH BAN 3.75% 4/16/2026  | 1000000 | 1000744 |
| Delaware OH Gen. Oblig. BAN Series 2025C, 4.625% 4/16/2026  | 1100000 | 1102420 |
| Hamilton OH Gen. Oblig. BAN Series 2025, 4% 12/15/2026  | 2600000 | 2628074 |
| Huber Heights OH Gen. Oblig. BAN Series 2025, 5% 6/25/2026  | 3400000 | 3418626 |
| Jonathan Alder OH Loc Sch Dist BAN 4% 6/2/2026  | 1000000 | 1002995 |
| Lakewood OH Gen. Oblig. BAN 4% 4/9/2026  | 2000000 | 2001864 |
| Lebanon OH Gen. Oblig. BAN 4% 1/21/2027  | 800000 | 808737 |
| Monroe OH Loc Sch Dist BAN 4% 12/2/2026  | 2800000 | 2825328 |
| Oak Hills OH Loc Sch Dist BAN 4% 6/3/2026  | 1800000 | 1806742 |
| Ohio St Adult Correctional Cap Facs (State of Ohio Proj.) Series 2025A, 5% 10/1/2026  | 700000 | 710023 |
| Solon OH Go Gen. Oblig. BAN 4% 12/8/2026  | 1400000 | 1412625 |
| Springfield OH BAN 3.625% 3/25/2026  | 1900000 | 1900720 |
| State of Ohio Gen. Oblig. Series 2025A, 5% 9/1/2026  | 400000 | 404727 |
| State of Ohio Gen. Oblig. Series 2025D, 5% 11/1/2026  | 600000 | 609511 |
| State of Ohio Series 2025A, 5% 12/1/2026  | 400000 | 407178 |
| Vandalia City OH Gen. Oblig. BAN Series 2025, 4% 12/2/2026  | 1400000 | 1413093 |
| Wyoming OH Gen. Oblig. BAN Series 2026, 4% 10/13/2026 (f) | 700000 | 706138 |
|  |  | 39248952 |
| Health Care - 0.0% |  |  |
| Franklin Cnty OH Rev (Trinity Health Proj.) Series 2013OH, 2.625% tender 12/1/2046 (b) | 1600000 | 1600000 |
| TOTAL OHIO |  | 40848952 |
| Oregon - 0.1%  |  |  |
| Oregon - 0.1% |  |  |
| General Obligations - 0.0% |  |  |
| Oregon St Gen. Oblig. Series 2025 K, 5% 11/1/2026  | 1030000 | 1046479 |
| Special Tax - 0.1% |  |  |
| Oregon St Dept Admin Lottery 5% 4/1/2026  | 4200000 | 4206151 |
| TOTAL OREGON |  | 5252630 |
| Pennsylvania - 0.0%  |  |  |
| Pennsylvania - 0.0% |  |  |
| General Obligations - 0.0% |  |  |
| Pennsylvania St Gen. Oblig. Series 2018, 5% 3/1/2026  | 1000000 | 1000000 |
| Rhode Island - 0.1%  |  |  |
| Rhode Island - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Barrington RI BAN 4% 5/28/2026  | 2800000 | 2805822 |
| South Carolina - 0.4%  |  |  |
| South Carolina - 0.4% |  |  |
| General Obligations - 0.4% |  |  |
| Berkeley Cnty SC School Dist Series 2025A, 5% 6/1/2026  | 1335000 | 1342543 |
| Clover SC Sch Dist No 2 York Cnty BAN Series 2025, 5% 10/1/2026  | 1805000 | 1829794 |
| Orangeburg County School District BAN Series 2025, 5% 8/13/2026  | 225000 | 227562 |
| South Carolina Assn Govt Orgt (South Carolina St Proj.) Series 2025B, 5% 3/2/2026  | 3745000 | 3745257 |
| York Cnty SC Sch Dist No 4 Fort Mill BAN 4% 10/7/2026  | 9700000 | 9786705 |
| TOTAL SOUTH CAROLINA |  | 16931861 |
| Texas - 0.5%  |  |  |
| Texas - 0.5% |  |  |
| Electric Utilities - 0.0% |  |  |
| Austin TX Elec Util Sys Rev Series 2025, 5% 11/15/2026  | 400000 | 406505 |
| General Obligations - 0.4% |  |  |
| Dallas TX Gen. Oblig. Series 2025, 5% 8/15/2026  | 1400000 | 1414804 |
| Houston TX TRAN 4% 6/30/2026  | 2100000 | 2109574 |
| Houston TX TRAN Series 2025, 5% 6/30/2026  | 4200000 | 4232871 |
| North East Indpt Sch Dist TX Series 2025, 5% 8/1/2026 (Permanent Sch Fund of Texas Guaranteed)  | 715000 | 722240 |
| Texas State Gen. Oblig. Series 2022, 5% 8/1/2026 (c) | 1130000 | 1140012 |
| Travis Cnty TX Gen. Oblig. Series 2025, 5% 3/1/2026  | 3125000 | 3125000 |
|  |  | 12744501 |
| Special Tax - 0.0% |  |  |
| Texas State Gen. Oblig. Series 2025, 5% 10/1/2026  | 1000000 | 1014115 |
| Water & Sewer - 0.1% |  |  |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2026  | 535000 | 543527 |
| San Antonio TX Wtr Rev 5% 5/15/2026  | 2280000 | 2289158 |
| Texas Wtr Dev Brd Series 2022, 5% 10/15/2026  | 415000 | 421229 |
|  |  | 3253914 |
| TOTAL TEXAS |  | 17419035 |
| Utah - 0.0%  |  |  |
| Utah - 0.0% |  |  |
| Health Care - 0.0% |  |  |
| Utah Cnty Utah Hosp Rev (Ihc Health Services Inc Proj.) Series 2020B 2, 5% tender 5/15/2060 (b) | 1000000 | 1009320 |
| Washington - 0.3%  |  |  |
| Washington - 0.3% |  |  |
| General Obligations - 0.2% |  |  |
| Snohomish Cnty Wash SD No 201 Series 2025, 5% 12/1/2026 (State of Washington Guaranteed)  | 900000 | 915008 |
| State of Washington Gen. Oblig. Series R 2026A, 5% 7/1/2026  | 5730000 | 5775423 |
|  |  | 6690431 |
| Transportation - 0.1% |  |  |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2026 (c) | 2095000 | 2102115 |
| Port Seattle WA Rev Series 2021, 5% 9/1/2026 (c) | 465000 | 470030 |
| Port Seattle WA Rev Series D, 5% 5/1/2026 (c) | 850000 | 852497 |
|  |  | 3424642 |
| TOTAL WASHINGTON |  | 10115073 |
| Wisconsin - 0.1%  |  |  |
| Wisconsin - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Madison WI Met Sch Dist TRAN Series 2025, 5% 9/1/2026  | 5100000 | 5161471 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $480,323,099) |  | <br> **480323099** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tender Option Bond - 30.9%** | &nbsp;&nbsp;**Tender Option Bond - 30.9%** | &nbsp;&nbsp;**Tender Option Bond - 30.9%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 1.2%  |  |  |
| Alabama Infirmary Health Rev Participating VRDN Series 5065, 1.91% 2/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 18700000 | 18700000 |
| Black Belt Energy Gas District Alagas Proj Rev Participating VRDN Series 2025 XL0702, 1.93% 10/1/2035 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 3175000 | 3175000 |
| Black Belt Energy Gas District Alagas Proj Rev Participating VRDN Series 2025 ZL0724, 1.93% 12/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 3400000 | 3400000 |
| Black Belt Energy Gas District Alagas Proj Rev Participating VRDN Series 5104, 2.08% 5/1/2056 (Liquidity Facility JP Morgan Securities LLC) (b)(d) | 3700000 | 3700000 |
| Black Belt Energy Gas District Participating VRDN 1.93% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 4375000 | 4375000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 ZL0509, 1.93% 2/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 2330000 | 2330000 |
| Black Belt Energy Gas District Participating VRDN Series 2024 XM1190, 1.93% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 700000 | 700000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XM1233, 1.93% 3/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 700000 | 700000 |
| Energy Southeast AL Coop District Participating VRDN 1.93% 7/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 2000000 | 2000000 |
| Jefferson County Swr Rev Participating VRDN Series 2024 XL0531, 1.92% 10/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(d) | 3145000 | 3145000 |
| Southeast Energy Auth Participating VRDN 1.91% 1/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 1555000 | 1555000 |
| Southeast Energy Auth Participating VRDN Series 2023 XM1131, 1.93% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 4000000 | 4000000 |
| TOTAL ALABAMA |  | 47780000 |
| Alaska - 0.1%  |  |  |
| Alaska Multi Fam Hsg Auth Chenana Apts Participating VRDN 2.11% 11/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 600000 | 600000 |
| Anchorage AK Port Participating VRDN 1.94% 2/1/2060 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2900000 | 2900000 |
| TOTAL ALASKA |  | 3500000 |
| Arizona - 0.6%  |  |  |
| Arizona Health Facilities Auth Rev Participating VRDN Series 2022 MIZ9101, 2.08% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d) | 400000 | 400000 |
| Arizona Health Facs Auth Rev Participating VRDN Series 3384, 1.91% 1/1/2037 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 3100000 | 3100000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2024 MIZ9180, 2.11% 7/11/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1170000 | 1170000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9219, 2.11% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 500000 | 500000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9220, 2.11% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 400000 | 400000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9240, 2.11% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1060000 | 1060000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9241, 2.11% 11/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 700000 | 700000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9242, 2.11% 11/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1000000 | 1000000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2026 MIZ9248, 2.11% 2/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 800000 | 800000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2026 MIZ9249, 2.11% 2/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 600000 | 600000 |
| Arizona Ind Dev Auth Participating VRDN 2.11% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 845000 | 845000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9187, 2.11% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1624545 | 1624545 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9192, 2.11% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 3600000 | 3600000 |
| ARIZONA ST INDL DEV AUTH MULTIFAMILY HSG REV Participating VRDN Series 2025 MIZ9211, 2.11% 5/13/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 400000 | 400000 |
| Mesa AZ Util Sys Rev Participating VRDN 1.93% 7/1/2046 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 1000000 | 1000000 |
| Mizuho Floater / Residual Tr Var Sts Participating VRDN Series 2025 MIZ9213, 2.11% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 900000 | 900000 |
| Mizuho Floater / Residual Tr Var Sts Participating VRDN Series 2025 MIZ9215, 2.11% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 600000 | 600000 |
| Mizuho Floater / Residual Tr Var Sts Participating VRDN Series 2025 MIZ9216, 2.11% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 600000 | 600000 |
| Phoenix Civic Impt Board Arpt Rev Participating VRDN 1.93% 7/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 2755000 | 2755000 |
| TOTAL ARIZONA |  | 22054545 |
| California - 1.6%  |  |  |
| California Hsg Fin Agy Ltd Oblig Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9231, 2.06% 9/9/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 4100000 | 4100000 |
