# EDGAR Filing Document

**Accession Number:** 0000035373
**File Stem:** 0000035373-26-000018
**Filing Date:** 2026-2
**Character Count:** 1403536
**Document Hash:** b022a0c670ba61d5b81fb21e25cfad9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035373-26-000018.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0000035373-26-000018

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 106

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000035373

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02628
- **FILM NUMBER:** 26657396

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUNICIPAL BOND FUND/MA/
- **DATE OF NAME CHANGE:** 19860327

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MUNICIPAL BOND FUND INC
- **DATE OF NAME CHANGE:** 19850503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MUNICIPAL BOND FUND LTD
- **DATE OF NAME CHANGE:** 19770201

## Series and Classes Contracts Data

### Fidelity Limited Term Municipal Income Fund (Series ID: S000007128)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000019497 | Fidelity Limited Term Municipal Income Fund                  | FSTFX           |
| C000019498 | Fidelity Advisor Limited Term Municipal Income Fund: Class A | FASHX           |
| C000019500 | Fidelity Advisor Limited Term Municipal Income Fund: Class C | FCSHX           |
| C000019501 | Fidelity Advisor Limited Term Municipal Income Fund: Class M | FTSHX           |
| C000019502 | Fidelity Advisor Limited Term Municipal Income Fund: Class I | FISHX           |
| C000205038 | Fidelity Advisor Limited Term Municipal Income Fund: Class Z | FIWAX           |

### Fidelity Michigan Municipal Income Fund (Series ID: S000007129)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000019503 | Fidelity Michigan Municipal Income Fund | FMHTX           |

### Fidelity Minnesota Municipal Income Fund (Series ID: S000007130)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000019504 | Fidelity Minnesota Municipal Income Fund | FIMIX           |

### Fidelity Municipal Income Fund (Series ID: S000007131)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000019505 | Fidelity Municipal Income Fund                  | FHIGX           |
| C000198965 | Fidelity Advisor Municipal Income Fund: Class A | FHUGX           |
| C000198966 | Fidelity Advisor Municipal Income Fund: Class M | FLUVX           |
| C000198967 | Fidelity Advisor Municipal Income Fund: Class C | FKISX           |
| C000198968 | Fidelity Advisor Municipal Income Fund: Class I | FROGX           |
| C000205039 | Fidelity Advisor Municipal Income Fund: Class Z | FIWEX           |

### Fidelity Ohio Municipal Income Fund (Series ID: S000007132)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000019506 | Fidelity Ohio Municipal Income Fund | FOHFX           |

### Fidelity Pennsylvania Municipal Income Fund (Series ID: S000007133)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000019507 | Fidelity Pennsylvania Municipal Income Fund | FPXTX           |

### Fidelity Conservative Income Municipal Bond Fund (Series ID: S000042537)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000131629 | Fidelity Conservative Income Municipal Bond Fund                  | FMNDX           |
| C000243072 | Fidelity Advisor Conservative Income Municipal Bond Fund: Class Z | FMNHX           |
| C000243073 | Fidelity Advisor Conservative Income Municipal Bond Fund: Class A | FMNFX           |
| C000243074 | Fidelity Advisor Conservative Income Municipal Bond Fund: Class I | FMNGX           |

### Fidelity Flex Conservative Income Municipal Bond Fund (Series ID: S000059246)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000194468 | Fidelity Flex Conservative Income Municipal Bond Fund | FUEMX           |

### Fidelity Flex Municipal Income Fund (Series ID: S000059247)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000194469 | Fidelity Flex Municipal Income Fund | FUENX           |

?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>811-02628</u>

<u>Fidelity Municipal Trust</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

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

---

Item 1.

<u>Reports to Stockholders</u>

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Pennsylvania Municipal Income Fund  | $48  | 0.47% |

---

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

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

• Against this backdrop, the fund's yield-curve positioning detracted from performance versus the Bloomberg Pennsylvania Enhanced Municipal Bond Index for the year.

• Relative to the state index, the fund had a proportionately smaller exposure to lower-quality, higher-yielding bonds, which modestly detracted as well.

• In contrast, holdings in bonds backed by ports that are subject to the alternative minimum tax slightly boosted the portfolio's relative result.

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

• During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and pared back exposure to the health care and higher education sectors,

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Pennsylvania Municipal Income Fund<br>| $10000 | $10034<br>| $10577<br>| $10665<br>| $11487<br>| $11983<br>| $12258<br>| $11074<br>| $11781<br>| $11996<br>| $12474<br>|
| Bloomberg Pennsylvania Enhanced Municipal Bond Index<br>| $10000 | $10026<br>| $10618<br>| $10776<br>| $11649<br>| $12278<br>| $12503<br>| $11378<br>| $12125<br>| $12282<br>| $12821<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123481_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Pennsylvania Municipal Income Fund | 3.98% | 0.81% | 2.23% |
| Bloomberg Pennsylvania Enhanced Municipal Bond Index | 4.39%<br>| 0.87%<br>| 2.52% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $425764218<br>|
| Number of Holdings | 212<br>|
| Total Advisory Fee | $1770552<br>|
| Portfolio Turnover | 27%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| Transportation | 27.1 |
| General Obligations | 16.5 |
| Health Care | 15.7 |
| Education | 13.4 |
| Water & Sewer | 7.7 |
| Housing | 7.0 |
| Others(Individually Less Than 5%) | 9.6 |
| 97.0 | 97.0 |

---

---

| | |
|:---|:---|
| AAA | 2.2 |
| AA | 35.8 |
| A | 49.7 |
| BBB | 3.2 |
| BB | 2.1 |
| B | 1.3 |
| Not Rated | 2.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img402_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 35.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 49.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img402_20251231_2.jpg)<br>| ![](img123481_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914209.101 402-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Ohio Municipal Income Fund  | $47  | 0.46% |

---

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

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

• Against this backdrop, the fund's overweight in bonds backed by Summa Health, which transitioned to a for-profit health care system after it was acquired by a venture capital firm, notably contributed to the fund's performance versus the Fidelity Bloomberg Ohio Municipal Bond Blend Index.

• The fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, modestly contributed as well.

• The portfolio management team's efforts to reduce the fund's exposure to bonds with short-call protection provided another relative performance boost, as the muni yield curve steepened during the year.

• In contrast, the fund's overall yield-curve positioning, meaning how investments were spread among bonds with various maturities, modestly detracted from performance versus the state index.

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

• During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and pare backed exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Ohio Municipal Income Fund<br>| $10000 | $10019<br>| $10622<br>| $10664<br>| $11418<br>| $11907<br>| $12088<br>| $11048<br>| $11648<br>| $11879<br>| $12424<br>|
| Bloomberg Ohio Enhanced Municipal Linked Index<br>| $10000 | $10051<br>| $10654<br>| $10770<br>| $11531<br>| $12162<br>| $12306<br>| $11254<br>| $11911<br>| $12023<br>| $12543<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123482_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Ohio Municipal Income Fund | 4.59% | 0.85% | 2.19% |
| Bloomberg Ohio Enhanced Municipal Linked Index | 4.32%<br>| 0.62%<br>| 2.29% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $495063136<br>|
| Number of Holdings | 321<br>|
| Total Advisory Fee | $2113043<br>|
| Portfolio Turnover | 27%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| Health Care | 21.9 |
| Education | 16.6 |
| General Obligations | 16.2 |
| Special Tax | 8.5 |
| Housing | 6.5 |
| Transportation | 5.4 |
| Others(Individually Less Than 5%) | 19.4 |
| 94.5 | 94.5 |

---

---

| | |
|:---|:---|
| AAA | 4.8 |
| AA | 38.9 |
| A | 26.6 |
| BBB | 15.1 |
| BB | 0.9 |
| Not Rated | 8.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img188_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 38.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 26.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 5.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img188_20251231_2.jpg)<br>| ![](img123482_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914178.101 88-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Municipal Income Fund  | $44  | 0.43% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, notably contributed to performance versus the Bloomberg 3+ Year Municipal Bond Index for the year.

• The portfolio management team's efforts to reduce the fund's exposure to bonds with short-call protection further boosted relative performance, as the muni yield curve steepened during the year.

• Overweights in airport bonds subject to the alternative minimum tax and larger-than-benchmark exposure to prepaid gas bonds also helped.

• In contrast, the fund's overweight in the 10-year part of the yield curve and underweight in the five-year part of the curve detracted from relative performance.

• Overweights in certain lower-rated hospital and higher education bonds hurt as well.

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

• During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and pared back exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Municipal Income Fund<br>| $10000 | $9999<br>| $10666<br>| $10751<br>| $11665<br>| $12205<br>| $12553<br>| $11275<br>| $12078<br>| $12278<br>| $12807<br>|
| Bloomberg 3+ Year Municipal Bond Index<br>| $10000 | $10021<br>| $10638<br>| $10766<br>| $11645<br>| $12303<br>| $12511<br>| $11329<br>| $12101<br>| $12207<br>| $12731<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123489_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Municipal Income Fund | 4.31% | 0.97% | 2.51% |
| Bloomberg 3+ Year Municipal Bond Index | 4.30%<br>| 0.69%<br>| 2.44% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4660545076<br>|
| Number of Holdings | 1370<br>|
| Total Advisory Fee | $19960742<br>|
| Portfolio Turnover | 20%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 34.7 |
| Transportation | 22.8 |
| Health Care | 11.4 |
| Special Tax | 9.5 |
| Education | 8.3 |
| Others(Individually Less Than 5%) | 9.8 |
| 96.5 | 96.5 |

---

---

| | |
|:---|:---|
| AAA | 5.0 |
| AA | 37.0 |
| A | 39.2 |
| BBB | 8.3 |
| BB | 2.6 |
| B | 0.5 |
| CCC,CC,C | 0.0 |
| Not Rated | 3.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img37_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 37.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 39.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Illinois | 11.5 |
| New York | 8.4 |
| Texas | 6.9 |
| New Jersey | 6.3 |
| Alabama | 6.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img37_20251231_2.jpg)<br>| ![](img123489_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914141.101 37-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $40  | 0.40% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, notably contributed to performance versus the Bloomberg 3+ Year Municipal Bond Index for the year.

• The portfolio management team's efforts to reduce the fund's exposure to bonds with short-call protection further boosted relative performance, as the muni yield curve steepened during the year.

• Overweights in airport bonds subject to the alternative minimum tax and larger-than-benchmark exposure to prepaid gas bonds also helped.

• In contrast, the fund's overweight in the 10-year part of the yield curve and underweight in the five-year part of the curve detracted from relative performance.

• Overweights in certain lower-rated hospital and higher education bonds hurt as well.

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

• During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and pared back exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

October 2, 2018 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10169<br>| $11028<br>| $11551<br>| $11884<br>| $10669<br>| $11435<br>| $11637<br>|
| Bloomberg 3+ Year Municipal Bond Index<br>| $10000 | $10178<br>| $11010<br>| $11631<br>| $11828<br>| $10711<br>| $11440<br>| $11541<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10167<br>| $10933<br>| $11503<br>| $11678<br>| $10682<br>| $11366<br>| $11486<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123490_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 4.26% | 0.99% | 2.70% |
| Bloomberg 3+ Year Municipal Bond Index | 4.30%<br>| 0.69%<br>| 2.59% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.51% |

---

**A** From October 2, 2018

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4660545076<br>|
| Number of Holdings | 1370<br>|
| Total Advisory Fee | $19960742<br>|
| Portfolio Turnover | 20%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 34.7 |
| Transportation | 22.8 |
| Health Care | 11.4 |
| Special Tax | 9.5 |
| Education | 8.3 |
| Others(Individually Less Than 5%) | 9.8 |
| 96.5 | 96.5 |

---

---

| | |
|:---|:---|
| AAA | 5.0 |
| AA | 37.0 |
| A | 39.2 |
| BBB | 8.3 |
| BB | 2.6 |
| B | 0.5 |
| CCC,CC,C | 0.0 |
| Not Rated | 3.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img37_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 37.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 39.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Illinois | 11.5 |
| New York | 8.4 |
| Texas | 6.9 |
| New Jersey | 6.3 |
| Alabama | 6.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img37_20251231_2.jpg)<br>| ![](img123490_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914140.101 3287-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $76  | 0.75% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, notably contributed to performance versus the Bloomberg 3+ Year Municipal Bond Index for the year.

• The portfolio management team's efforts to reduce the fund's exposure to bonds with short-call protection further boosted relative performance, as the muni yield curve steepened during the year.

• Overweights in airport bonds subject to the alternative minimum tax and larger-than-benchmark exposure to prepaid gas bonds also helped.

• In contrast, the fund's overweight in the 10-year part of the yield curve and underweight in the five-year part of the curve detracted from relative performance.

• Overweights in certain lower-rated hospital and higher education bonds hurt as well.

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

• During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and pared back exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

March 1, 2018 through December 31, 2025.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9600 | $9847<br>| $10642<br>| $11100<br>| $11381<br>| $10191<br>| $10884<br>| $11039<br>|
| Bloomberg 3+ Year Municipal Bond Index<br>| $10000 | $10286<br>| $11126<br>| $11754<br>| $11953<br>| $10824<br>| $11561<br>| $11662<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10267<br>| $11040<br>| $11616<br>| $11792<br>| $10787<br>| $11477<br>| $11598<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123491_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class M (incl. 4.00% sales charge)  | -0.26% | -0.16%<br>| 1.76% |
| Class M (without 4.00% sales charge) | 3.90% | 0.66% | 2.29% |
| Bloomberg 3+ Year Municipal Bond Index | 4.30%<br>| 0.69%<br>| 2.53% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.45% |

---

**A** From March 1, 2018

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4660545076<br>|
| Number of Holdings | 1370<br>|
| Total Advisory Fee | $19960742<br>|
| Portfolio Turnover | 20%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 34.7 |
| Transportation | 22.8 |
| Health Care | 11.4 |
| Special Tax | 9.5 |
| Education | 8.3 |
| Others(Individually Less Than 5%) | 9.8 |
| 96.5 | 96.5 |

---

---

| | |
|:---|:---|
| AAA | 5.0 |
| AA | 37.0 |
| A | 39.2 |
| BBB | 8.3 |
| BB | 2.6 |
| B | 0.5 |
| CCC,CC,C | 0.0 |
| Not Rated | 3.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img37_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 37.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 39.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Illinois | 11.5 |
| New York | 8.4 |
| Texas | 6.9 |
| New Jersey | 6.3 |
| Alabama | 6.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img37_20251231_2.jpg)<br>| ![](img123491_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914138.101 3070-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $51  | 0.50% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, notably contributed to performance versus the Bloomberg 3+ Year Municipal Bond Index for the year.

• The portfolio management team's efforts to reduce the fund's exposure to bonds with short-call protection further boosted relative performance, as the muni yield curve steepened during the year.

• Overweights in airport bonds subject to the alternative minimum tax and larger-than-benchmark exposure to prepaid gas bonds also helped.

• In contrast, the fund's overweight in the 10-year part of the yield curve and underweight in the five-year part of the curve detracted from relative performance.

• Overweights in certain lower-rated hospital and higher education bonds hurt as well.

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

• During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and pared back exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

March 1, 2018 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10269<br>| $11125<br>| $11630<br>| $11951<br>| $10725<br>| $11480<br>| $11661<br>|
| Bloomberg 3+ Year Municipal Bond Index<br>| $10000 | $10286<br>| $11126<br>| $11754<br>| $11953<br>| $10824<br>| $11561<br>| $11662<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10267<br>| $11040<br>| $11616<br>| $11792<br>| $10787<br>| $11477<br>| $11598<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123492_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class I | 4.24% | 0.89% | 2.52% |
| Bloomberg 3+ Year Municipal Bond Index | 4.30%<br>| 0.69%<br>| 2.53% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.45% |

---

**A** From March 1, 2018

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4660545076<br>|
| Number of Holdings | 1370<br>|
| Total Advisory Fee | $19960742<br>|
| Portfolio Turnover | 20%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 34.7 |
| Transportation | 22.8 |
| Health Care | 11.4 |
| Special Tax | 9.5 |
| Education | 8.3 |
| Others(Individually Less Than 5%) | 9.8 |
| 96.5 | 96.5 |

---

---

| | |
|:---|:---|
| AAA | 5.0 |
| AA | 37.0 |
| A | 39.2 |
| BBB | 8.3 |
| BB | 2.6 |
| B | 0.5 |
| CCC,CC,C | 0.0 |
| Not Rated | 3.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img37_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 37.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 39.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Illinois | 11.5 |
| New York | 8.4 |
| Texas | 6.9 |
| New Jersey | 6.3 |
| Alabama | 6.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img37_20251231_2.jpg)<br>| ![](img123492_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914139.101 3071-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $152  | 1.50% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, notably contributed to performance versus the Bloomberg 3+ Year Municipal Bond Index for the year.

• The portfolio management team's efforts to reduce the fund's exposure to bonds with short-call protection further boosted relative performance, as the muni yield curve steepened during the year.

• Overweights in airport bonds subject to the alternative minimum tax and larger-than-benchmark exposure to prepaid gas bonds also helped.

• In contrast, the fund's overweight in the 10-year part of the yield curve and underweight in the five-year part of the curve detracted from relative performance.

• Overweights in certain lower-rated hospital and higher education bonds hurt as well.

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

• During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and pared back exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

March 1, 2018 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10187<br>| $10926<br>| $11310<br>| $11509<br>| $10227<br>| $10842<br>| $10913<br>|
| Bloomberg 3+ Year Municipal Bond Index<br>| $10000 | $10286<br>| $11126<br>| $11754<br>| $11953<br>| $10824<br>| $11561<br>| $11662<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10267<br>| $11040<br>| $11616<br>| $11792<br>| $10787<br>| $11477<br>| $11598<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123493_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class C (incl. contingent deferred sales charge) | 2.13% | -0.10%<br>| 1.52% |
| Class C | 3.13% | -0.10% | 1.52% |
| Bloomberg 3+ Year Municipal Bond Index | 4.30%<br>| 0.69%<br>| 2.53% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.45% |

---

**A** From March 1, 2018

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4660545076<br>|
| Number of Holdings | 1370<br>|
| Total Advisory Fee | $19960742<br>|
| Portfolio Turnover | 20%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 34.7 |
| Transportation | 22.8 |
| Health Care | 11.4 |
| Special Tax | 9.5 |
| Education | 8.3 |
| Others(Individually Less Than 5%) | 9.8 |
| 96.5 | 96.5 |

---

---

| | |
|:---|:---|
| AAA | 5.0 |
| AA | 37.0 |
| A | 39.2 |
| BBB | 8.3 |
| BB | 2.6 |
| B | 0.5 |
| CCC,CC,C | 0.0 |
| Not Rated | 3.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img37_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 37.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 39.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Illinois | 11.5 |
| New York | 8.4 |
| Texas | 6.9 |
| New Jersey | 6.3 |
| Alabama | 6.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img37_20251231_2.jpg)<br>| ![](img123493_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914137.101 3069-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $77  | 0.75% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, notably contributed to performance versus the Bloomberg 3+ Year Municipal Bond Index for the year.

• The portfolio management team's efforts to reduce the fund's exposure to bonds with short-call protection further boosted relative performance, as the muni yield curve steepened during the year.

• Overweights in airport bonds subject to the alternative minimum tax and larger-than-benchmark exposure to prepaid gas bonds also helped.

• In contrast, the fund's overweight in the 10-year part of the yield curve and underweight in the five-year part of the curve detracted from relative performance.

• Overweights in certain lower-rated hospital and higher education bonds hurt as well.

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

• During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and pared back exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

March 1, 2018 through December 31, 2025.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9600 | $9838<br>| $10631<br>| $11086<br>| $11364<br>| $10173<br>| $10862<br>| $11006<br>|
| Bloomberg 3+ Year Municipal Bond Index<br>| $10000 | $10286<br>| $11126<br>| $11754<br>| $11953<br>| $10824<br>| $11561<br>| $11662<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10267<br>| $11040<br>| $11616<br>| $11792<br>| $10787<br>| $11477<br>| $11598<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123494_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class A (incl. 4.00% sales charge)  | -0.18% | -0.18%<br>| 1.74% |
| Class A (without 4.00% sales charge) | 3.98% | 0.64% | 2.27% |
| Bloomberg 3+ Year Municipal Bond Index | 4.30%<br>| 0.69%<br>| 2.53% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.45% |

---

**A** From March 1, 2018

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4660545076<br>|
| Number of Holdings | 1370<br>|
| Total Advisory Fee | $19960742<br>|
| Portfolio Turnover | 20%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 34.7 |
| Transportation | 22.8 |
| Health Care | 11.4 |
| Special Tax | 9.5 |
| Education | 8.3 |
| Others(Individually Less Than 5%) | 9.8 |
| 96.5 | 96.5 |

---

---

| | |
|:---|:---|
| AAA | 5.0 |
| AA | 37.0 |
| A | 39.2 |
| BBB | 8.3 |
| BB | 2.6 |
| B | 0.5 |
| CCC,CC,C | 0.0 |
| Not Rated | 3.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img37_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 37.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 39.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Illinois | 11.5 |
| New York | 8.4 |
| Texas | 6.9 |
| New Jersey | 6.3 |
| Alabama | 6.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img37_20251231_2.jpg)<br>| ![](img123494_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914136.101 3068-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Minnesota Municipal Income Fund  | $48  | 0.47% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the Bloomberg Minnesota Enhanced Modified 2% Tobacco Municipal Bond Index for the year.

• The fund's underweight in the 20-year-and-longer part of the yield curve also helped.

• An underweight in lower-coupon bonds further boosted relative performance, as did an overweight in housing sector bonds.

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

• In contrast, on overweight in lower-quality bonds detracted from performance versus the state index.

• The fund's underweight in the two-year and five-year parts of the yield curve also crimped the relative result

• During the year, the portfolio management team increasingly focused on bonds in the five- and 10-year parts of the yield curve, while maintaining an overall duration (interest-rate sensitivity) that was roughly neutral to the state index. Additionally, the team reduced the fund's exposure to lower-quality securities, and pared back allocations to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Minnesota Municipal Income Fund<br>| $10000 | $10008<br>| $10463<br>| $10531<br>| $11281<br>| $11805<br>| $11888<br>| $11000<br>| $11552<br>| $11691<br>| $12257<br>|
| Bloomberg Minnesota Enhanced Modified 2% Tobacco Municipal Bond Index<br>| $10000 | $9973<br>| $10452<br>| $10584<br>| $11316<br>| $11896<br>| $11996<br>| $11155<br>| $11686<br>| $11750<br>| $12316<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123495_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Minnesota Municipal Income Fund | 4.85% | 0.75% | 2.06% |
| Bloomberg Minnesota Enhanced Modified 2% Tobacco Municipal Bond Index | 4.82%<br>| 0.70%<br>| 2.11% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $565277894<br>|
| Number of Holdings | 375<br>|
| Total Advisory Fee | $2381469<br>|
| Portfolio Turnover | 29%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 39.6 |
| Health Care | 25.0 |
| Housing | 10.7 |
| Education | 8.3 |
| Electric Utilities | 6.3 |
| Transportation | 5.8 |
| Others(Individually Less Than 5%) | 2.6 |
| 98.3 | 98.3 |

---

---

| | |
|:---|:---|
| AAA | 13.0 |
| AA | 52.4 |
| A | 22.1 |
| BBB | 7.7 |
| BB | 0.4 |
| Not Rated | 2.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img182_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 52.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 22.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img182_20251231_2.jpg)<br>| ![](img123495_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914177.101 82-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Michigan Municipal Income Fund  | $47  | 0.46% |

---

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

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

• Against this backdrop, the fund's underweight in water & sewer bonds detracted from performance the Bloomberg Michigan Enhanced Municipal Bond Index for 2025.

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

• In contrast, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the state index.

• The fund's underweight in the 30-year part of the yield curve also helped.

• An underweight in lower-coupon bonds further boosted relative performance, as did overweights in transportation and airport sector bonds.

• During the year, the portfolio management team increasingly focused on bonds in the five- and 10-year parts of the yield curve, while maintaining an overall duration (interest-rate sensitivity) that was roughly neutral to the state index. Additionally, the team reduced the fund's exposure to lower-quality securities, and pared back allocations to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Michigan Municipal Income Fund<br>| $10000 | $9984<br>| $10541<br>| $10635<br>| $11397<br>| $11979<br>| $12163<br>| $11046<br>| $11709<br>| $11938<br>| $12458<br>|
| Bloomberg Michigan Enhanced Municipal Bond Index<br>| $10000 | $10024<br>| $10583<br>| $10787<br>| $11597<br>| $12249<br>| $12426<br>| $11342<br>| $12064<br>| $12214<br>| $12775<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123496_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Michigan Municipal Income Fund | 4.36% | 0.79% | 2.22% |
| Bloomberg Michigan Enhanced Municipal Bond Index | 4.59%<br>| 0.84%<br>| 2.48% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $485373426<br>|
| Number of Holdings | 301<br>|
| Total Advisory Fee | $2046451<br>|
| Portfolio Turnover | 29%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 29.3 |
| Health Care | 13.6 |
| Transportation | 13.4 |
| Water & Sewer | 11.4 |
| Education | 10.0 |
| Housing | 9.0 |
| Others(Individually Less Than 5%) | 10.5 |
| 97.2 | 97.2 |

---

---

| | |
|:---|:---|
| AAA | 3.9 |
| AA | 46.9 |
| A | 29.2 |
| BBB | 8.7 |
| BB | 1.0 |
| Not Rated | 7.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img181_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 46.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 29.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 8.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img181_20251231_2.jpg)<br>| ![](img123496_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914176.101 81-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Limited Term Municipal Income Fund  | $31  | 0.30% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the Bloomberg 1-6 Year Municipal Bond Index for the year.

• Timely purchases of bonds backed by the Los Angeles Department of Water & Power also contributed.

• An overweight in certain airport bonds further boosted relative performance.

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

• In contrast, the fund's holdings in Connecticut's Bristol Hospital, which came under pressure due to the organization's increasing costs and funding challenges, detracted from performance versus the 1-6 year index.

• The fund's yield-curve positioning also modestly hindered relative performance.

• There were no major changes to the fund from the perspective of sector allocation, yield-curve positioning or credit-quality exposure during the year.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Limited Term Municipal Income Fund<br>| $10000 | $9955<br>| $10189<br>| $10319<br>| $10750<br>| $11109<br>| $11150<br>| $10653<br>| $11061<br>| $11319<br>| $11840<br>|
| Bloomberg 1-6 Year Municipal Bond Index<br>| $10000 | $10000<br>| $10190<br>| $10368<br>| $10787<br>| $11126<br>| $11166<br>| $10769<br>| $11173<br>| $11381<br>| $11876<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123497_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Limited Term Municipal Income Fund | 4.60% | 1.28% | 1.70% |
| Bloomberg 1-6 Year Municipal Bond Index | 4.35%<br>| 1.31%<br>| 1.73% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2847751985<br>|
| Number of Holdings | 935<br>|
| Total Advisory Fee | $5418662<br>|
| Portfolio Turnover | 22%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 33.1 |
| Transportation | 19.1 |
| Health Care | 17.2 |
| Electric Utilities | 7.2 |
| Special Tax | 5.1 |
| Others(Individually Less Than 5%) | 12.5 |
| 94.2 | 94.2 |

---

---

| | |
|:---|:---|
| AAA | 7.0 |
| AA | 44.7 |
| A | 36.8 |
| BBB | 3.5 |
| BB | 0.9 |
| Not Rated | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img404_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 44.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 36.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 5.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 12.0 |
| New York | 8.2 |
| Alabama | 6.9 |
| Illinois | 6.6 |
| Georgia | 5.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img404_20251231_2.jpg)<br>| ![](img123497_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914215.101 404-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $26  | 0.25% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the Bloomberg 1-6 Year Municipal Bond Index for the year.

• Timely purchases of bonds backed by the Los Angeles Department of Water & Power also contributed.

• An overweight in certain airport bonds further boosted relative performance.

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

• In contrast, the fund's holdings in Connecticut's Bristol Hospital, which came under pressure due to the organization's increasing costs and funding challenges, detracted from performance versus the 1-6 year index.

• The fund's yield-curve positioning also modestly hindered relative performance.

• There were no major changes to the fund from the perspective of sector allocation, yield-curve positioning or credit-quality exposure during the year.

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

**CUMULATIVE PERFORMANCE**

October 2, 2018 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10111<br>| $10537<br>| $10886<br>| $10932<br>| $10451<br>| $10867<br>| $11126<br>|
| Bloomberg 1-6 Year Municipal Bond Index<br>| $10000 | $10119<br>| $10527<br>| $10859<br>| $10897<br>| $10510<br>| $10904<br>| $11107<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10167<br>| $10933<br>| $11503<br>| $11678<br>| $10682<br>| $11366<br>| $11486<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123498_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 4.55% | 1.34% | 2.11% |
| Bloomberg 1-6 Year Municipal Bond Index | 4.35%<br>| 1.31%<br>| 2.06% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.51% |

---

**A** From October 2, 2018

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2847751985<br>|
| Number of Holdings | 935<br>|
| Total Advisory Fee | $5418662<br>|
| Portfolio Turnover | 22%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 33.1 |
| Transportation | 19.1 |
| Health Care | 17.2 |
| Electric Utilities | 7.2 |
| Special Tax | 5.1 |
| Others(Individually Less Than 5%) | 12.5 |
| 94.2 | 94.2 |

---

---

| | |
|:---|:---|
| AAA | 7.0 |
| AA | 44.7 |
| A | 36.8 |
| BBB | 3.5 |
| BB | 0.9 |
| Not Rated | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img404_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 44.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 36.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 5.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 12.0 |
| New York | 8.2 |
| Alabama | 6.9 |
| Illinois | 6.6 |
| Georgia | 5.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img404_20251231_2.jpg)<br>| ![](img123498_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914214.101 3284-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $56  | 0.55% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the Bloomberg 1-6 Year Municipal Bond Index for the year.

• Timely purchases of bonds backed by the Los Angeles Department of Water & Power also contributed.

• An overweight in certain airport bonds further boosted relative performance.

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

• In contrast, the fund's holdings in Connecticut's Bristol Hospital, which came under pressure due to the organization's increasing costs and funding challenges, detracted from performance versus the 1-6 year index.

• The fund's yield-curve positioning also modestly hindered relative performance.