| Los Angeles Multi Fam Hsg Participating VRDN Series 2024 MIZ9189, 2.18% 9/26/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d)(e) | 480000 | 480000 |
| Los Angeles Multi Fam Hsg Participating VRDN Series 2025 MIZ9237, 2.11% 10/22/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d)(e) | 53000000 | 53000000 |
| River Islands Pub Fing Auth Participating VRDN 2.06% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 3000000 | 3000000 |
| TOTAL CALIFORNIA |  | 60580000 |
| Colorado - 1.7%  |  |  |
| Colorado Health Facilities Auth Rev Bonds Participating VRDN 1.91% 11/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(d) | 2625000 | 2625000 |
| Colorado Health Facilities Auth Rev Bonds Participating VRDN Series 2019 XG0251, 1.93% 8/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(d) | 390000 | 390000 |
| Colorado Health Facilities Auth Rev Bonds Participating VRDN Series 2020 XM0829, 1.91% 8/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(d) | 3900000 | 3900000 |
| Colorado Health Facilities Authority Series 2025 MS0043, 2.08% tender 11/15/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(d)(e) | 1700000 | 1700000 |
| Denver City & County Arpt Rev Participating VRDN Series 2018 XG0196, 1.96% 12/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 19475000 | 19475000 |
| Denver City & County Arpt Rev Participating VRDN Series 2023 XF1513, 1.96% 12/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 15355000 | 15355000 |
| Denver City & County Arpt Rev Participating VRDN Series 2024 ZF1771, 1.93% 12/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 1665000 | 1665000 |
| Denver CO Arpt Rev Participating VRDN 1.93% 12/1/2048 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3750000 | 3750000 |
| Denver CO Arpt Rev Participating VRDN Series 2025 ZF1826, 1.92% 12/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 4420000 | 4420000 |
| Denver CO City & Cnty Arpt Participating VRDN 1.93% 11/15/2045 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3750000 | 3750000 |
| Denver CO City & Cnty Arpt Participating VRDN 1.93% 11/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 7050000 | 7050000 |
| Denver CO City & Cnty Arpt Participating VRDN Series 2023 ZF3204, 1.93% 11/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 3535000 | 3535000 |
| TOTAL COLORADO |  | 67615000 |
| Connecticut - 2.2%  |  |  |
| Rib Floater Trust Various States Gen. Oblig. Participating VRDN Series 2017 014, 1.92% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(d) | 13800000 | 13800000 |
| Rib Floater Trust Various States Gen. Oblig. Participating VRDN Series 2017 016, 1.92% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(d) | 73115000 | 73115000 |
| TOTAL CONNECTICUT |  | 86915000 |
| District Of Columbia,Virginia - 0.1%  |  |  |
| Metropolitan Washington Arpt Auth Dulles Toll Road Rev Participating VRDN Series 2020 XF0920, 1.91% 10/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 2145000 | 2145000 |
| Metropolitan Washington Arpts Auth Dulles Toll Road Rev Participating VRDN Series 2019 XG0267, 1.93% 10/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(d) | 920000 | 920000 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 3065000 |
| Florida - 2.8%  |  |  |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN Series 2023 XF1641, 1.98% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 3800000 | 3800000 |
| Broward FL Arprt Rev Participating VRDN 1.94% 10/1/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3450000 | 3450000 |
| County of Broward FL Tourist Development Tax Revenue Participating VRDN Series 2023 XL0429, 1.99% 9/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 1200000 | 1200000 |
| Greater Orlando Arpt Rev Participating VRDN 1.92% 10/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3750000 | 3750000 |
| Greater Orlando Aviation Auth Participating VRDN 1.94% 10/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 1700000 | 1700000 |
| Greater Orlando Aviation Auth Participating VRDN Series 2025 XL0644, 2.1% 10/1/2044 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 5330000 | 5330000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN 1.91% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 3330000 | 3330000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2024 XF3239, 1.91% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 5785000 | 5785000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XG0617, 1.91% 11/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(d) | 1300000 | 1300000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XL0669, 2.08% 11/15/2054 (Liquidity Facility Bank of America, N.A.) (b)(d) | 1550000 | 1550000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1229, 1.91% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 2500000 | 2500000 |
| Hillsborough County Aviation Auth Rev Participating VRDN Series 2023 XF1610, 1.93% 10/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 5455000 | 5455000 |
| Hillsborough County Aviation Auth Rev Participating VRDN Series 2023 XF1637, 1.94% 10/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3400000 | 3400000 |
| Hillsborough County Indl Dev Participating VRDN 1.92% 8/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(d) | 3055000 | 3055000 |
| Jacksonville Fla Spl Rev Series 2025 MS0068E, 2.08% tender 10/1/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(d)(e) | 4010000 | 4010000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN Series 2024 XF1691, 1.91% 10/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 2500000 | 2500000 |
| Lee County Arpt Rev Participating VRDN Series 2021 XF1126, 1.96% 10/1/2051 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 3195000 | 3195000 |
| Lee County Arpt Rev Participating VRDN Series 2023 XF1523, 1.94% 10/1/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2430000 | 2430000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN Series 2025 CF7023, 1.93% 3/15/2047 (Liquidity Facility Citibank NA) (b)(d) | 4800000 | 4800000 |
| Miami-Dade County Aviation Rev Participating VRDN Series 2023 XX1322, 1.93% 10/1/2040 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4090000 | 4090000 |
| Miami-Dade County Aviation Rev Participating VRDN Series 2025 XG0614, 1.92% 10/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 1975000 | 1975000 |
| Miami-Dade County Aviation Rev Participating VRDN Series 2025 XL0592, 1.92% 10/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 5350000 | 5350000 |
| Miami-Dade County Aviation Rev Participating VRDN Series 2025 ZF1836, 1.92% 10/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 6660000 | 6660000 |
| Miami-Dade County Expressway Auth Participating VRDN Series 2019 XG0252, 1.93% 7/1/2034 (Liquidity Facility Bank of America, N.A.) (b)(d) | 6100000 | 6100000 |
| Miami-Dade County Participating VRDN 1.96% 10/1/2052 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 2270000 | 2270000 |
| Miami-Dade County Participating VRDN Series 2023 XF1159, 1.96% 10/1/2052 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 1195000 | 1195000 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev Participating VRDN Series 2022 XG0370, 1.98% 8/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(d) | 4415000 | 4415000 |
| South Broward Hosp Dist FL Rev Participating VRDN Series 2021 XG0345, 1.91% 5/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 3300000 | 3300000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN Series 2018 XG0173, 1.98% 8/15/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 2100000 | 2100000 |
| Tampa Bay Water Participating VRDN 1.91% 10/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(d) | 5000000 | 5000000 |
| Tampa FL Health Sys Rev Participating VRDN Series 2023 XF3146, 1.93% 11/15/2046 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 2300000 | 2300000 |
| TOTAL FLORIDA |  | 107295000 |
| Georgia - 1.4%  |  |  |
| Burke County Indl Dev Auth Poll Cont Rev Participating VRDN 1.92% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 19400000 | 19400000 |
| Burke County Indl Dev Auth Poll Cont Rev Participating VRDN 1.93% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 14800000 | 14800000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XF3106, 1.92% 7/1/2063 (Liquidity Facility Barclays Bank PLC) (b)(d) | 8070000 | 8070000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XG0470, 1.93% 1/1/2059 (Liquidity Facility Bank of America, N.A.) (b)(d) | 6925000 | 6925000 |
| Main Street Natural Gas Inc Participating VRDN Series 2024 XM1187, 1.93% 6/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 700000 | 700000 |
| Muni Elec Auth of Georgia Participating VRDN Series 2019 XG0254, 1.93% 1/1/2063 (Liquidity Facility Bank of America, N.A.) (b)(d) | 3880000 | 3880000 |
| TOTAL GEORGIA |  | 53775000 |
| Idaho - 0.0%  |  |  |
| Idaho Hsg & Fin Assn Participating VRDN Series 2024 XG0565, 1.91% 1/1/2054 (Liquidity Facility Barclays Bank PLC) (b)(d) | 1420000 | 1420000 |
| Illinois - 3.2%  |  |  |
| Chicago IL Ohare Intl Arpt Rev Participating VRDN Series G 128, 1.93% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3100000 | 3100000 |
| Chicago O'Hare Int'l Arpt Rev Participating VRDN 1.94% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2810000 | 2810000 |
| Chicago O'Hare Int'l Arpt Rev Participating VRDN Series 2018 XF0723, 1.92% 1/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 13150000 | 13150000 |
| Chicago O'Hare Int'l Arpt Rev Participating VRDN Series 2019 XF0736, 1.91% 1/1/2059 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 1180000 | 1180000 |
| Chicago O'Hare Intl Arpt Rev Participating VRDN 1.92% 1/1/2048 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 10500000 | 10500000 |
| Chicago O'Hare Intl Arpt Rev Participating VRDN Series 2018 XG0219, 1.92% 1/1/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 1820000 | 1820000 |
| Chicago O'Hare Intl Arpt Rev Participating VRDN Series 2022 XX1243, 1.92% 1/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 5625000 | 5625000 |