• There were no major changes to the fund from the perspective of sector allocation, yield-curve positioning or credit-quality exposure during the year.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9725 | $9662<br>| $9859<br>| $9956<br>| $10342<br>| $10658<br>| $10667<br>| $10152<br>| $10525<br>| $10743<br>| $11209<br>|
| Bloomberg 1-6 Year Municipal Bond Index<br>| $10000 | $10000<br>| $10190<br>| $10368<br>| $10787<br>| $11126<br>| $11166<br>| $10769<br>| $11173<br>| $11381<br>| $11876<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123499_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 2.75% sales charge)  | 1.47% | 0.45%<br>| 1.15% |
| Class M (without 2.75% sales charge) | 4.34% | 1.01% | 1.43% |
| Bloomberg 1-6 Year Municipal Bond Index | 4.35%<br>| 1.31%<br>| 1.73% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2847751985<br>|
| Number of Holdings | 935<br>|
| Total Advisory Fee | $5418662<br>|
| Portfolio Turnover | 22%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 33.1 |
| Transportation | 19.1 |
| Health Care | 17.2 |
| Electric Utilities | 7.2 |
| Special Tax | 5.1 |
| Others(Individually Less Than 5%) | 12.5 |
| 94.2 | 94.2 |

---

---

| | |
|:---|:---|
| AAA | 7.0 |
| AA | 44.7 |
| A | 36.8 |
| BBB | 3.5 |
| BB | 0.9 |
| Not Rated | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img404_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 44.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 36.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 5.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 12.0 |
| New York | 8.2 |
| Alabama | 6.9 |
| Illinois | 6.6 |
| Georgia | 5.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img404_20251231_2.jpg)<br>| ![](img123499_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914212.101 1275-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $31  | 0.30% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the Bloomberg 1-6 Year Municipal Bond Index for the year.

• Timely purchases of bonds backed by the Los Angeles Department of Water & Power also contributed.

• An overweight in certain airport bonds further boosted relative performance.

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

• In contrast, the fund's holdings in Connecticut's Bristol Hospital, which came under pressure due to the organization's increasing costs and funding challenges, detracted from performance versus the 1-6 year index.

• The fund's yield-curve positioning also modestly hindered relative performance.

• There were no major changes to the fund from the perspective of sector allocation, yield-curve positioning or credit-quality exposure during the year.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9958<br>| $10174<br>| $10305<br>| $10729<br>| $11087<br>| $11128<br>| $10622<br>| $11039<br>| $11296<br>| $11804<br>|
| Bloomberg 1-6 Year Municipal Bond Index<br>| $10000 | $10000<br>| $10190<br>| $10368<br>| $10787<br>| $11126<br>| $11166<br>| $10769<br>| $11173<br>| $11381<br>| $11876<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123500_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 4.50% | 1.26% | 1.67% |
| Bloomberg 1-6 Year Municipal Bond Index | 4.35%<br>| 1.31%<br>| 1.73% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2847751985<br>|
| Number of Holdings | 935<br>|
| Total Advisory Fee | $5418662<br>|
| Portfolio Turnover | 22%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 33.1 |
| Transportation | 19.1 |
| Health Care | 17.2 |
| Electric Utilities | 7.2 |
| Special Tax | 5.1 |
| Others(Individually Less Than 5%) | 12.5 |
| 94.2 | 94.2 |

---

---

| | |
|:---|:---|
| AAA | 7.0 |
| AA | 44.7 |
| A | 36.8 |
| BBB | 3.5 |
| BB | 0.9 |
| Not Rated | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img404_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 44.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 36.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 5.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 12.0 |
| New York | 8.2 |
| Alabama | 6.9 |
| Illinois | 6.6 |
| Georgia | 5.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img404_20251231_2.jpg)<br>| ![](img123500_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914213.101 1276-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $128  | 1.26% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the Bloomberg 1-6 Year Municipal Bond Index for the year.

• Timely purchases of bonds backed by the Los Angeles Department of Water & Power also contributed.

• An overweight in certain airport bonds further boosted relative performance.

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

• In contrast, the fund's holdings in Connecticut's Bristol Hospital, which came under pressure due to the organization's increasing costs and funding challenges, detracted from performance versus the 1-6 year index.

• The fund's yield-curve positioning also modestly hindered relative performance.

• There were no major changes to the fund from the perspective of sector allocation, yield-curve positioning or credit-quality exposure during the year.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $9858<br>| $9981<br>| $9999<br>| $10308<br>| $10546<br>| $10477<br>| $9900<br>| $10188<br>| $10399<br>| $10840<br>|
| Bloomberg 1-6 Year Municipal Bond Index<br>| $10000 | $10000<br>| $10190<br>| $10368<br>| $10787<br>| $11126<br>| $11166<br>| $10769<br>| $11173<br>| $11381<br>| $11876<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123501_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 2.51% | 0.27%<br>| 0.81% |
| Class C | 3.51% | 0.27% | 0.81% |
| Bloomberg 1-6 Year Municipal Bond Index | 4.35%<br>| 1.31%<br>| 1.73% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2847751985<br>|
| Number of Holdings | 935<br>|
| Total Advisory Fee | $5418662<br>|
| Portfolio Turnover | 22%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 33.1 |
| Transportation | 19.1 |
| Health Care | 17.2 |
| Electric Utilities | 7.2 |
| Special Tax | 5.1 |
| Others(Individually Less Than 5%) | 12.5 |
| 94.2 | 94.2 |

---

---

| | |
|:---|:---|
| AAA | 7.0 |
| AA | 44.7 |
| A | 36.8 |
| BBB | 3.5 |
| BB | 0.9 |
| Not Rated | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img404_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 44.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 36.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 5.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 12.0 |
| New York | 8.2 |
| Alabama | 6.9 |
| Illinois | 6.6 |
| Georgia | 5.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img404_20251231_2.jpg)<br>| ![](img123501_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914211.101 1274-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $56  | 0.55% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the Bloomberg 1-6 Year Municipal Bond Index for the year.

• Timely purchases of bonds backed by the Los Angeles Department of Water & Power also contributed.

• An overweight in certain airport bonds further boosted relative performance.

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

• In contrast, the fund's holdings in Connecticut's Bristol Hospital, which came under pressure due to the organization's increasing costs and funding challenges, detracted from performance versus the 1-6 year index.

• The fund's yield-curve positioning also modestly hindered relative performance.

• There were no major changes to the fund from the perspective of sector allocation, yield-curve positioning or credit-quality exposure during the year.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9725 | $9659<br>| $9852<br>| $9944<br>| $10324<br>| $10639<br>| $10646<br>| $10133<br>| $10504<br>| $10722<br>| $11176<br>|
| Bloomberg 1-6 Year Municipal Bond Index<br>| $10000 | $10000<br>| $10190<br>| $10368<br>| $10787<br>| $11126<br>| $11166<br>| $10769<br>| $11173<br>| $11381<br>| $11876<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123502_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 2.75% sales charge)  | 1.37% | 0.43%<br>| 1.12% |
| Class A (without 2.75% sales charge) | 4.24% | 0.99% | 1.40% |
| Bloomberg 1-6 Year Municipal Bond Index | 4.35%<br>| 1.31%<br>| 1.73% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2847751985<br>|
| Number of Holdings | 935<br>|
| Total Advisory Fee | $5418662<br>|
| Portfolio Turnover | 22%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 33.1 |
| Transportation | 19.1 |
| Health Care | 17.2 |
| Electric Utilities | 7.2 |
| Special Tax | 5.1 |
| Others(Individually Less Than 5%) | 12.5 |
| 94.2 | 94.2 |

---

---

| | |
|:---|:---|
| AAA | 7.0 |
| AA | 44.7 |
| A | 36.8 |
| BBB | 3.5 |
| BB | 0.9 |
| Not Rated | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img404_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 44.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 36.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 5.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 12.0 |
| New York | 8.2 |
| Alabama | 6.9 |
| Illinois | 6.6 |
| Georgia | 5.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img404_20251231_2.jpg)<br>| ![](img123502_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914210.101 1272-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Flex® Municipal Income Fund<br> **Fidelity Flex® Municipal Income Fund : FUENX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Flex® Municipal Income Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity Flex® Municipal Income Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

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

• Against this backdrop, the fund's increased exposure to bonds in the five- and 10-year parts of the yield curve contributed to performance versus the Bloomberg Municipal Bond Index.

• The portfolio management team's efforts to reduce the fund's exposure to bonds with short-call protection also boosted the relative result, as the muni yield curve steepened during the year.

• Overweights in airport bonds subject to the alternative minimum tax and larger-than-benchmark exposure to prepaid gas bonds helped as well.

• In contrast, overweights in certain lower-rated hospital and higher education bonds detracted from relative performance.

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

• During the year, the portfolio management team reduced the fund's exposure to 20+-year bonds and lower-quality securities, and pared back exposure to the health care and higher education sectors.

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

**CUMULATIVE PERFORMANCE**

October 12, 2017 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Flex® Municipal Income Fund<br>| $10000 | $10081<br>| $10153<br>| $10992<br>| $11409<br>| $11672<br>| $10665<br>| $11438<br>| $11702<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10045<br>| $10174<br>| $10940<br>| $11510<br>| $11685<br>| $10689<br>| $11373<br>| $11493<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123512_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity Flex® Municipal Income Fund | 4.61% | 1.42% | 2.49% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.22% |

---

**A** From October 12, 2017

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1108109245<br>|
| Number of Holdings | 1168<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 10%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 31.5 |
| Transportation | 19.0 |
| Education | 9.0 |
| Special Tax | 7.8 |
| Health Care | 7.1 |
| Housing | 5.6 |
| Others(Individually Less Than 5%) | 11.4 |
| 91.4 | 91.4 |

---

---

| | |
|:---|:---|
| AAA | 4.0 |
| AA | 41.0 |
| A | 32.2 |
| BBB | 9.4 |
| BB | 1.4 |
| B | 0.1 |
| CCC,CC,C | 0.1 |
| Not Rated | 3.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3043_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 41.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 32.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.6 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Illinois | 8.7 |
| Texas | 7.4 |
| New York | 7.2 |
| California | 6.4 |
| Pennsylvania | 5.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3043_20251231_2.jpg)<br>| ![](img123512_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914370.101 3043-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Flex® Conservative Income Municipal Bond Fund<br> **Fidelity Flex® Conservative Income Municipal Bond Fund : FUEMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Flex® Conservative Income Municipal Bond Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity Flex® Conservative Income Municipal Bond Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the Fidelity Conservative Income Municipal Bond Composite Index for 2025.

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

• In contrast, the fund's underweight holdings in the two-year part of the yield curve detracted from performance versus the index.

• During the year, the portfolio management team lengthened the fund's duration (interest-rate sensitivity), moving it from an underweight versus (i.e., shorter than) the index to a more neutral stance in response to economic data and the outlook for U.S. Federal Reserve policy.

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

**CUMULATIVE PERFORMANCE**

October 12, 2017 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Flex® Conservative Income Municipal Bond Fund<br>| $10000 | $10008<br>| $10185<br>| $10428<br>| $10583<br>| $10630<br>| $10683<br>| $11094<br>| $11485<br>|
| Fidelity Flex Conservative Income Municipal Bond Composite Index℠<br>| $10000 | $9991<br>| $10152<br>| $10354<br>| $10480<br>| $10502<br>| $10503<br>| $10860<br>| $11197<br>|
| Bloomberg Municipal Bond 1 Year (1-2 Y) Index<br>| $10000 | $9960<br>| $10133<br>| $10383<br>| $10565<br>| $10598<br>| $10478<br>| $10833<br>| $11126<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10045<br>| $10174<br>| $10940<br>| $11510<br>| $11685<br>| $10689<br>| $11373<br>| $11493<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123513_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity Flex® Conservative Income Municipal Bond Fund | 3.42% | 2.34% | 2.11% |
| Fidelity Flex Conservative Income Municipal Bond Composite Index℠ | 3.16%<br>| 1.96%<br>| 1.77% |
| Bloomberg Municipal Bond 1 Year (1-2 Y) Index | 3.47%<br>| 1.73%<br>| 1.73% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.22% |

---

**A** From October 12, 2017

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $242316848<br>|
| Number of Holdings | 341<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 62%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 20.6 |
| Synthetics | 19.3 |
| Industrial Development | 11.2 |
| Resource Recovery | 11.2 |
| Housing | 10.3 |
| Transportation | 9.3 |
| Others(Individually Less Than 5%) | 13.5 |
| 95.4 | 95.4 |

---

---

| | |
|:---|:---|
| AAA | 5.5 |
| AA | 29.1 |
| A | 41.1 |
| BBB | 6.8 |
| Not Rated | 12.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3042_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 29.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 41.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.6 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 17.2 |
| New York | 8.9 |
| California | 8.7 |
| Pennsylvania | 6.3 |
| Florida | 6.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3042_20251231_2.jpg)<br>| ![](img123513_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914369.101 3042-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Conservative Income Municipal Bond Fund  | $25  | 0.25% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the Fidelity Conservative Income Municipal Bond Composite Index for the year.

• The fund's overweight in lower-coupon par bonds also helped.

• In contrast, an underweight in the two-year part of the yield curve detracted from performance versus the Composite index.

• During the year, the portfolio management team lengthened the fund's duration, moving it from an underweight versus (i.e., shorter than) the Composite index to a more neutral stance, in response to economic data and the outlook for U.S. Federal Reserve policy.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Conservative Income Municipal Bond Fund<br>| $10000 | $10031<br>| $10142<br>| $10299<br>| $10505<br>| $10597<br>| $10603<br>| $10632<br>| $11020<br>| $11384<br>| $11760<br>|
| Fidelity Conservative Income Municipal Bond Composite Index℠<br>| $10000 | $10038<br>| $10128<br>| $10291<br>| $10496<br>| $10624<br>| $10646<br>| $10647<br>| $11009<br>| $11350<br>| $11708<br>|
| Bloomberg Municipal Bond 1 Year (1-2 Y) Index<br>| $10000 | $10030<br>| $10123<br>| $10299<br>| $10552<br>| $10738<br>| $10771<br>| $10649<br>| $11010<br>| $11308<br>| $11700<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10025<br>| $10571<br>| $10707<br>| $11513<br>| $12113<br>| $12297<br>| $11249<br>| $11969<br>| $12095<br>| $12608<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123519_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Conservative Income Municipal Bond Fund | 3.30% | 2.10% | 1.63% |
| Fidelity Conservative Income Municipal Bond Composite Index℠ | 3.16%<br>| 1.96%<br>| 1.59% |
| Bloomberg Municipal Bond 1 Year (1-2 Y) Index | 3.47%<br>| 1.73%<br>| 1.58% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 0.80%<br>| 2.34% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1850054895<br>|
| Number of Holdings | 450<br>|
| Total Advisory Fee | $3332327<br>|
| Portfolio Turnover | 67%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 18.8 |
| Synthetics | 18.5 |
| Industrial Development | 12.6 |
| Resource Recovery | 11.0 |
| Transportation | 10.6 |
| Electric Utilities | 8.3 |
| Housing | 6.3 |
| Health Care | 5.0 |
| Others(Individually Less Than 5%) | 3.9 |
| 95.0 | 95.0 |

---

---

| | |
|:---|:---|
| AAA | 3.7 |
| AA | 26.7 |
| A | 43.8 |
| BBB | 9.1 |
| Not Rated | 11.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2578_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 26.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 43.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 5.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 15.0 |
| California | 10.2 |
| New York | 9.4 |
| Florida | 6.7 |
| Pennsylvania | 5.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2578_20251231_2.jpg)<br>| ![](img123519_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914354.101 2579-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $20  | 0.20% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the Fidelity Conservative Income Municipal Bond Composite Index for the year.

• The fund's overweight in lower-coupon par bonds also helped.

• In contrast, an underweight in the two-year part of the yield curve detracted from performance versus the Composite index.

• During the year, the portfolio management team lengthened the fund's duration, moving it from an underweight versus (i.e., shorter than) the Composite index to a more neutral stance, in response to economic data and the outlook for U.S. Federal Reserve policy.

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

**CUMULATIVE PERFORMANCE**

May 25, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10264<br>| $10608<br>|
| Fidelity Conservative Income Municipal Bond Composite Index℠<br>| $10000 | $10251<br>| $10569<br>|
| Bloomberg Municipal Bond 1 Year (1-2 Y) Index<br>| $10000 | $10285<br>| $10564<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10522<br>| $10633<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123520_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class Z | 3.36% | 3.60% |
| Fidelity Conservative Income Municipal Bond Composite Index℠ | 3.16%<br>| 3.37% |
| Bloomberg Municipal Bond 1 Year (1-2 Y) Index | 3.47%<br>| 3.47% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 4.03% |

---

**A** From May 25, 2023

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1850054895<br>|
| Number of Holdings | 450<br>|
| Total Advisory Fee | $3332327<br>|
| Portfolio Turnover | 67%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 18.8 |
| Synthetics | 18.5 |
| Industrial Development | 12.6 |
| Resource Recovery | 11.0 |
| Transportation | 10.6 |
| Electric Utilities | 8.3 |
| Housing | 6.3 |
| Health Care | 5.0 |
| Others(Individually Less Than 5%) | 3.9 |
| 95.0 | 95.0 |

---

---

| | |
|:---|:---|
| AAA | 3.7 |
| AA | 26.7 |
| A | 43.8 |
| BBB | 9.1 |
| Not Rated | 11.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2578_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 26.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 43.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 5.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 15.0 |
| California | 10.2 |
| New York | 9.4 |
| Florida | 6.7 |
| Pennsylvania | 5.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2578_20251231_2.jpg)<br>| ![](img123520_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914357.101 7367-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $25  | 0.25% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the Fidelity Conservative Income Municipal Bond Composite Index for the year.

• The fund's overweight in lower-coupon par bonds also helped.

• In contrast, an underweight in the two-year part of the yield curve detracted from performance versus the Composite index.

• During the year, the portfolio management team lengthened the fund's duration, moving it from an underweight versus (i.e., shorter than) the Composite index to a more neutral stance, in response to economic data and the outlook for U.S. Federal Reserve policy.

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

**CUMULATIVE PERFORMANCE**

May 25, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Class I<br>| $10000 | $10261<br>| $10600<br>|
| Fidelity Conservative Income Municipal Bond Composite Index℠<br>| $10000 | $10251<br>| $10569<br>|
| Bloomberg Municipal Bond 1 Year (1-2 Y) Index<br>| $10000 | $10285<br>| $10564<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10522<br>| $10633<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123521_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class I | 3.30% | 3.54% |
| Fidelity Conservative Income Municipal Bond Composite Index℠ | 3.16%<br>| 3.37% |
| Bloomberg Municipal Bond 1 Year (1-2 Y) Index | 3.47%<br>| 3.47% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 4.03% |

---

**A** From May 25, 2023

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1850054895<br>|
| Number of Holdings | 450<br>|
| Total Advisory Fee | $3332327<br>|
| Portfolio Turnover | 67%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 18.8 |
| Synthetics | 18.5 |
| Industrial Development | 12.6 |
| Resource Recovery | 11.0 |
| Transportation | 10.6 |
| Electric Utilities | 8.3 |
| Housing | 6.3 |
| Health Care | 5.0 |
| Others(Individually Less Than 5%) | 3.9 |
| 95.0 | 95.0 |

---

---

| | |
|:---|:---|
| AAA | 3.7 |
| AA | 26.7 |
| A | 43.8 |
| BBB | 9.1 |
| Not Rated | 11.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2578_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 26.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 43.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 5.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 15.0 |
| California | 10.2 |
| New York | 9.4 |
| Florida | 6.7 |
| Pennsylvania | 5.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2578_20251231_2.jpg)<br>| ![](img123521_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914356.101 7366-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $46  | 0.45% |

---

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

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

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the Fidelity Conservative Income Municipal Bond Composite Index for the year.

• The fund's overweight in lower-coupon par bonds also helped.

• In contrast, an underweight in the two-year part of the yield curve detracted from performance versus the Composite index.

• During the year, the portfolio management team lengthened the fund's duration, moving it from an underweight versus (i.e., shorter than) the Composite index to a more neutral stance, in response to economic data and the outlook for U.S. Federal Reserve policy.

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

**CUMULATIVE PERFORMANCE**

May 25, 2023 through December 31, 2025.

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

---

| | | | |
|:---|:---|:---|:---|
| Class A<br>| $9850 | $10097<br>| $10411<br>|
| Fidelity Conservative Income Municipal Bond Composite Index℠<br>| $10000 | $10251<br>| $10569<br>|
| Bloomberg Municipal Bond 1 Year (1-2 Y) Index<br>| $10000 | $10285<br>| $10564<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10522<br>| $10633<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123522_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class A (incl. 1.50% sales charge)  | 1.55% | 2.75% |
| Class A (without 1.50% sales charge) | 3.10% | 3.35% |
| Fidelity Conservative Income Municipal Bond Composite Index℠ | 3.16%<br>| 3.37% |
| Bloomberg Municipal Bond 1 Year (1-2 Y) Index | 3.47%<br>| 3.47% |
| Bloomberg Municipal Bond Index | 4.25%<br>| 4.03% |

---

**A** From May 25, 2023

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1850054895<br>|
| Number of Holdings | 450<br>|
| Total Advisory Fee | $3332327<br>|
| Portfolio Turnover | 67%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 18.8 |
| Synthetics | 18.5 |
| Industrial Development | 12.6 |
| Resource Recovery | 11.0 |
| Transportation | 10.6 |
| Electric Utilities | 8.3 |
| Housing | 6.3 |
| Health Care | 5.0 |
| Others(Individually Less Than 5%) | 3.9 |
| 95.0 | 95.0 |

---

---

| | |
|:---|:---|
| AAA | 3.7 |
| AA | 26.7 |
| A | 43.8 |
| BBB | 9.1 |
| Not Rated | 11.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2578_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 26.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 43.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 5.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 15.0 |
| California | 10.2 |
| New York | 9.4 |
| Florida | 6.7 |
| Pennsylvania | 5.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2578_20251231_2.jpg)<br>| ![](img123522_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914355.101 7365-TSRA-0226 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, December 31, 2025, Fidelity Municipal Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

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

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Conservative Income Municipal Bond Fund, Fidelity Flex Conservative Income Municipal Bond Fund, Fidelity Flex Municipal Income Fund, Fidelity Limited Term Municipal Income Fund, Fidelity Michigan Municipal Income Fund, Fidelity Minnesota Municipal Income Fund, Fidelity Municipal Income Fund, Fidelity Ohio Municipal Income Fund and Fidelity Pennsylvania Municipal Income Fund (the "Funds"):

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Conservative Income Municipal Bond Fund | &nbsp;&nbsp;$52100  | &nbsp;&nbsp;$2000  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Flex Conservative Income Municipal Bond Fund | &nbsp;&nbsp;$48800  | &nbsp;&nbsp;$2000  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Flex Municipal Income Fund | &nbsp;&nbsp;$48800  | &nbsp;&nbsp;$2000  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Limited Term Municipal Income Fund | &nbsp;&nbsp;$55400  | &nbsp;&nbsp;$2200  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;Fidelity Michigan Municipal Income Fund | &nbsp;&nbsp;$44600  | &nbsp;&nbsp;$1800  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;Fidelity Minnesota Municipal Income Fund | &nbsp;&nbsp;$44600  | &nbsp;&nbsp;$1800  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;Fidelity Municipal Income Fund | &nbsp;&nbsp;$56700  | &nbsp;&nbsp;$2200  | &nbsp;&nbsp;$5800  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;Fidelity Ohio Municipal Income Fund | &nbsp;&nbsp;$44600  | &nbsp;&nbsp;$1800  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;Fidelity Pennsylvania Municipal Income Fund | &nbsp;&nbsp;$44600  | &nbsp;&nbsp;$1800  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$700  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Conservative Income Municipal Bond Fund | &nbsp;&nbsp;$48100  | &nbsp;&nbsp;$3900  | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$1700  |
| &nbsp;&nbsp;Fidelity Flex Conservative Income Municipal Bond Fund | &nbsp;&nbsp;$47300  | &nbsp;&nbsp;$3900  | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$1700  |
| &nbsp;&nbsp;Fidelity Flex Municipal Income Fund | &nbsp;&nbsp;$47300  | &nbsp;&nbsp;$3900  | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$1700  |
| &nbsp;&nbsp;Fidelity Limited Term Municipal Income Fund | &nbsp;&nbsp;$53300  | &nbsp;&nbsp;$4300  | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$1900  |
| &nbsp;&nbsp;Fidelity Michigan Municipal Income Fund | &nbsp;&nbsp;$43300  | &nbsp;&nbsp;$3600  | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$1600  |
| &nbsp;&nbsp;Fidelity Minnesota Municipal Income Fund | &nbsp;&nbsp;$43300  | &nbsp;&nbsp;$3600  | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$1600  |
| &nbsp;&nbsp;Fidelity Municipal Income Fund | &nbsp;&nbsp;$54600  | &nbsp;&nbsp;$4400  | &nbsp;&nbsp;$5600  | &nbsp;&nbsp;$1900  |
| &nbsp;&nbsp;Fidelity Ohio Municipal Income Fund | &nbsp;&nbsp;$43300  | &nbsp;&nbsp;$3600  | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$1600  |
| &nbsp;&nbsp;Fidelity Pennsylvania Municipal Income Fund | &nbsp;&nbsp;$43300  | &nbsp;&nbsp;$3600  | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$1600  |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>December 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$8914100  | &nbsp;&nbsp;$9701800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000  |

---

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

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>December 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13827600  | &nbsp;&nbsp;$15390800  |

---

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

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

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

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

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

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

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

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

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

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

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

Item 5.

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

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® Pennsylvania Municipal Income Fund**

**Annual Report**

**December 31, 2025**

![](img123160_1.jpg)