| Chicago Transit Auth Participating VRDN Series 2020 XL0145, 1.92% 12/1/2057 (Liquidity Facility Barclays Bank PLC) (b)(d) | 780000 | 780000 |
| Illinois Fin Auth Rev Participating VRDN Series 2018 017, 2.18% 8/15/2030 (Liquidity Facility Barclays Bank PLC) (b)(d) | 9300000 | 9300000 |
| Illinois Fin Auth Rev Participating VRDN Series 2018 XF0711, 1.91% 5/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 11050000 | 11050000 |
| Illinois Fin Auth Rev Participating VRDN Series 5103, 1.91% 8/15/2057 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 6100000 | 6100000 |
| Illinois Finance Authority Rev Participating VRDN 1.91% 8/15/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 4000000 | 4000000 |
| Illinois Gen. Oblig. Participating VRDN 1.93% 11/1/2029 (Liquidity Facility Bank of America, N.A.) (b)(d) | 1850000 | 1850000 |
| Illinois Gen. Oblig. Participating VRDN 1.93% 5/1/2039 (Liquidity Facility Bank of America, N.A.) (b)(d) | 11185000 | 11185000 |
| Illinois Housing Development Authority Participating VRDN 1.91% 10/1/2042 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 1875000 | 1875000 |
| Illinois Housing Development Authority Participating VRDN 1.91% 10/1/2043 (Liquidity Facility Citibank NA) (b)(d) | 2355000 | 2355000 |
| Illinois Hsg Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9224, 2.11% 8/18/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 10900000 | 10900000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN 1.93% 1/1/2046 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 2670000 | 2670000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN Series 2015 XF077, 1.94% 1/1/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 2195000 | 2195000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN Series 2023 ZF3156, 1.91% 1/1/2041 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 2165000 | 2165000 |
| Metropolitan Pier & Exposition Participating VRDN Series 2015 XF1045, 1.92% 6/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(d) | 1300000 | 1300000 |
| Rbc Mun Prods Inc Tr Var Sts Gen. Oblig. Participating VRDN Series E 169, 1.94% 5/31/2030 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 17400000 | 17400000 |
| Regional Transn Auth IL Participating VRDN Series 2025 ZF3399, 1.91% 6/1/2055 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 1875000 | 1875000 |
| TOTAL ILLINOIS |  | 125185000 |
| Indiana - 0.1%  |  |  |
| Indiana Fin Auth Health Sys Rev Participating VRDN 1.91% 10/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 4790000 | 4790000 |
| Iowa - 0.2%  |  |  |
| Iowa Fin Auth Rev Participating VRDN Series 2024 003, 2.13% 3/1/2027 (Liquidity Facility Barclays Bank PLC) (b)(d) | 5900000 | 5900000 |
| Kansas - 0.1%  |  |  |
| University Kansas Hosp Auth Hlth Fac Rev Participating VRDN 1.91% 9/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 4300000 | 4300000 |
| Kentucky - 0.3%  |  |  |
| CommonSpirit Health Participating VRDN Series 2020 MIZ9021, 1.98% 5/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d) | 1775000 | 1775000 |
| Covington City KY Participating VRDN Series 2024 XL0569, 1.93% 12/1/2054 (Liquidity Facility Toronto Dominion Bank NA) (b)(d) | 2150000 | 2150000 |
| Kentucky Comm Network Rev Participating VRDN 1.93% 9/1/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 3000000 | 3000000 |
| Kentucky Gas Supply Rev Participating VRDN Series 2025 XM1237, 1.93% 6/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 2000000 | 2000000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1188, 1.93% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 700000 | 700000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1189, 1.93% 8/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 700000 | 700000 |
| TOTAL KENTUCKY |  | 10325000 |
| Louisiana - 0.3%  |  |  |
| LA Calcasieu River Bridge Participating VRDN Series 2025 XF3348, 1.92% 9/1/2066 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4000000 | 4000000 |
| New Orleans Aviation Board Rev Participating VRDN Series 2023 XF3148, 1.93% 1/1/2048 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4500000 | 4500000 |
| New Orleans Aviation Board Rev Participating VRDN Series 2025 XG0612, 1.92% 1/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2000000 | 2000000 |
| TOTAL LOUISIANA |  | 10500000 |
| Maryland - 0.1%  |  |  |
| Maryland Health & Higher Edl Facilities Auth Rev Participating VRDN Series 2023 XF3152, 1.92% 7/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(d) | 2800000 | 2800000 |
| Michigan - 0.2%  |  |  |
| Gerald R Ford Intl Arpt Auth Mich Rev Participating VRDN 1.96% 1/1/2054 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 2700000 | 2700000 |
| Michigan Finance Authority Participating VRDN Series 2025 XG0634, 1.93% 3/1/2051 (Liquidity Facility Bank of America, N.A.) (b)(d) | 3300000 | 3300000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN 1.91% 6/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 1900000 | 1900000 |
| TOTAL MICHIGAN |  | 7900000 |
| Minnesota - 0.3%  |  |  |
| Minnesota Housing Finance Agency Participating VRDN Series 2020 XF2879, 1.91% 7/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 2410000 | 2410000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN 2.11% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1800000 | 1800000 |
| St Paul Arpt Sys Rev Participating VRDN Series 2025 ZL0683, 1.93% 1/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 6755000 | 6755000 |
| TOTAL MINNESOTA |  | 10965000 |
| Mississippi - 0.0%  |  |  |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9202, 2.11% 12/4/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1300000 | 1300000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9205, 2.11% 7/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 800000 | 800000 |
| TOTAL MISSISSIPPI |  | 2100000 |
| Missouri - 2.1%  |  |  |
| Kansas City Indl Dev Auth Participating VRDN Series 2022 XG0396, 1.96% 3/1/2057 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 10000000 | 10000000 |
| Kansas City Indl Dev Auth Participating VRDN Series 2023 XG0479, 1.96% 3/1/2055 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 1275000 | 1275000 |
| Kansas City MO Multi Fam Hsg Rev Participating VRDN 1.93% 3/1/2057 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3840000 | 3840000 |
| Kansas City MO Multi Fam Hsg Rev Participating VRDN Series 2022 XG0402, 1.96% 3/1/2045 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 5920000 | 5920000 |
| Kansas City MO Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9207, 2.11% 1/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1000000 | 1000000 |
| Kansas City Spl Oblig Participating VRDN Series 2022 YX1193, 1.92% 9/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(d) | 2900000 | 2900000 |
| Missouri Health & Edl Facilities Auth Rev Participating VRDN Series C 16, 1.93% 3/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 34100000 | 34100000 |
| Missouri Health & Edl Facs Rev Participating VRDN Series C 23, 1.92% 6/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 7700000 | 7700000 |
| Missouri Hlth Facs Auth Rev Participating VRDN Series 5066, 1.91% 6/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 9595000 | 9595000 |
| St Louis Cnty MO Spl Oblig Participating VRDN Series 2022 XG0382, 1.91% 12/1/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 1945000 | 1945000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9235, 2.11% 10/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 600000 | 600000 |
| St Louis MO Lafayette Apts Participating VRDN Series 2025 MIZ9212, 2.11% 5/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1100000 | 1100000 |
| TOTAL MISSOURI |  | 79975000 |
| Nebraska - 0.0%  |  |  |
| Central Plains Energy Proj Rev Participating VRDN Series 2022 ZL0301, 1.93% 5/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 335000 | 335000 |
| Nevada - 0.0%  |  |  |
| Las Vegas Valley NV Gen. Oblig. Participating VRDN Series 2023 ZF3155, 1.91% 6/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 1585000 | 1585000 |
| New Jersey - 0.5%  |  |  |
| New Jersey Econ Dev Auth Participating VRDN Series 2016 XF2393, 1.91% 6/15/2041 (Liquidity Facility Barclays Bank PLC) (b)(d) | 1750000 | 1750000 |
| New Jersey Econ Dev Auth Participating VRDN Series 2017 XL0052, 1.91% 6/15/2042 (Liquidity Facility Barclays Bank PLC) (b)(d) | 3525000 | 3525000 |
| New Jersey Trans Trust Fund Auth Participating VRDN 1.91% 6/15/2046 (Liquidity Facility Barclays Bank PLC) (b)(d) | 3500000 | 3500000 |
| New Jersey Trans Trust Fund Auth Participating VRDN 1.91% 6/15/2050 (Liquidity Facility Barclays Bank PLC) (b)(d) | 4250000 | 4250000 |
| New Jersey Trans Trust Fund Auth Participating VRDN Series 2018 XG0205, 1.91% 12/15/2034 (Liquidity Facility Barclays Bank PLC) (b)(d) | 1100000 | 1100000 |
| New Jersey Turnpike Authority Participating VRDN 1.91% 1/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 4200000 | 4200000 |
| New Jersey Turnpike Authority Participating VRDN Series 2025 XM1278, 1.91% 1/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 2000000 | 2000000 |
| TOTAL NEW JERSEY |  | 20325000 |
| New Jersey,Pennsylvania - 0.0%  |  |  |
| Pennsylvania Hsg Fin Agcy Multi Fam Hsg Dev Rev Participating VRDN Series 2025 MIZ9245, 2.11% 1/7/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1600000 | 1600000 |
| New Mexico - 0.1%  |  |  |
| Bernalillo NM Multi Fam Hsg St Anthony's Pl Participating VRDN Series 2025 MIZ9210, 2.11% 4/29/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 2300000 | 2300000 |
| New York - 1.2%  |  |  |
| New York Dorm Auth Royal Charter Prop Participating VRDN Series 2025 MIZ9208, 2.11% 3/16/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 6600000 | 6600000 |
| New York Metropolitan Trans Auth Rev Participating VRDN 1.91% 11/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(d) | 9500000 | 9500000 |
| New York Metropolitan Trans Auth Rev Participating VRDN Series 2020 XF2868, 1.91% 11/15/2042 (Liquidity Facility Barclays Bank PLC) (b)(d) | 7000000 | 7000000 |