![](img123160_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_PFR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Pennsylvania Municipal Income Fund](#Sub_Sec_Fund_402_PFR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements402_PFR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_PFR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_PFR-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_PFR-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_PFR-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_PFR-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_PFR-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Pennsylvania Municipal Income Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 97.0%** | &nbsp;&nbsp;**Municipal Securities - 97.0%** | &nbsp;&nbsp;**Municipal Securities - 97.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Guam - 1.0%  |  |  |
| Special Tax - 0.6% |  |  |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2034  | 1880000 | 2098768 |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5.25% 1/1/2037  | 435000 | 481712 |
| TOTAL SPECIAL TAX |  | 2580480 |
| Water & Sewer - 0.4% |  |  |
| Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5% 7/1/2034  | 780000 | 876779 |
| Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5% 7/1/2035  | 610000 | 689592 |
| TOTAL WATER & SEWER |  | 1566371 |
| TOTAL GUAM |  | 4146851 |
| New Jersey,Pennsylvania - 3.2%  |  |  |
| Transportation - 3.2% |  |  |
| Delaware Riv Port Auth PA & NJ 5% 1/1/2037  | 1000000 | 1050445 |
| Delaware Riv Port Auth PA & NJ 5% 1/1/2038  | 1300000 | 1362774 |
| Delaware Riv Port Auth PA & NJ 5% 1/1/2039  | 1000000 | 1049388 |
| Delaware Riv Port Auth PA & NJ Series 2025, 5% 1/1/2037  | 6000000 | 6903896 |
| Delaware Riv Port Auth PA & NJ Series 2025, 5% 1/1/2038  | 2830000 | 3229130 |
| TOTAL TRANSPORTATION |  | 13595633 |
| TOTAL NEW JERSEY,PENNSYLVANIA |  | 13595633 |
| Pennsylvania - 91.1%  |  |  |
| Education - 13.4% |  |  |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2018, 5% 3/1/2033  | 1570000 | 1636079 |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2018, 5% 3/1/2034  | 2250000 | 2341308 |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2022 A, 5% 3/1/2031  | 1105000 | 1217447 |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Duquesne Univ, PA Proj.) Series 2022 A, 5% 3/1/2034  | 645000 | 722053 |
| Allegheny Cnty PA High Ed Bld Auth Univ Rev (Robert Morris University Proj.) Series 2017, 5% 10/15/2047 (Pre-refunded to 10/15/2027 at 100)  | 1660000 | 1727059 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4.25% (b) | 3000000 | 1440000 |
| Cumberland Cnty PA Mun Auth Rv (Dickinson College Proj.) 5% 5/1/2031  | 500000 | 503389 |
| Cumberland Cnty PA Mun Auth Rv (Dickinson College Proj.) 5% 5/1/2032  | 750000 | 754933 |
| Dallas PA Area Mun Auth Univ Rev (Misericordia University Proj.) 5% 5/1/2048  | 4000000 | 3569684 |
| Lackawanna Cnty PA Indl Dev Auth Rev (University of Scranton Proj.) 5% 11/1/2027  | 1105000 | 1141315 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2023A, 5% 6/1/2029 (c) | 2965000 | 3095074 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2023A, 5% 6/1/2030 (c) | 2895000 | 3048387 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2023A, 5% 6/1/2031 (c) | 4450000 | 4732556 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2023A, 5% 6/1/2032 (c) | 5200000 | 5624901 |
| Pennsylvania St Higher Edl Rev (Duquesne Univ, PA Proj.) 5% 3/1/2036  | 1000000 | 1049337 |
| Pennsylvania St Univ Series 2024, 5.25% 9/1/2054  | 6000000 | 6369640 |
| Philadelphia PA Auth For Indl Dev Univ Rev (St Josephs University, PA Proj.) 5.25% 11/1/2052  | 1150000 | 1179826 |
| Philadelphia PA Auth For Indl Dev Univ Rev (St Josephs University, PA Proj.) Series 2020A, 4% 11/1/2045  | 3825000 | 3453746 |
| Scranton-Lackawanna PA Health & Welfare Auth Rev (University of Scranton Proj.) Series 2025 B, 5% 11/1/2027  | 325000 | 335681 |
| Scranton-Lackawanna PA Health & Welfare Auth Rev (University of Scranton Proj.) Series 2025 B, 5% 11/1/2028  | 400000 | 420279 |
| Scranton-Lackawanna PA Health & Welfare Auth Rev (University of Scranton Proj.) Series 2025 B, 5% 11/1/2029  | 425000 | 454786 |
| Scranton-Lackawanna PA Health & Welfare Auth Rev (University of Scranton Proj.) Series 2025 B, 5% 11/1/2030  | 555000 | 602853 |
| Scranton-Lackawanna PA Health & Welfare Auth Rev (University of Scranton Proj.) Series 2025 B, 5% 11/1/2031  | 775000 | 851416 |
| Scranton-Lackawanna PA Health & Welfare Auth Rev (University of Scranton Proj.) Series 2025 B, 5% 11/1/2032  | 815000 | 901865 |
| Scranton-Lackawanna PA Health & Welfare Auth Rev (University of Scranton Proj.) Series 2025 B, 5% 11/1/2033  | 650000 | 724747 |
| Scranton-Lackawanna PA Health & Welfare Auth Rev (University of Scranton Proj.) Series 2025 B, 5% 11/1/2034  | 675000 | 754824 |
| Scranton-Lackawanna PA Health & Welfare Auth Rev (University of Scranton Proj.) Series 2025 B, 5% 11/1/2035  | 700000 | 782036 |
| State Pub Sch Bldg Auth PA College Rev (Delaware Cnty PA Cmnty Coll Auth Bldg Rev Proj.) 5% 10/1/2037 (Build America Mutual Assurance Co Insured)  | 530000 | 572013 |
| State Pub Sch Bldg Auth PA College Rev (Delaware Cnty PA Cmnty Coll Auth Bldg Rev Proj.) 5% 10/1/2038 (Build America Mutual Assurance Co Insured)  | 600000 | 644406 |
| State Pub Sch Bldg Auth PA College Rev (Delaware Cnty PA Cmnty Coll Auth Bldg Rev Proj.) 5.25% 10/1/2044 (Build America Mutual Assurance Co Insured)  | 1100000 | 1150576 |
| Temple Univ of The Comwlth Sysof Higher Ed PA Univ Rev (Temple Univ, PA Proj.) 5% 4/1/2036 (Assured Guaranty Inc Insured)  | 4750000 | 5524868 |
| TOTAL EDUCATION |  | 57327084 |
| Electric Utilities - 3.3% |  |  |
| Philadelphia PA Gas Wks Rev Series 14TH, 5% 10/1/2033  | 1500000 | 1524444 |
| Philadelphia PA Gas Wks Rev Series 14TH, 5% 10/1/2034  | 500000 | 507813 |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH A, 5.25% 8/1/2054 (Assured Guaranty Inc Insured)  | 3000000 | 3155326 |
| Philadelphia PA Gas Wks Rev Series SIXTEENTH A, 5% 8/1/2050 (Assured Guaranty Inc Insured)  | 8835000 | 9050569 |
| TOTAL ELECTRIC UTILITIES |  | 14238152 |
| General Obligations - 15.9% |  |  |
| Chartiers Valley PA Sch Dist Series 2021 A, 3% 10/15/2049  | 4000000 | 2914549 |
| Coatesville PA Area Sch Dist Series 2025, 5.25% 11/15/2039 (Assured Guaranty Inc Insured)  | 4225000 | 4683955 |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 4% 6/1/2039 (Assured Guaranty Inc Insured)  | 630000 | 620416 |
| Commonwealth Fing Auth PA Rev (Pennsylvania St Proj.) Series 2020 A, 5% 6/1/2032  | 3500000 | 3812453 |
| Connellsville PA Area Sch Dist Series 2019, 3.125% 8/15/2039 (Build America Mutual Assurance Co Insured)  | 820000 | 757255 |
| East Lycoming Sch Dist PA 3% 9/15/2035  | 700000 | 675774 |
| Fayette Cnty PA Gen. Oblig. Series 2021 A, 2% 11/15/2036 (Assured Guaranty Inc Insured)  | 1000000 | 805301 |
| Haverford Twp PA School Dist Series 2021 A, 2% 3/15/2032  | 1035000 | 950282 |
| Lancaster PA Sch Dist 5% 6/1/2041 (Build America Mutual Assurance Co Insured)  | 3525000 | 3849472 |
| Montgomery Cnty PA Gen. Oblig. Series 2025A, 5% 3/1/2027  | 4290000 | 4412107 |
| Montgomery Cnty PA Gen. Oblig. Series 2025A, 5% 3/1/2035  | 4280000 | 4912051 |
| Parkland PA Sch Dist 3% 2/1/2035  | 665000 | 651068 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2029  | 300000 | 313769 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2030  | 375000 | 391991 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2031  | 425000 | 443776 |
| Pennsylvania St Gen. Oblig. Series 2016, 3% 9/15/2035  | 525000 | 510884 |
| Pennsylvania St Gen. Oblig. Series 2025 A, 5% 8/15/2029  | 2000000 | 2176293 |
| Pennsylvania St Gen. Oblig. Series FIRST 2020, 2% 5/1/2039  | 500000 | 391910 |
| Pennsylvania St Gen. Oblig. Series FIRST 2021, 2% 5/15/2037  | 1060000 | 871779 |
| Pennsylvania St Gen. Oblig. Series FIRST 2021, 2% 5/15/2038  | 4825000 | 3862502 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2038  | 3000000 | 3180024 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2039  | 7600000 | 8036330 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 8/1/2028  | 4000000 | 4237184 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 8/1/2029  | 3000000 | 3245592 |
| Philadelphia PA Sch Dist 4% 9/1/2037  | 2100000 | 2139336 |
| Philadelphia PA Sch Dist 4% 9/1/2038  | 2300000 | 2334681 |
| Philadelphia PA Sch Dist 4% 9/1/2039  | 2000000 | 2015159 |
| Philadelphia PA Sch Dist 5% 9/1/2029  | 1250000 | 1320864 |
| Philadelphia PA Sch Dist 5% 9/1/2030  | 1000000 | 1051683 |
| Philadelphia PA Sch Dist 5% 9/1/2033  | 1000000 | 1048644 |
| Reading PA Sch Dist Series 2017, 5% 3/1/2035 (Assured Guaranty Inc Insured)  | 1000000 | 1020070 |
| State College PA Area Sch Dist Series 2017, 3.25% 5/15/2043  | 405000 | 351765 |
| TOTAL GENERAL OBLIGATIONS |  | 67988919 |
| Health Care - 15.7% |  |  |
| Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 4% 7/15/2038  | 815000 | 805988 |
| Butler Cnty PA Hosp Auth Rev (Butler Memorial Hospital,Pa Proj.) 5% 7/1/2026  | 500000 | 500125 |
| Butler Cnty PA Hosp Auth Rev (Butler Memorial Hospital,Pa Proj.) 5% 7/1/2027  | 490000 | 490143 |
| Butler Cnty PA Hosp Auth Rev (Butler Memorial Hospital,Pa Proj.) 5% 7/1/2028  | 540000 | 540174 |
| Butler Cnty PA Hosp Auth Rev (Butler Memorial Hospital,Pa Proj.) 5% 7/1/2029  | 710000 | 710211 |
| Butler Cnty PA Hosp Auth Rev (Butler Memorial Hospital,Pa Proj.) 5% 7/1/2030  | 685000 | 685215 |
| Centre Cnty PA Hosp Auth Rev (Mount Nittany Medical Center Proj.) Series 2018 A, 5% 11/15/2026  | 1140000 | 1159836 |
| Centre Cnty PA Hosp Auth Rev (Mount Nittany Medical Center Proj.) Series 2018 A, 5% 11/15/2027  | 225000 | 233305 |
| Centre Cnty PA Hosp Auth Rev (Mount Nittany Medical Center Proj.) Series 2018 A, 5% 11/15/2028  | 200000 | 207595 |
| Centre Cnty PA Hosp Auth Rev (Mount Nittany Medical Center Proj.) Series 2018 A, 5% 11/15/2029  | 200000 | 207545 |
| Doylestown PA Hosp Auth Hosp (Univ of Penn Health Systems Proj.) 4% 7/1/2045  | 1215000 | 1136555 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) Series 2020, 4% 7/15/2045  | 1520000 | 1184521 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) Series 2020, 5% 7/15/2031  | 1030000 | 1046561 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) Series 2020, 5% 7/15/2034  | 1000000 | 1008523 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) Series 2020, 5% 7/15/2036  | 1400000 | 1405858 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) Series 2020, 5% 7/15/2039  | 1160000 | 1162223 |
| Lancaster Cnty PA Hosp Aut Rev (Masonic Villages of The Grand Lodge of Pennsylvania Proj.) Series 2025 A, 5% 11/1/2026  | 1025000 | 1041154 |
| Lancaster Cnty PA Hosp Aut Rev (Masonic Villages of The Grand Lodge of Pennsylvania Proj.) Series 2025 A, 5% 11/1/2028  | 1945000 | 2044685 |
| Lancaster Cnty PA Hosp Aut Rev (Masonic Villages of The Grand Lodge of Pennsylvania Proj.) Series 2025 A, 5% 11/1/2029  | 1355000 | 1448447 |
| Lancaster Cnty PA Hosp Aut Rev (Masonic Villages of The Grand Lodge of Pennsylvania Proj.) Series 2025 A, 5% 11/1/2035  | 465000 | 522778 |
| Lancaster Cnty PA Hosp Aut Rev (Univ of Penn Health Systems Proj.) Series 2016 A, 5% 8/15/2034  | 1000000 | 1010708 |
| Lancaster Municipal Authority (Garden Spot Village Proj.) Series 2024A, 5% 5/1/2049  | 900000 | 888062 |
| Lancaster Municipal Authority (Garden Spot Village Proj.) Series 2024B, 5% 5/1/2054  | 400000 | 389864 |
| Lancaster Municipal Authority (Garden Spot Village Proj.) Series 2024B, 5% 5/1/2059  | 535000 | 515837 |
| Lancaster PA Mun Auth Rev (Wellspan Health Group Proj.) Series 2023B, 5% 6/1/2029  | 4000000 | 4303266 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2012B, 3.25% 7/1/2032  | 465000 | 464991 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2016 A, 3% 7/1/2036  | 510000 | 476816 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019 A, 4% 7/1/2037  | 125000 | 125885 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019 A, 4% 7/1/2049  | 5100000 | 4423310 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019 A, 5% 7/1/2027  | 5000 | 5146 |
| Monroeville PA Fin Auth UPMC Rev (UPMC Proj.) 5% 5/15/2036  | 280000 | 313103 |
| Monroeville PA Fin Auth UPMC Rev (UPMC Proj.) 5% 5/15/2037  | 330000 | 366570 |
| Monroeville PA Fin Auth UPMC Rev (UPMC Proj.) 5% 5/15/2038  | 390000 | 431016 |
| Monroeville PA Fin Auth UPMC Rev (UPMC Proj.) 5% 5/15/2039  | 250000 | 274243 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2040  | 4000000 | 3529381 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp&Med Ctr, PA Proj.) 5% 10/1/2026  | 1000000 | 1000383 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp&Med Ctr, PA Proj.) 5% 10/1/2027  | 1000000 | 984984 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 A, 5% 9/1/2026  | 1500000 | 1521424 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2034  | 2500000 | 2548975 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2016 A, 3% 8/15/2032  | 245000 | 240263 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2016 A, 3.125% 8/15/2035  | 265000 | 251653 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2018A, 4% 8/15/2048  | 4500000 | 3923182 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2024 B, 2.45% 8/15/2054, LOC TD Bank NA VRDN (d) | 4000000 | 4000000 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 2, 4.5% 7/1/2035  | 2650000 | 2737407 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) 5% 5/15/2038  | 575000 | 625726 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) 5% 5/15/2039  | 800000 | 865745 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2023 A 2, 5% 5/15/2038  | 500000 | 544110 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2023 A 2, 5% 5/15/2039  | 620000 | 670952 |
| Philadelphia PA Auth For Indl Dev Hosp Rev (Childrens Hosp Of Phil, Pa Proj.) Series 2024B2, 2.48% 7/1/2054 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (d) | 4900000 | 4900000 |
| Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 A, 4% 9/1/2042  | 1425000 | 1327779 |
| Westmoreland Cnty PA Indl Dev Auth Health Sys Rev (Excela Health Proj.) 4% 7/1/2026  | 1000000 | 1001510 |
| Westmoreland Cnty PA Indl Dev Auth Health Sys Rev (Excela Health Proj.) 4% 7/1/2037  | 1400000 | 1358763 |
| Westmoreland Cnty PA Indl Dev Auth Health Sys Rev (Excela Health Proj.) 5% 7/1/2027  | 200000 | 204266 |
| Westmoreland Cnty PA Indl Dev Auth Health Sys Rev (Excela Health Proj.) 5% 7/1/2028  | 1130000 | 1168832 |
| Westmoreland Cnty PA Indl Dev Auth Health Sys Rev (Excela Health Proj.) 5% 7/1/2029  | 500000 | 522443 |
| Westmoreland Cnty PA Indl Dev Auth Health Sys Rev (Excela Health Proj.) 5% 7/1/2030  | 1000000 | 1054651 |
| TOTAL HEALTH CARE |  | 66512688 |
| Housing - 7.0% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series 2016 121, 2.8% 10/1/2031  | 350000 | 340770 |
| Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series 2017 125 B, 3.65% 10/1/2042  | 620000 | 579771 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 2.35% 10/1/2040  | 870000 | 699590 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 2.5% 10/1/2045  | 1300000 | 962685 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 2.7% 4/1/2033  | 1500000 | 1431152 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2026 (c) | 1500000 | 1524583 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2027  | 650000 | 674624 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2028  | 950000 | 1003977 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2029 (c) | 2410000 | 2546486 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2029  | 450000 | 483193 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2043  | 2000000 | 2065930 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 4/1/2026 (c) | 995000 | 1000340 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 4/1/2029 (c) | 2400000 | 2518119 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 4/1/2029  | 100000 | 106411 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2019 130A, 2.5% 10/1/2034  | 1940000 | 1748860 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2020 132A, 3.5% 4/1/2051  | 410000 | 409396 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 137, 2.45% 10/1/2041  | 1505000 | 1168026 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 137, 5% 10/1/2026  | 280000 | 284589 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 137, 5% 10/1/2027  | 225000 | 233524 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 137, 5% 10/1/2028  | 260000 | 274773 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 137, 5% 10/1/2029  | 365000 | 393135 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 137, 5% 4/1/2026  | 240000 | 241288 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 137, 5% 4/1/2027  | 225000 | 231049 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 137, 5% 4/1/2028  | 250000 | 261645 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 137, 5% 4/1/2029  | 310000 | 329873 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2023 142A, 4.5% 10/1/2038  | 5925000 | 6160398 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev Series 2019 131 A, 2.75% 10/1/2034  | 2090000 | 1934830 |
| TOTAL HOUSING |  | 29609017 |
| Resource Recovery - 3.8% |  |  |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2013, 3.4% tender 8/1/2045 (c)(d) | 5250000 | 5250715 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A 2, 4.6% tender 10/1/2046 (c)(d) | 10845000 | 10882232 |
| TOTAL RESOURCE RECOVERY |  | 16132947 |
| Special Tax - 1.7% |  |  |
| Pennsylvania St Tpk Com Regis Series 2025, 5% 7/15/2041  | 2750000 | 3036189 |
| Pennsylvania St Tpk Comm Oil Franchise Tax Rev Series 2021 A, 3% 12/1/2051  | 4415000 | 3282031 |
| Pittsburgh & Alleg Cnty Parking 5% 12/15/2032  | 500000 | 517517 |
| Pittsburgh & Alleg Cnty Parking 5% 12/15/2033  | 500000 | 516807 |
| TOTAL SPECIAL TAX |  | 7352544 |
| Transportation - 23.2% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 4% 1/1/2046 (Assured Guaranty Inc Insured) (c) | 3750000 | 3366517 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2051 (c) | 12000000 | 12001583 |
| Pennsylvania Turnpike Commission 5% 12/1/2041  | 2400000 | 2643031 |
| Pennsylvania Turnpike Commission 5% 12/1/2042  | 2240000 | 2444852 |
| Pennsylvania Turnpike Commission 5% 12/1/2043  | 3650000 | 3961238 |
| Pennsylvania Turnpike Commission 5% 12/1/2043  | 3000000 | 3255812 |
| Pennsylvania Turnpike Commission 5.25% 12/1/2055  | 5000000 | 5336748 |
| Pennsylvania Turnpike Commission Series 2014 A 2, 5.125% 12/1/2040 (e) | 5500000 | 5788760 |
| Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2037  | 5815000 | 6202457 |
| Pennsylvania Turnpike Commission Series 2020 B, 5% 12/1/2050  | 5000000 | 5165503 |
| Pennsylvania Turnpike Commission Series 2021 A, 4% 12/1/2044  | 4000000 | 3854794 |
| Pennsylvania Turnpike Commission Series 2021 A, 4% 12/1/2045  | 4000000 | 3799667 |
| Pennsylvania Turnpike Commission Series 2021 B, 3% 12/1/2051  | 3000000 | 2180055 |
| Pennsylvania Turnpike Commission Series 2021 B, 4% 12/1/2040  | 1000000 | 1015711 |
| Pennsylvania Turnpike Commission Series 2021 B, 4% 12/1/2041  | 1000000 | 1006525 |
| Pennsylvania Turnpike Commission Series 2021 B, 4% 12/1/2042  | 1500000 | 1497613 |
| Pennsylvania Turnpike Commission Series 2024 A, 5% 12/1/2043  | 4615000 | 4968823 |
| Pennsylvania Turnpike Commission Series 2024, 5% 12/1/2040  | 2000000 | 2229553 |
| Pennsylvania Turnpike Commission Series A 2, 5% 12/1/2028 (e) | 315000 | 322809 |
| Pennsylvania Turnpike Commission Series A 2, 5% 12/1/2038 (e) | 2500000 | 2615655 |
| Pennsylvania Turnpike Commission Series FIRST 2024, 5% 12/1/2043  | 8750000 | 9410062 |
| Philadelphia PA Airport Rev 5% 7/1/2031 (c) | 1000000 | 1028352 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2027 (c) | 515000 | 529788 |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2034 (c) | 9000000 | 10147952 |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2035 (c) | 2700000 | 3046220 |
| Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev Series 2017, 5% 1/1/2035 (c) | 1000000 | 1010859 |
| TOTAL TRANSPORTATION |  | 98830939 |
| Water & Sewer - 7.1% |  |  |
| Allegheny Cnty PA San Auth Swr Series 2024, 5% 12/1/2049  | 2000000 | 2078739 |
| Allegheny Cnty PA San Auth Swr Series 2024, 5% 12/1/2055  | 1750000 | 1812117 |
| Allegheny Cnty PA San Auth Swr Series 2024, 5.25% 12/1/2055  | 2500000 | 2637843 |
| Capital Region Wtr PA Wtr Rev 5% 7/15/2030  | 1500000 | 1581253 |
| Capital Region Wtr PA Wtr Rev 5% 7/15/2031  | 1250000 | 1316279 |
| Philadelphia PA Wtr & Wastewtr Series 2020, 5% 10/1/2040  | 3195000 | 3398773 |
| Philadelphia PA Wtr & Wastewtr Series 2023B, 5.5% 9/1/2053 (Assured Guaranty Inc Insured)  | 5000000 | 5358988 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 A, 5% 9/1/2044 (Assured Guaranty Inc Insured)  | 3600000 | 3721479 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 B, 4% 9/1/2034 (Assured Guaranty Inc Insured)  | 2000000 | 2070965 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 B, 4% 9/1/2035 (Assured Guaranty Inc Insured)  | 400000 | 410488 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5.25% 9/1/2050 (Assured Guaranty Inc Insured)  | 4500000 | 4773336 |
| Western Berks Wtr Auth PA Rev 3% 12/1/2039 (Build America Mutual Assurance Co Insured)  | 1020000 | 909887 |
| TOTAL WATER & SEWER |  | 30070147 |
| TOTAL PENNSYLVANIA |  | 388062437 |
| Puerto Rico - 1.0%  |  |  |
| General Obligations - 0.6% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (f) | 1225367 | 886730 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 440000 | 466212 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.75% 7/1/2031  | 1045000 | 1148042 |
| TOTAL GENERAL OBLIGATIONS |  | 2500984 |
| Special Tax - 0.2% |  |  |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 0% 7/1/2031 (f) | 1155000 | 948912 |
| Water & Sewer - 0.2% |  |  |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (g) | 655000 | 676234 |
| TOTAL PUERTO RICO |  | 4126130 |
| Virgin Islands - 0.7%  |  |  |
| Transportation - 0.7% |  |  |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2026  | 1000000 | 1012238 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2035  | 730000 | 832941 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2039  | 1135000 | 1267372 |
| TOTAL TRANSPORTATION |  | 3112551 |
| TOTAL VIRGIN ISLANDS |  | 3112551 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $418,544,155) |  | <br> **413043602** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (h)(i)<br>(Cost $9,093,273)<br>| 3.07 | 9091455 | **9093273** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.1%**<br> (Cost $427,637,428)<br>| <br>**422136875** |
| **NET OTHER ASSETS (LIABILITIES) - 0.9%**  | **3627343** |
| **NET ASSETS - 100.0%** | **425764218** |

---

**Security Type Abbreviations**

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

**Legend**

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

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

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

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

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

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

(g) 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 $676,234 or 0.2% of net assets.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 21468220 | 79128857 | 91503804 | 398038 | - | - | 9093273 | 9091455 | 0.2% |
| Total | 21468220 | 79128857 | 91503804 | 398038 | - | - | 9093273 |  |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 57327084 | - | 57327084 | - |
| Electric Utilities | 14238152 | - | 14238152 | - |
| General Obligations | 70489903 | - | 70489903 | - |
| Health Care | 66512688 | - | 66512688 | - |
| Housing | 29609017 | - | 29609017 | - |
| Resource Recovery | 16132947 | - | 16132947 | - |
| Special Tax | 10881936 | - | 10881936 | - |
| Transportation | 115539123 | - | 115539123 | - |
| Water & Sewer | 32312752 | - | 32312752 | - |
|  **Money Market Funds** | 9093273 | 9093273 | - | - |
| **Total Investments in Securities:** | 422136875 | 9093273 | 413043602 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $418,544,155) | $413043602 |  |
| Fidelity Central Funds (cost $9,093,273) | 9093273 |  |
| Total Investment in Securities (cost $427,637,428) |  | $422136875 |
| Cash |  | 100001 |
| Receivable for fund shares sold |  | 254668 |
| Interest receivable |  | 4863876 |
| Distributions receivable from Fidelity Central Funds |  | 12480 |
| Prepaid expenses |  | 287 |
| Other receivables |  | 11 |
| **Total assets** |  | 427368198 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $927483 |  |
| Distributions payable | 473982 |  |
| Accrued management fee | 153996 |  |
| Other payables and accrued expenses | 48519 |  |
| **Total liabilities** |  | 1603980 |
| **Net Assets**  |  | $425764218 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $439169756 |
| Total accumulated earnings (loss) |  | (13405538) |
| **Net Assets** |  | $425764218 |
| **Net Asset Value**, offering price and redemption price per share ($425,764,218 ÷ 40,289,896 shares) |  | $10.57 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $13678012 |
| Income from Fidelity Central Funds  |  | 398003 |
| **Total income** |  | 14076015 |
| **Expenses** |  |  |
| Management fee | $1770552 |  |
| Custodian fees and expenses | 5580 |  |
| Independent trustees' fees and expenses | 978 |  |
| Registration fees | 28259 |  |
| Audit fees | 56067 |  |
| Legal | 12450 |  |
| Miscellaneous | 1221 |  |
| Total expenses before reductions | 1875107 |  |
| Expense reductions | (888) |  |
| Total expenses after reductions |  | 1874219 |
| **Net Investment income (loss)** |  | 12201796 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (2944230) |  |
| Capital gain distributions from Fidelity Central Funds | 35 |  |
| Total net realized gain (loss) |  | (2944195) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 6583235 |
| **Net gain (loss)** |  | 3639040 |
| **Net increase (decrease) in net assets resulting from operations** |  | $15840836 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $12201796 | $11600423 |
| &nbsp;&nbsp;Net realized gain (loss) | (2944195)<br>| 140006<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 6583235 | (4281678)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 15840836<br>| 7458751<br>|
| Distributions to shareholders | (11924684)<br>| (11388411)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 109171717 | 69050954 |
| Reinvestment of distributions | 6586760<br>| 6383603<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (84444158) | (85675411) |
| **Net increase (decrease) in net assets resulting from share transactions** | 31314319<br>| (10240854)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 35230471<br>| (14170514)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 390533747 | 404704261<br>|
| &nbsp;&nbsp;End of period | $425764218 | $390533747 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 10515679 | 6568466 |
| Issued in reinvestment of distributions | 633635<br>| 608178<br>|
| &nbsp;&nbsp;Redeemed | (8151018) | (8145105) |
| &nbsp;&nbsp;Net increase (decrease) | 2998296 | (968461) |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.47 | $10.58 | $10.22 | $11.59 | $11.59 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .315  | .305  | .284  | .255  | .251  |
| Net realized and unrealized gain (loss)  | .093  | (.115)  | .355  | (1.372)  | .013  |
| Total from investment operations  | .408  | .190  | .639  | (1.117)  | .264  |
| Distributions from net investment income  | (.307)  | (.299)  | (.279)  | (.253)  | (.251)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.013)  |
| Total distributions  | (.308)  | (.300)  | (.279)  | (.253)  | (.264)  |
| Net asset value, end of period  | $10.57 | $10.47 | $10.58 | $10.22 | $11.59 |
| **Total Return** C | 3.98% <br>| 1.82%  | 6.38%  | (9.66)%  | 2.30%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .47%  | .47%  | .50%  | .49%  | .48%  |
| Expenses net of fee waivers, if any  | .47% <br>| .47%  | .49%  | .49%  | .48%  |
| Expenses net of all reductions, if any  | .47%  | .47%  | .49%  | .49%  | .48%  |
| Net investment income (loss)  | 3.03%  | 2.90%  | 2.76%  | 2.41%  | 2.16%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $425764 | $390534 | $404704 | $407022 | $554947 |
| Portfolio turnover rate F | 27% <br>| 17%  | 21%  | 7%  | 5%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

Fidelity Pennsylvania Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (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 Massachusetts business trust. The Fund may be affected by economic and political developments in the state of Pennsylvania.

**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 (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

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

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

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

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

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

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

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, capital loss carryforwards, and losses deferred due to wash sales.

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $6736741 |
| **Gross unrealized depreciation**  | <u>(11517404)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(4780663)</u> |
| **Tax Cost**  | <u>$426917538</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$157914</u> |
| **Capital loss carryforward**  | <u>$(8782787)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(4780663)</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(1977965) |
| Long-term | <u>(6804822)</u> |
| **Total capital loss carryforward** | <u>$(8782787)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Tax-exempt Income** | 11885008 | 11350843 |
| **Ordinary Income**  | <u>$39676</u> | <u>$37568</u> |
| **Total**  | <u>$11924684</u> | <u>$11388411</u> |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Pennsylvania Municipal Income Fund** | 144902025 | 99821969 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

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 Pennsylvania Municipal Income Fund** | .44 |

---

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 Pennsylvania Municipal Income Fund** | .44 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Pennsylvania Municipal Income Fund** | 110121 | 18243784 | (733852) |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Pennsylvania Municipal Income Fund** | 545 |

---

**7. 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 $888.

**8. 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.

**9. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Pennsylvania Municipal Income Fund

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2026

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

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

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

During fiscal year ended 2025, 100% of the fund's income dividends was free from federal income tax, and 16.06% of the fund's income dividends was subject to the federal alternative minimum tax.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Pennsylvania Municipal Income Fund**

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

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

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

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

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

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

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

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

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

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

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has 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 below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

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

![](img123160_4.jpg)<br>

1.540037.128 PFR-ANN-0226

**Fidelity® Ohio Municipal Income Fund**

**Annual Report**

**December 31, 2025**

![](img123161_1.jpg)