| New York Metropolitan Trans Auth Rev Participating VRDN Series 2020 XF2878, 1.91% 11/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(d) | 2000000 | 2000000 |
| New York Metropolitan Trans Auth Rev Participating VRDN Series 2020 XG0290, 1.91% 11/15/2049 (Liquidity Facility Barclays Bank PLC) (b)(d) | 5595000 | 5595000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN 1.95% 6/15/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 3600000 | 3600000 |
| New York Trans Dev Corp Participating VRDN 1.98% 11/17/2029 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 11925000 | 11925000 |
| TOTAL NEW YORK |  | 46220000 |
| North Carolina - 0.3%  |  |  |
| Charlotte NC Arpt Rev Participating VRDN Series 2025 XF1974, 1.93% 7/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 3300000 | 3300000 |
| Charlotte NC Arpt Rev Participating VRDN Series 2025 YX1402, 1.91% 7/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(d) | 1900000 | 1900000 |
| Greater Asheville Reg'l Arpt Auth Participating VRDN Series 2022 XM1011, 1.94% 7/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 5700000 | 5700000 |
| Raleigh NC Hsg Auth Multi Fam Rev Participating VRDN Series 2025 MIZ9228, 2.11% 8/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1800000 | 1800000 |
| TOTAL NORTH CAROLINA |  | 12700000 |
| Ohio - 0.7%  |  |  |
| Columbus OH Arprt Rev Participating VRDN Series 2025 ZF1973, 1.92% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2500000 | 2500000 |
| Columbus OH Arpt Rev Participating VRDN 1.92% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3800000 | 3800000 |
| Columbus OH Arpt Rev Participating VRDN Series 2025 YX1373, 1.92% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4300000 | 4300000 |
| CommonSpirit Health Participating VRDN Series 2020 MIZ9020, 1.98% 5/1/2039 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d) | 1475000 | 1475000 |
| Ohio Hosp Rev Participating VRDN Series C 18, 1.92% 1/15/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 2400000 | 2400000 |
| Ohio Housing Finance Agency Participating VRDN Series 2025 XF1824, 1.91% 9/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 2870000 | 2870000 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Participating VRDN Series 2024 XL0540, 1.91% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 3225000 | 3225000 |
| Ohio University Hospital Participating VRDN Series C 22, 1.92% 1/15/2039 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 5000000 | 5000000 |
| TOTAL OHIO |  | 25570000 |
| Oregon - 0.6%  |  |  |
| Deschutes Cnty OR Admin Sch Dist No 1 Participating VRDN Series 2026 CF7076, 1.91% 6/15/2039 (Liquidity Facility Citibank NA) (b)(d) | 4250000 | 4250000 |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN 2.11% 1/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 500000 | 500000 |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN Series 2025 MIZ9243, 2.11% 11/17/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1000000 | 1000000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN Series 2025 MIZ9230, 2.11% 9/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 400000 | 400000 |
| Port of Morrow Gen. Oblig. Series 2024 MS0026, 2.08% tender 10/1/2026 (Liquidity Facility Morgan Stanley Bank NA) (b)(d)(e) | 5400000 | 5400000 |
| Port of Portland Arpt Rev Participating VRDN 1.98% 7/1/2045 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d) | 1400000 | 1400000 |
| Port of Portland Arpt Rev Participating VRDN Series 2024 XF1741, 1.94% 7/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2000000 | 2000000 |
| Port of Portland Arpt Rev Participating VRDN Series 2025 XF1869, 1.94% 7/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 4290000 | 4290000 |
| Port of Portland Arpt Rev Participating VRDN Series 2025 XF8053, 1.93% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3160000 | 3160000 |
| TOTAL OREGON |  | 22400000 |
| Pennsylvania - 2.4%  |  |  |
| Allegheny County Arpt Auth Rev Participating VRDN 1.94% 1/1/2056 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 10510000 | 10510000 |
| Allegheny County Arpt Auth Rev Participating VRDN Series 2025 XF1911, 1.92% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3200000 | 3200000 |
| Commonwealth Fing Auth Tobacco Participating VRDN Series 2018 XX1080, 1.92% 6/1/2035 (Liquidity Facility Barclays Bank PLC) (b)(d) | 2700000 | 2700000 |
| Cumberland County Muni Auth Rev Participating VRDN 1.92% 11/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(d) | 1400000 | 1400000 |
| Lehigh County Gen Purp Hosp Rev Participating VRDN Series 2023 BAML5039, 1.96% 7/1/2043 (Liquidity Facility Bank of America, N.A.) (b)(d)(e) | 5740000 | 5740000 |
| Los Angeles CA Childrens Hosp Participating VRDN Series 2023 XF1511, 1.92% 7/1/2044 (Liquidity Facility Toronto Dominion Bank NA) (b)(d) | 3880000 | 3880000 |
| Montgomery County Higher Ed & Health Auth Rev Participating VRDN Series 2023 XG0528, 1.92% 9/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(d) | 900000 | 900000 |
| Pennsylvania Econ Dev Fing Auth Participating VRDN 1.93% 12/31/2057 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 26995000 | 26995000 |
| Pennsylvania Econ Dev Fing Auth Participating VRDN 1.96% 12/31/2062 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 7470000 | 7470000 |
| Pennsylvania Economic Dev Fin Auth Private Activity Rev Participating VRDN 1.93% 6/30/2048 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 5925000 | 5925000 |
| Pennsylvania Multi Fam Hsg Rev Participating VRDN 2.11% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 258618 | 258618 |
| Pennsylvania St Univ Participating VRDN Series 2025 XF1966, 1.91% 9/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(d) | 3000000 | 3000000 |
| Philadelphia Arpt Rev Participating VRDN Series 2025 XF1912, 1.92% 7/1/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 1995000 | 1995000 |
| Philadelphia PA Wtr & Wste Rev Participating VRDN Series 2023 XF1606, 1.92% 9/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(d) | 2400000 | 2400000 |
| Pittsburg PA Arprt Rev Participating VRDN Series 2023 XF1634, 1.94% 1/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2670000 | 2670000 |
| Pittsburg PA Arprt Rev Series 2025 MS0042, 2.08% tender 1/1/2046 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d)(e) | 9225000 | 9225000 |
| Southeastern PA Transn Auth Rev Participating VRDN 1.91% 6/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 3115000 | 3115000 |
| Thomas Jefferson University Participating VRDN Series 2024 XF1769, 1.91% 11/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 1400000 | 1400000 |
| TOTAL PENNSYLVANIA |  | 92783618 |
| South Carolina - 0.3%  |  |  |
| South Carolina Ports Auth Ports Rev Participating VRDN Series 2024 XG0552, 1.94% 7/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2590000 | 2590000 |
| South Carolina Pub Svc Auth Rev Participating VRDN Series 2018 XG0209, 1.92% 12/1/2056 (Liquidity Facility Toronto Dominion Bank NA) (b)(d) | 4410000 | 4410000 |
| South Carolina Pub Svc Auth Rev Participating VRDN Series 2023 XL0418, 1.91% 12/1/2056 (Liquidity Facility Barclays Bank PLC) (b)(d) | 5110000 | 5110000 |
| TOTAL SOUTH CAROLINA |  | 12110000 |
| Tennessee - 0.4%  |  |  |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Participating VRDN Series 2025 CF7031, 1.91% 1/1/2042 (Liquidity Facility Citibank NA) (b)(d) | 2000000 | 2000000 |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Fac Participating VRDN Series 2024 MIZ9181, 2.11% 7/11/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1830000 | 1830000 |
| Metropolitan Nashville Arpt Auth Rev Participating VRDN 1.93% 7/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3300000 | 3300000 |
| Metropolitan Nashville Arpt Auth Rev Participating VRDN 1.94% 7/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3090000 | 3090000 |
| Shelby Cnty TN Health Edl & Hsg Fac Brd Health Care Rev Participating VRDN Series 2025 BAML5067, 1.93% 9/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(d)(e) | 5410000 | 5410000 |
| TOTAL TENNESSEE |  | 15630000 |
| Texas - 2.3%  |  |  |
| Austin Arpt Sys Rev Participating VRDN Series 2022 YX1199, 1.93% 11/15/2047 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 6500000 | 6500000 |
| City of El Paso TX Water & Sewer Revenue Participating VRDN Series 2025 ZF3370, 1.91% 3/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 2500000 | 2500000 |
| Collin County Hsg Fin Corp Multi Fam Participating VRDN 2.11% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 2400000 | 2400000 |
| Cypress-Fairbanks TX Isd Participating VRDN Series 2026 CF7081, 1.91% 2/15/2047 (Liquidity Facility Citibank NA) (b)(d) | 4620000 | 4620000 |
| DeSoto Tex Indpt Sch Dist Participating VRDN Series 2025 XM1338, 2.12% 8/15/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 3325000 | 3325000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev Participating VRDN Series 2023 XF3203, 2.03% 7/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 2700000 | 2700000 |
| Harris Cnty TX Flood Ctl Dist Gen. Oblig. Participating VRDN 1.91% 10/1/2046 (Liquidity Facility Citibank NA) (b)(d) | 2900000 | 2900000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0067E, 2.08% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(d)(e) | 1100000 | 1100000 |
| Houston Arpt Sys Rev Participating VRDN Series 2025 ZF8034, 1.93% 7/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 4100000 | 4100000 |
| JEFFERSON CNTY TEX HSG FIN CORP MULTIFAMILY HSG MTG REV Participating VRDN Series 2025 MIZ9214, 2.11% 6/11/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 800000 | 800000 |
| Lamar TX Isd Participating VRDN Series 2025 XF3414, 1.91% 2/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 2670000 | 2670000 |
| Lamar TX Isd Participating VRDN Series 2025 XF3446, 1.93% 2/15/2058 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 4000000 | 4000000 |
| Los Angeles CA Multi Fam Mtg Rev Participating VRDN Series 2024 MIZ9195, 1.98% 7/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d) | 8500000 | 8500000 |
| Medina Valley Tex Indpt Sch Dist Participating VRDN Series 2023 XG0505, 1.92% 2/15/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(d) | 4000000 | 4000000 |
| North Ft Bend Wtr Auth Tex Wtrsys Rev Participating VRDN Series 2023 XL0422, 1.99% 12/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 5415000 | 5415000 |
| Prosper Tex Indpt Sch Dist Series 2025 MS0071E, 2.08% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(d)(e) | 3700000 | 3700000 |
| San Antonio TX Wtr Rev Participating VRDN 1.91% 5/15/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 1600000 | 1600000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev Participating VRDN 1.91% 11/15/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 2000000 | 2000000 |
| Texas Gas Acq & Sply Rev Participating VRDN Series 2025 XM1232, 1.93% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 700000 | 700000 |
| Texas Muni Gas Acquisition & Supply Corp Participating VRDN Series 2023 XM1154, 1.93% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 2180000 | 2180000 |
| Texas Private Activity Bond Surface Trans Corp Participating VRDN 1.94% 12/31/2058 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 4200000 | 4200000 |
| Texas State Gen. Oblig. Participating VRDN Series 2025 CF7041, 1.93% 8/1/2037 (Liquidity Facility Citibank NA) (b)(c)(d) | 12425000 | 12425000 |
| Texas Wtr Dev Brd Participating VRDN 1.91% 10/15/2059 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 1355000 | 1355000 |
| Texas Wtr Dev Brd Participating VRDN Series 2023 XG0530, 1.91% 10/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(d) | 2600000 | 2600000 |
| Texas Wtr Dev Brd Participating VRDN Series G 131, 1.91% 10/15/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 3200000 | 3200000 |
| TOTAL TEXAS |  | 89490000 |
| Utah - 0.9%  |  |  |
| Salt Lake City Arpt Rev Participating VRDN 1.92% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4840000 | 4840000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2023 XF1550, 1.96% 7/1/2047 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 9195000 | 9195000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2023 XL0457, 1.92% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 2700000 | 2700000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2023 XL0459, 1.92% 7/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 6385000 | 6385000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2023 XM1146, 1.93% 7/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4250000 | 4250000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2025 ZF1833, 1.92% 7/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2220000 | 2220000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2025 ZF1848, 1.92% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3280000 | 3280000 |
| Salt Lake City Arpt. Rev Participating VRDN Series 2025 XL0577, 1.93% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 1800000 | 1800000 |
| TOTAL UTAH |  | 34670000 |
| Virginia - 0.9%  |  |  |
| Chesapeake Bay Bridge and Tunnel District Gen Rev Participating VRDN 1.92% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(d) | 5300000 | 5300000 |
| Norfolk VA Sentara Hlth Participating VRDN 1.92% 11/1/2036 (Liquidity Facility Royal Bank of Canada NY) (b)(d) | 2500000 | 2500000 |
| Suffolk Econ Dev Auth Hosp Facs Rev Participating VRDN Series 2020 MIZ9025, 1.98% 11/1/2035 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d) | 18655000 | 18655000 |
| University VA Univ Revs Participating VRDN 1.91% 4/1/2039 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 3375000 | 3375000 |
| Virginia Small Bus Fing Auth Participating VRDN Series 2024 XF3217, 1.93% 12/31/2056 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3600000 | 3600000 |
| TOTAL VIRGINIA |  | 33430000 |
| Washington - 1.0%  |  |  |
| Port Seattle WA Rev Participating VRDN Series 2022 XM1027, 1.94% 8/1/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2100000 | 2100000 |
| Port Seattle WA Rev Participating VRDN Series 2022 YX1241, 1.93% 8/1/2040 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 5825000 | 5825000 |
| Port Seattle WA Rev Participating VRDN Series 2023 XF1599, 1.94% 5/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 5515000 | 5515000 |
| Port Seattle WA Rev Participating VRDN Series 2023 ZL0513, 1.93% 5/1/2043 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2745000 | 2745000 |
| Port Seattle WA Rev Participating VRDN Series 2025 XM1307, 1.93% 10/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 3750000 | 3750000 |
| Port Seattle WA Rev Participating VRDN Series 2025 YX1427, 1.93% 10/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 2990000 | 2990000 |
| Port Seattle WA Rev Participating VRDN Series 2025 ZF3364, 1.93% 8/1/2046 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2300000 | 2300000 |
| Port Seattle WA Rev Participating VRDN Series 2025 ZF3400, 1.93% 7/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2285000 | 2285000 |
| Port Seattle WA Rev Participating VRDN Series 2025 ZF8067, 1.94% 7/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 1790000 | 1790000 |
| Washington Health Care Facilities Auth Rev Participating VRDN Series 2023 XG0475, 1.92% 9/1/2055 (Liquidity Facility Toronto Dominion Bank NA) (b)(d) | 5285000 | 5285000 |
| Washington Health Care Facs Auth Rev Participating VRDN Series 2015 XF0150 1, 1.93% 10/1/2042 (Liquidity Facility Bank of America, N.A.) (b)(d) | 2950000 | 2950000 |
| Washington Multicare Hlth Rev Participating VRDN 1.92% 8/15/2043 (Liquidity Facility Barclays Bank PLC) (b)(d) | 2300000 | 2300000 |
| TOTAL WASHINGTON |  | 39835000 |
| Wisconsin - 0.7%  |  |  |
| Wisconsin Pub Fin Auth Toll Rev Participating VRDN Series 2025 XF8022, 1.98% 12/31/2065 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 14200000 | 14200000 |
| Wisconsin Pub Fin Auth Toll Rev Participating VRDN Series 2025 XL0680, 1.98% 12/31/2065 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 10400000 | 10400000 |
| Wisconsin Pub Fin Auth Toll Rev Participating VRDN Series 2025 XL0682, 1.98% 12/31/2065 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2150000 | 2150000 |
| TOTAL WISCONSIN |  | 26750000 |
| <br> **TOTAL TENDER OPTION BOND**<br> (Cost $1,196,473,163) |  | <br> **1196473163** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Variable Rate Demand Note - 36.3%** | &nbsp;&nbsp;**Variable Rate Demand Note - 36.3%** | &nbsp;&nbsp;**Variable Rate Demand Note - 36.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 4.0%  |  |  |
| Decatur AL Indl Dev Brd Exempt (Nucor Corp Proj.) 2.2% 8/1/2036 VRDN (b)(c) | 25415000 | 25415000 |
| Mobile AL Indl Dev Brd Rev (Alabama Power & Light Proj.) 2.05% 4/1/2031 VRDN (b)(c) | 9400000 | 9400000 |
| Mobile AL Indl Dev Brd Rev (Alabama Power & Light Proj.) 2.05% 9/1/2031 VRDN (b)(c) | 3800000 | 3800000 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) 2.05% 12/1/2036 VRDN (b)(c) | 9100000 | 9100000 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) Series FIRST 2023, 2.1% 8/1/2063 VRDN (b)(c) | 39730000 | 39730000 |
| West Jefferson Ala Indl Dev Brd Solid Waste Disp Rev (Alabama Power & Light Proj.) 2.05% 12/1/2038 VRDN (b)(c) | 25290000 | 25290000 |
| West Jefferson Ala Indl Dev Brd Solid Waste Disp Rev (Alabama Power & Light Proj.) Series 2023, 2.4% 8/1/2063 VRDN (b)(c) | 13300000 | 13300000 |
| Wilsonville AL Indl Dev Brd Pollutn Ctl Rev (Alabama Power & Light Proj.) 2.05% 12/1/2030 VRDN (b)(c) | 29490000 | 29490000 |
| TOTAL ALABAMA |  | 155525000 |
| Arizona - 0.4%  |  |  |
| Maricopa Cnty AZ Ida ID Rev (Clayton Homes Inc Proj.) 1.99% 8/1/2028, LOC US Bank NA/Cincinnati OH VRDN (b)(c) | 3300000 | 3300000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.08% 5/1/2029 VRDN (b) | 700000 | 700000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.13% 5/1/2029 VRDN (b) | 9900000 | 9900000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) Series 2009 A, 2.13% 5/1/2029 VRDN (b) | 2400000 | 2400000 |
| TOTAL ARIZONA |  | 16300000 |
| Arkansas - 0.6%  |  |  |
| Blytheville AR Indl Dev Rev (Nucor Corp Proj.) 2.25% 1/2/2033 VRDN (b)(c) | 22900000 | 22900000 |
| Colorado - 0.0%  |  |  |
| Colorado Edl & Cultural Fac Auth Rev (Clyfford Still Museum Proj.) 1.98% 12/1/2038, LOC Wells Fargo Bank NA VRDN (b) | 100000 | 100000 |
| Connecticut - 1.8%  |  |  |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) 1.9% 5/15/2039 (Liquidity Facility TD Bank NA) VRDN (b)(c) | 10800000 | 10800000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2014D 3, 1.93% 11/15/2034 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b)(c) | 20405000 | 20405000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2017 C 3, 1.9% 11/15/2035 (Liquidity Facility TD Bank NA) VRDN (b)(c) | 9500000 | 9500000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2019 A 2, 1.95% 11/15/2041 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b)(c) | 30000000 | 30000000 |
| TOTAL CONNECTICUT |  | 70705000 |
| Delaware - 0.0%  |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 2.35% 10/1/2029 VRDN (b)(c) | 300000 | 300000 |
| District Of Columbia - 0.0%  |  |  |
| District Columbia Rev (Fort Lincoln Nt/Premium Distb Proj.) 2.01% 6/1/2026, LOC Wells Fargo Bank NA VRDN (b)(c) | 675000 | 675000 |
| Florida - 4.6%  |  |  |
| Bay Cny Fla Pcr (Florida Pwr & Lt Co Proj.) Series 2020, 2.2% 6/1/2050 VRDN (b)(c) | 26800000 | 26800000 |
| Broward Cnty FL Idr (Florida Pwr & Lt Co Proj.) Series 2015, 1.99% 6/1/2045 VRDN (b)(c) | 9800000 | 9800000 |
| Broward Cnty FL Idr (Florida Pwr & Lt Co Proj.) Series 2018 A, 1.95% 12/1/2048 VRDN (b)(c) | 4700000 | 4700000 |
| Broward Cnty FL Idr (Florida Pwr & Lt Co Proj.) Series 2018 B, 2.05% 12/1/2048 VRDN (b)(c) | 4900000 | 4900000 |
| Collier Cnty FL Hfa Mfr (Richman Group Affordable Housing Corp (The) Proj.) 2% 2/15/2036, LOC Fannie Mae VRDN (b)(c) | 4300000 | 4300000 |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series FIRST 2009, 2.15% 4/1/2039 VRDN (b) | 4000000 | 4000000 |