![](img123161_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_OFF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Ohio Municipal Income Fund](#Sub_Sec_Fund_188_OFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements188_OFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_OFF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_OFF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_OFF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_OFF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_OFF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_OFF-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Ohio Municipal Income Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 94.5%** | &nbsp;&nbsp;**Municipal Securities - 94.5%** | &nbsp;&nbsp;**Municipal Securities - 94.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Guam - 1.3%  |  |  |
| Special Tax - 1.3% |  |  |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2030  | 1345000 | 1442429 |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2032  | 1255000 | 1379517 |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2033  | 3355000 | 3720575 |
| TOTAL GUAM |  | 6542521 |
| Ohio - 91.6%  |  |  |
| Education - 16.6% |  |  |
| Allen Cnty Ohio Port Auth Economic Dev Rev (University of Northwestern OH Proj.) Series 2021 A, 4% 12/1/2031  | 650000 | 645978 |
| Allen Cnty Ohio Port Auth Economic Dev Rev (University of Northwestern OH Proj.) Series 2021 A, 4% 12/1/2035  | 1300000 | 1258266 |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2028 (Build America Mutual Assurance Co Insured)  | 515000 | 542138 |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2029 (Build America Mutual Assurance Co Insured)  | 670000 | 719459 |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2030 (Build America Mutual Assurance Co Insured)  | 540000 | 590953 |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2031 (Build America Mutual Assurance Co Insured)  | 735000 | 817113 |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2032 (Build America Mutual Assurance Co Insured)  | 720000 | 810045 |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2033 (Build America Mutual Assurance Co Insured)  | 770000 | 873772 |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2035 (Build America Mutual Assurance Co Insured)  | 835000 | 960091 |
| Cleveland-Cuyahoga County OH Port Authority (Euclid Avenue Dev Corp Proj.) 5% 8/1/2034 (Cleveland OH St Univ Gen Rcp Guaranteed)  | 1865000 | 2048124 |
| Cleveland-Cuyahoga County OH Port Authority (Euclid Avenue Dev Corp Proj.) 5% 8/1/2035 (Cleveland OH St Univ Gen Rcp Guaranteed)  | 1910000 | 2086682 |
| Cleveland-Cuyahoga County OH Port Authority (Euclid Avenue Dev Corp Proj.) 5% 8/1/2036 (Cleveland OH St Univ Gen Rcp Guaranteed)  | 2065000 | 2241738 |
| Cleveland-Cuyahoga County OH Port Authority (Euclid Avenue Dev Corp Proj.) 5% 8/1/2037 (Cleveland OH St Univ Gen Rcp Guaranteed)  | 2170000 | 2340415 |
| Cleveland-Cuyahoga County OH Port Authority (Euclid Avenue Dev Corp Proj.) 5.5% 8/1/2047 (Cleveland OH St Univ Gen Rcp Guaranteed)  | 3000000 | 3140732 |
| Kent St Univ Ohio Unv Revs 5% 5/1/2030  | 1125000 | 1132288 |
| Kent St Univ Ohio Unv Revs Series 2020 A, 5% 5/1/2045  | 1250000 | 1289544 |
| Miami Univ. OH Series 2022 A, 5% 9/1/2029  | 545000 | 591879 |
| Miami Univ. OH Series 2022 A, 5% 9/1/2030  | 500000 | 553763 |
| Miami Univ. OH Series 2022 A, 5% 9/1/2031  | 700000 | 788515 |
| Miami Univ. OH Series 2022 A, 5% 9/1/2032  | 735000 | 822613 |
| Miami Univ. OH Series 2022 A, 5% 9/1/2033  | 780000 | 869014 |
| Northeast Ohio Med Univ Gen Rcpts 3% 12/1/2040  | 525000 | 438115 |
| Ohio St Higher Ed Fac Comm (Case Western Reserve Univ, Oh Proj.) 1.625% tender 12/1/2034 (d) | 5000000 | 4913686 |
| Ohio St Higher Ed Fac Comm (Case Western Reserve Univ, OH Proj.) 5% 12/1/2037  | 835000 | 883450 |
| Ohio St Higher Ed Fac Comm (Denison University, OH Proj.) 5% 11/1/2033  | 300000 | 331157 |
| Ohio St Higher Ed Fac Comm (Denison University, OH Proj.) 5% 11/1/2035  | 300000 | 328228 |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 5% 7/1/2028  | 400000 | 412518 |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 5% 7/1/2029  | 735000 | 757979 |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 5% 7/1/2030  | 300000 | 309029 |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 5% 7/1/2031  | 400000 | 411713 |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 5% 7/1/2033  | 650000 | 667676 |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 5% 7/1/2038  | 2500000 | 2655233 |
| Ohio St Higher Ed Fac Comm (Oberlin College, OH Proj.) Series B, 5% 10/1/2037  | 1270000 | 1411799 |
| Ohio St Higher Ed Fac Comm (Oberlin College, OH Proj.) Series B, 5% 10/1/2038  | 1330000 | 1469657 |
| Ohio St Higher Ed Fac Comm (Ohio Wesleyan University Proj.) Series 2019, 4% 10/1/2049  | 3270000 | 2790999 |
| Ohio St Higher Ed Fac Comm (Otterbein College, OH Proj.) 4% 12/1/2046  | 1250000 | 1048503 |
| Ohio St Higher Ed Fac Comm (University of Dayton Proj.) 3% 2/1/2037  | 1335000 | 1226383 |
| Ohio St Higher Ed Fac Comm (University of Dayton Proj.) 4% 2/1/2036  | 900000 | 916500 |
| Ohio St Higher Ed Fac Comm (University of Dayton Proj.) 5% 12/1/2029  | 1310000 | 1372062 |
| Ohio St Higher Ed Fac Comm (University of Dayton Proj.) 5% 12/1/2031  | 1130000 | 1183375 |
| Ohio St Higher Ed Fac Comm (University of Dayton Proj.) 5% 12/1/2035  | 1000000 | 1039471 |
| Ohio St Higher Ed Fac Comm (University of Dayton Proj.) 5% 2/1/2034  | 1000000 | 1075865 |
| Ohio St Higher Ed Fac Comm (University of Dayton Proj.) 5% 2/1/2035  | 800000 | 858247 |
| Ohio St Higher Ed Fac Comm (Wooster (College Of) Proj.) 5% 9/1/2040  | 895000 | 971795 |
| Ohio St Higher Ed Fac Comm (Wooster (College Of) Proj.) 5.25% 9/1/2042  | 1000000 | 1086129 |
| Ohio St Higher Ed Fac Comm (Wooster (College Of) Proj.) 5.25% 9/1/2044  | 1105000 | 1171425 |
| Ohio St Higher Ed Fac Comm (Wooster (College Of) Proj.) 5.25% 9/1/2045  | 525000 | 550742 |
| Ohio St Higher Ed Fac Comm (Wooster (College Of) Proj.) 5.5% 9/1/2050  | 1050000 | 1098668 |
| Ohio St Higher Ed Fac Comm (Wooster (College Of) Proj.) Series 2018, 5% 9/1/2033  | 1445000 | 1511254 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5.25% 5/1/2054  | 4650000 | 4714653 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) Series 2020, 5% 5/1/2029  | 250000 | 265443 |
| University Cincinnati OH Gen 5% 6/1/2032  | 745000 | 750111 |
| University Cincinnati OH Gen 5% 6/1/2034  | 585000 | 588676 |
| University Cincinnati OH Gen Series 2019 A, 3% 6/1/2039  | 3000000 | 2756972 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2028  | 1130000 | 1194434 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2030  | 590000 | 649543 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2031  | 620000 | 694230 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2032  | 500000 | 567547 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2033  | 995000 | 1142653 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2035  | 760000 | 865535 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2038  | 1700000 | 1889035 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2039  | 1070000 | 1181563 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2040  | 1120000 | 1222185 |
| University Cincinnati OH Gen Series 2024D, 5% 6/1/2041  | 1175000 | 1270377 |
| University Toledo OH Gen Recpt 5% 6/1/2026  | 600000 | 605657 |
| University Toledo OH Gen Recpt 5% 6/1/2027  | 350000 | 360700 |
| Wright St Univ OH Gen Rcpts Series 2022 A, 5% 5/1/2026 (Build America Mutual Assurance Co Insured)  | 520000 | 524067 |
| Wright St Univ OH Gen Rcpts Series 2022 A, 5% 5/1/2027 (Build America Mutual Assurance Co Insured)  | 545000 | 560224 |
| Wright St Univ OH Gen Rcpts Series 2022 A, 5% 5/1/2028 (Build America Mutual Assurance Co Insured)  | 565000 | 593225 |
| Wright St Univ OH Gen Rcpts Series 2022 A, 5% 5/1/2029 (Build America Mutual Assurance Co Insured)  | 600000 | 642432 |
| Wright St Univ OH Gen Rcpts Series 2022 A, 5% 5/1/2030 (Build America Mutual Assurance Co Insured)  | 235000 | 256386 |
| Wright St Univ OH Gen Rcpts Series 2022 A, 5% 5/1/2031 (Build America Mutual Assurance Co Insured)  | 250000 | 276923 |
| Wright St Univ OH Gen Rcpts Series 2022 A, 5% 5/1/2032 (Build America Mutual Assurance Co Insured)  | 260000 | 290950 |
| TOTAL EDUCATION |  | 81878301 |
| Electric Utilities - 2.4% |  |  |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2039  | 4250000 | 4725227 |
| American Mun Pwr Rev Series 2024 A, 5% 2/15/2048  | 1325000 | 1372388 |
| Cleveland OH Pub Pwr Sys Rev Series 2018, 5% 11/15/2032 (Assured Guaranty Inc Insured)  | 365000 | 380928 |
| Cleveland OH Pub Pwr Sys Rev Series 2018, 5% 11/15/2034 (Assured Guaranty Inc Insured)  | 785000 | 815064 |
| Cleveland OH Pub Pwr Sys Rev Series 2018, 5% 11/15/2036 (Assured Guaranty Inc Insured)  | 1000000 | 1031379 |
| Cleveland OH Pub Pwr Sys Rev Series 2018, 5% 11/15/2038 (Assured Guaranty Inc Insured)  | 830000 | 850161 |
| Cleveland OH Pub Pwr Sys Rev Series 2020A, 4% 11/15/2035 (Assured Guaranty Inc Insured)  | 1000000 | 1026466 |
| Cleveland OH Pub Pwr Sys Rev Series 2020A, 4% 11/15/2036 (Assured Guaranty Inc Insured)  | 1000000 | 1020289 |
| Cleveland OH Pub Pwr Sys Rev Series 2020A, 4% 11/15/2037 (Assured Guaranty Inc Insured)  | 1000000 | 1017219 |
| TOTAL ELECTRIC UTILITIES |  | 12239121 |
| Escrowed/Pre-Refunded - 4.5% |  |  |
| Akron Bath Copley Hsp Dist OH 5% 11/15/2026 (Escrowed to Maturity)  | 535000 | 545893 |
| Akron Bath Copley Hsp Dist OH 5.25% 11/15/2032 (Pre-refunded to 11/15/2026 at 100)  | 1000000 | 1022494 |
| Akron Bath Copley Hsp Dist OH 5.25% 11/15/2034 (Pre-refunded to 11/15/2026 at 100)  | 1500000 | 1533741 |
| Akron Bath Copley Hsp Dist OH 5.25% 11/15/2041 (Pre-refunded to 11/15/2026 at 100)  | 10545000 | 10782203 |
| Akron Bath Copley Hsp Dist OH 5.25% 11/15/2046 (Pre-refunded to 11/15/2026 at 100)  | 2650000 | 2709610 |
| Akron Bath Copley Hsp Dist OH Series 2020, 3% 11/15/2040 (Pre-refunded to 11/15/2030 at 100)  | 5400000 | 5510735 |
| Ohio St Hsg Fin Agy Res Mtg Rev 5% 1/1/2039 (Pre-refunded to 1/1/2032 at 100)  | 145000 | 163975 |
| Ohio St Hsg Fin Agy Res Mtg Rev Series 2021B, 5% 1/1/2039 (Pre-refunded to 1/1/2032 at 100)  | 170000 | 192246 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 22460897 |
| General Obligations - 15.5% |  |  |
| Bath Local School District 2.125% 12/1/2040 (Build America Mutual Assurance Co Insured)  | 670000 | 498884 |
| Bowling Green OH City Sch Dist Series 2024 A, 4% 10/1/2044  | 1980000 | 1957974 |
| City of Columbus OH Series 2017A, 3.25% 4/1/2037  | 265000 | 256142 |
| Cleveland OH Gen. Oblig. Series 2021 A, 3% 12/1/2031  | 270000 | 271826 |
| Cleveland OH Gen. Oblig. Series 2021 A, 3% 12/1/2035  | 370000 | 363036 |
| Cleveland OH Gen. Oblig. Series 2021 A, 3% 12/1/2036  | 430000 | 411540 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2027  | 200000 | 208326 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2028  | 200000 | 212613 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2030  | 290000 | 320112 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2031  | 300000 | 336248 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2032  | 300000 | 340326 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2033  | 405000 | 463898 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2034  | 460000 | 529437 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2035  | 400000 | 459703 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2036  | 405000 | 461297 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2037  | 620000 | 700052 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2038  | 720000 | 807735 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2039  | 560000 | 623441 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2040  | 500000 | 551208 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2041  | 785000 | 855956 |
| Cleveland-Cuyahoga County Port Authority (Cuyahoga Cnty OH Proj.) Series 2013, 5% 7/1/2037  | 3000000 | 3423881 |
| Columbus State Community College Gen. Oblig. Series 2020 A, 2.125% 12/1/2040  | 1000000 | 761696 |
| County of Cuyahoga OH (Cuyahoga Cnty OH Proj.) 4% 12/1/2041  | 1050000 | 1030035 |
| Cuyahoga Falls OH City Sch Dis Series 2021, 3% 12/1/2039 (Build America Mutual Assurance Co Insured)  | 350000 | 319191 |
| Cuyahoga Falls OH City Sch Dis Series 2021, 3% 12/1/2040 (Build America Mutual Assurance Co Insured)  | 300000 | 268427 |
| Cuyahoga Falls OH City Sch Dis Series 2021, 3% 12/1/2041 (Build America Mutual Assurance Co Insured)  | 300000 | 260259 |
| Dayton Ohio Gen. Oblig. Series 2020, 3% 12/1/2038  | 750000 | 692723 |
| Dayton Ohio Gen. Oblig. Series 2020, 3% 12/1/2040  | 750000 | 665286 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2027  | 625000 | 654599 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2028  | 285000 | 305456 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2029  | 250000 | 273981 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2030  | 300000 | 335101 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2031  | 270000 | 306882 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2032  | 300000 | 345405 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2033  | 315000 | 366854 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2034  | 250000 | 289751 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2035  | 525000 | 604297 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2036  | 500000 | 571027 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2037  | 500000 | 566716 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2038  | 300000 | 338127 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2039  | 275000 | 307890 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2040  | 400000 | 445200 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2041  | 500000 | 550917 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2042  | 600000 | 653835 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2044  | 800000 | 855403 |
| Fairfield Cnty OH Gen. Oblig. 3% 12/1/2044  | 1910000 | 1536514 |
| Fayette Cnty Ohio Gen. Oblig. 2.25% 12/1/2041 (Build America Mutual Assurance Co Insured)  | 585000 | 435862 |
| Fayette Cnty Ohio Gen. Oblig. Series 2021, 3% 12/1/2038 (Build America Mutual Assurance Co Insured)  | 400000 | 368008 |
| Forest Hills OH Loc Sch Dist Series 2015, 3.5% 12/1/2033  | 790000 | 790015 |
| Kent OH City Sch Dist Series 2020, 2.5% 12/1/2048  | 4545000 | 2960050 |
| Lake Loc Sch Dist Ohio Wood Series 2022, 3% 12/1/2037  | 250000 | 230110 |
| Lake Loc Sch Dist Ohio Wood Series 2022, 4% 12/1/2041  | 200000 | 200033 |
| Lake Loc Sch Dist Ohio Wood Series 2022, 4% 12/1/2046  | 250000 | 232030 |
| Lancaster Port Auth OH Gas Rev Series 2024 A, 5% tender 2/1/2055 (Royal Bank of Canada Guaranteed) (d) | 16460000 | 17491227 |
| Lucas Cnty OH Gen. Oblig. 2.25% 12/1/2040  | 1725000 | 1313406 |
| Manchester Ohio Loc Sch Dist Series 2021, 3% 12/1/2043 (Assured Guaranty Inc Insured)  | 4885000 | 3957241 |
| Milford OH Exmp Vlg Sch Dist Series 2022, 4% 12/1/2047  | 200000 | 192290 |
| Ohio St Spl Oblig (State of Ohio Proj.) 5% 4/1/2037  | 1680000 | 1833587 |
| Ohio St Spl Oblig (State of Ohio Proj.) 5% 4/1/2038  | 1000000 | 1086952 |
| Ohio St Spl Oblig (State of Ohio Proj.) 5% 4/1/2039  | 1000000 | 1083942 |
| Ohio St Spl Oblig (State of Ohio Proj.) 5% 4/1/2040  | 1110000 | 1193489 |
| Ohio St Spl Oblig (State of Ohio Proj.) 5% 4/1/2041  | 750000 | 801318 |
| Ohio St Spl Oblig (State of Ohio Proj.) Series 2020B, 5% 4/1/2039  | 1865000 | 1993704 |
| State of Ohio Gen. Oblig. Series 2020 A, 2% 3/1/2033  | 300000 | 268903 |
| State of Ohio Gen. Oblig. Series 2020 A, 2% 3/1/2034  | 300000 | 263952 |
| State of Ohio Series 2025 A, 5% 2/1/2036  | 2000000 | 2315786 |
| State of Ohio Series 2025C, 5% 10/1/2036  | 3850000 | 4488520 |
| State of Ohio Series 2025C, 5% 10/1/2037  | 1000000 | 1157151 |
| Strongsville Ohio City Sch Dis Series 2020, 3% 12/1/2045  | 1500000 | 1181733 |
| Tallmadge Ohio Gen. Oblig. 2% 12/1/2035  | 250000 | 209719 |
| West Carrollton OH City Sch Dist Series 2020 A, 3% 12/1/2044  | 4530000 | 3631978 |
| TOTAL GENERAL OBLIGATIONS |  | 77040213 |
| Health Care - 21.9% |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 4% 12/1/2040  | 11880000 | 11515388 |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 5% 12/1/2035  | 750000 | 806332 |
| Butler Cnty OH Hosp Facs Rev (Uc Health Proj.) Series 2017, 4% 11/15/2035  | 2000000 | 1975930 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) 5% 2/15/2026  | 1750000 | 1752987 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) 5% 2/15/2027  | 1700000 | 1730607 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) 5% 2/15/2028  | 2385000 | 2420510 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) 5% 2/15/2030  | 3000000 | 3040757 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) 5% 2/15/2031  | 1500000 | 1519263 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) 5% 2/15/2032  | 1450000 | 1467831 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5.25% 6/15/2043  | 5000000 | 4518594 |
| Hamilton Cnty OH Hosp Facs Rev (Uc Health Proj.) 5.5% 8/1/2041  | 2625000 | 2828429 |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) 5% 1/1/2031  | 1350000 | 1351337 |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) Series 2023A, 5.25% 1/1/2038  | 1755000 | 1857672 |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) Series 2025, 5% 1/1/2043  | 1200000 | 1205061 |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) Series 2025, 5.25% 1/1/2036  | 400000 | 434508 |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) Series 2025, 5.25% 1/1/2037  | 500000 | 540106 |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) Series 2025, 5.25% 1/1/2041  | 1050000 | 1099943 |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) Series 2025, 5.25% 1/1/2045  | 450000 | 456212 |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) Series 2025, 5.5% 1/1/2038  | 350000 | 381618 |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) Series 2025, 5.5% 1/1/2039  | 610000 | 662308 |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) Series 2025, 5.5% 1/1/2050  | 1900000 | 1934508 |
| Middleburg Heights OH Hosp Rev (Southwest General Hosp Ctr Proj.) Series 2020 A, 4% 8/1/2041  | 915000 | 874773 |
| Middleburg Heights OH Hosp Rev (Southwest General Hosp Ctr Proj.) Series 2020 A, 4% 8/1/2047  | 3000000 | 2617093 |
| Middleburg Heights OH Hosp Rev (Southwest General Hosp Ctr Proj.) Series 2021A, 4% 8/1/2041  | 3000000 | 2858330 |
| Middleburg Heights OH Hosp Rev (Southwest General Hosp Ctr Proj.) Series 2021A, 5% 8/1/2032  | 1000000 | 1069736 |
| Middleburg Heights OH Hosp Rev (Southwest General Hosp Ctr Proj.) Series 2021A, 5% 8/1/2034  | 1000000 | 1070614 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5% 9/1/2035  | 555000 | 616398 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5% 9/1/2036  | 515000 | 568173 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5% 9/1/2037  | 510000 | 558861 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5% 9/1/2038  | 500000 | 543932 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5% 9/1/2039  | 525000 | 568076 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5.25% 9/1/2040  | 500000 | 543440 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5.25% 9/1/2041  | 500000 | 537958 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5.25% 9/1/2042  | 400000 | 426827 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5.25% 9/1/2043  | 450000 | 476342 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5.25% 9/1/2044  | 500000 | 525199 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5.25% 9/1/2049  | 1000000 | 1026083 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5.25% 9/1/2054  | 2500000 | 2552205 |
| Montgomery Cnty OH Hosp Rev (Dayton Childrens Hospital Proj.) Series 2021, 4% 8/1/2046  | 1230000 | 1146788 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 3% 8/1/2051  | 5680000 | 4015811 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 4% 8/1/2037  | 1125000 | 1126907 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 4% 8/1/2041  | 850000 | 831409 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 5% 8/1/2032  | 750000 | 819125 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 5% 8/1/2036  | 1225000 | 1316864 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 5% 8/1/2038  | 1000000 | 1062930 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 5% 8/1/2039  | 1100000 | 1165867 |
| Ohio St Higher Edl Fac Commn Healthcare Rev (Otterbein Homes Proj.) Series 2021B, 3% 7/1/2041  | 450000 | 369352 |
| Ohio St Hosp Rev (Cleveland Clinic Foundation Proj.) Series 2019 C, 2.75% tender 1/1/2052 (d) | 7185000 | 7153341 |
| Ohio St Hosp Rev (Premier Health Partners Proj.) Series 2020, 4% 11/15/2037  | 1025000 | 1013444 |
| Ohio St Hosp Rev (Premier Health Partners Proj.) Series 2020, 4% 11/15/2039  | 1115000 | 1080660 |
| Ohio St Hosp Rev (Premier Health Partners Proj.) Series 2020, 4% 11/15/2040  | 1110000 | 1052543 |
| Ohio St Hosp Rev (Premier Health Partners Proj.) Series 2020, 4% 11/15/2041  | 1175000 | 1086858 |
| Ohio St Hosp Rev (Premier Health Partners Proj.) Series 2020, 5% 11/15/2033  | 1270000 | 1346788 |
| Ohio St Hosp Rev (Premier Health Partners Proj.) Series 2020, 5% 11/15/2035  | 1465000 | 1539799 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2020 A, 3% 1/15/2045  | 2560000 | 1988525 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2020 B, 3.9% tender 1/15/2050 (d) | 5000000 | 5113674 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2021 A, 3% 1/15/2046  | 5210000 | 3950851 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) 5% 1/1/2035  | 230000 | 254999 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) 5% 1/1/2036  | 540000 | 595432 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) 5% 1/1/2037  | 250000 | 273966 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) 5% 1/1/2038  | 855000 | 931423 |
| Ohio St Hsg Fin Agy Res Mtg Rev 5% 1/1/2039  | 610000 | 661342 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) 5% 2/15/2030  | 3860000 | 3865833 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2016, 3.5% 2/15/2038  | 1385000 | 1290999 |
| Village of Bluffton OH (Blanchard Valley Reg Hlth Ctr Proj.) Series 2017, 5% 12/1/2029  | 825000 | 854029 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2028  | 200000 | 207812 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2029  | 215000 | 226169 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2030  | 230000 | 245087 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2031  | 245000 | 263630 |
| TOTAL HEALTH CARE |  | 107786198 |
| Housing - 6.5% |  |  |
| Columbus-Franklin Cnty Ohio Fin Auth Multifamily Hsg Rev Series 2025, 3.19% tender 6/1/2044 (d) | 5000000 | 5015788 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2019B, 4.5% 3/1/2050  | 2430000 | 2456271 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2021 C, 3.25% 3/1/2051  | 5345000 | 5297557 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2021A, 2.25% 9/1/2041  | 640000 | 489458 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2022 A, 2.3% 3/1/2033  | 1850000 | 1671515 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2022 A, 5% 3/1/2030  | 400000 | 433279 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2022 A, 5% 3/1/2031  | 600000 | 658067 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2022 A, 5% 9/1/2031  | 640000 | 706649 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2022 B, 5% 3/1/2052  | 2130000 | 2210910 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2023 A, 5.5% 3/1/2053  | 3390000 | 3578152 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2017 B, 4.5% 3/1/2047 (e) | 145000 | 145440 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2020 A, 2.75% 9/1/2040  | 2335000 | 1967143 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2021 C, 2.7% 9/1/2046  | 3900000 | 2932182 |
| Summit Cnty Dev Mhsg Series 2025, 2.8% tender 10/1/2044 (d) | 4300000 | 4237877 |
| TOTAL HOUSING |  | 31800288 |
| Other - 1.8% |  |  |
| Cleveland-Cuyahoga Cnty OH Port Auth Cultural Fac Rev (Cleveland Museum Nat History Proj.) Series 2021, 4% 7/1/2046  | 945000 | 848479 |
| Cleveland-Cuyahoga Cnty OH Port Auth Cultural Fac Rev (Cleveland Museum Nat History Proj.) Series 2021, 4% 7/1/2051  | 1000000 | 864638 |
| Cuyahoga Cnty OH Econ Dev Rev (Cleveland Orchestra Proj.) Series 2019, 5% 1/1/2029  | 325000 | 344159 |
| Cuyahoga Cnty OH Econ Dev Rev (Cleveland Orchestra Proj.) Series 2019, 5% 1/1/2030  | 250000 | 267901 |
| Cuyahoga Cnty OH Econ Dev Rev (Cleveland Orchestra Proj.) Series 2019, 5% 1/1/2031  | 525000 | 563249 |
| Cuyahoga Cnty OH Econ Dev Rev (Cleveland Orchestra Proj.) Series 2019, 5% 1/1/2032  | 500000 | 535294 |
| Cuyahoga Cnty OH Econ Dev Rev (Cleveland Orchestra Proj.) Series 2019, 5% 1/1/2033  | 400000 | 426775 |
| Cuyahoga Cnty OH Econ Dev Rev (Cleveland Orchestra Proj.) Series 2019, 5% 1/1/2034  | 300000 | 319117 |
| Cuyahoga Cnty OH Econ Dev Rev (Cleveland Orchestra Proj.) Series 2019, 5% 1/1/2035  | 500000 | 530935 |
| Cuyahoga Cnty OH Econ Dev Rev (Cleveland Orchestra Proj.) Series 2019, 5% 1/1/2036  | 440000 | 465508 |
| Cuyahoga Cnty OH Econ Dev Rev (Cleveland Orchestra Proj.) Series 2019, 5% 1/1/2037  | 400000 | 421855 |
| Cuyahoga Cnty OH Econ Dev Rev (Cleveland Orchestra Proj.) Series 2019, 5% 1/1/2039  | 1400000 | 1466302 |
| Cuyahoga Cnty OH Econ Dev Rev (Cleveland Orchestra Proj.) Series 2019, 5% 1/1/2040  | 1620000 | 1686843 |
| TOTAL OTHER |  | 8741055 |
| Special Tax - 6.9% |  |  |
| Akron OH Income Tax Rev 4% 12/1/2028  | 1380000 | 1430993 |
| Akron OH Income Tax Rev 4% 12/1/2029  | 1500000 | 1569886 |
| Akron OH Income Tax Rev 4% 12/1/2030  | 1210000 | 1263722 |
| Akron OH Income Tax Rev 4% 12/1/2031  | 1105000 | 1149547 |
| Akron OH Income Tax Rev 4% 12/1/2032  | 1285000 | 1333008 |
| Akron OH Income Tax Rev 4% 12/1/2033  | 1300000 | 1344029 |
| Cleveland Ohio Income Tax Rev Series 2018 A, 5% 10/1/2033  | 600000 | 626485 |
| Cleveland Ohio Income Tax Rev Series 2018 A, 5% 10/1/2036  | 700000 | 725641 |
| Cleveland Ohio Income Tax Rev Series 2018 A, 5% 10/1/2039  | 2040000 | 2100425 |
| Cleveland Public Library Series 2019 A, 4% 12/1/2033  | 425000 | 441463 |
| Cleveland Public Library Series 2019 A, 4% 12/1/2034  | 370000 | 382462 |
| Cleveland Public Library Series 2019 A, 4% 12/1/2035  | 620000 | 637602 |
| Cleveland Public Library Series 2019 A, 4% 12/1/2036  | 1400000 | 1434100 |
| Cleveland Public Library Series 2019 A, 4% 12/1/2037  | 1115000 | 1136232 |
| Cleveland Public Library Series 2019 A, 4% 12/1/2038  | 650000 | 660101 |
| Cuyahoga Cnty Sales Tax Series 2022A, 4% 1/1/2036  | 3855000 | 4015649 |
| Cuyahoga Cnty Sales Tax Series 2022A, 4% 1/1/2037  | 3755000 | 3887105 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev Series 2019, 5% 12/1/2044  | 2500000 | 2504465 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev Series 2019, 5% 12/1/2051  | 6000000 | 5783267 |
| Port Gtr Cincinnati Dev Auth Ohio Tax Increment Fing Rev (Greater Cincinnati Redevelopment Authority Proj.) 5% 12/1/2044  | 1000000 | 991852 |
| Port Gtr Cincinnati Dev Auth Ohio Tax Increment Fing Rev (Greater Cincinnati Redevelopment Authority Proj.) 5.125% 12/1/2055  | 1000000 | 964136 |
| TOTAL SPECIAL TAX |  | 34382170 |
| Synthetics - 1.9% |  |  |
| Franklin Cnty OH Rev Participating VRDN Series 2022 016, 2.53% 12/1/2047 (Liquidity Facility Barclays Bank PLC) (c)(d)(f) | 9240000 | 9240000 |
| Tobacco Bonds - 3.9% |  |  |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 3% 6/1/2048  | 1500000 | 1061272 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 4% 6/1/2037  | 5975000 | 5920614 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 4% 6/1/2038  | 1000000 | 979250 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 4% 6/1/2039  | 1000000 | 968095 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 4% 6/1/2048  | 5750000 | 4964364 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2027  | 1000000 | 1029497 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2035  | 2000000 | 2106929 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2036  | 2000000 | 2096705 |
| TOTAL TOBACCO BONDS |  | 19126726 |
| Transportation - 4.9% |  |  |
| Cleveland OH Arpt Sys Rev Series 2019 B, 5% 1/1/2026 (e) | 710000 | 710000 |
| Cleveland OH Arpt Sys Rev Series 2019 B, 5% 1/1/2027 (e) | 700000 | 712959 |
| Columbus OH Regl Arpt Au Rev 5.25% 1/1/2042 (e) | 10000000 | 10678669 |
| Ohio St Tpk Commn Tpk Rev 5% 2/15/2046  | 7500000 | 7799381 |
| Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2043 (b) | 10000000 | 4822905 |
| TOTAL TRANSPORTATION |  | 24723914 |
| Water & Sewer - 4.8% |  |  |
| City of Dayton OH Sewer System Revenue Series 2020, 3% 12/1/2036  | 650000 | 623609 |
| City of Dayton OH Sewer System Revenue Series 2020, 3% 12/1/2037  | 250000 | 234165 |
| City of Dayton OH Sewer System Revenue Series 2020, 3% 12/1/2038  | 270000 | 249380 |
| City of Dayton OH Sewer System Revenue Series 2020, 3% 12/1/2039  | 500000 | 453423 |
| City of Dayton OH Sewer System Revenue Series 2020, 3% 12/1/2040  | 365000 | 323773 |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2028  | 1750000 | 1876117 |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2030  | 1250000 | 1395639 |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2032  | 950000 | 1091191 |
| Northeast OH Regl Swr Wstwtr Rev Series 2016, 3% 11/15/2036  | 250000 | 236597 |
| Northeast OH Regl Swr Wstwtr Rev Series 2019, 3% 11/15/2034  | 1385000 | 1369442 |
| Northeast OH Regl Swr Wstwtr Rev Series 2019, 3% 11/15/2038  | 675000 | 614691 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2019 B, 3% 12/1/2033  | 685000 | 684781 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2024 D, 5% 12/1/2041  | 4050000 | 4512938 |
| Ohio Water Development Authority Series 2024 A, 5% 12/1/2045  | 1060000 | 1132762 |
| Ohio Water Development Authority Series 2024 B, 5% 12/1/2037  | 2685000 | 3093970 |
| Ohio Water Development Authority Series 2024 B, 5% 12/1/2038  | 1415000 | 1620449 |
| Ohio Water Development Authority Series 2025 A, 5% 12/1/2044  | 4000000 | 4337202 |
| TOTAL WATER & SEWER |  | 23850129 |
| TOTAL OHIO |  | 453269012 |
| Puerto Rico - 1.1%  |  |  |
| General Obligations - 0.7% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (b) | 1634241 | 1182609 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 590000 | 625147 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.75% 7/1/2031  | 1395000 | 1532554 |
| TOTAL GENERAL OBLIGATIONS |  | 3340310 |
| Special Tax - 0.3% |  |  |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 0% 7/1/2031 (b) | 1515000 | 1244677 |
| Water & Sewer - 0.1% |  |  |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (c) | 705000 | 727856 |
| TOTAL PUERTO RICO |  | 5312843 |
| Virgin Islands - 0.5%  |  |  |
| Transportation - 0.5% |  |  |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2032  | 420000 | 465263 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2033  | 445000 | 498957 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2038  | 1355000 | 1520776 |
| TOTAL VIRGIN ISLANDS |  | 2484996 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $469,089,872) |  | <br> **467609372** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (g)(h)<br>(Cost $23,788,737)<br>| 3.07 | 23783980 | **23788737** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.3%**<br> (Cost $492,878,609)<br>| <br>**491398109** |
| **NET OTHER ASSETS (LIABILITIES) - 0.7%**  | **3665027** |
| **NET ASSETS - 100.0%** | **495063136** |

---

**Legend**

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

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,967,856 or 2.0% of net assets.