| FL Pcr Power And Light (Florida Pwr & Lt Co Proj.) 2.35% 5/1/2029 VRDN (b) | 10140000 | 10140000 |
| Fla Hsg Fin Corp Multifamily Mtg Rev (Richman Group Affordable Housing Corp (The) Proj.) 2.01% 12/15/2044, LOC Citibank NA VRDN (b)(c) | 10805000 | 10805000 |
| Fla Hsg Fin Corp Multifamily Mtg Rev (The Richman Group Of Florida Proj.) 1.93% 4/15/2039, LOC Fannie Mae VRDN (b)(c) | 5195000 | 5195000 |
| Highlands County Health Facilities Authority (Advent Health Proj.) 1.9% 11/15/2033 VRDN (b) | 3810000 | 3810000 |
| Hillsborough Cnty FL Hfa Rev (Ced Affordable Housing Develpo Ment Inc Proj.) 2% 9/15/2035, LOC Fannie Mae VRDN (b)(c) | 4505000 | 4505000 |
| Hillsborough Cnty FL Hfa Rev (Claymore Housing Ltd Proj.) 2.01% 12/15/2038, LOC Citibank NA VRDN (b)(c) | 455000 | 455000 |
| Hillsborough Cnty FL Hfa Rev (Grande Oaks Llc Proj.) 2% 2/15/2037, LOC Fannie Mae VRDN (b)(c) | 3600000 | 3600000 |
| Hillsborough Cnty FL Hfa Rev (Hunter'S Run Llc Proj.) 2% 6/15/2036, LOC Fannie Mae VRDN (b)(c) | 7900000 | 7900000 |
| Lee Cnty FL Indl DevAuth Rev (Florida Pwr & Lt Co Proj.) Series 2016 A, 1.99% 12/1/2046 VRDN (b)(c) | 8300000 | 8300000 |
| Lee Cnty FL Indl DevAuth Rev (Florida Pwr & Lt Co Proj.) Series 2016 B, 2.45% 12/1/2046 VRDN (b)(c) | 7800000 | 7800000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2021, 2% 5/1/2046 VRDN (b)(c) | 2600000 | 2600000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2024A, 2.15% 5/1/2054 VRDN (b)(c) | 26200000 | 26200000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2024B, 2.03% 5/1/2054 VRDN (b)(c) | 28200000 | 28200000 |
| TOTAL FLORIDA |  | 174010000 |
| Georgia - 1.7%  |  |  |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 2.15% 11/1/2062 VRDN (b)(c) | 29380000 | 29380000 |
| Gwinette Cnty GA Dev Auth Idr (Curtis 1000 Inc Proj.) 2.08% 5/1/2031, LOC Wells Fargo Bank NA VRDN (b)(c) | 6460000 | 6460000 |
| Heard Cnty GA Dev Auth Poll Cont Rev (Georgia Power Co Proj.) 2.05% 12/1/2037 VRDN (b)(c) | 3300000 | 3300000 |
| Monroe Cnty GA Dev Auth Rev (Florida Pwr & Lt Co Proj.) Series 2017, 2.1% 11/1/2047 VRDN (b)(c) | 7800000 | 7800000 |
| Monroe Cnty GA Dev Auth Rev (Florida Pwr & Lt Co Proj.) Series 2019, 2.15% 6/1/2049 VRDN (b)(c) | 20000000 | 20000000 |
| TOTAL GEORGIA |  | 66940000 |
| Illinois - 3.4%  |  |  |
| Chicago IL Midway Arpt Rev Series 2014 C, 1.96% 1/1/2044, LOC PNC Bank NA VRDN (b)(c) | 84210000 | 84210000 |
| Chicago IL O'Hare Intl Arpt Rev Spl (Deutsche Lufthansa A G Proj.) 1.98% 5/1/2035, LOC Bayerische Landesbank VRDN (b)(c) | 37770000 | 37770000 |
| Illinois Dev Fin Auth Rev (Glenwood School For Boys, Il Proj.) 2.16% 2/1/2033, LOC Northern Trust CO Chicago VRDN (b) | 2700000 | 2700000 |
| Illinois Fin Auth Multifamily Rev (Villagebrook Apartments Lp Proj.) 1.93% 5/1/2035, LOC Freddie Mac Non Gold Pool VRDN (b)(c) | 5840000 | 5840000 |
| TOTAL ILLINOIS |  | 130520000 |
| Indiana - 1.7%  |  |  |
| Hammond Ind Sew&Sd Wst Dsp Rev (Cargill Inc Proj.) 1.93% 12/1/2029 VRDN (b)(c) | 5300000 | 5300000 |
| Indiana St Dev Fin Auth Envr Rev (Duke Energy Ind Inc Proj.) 1.96% 12/1/2038 VRDN (b)(c) | 37150000 | 37150000 |
| Indiana St Dev Fin Auth Envr Rev (Duke Energy Ind Inc Proj.) 2.05% 12/1/2038 VRDN (b)(c) | 23300000 | 23295147 |
| Indiana St Fin Auth Environmental Rev (Arcelormittal Sa Luxembourg Proj.) 1.93% 6/1/2035, LOC Cooperatieve Rabobank UA/NY VRDN (b) | 1500000 | 1500000 |
| TOTAL INDIANA |  | 67245147 |
| Iowa - 1.6%  |  |  |
| Iowa Fin Auth Pollutn Ctl Fac Rev (Midamerican Energy Co Proj.) Series 2016A, 1.98% 9/1/2036 VRDN (b) | 1200000 | 1200000 |
| Iowa Fin Auth Rev (Unitypoint Health Proj.) Series 2018 C, 2.07% 11/15/2041, LOC JPMorgan Chase Bank NA VRDN (b) | 2800000 | 2800000 |
| Iowa Fin Auth Sld Disp Wst Rev (Midamerican Energy Co Proj.) 2.08% 7/1/2038 VRDN (b)(c) | 600000 | 600000 |
| Iowa Fin Auth Solid Waste Facs Rev (Midamerican Energy Co Proj.) 2.05% 12/1/2047 VRDN (b)(c) | 57050000 | 57050000 |
| TOTAL IOWA |  | 61650000 |
| Kansas - 1.9%  |  |  |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.18% 9/1/2035 VRDN (b) | 14000000 | 14000000 |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.18% 9/1/2035 VRDN (b) | 3200000 | 3200000 |
| Chanute KS Indl Dev Rev (Ash Grove Cement Company Proj.) 1.92% 6/1/2035, LOC Bank of America NA VRDN (b)(c) | 25100000 | 25100000 |
| Chanute KS Indl Dev Rev (Ash Grove Cement Company Proj.) 1.92% 6/1/2035, LOC Bank of America NA VRDN (b)(c) | 7000000 | 7000000 |
| LA Cygne KS Pollution Ctl Rev (Evergy Kansas South Proj.) 2.2% 4/15/2027 VRDN (b) | 17200000 | 17200000 |
| St Marys Kans Pollutn Ctl Rev (Evergy Kansas South Proj.) 2.2% 4/15/2032 VRDN (b) | 4700000 | 4700000 |
| Wamego Kansas Pcr (Evergy Kansas South Proj.) 2.2% 4/15/2032 VRDN (b) | 4100000 | 4100000 |
| TOTAL KANSAS |  | 75300000 |
| Kentucky - 0.4%  |  |  |
| Daviess Cty KY Exempt Facs Rev (Kimberly-Clark Tissue Company Proj.) 2.2% 8/1/2029 (Kimberly-Clark Corp Guaranteed) VRDN (b)(c) | 6070000 | 6070000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 B 1, 2.45% 7/1/2060 VRDN (b)(c) | 1700000 | 1700000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2021 A 1, 2.45% 8/1/2061 VRDN (b)(c) | 9100000 | 9100000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2021B 1, 2.45% 8/1/2061 VRDN (b)(c) | 300000 | 300000 |
| TOTAL KENTUCKY |  | 17170000 |
| Louisiana - 0.0%  |  |  |
| Louisiana Hsg Fin Agy Multifamily Hsg Rev (Maestri-Murrell Real Estate Proj.) 1.98% 7/1/2040, LOC Freddie Mac Non Gold Pool VRDN (b) | 300000 | 300000 |
| Mississippi - 0.8%  |  |  |
| Mississippi Bus Fin Corp Rev (Mississippi Power Co Proj.) Series 1999, 2.05% 12/1/2027 VRDN (b)(c) | 3700000 | 3700000 |
| Mississippi Bus Fin Corp Sld Wst Disp Rev (Mississippi Power Co Proj.) Series 1998, 2.05% 5/1/2028 VRDN (b)(c) | 10700000 | 10700000 |
| Mississippi Business Fin Corp Miss Solid Waste Disp Fac & Wastewater Fac Rev (Mississippi Power Co Proj.) 1.9% 11/1/2052 VRDN (b)(c) | 15475000 | 15475000 |
| TOTAL MISSISSIPPI |  | 29875000 |
| Nebraska - 0.2%  |  |  |
| County of Washington NE (Cargill Inc Proj.) Series 2012, 1.93% 9/1/2030 VRDN (b)(c) | 6500000 | 6500000 |
| Nevada - 2.0%  |  |  |
| Clark Cnty NV Arpt Rev 1.95% 7/1/2040, LOC Bank of America NA VRDN (b)(c) | 15680000 | 15680000 |
| Clark Cnty NV Indl Dev Rev (Southwest Gas Corp Proj.) Series 2003 A, 1.9% 3/1/2038, LOC Mizuho Bank Ltd/New York NY VRDN (b)(c) | 50000000 | 50000000 |
| Clark Cnty NV Indl Dev Rev (Southwest Gas Corp Proj.) Series 2008 A, 1.9% 3/1/2038, LOC MUFG Bank Ltd/New York NY VRDN (b)(c) | 11400000 | 11400000 |
| TOTAL NEVADA |  | 77080000 |
| New Jersey,New York - 0.0%  |  |  |
| Port Auth NY & NJ 1.93% 1/19/2027 VRDN (b)(e)(g) | 500000 | 500000 |
| New York - 0.2%  |  |  |
| New York St Hsg Fin Agy Rev (Silverstein Properties Inc Proj.) 1.9% 5/15/2041, LOC Fannie Mae VRDN (b)(c) | 8160000 | 8160000 |
| North Carolina - 0.3%  |  |  |
| Cumberland Cnty NC Indl Facs & Pollution Ctl Fing Auth Exempt Facs Rev (Cargill Inc Proj.) Series 2022, 1.92% 8/1/2052 VRDN (b)(c) | 8100000 | 8100000 |
| Hertford Cnty NC Indl Facs & Pollutn Ctl Fing Auth Indl Dev Rev (Nucor Corp Proj.) 2.25% 11/1/2033 VRDN (b)(c) | 100000 | 100000 |
| Lower Cape Fear N C Wtr & Swr Auth Spl Fac Rev (Smithfield Foods Proj.) 1.96% 12/1/2034, LOC Cooperatieve Rabobank UA/NY VRDN (b) | 2155000 | 2155000 |
| TOTAL NORTH CAROLINA |  | 10355000 |
| Ohio - 0.8%  |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Healthcare System Proj.) Series 2012 B, 1.8% 5/1/2036, LOC TD Bank NA VRDN (b) | 9500000 | 9500000 |
| Cuyahoga Cnty OH Hlth Care Fac (The A.M. Mcgregor Home Proj.) Series 2014, 1.92% 5/1/2049, LOC Northern Trust CO Chicago VRDN (b) | 2335000 | 2335000 |
| Hamilton Cnty OH Hosp Facs Rev (Childrens Hosp Med Ctr Cinn,Oh Proj.) Series 2018AA, 1.95% 5/15/2037 VRDN (b) | 5900000 | 5900000 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (Oh Residential Mortgage Proj.) Series F, 1.9% 3/1/2036 (Liquidity Facility TD Bank NA) VRDN (b)(c) | 3630000 | 3630000 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (Oh Residential Mortgage Proj.) Series H, 2.12% 3/1/2036 (Liquidity Facility State of Ohio) VRDN (b)(c) | 7665000 | 7665000 |
| TOTAL OHIO |  | 29030000 |
| Oregon - 0.2%  |  |  |
| Portland Ore Hsg Auth Rev (Cecelia Limited Partnership Proj.) 1.93% 12/1/2034, LOC Bank of America NA VRDN (b)(c) | 2770000 | 2770000 |
| Portland Ore Hsg Auth Rev (Trouton Limited Partnership Proj.) 1.93% 4/1/2037, LOC Bank of America NA VRDN (b)(c) | 3685000 | 3685000 |
| TOTAL OREGON |  | 6455000 |
| Pennsylvania - 0.0%  |  |  |
| Lancaster PA Indl Dev Auth Rev (Willow Valley Retirement Communities Proj.) 1.98% 12/1/2039, LOC PNC Bank NA VRDN (b) | 1600000 | 1600000 |
| South Carolina - 0.2%  |  |  |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.55% 3/1/2029 VRDN (b)(c) | 2200000 | 2200000 |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.55% 4/1/2031 VRDN (b)(c) | 2750000 | 2750000 |
| Darlington Cnty SC Indl Dev Re (Nucor Corp Proj.) 2.55% 8/1/2029 VRDN (b)(c) | 2482000 | 2482000 |
| TOTAL SOUTH CAROLINA |  | 7432000 |
| Tennessee - 0.5%  |  |  |
| Clarksville TN Public Bldg Ath (Tennessee Muni Bond Fund Proj.) 2.08% 11/1/2035, LOC Bank of America NA VRDN (b) | 145000 | 145000 |
| Henderson Tenn Indl Dev Brd Rev (Arvin Sango Inc Proj.) 1.92% 2/1/2042, LOC MUFG Bank Ltd VRDN (b)(c) | 10000000 | 10000000 |
| Industrial Dev Brd Blount Cnty & Cities Alcoa & Maryville Tenn (Alcoa Tn Proj.) 2.18% 6/1/2036, LOC Truist Bank VRDN (b) | 1985000 | 1985000 |
| Loudon CO TN Idb Exmpt Fac Rv (Kimberly-Clark Corp Proj.) 2.2% 11/1/2034 VRDN (b)(c) | 7100000 | 7100000 |
| Montgomery Cnty TN Pub Bldg Au 2.04% 9/1/2029, LOC Bank of America NA VRDN (b) | 245000 | 245000 |
| TOTAL TENNESSEE |  | 19475000 |
| Texas - 4.1%  |  |  |
| Calhoun Cnty Tex Nav Dist Environmental Facs Rev (Formosa Plastics Corp Proj.) 1.95% 5/1/2034, LOC Citibank NA VRDN (b)(c) | 8775000 | 8775000 |