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

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

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 17325224 | 146477809 | 140014296 | 478206 | - | - | 23788737 | 23783980 | 0.6% |
| Total | 17325224 | 146477809 | 140014296 | 478206 | - | - | 23788737 |  |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 81878301 | - | 81878301 | - |
| Electric Utilities | 12239121 | - | 12239121 | - |
| Escrowed/Pre-Refunded | 22460897 | - | 22460897 | - |
| General Obligations | 80380523 | - | 80380523 | - |
| Health Care | 107786198 | - | 107786198 | - |
| Housing | 31800288 | - | 31800288 | - |
| Other | 8741055 | - | 8741055 | - |
| Special Tax | 42169368 | - | 42169368 | - |
| Synthetics | 9240000 | - | 9240000 | - |
| Tobacco Bonds | 19126726 | - | 19126726 | - |
| Transportation | 27208910 | - | 27208910 | - |
| Water & Sewer | 24577985 | - | 24577985 | - |
|  **Money Market Funds** | 23788737 | 23788737 | - | - |
| **Total Investments in Securities:** | 491398109 | 23788737 | 467609372 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $469,089,872) | $467609372 |  |
| Fidelity Central Funds (cost $23,788,737) | 23788737 |  |
| Total Investment in Securities (cost $492,878,609) |  | $491398109 |
| Receivable for fund shares sold |  | 187382 |
| Interest receivable |  | 4963840 |
| Distributions receivable from Fidelity Central Funds |  | 50969 |
| Prepaid expenses |  | 342 |
| Other receivables |  | 40 |
| **Total assets** |  | 496600682 |
| **Liabilities** |  |  |
| Payable to custodian bank | $250142 |  |
| Payable for fund shares redeemed | 559406 |  |
| Distributions payable | 499618 |  |
| Accrued management fee | 179597 |  |
| Other payables and accrued expenses | 48783 |  |
| **Total liabilities** |  | 1537546 |
| **Net Assets**  |  | $495063136 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $510071829 |
| Total accumulated earnings (loss) |  | (15008693) |
| **Net Assets** |  | $495063136 |
| **Net Asset Value**, offering price and redemption price per share ($495,063,136 ÷ 42,864,515 shares) |  | $11.55 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $15862734 |
| Income from Fidelity Central Funds  |  | 478041 |
| **Total income** |  | 16340775 |
| **Expenses** |  |  |
| Management fee | $2113043 |  |
| Custodian fees and expenses | 6373 |  |
| Independent trustees' fees and expenses | 1177 |  |
| Registration fees | 32434 |  |
| Audit fees | 56072 |  |
| Legal | 2299 |  |
| Miscellaneous | 1472 |  |
| Total expenses before reductions | 2212870 |  |
| Expense reductions | (191) |  |
| Total expenses after reductions |  | 2212679 |
| **Net Investment income (loss)** |  | 14128096 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1847412) |  |
| Capital gain distributions from Fidelity Central Funds | 165 |  |
| Total net realized gain (loss) |  | (1847247) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 9365417 |
| **Net gain (loss)** |  | 7518170 |
| **Net increase (decrease) in net assets resulting from operations** |  | $21646266 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $14128096 | $13936319 |
| &nbsp;&nbsp;Net realized gain (loss) | (1847247)<br>| (1049767)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 9365417 | (3389319)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 21646266<br>| 9497233<br>|
| Distributions to shareholders | (13612385)<br>| (13588075)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 88858912 | 65863873 |
| Reinvestment of distributions | 7855095<br>| 8357968<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (95666793) | (88204413) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1047214<br>| (13982572)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 9081095<br>| (18073414)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 485982041 | 504055455<br>|
| &nbsp;&nbsp;End of period | $495063136 | $485982041 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 7868469 | 5773036 |
| Issued in reinvestment of distributions | 693751<br>| 734032<br>|
| &nbsp;&nbsp;Redeemed | (8481065) | (7740879) |
| &nbsp;&nbsp;Net increase (decrease) | 81155 | (1233811) |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.36 | $11.45 | $11.14 | $12.46 | $12.53 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .333  | .321  | .288  | .251  | .253  |
| Net realized and unrealized gain (loss)  | .178  | (.098)  | .306  | (1.321)  | (.064)  |
| Total from investment operations  | .511  | .223  | .594  | (1.070)  | .189  |
| Distributions from net investment income  | (.320)  | (.312)  | (.284)  | (.250)  | (.253)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.006)  |
| Total distributions  | (.321)  | (.313)  | (.284)  | (.250)  | (.259)  |
| Net asset value, end of period  | $11.55 | $11.36 | $11.45 | $11.14 | $12.46 |
| **Total Return** C | 4.59% <br>| 1.98%  | 5.43%  | (8.60)%  | 1.52%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .46%  | .46%  | .49%  | .49%  | .48%  |
| Expenses net of fee waivers, if any  | .46% <br>| .46%  | .49%  | .49%  | .48%  |
| Expenses net of all reductions, if any  | .46%  | .46%  | .49%  | .49%  | .48%  |
| Net investment income (loss)  | 2.94%  | 2.82%  | 2.58%  | 2.19%  | 2.02%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $495063 | $485982 | $504055 | $521730 | $717246 |
| Portfolio turnover rate F | 27% <br>| 19%  | 21%  | 14%  | 6%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

Fidelity Ohio Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (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 Massachusetts business trust. The Fund may be affected by economic and political developments in the state of Ohio.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

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

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, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $11005263 |
| **Gross unrealized depreciation**  | <u>(11362430)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(357167)</u> |
| **Tax Cost**  | <u>$491755276</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$64827</u> |
| **Capital loss carryforward**  | <u>$(14716353)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(357167)</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(2188924) |
| Long-term | <u>(12527429)</u> |
| **Total capital loss carryforward** | <u>$(14716353)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Tax-exempt Income** | $13570084 | $13544965 |
| **Ordinary Income**  | <u>42301</u> | <u>43110</u> |
| **Total**  | <u>$13612385</u> | <u>$13588075</u> |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Ohio Municipal Income Fund** | 136415808 | 118488071 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

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 Ohio Municipal Income Fund** | .44 |

---

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 Ohio Municipal Income Fund** | .44 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Ohio Municipal Income Fund** | 692815 | 17916851 | (373816) |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Ohio Municipal Income Fund** | 662 |

---

**7. 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 $191.

**8. 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.

**9. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Ohio Municipal Income Fund

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2026

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

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

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

During fiscal year ended 2025, 100% of the fund's income dividends was free from federal income tax, and 3.88% of the fund's income dividends was subject to the federal alternative minimum tax.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Ohio Municipal Income Fund** 

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

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

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

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

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

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

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

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

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

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

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. 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 below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below competitive median of the asset-sized peer group for 2024.

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

![](img123161_4.jpg)<br>

1.540019.128 OFF-ANN-0226

**Fidelity® Municipal Income Fund**

**Annual Report**

**December 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img123163_1.jpg)

![](img123163_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_HIY-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Municipal Income Fund](#Sub_Sec_Fund_37_HIY-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements37_HIY-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_HIY-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_HIY-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_HIY-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_HIY-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_HIY-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_HIY-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Municipal Income Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 96.5%** | &nbsp;&nbsp;**Municipal Securities - 96.5%** | &nbsp;&nbsp;**Municipal Securities - 96.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 6.2%  |  |  |
| Education - 0.2% |  |  |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.25% 10/1/2039  | 1445000 | 1523678 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2049  | 1735000 | 1757175 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2024 C, 5.5% 10/1/2049  | 1510000 | 1529299 |
| University South AL Univ Rev Series 2024 A, 5% 4/1/2049 (Build America Mutual Assurance Co Insured)  | 5750000 | 5940089 |
| TOTAL EDUCATION |  | 10750241 |
| General Obligations - 6.0% |  |  |
| Black Belt Energy Gas District 5% tender 12/1/2055 (BP PLC Guaranteed) (d) | 28800000 | 30798602 |
| Black Belt Energy Gas District Series 2024A, 5.25% tender 5/1/2055 (Athene Annuity And Life Company Guaranteed) (d) | 6900000 | 7493850 |
| Black Belt Energy Gas District Series 2025 B, 5% 10/1/2035 (Forethought Life Insurance Co Guaranteed)  | 13125000 | 13518921 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2025A, 5% 11/1/2035 (Goldman Sachs Group Inc/The Guaranteed)  | 3335000 | 3533538 |
| Lower Ala Gas Dist Gas Proj Rev Series 2025 A, 5% 12/1/2033 (Equitable Financial Life Global Funding Guaranteed)  | 26080000 | 27567501 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% 6/1/2029 (Morgan Stanley Guaranteed)  | 1475000 | 1499866 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% 6/1/2030 (Morgan Stanley Guaranteed)  | 1115000 | 1136791 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% 6/1/2031 (Morgan Stanley Guaranteed)  | 975000 | 993306 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% tender 12/1/2051 (Morgan Stanley Guaranteed) (d) | 23655000 | 23894164 |
| Southeast Energy Auth Coop Dist Ala Commodity Supply Rev Series 2023 B, 5% tender 1/1/2054 (Liquidity Facility Royal Bank of Canada), (Royal Bank of Canada Guaranteed) (d) | 17760000 | 18779000 |
| Southeast Energy Authority A Cooperative District 5% tender 5/1/2055 (Royal Bank of Canada Guaranteed) (d) | 11040000 | 11815016 |
| Southeast Energy Authority A Cooperative District 5.25% tender 3/1/2055 (Athene Annuity And Life Company Guaranteed) (d) | 21055000 | 22216259 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (d) | 32675000 | 35301423 |
| Southeast Energy Authority A Cooperative District Series 2025D, 5% 9/1/2035 (New York Life Insurance Co Guaranteed)  | 14575000 | 15812566 |
| Southeast Energy Authority A Cooperative District Series 2025E, 5% 10/1/2030 (JPMorgan Securities LLC Guaranteed)  | 61475000 | 66045347 |
| TOTAL GENERAL OBLIGATIONS |  | 280406150 |
| TOTAL ALABAMA |  | 291156391 |
| Arizona - 1.5%  |  |  |
| Education - 0.2% |  |  |
| Arizona Indl Dev Auth Rev (Provident Group Emu Properties LLC Proj.) Series 2018, 5% (f) | 910000 | 910000 |
| Arizona Indl Dev Auth Rev (Provident Group Emu Properties LLC Proj.) Series 2018, 5% (f) | 910000 | 910000 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2044  | 1000000 | 1001349 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2049  | 1125000 | 1108985 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2054  | 1330000 | 1292985 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2059  | 2000000 | 1925131 |
| TOTAL EDUCATION |  | 7148450 |
| Electric Utilities - 0.1% |  |  |
| Salt River Proj AZ Agric & Pwr Series 2023B, 5.25% 1/1/2053  | 5885000 | 6211453 |
| General Obligations - 0.3% |  |  |
| Industrial Development Authority of the City of Phoenix Arizona/The (Guam Govt Proj.) Series 2014, 5.375% 2/1/2041  | 3825000 | 3610959 |
| Industrial Development Authority of the City of Phoenix Arizona/The Series 2014, 5.125% 2/1/2034 (Guam Govt Guaranteed)  | 2655000 | 2607987 |
| Salt Verde Finl Corp Gas Rev AZ 5.5% 12/1/2029 (Citigroup Inc Guaranteed)  | 7370000 | 7928807 |
| TOTAL GENERAL OBLIGATIONS |  | 14147753 |
| Health Care - 0.3% |  |  |
| Arizona Health Facs Auth Rev (Banner Health System Proj.) Series 2007B, S&P Muni 7 Day High Grade Rate Index + 0.81%, 4.08% tender 1/1/2037 (d)(e) | 2465000 | 2435484 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2030  | 1300000 | 1416660 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2031  | 1250000 | 1380591 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2032  | 1250000 | 1400620 |
| Glendale Ariz Indl Dev Auth Rev (Humangood National Obligated Grp Proj.) Series 2018 A, 5% 7/1/2038  | 235000 | 235940 |
| Glendale Ariz Indl Dev Auth Rev (Humangood National Obligated Grp Proj.) Series 2018 A, 5% 7/1/2048  | 295000 | 269847 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2017 D, 3% 1/1/2048  | 5970000 | 4497832 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 E, 3% 1/1/2049  | 3535000 | 2630866 |
| TOTAL HEALTH CARE |  | 14267840 |
| Housing - 0.0% |  |  |
| Arizona Indl Dev Auth Rev (Lihtc Cert 2019-2 Proj.) Series 2 Class A, 3.625% 5/20/2033  | 1867416 | 1851423 |
| Industrial Development - 0.1% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(d) | 4580000 | 4667222 |
| Special Tax - 0.1% |  |  |
| Glendale AZ (Glendale AZ Excise Tax Proj.) 5% 7/1/2030  | 2080000 | 2155301 |
| Glendale AZ (Glendale AZ Excise Tax Proj.) 5% 7/1/2031  | 3105000 | 3214159 |
| TOTAL SPECIAL TAX |  | 5369460 |
| Transportation - 0.4% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2029  | 2070000 | 2142492 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2036 (b) | 1450000 | 1480400 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2037 (b) | 1075000 | 1095709 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series A, 5% 7/1/2033 (b) | 910000 | 932558 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series B, 5% 7/1/2033  | 2900000 | 2993360 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series B, 5% 7/1/2036  | 3310000 | 3402800 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series B, 5% 7/1/2037  | 2070000 | 2124479 |
| TOTAL TRANSPORTATION |  | 14171798 |
| TOTAL ARIZONA |  | 67835399 |
| Arkansas - 0.3%  |  |  |
| General Obligations - 0.3% |  |  |
| Arkadelphia Ark Sch Dist No 1 2% 5/1/2041  | 1005000 | 724350 |
| Bryant Ark Sch Dist No 25 1.9% 2/1/2039  | 1705000 | 1275594 |
| Clinton Ark Sch Dist No 1 2% 2/1/2041  | 1860000 | 1364032 |
| DE Queen Ark Sch Dist No 17 Sevier Cnty Series 2020, 2.25% 2/1/2041  | 590000 | 444330 |
| Farmington AR Scd No 6 2% 2/1/2035  | 210000 | 180999 |
| Gravette School District No 20 2.125% 6/1/2042  | 400000 | 288034 |
| Gravette School District No 20 2.25% 2/1/2039  | 435000 | 357926 |
| Gravette School District No 20 2.375% 2/1/2045  | 500000 | 351571 |
| Greenbrier AK Sch Dist No 47 Faulkner Cnty Series 2019, 3.125% 2/1/2042  | 1545000 | 1369628 |
| Magnolia Ark Sch Dist No 14 2% 2/1/2043  | 2070000 | 1377243 |
| Marion Ark Sch Dist No 3 Crittenden Series A, 3% 2/1/2049  | 3415000 | 2612458 |
| Pea Ridge Ark Sch Dist No 109 2% 2/1/2037  | 215000 | 175561 |
| Valley View Sch Dist No 58 Ark 2% 2/1/2037  | 915000 | 748000 |
| Valley View Sch Dist No 58 Ark 2% 2/1/2039  | 950000 | 737311 |
| Van Buren Ark Sch Dist No 042 2% 2/1/2039  | 1050000 | 811619 |
| Warren Ark Sch Dist No 001 Series A, 2% 2/1/2035  | 595000 | 512831 |
| Warren Ark Sch Dist No 001 Series A, 2% 2/1/2039  | 640000 | 496715 |
| Watson Chapel Ark Sch Dist No24 2% 6/1/2038  | 215000 | 166628 |
| TOTAL GENERAL OBLIGATIONS |  | 13994830 |
| Health Care - 0.0% |  |  |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2033  | 380000 | 399861 |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2036  | 165000 | 171189 |
| TOTAL HEALTH CARE |  | 571050 |
| TOTAL ARKANSAS |  | 14565880 |
| California - 5.7%  |  |  |
| Education - 0.3% |  |  |
| CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) Series 2018, 5% 5/15/2038  | 7200000 | 7427623 |
| University CA Revs 3% 5/15/2051  | 6765000 | 5094136 |
| TOTAL EDUCATION |  | 12521759 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (Pre-refunded to 11/15/2031 at 100) (b) | 90000 | 99263 |
| General Obligations - 2.7% |  |  |
| Abc Calif Uni Sch Dist 0% 8/1/2028 (National Public Finance Guarantee Corporation Insured) (g) | 3250000 | 3025813 |
| California Community Choice Financing Authority Series 2024C, 5% tender 8/1/2055 (American General Life Insurance Co Guaranteed) (d) | 6905000 | 7314895 |
| California Community Choice Financing Authority Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (d) | 10395000 | 10951411 |
| California Community Choice Financing Authority Series 2025C, 5% tender 12/1/2055 (American General Life Insurance Co Guaranteed) (d) | 16760000 | 17788896 |
| California Community Choice Financing Authority Series 2025D, 5% tender 10/1/2055 (Forethought Life Insurance Co Guaranteed) (d) | 24900000 | 25818228 |
| California St Pub Wks Brd Lse 5% 8/1/2031  | 1365000 | 1553804 |
| California St Pub Wks Brd Lse 5% 8/1/2034  | 2535000 | 2852478 |
| Folsom Cordova Calif Uni Sch Dist Sch Facs Impt Dist No 4 (Folsom-Cordova CA Sch Fac Impr Dist Proj.) Gen. Oblig. Series A, 0% 10/1/2031 (National Public Finance Guarantee Corporation Insured) (g) | 1520000 | 1295615 |
| Kern Calif Cmnty College Dist Gen. Oblig. 0% 11/1/2028 (Assured Guaranty Inc Insured) (g) | 4100000 | 3783881 |
| Kern Calif Cmnty College Dist Gen. Oblig. 0% 11/1/2030 (Assured Guaranty Inc Insured) (g) | 4140000 | 3605045 |
| Long Beach CA Uni Sch Dist Series 2009A, 5.5% 8/1/2029  | 155000 | 156659 |
| Monrovia Calif Uni Sch Dist 0% 8/1/2029 (National Public Finance Guarantee Corporation Insured) (g) | 3745000 | 3396848 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2029  | 1595000 | 1680375 |
| Poway CA Unified Sch Dist 0% 8/1/2032 (g) | 4885000 | 4048466 |
| Poway CA Unified Sch Dist 0% 8/1/2037 (g) | 6455000 | 4366345 |
| Poway CA Unified Sch Dist 0% 8/1/2038 (g) | 6890000 | 4453068 |
| Poway CA Unified Sch Dist 0% 8/1/2039 (g) | 19705000 | 12147808 |
| Poway CA Unified Sch Dist 0% 8/1/2046 (g) | 950000 | 375687 |
| Poway CA Unified Sch Dist 0% 8/1/2051 (g) | 1950000 | 605584 |
| San Diego CA Uni Sch Dist 0% 7/1/2034 (g) | 2980000 | 2323983 |
| San Diego CA Uni Sch Dist 0% 7/1/2047 (h) | 7205000 | 5835275 |
| San Marcos Unified School District 0% 8/1/2047 (g) | 9680000 | 3702555 |
| State of California Gen. Oblig. 5.25% 12/1/2033  | 150000 | 150273 |
| State of California Gen. Oblig. 5.5% 4/1/2028  | 10000 | 10022 |
| State of California Gen. Oblig. 5.5% 4/1/2030  | 5000 | 5011 |
| Washington Twp CA Health Care Dist (Washington Twp CA Hosp Dist Proj.) Gen. Oblig. Series 2013A, 5.5% 8/1/2038  | 3725000 | 3749534 |
| TOTAL GENERAL OBLIGATIONS |  | 124997559 |
| Housing - 0.3% |  |  |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2021-1 CA Proj.) Series 1 Class A, 3.5% 11/20/2035  | 2939163 | 2911759 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2023-1 CA Proj.) Series 1 Class A, 4.375% 9/20/2036  | 8751074 | 9071721 |
| TOTAL HOUSING |  | 11983480 |
| Other - 0.0% |  |  |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (d) | 1390000 | 1294709 |
| Tobacco Bonds - 0.1% |  |  |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2021 B 2, 0% 6/1/2066 (g) | 69825000 | 6818390 |
| Transportation - 2.2% |  |  |
| Alameda Corridor CA Tran Auth Rev Series 2024A, 0% 10/1/2052 (Assured Guaranty Inc Insured) (g) | 3145000 | 882375 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2030 (Build America Mutual Assurance Co Insured) (b) | 2000000 | 2171619 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2031 (Build America Mutual Assurance Co Insured) (b) | 1000000 | 1095972 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (b) | 1610000 | 1764356 |
| Los Angeles CA Dept Arpts Rev Series 2020C, 5% 5/15/2045 (b) | 2900000 | 2960904 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5.25% 7/1/2042 (Assured Guaranty Inc Insured) (b) | 3165000 | 3425348 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5.25% 7/1/2044 (Assured Guaranty Inc Insured) (b) | 1040000 | 1109096 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5.25% 7/1/2045 (Assured Guaranty Inc Insured) (b) | 2190000 | 2328989 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021 B, 5% 7/1/2046 (b) | 10000000 | 10196605 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021 B, 5% 7/1/2056 (b) | 7000000 | 7074588 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5% 7/1/2036 (b) | 2500000 | 2839791 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2038 (b) | 2080000 | 2367659 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2027 (b) | 6395000 | 6564343 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2028 (b) | 8530000 | 8946074 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2029 (b) | 5710000 | 6087352 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2049 (b) | 1000000 | 1006197 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2043 (b) | 4940000 | 5302507 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2049 (b) | 4140000 | 4305528 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2025 A, 5% 5/1/2034 (b) | 3065000 | 3464009 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2025 A, 5% 5/1/2035 (b) | 10000000 | 11363239 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2025 A, 5% 5/1/2036 (b) | 16000000 | 18031497 |
| TOTAL TRANSPORTATION |  | 103288048 |
| Water & Sewer - 0.1% |  |  |
| Eastern Municipal Water District Financing Authority 4% 7/1/2038  | 1400000 | 1435879 |
| Eastern Municipal Water District Financing Authority 5% 7/1/2036  | 1600000 | 1765442 |
| Eastern Municipal Water District Financing Authority 5% 7/1/2037  | 1000000 | 1097106 |
| TOTAL WATER & SEWER |  | 4298427 |
| TOTAL CALIFORNIA |  | 265301635 |
| Colorado - 2.4%  |  |  |
| Education - 0.0% |  |  |
| CO St Board Governors Univ Enterprise Sys Rev Series 2024A, 4% 3/1/2047  | 4420000 | 4036963 |
| Electric Utilities - 0.1% |  |  |
| Arkansas River Pwr Auth Colo Pwr Rev 5% 10/1/2038  | 2080000 | 2127880 |
| Arkansas River Pwr Auth Colo Pwr Rev 5% 10/1/2043  | 2600000 | 2628365 |
| TOTAL ELECTRIC UTILITIES |  | 4756245 |
| General Obligations - 0.6% |  |  |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2037  | 2835000 | 3437370 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2039  | 2665000 | 3179391 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2040  | 1040000 | 1228211 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2042  | 1785000 | 2058671 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2043  | 3400000 | 3874172 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2045  | 1280000 | 1429569 |
| Denver CO Cty & Cnty Sch Dis 1 5.5% 12/1/2049  | 11345000 | 12488222 |
| TOTAL GENERAL OBLIGATIONS |  | 27695606 |
| Health Care - 0.6% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2021 A, 3% 11/15/2051  | 3735000 | 2702513 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2044  | 4395000 | 3985701 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 3.25% 8/1/2049  | 4480000 | 3469340 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 4% 8/1/2049  | 17455000 | 15085819 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2037  | 1000000 | 1046733 |
| TOTAL HEALTH CARE |  | 26290106 |
| Housing - 0.0% |  |  |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 H, 4.25% 11/1/2049  | 470000 | 475437 |
| Special Tax - 0.0% |  |  |
| Independence Metropolitan District No 3 Series 2024 A, 5.375% 12/1/2054  | 1058000 | 1058450 |
| Transportation - 1.1% |  |  |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2026 (b) | 2855000 | 2908385 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2027 (b) | 2440000 | 2539114 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2034 (b) | 4245000 | 4798393 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2036 (b) | 4140000 | 4290834 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2037 (b) | 8280000 | 8555200 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2033 (b) | 1185000 | 1317024 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2036 (b) | 10000000 | 10925002 |
| Denver CO City & Cnty Arpt Series 2022A, 5.5% 11/15/2038 (b) | 12575000 | 14029469 |
| TOTAL TRANSPORTATION |  | 49363421 |
| TOTAL COLORADO |  | 113676228 |
| Connecticut - 2.6%  |  |  |
| Education - 0.3% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut College, CT Proj.) Series M, 4% 7/1/2052  | 2515000 | 2203382 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2026  | 415000 | 419313 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2027  | 290000 | 299059 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2028  | 525000 | 541274 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2029  | 330000 | 340170 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2027  | 415000 | 423062 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2029  | 1060000 | 1090517 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2030  | 830000 | 853324 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2031  | 1400000 | 1437334 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2032  | 1000000 | 1024486 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2033  | 2500000 | 2554643 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2034  | 620000 | 632237 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 3, 5% 7/1/2036  | 895000 | 908399 |
| TOTAL EDUCATION |  | 12727200 |
| General Obligations - 0.9% |  |  |
| Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2033 (Build America Mutual Assurance Co Insured)  | 3000000 | 3452391 |
| Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2034 (Build America Mutual Assurance Co Insured)  | 1675000 | 1945258 |
| Connecticut St Gen. Oblig. 3% 6/1/2038  | 1850000 | 1716533 |
| Connecticut St Gen. Oblig. 3% 6/1/2040  | 1740000 | 1553705 |
| Connecticut St Gen. Oblig. 4% 1/15/2039  | 3305000 | 3401587 |
| Connecticut St Gen. Oblig. 5% 3/15/2045  | 1000000 | 1072774 |
| Connecticut St Gen. Oblig. Series 2020 A, 4% 1/15/2034  | 8385000 | 8715600 |
| Connecticut St Gen. Oblig. Series 2020 A, 4% 1/15/2038  | 1000000 | 1020677 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2034  | 1280000 | 1268585 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2035  | 1000000 | 981248 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2039  | 1475000 | 1354800 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2040  | 1770000 | 1579664 |
| Connecticut St Gen. Oblig. Series 2025 D, 5% 8/15/2030  | 1000000 | 1109771 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2043  | 1700000 | 1849341 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2044  | 1100000 | 1187708 |
| Connecticut St Series 2024 G, 3% 11/15/2042  | 935000 | 819561 |
| Connecticut St Series 2024 G, 3% 11/15/2043  | 585000 | 501289 |
| Connecticut St Series 2024 G, 5% 11/15/2044  | 2500000 | 2684573 |
| New Britain Conn Gen. Oblig. Series 2017 C, 5% 3/1/2029 (Assured Guaranty Inc Insured)  | 885000 | 909194 |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2029 (Assured Guaranty Inc Insured)  | 1115000 | 1203977 |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2030 (Assured Guaranty Inc Insured)  | 2780000 | 3054991 |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2033 (Assured Guaranty Inc Insured)  | 1370000 | 1563835 |
| TOTAL GENERAL OBLIGATIONS |  | 42947062 |
| Health Care - 0.6% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2039 (c)(i) | 3930000 | 2161500 |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2049 (c)(i) | 285000 | 156750 |
| Connecticut St Health & Edl Facs Auth Revenue (Griffin Hospital, CT Proj.) 5% 7/1/2050 (c) | 1800000 | 1680211 |
| Connecticut St Health & Edl Facs Auth Revenue (Griffin Hospital, CT Proj.) Series G1, 5% 7/1/2044 (c) | 1525000 | 1478750 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2038  | 1120000 | 1115646 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2032  | 2000000 | 2144123 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2034  | 3500000 | 3744169 |
| Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 4% 7/1/2035  | 3905000 | 3959725 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2036  | 4000000 | 4063723 |
| Connecticut State Health & Educational Facilities Authority (Stamford Hospital, CT Proj.) 4% 7/1/2046  | 7315000 | 6590068 |
| TOTAL HEALTH CARE |  | 27094665 |
| Housing - 0.0% |  |  |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) 3% 11/15/2049  | 965000 | 952171 |
| Special Tax - 0.8% |  |  |
| Connecticut St Gen. Oblig. 3% 1/15/2040  | 3710000 | 3311047 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2037  | 9975000 | 11460801 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2044  | 8030000 | 8627389 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2045  | 4700000 | 5022551 |
| Harbor Point Infrastructure Impt Dist Conn Spl Oblig Rev Series 2017, 5% 4/1/2030 (c) | 2685000 | 2716652 |
| Harbor Point Infrastructure Impt Dist Conn Spl Oblig Rev Series 2017, 5% 4/1/2039 (c) | 4865000 | 4930774 |
| Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2021, 4% 4/1/2036 (c) | 1390000 | 1392431 |
| Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2024, 5.625% 4/1/2044 (c) | 900000 | 942106 |
| TOTAL SPECIAL TAX |  | 38403751 |
| TOTAL CONNECTICUT |  | 122124849 |
| District Of Columbia,Maryland,Virginia - 0.5%  |  |  |
| Special Tax - 0.5% |  |  |
| Washington Metropolitan Area Transit Authority 5% 7/15/2038  | 9900000 | 10608622 |
| Washington Metropolitan Area Transit Authority Series 2021 A, 5% 7/15/2046  | 2000000 | 2058197 |
| Washington Metropolitan Area Transit Authority Series 2024 A, 5% 7/15/2056  | 9660000 | 9897010 |
| TOTAL DISTRICT OF COLUMBIA,MARYLAND,VIRGINIA |  | 22563829 |
| District Of Columbia,Virginia - 1.1%  |  |  |
| Transportation - 1.1% |  |  |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2027 (b) | 3125000 | 3238016 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2028 (b) | 1560000 | 1649951 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2031 (b) | 1200000 | 1239263 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2032 (b) | 1855000 | 1910619 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2033 (b) | 910000 | 936001 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2035 (b) | 2070000 | 2121920 |
| Metropolitan Wash DC Arpts Ath Series 2025A, 5.25% 10/1/2039 (b) | 5485000 | 6212597 |
| Metropolitan Wash DC Arpts Ath Series 2025A, 5.25% 10/1/2040 (b) | 2405000 | 2693325 |
| Metropolitan Wash DC Arpts Ath Series 2025A, 5.5% 10/1/2044 (b) | 1770000 | 1939458 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 5% 10/1/2047  | 7150000 | 7228961 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2044  | 7000000 | 7171338 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 3% 10/1/2050 (Assured Guaranty Inc Insured)  | 6355000 | 4602864 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 4% 10/1/2049  | 7815000 | 6909310 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2022 A, 3% 10/1/2053 (Assured Guaranty Inc Insured)  | 3600000 | 2534957 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 50388580 |
| Florida - 3.6%  |  |  |
| Education - 0.2% |  |  |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2028  | 2000000 | 2081873 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2044  | 1700000 | 1814629 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2054  | 3050000 | 3149282 |
| Florida Higher Edl Facs Fing Auth Rev (Rollins College, FL Proj.) Series 2020 A, 3% 12/1/2048  | 5015000 | 3592766 |
| Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 5% 10/15/2049  | 1705000 | 1735422 |
| TOTAL EDUCATION |  | 12373972 |
| Electric Utilities - 0.4% |  |  |
| Orlando Fla Utils Commn Util Sys Rev 5% 10/1/2035  | 430000 | 500072 |
| Orlando Fla Utils Commn Util Sys Rev Series 2024A, 5% 10/1/2034  | 575000 | 675480 |
| Orlando Fla Utils Commn Util Sys Rev Series 2024A, 5% 10/1/2036  | 1000000 | 1156883 |
| Orlando Fla Utils Commn Util Sys Rev Series 2024A, 5% 10/1/2037  | 1500000 | 1720052 |
| Orlando Fla Utils Commn Util Sys Rev Series 2024B, 5% 10/1/2034  | 3000000 | 3524246 |
| Orlando Fla Utils Commn Util Sys Rev Series 2024B, 5% 10/1/2035  | 4000000 | 4648470 |
| Orlando Fla Utils Commn Util Sys Rev Series 2024B, 5% 10/1/2036  | 4000000 | 4627534 |
| TOTAL ELECTRIC UTILITIES |  | 16852737 |
| General Obligations - 0.0% |  |  |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series A, 5% 7/1/2032  | 1820000 | 1837861 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL Sch Dist Proj.) Series 2016 A, 5% 7/1/2033  | 1110000 | 1121278 |
| Volusia Cnty FL Sch Brd Ctfs (Volusia Cnty FL School Dist Proj.) Series 2016A, 5% 8/1/2029 (Build America Mutual Assurance Co Insured)  | 830000 | 831519 |
| TOTAL GENERAL OBLIGATIONS |  | 3790658 |
| Health Care - 0.4% |  |  |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 4% 8/15/2045  | 2820000 | 2474529 |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 4% 8/15/2050  | 1525000 | 1287866 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Baptist Health Sys of So FL Proj.) Series 2019, 4% 8/15/2049  | 7380000 | 6545269 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2027  | 1865000 | 1928044 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2028  | 1240000 | 1285530 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2035  | 3555000 | 3656666 |
| Tallahassee FL Health Facs Rev (Tallahassee Mem Hlthcare FL Proj.) Series 2016A, 5% 12/1/2041  | 910000 | 910253 |
| TOTAL HEALTH CARE |  | 18088157 |
| Other - 0.0% |  |  |
| Pinellas Cnty Fla Indl Dev Auth Indl Dev Rev (Patel Foundation For Global Understanding Proj.) Series 2019, 5% 7/1/2029  | 365000 | 372642 |
| Pinellas Cnty Fla Indl Dev Auth Indl Dev Rev (Patel Foundation For Global Understanding Proj.) Series 2019, 5% 7/1/2039  | 810000 | 816654 |
| TOTAL OTHER |  | 1189296 |
| Transportation - 2.3% |  |  |
| Broward Cnty FL Arpt Sys Rev 5% 10/1/2028 (b) | 2485000 | 2488709 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2026 (b) | 930000 | 942894 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2027 (b) | 830000 | 856572 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2029 (b) | 2200000 | 2277457 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2030 (b) | 610000 | 629409 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2032 (b) | 2900000 | 2986952 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2033 (b) | 1080000 | 1110673 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2034 (b) | 1055000 | 1082672 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2035 (b) | 1240000 | 1269407 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2036 (b) | 1655000 | 1691005 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2037 (b) | 1865000 | 1901924 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2042 (b) | 3520000 | 3552483 |
| Florida Dev Fin Corp Rev (Brightline FL Proj.) Series 2024, 5.25% 7/1/2053 (Assured Guaranty Inc Insured) (b) | 2545000 | 2502027 |
| Florida St Dept Transn Tpk Rev Series 2020 A, 3% 7/1/2035  | 3540000 | 3525439 |
| Florida St Dept Transn Tpk Rev Series 2021C, 3% 7/1/2046  | 1500000 | 1182319 |
| Florida St Dept Transn Tpk Rev Series 2022B, 4% 7/1/2036  | 4155000 | 4373094 |
| Florida St Dept Transn Tpk Rev Series 2022B, 4% 7/1/2037  | 4525000 | 4730990 |
| Florida St Dept Transn Tpk Rev Series 2022B, 4% 7/1/2038  | 4710000 | 4896949 |
| Greater Orlando Aviation Auth 5% 10/1/2034 (b) | 4965000 | 5095230 |
| Greater Orlando Aviation Auth 5% 10/1/2037 (b) | 5175000 | 5281854 |
| Greater Orlando Aviation Auth Series 2016, 5% 10/1/2026 (b) | 1405000 | 1427094 |
| Greater Orlando Aviation Auth Series 2016, 5% 10/1/2027 (b) | 830000 | 860017 |
| Greater Orlando Aviation Auth Series 2017A, 5% 10/1/2027 (b) | 385000 | 398924 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2029  | 1200000 | 1219641 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2031  | 1450000 | 1472501 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2031 (b) | 1100000 | 1101200 |
| Miami-Dade Cnty Fla Aviat Rev Series 2019A, 5% 10/1/2049 (b) | 11860000 | 11921709 |
| Miami-Dade Cnty Fla Aviat Rev Series 2024 A, 5% 10/1/2034 (b) | 4895000 | 5488089 |
| Miami-Dade Cnty Fla Aviat Rev Series 2024 A, 5% 10/1/2036 (b) | 5100000 | 5619643 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2016 A, 5% 7/1/2032  | 3560000 | 3590364 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2016 A, 5% 7/1/2033  | 3020000 | 3044417 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2027 (b) | 830000 | 841886 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2029 (b) | 860000 | 871835 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2030 (b) | 1530000 | 1549850 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2031 (b) | 1075000 | 1087849 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2032 (b) | 1655000 | 1672714 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2033 (b) | 3555000 | 3590896 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2034 (b) | 3730000 | 3765553 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2035 (b) | 3930000 | 3964646 |
| TOTAL TRANSPORTATION |  | 105866887 |
| Water & Sewer - 0.3% |  |  |
| JEA FL Wtr & Swr Sys Rev Series 2021A, 4% 10/1/2037  | 4560000 | 4718079 |
| JEA FL Wtr & Swr Sys Rev Series 2021A, 4% 10/1/2038  | 1090000 | 1121886 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2017 B, 4% 10/1/2035  | 3900000 | 3955351 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2021, 5% 10/1/2031  | 1250000 | 1396413 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2021, 5% 10/1/2032  | 645000 | 718585 |
| TOTAL WATER & SEWER |  | 11910314 |
| TOTAL FLORIDA |  | 170072021 |
| Georgia - 4.4%  |  |  |
| Education - 0.0% |  |  |
| Fulton Cnty GA Dev Auth Rev (University System of GA Proj.) 4% 6/15/2049  | 1515000 | 1407384 |
| Private Colgs & Unvs Ath GA Rv (Agnes Scott College, GA Proj.) Series 2019 A, 5% 6/1/2028  | 1000000 | 1041435 |
| Private Colgs & Unvs Ath GA Rv (Agnes Scott College, GA Proj.) Series 2019 A, 5% 6/1/2029  | 800000 | 846641 |
| TOTAL EDUCATION |  | 3295460 |
| Electric Utilities - 0.3% |  |  |
| Burke Cnty GA Dev Auth Pcr (Georgia Transmission Corp Proj.) Series 2012, 2.75% 1/1/2052 (d) | 4320000 | 2779712 |
| Burke Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2013A, 3.6% tender 1/1/2040 (d) | 7290000 | 7413174 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2036  | 3350000 | 3767111 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2038 (Build America Mutual Assurance Co Insured)  | 1080000 | 1223420 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2049  | 920000 | 959968 |
| TOTAL ELECTRIC UTILITIES |  | 16143385 |
| General Obligations - 3.0% |  |  |
| Effingham Cnty GA Sch Dist Series 2022, 3% 9/1/2041  | 300000 | 263425 |
| Effingham Cnty GA Sch Dist Series 2022, 3% 9/1/2043  | 375000 | 311647 |
| Georgia St Gen. Oblig. 5% 7/1/2033  | 6885000 | 7898177 |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (d) | 23425000 | 23858777 |
| Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (d) | 18850000 | 19031503 |
| Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (d) | 14345000 | 15534091 |
| Main Street Natural Gas Inc Series 2023C, 5% tender 9/1/2053 (Royal Bank of Canada Guaranteed) (d) | 23910000 | 25449558 |
| Main Street Natural Gas Inc Series 2023D, 5% tender 5/1/2054 (Citigroup Inc Guaranteed) (d) | 35455000 | 37512564 |
| Main Street Natural Gas Inc Series 2024D, 5% tender 4/1/2054 (Toronto Dominion Bank Guaranteed) (d) | 3490000 | 3749538 |
| TOTAL GENERAL OBLIGATIONS |  | 133609280 |
| Health Care - 0.6% |  |  |
| Columbus GA Med Ctr Hosp Auth (Piedmont Hosp Og Proj.) 5% tender 7/1/2054 (d) | 6900000 | 7318568 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2020 A, 3% 2/15/2047  | 13420000 | 10034962 |
| Glynn Brunswick Mem Hosp Auth GA Rev (Southeast GA Health System Proj.) 4% 8/1/2043  | 1860000 | 1628684 |
| Savannah GA Candler Hosp (St Joseph Candler Health Proj.) 4% 7/1/2035  | 1400000 | 1406616 |
| Savannah GA Candler Hosp (St Joseph Candler Health Proj.) 4% 7/1/2043  | 6290000 | 5970440 |
| TOTAL HEALTH CARE |  | 26359270 |
| Housing - 0.0% |  |  |
| Georgia Hsg & Fin Auth Rev (GA Single Family Mortgage Proj.) Series 2021 A, 2.25% 12/1/2036  | 2750000 | 2280890 |
| Industrial Development - 0.3% |  |  |
| Savannah Georgia Convention Center Authority (Savannah Convention Hotel Proj.) Series 2025B, 5.5% 6/1/2040 (c) | 1940000 | 1983644 |
| Savannah Georgia Convention Center Authority (Savannah Convention Hotel Proj.) Series 2025B, 6% 6/1/2050 (c) | 4890000 | 4847366 |
| Savannah Georgia Convention Center Authority (Savannah Convention Hotel Proj.) Series 2025B, 6.25% 6/1/2061 (c) | 8460000 | 8472218 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 15303228 |
| Transportation - 0.2% |  |  |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2023 E, 5% 7/1/2039 (b) | 3230000 | 3496959 |
| Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2038 (b) | 4105000 | 4511820 |
| Atlanta GA Arpt Rev Series 2025B B 1, 5.25% 7/1/2041 (b) | 1915000 | 2092783 |
| TOTAL TRANSPORTATION |  | 10101562 |
| TOTAL GEORGIA |  | 207093075 |
| Hawaii - 0.5%  |  |  |
| Transportation - 0.5% |  |  |
| Hawaii St Arpts Sys Rev 5% 7/1/2042 (b) | 4000000 | 4257798 |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2029 (b) | 1055000 | 1108782 |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2030 (b) | 1240000 | 1301724 |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2031 (b) | 1215000 | 1273095 |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2032 (b) | 1240000 | 1294390 |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2033 (b) | 1265000 | 1318009 |
| Hawaii St Arpts Sys Rev Series 2022 A, 5% 7/1/2042 (b) | 9480000 | 9912194 |
| Hawaii St Hbr Sys Rev Series 2020 A, 4% 7/1/2034 (b) | 750000 | 766709 |
| TOTAL TRANSPORTATION |  | 21232701 |
| Water & Sewer - 0.0% |  |  |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2025A, 5% 7/1/2035  | 2575000 | 3042168 |
| TOTAL HAWAII |  | 24274869 |
| Idaho - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Idaho Health Facs Auth Rev (St Lukes Regional Med Ctr, ID Proj.) Series 2021 A, 3% 3/1/2051  | 5000000 | 3454621 |
| Housing - 0.0% |  |  |
| Idaho Hsg & Fin Assn (ID Single Family Hsg 7/1/19 Proj.) Series 2019 A, 4% 1/1/2050  | 255000 | 256324 |
| Special Tax - 0.0% |  |  |
| Idaho Housing & Finance Association Series 2023A, 4% 8/15/2048  | 2220000 | 2095028 |
| TOTAL IDAHO |  | 5805973 |
| Illinois - 11.5%  |  |  |
| Education - 0.4% |  |  |
| Board of Trustees of the University of Illinois/The Series 2018A, 5% 4/1/2030  | 3425000 | 3593835 |
| Illinois Fin Auth Rev (Bradley University Proj.) Series 2017 C, 5% 8/1/2029  | 1090000 | 1108514 |
| Illinois Fin Auth Rev (Bradley University Proj.) Series 2017 C, 5% 8/1/2030  | 760000 | 772195 |
| Illinois Fin Auth Rev (Bradley University Proj.) Series 2017 C, 5% 8/1/2032  | 1015000 | 1028703 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) 4% 10/1/2034  | 830000 | 832271 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) 5% 10/1/2029  | 830000 | 841918 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) 5% 10/1/2030  | 830000 | 841618 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 4% 9/1/2037  | 600000 | 538923 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 4% 9/1/2041  | 1000000 | 851417 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2036  | 1000000 | 986359 |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series A, 5% 8/1/2042  | 730000 | 731374 |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series C, 5% 8/1/2046  | 830000 | 810961 |
| Northern IL Univ Revs Series 2020 B, 5% 4/1/2028 (Build America Mutual Assurance Co Insured)  | 1300000 | 1349008 |
| Northern IL Univ Revs Series 2020 B, 5% 4/1/2030 (Build America Mutual Assurance Co Insured)  | 1000000 | 1068968 |
| Northern IL Univ Revs Series 2020 B, 5% 4/1/2032 (Build America Mutual Assurance Co Insured)  | 1295000 | 1384302 |
| TOTAL EDUCATION |  | 16740366 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Illinois Fin Auth Rev Series 2016 C, 3.625% 2/15/2032 (Pre-refunded to 2/15/2027 at 100)  | 950000 | 961477 |
| Illinois Fin Auth Rev Series 2016 C, 4% 2/15/2041 (Pre-refunded to 2/15/2027 at 100)  | 30000 | 30492 |
| Illinois Finance Authority Rev 4% 2/15/2033 (Pre-refunded to 2/15/2027 at 100)  | 160000 | 162626 |
| Illinois Finance Authority Rev 5% 2/15/2034 (Pre-refunded to 2/15/2027 at 100)  | 500000 | 513690 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 1668285 |
| General Obligations - 5.5% |  |  |
| Chicago IL Brd Ed 5% 12/1/2030  | 2105000 | 2128976 |
| Chicago IL Brd Ed Series 2017C, 5% 12/1/2034  | 1245000 | 1245872 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2026  | 830000 | 835849 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2028  | 3915000 | 4002537 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2030  | 1655000 | 1681317 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2032  | 950000 | 958142 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2034  | 1140000 | 1140293 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2035  | 830000 | 824144 |
| Chicago IL Brd Ed Series 2019 A, 5% 12/1/2028  | 2910000 | 2975066 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2027  | 1625000 | 1649872 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2028  | 2000000 | 2044719 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2033  | 1300000 | 1306648 |