| Calhoun Cnty TX Sld Ws Ds Rev (Formosa Plastics Corp Texas Proj.) 1.95% 5/1/2031, LOC JPMorgan Chase Bank NA VRDN (b)(c) | 25000000 | 25000000 |
| Calhoun Port Auth TX Environmental Facs Rev (Formosa Plastics Corp Texas Proj.) 1.92% 11/1/2037, LOC PNC Bank NA VRDN (b)(c) | 7495000 | 7495000 |
| Converse Hsg Fin Corp TX Multi Family Hsg Rev (Town Square Living Llc Proj.) 1.75% 3/15/2040, LOC Citibank NA VRDN (b)(c) | 10740000 | 10740000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025B, 2% 12/1/2060 (Liquidity Facility Bank of America NA) VRDN (b) | 9705000 | 9705000 |
| Harris Cnty TX Hfc Mfhr (Tx Bammel Housing Lp Proj.) 1.93% 2/15/2038, LOC Fannie Mae VRDN (b)(c) | 5880000 | 5880000 |
| Harris Cnty TX Hosp Dist Rev 1.85% 2/15/2042, LOC JPMorgan Chase Bank NA VRDN (b) | 4800000 | 4800000 |
| Houston TX Util Sys Rev 1.9% 5/15/2034, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 350000 | 350000 |
| Jewett Economic Dev Corp Tex I (Nucor Corp Proj.) 2.2% 8/1/2038 VRDN (b)(c) | 9700000 | 9700000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Capital Ventures Inc Proj.) 2% 11/1/2029 (Exxon Mobil Corp Guaranteed) VRDN (b) | 300000 | 300000 |
| Lower Nchs Vly Ath TX Idcrp Re (Onyx Environmental Svcs Llc Proj.) Series 2003, 2% 5/1/2028, LOC Bank of America NA VRDN (b)(c) | 10310000 | 10310000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 2% 5/1/2046 (Exxon Mobil Corp Guaranteed) VRDN (b) | 225000 | 225000 |
| Port Arthur TX Navigation District (Air Products & Chemicals Inc Proj.) 2.24% 4/1/2036 VRDN (b)(c) | 14000000 | 14000000 |
| Texas St Dept Hsg & Cmnty Affairs Multifamily Hsg Rev (Sunset Pointe Housing Partnership Ltd., L.P. Proj.) 1.98% 7/15/2039, LOC Fannie Mae VRDN (b)(c) | 12980000 | 12980000 |
| Texas State Gen. Oblig. 1.95% 6/1/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 4330000 | 4330000 |
| Texas State Gen. Oblig. 1.95% 6/1/2045 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 8090000 | 8090000 |
| Texas State Gen. Oblig. 2% 12/1/2036 (Liquidity Facility State Street Bank & Trust Co) VRDN (b)(c) | 12975000 | 12975000 |
| Texas State Gen. Oblig. 2% 6/1/2034 (Liquidity Facility State Street Bank & Trust Co) VRDN (b)(c) | 9985000 | 9985000 |
| TOTAL TEXAS |  | 155640000 |
| Virginia - 0.4%  |  |  |
| Arlington Cnty VA Indl Dev Auth Multifamily Rev (Ahc Limited Partnership-18 Proj.) 2% 8/1/2047, LOC Freddie Mac Non Gold Pool VRDN (b)(c) | 17150000 | 17150000 |
| Washington - 1.1%  |  |  |
| Washington St Hsg Fin Comm Mf (Eagle Ridge, Llc Proj.) 1.97% 8/1/2041, LOC Federal Home Loan Bank of San Francisco VRDN (b)(c) | 9485000 | 9485000 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev (Teutsch Partners Proj.) Series A, 2.27% 12/15/2041, LOC Federal Home Loan Bank of San Francisco VRDN (b)(c) | 31590000 | 31590000 |
| TOTAL WASHINGTON |  | 41075000 |
| West Virginia - 2.0%  |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) 2.08% 2/1/2036 VRDN (b)(c) | 25675000 | 25675000 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2008 A, 1.94% 2/1/2036 VRDN (b)(c) | 39900000 | 39900000 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Nucor Steel West Virginia Llc Proj.) Series 2025B 1, 2.15% 11/1/2065 (Nucor Corp Guaranteed) VRDN (b)(c) | 13600000 | 13600000 |
| TOTAL WEST VIRGINIA |  | 79175000 |
| Wisconsin - 1.4%  |  |  |
| Green Bay Wis Redev Auth Exempt Fac Redev Rev (Green Bay Wis Pkg Sys Rev Proj.) Series 2019, 1.93% 7/1/2047, LOC Wells Fargo Bank NA VRDN (b)(c)(f) | 54600000 | 54600000 |
| Wyoming - 0.0%  |  |  |
| Laramie Cnty WY Indl Dev Rev (Cheyenne Light, Fuel & Pwr Co Proj.) 1.91% 3/1/2027, LOC Wells Fargo Bank NA VRDN (b)(c) | 1100000 | 1100000 |
| <br> **TOTAL VARIABLE RATE DEMAND NOTE**<br> (Cost $1,404,842,147) |  | <br> **1404842147** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 7.3%** | &nbsp;&nbsp;**Commercial Paper - 7.3%** | &nbsp;&nbsp;**Commercial Paper - 7.3%** | &nbsp;&nbsp;**Commercial Paper - 7.3%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Austin TX Elec Util Sys Rev 2.63% 3/3/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.63 | 18700000 | 18700000 |
| Austin TX Elec Util Sys Rev 2.63% 3/3/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.63 | 3600000 | 3600000 |
| Board of Regents of the University of Texas System 2.39% 7/16/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.39 | 5200000 | 5200000 |
| Board of Regents of the University of Texas System 2.61% 5/18/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.61 | 12500000 | 12500000 |
| Board of Regents of the University of Texas System 2.62% 5/21/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.62 | 5200000 | 5200000 |
| Board of Regents of the University of Texas System 2.62% 6/2/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.62 | 25000000 | 25000000 |
| Board of Regents of the University of Texas System 2.63% 6/3/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.63 | 12500000 | 12500000 |
| Board of Regents of the University of Texas System 2.63% 6/3/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.63 | 11500000 | 11500000 |
| Board of Regents of the University of Texas System 2.65% 3/10/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 3500000 | 3500000 |
| Board of Regents of the University of Texas System 2.65% 3/19/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 5200000 | 5200000 |
| Board of Regents of the University of Texas System 2.65% 4/2/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 1000000 | 1000000 |
| Board of Regents of the University of Texas System 2.65% 5/18/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 5200000 | 5200000 |
| Board of Regents of the University of Texas System 2.65% 5/18/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 5100000 | 5100000 |
| Board of Regents of the University of Texas System 2.65% 5/18/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 3100000 | 3100000 |
| Board of Regents of the University of Texas System 2.65% 5/20/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 5100000 | 5100000 |
| Board of Regents of the University of Texas System 2.66% 5/12/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.66 | 12500000 | 12500000 |
| Board of Regents of the University of Texas System 2.67% 4/7/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.67 | 1000000 | 1000000 |
| Board of Regents of the University of Texas System 2.69% 3/3/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.69 | 1300000 | 1300000 |
| Board of Regents of the University of Texas System 2.7% 3/10/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.70 | 5300000 | 5300000 |
| Board of Regents of the University of Texas System 2.7% 3/11/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.70 | 5300000 | 5300000 |
| Board of Regents of the University of Texas System 2.7% 3/12/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.70 | 5300000 | 5300000 |
| Dallas TX Rapid Transit Sales Tax Rev 2.72% 9/8/2026 CP  | 2.72 | 7800000 | 7800000 |
| Fort Bend TX Indpt Sch Dist 2.53% 3/25/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.53 | 7400000 | 7400000 |
| Harris Cnty TX 2.48% 3/26/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.48 | 4650000 | 4650000 |
| Harris Cnty TX 2.65% 3/5/2026 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.65 | 1090000 | 1090000 |
| Harris Cnty TX 2.65% 3/5/2026 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.65 | 1000000 | 1000000 |
| Harris Cnty TX 2.65% 3/5/2026 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.65 | 600000 | 600000 |
| Harris Cnty TX 2.7% 3/5/2026 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.70 | 500000 | 500000 |
| Harris Cnty TX 2.75% 3/26/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.75 | 800000 | 800000 |
| Harris Cnty TX 2.75% 3/26/2026 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.75 | 900000 | 900000 |
| Harris Cnty TX 2.76% 3/26/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.76 | 6685000 | 6685000 |
| Harris Cnty TX 2.76% 3/26/2026 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.76 | 4940000 | 4940000 |
| Harris Cnty TX 2.76% 3/26/2026, LOC Sumitomo Mitsui Banking Corp/New York CP  | 2.76 | 1300000 | 1300000 |
| Maricopa Cnty AZ Ida Rev 2.4% 3/4/2026 CP  | 2.40 | 10400000 | 10400000 |
| Michigan St Bldg Auth Rev 2.52% 4/23/2026, LOC JPMorgan Chase Bank NA CP  | 2.52 | 5400000 | 5400000 |
| Nebraska Pub Pwr Dist Rev 2.42% 5/21/2026, LOC Bank of America NA CP  | 2.42 | 12400000 | 12400000 |
| Nebraska Pub Pwr Dist Rev 2.68% 3/3/2026, LOC Bank of America NA CP  | 2.68 | 9600000 | 9600000 |
| Omaha Public Power District 2.64% 3/4/2026 CP  | 2.64 | 1100000 | 1100000 |
| University MN 2.41% 5/21/2026 CP  | 2.41 | 6700000 | 6700000 |
| University MN 2.41% 5/21/2026 CP  | 2.41 | 1000000 | 1000000 |
| University TX Perm Univ Fd 2.46% 7/1/2026 CP  | 2.46 | 3100000 | 3100000 |
| University TX Perm Univ Fd 2.64% 5/4/2026 CP  | 2.64 | 5100000 | 5100000 |
| University TX Perm Univ Fd 2.65% 4/21/2026 CP  | 2.65 | 2100000 | 2100000 |
| University TX Perm Univ Fd 2.66% 3/11/2026 CP  | 2.66 | 5400000 | 5400000 |
| University TX Perm Univ Fd 2.68% 3/5/2026 CP  | 2.68 | 5400000 | 5400000 |
| University TX Perm Univ Fd 2.7% 3/4/2026 CP  | 2.70 | 2700000 | 2700000 |
| Wisconsin St 2.47% 11/5/2026 CP  | 2.47 | 5200000 | 5200000 |
| Wisconsin St 2.48% 11/1/2026 CP  | 2.48 | 3100000 | 3100000 |
| Wisconsin St 2.7% 8/17/2026 CP  | 2.70 | 10100000 | 10100000 |
| Wisconsin St 2.8% 6/6/2026 CP  | 2.80 | 3200000 | 3200000 |
| <br> **TOTAL COMMERCIAL PAPER**<br> (Cost $282,765,000) |  |  | **282765000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 12.6%** | &nbsp;&nbsp;**Money Market Funds - 12.6%** | &nbsp;&nbsp;**Money Market Funds - 12.6%** | &nbsp;&nbsp;**Money Market Funds - 12.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (i)(j)<br>(Cost $486,726,551)<br>| 1.91 | 486629225 | **486726551** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.5%**<br> (Cost $3,851,129,960)<br>| <br>**3851129960** |
| **NET OTHER ASSETS (LIABILITIES) - 0.5%**  | **18487436** |
| **NET ASSETS - 100.0%** | **3869617396** |