| Chicago IL Brd Ed Series 2025 A, 6.25% 12/1/2050  | 19240000 | 20101912 |
| Chicago IL Brd Ed Series D, 5% 12/1/2031  | 3565000 | 3598775 |
| Chicago IL Gen. Oblig. 5.25% 1/1/2038  | 11380000 | 11834671 |
| Chicago IL Gen. Oblig. 5.5% 1/1/2039  | 12000000 | 12582818 |
| Chicago IL Gen. Oblig. 5.5% 1/1/2040  | 6750000 | 6998131 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2029  | 3175000 | 3283945 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2030  | 3555000 | 3714246 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2031  | 2260000 | 2361783 |
| Chicago IL Gen. Oblig. Series 2021 A, 5% 1/1/2032  | 5335000 | 5608684 |
| Chicago IL Gen. Oblig. Series 2024 B, 5% 1/1/2041  | 1500000 | 1506724 |
| Chicago IL Gen. Oblig. Series 2025A, 6% 1/1/2050  | 14665000 | 15159784 |
| Cook Cnty IL Gen. Oblig. Series 2016 A, 5% 11/15/2027  | 2320000 | 2361554 |
| Cook Cnty IL Gen. Oblig. Series 2016 A, 5% 11/15/2028  | 3020000 | 3076958 |
| DuPage & Cook Cntys IL Cmnty Unit Sch Dist No 205 Series 2021 A, 2% 1/1/2039  | 4475000 | 3438018 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2029  | 4600000 | 4896781 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2032  | 4490000 | 4987074 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2033  | 6690000 | 7379176 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2034  | 5110000 | 5611165 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2032  | 2750000 | 3008774 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2033  | 1500000 | 1633661 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2034  | 2220000 | 2407446 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2035  | 5450000 | 5882466 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2036  | 4500000 | 4830089 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2037  | 5500000 | 5867663 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2046  | 7635000 | 7772006 |
| Illinois St Gen. Oblig. Series MAY 2020, 5.75% 5/1/2045  | 3865000 | 4077444 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5% 5/1/2029  | 11295000 | 12058186 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5% 5/1/2035  | 8085000 | 8847447 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5% 5/1/2036  | 3550000 | 3862718 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5% 5/1/2037  | 1770000 | 1918232 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2041  | 4360000 | 4655349 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2043  | 320000 | 336775 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2034  | 1020000 | 1153434 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2035  | 3170000 | 3558493 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2037  | 3160000 | 3480081 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2043  | 2795000 | 2968174 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2048  | 2000000 | 2064136 |
| Illinois St Gen. Oblig. Series OCTOBER 2022B, 5% 10/1/2034  | 16015000 | 17680016 |
| Illinois St Gen. Oblig. Series OCTOBER 2024, 5% 2/1/2039  | 5550000 | 6027039 |
| Lake Cnty IL Cmty College Sch Dist No 073 2.25% 1/1/2040  | 1000000 | 765953 |
| Schaumburg IL Gen. Oblig. Series 2023, 4% 12/1/2030  | 2235000 | 2365371 |
| Schaumburg IL Gen. Oblig. Series 2023, 4% 12/1/2031  | 2350000 | 2501823 |
| TOTAL GENERAL OBLIGATIONS |  | 249018410 |
| Health Care - 1.4% |  |  |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2029  | 5110000 | 5231182 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2032  | 3870000 | 3961622 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 5% 12/1/2029  | 1420000 | 1433352 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 5% 12/1/2033  | 835000 | 842851 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 4.125% 5/15/2047  | 25725000 | 23992527 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 5% 5/15/2029  | 1040000 | 1047095 |
| Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2013, 5% 11/15/2028  | 2380000 | 2384867 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 4% 2/15/2036  | 1040000 | 1042570 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 4% 2/15/2041  | 60000 | 58767 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2034  | 2420000 | 2471672 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2036  | 1365000 | 1390297 |
| Illinois Finance Authority Rev (Carle Foundation Hospital,Il Proj.) Series 2021A, 3% 8/15/2048  | 1340000 | 1027403 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 3.25% 8/15/2049  | 8905000 | 7065084 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) 3% 5/15/2050 (Build America Mutual Assurance Co Insured)  | 5040000 | 3649648 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) Series 2020 A, 3% 5/15/2050  | 10870000 | 7677401 |
| Illinois Finance Authority Rev (University of Chicago Hosps,Il Proj.) 5% 8/15/2047  | 3500000 | 3570023 |
| TOTAL HEALTH CARE |  | 66846361 |
| Housing - 0.1% |  |  |
| Illinois Housing Dev Auth Series 2019 D, 2.7% 10/1/2034 (IL Hsg Revenue Bonds 3/1/2016 Guaranteed)  | 760000 | 707028 |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2019, 2.9% 7/1/2035  | 5737902 | 5317773 |
| TOTAL HOUSING |  | 6024801 |
| Special Tax - 2.8% |  |  |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2037  | 3025000 | 3411185 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2038  | 9375000 | 10438169 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2039  | 2865000 | 3175832 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2040  | 2250000 | 2469017 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2043  | 2485000 | 2574489 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2044  | 2030000 | 2123316 |
| Illinois St Sales Tax Rev 3% 6/15/2033 (Build America Mutual Assurance Co Insured)  | 4230000 | 4075222 |
| Illinois St Sales Tax Rev Series 2021 A, 3% 6/15/2034  | 1125000 | 1060463 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2036 (National Public Finance Guarantee Corporation Insured) (g) | 13280000 | 8790368 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2051 (g) | 10845000 | 2959992 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2035 (National Public Finance Guarantee Corporation Insured) (g) | 1690000 | 1205863 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2036 (National Public Finance Guarantee Corporation Insured) (g) | 5645000 | 3830753 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2043 (Assured Guaranty Inc Insured) (g) | 41985000 | 19392239 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2044 (Assured Guaranty Inc Insured) (g) | 8205000 | 3560323 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2045 (Assured Guaranty Inc Insured) (g) | 25250000 | 10260504 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2046 (Assured Guaranty Inc Insured) (g) | 2890000 | 1106345 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2047 (Assured Guaranty Inc Insured) (g) | 3000000 | 1086282 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 4% 12/15/2042  | 7330000 | 6988456 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 4% 12/15/2047  | 560000 | 496526 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 4% 6/15/2052  | 2000000 | 1719044 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 5% 12/15/2026  | 2755000 | 2805527 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 5% 12/15/2027  | 295000 | 305595 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 5% 12/15/2031  | 560000 | 578482 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 5% 12/15/2034  | 330000 | 339041 |
| Sales Tax Securitization Corp Series 2023C, 5% 1/1/2032  | 7305000 | 8049485 |
| Sales Tax Securitization Corp Series 2024 A, 5% 1/1/2037  | 20950000 | 23067186 |
| Sales Tax Securitization Corp Series 2024A, 5% 1/1/2042  | 1695000 | 1795104 |
| TOTAL SPECIAL TAX |  | 127664808 |
| Transportation - 1.1% |  |  |
| Chicago IL Midway Arpt Rev Series A, 5% 1/1/2028 (b) | 1655000 | 1655000 |
| Chicago IL Midway Arpt Rev Series B, 4% 1/1/2035  | 1305000 | 1305000 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2028 (b) | 2475000 | 2518444 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2029 (b) | 2070000 | 2106321 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2030  | 495000 | 505332 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2032 (b) | 2235000 | 2273264 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2033  | 2255000 | 2257559 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2034 (b) | 3360000 | 3412222 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2035 (b) | 2485000 | 2521806 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2036 (b) | 3090000 | 3132593 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037 (b) | 1655000 | 1675891 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037 (b) | 1655000 | 1675891 |
| Chicago IL O'Hare Intl Arpt Rev 5.25% 1/1/2029 (b) | 290000 | 295794 |
| Chicago IL O'Hare Intl Arpt Rev 5.25% 1/1/2031 (b) | 330000 | 336602 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 4% 1/1/2043 (Build America Mutual Assurance Co Insured) (b) | 2920000 | 2739161 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 5% 1/1/2053 (b) | 3790000 | 3785956 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5.25% 1/1/2043 (b) | 1210000 | 1279860 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5.5% 1/1/2044 (b) | 2625000 | 2802026 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2038 (b) | 1280000 | 1393806 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5.25% 1/1/2041 (b) | 2000000 | 2175842 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5.25% 1/1/2043 (b) | 1700000 | 1808198 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5.25% 1/1/2044 (b) | 1300000 | 1371775 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5.25% 1/1/2045 (b) | 1800000 | 1886183 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5.25% 1/1/2046 (b) | 1615000 | 1684228 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) 5% 7/1/2038 (b) | 2185000 | 2222666 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 A, 5% 1/1/2044  | 1260000 | 1295127 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2036  | 1000000 | 1091229 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2038  | 350000 | 378012 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2040  | 2390000 | 2542171 |
| TOTAL TRANSPORTATION |  | 54127959 |
| Water & Sewer - 0.2% |  |  |
| Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2017, 5% 1/1/2029  | 2775000 | 2844367 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) Series 2020, 5% 7/1/2036  | 5850000 | 6389587 |
| TOTAL WATER & SEWER |  | 9233954 |
| TOTAL ILLINOIS |  | 531324944 |
| Indiana - 1.5%  |  |  |
| Education - 0.4% |  |  |
| Purdue University Series 2025B, 5.25% 7/1/2050  | 4925000 | 5261451 |
| Purdue University Series DD, 5% 7/1/2034  | 995000 | 1049718 |
| Purdue University Series DD, 5% 7/1/2035  | 1960000 | 2063201 |
| Purdue University Series DD, 5% 7/1/2036  | 2130000 | 2236022 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2019, 4% 4/1/2038  | 260000 | 261356 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2019, 4% 4/1/2046  | 6035000 | 5598221 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2019, 5% 4/1/2043  | 460000 | 470818 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 4% 4/1/2038  | 1510000 | 1518922 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 5% 4/1/2032  | 1805000 | 1926191 |
| TOTAL EDUCATION |  | 20385900 |
| General Obligations - 0.2% |  |  |
| Noblesville Ind Multi Sch Bldg Corp Series 2021, 3% 1/15/2041  | 530000 | 466259 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5.25% 7/15/2039 (Build America Mutual Assurance Co Insured)  | 1765000 | 2003689 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5.25% 7/15/2041 (Build America Mutual Assurance Co Insured)  | 2500000 | 2771151 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5.25% 7/15/2043 (Build America Mutual Assurance Co Insured)  | 4200000 | 4577627 |
| TOTAL GENERAL OBLIGATIONS |  | 9818726 |
| Health Care - 0.7% |  |  |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 4.25% 3/1/2049  | 775000 | 718377 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2033  | 1000000 | 1116918 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2034  | 1550000 | 1743670 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2035  | 1150000 | 1292138 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2043  | 495000 | 516996 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5.25% 3/1/2054  | 3575000 | 3682401 |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) Series 2016 A, 4% 11/1/2051  | 17610000 | 15792147 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2029  | 1240000 | 1257959 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2030  | 1160000 | 1176465 |
| Indiana St Hsg & Cmnty Dev Auth Multifamily Hsg Rev (Glasswater Creek Whitestown Proj Proj.) Series 2020, 5.375% 10/1/2040 (c) | 2045000 | 1783346 |
| TOTAL HEALTH CARE |  | 29080417 |
| Transportation - 0.2% |  |  |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2016 A1, 4% 1/1/2032 (b) | 830000 | 831940 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2016 A1, 4% 1/1/2033 (b) | 830000 | 831426 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2016 A1, 4% 1/1/2034 (b) | 1010000 | 1011569 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2016 A1, 4% 1/1/2035 (b) | 2300000 | 2302624 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2019 I, 5% 1/1/2044  | 5100000 | 5251145 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series A-1, 5% 1/1/2026 (b) | 875000 | 875000 |
| TOTAL TRANSPORTATION |  | 11103704 |
| TOTAL INDIANA |  | 70388747 |
| Iowa - 0.2%  |  |  |
| Education - 0.2% |  |  |
| Iowa Higher Ed Ln Auth Rev (Dubuque University IA Proj.) Series 2025, 5% 10/1/2045  | 1000000 | 967590 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) 4.5% 12/1/2045 (b) | 2509000 | 2585826 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) Series 2019 B, 5% 12/1/2026 (b) | 1850000 | 1876669 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) Series 2019 B, 5% 12/1/2027 (b) | 1965000 | 2024500 |
| TOTAL EDUCATION |  | 7454585 |
| Water & Sewer - 0.0% |  |  |
| Cedar Rapids IA Swr Rev Series 2021 C, 2% 6/1/2037  | 385000 | 313392 |
| TOTAL IOWA |  | 7767977 |
| Kentucky - 1.7%  |  |  |
| Education - 0.3% |  |  |
| University of Kentucky (University of Kentucky Proj.) Series 2025A, 5% 4/1/2040  | 1140000 | 1252460 |
| University of Kentucky (University of Kentucky Proj.) Series 2025A, 5% 4/1/2041  | 1040000 | 1130311 |
| University of Kentucky (University of Kentucky Proj.) Series 2025A, 5% 4/1/2042  | 1100000 | 1180644 |
| University of Kentucky (University of Kentucky Proj.) Series 2025A, 5% 4/1/2043  | 1620000 | 1713753 |
| University of Kentucky (University of Kentucky Proj.) Series 2025A, 5% 4/1/2044  | 1170000 | 1228495 |
| University of Kentucky (University of Kentucky Proj.) Series 2025A, 5.25% 4/1/2050  | 5000000 | 5247449 |
| TOTAL EDUCATION |  | 11753112 |
| General Obligations - 1.0% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev 5% tender 5/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (d) | 7030000 | 7388647 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2020 A, 4% tender 12/1/2050 (BP PLC Guaranteed) (d) | 6400000 | 6454248 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024 A1, 5.25% tender 4/1/2054 (Morgan Stanley Guaranteed) (d) | 13375000 | 14444801 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2026  | 830000 | 836522 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2029  | 4510000 | 4752436 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2032 (Build America Mutual Assurance Co Insured)  | 1185000 | 1245749 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2033 (Build America Mutual Assurance Co Insured)  | 915000 | 960238 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2034 (Build America Mutual Assurance Co Insured)  | 1045000 | 1093996 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2035  | 615000 | 642311 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2036  | 520000 | 542266 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2036  | 1240000 | 1419312 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2043  | 3915000 | 4211445 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2044  | 2350000 | 2515235 |
| TOTAL GENERAL OBLIGATIONS |  | 46507206 |
| Health Care - 0.3% |  |  |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) Series 2019, 3% 2/1/2040 (Assured Guaranty Inc Insured)  | 2545000 | 2322494 |
| Kentucky Econ Dev Fin Auth (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2035  | 1000000 | 1051490 |
| Kentucky Econ Dev Fin Auth (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2044  | 1000000 | 1012900 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% 10/1/2037  | 2405000 | 2534393 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (d) | 2030000 | 2168271 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2020A, 3% 10/1/2043  | 8660000 | 6915268 |
| TOTAL HEALTH CARE |  | 16004816 |
| Transportation - 0.1% |  |  |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2028  | 1310000 | 1312273 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2031  | 1240000 | 1242075 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2032  | 1240000 | 1242029 |
| TOTAL TRANSPORTATION |  | 3796377 |
| TOTAL KENTUCKY |  | 78061511 |
| Louisiana - 0.6%  |  |  |
| Education - 0.1% |  |  |
| Louisiana Pub Facs Auth Rev (Tulane Univ, LA Proj.) Series 2016 A, 5% 12/15/2028  | 1655000 | 1689528 |
| Louisiana Pub Facs Auth Rev (Tulane Univ, LA Proj.) Series 2016 A, 5% 12/15/2029  | 1175000 | 1198791 |
| TOTAL EDUCATION |  | 2888319 |
| Health Care - 0.1% |  |  |
| Louisiana Pub Facs Rev (Christus Health Proj.) Series 2018 E, 5% 7/1/2037  | 1615000 | 1689596 |
| Louisiana Pub Facs Rev (Christus Health Proj.) Series 2018 E, 5% 7/1/2038  | 1260000 | 1314616 |
| TOTAL HEALTH CARE |  | 3004212 |
| Housing - 0.0% |  |  |
| Louisiana Hsg Corp Single Family Mtg Rev (LA Home Ownership Proj.) 5.75% 12/1/2053  | 1480000 | 1612725 |
| Transportation - 0.2% |  |  |
| New Orleans LA Aviation Board 5% 1/1/2027 (b) | 415000 | 422970 |
| New Orleans LA Aviation Board 5% 1/1/2027 (b) | 330000 | 336338 |
| New Orleans LA Aviation Board 5% 1/1/2028 (b) | 595000 | 604272 |
| New Orleans LA Aviation Board 5% 1/1/2028 (b) | 205000 | 208194 |
| New Orleans LA Aviation Board 5% 1/1/2031 (b) | 530000 | 537592 |
| New Orleans LA Aviation Board 5% 1/1/2032 (b) | 330000 | 334255 |
| New Orleans LA Aviation Board 5% 1/1/2033 (b) | 850000 | 860324 |
| New Orleans LA Aviation Board 5% 1/1/2033 (b) | 580000 | 587045 |
| New Orleans LA Aviation Board 5% 1/1/2034 (b) | 1020000 | 1031452 |
| New Orleans LA Aviation Board 5% 1/1/2034 (b) | 180000 | 182020 |
| New Orleans LA Aviation Board 5% 1/1/2035 (b) | 330000 | 333465 |
| New Orleans LA Aviation Board 5% 1/1/2036 (b) | 775000 | 782347 |
| New Orleans LA Aviation Board 5% 1/1/2037 (b) | 1275000 | 1285617 |
| TOTAL TRANSPORTATION |  | 7505891 |
| Water & Sewer - 0.2% |  |  |
| Jefferson Parish LA Cons Wtr Series 2022, 5% 2/1/2042 (Build America Mutual Assurance Co Insured)  | 10390000 | 11098282 |
| TOTAL LOUISIANA |  | 26109429 |
| Maine - 0.3%  |  |  |
| Education - 0.3% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 4% 7/1/2031  | 580000 | 587150 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 4% 7/1/2032  | 415000 | 419352 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 4% 7/1/2034  | 835000 | 840908 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2026  | 270000 | 272605 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2028  | 420000 | 431650 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2029  | 330000 | 339191 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2033  | 830000 | 851101 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2035  | 630000 | 644870 |
| Maine Health & Higher Edl Facsauth Rev (Northeastern University Proj.) Series 2024B, 5.25% 10/1/2054  | 6085000 | 6378270 |
| TOTAL EDUCATION |  | 10765097 |
| General Obligations - 0.0% |  |  |
| Brunswick ME 2.5% 11/1/2039  | 720000 | 602208 |
| Health Care - 0.0% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (Northern Light Health Proj.) Series 2016A, 4% 7/1/2041  | 1935000 | 1645656 |
| TOTAL MAINE |  | 13012961 |
| Maryland - 1.1%  |  |  |
| Education - 0.2% |  |  |
| Westminster MD Edl Facs Rev (Mcdaniel College Proj.) 5% 11/1/2027  | 2150000 | 2177886 |
| Westminster MD Edl Facs Rev (Mcdaniel College Proj.) 5% 11/1/2028  | 2275000 | 2304598 |
| Westminster MD Edl Facs Rev (Mcdaniel College Proj.) 5% 11/1/2029  | 2410000 | 2441887 |
| Westminster MD Edl Facs Rev (Mcdaniel College Proj.) 5% 11/1/2030  | 2555000 | 2587574 |
| TOTAL EDUCATION |  | 9511945 |
| General Obligations - 0.7% |  |  |
| Anne Arundel Cnty MD Gen. Oblig. Series 2021, 3% 10/1/2036  | 3625000 | 3543464 |
| Anne Arundel Cnty MD Gen. Oblig. Series 2021, 3% 10/1/2037  | 1970000 | 1879943 |
| Baltimore Cnty MD Gen. Oblig. Series 2021, 3% 3/1/2037  | 1285000 | 1243150 |
| City of Baltimore MD Gen. Oblig. Series 2022A, 5% 10/15/2036  | 1015000 | 1132418 |
| City of Baltimore MD Gen. Oblig. Series 2022A, 5% 10/15/2038  | 2935000 | 3236049 |
| City of Baltimore MD Gen. Oblig. Series 2022A, 5% 10/15/2039  | 3085000 | 3382124 |
| City of Baltimore MD Gen. Oblig. Series 2022A, 5% 10/15/2042  | 3315000 | 3544024 |
| State of Maryland Gen. Oblig. Series FIRST 2022 A, 5% 6/1/2035  | 10210000 | 11520484 |
| TOTAL GENERAL OBLIGATIONS |  | 29481656 |
| Health Care - 0.1% |  |  |
| Maryland Health & Higher Educational Facilities Authority (Greater Baltimore Med Ctr, MD Proj.) Series 2021 A, 3% 7/1/2051  | 6445000 | 4611874 |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 4% 7/1/2042  | 1430000 | 1378300 |
| TOTAL HEALTH CARE |  | 5990174 |
| Housing - 0.0% |  |  |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) Series 2019 B, 4% 9/1/2049  | 1330000 | 1344725 |
| Special Tax - 0.0% |  |  |
| State of Maryland Built to Learn Revenue Series 2021, 4% 6/1/2046  | 1280000 | 1196175 |
| Transportation - 0.1% |  |  |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2030  | 1035000 | 1079181 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2035  | 1655000 | 1710755 |
| TOTAL TRANSPORTATION |  | 2789936 |
| TOTAL MARYLAND |  | 50314611 |
| Massachusetts - 2.3%  |  |  |
| Education - 1.0% |  |  |
| Massachusetts Development Finance Agency (Northeastern University Proj.) Series 2022, 5% 10/1/2037  | 1720000 | 1923799 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) 4% 10/1/2050  | 12425000 | 8782073 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) 5% 10/1/2045  | 9360000 | 8215127 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) 4% 7/1/2045  | 12200000 | 10533568 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2019 B, 5% 7/1/2027 (b) | 1000000 | 1023696 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2019 B, 5% 7/1/2028 (b) | 1915000 | 1987401 |
| Massachusetts St Dev Fin Agy Rev (Berklee College of Music Inc Proj.) 5% 10/1/2029  | 830000 | 843091 |
| Massachusetts St Dev Fin Agy Rev (Berklee College of Music Inc Proj.) 5% 10/1/2030  | 1240000 | 1258741 |
| Massachusetts St Dev Fin Agy Rev (Berklee College of Music Inc Proj.) 5% 10/1/2031  | 1340000 | 1359552 |
| Massachusetts St Dev Fin Agy Rev (Lesley College Proj.) 5% 7/1/2039  | 1360000 | 1362725 |
| Massachusetts St Dev Fin Agy Rev (Suffolk Univ, MA Proj.) Series 2017, 5% 7/1/2034  | 1325000 | 1338316 |
| Massachusetts St Dev Fin Agy Rev (Suffolk Univ, MA Proj.) Series 2017, 5% 7/1/2035  | 1000000 | 1008758 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2027  | 830000 | 837883 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2028  | 875000 | 883361 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2029  | 920000 | 928704 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2031  | 1015000 | 1023825 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2032  | 1065000 | 1073407 |
| TOTAL EDUCATION |  | 44384027 |
| General Obligations - 0.3% |  |  |
| Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2049  | 4175000 | 4254901 |
| Massachusetts St Gen. Oblig. Series 2020 D, 5% 7/1/2048  | 3345000 | 3437198 |
| Massachusetts St Gen. Oblig. Series 2024 H, 5% 12/1/2036  | 4700000 | 5434695 |
| TOTAL GENERAL OBLIGATIONS |  | 13126794 |
| Health Care - 0.1% |  |  |
| Massachusetts Development Finance Agency (University of Mass Hlth Cr Inc Proj.) 4% 7/1/2044  | 830000 | 755049 |
| Massachusetts St Dev Fin Agy Rev (Mass General Brigham Inc Proj.) 5% 7/1/2034  | 3500000 | 3638951 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2031  | 1385000 | 1396512 |
| TOTAL HEALTH CARE |  | 5790512 |
| Special Tax - 0.2% |  |  |
| Mass Bay Tran Auth Sls Tax Series 2021 A 1, 5% 7/1/2032  | 2235000 | 2514035 |
| Mass Bay Tran Auth Sls Tax Series 2021 A 1, 5% 7/1/2033  | 2500000 | 2801205 |
| Mass Bay Tran Auth Sls Tax Series 2021 A 1, 5% 7/1/2034  | 1260000 | 1406404 |
| Mass Bay Tran Auth Sls Tax Series 2021 A 1, 5% 7/1/2035  | 3180000 | 3534133 |
| TOTAL SPECIAL TAX |  | 10255777 |
| Transportation - 0.5% |  |  |
| Massachusetts St Port Auth Rev 5% 7/1/2039 (b) | 4480000 | 4774586 |
| Massachusetts St Port Auth Rev 5% 7/1/2040 (b) | 2835000 | 2996554 |
| Massachusetts St Port Auth Rev 5% 7/1/2051 (b) | 10000000 | 10110614 |
| Massachusetts St Port Auth Rev Series 2016A, 5% 7/1/2033  | 1740000 | 1757549 |
| Massachusetts St Port Auth Rev Series 2016A, 5% 7/1/2034  | 895000 | 903675 |
| Massachusetts St Port Auth Rev Series 2016A, 5% 7/1/2038  | 1300000 | 1309937 |
| Massachusetts St Port Auth Rev Series 2021 E, 5% 7/1/2038 (b) | 2875000 | 3077696 |
| TOTAL TRANSPORTATION |  | 24930611 |
| Water & Sewer - 0.2% |  |  |
| Massachusetts Clean Water Trust/The Series 2025, 5% 2/1/2030  | 2345000 | 2593598 |
| Massachusetts Clean Water Trust/The Series 2025, 5% 2/1/2032  | 4240000 | 4873193 |
| Massachusetts Clean Water Trust/The Series 26A, 5% 2/1/2030  | 1000000 | 1106012 |
| TOTAL WATER & SEWER |  | 8572803 |
| TOTAL MASSACHUSETTS |  | 107060524 |
| Michigan - 1.6%  |  |  |
| Education - 0.5% |  |  |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2044  | 8540000 | 8758443 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2050  | 13450000 | 13602460 |
| University MI Univ Revs Series 2020 A, 5% 4/1/2050  | 1165000 | 1202945 |
| TOTAL EDUCATION |  | 23563848 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev Series 2016, 5% 5/15/2028 (Pre-refunded to 5/15/2026 at 100)  | 10000 | 10081 |
| General Obligations - 0.1% |  |  |
| Detroit MI Gen. Oblig. Series 2021A, 5% 4/1/2050  | 2600000 | 2610253 |
| Portage MI Pub Schs 5% 11/1/2031  | 2090000 | 2103748 |
| Portage MI Pub Schs 5% 11/1/2036  | 205000 | 205845 |
| TOTAL GENERAL OBLIGATIONS |  | 4919846 |
| Health Care - 0.2% |  |  |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 5% 7/1/2038  | 1515000 | 1552600 |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) 3% 7/1/2051  | 2780000 | 1970301 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 4% 2/15/2044  | 1500000 | 1409647 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series MI 2019 A, 3% 12/1/2049  | 3935000 | 2816506 |
| Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2032  | 1110000 | 1157925 |
| TOTAL HEALTH CARE |  | 8906979 |
| Housing - 0.1% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 3.5% 12/1/2050  | 895000 | 893241 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2021 A, 2.45% 10/1/2046  | 4870000 | 3345455 |
| TOTAL HOUSING |  | 4238696 |
| Special Tax - 0.1% |  |  |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 5% 11/1/2043  | 2570000 | 2630176 |
| Tobacco Bonds - 0.0% |  |  |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 4% 6/1/2049  | 2545000 | 2192283 |
| Transportation - 0.3% |  |  |
| Wayne Cnty Mich Arpt Auth Rev 4% 12/1/2034 (Assured Guaranty Inc Insured)  | 1020000 | 1032554 |
| Wayne Cnty Mich Arpt Auth Rev 4% 12/1/2035 (Assured Guaranty Inc Insured)  | 995000 | 1006838 |
| Wayne Cnty Mich Arpt Auth Rev 4% 12/1/2036 (Assured Guaranty Inc Insured)  | 1035000 | 1044875 |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2029 (b) | 495000 | 510906 |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2030 (b) | 580000 | 598515 |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2031 (b) | 660000 | 675969 |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2032 (b) | 540000 | 552324 |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2037  | 355000 | 363881 |
| Wayne Cnty Mich Arpt Auth Rev Series 2018D, 5% 12/1/2029 (b) | 3645000 | 3824698 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2034  | 580000 | 600861 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2035  | 540000 | 558382 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2032 (b) | 420000 | 432801 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2034 (b) | 495000 | 508619 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2035 (b) | 540000 | 553827 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2037 (b) | 705000 | 720015 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2042 (b) | 830000 | 838389 |
| Wayne Cnty Mich Arpt Auth Rev Series JRA, 4% 12/1/2033 (Assured Guaranty Inc Insured)  | 1230000 | 1245255 |
| Wayne Cnty Mich Arpt Auth Rev Series JRA, 5% 12/1/2031  | 310000 | 321514 |
| Wayne Cnty Mich Arpt Auth Rev Series JRA, 5% 12/1/2032  | 315000 | 326260 |
| TOTAL TRANSPORTATION |  | 15716483 |
| Water & Sewer - 0.3% |  |  |
| Great Lakes Sewer Auth Mich Series 2025A, 5% 7/1/2038  | 2260000 | 2565851 |
| Michigan Fin Auth Rev (MI St Clean Wtr Revolving Fnd Proj.) Series 2024A, 5% 10/1/2037  | 3500000 | 4022293 |
| Michigan Fin Auth Rev (MI St Clean Wtr Revolving Fnd Proj.) Series 2024A, 5% 10/1/2038  | 1160000 | 1324485 |
| Michigan Fin Auth Rev (MI St Clean Wtr Revolving Fnd Proj.) Series 2024A, 5% 10/1/2041  | 6030000 | 6707992 |
| TOTAL WATER & SEWER |  | 14620621 |
| TOTAL MICHIGAN |  | 76799013 |
| Minnesota - 0.5%  |  |  |
| Education - 0.4% |  |  |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2030  | 615000 | 636922 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2045  | 1370000 | 1333799 |
| Minnesota St Office of Higher Ed Rev Series 2023, 5% 11/1/2030 (b) | 3800000 | 4012519 |
| Minnesota St Office of Higher Ed Rev Series 2023, 5% 11/1/2031 (b) | 4200000 | 4458083 |
| Minnesota St Office of Higher Ed Rev Series 2023, 5% 11/1/2032 (b) | 4400000 | 4686225 |
| TOTAL EDUCATION |  | 15127548 |
| General Obligations - 0.1% |  |  |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2038 (Minnesota St Guaranteed) (g) | 1050000 | 644963 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2041 (Minnesota St Guaranteed) (g) | 1185000 | 600093 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2042 (Minnesota St Guaranteed) (g) | 2600000 | 1230529 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2043 (Minnesota St Guaranteed) (g) | 2050000 | 908294 |
| TOTAL GENERAL OBLIGATIONS |  | 3383879 |
| Housing - 0.0% |  |  |
| Minneapolis MN Multifamily Rev Series 2019, 2.46% 1/1/2038 (Fannie Mae Guaranteed)  | 2508963 | 2114563 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 F, 5.75% 7/1/2053  | 885000 | 940405 |
| TOTAL HOUSING |  | 3054968 |
| TOTAL MINNESOTA |  | 21566395 |
| Missouri - 0.6%  |  |  |
| General Obligations - 0.0% |  |  |
| Jefferson City MO Sch Dist Series 2025, 5.5% 3/1/2045  | 1900000 | 2059004 |
| Health Care - 0.2% |  |  |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2030  | 580000 | 593806 |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2031  | 870000 | 890031 |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2036  | 1725000 | 1753990 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 3.125% 2/1/2027  | 830000 | 830078 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 3.25% 2/1/2028  | 830000 | 830135 |
| St Louis Cnty MO Indl Dev Auth Sr Living Facs Rev (Friendship Village of West County Proj.) Series 2018A, 5.125% 9/1/2048  | 3325000 | 3222860 |
| TOTAL HEALTH CARE |  | 8120900 |
| Housing - 0.1% |  |  |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2019B, 4% 5/1/2050  | 335000 | 336689 |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2021C, 3.25% 11/1/2052  | 2015000 | 1995739 |
| Missouri St Hsg Dev Commn Single Family Mtg Rev (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2025F, 5.05% 11/1/2055  | 3725000 | 3743363 |
| TOTAL HOUSING |  | 6075791 |
| Transportation - 0.3% |  |  |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 4% 3/1/2045 (b) | 8160000 | 7410236 |
| St Louis MO Arpt Rev Series 2019C, 5% 7/1/2033  | 2390000 | 2548429 |
| St Louis MO Arpt Rev Series 2019C, 5% 7/1/2034  | 1750000 | 1858882 |
| TOTAL TRANSPORTATION |  | 11817547 |
| Water & Sewer - 0.0% |  |  |
| Kansas City MO Wtr Rev 4% 12/1/2042  | 1200000 | 1208875 |
| TOTAL MISSOURI |  | 29282117 |
| Montana - 0.1%  |  |  |
| General Obligations - 0.0% |  |  |
| Missoula Cnty Mont Sch Dist No7 Lolo 3% 7/1/2047  | 500000 | 367236 |
| Missoula Cnty Mont Sch Dist No7 Lolo 3% 7/1/2048  | 500000 | 363170 |
| TOTAL GENERAL OBLIGATIONS |  | 730406 |
| Health Care - 0.1% |  |  |
| Montana Fac Fin Auth Health Facs Rev (Bozeman Health Proj.) Series 2021 A, 3% 6/1/2050  | 4010000 | 2888745 |
| Housing - 0.0% |  |  |
| Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) Series 2019B, 4% 6/1/2050  | 225000 | 227076 |
| TOTAL MONTANA |  | 3846227 |
| Nebraska - 0.3%  |  |  |
| Education - 0.0% |  |  |
| Douglas Cnty Neb Edl Facs Rev (Creighton University Proj.) Series 2017, 4% 7/1/2034  | 830000 | 838774 |
| Douglas Cnty Neb Edl Facs Rev (Creighton University Proj.) Series 2017, 5% 7/1/2036  | 570000 | 583776 |
| Douglas Cnty Neb Edl Facs Rev (Creighton University Proj.) Series 2021 A, 3% 7/1/2051  | 1795000 | 1277292 |
| TOTAL EDUCATION |  | 2699842 |
| Electric Utilities - 0.1% |  |  |
| Nebraska Pub Pwr Dist Rev Series B, 5% 1/1/2037  | 2050000 | 2052127 |
| Omaha Public Power District Series 2021 A, 3% 2/1/2041  | 2065000 | 1827563 |
| TOTAL ELECTRIC UTILITIES |  | 3879690 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2026 (Escrowed to Maturity) (b) | 530000 | 539337 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2035 (Pre-refunded to 12/15/2026 at 100) (b) | 745000 | 758124 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 1297461 |
| Housing - 0.1% |  |  |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 B, 4% 9/1/2049 (b) | 725000 | 726022 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 E, 3.75% 9/1/2049 (b) | 565000 | 564300 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2020 A, 3.5% 9/1/2050  | 800000 | 797538 |
| Nebraska Invt Fin Auth Single Family Hsg Rev Series 2025E, 6.25% 9/1/2055  | 1370000 | 1528697 |
| TOTAL HOUSING |  | 3616557 |
| Transportation - 0.1% |  |  |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2026 (b) | 660000 | 672604 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2027 (b) | 455000 | 463350 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2030 (b) | 685000 | 696308 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2031 (b) | 360000 | 365453 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2033 (b) | 365000 | 369642 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2035 (b) | 910000 | 920055 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2036 (b) | 230000 | 232288 |
| TOTAL TRANSPORTATION |  | 3719700 |
| TOTAL NEBRASKA |  | 15213250 |
| Nevada - 0.7%  |  |  |
| General Obligations - 0.6% |  |  |
| Clark Cnty NV School Dist Series 2020 B, 3% 6/15/2039 (Build America Mutual Assurance Co Insured)  | 3710000 | 3341340 |
| Clark Cnty NV School Dist Series 2024 B, 3% 6/15/2042  | 18815000 | 16116214 |
| Clark Cnty NV School Dist Series 2024 B, 3% 6/15/2043  | 1270000 | 1059093 |
| Nevada St Gen. Oblig. Series 2024A, 3% 5/1/2039  | 6265000 | 5801699 |
| TOTAL GENERAL OBLIGATIONS |  | 26318346 |
| Housing - 0.0% |  |  |
| Nevada Hsg Div Single Family Mtg Rev (NV Single Fam Mort Rev 9/1/2008 Proj.) Series 2019B, 4% 10/1/2049  | 430000 | 431858 |
| Special Tax - 0.1% |  |  |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2040  | 1000000 | 1032265 |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2045  | 2605000 | 2624105 |
| TOTAL SPECIAL TAX |  | 3656370 |
| TOTAL NEVADA |  | 30406574 |
| New Hampshire - 0.7%  |  |  |
| Health Care - 0.3% |  |  |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 3% 8/15/2051 (Assured Guaranty Inc Insured)  | 3855000 | 2818061 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2028  | 895000 | 934801 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2029  | 855000 | 891879 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2030  | 850000 | 886045 |
| New Hampshire Health and Education Facilities Authority Act (Mass General Brigham Inc Proj.) 5% 7/1/2033  | 2900000 | 3019089 |
| New Hampshire Health and Education Facilities Authority Act (Mass General Brigham Inc Proj.) 5% 7/1/2034  | 4415000 | 4590277 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 4% 10/1/2038  | 2010000 | 1998405 |
| TOTAL HEALTH CARE |  | 15138557 |
| Housing - 0.4% |  |  |
| National Fin Auth NH Hosp Rev (Lihtc 2020-1 Us Proj.) Series 1 Class A, 4.125% 1/20/2034  | 5562354 | 5666465 |
| National Fin Auth NH Hosp Rev (Lihtc 2023-2 Us Proj.) Series 2 Class A, 3.875% 1/20/2038  | 10285978 | 9936170 |
| TOTAL HOUSING |  | 15602635 |
| TOTAL NEW HAMPSHIRE |  | 30741192 |
| New Jersey - 6.3%  |  |  |
| Education - 1.0% |  |  |
| Atlantic Cnty NJ Impt Auth Lse (Stockton University Proj.) Series 2016 A, 5% 7/1/2028 (Assured Guaranty Inc Insured)  | 860000 | 867936 |
| Atlantic Cnty NJ Impt Auth Lse (Stockton University Proj.) Series 2016 A, 5% 7/1/2030 (Assured Guaranty Inc Insured)  | 2105000 | 2124418 |
| Atlantic Cnty NJ Impt Auth Lse (Stockton University Proj.) Series 2016 A, 5% 7/1/2032 (Assured Guaranty Inc Insured)  | 1035000 | 1043342 |