---

**Security Type Abbreviations**

---

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

---

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

**Legend**

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

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

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

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

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $149,753,163 or 3.9% of net assets.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $55,306,138 or 1.4% of net assets.

(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) 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.

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

(j) 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.

---

| | | |
|:---|:---|:---|
| 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 | Cost ($)<br>|
| Alaska Multi Fam Hsg Auth Chenana Apts Participating VRDN 2.11% 11/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 11/21/2024 | 600000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2024 MIZ9180, 2.11% 7/11/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 10/10/2024 | 1170000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9219, 2.11% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/1/2025 | 500000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9220, 2.11% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/1/2025 | 400000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9240, 2.11% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 11/3/2025 | 1060000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9241, 2.11% 11/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 11/3/2025 | 700000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9242, 2.11% 11/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 11/3/2025 | 1000000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2026 MIZ9248, 2.11% 2/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 2/2/2026 | 800000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2026 MIZ9249, 2.11% 2/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 2/2/2026 | 600000 |
| Arizona Ind Dev Auth Participating VRDN 2.11% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/2024 - 6/18/2025 | 845000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9187, 2.11% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/2024 | 1624545 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9192, 2.11% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 10/10/2024 | 3600000 |
| ARIZONA ST INDL DEV AUTH MULTIFAMILY HSG REV Participating VRDN Series 2025 MIZ9211, 2.11% 5/13/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 5/14/2025 | 400000 |
| Bernalillo NM Multi Fam Hsg St Anthony's Pl Participating VRDN Series 2025 MIZ9210, 2.11% 4/29/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 4/30/2025 | 2300000 |
| California Hsg Fin Agy Ltd Oblig Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9231, 2.06% 9/9/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 9/10/2025 | 4100000 |
| Collin County Hsg Fin Corp Multi Fam Participating VRDN 2.11% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/2024 - 10/10/2024 | 2400000 |
| Colorado Health Facilities Authority Series 2025 MS0043, 2.08% tender 11/15/2050 (Liquidity Facility Morgan Stanley Bank NA) | 5/21/2025 | 1700000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0067E, 2.08% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 1100000 |
| Illinois Hsg Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9224, 2.11% 8/18/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/19/2025 | 10900000 |
| Jacksonville Fla Spl Rev Series 2025 MS0068E, 2.08% tender 10/1/2054 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 4010000 |
| JEFFERSON CNTY TEX HSG FIN CORP MULTIFAMILY HSG MTG REV Participating VRDN Series 2025 MIZ9214, 2.11% 6/11/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/12/2025 | 800000 |
| Kansas City MO Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9207, 2.11% 1/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 1/23/2025 | 1000000 |
| Lehigh County Gen Purp Hosp Rev Participating VRDN Series 2023 BAML5039, 1.96% 7/1/2043 (Liquidity Facility Bank of America, N.A.) | 5/4/2023 - 3/28/2024 | 5740000 |
| Los Angeles Multi Fam Hsg Participating VRDN Series 2024 MIZ9189, 2.18% 9/26/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 11/13/2024 | 480000 |
| Los Angeles Multi Fam Hsg Participating VRDN Series 2025 MIZ9237, 2.11% 10/22/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 10/23/2025 | 53000000 |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Fac Participating VRDN Series 2024 MIZ9181, 2.11% 7/11/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 7/11/2024 - 10/10/2024 | 1830000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9202, 2.11% 12/4/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 12/4/2024 | 1300000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9205, 2.11% 7/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 12/12/2024 | 800000 |
| Mizuho Floater / Residual Tr Var Sts Participating VRDN Series 2025 MIZ9213, 2.11% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/3/2025 | 900000 |
| Mizuho Floater / Residual Tr Var Sts Participating VRDN Series 2025 MIZ9215, 2.11% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/2025 | 600000 |
| Mizuho Floater / Residual Tr Var Sts Participating VRDN Series 2025 MIZ9216, 2.11% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/2025 | 600000 |
| New York Dorm Auth Royal Charter Prop Participating VRDN Series 2025 MIZ9208, 2.11% 3/16/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 3/17/2025 | 6600000 |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN 2.11% 1/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 1/2/2025 | 500000 |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN Series 2025 MIZ9243, 2.11% 11/17/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 11/18/2025 | 1000000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN Series 2025 MIZ9230, 2.11% 9/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 9/3/2025 | 400000 |
| Pennsylvania Hsg Fin Agcy Multi Fam Hsg Dev Rev Participating VRDN Series 2025 MIZ9245, 2.11% 1/7/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 1/8/2026 | 1600000 |
| Pennsylvania Multi Fam Hsg Rev Participating VRDN 2.11% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/2024 | 258618 |
| Pittsburg PA Arprt Rev Series 2025 MS0042, 2.08% tender 1/1/2046 (Liquidity Facility Morgan Stanley Bank NA) | 5/21/2025 | 9225000 |
| Port Auth NY & NJ 1.93% 1/19/2027 VRDN | 7/15/2020 | 500000 |
| Port of Morrow Gen. Oblig. Series 2024 MS0026, 2.08% tender 10/1/2026 (Liquidity Facility Morgan Stanley Bank NA) | 10/10/2024 | 5400000 |
| Prosper Tex Indpt Sch Dist Series 2025 MS0071E, 2.08% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 3700000 |
| Raleigh NC Hsg Auth Multi Fam Rev Participating VRDN Series 2025 MIZ9228, 2.11% 8/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/19/2025 | 1800000 |
| River Islands Pub Fing Auth Participating VRDN 2.06% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 10/10/2024 | 3000000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN 2.11% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/2024 | 1800000 |
| Shelby Cnty TN Health Edl & Hsg Fac Brd Health Care Rev Participating VRDN Series 2025 BAML5067, 1.93% 9/1/2055 (Liquidity Facility Bank of America, N.A.) | 9/18/2025 | 5410000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9235, 2.11% 10/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 10/16/2025 | 600000 |
| St Louis MO Lafayette Apts Participating VRDN Series 2025 MIZ9212, 2.11% 5/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 5/22/2025 | 1100000 |

---

**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 | 346532539 | 623802517 | 483608505 | 4923298 | - | - | 486726551 | 486629225 | 11.1% |
| Total | 346532539 | 623802517 | 483608505 | 4923298 | - | - | 486726551 |  |  |

---

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**

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in these securities. For more information on valuation inputs, refer to the Investment Valuation 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 February 28, 2026 (Unaudited)** | <br> **As of February 28, 2026 (Unaudited)** | <br> **As of February 28, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,364,403,409) | $3364403409 |  |
| Fidelity Central Funds (cost $486,726,551) | 486726551 |  |
| Total Investment in Securities (cost $3,851,129,960) |  | $3851129960 |
| Cash |  | 1000 |
| Receivable for fund shares sold |  | 11748111 |
| Interest receivable |  | 18035423 |
| Distributions receivable from Fidelity Central Funds |  | 721795 |
| Prepaid expenses |  | 1878 |
| Other receivables |  | 158 |
| **Total assets** |  | 3881638325 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $10104692 |  |
| Distributions payable | 664737 |  |
| Accrued management fee | 1220147 |  |
| Other payables and accrued expenses | 31353 |  |
| **Total liabilities** |  | 12020929 |
| **Net Assets**  |  | $3869617396 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3869698032 |
| Total accumulated earnings (loss) |  | (80636) |
| **Net Assets** |  | $3869617396 |
| **Net Asset Value**, offering price and redemption price per share ($3,869,617,396 ÷ 3,864,043,763 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended February 28, 2026 (Unaudited)** | **Six months ended February 28, 2026 (Unaudited)** | **Six months ended February 28, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $46136278 |
| Income from Fidelity Central Funds  |  | 4923298 |
| **Total income** |  | 51059576 |
| **Expenses** |  |  |
| Management fee | $7452444 |  |
| Custodian fees and expenses | 15422 |  |
| Independent trustees' fees and expenses | 4162 |  |
| Registration fees | 73983 |  |
| Audit fees | 22834 |  |
| Legal | 1987 |  |
| Miscellaneous | 2950 |  |
| Total expenses before reductions | 7573782 |  |
| Expense reductions | (325) |  |
| Total expenses after reductions |  | 7573457 |
| **Net Investment income (loss)** |  | 43486119 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 17562 |  |
| Total net realized gain (loss) |  | 17562 |
| **Net increase in net assets resulting from operations** |  | $43503681 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)** | **Year ended**<br> **August 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $43486119 | $99538485 |
| &nbsp;&nbsp;Net realized gain (loss) | 17562<br>| 77848<br>|
| **Net increase in net assets resulting from operations** | 43503681<br>| 99616333<br>|
| Distributions to shareholders | (43483301)<br>| (99533875)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1520482658 | 2493444637 |
| Reinvestment of distributions | 38867988<br>| 90655136<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1533379639) | (2541709445) |
| **Net increase (decrease) in net assets and shares resulting from share transactions** | 25971007<br>| 42390328<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 25991387<br>| 42472786<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3843626009 | 3801153223<br>|
| &nbsp;&nbsp;End of period | $3869617396 | $3843626009 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1520482659 | 2493444641 |
| Issued in reinvestment of distributions | 38867988<br>| 90655136<br>|
| &nbsp;&nbsp;Redeemed | (1533379640) | (2541709449) |
| &nbsp;&nbsp;Net increase (decrease) | 25971007 | 42390328 |

---

**Financial Highlights** 

**Fidelity® Municipal Money Market Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)**  | **Years ended August 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .011  | .026  | .032  | .026  | .003  | - B |
| Net realized and unrealized gain (loss)  | - B | - B | .001  | - B | - B | - B |
| Total from investment operations  | .011  | .026  | .033  | .026  | .003  | - B |
| Distributions from net investment income  | (.011)  | (.026)  | (.032)  | (.026)  | (.003)  | - B |
| Distributions from net realized gain  | -  | -  | (.001)  | -  | - B | -  |
| Total distributions  | (.011)  | (.026)  | (.033)  | (.026)  | (.003)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.12% <br>| 2.64%  | 3.33%  | 2.61%  | .27%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .39% G | .39%  | .41%  | .42%  | .41%  | .41%  |
| Expenses net of fee waivers, if any  | .39% G<br>| .39%  | .40%  | .42%  | .26%  | .16%  |
| Expenses net of all reductions, if any  | .39% G | .39%  | .40%  | .42%  | .26%  | .16%  |
| Net investment income (loss)  | 2.23% G | 2.60%  | 3.23%  | 2.56%  | .24%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3869617 | $3843626 | $3801153 | $3812578 | $4122260 | $4647796 |

---

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*Amount represents less than $.0005 per share.*

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.*

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

For the period ended February 28, 2026

**1. Organization.**

Fidelity Municipal Money Market Fund (the Fund) is a fund of Fidelity Union Street Trust II (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the Fund are only available for purchase by retail shareholders.

**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.** 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)

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

**Investment Transactions and Income.** The net asset value 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. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. 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.

**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.

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

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

Book-tax differences are primarily due to market discount and capital loss carryforwards.

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 for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $- |
| **Gross unrealized depreciation** | <u>-</u> |
| **Net unrealized appreciation (depreciation)** | <u>$-</u> |
| **Tax cost** | <u>$3851129960</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 | $(106060) |

---

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

**4. 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.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. 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 %** |
| **Fidelity Municipal Money Market Fund** | .39 |

---

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 %** |
| **Fidelity Municipal Money Market Fund** | .38 |

---

**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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Municipal Money Market Fund** | 34590000 | 123880000 | - |

---

**5. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $325.

**6. 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.

**7. 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)**

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

**Fidelity Municipal Money Market Fund**

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

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

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

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

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

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

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

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

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

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

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has a management fee based on tiered schedules and subject to a maximum rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the effective management fee rate from March 2024 to December 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

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

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

The Board noted that Lipper's definition of retail and institutional money market funds creates challenges for comparisons because Lipper's retail category includes funds that have high investment minimums, unlike the fund, that would typically be considered institutional load. The Board considered that Fidelity believes that, although the management fee and total expenses may rank above the median, the fees that the fund is charged are reasonable for the overall value of the nature and quality of the services the fund's shareholders receive.

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

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

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

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

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

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

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

![](img126673_4.jpg)<br>

1.703548.128 MMM-SANN-0426

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

<u>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 Union Street Trust II'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 Union Street Trust II'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 Union Street Trust II

---

| | |
|:---|:---|
| &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; April 22, 2026 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; April 22, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; April 22, 2026 |

---

## 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 Union Street Trust II;

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:

April 22, 2026

---

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

---

I, Stephanie Caron, certify that:

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

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:

April 22, 2026

---

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

---

## Exhibit 99.906

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

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

In connection with the attached Report of Fidelity Union Street Trust II (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: April 22, 2026

---

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

---

Dated: April 22, 2026

---

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

---

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

<br>