| Atlantic Cnty NJ Impt Auth Lse (Stockton University Proj.) Series 2016 A, 5% 7/1/2033 (Assured Guaranty Inc Insured)  | 1075000 | 1083240 |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2049 (Build America Mutual Assurance Co Insured)  | 3185000 | 3296525 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2010-1 Proj.) 5% 12/1/2026 (b) | 830000 | 841890 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2018 Proj.) Series 2018 B, 5% 12/1/2026 (b) | 1035000 | 1049827 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023A, 5% 12/1/2031 (b) | 2475000 | 2674801 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023A, 5% 12/1/2032 (b) | 2475000 | 2678845 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023A, 5% 12/1/2033 (b) | 2400000 | 2618380 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2030 (b) | 3420000 | 3660135 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2031 (b) | 4610000 | 4982155 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2032 (b) | 11000000 | 11905979 |
| New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2031  | 1740000 | 1753391 |
| New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2032  | 1985000 | 1999239 |
| TOTAL EDUCATION |  | 42580103 |
| General Obligations - 4.0% |  |  |
| Englewood NJ Gen. Oblig. Series 2021, 2% 2/1/2031  | 1670000 | 1550142 |
| Lyndhurst Twp NJ Sch Dist 2% 9/1/2034 (Assured Guaranty Inc Insured)  | 1000000 | 874510 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 LLL, 5% 6/15/2044  | 2680000 | 2760358 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2046  | 8255000 | 7683316 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2040  | 8915000 | 9330199 |
| New Jersey St Gen. Oblig. 2% 6/1/2030  | 3745000 | 3556462 |
| New Jersey St Gen. Oblig. 2% 6/1/2032  | 3155000 | 2890460 |
| New Jersey St Gen. Oblig. 2% 6/1/2036  | 1775000 | 1473712 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2030 (National Public Finance Guarantee Corporation Insured) (g) | 1200000 | 1034756 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2033 (Assured Guaranty Inc Insured) (g) | 9770000 | 7597851 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2034 (g) | 2220000 | 1661725 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2038 (g) | 1500000 | 916433 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2035  | 1500000 | 1548150 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2040  | 1680000 | 1666177 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2045  | 7950000 | 7510319 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2050  | 4865000 | 4369145 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2033  | 680000 | 733006 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2032  | 6845000 | 7736389 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2032  | 5810000 | 6457987 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2033  | 2980000 | 3300061 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2033  | 1635000 | 1810604 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2034  | 1060000 | 1169243 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2035  | 490000 | 534030 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2039  | 3000000 | 3206000 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2040  | 17550000 | 19379505 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2042  | 4130000 | 4463716 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2043  | 7000000 | 7493498 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2044  | 1695000 | 1799344 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2045  | 6580000 | 6930694 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2050  | 7170000 | 7521616 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2055  | 15110000 | 15748653 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2039  | 5030000 | 5053141 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2040  | 5410000 | 5365487 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2042  | 7290000 | 7100331 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2032  | 8500000 | 9606912 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2034  | 7460000 | 8357038 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2036  | 2215000 | 2454781 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2037  | 4235000 | 4665938 |
| TOTAL GENERAL OBLIGATIONS |  | 187311689 |
| Health Care - 0.1% |  |  |
| New Jersey Econom Dev Auth Rev (Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% (c) | 910000 | 707623 |
| New Jersey Economic Dev Auth Rev (White Horse HMT Urban Renewal LLC Proj.) 5% (c)(f) | 983042 | 693766 |
| New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 4% 7/1/2048  | 2400000 | 2066259 |
| New Jersey Health Care (Univ of Penn Health Systems Proj.) 5% 7/1/2028  | 300000 | 303276 |
| New Jersey Health Care (Univ of Penn Health Systems Proj.) 5% 7/1/2030  | 830000 | 839144 |
| New Jersey Health Care (Univ of Penn Health Systems Proj.) Series 2016A, 5% 7/1/2027  | 620000 | 627199 |
| TOTAL HEALTH CARE |  | 5237267 |
| Tobacco Bonds - 0.0% |  |  |
| Tobacco Settlement Fin Corp NJ Series 2018B, 5% 6/1/2046  | 1400000 | 1358961 |
| Transportation - 1.2% |  |  |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2029  | 1865000 | 1882242 |
| New Jersey Turnpike Authority 4% 1/1/2035  | 2295000 | 2473127 |
| New Jersey Turnpike Authority 4.25% 1/1/2043  | 1680000 | 1684594 |
| New Jersey Turnpike Authority 4.5% 1/1/2048  | 10000000 | 10110196 |
| New Jersey Turnpike Authority 5% 1/1/2033  | 4585000 | 5243667 |
| New Jersey Turnpike Authority 5% 1/1/2034  | 2750000 | 3177706 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2042  | 4305000 | 4653332 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2043  | 4525000 | 4859464 |
| New Jersey Turnpike Authority Series 2025 C, 5% 1/1/2035  | 1805000 | 2105019 |
| New Jersey Turnpike Authority Series 2025A, 5.25% 1/1/2050  | 14910000 | 16020088 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2022 A, 4.625% 11/1/2047  | 3500000 | 3479417 |
| TOTAL TRANSPORTATION |  | 55688852 |
| TOTAL NEW JERSEY |  | 292176872 |
| New Jersey,New York - 0.2%  |  |  |
| Transportation - 0.2% |  |  |
| Port Auth NY & NJ 5% 10/15/2030 (b) | 5025000 | 5476170 |
| Port Auth NY & NJ Series 238, 5% 7/15/2038 (b) | 2085000 | 2260787 |
| Port Auth NY & NJ Series 238, 5% 7/15/2039 (b) | 1275000 | 1374395 |
| Port Auth NY & NJ Series 238, 5% 7/15/2040 (b) | 1120000 | 1194611 |
| TOTAL NEW JERSEY,NEW YORK |  | 10305963 |
| New Mexico - 0.4%  |  |  |
| General Obligations - 0.4% |  |  |
| New Mexico Mun Energy Acquisition Auth Gas Supply Rev 5% tender 6/1/2054 (Royal Bank of Canada Guaranteed) (d) | 16500000 | 17612093 |
| Health Care - 0.0% |  |  |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2034  | 255000 | 261302 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2039  | 205000 | 206516 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2044  | 215000 | 209901 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2049  | 425000 | 394659 |
| TOTAL HEALTH CARE |  | 1072378 |
| Housing - 0.0% |  |  |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2019 D, 3.75% 1/1/2050  | 805000 | 805900 |
| TOTAL NEW MEXICO |  | 19490371 |
| New York - 8.4%  |  |  |
| Education - 0.3% |  |  |
| Hempstead Town NY Local Dev Corp Rev (Hofstra Univ, NY Proj.) Series 2021 A, 3% 7/1/2051  | 3310000 | 2370032 |
| New York St Dorm Auth Revs Non St Supportd Debt (Fordham University Proj.) Series 2017, 4% 7/1/2033  | 1035000 | 1045247 |
| New York St Dorm Auth Revs Non St Supportd Debt (Fordham University Proj.) Series 2017, 4% 7/1/2034  | 1035000 | 1044130 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2037  | 785000 | 821403 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2042  | 2210000 | 2244147 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2050  | 5710000 | 5577872 |
| Onondaga NY Civic Dev Corp (Le Moyne College Proj.) Series 2018, 5% 1/1/2043  | 830000 | 833481 |
| TOTAL EDUCATION |  | 13936312 |
| Electric Utilities - 0.0% |  |  |
| Long Island Pwr Auth NY Elec Series 2024B, 3% tender 9/1/2049 (d) | 1750000 | 1750258 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| New York State Dormitory Authority 5% 3/15/2029 (Escrowed to Maturity)  | 5385000 | 5810255 |
| General Obligations - 0.3% |  |  |
| City of New York NY Gen. Oblig. Series FISCAL 2025G SUB G 1, 5.25% 2/1/2048  | 7270000 | 7683305 |
| New York NY City Edl Constr Fd (City of New York NY Proj.) Series 2021 B, 5% 4/1/2046  | 5215000 | 5342359 |
| TOTAL GENERAL OBLIGATIONS |  | 13025664 |
| Health Care - 0.1% |  |  |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 4% 12/1/2033 (Assured Guaranty Inc Insured)  | 1200000 | 1228071 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 5% 12/1/2031 (Assured Guaranty Inc Insured)  | 1500000 | 1603137 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 4.625% 11/1/2031 (c) | 565000 | 530319 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 5.375% 11/1/2054 (c) | 1150000 | 872075 |
| TOTAL HEALTH CARE |  | 4233602 |
| Housing - 0.1% |  |  |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 J, 3.05% 11/1/2049  | 1925000 | 1455716 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 F 1, 2.4% 11/1/2046  | 2680000 | 1821627 |
| State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 221, 3.5% 10/1/2032 (b) | 370000 | 368484 |
| TOTAL HOUSING |  | 3645827 |
| Industrial Development - 0.6% |  |  |
| MTA Hudson Rail Yards Trust Series 2016 A, 5% 11/15/2056  | 26320000 | 26319197 |
| Special Tax - 3.4% |  |  |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 5/1/2049  | 5650000 | 5838026 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024D SUB D 1, 5% 11/1/2031  | 8000000 | 9035211 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024D SUB D 1, 5% 11/1/2033  | 8000000 | 9243214 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024F SUB F 1, 5% 2/1/2049  | 3810000 | 3929586 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2024A SUB A 1, 5% 5/1/2042  | 4870000 | 5198478 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2041  | 26245000 | 28486098 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2050  | 10395000 | 10787168 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024 B, 5% 3/15/2036  | 4980000 | 5817004 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024 B, 5% 3/15/2038  | 5295000 | 6081279 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 3% 3/15/2050  | 3275000 | 2411190 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 3% 2/15/2049  | 7555000 | 5626604 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2030  | 5235000 | 5770439 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2031  | 10470000 | 11747353 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2033  | 3410000 | 3935813 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2034  | 3055000 | 3562213 |
| New York State Dormitory Authority (New York State Pit Proj.) 5% 3/15/2029  | 2615000 | 2821227 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 5% 3/15/2042  | 2000000 | 2104453 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 E, 3% 3/15/2050  | 4230000 | 3147475 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020E, 4% 3/15/2044  | 16210000 | 15470788 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020E, 4% 3/15/2045  | 18000000 | 16767181 |
| TOTAL SPECIAL TAX |  | 157780800 |
| Transportation - 3.1% |  |  |
| Metropolitan Transn Auth NY Rv 4% 11/15/2046  | 39325000 | 35872379 |
| Metropolitan Transn Auth NY Rv 4% 11/15/2047  | 2710000 | 2454530 |
| Metropolitan Transn Auth NY Rv Series 2020 A 1, 4% 11/15/2051  | 3550000 | 3111716 |
| Metropolitan Transn Auth NY Rv Series 2020 A 1, 4% 11/15/2052  | 3855000 | 3366500 |
| Metropolitan Transn Auth NY Rv Series 2024A, 5% 11/15/2034  | 27955000 | 31826561 |
| Metropolitan Transn Auth NY Rv Series 2024A, 5% 11/15/2035  | 4000000 | 4519090 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2032 (b) | 2755000 | 3008297 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2033 (b) | 4270000 | 4639814 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2034 (b) | 4665000 | 5043778 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2035 (b) | 2330000 | 2504141 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2036 (b) | 1590000 | 1697129 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2037 (b) | 4240000 | 4495499 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2038 (b) | 10300000 | 10873055 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2039 (b) | 7875000 | 8259512 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2040 (b) | 6665000 | 6937923 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2041 (b) | 6060000 | 6255370 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2042 (b) | 3030000 | 3100857 |
| New York Transportation Development Corp (Jfk Intl Terminal 6 Proj.) 5.5% 12/31/2054 (b) | 3510000 | 3580546 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 5% 7/1/2041 (b) | 3560000 | 3560284 |
| TOTAL TRANSPORTATION |  | 145106981 |
| Water & Sewer - 0.4% |  |  |
| New York NY Cty Muni Wtr Fin Auth 5.5% 6/15/2039  | 3305000 | 3929100 |
| New York NY Cty Muni Wtr Fin Auth Series 2020 GG1, 5% 6/15/2048  | 3500000 | 3600407 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2022 EE, 5% 6/15/2045  | 11240000 | 11752148 |
| TOTAL WATER & SEWER |  | 19281655 |
| TOTAL NEW YORK |  | 390890551 |
| North Carolina - 0.6%  |  |  |
| General Obligations - 0.1% |  |  |
| Charlotte NC Ctfs Partn (Charlotte NC Proj.) Series 2019A, 5% 6/1/2044  | 4000000 | 4121425 |
| Charlotte NC Ctfs Partn (Charlotte NC Proj.) Series 2019A, 5% 6/1/2046  | 2120000 | 2173191 |
| TOTAL GENERAL OBLIGATIONS |  | 6294616 |
| Health Care - 0.2% |  |  |
| North Carolina Med Care Commn Health Care Facs Rev (Lutheran Retirement Ministries of Alamance County NC Proj.) Series 2021 A, 4% 3/1/2041  | 1050000 | 989832 |
| North Carolina Med Care Commn Health Care Facs Rev (Lutheran Retirement Ministries of Alamance County NC Proj.) Series 2021 A, 4% 3/1/2051  | 2075000 | 1720064 |
| North Carolina Med Care Commn Health Care Facs Rev (Unc Rex Healthcare Proj.) Series 2020 A, 3% 7/1/2045  | 3445000 | 2760778 |
| TOTAL HEALTH CARE |  | 5470674 |
| Transportation - 0.3% |  |  |
| Charlotte NC Arpt Rev Series A, 5% 7/1/2030  | 1265000 | 1308948 |
| Charlotte NC Arpt Rev Series A, 5% 7/1/2033  | 1040000 | 1071163 |
| Charlotte NC Arpt Rev Series A, 5% 7/1/2037  | 2910000 | 2980151 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2026 (b) | 85000 | 85862 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2027 (b) | 160000 | 164713 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2028 (b) | 135000 | 139049 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2029 (b) | 195000 | 200900 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2030 (b) | 210000 | 216202 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2031 (b) | 395000 | 406199 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2032 (b) | 420000 | 431218 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2033 (b) | 440000 | 450907 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2034 (b) | 460000 | 470597 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2035 (b) | 315000 | 321842 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2036 (b) | 255000 | 260122 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2037 (b) | 300000 | 305516 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2042 (b) | 975000 | 983651 |
| Charlotte NC Arpt Rev Series C, 4% 7/1/2032  | 1190000 | 1206432 |
| North Carolina St Grant Antic Rev Series 2021, 2% 3/1/2036  | 5490000 | 4685977 |
| TOTAL TRANSPORTATION |  | 15689449 |
| TOTAL NORTH CAROLINA |  | 27454739 |
| North Dakota - 0.1%  |  |  |
| Education - 0.1% |  |  |
| University North Dakota Ctfs Partn (University ND Univ Revs Proj.) Series 2021 A, 3% 6/1/2061 (Assured Guaranty Inc Insured)  | 5480000 | 3722891 |
| General Obligations - 0.0% |  |  |
| Fargo ND Gen. Oblig. Series 2020 B, 2.25% 5/1/2045  | 4375000 | 2950444 |
| TOTAL NORTH DAKOTA |  | 6673335 |
| Ohio - 3.1%  |  |  |
| Education - 0.4% |  |  |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2036 (Build America Mutual Assurance Co Insured)  | 1265000 | 1441194 |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2037 (Build America Mutual Assurance Co Insured)  | 3915000 | 4373968 |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2038 (Build America Mutual Assurance Co Insured)  | 2000000 | 2222503 |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2041 (Build America Mutual Assurance Co Insured)  | 3325000 | 3566857 |
| Ohio St Higher Ed Fac Comm (Oberlin College, OH Proj.) Series A, 5.25% 10/1/2053  | 3955000 | 4122165 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5% 5/1/2034  | 1085000 | 1211786 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5% 5/1/2035  | 1125000 | 1246310 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5% 5/1/2037  | 710000 | 774434 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5% 5/1/2039  | 1760000 | 1894596 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5.25% 5/1/2049  | 2160000 | 2202332 |
| TOTAL EDUCATION |  | 23056145 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Akron Bath Copley Hsp Dist OH 5.25% 11/15/2046 (Pre-refunded to 11/15/2026 at 100)  | 7285000 | 7448871 |
| General Obligations - 0.4% |  |  |
| Bowling Green OH City Sch Dist Series 2024 B, 4% 10/1/2044  | 4130000 | 4031141 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2042  | 1000000 | 1079063 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2044  | 1000000 | 1059244 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2046  | 1000000 | 1046255 |
| Columbus OH City Sch Dist 5% 12/1/2029  | 1740000 | 1755623 |
| Lancaster Port Auth OH Gas Rev Series 2024 A, 5% tender 2/1/2055 (Royal Bank of Canada Guaranteed) (d) | 10170000 | 10807156 |
| TOTAL GENERAL OBLIGATIONS |  | 19778482 |
| Health Care - 0.5% |  |  |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5.25% 6/15/2043  | 3470000 | 3135904 |
| Middleburg Heights OH Hosp Rev (Southwest General Hosp Ctr Proj.) Series 2020 A, 4% 8/1/2047  | 2080000 | 1814518 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2021 A, 4% 1/15/2046  | 5600000 | 5069159 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) 5% 2/15/2029  | 1815000 | 1817797 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2019, 5% 2/15/2029  | 2320000 | 2380904 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2028  | 1550000 | 1610542 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2029  | 1645000 | 1730457 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2030  | 1750000 | 1864790 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2031  | 1850000 | 1990676 |
| TOTAL HEALTH CARE |  | 21414747 |
| Housing - 0.1% |  |  |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2019B, 4.5% 3/1/2050  | 260000 | 262810 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2023 B, 6% 3/1/2055  | 2325000 | 2541690 |
| TOTAL HOUSING |  | 2804500 |
| Special Tax - 0.3% |  |  |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev (Franklin Cnty OH Proj.) Series 2019, 5% 12/1/2046  | 4700000 | 4776743 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev (Franklin Cnty OH Proj.) Series 2019, 5% 12/1/2051  | 6900000 | 6983243 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev Series 2019, 5% 12/1/2044  | 470000 | 470839 |
| TOTAL SPECIAL TAX |  | 12230825 |
| Tobacco Bonds - 0.2% |  |  |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 3% 6/1/2048  | 3870000 | 2738083 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 4% 6/1/2048  | 1265000 | 1092160 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2030  | 2000000 | 2168727 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2032  | 1665000 | 1785346 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2033  | 2000000 | 2131346 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2034  | 420000 | 444065 |
| TOTAL TOBACCO BONDS |  | 10359727 |
| Transportation - 1.0% |  |  |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2032 (b) | 4695000 | 5168634 |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2039 (b) | 13340000 | 14513103 |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2040 (b) | 7600000 | 8135021 |
| Columbus OH Regl Arpt Au Rev 5.25% 1/1/2041 (b) | 7115000 | 7679363 |
| Columbus OH Regl Arpt Au Rev 5.25% 1/1/2045 (b) | 1470000 | 1531581 |
| Ohio St Tpk Commn Tpk Rev 5% 2/15/2032  | 4930000 | 5600057 |
| Ohio St Tpk Commn Tpk Rev 5% 2/15/2038  | 1155000 | 1286676 |
| Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2042 (g) | 2150000 | 1105366 |
| Ohio St Tpk Commn Tpk Rev Series 2022A, 5% 2/15/2039  | 240000 | 266133 |
| TOTAL TRANSPORTATION |  | 45285934 |
| TOTAL OHIO |  | 142379231 |
| Oklahoma - 0.1%  |  |  |
| Education - 0.0% |  |  |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2044  | 1915000 | 1811155 |
| University of Oklahoma/The Series 2021 A, 3% 7/1/2041 (Assured Guaranty Inc Insured)  | 1380000 | 1155102 |
| TOTAL EDUCATION |  | 2966257 |
| Housing - 0.0% |  |  |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) 6% 3/1/2054  | 420000 | 460391 |
| Special Tax - 0.1% |  |  |
| Oklahoma Cty OK Pub Ppty Auth Hotel Tax Rev 5% 10/1/2029  | 1160000 | 1161802 |
| Oklahoma Cty OK Pub Ppty Auth Hotel Tax Rev 5% 10/1/2039  | 1655000 | 1655852 |
| TOTAL SPECIAL TAX |  | 2817654 |
| TOTAL OKLAHOMA |  | 6244302 |
| Oregon - 1.4%  |  |  |
| General Obligations - 0.4% |  |  |
| City of Lake Oswego OR Gen. Oblig. 2.7% 6/1/2037  | 1850000 | 1695581 |
| City of Lake Oswego OR Gen. Oblig. 2.75% 6/1/2038  | 1960000 | 1775359 |
| Deschutes Cnty Ore Sch Dist No 6 Sisters 3% 6/15/2040 (Oregon St Guaranteed)  | 1000000 | 886881 |
| Deschutes Cnty Ore Sch Dist No 6 Sisters 3% 6/15/2041 (Oregon St Guaranteed)  | 1190000 | 1034053 |
| Multnomah Cnty OR Sch Dist No 1 Portland Series 2020 B, 3% 6/15/2036 (Oregon St Guaranteed)  | 1525000 | 1456338 |
| Redmond or Gen. Oblig. Series 2025 A, 5.25% 6/1/2044 (b) | 2180000 | 2314739 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2038 (Oregon St Guaranteed) (g) | 2915000 | 1767633 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2040 (Oregon St Guaranteed) (g) | 1200000 | 642196 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2041 (Oregon St Guaranteed) (g) | 6500000 | 3263174 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2042 (Oregon St Guaranteed) (g) | 1535000 | 722255 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2044 (Oregon St Guaranteed) (g) | 5000000 | 2064814 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2045 (Oregon St Guaranteed) (g) | 3790000 | 1469702 |
| TOTAL GENERAL OBLIGATIONS |  | 19092725 |
| Health Care - 0.2% |  |  |
| Oregon Hlth Sciences Univ Rev Series 2021 A, 3% 7/1/2051  | 8100000 | 5781380 |
| Salem OR Hosp Fac Auth Rev (Salem Health Proj.) Series 2019 A, 3% 5/15/2049  | 5975000 | 4301680 |
| TOTAL HEALTH CARE |  | 10083060 |
| Housing - 0.1% |  |  |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 2.65% 7/1/2039  | 1065000 | 931283 |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 4% 7/1/2050  | 2980000 | 2990824 |
| TOTAL HOUSING |  | 3922107 |
| Special Tax - 0.1% |  |  |
| Oregon St Dept Admin Lottery 5.25% 4/1/2042  | 2500000 | 2817020 |
| Oregon St Dept Admin Lottery 5.25% 4/1/2043  | 3600000 | 4016025 |
| TOTAL SPECIAL TAX |  | 6833045 |
| Transportation - 0.6% |  |  |
| Port of Portland Arpt Rev 5% 7/1/2041 (b) | 12420000 | 13093199 |
| Port of Portland Arpt Rev 5% 7/1/2045 (b) | 2980000 | 3031040 |
| Port of Portland Arpt Rev 5% 7/1/2052 (b) | 10500000 | 10611884 |
| TOTAL TRANSPORTATION |  | 26736123 |
| TOTAL OREGON |  | 66667060 |
| Pennsylvania - 5.6%  |  |  |
| Education - 0.1% |  |  |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 3.5% (f) | 1200000 | 576000 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4% (f) | 2450000 | 1176000 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4.25% (f) | 2730000 | 1310400 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2016, 5% 5/1/2028  | 415000 | 416813 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2016, 5% 5/1/2032  | 1040000 | 1043938 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2017, 5% 5/1/2035  | 1025000 | 1041202 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2017, 5% 5/1/2037  | 1295000 | 1312817 |
| TOTAL EDUCATION |  | 6877170 |
| Electric Utilities - 0.2% |  |  |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH A, 5.25% 8/1/2054 (Assured Guaranty Inc Insured)  | 4745000 | 4990674 |
| Philadelphia PA Gas Wks Rev Series SIXTEENTH A, 4% 8/1/2045 (Assured Guaranty Inc Insured)  | 2685000 | 2596245 |
| TOTAL ELECTRIC UTILITIES |  | 7586919 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Philadelphia PA Sch Dist Series F, 5% 9/1/2030 (Pre-refunded to 9/1/2026 at 100)  | 20000 | 20317 |
| General Obligations - 1.5% |  |  |
| Pennsylvania St Gen. Oblig. 5% 9/1/2032  | 10000000 | 11483055 |
| Philadelphia PA Sch Dist 4% 9/1/2035  | 5215000 | 5349917 |
| Philadelphia PA Sch Dist 5% 9/1/2027  | 8020000 | 8133143 |
| Philadelphia PA Sch Dist 5% 9/1/2028  | 11600000 | 11772767 |
| Philadelphia PA Sch Dist 5% 9/1/2028  | 6705000 | 6804862 |
| Philadelphia PA Sch Dist 5% 9/1/2029  | 7540000 | 7652799 |
| Philadelphia PA Sch Dist 5% 9/1/2033  | 2540000 | 2706830 |
| Philadelphia PA Sch Dist 5% 9/1/2033 (Assured Guaranty Inc Insured)  | 2480000 | 2662470 |
| Philadelphia PA Sch Dist 5% 9/1/2034  | 7225000 | 7671865 |
| Philadelphia PA Sch Dist 5% 9/1/2037  | 910000 | 950122 |
| Philadelphia PA Sch Dist Series B, 5% 9/1/2043  | 2115000 | 2164412 |
| Philadelphia PA Sch Dist Series F, 5% 9/1/2030  | 5625000 | 5709524 |
| State Pub Sch Bldg Auth PA Lease Rev (Philadelphia PA Sch Dist Proj.) Series 2015A, 5% 6/1/2026  | 65000 | 65105 |
| TOTAL GENERAL OBLIGATIONS |  | 73126871 |
| Health Care - 1.6% |  |  |
| Bucks Cnty PA Ida Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021, 3% 8/15/2053 (Assured Guaranty Inc Insured)  | 8240000 | 5979001 |
| Dauphin Cnty PA Gen Auth Hlth Sys Rev (UPMC Proj.) Series 2016 A, 5% 6/1/2028  | 885000 | 892614 |
| Dauphin Cnty PA Gen Auth Hlth Sys Rev (UPMC Proj.) Series 2016 A, 5% 6/1/2029  | 970000 | 977907 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 4% 7/15/2033  | 2070000 | 1992738 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 4% 7/15/2035  | 2135000 | 2013207 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 4% 7/15/2037  | 4140000 | 3787849 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2026  | 1035000 | 1039449 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2027  | 1745000 | 1764941 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2028  | 1285000 | 1301317 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2029  | 1385000 | 1402525 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2030  | 1815000 | 1839061 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2031  | 1240000 | 1255778 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2032  | 1305000 | 1320438 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2034  | 1405000 | 1415408 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2036  | 4150000 | 4166119 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2038  | 4990000 | 5004324 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) Series 2020, 4% 7/15/2045  | 2900000 | 2259941 |
| Lancaster Cnty PA Hosp Aut Rev (Penn State Hlth System Proj.) Series 2021, 5% 11/1/2051  | 720000 | 718286 |
| Monroe Cnty PA Hosp Auth Rev (Thomas Jefferson Univ-Abiington Proj.) 5% 7/1/2026  | 830000 | 837395 |
| Monroe Cnty PA Hosp Auth Rev (Thomas Jefferson Univ-Abiington Proj.) 5% 7/1/2027  | 830000 | 838033 |
| Monroe Cnty PA Hosp Auth Rev (Thomas Jefferson Univ-Abiington Proj.) 5% 7/1/2028  | 830000 | 838628 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2028  | 1255000 | 1239566 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2029  | 2150000 | 2116151 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2036  | 6790000 | 6353618 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2040  | 4700000 | 4147022 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp&Med Ctr, PA Proj.) 5% 10/1/2027  | 415000 | 408769 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp&Med Ctr, PA Proj.) 5% 10/1/2031  | 3790000 | 3695234 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2016 A, 5% 8/15/2036  | 615000 | 620621 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2018A, 4% 8/15/2048  | 10545000 | 9193323 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 2, 5% 7/1/2038  | 1625000 | 1705797 |
| TOTAL HEALTH CARE |  | 71125060 |
| Transportation - 1.8% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 4% 1/1/2038 (b) | 2545000 | 2556132 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 4% 1/1/2039 (b) | 3075000 | 3067265 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 4% 1/1/2040 (b) | 10000000 | 9791801 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 4% 1/1/2041 (b) | 10000000 | 9624832 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2029 (b) | 4185000 | 4418518 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2030 (b) | 4000000 | 4289597 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2031 (b) | 3000000 | 3255422 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2032 (b) | 4000000 | 4316402 |
| Pennsylvania Turnpike Commission 5% 12/1/2044  | 5765000 | 6213796 |
| Pennsylvania Turnpike Commission 5% 12/1/2045  | 3850000 | 4113181 |
| Pennsylvania Turnpike Commission 5% 12/1/2047  | 2610000 | 2761562 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2038  | 6680000 | 7280063 |
| Pennsylvania Turnpike Commission Series FIRST 2024, 5% 12/1/2039  | 2850000 | 3207159 |
| Philadelphia PA Airport Rev 5% 7/1/2026 (b) | 2485000 | 2509599 |
| Philadelphia PA Airport Rev 5% 7/1/2026  | 830000 | 839779 |
| Philadelphia PA Airport Rev 5% 7/1/2027 (b) | 2070000 | 2129441 |
| Philadelphia PA Airport Rev 5% 7/1/2027  | 660000 | 683666 |
| Philadelphia PA Airport Rev 5% 7/1/2028 (b) | 2485000 | 2563218 |
| Philadelphia PA Airport Rev 5% 7/1/2029 (b) | 1860000 | 1918486 |
| Philadelphia PA Airport Rev 5% 7/1/2032 (b) | 2485000 | 2549537 |
| Philadelphia PA Airport Rev 5% 7/1/2034 (b) | 3310000 | 3385763 |
| Philadelphia PA Airport Rev Series 2025B, 5.25% 7/1/2042 (b) | 2000000 | 2164517 |
| Philadelphia PA Airport Rev Series 2025B, 5.25% 7/1/2043 (b) | 1405000 | 1505206 |
| TOTAL TRANSPORTATION |  | 85144942 |
| Water & Sewer - 0.4% |  |  |
| Capital Region Wtr PA Wtr Rev 5% 7/15/2027  | 830000 | 857377 |
| Capital Region Wtr PA Wtr Rev 5% 7/15/2029  | 1290000 | 1366527 |
| Capital Region Wtr PA Wtr Rev 5% 7/15/2032  | 830000 | 877834 |
| Philadelphia PA Wtr & Wastewtr Series 2018 A, 5% 10/1/2048  | 6000000 | 6113249 |
| Philadelphia PA Wtr & Wastewtr Series 2023B, 5.5% 9/1/2053 (Assured Guaranty Inc Insured)  | 4210000 | 4512267 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 A, 5% 9/1/2039 (Assured Guaranty Inc Insured)  | 2315000 | 2439684 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 A, 5% 9/1/2044 (Assured Guaranty Inc Insured)  | 775000 | 801152 |
| TOTAL WATER & SEWER |  | 16968090 |
| TOTAL PENNSYLVANIA |  | 260849369 |
| Puerto Rico - 1.2%  |  |  |
| General Obligations - 0.7% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (g) | 16678786 | 12069511 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2033  | 11630913 | 11627459 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2035  | 4213000 | 4140057 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 3902632 | 4135118 |
| TOTAL GENERAL OBLIGATIONS |  | 31972145 |
| Special Tax - 0.2% |  |  |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 0% 7/1/2031 (g) | 9290000 | 7632373 |
| Water & Sewer - 0.3% |  |  |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2020A, 5% 7/1/2035 (c) | 3435000 | 3557652 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 4% 7/1/2042 (c) | 1085000 | 1025446 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2033 (c) | 1580000 | 1652281 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (c) | 4785000 | 4940126 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 4% 7/1/2042 (c) | 3700000 | 3496914 |
| TOTAL WATER & SEWER |  | 14672419 |
| TOTAL PUERTO RICO |  | 54276937 |
| Rhode Island - 0.7%  |  |  |
| Education - 0.6% |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2038  | 1650000 | 1830380 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2043  | 3120000 | 3296777 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2044  | 3170000 | 3320041 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2048  | 7135000 | 7289438 |
| Rhode Island St Student Ln 3.5% 12/1/2034 (b) | 1200000 | 1191834 |
| Rhode Island St Student Ln Series 2021 A, 5% 12/1/2028 (b) | 1480000 | 1548904 |
| Rhode Island St Student Ln Series 2023 A, 5% 12/1/2031 (b) | 4830000 | 5174564 |
| Rhode Island St Student Ln Series 2024 A, 5% 12/1/2030 (b) | 1900000 | 2017512 |
| Rhode Island St Student Ln Series 2024 A, 5% 12/1/2031 (b) | 1960000 | 2099823 |
| TOTAL EDUCATION |  | 27769273 |
| General Obligations - 0.1% |  |  |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2034 (Build America Mutual Assurance Co Insured)  | 750000 | 865050 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2035 (Build America Mutual Assurance Co Insured)  | 1050000 | 1200018 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5.25% 5/15/2041 (Build America Mutual Assurance Co Insured)  | 1675000 | 1836642 |
| TOTAL GENERAL OBLIGATIONS |  | 3901710 |
| Health Care - 0.0% |  |  |
| Rhode Island Health & Edl Bldg Corp Rev (Care New England Health System Proj.) 5% 9/1/2031  | 655000 | 657300 |
| Housing - 0.0% |  |  |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 70, 4% 10/1/2049  | 465000 | 466703 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 75 A, 2.05% 10/1/2036  | 2000000 | 1671036 |
| TOTAL HOUSING |  | 2137739 |
| TOTAL RHODE ISLAND |  | 34466022 |
| South Carolina - 1.7%  |  |  |
| Electric Utilities - 1.1% |  |  |
| South Carolina St Svc Auth Rev 5% 12/1/2046  | 4275000 | 4453521 |
| South Carolina St Svc Auth Rev 5% 12/1/2047  | 3500000 | 3634813 |
| South Carolina St Svc Auth Rev 5% 12/1/2048  | 3750000 | 3886786 |
| South Carolina St Svc Auth Rev 5% 12/1/2050 (Assured Guaranty Inc Insured)  | 3045000 | 3178091 |
| South Carolina St Svc Auth Rev 5% 12/1/2055  | 7650000 | 7812017 |
| South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2029  | 2485000 | 2507718 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2036  | 3400000 | 3845917 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.25% 12/1/2049  | 2330000 | 2449255 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.5% 12/1/2054  | 3220000 | 3435146 |
| South Carolina St Svc Auth Rev Series 2024B, 4.125% 12/1/2044  | 800000 | 760331 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2034  | 4000000 | 4597736 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2046  | 1190000 | 1237538 |
| South Carolina St Svc Auth Rev Series 2024B, 5.25% 12/1/2054  | 8780000 | 9142227 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2031  | 910000 | 927848 |
| TOTAL ELECTRIC UTILITIES |  | 51868944 |
| Health Care - 0.3% |  |  |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (St Joseph Candler Health Proj.) 5% 7/1/2032  | 1010000 | 1071056 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (St Joseph Candler Health Proj.) 5% 7/1/2033  | 4200000 | 4443177 |
| Spartanburg Cnty SC Regl Health Svcs Hosp Rev 4% 4/15/2048  | 10815000 | 9781690 |
| TOTAL HEALTH CARE |  | 15295923 |
| Housing - 0.1% |  |  |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2019 A, 4% 1/1/2050  | 995000 | 1002171 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2023 B, 6% 1/1/2054  | 1415000 | 1547197 |
| TOTAL HOUSING |  | 2549368 |
| Transportation - 0.2% |  |  |
| Charleston Cnty SC Arpt Dist Series 2024A, 5.25% 7/1/2044 (b) | 900000 | 952632 |
| Charleston Cnty SC Arpt Dist Series 2024A, 5.25% 7/1/2049 (b) | 3140000 | 3265574 |
| Charleston Cnty SC Arpt Dist Series 2024A, 5.25% 7/1/2054 (b) | 4275000 | 4411817 |
| TOTAL TRANSPORTATION |  | 8630023 |
| TOTAL SOUTH CAROLINA |  | 78344258 |
| South Dakota - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2026  | 250000 | 252722 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2028  | 250000 | 258800 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2029  | 470000 | 486424 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2031  | 540000 | 558278 |
| South Dakota St Hlth & Edl Fac (Regional Health Inc Proj.) Series 2020 A, 3% 9/1/2045  | 3355000 | 2686393 |
| South Dakota St Hlth & Edl Fac (Sanford Health, Sd Proj.) 5% tender 11/1/2051 (d) | 5160000 | 5722024 |
| TOTAL SOUTH DAKOTA |  | 9964641 |
| Tennessee - 1.1%  |  |  |
| General Obligations - 0.7% |  |  |
| Tennessee Engy Acq Crp Gas Rev Series 2025A, 5% 12/1/2035 (Pacific Life Insurance Co Guaranteed)  | 28390000 | 30527473 |
| Health Care - 0.1% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 4% 8/1/2044  | 2200000 | 1982523 |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2031  | 1000000 | 1066609 |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2033  | 1250000 | 1324063 |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 2, 5% 8/1/2035  | 765000 | 804389 |
| TOTAL HEALTH CARE |  | 5177584 |
| Housing - 0.2% |  |  |
| Tennessee Housing Development Agency Series 2019 3, 2.6% 7/1/2039  | 415000 | 360077 |
| Tennessee Housing Development Agency Series 2019 3, 2.8% 7/1/2044  | 505000 | 402698 |
| Tennessee Housing Development Agency Series 2019 4, 2.9% 7/1/2039  | 300000 | 262531 |
| Tennessee Hsg Dev Agy Residential Fin Prog Rev (TN Residential Finance 1/29/13 Proj.) 5% 1/1/2053  | 3500000 | 3618984 |
| Tennessee Hsg Dev Agy Residential Fin Prog Rev (TN Residential Finance 1/29/13 Proj.) Series 2025 2A, 6% 1/1/2056  | 1815000 | 2031639 |
| Tennessee Hsg Dev Agy Series 2015A, 3.5% 7/1/2045  | 705000 | 704589 |
| TOTAL HOUSING |  | 7380518 |
| Transportation - 0.1% |  |  |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2054 (b) | 4580000 | 4602474 |
| Water & Sewer - 0.0% |  |  |
| Crossville Tenn Wtr & Swr Rev Series 2020 C, 2.125% 6/1/2047  | 840000 | 528179 |
| Crossville Tenn Wtr & Swr Rev Series 2020 C, 2.25% 6/1/2050  | 3290000 | 2025663 |
| TOTAL WATER & SEWER |  | 2553842 |
| TOTAL TENNESSEE |  | 50241891 |
| Texas - 6.9%  |  |  |
| Education - 0.3% |  |  |
| Board of Regents of the University of Texas System Series 2019 A, 5% 8/15/2029  | 1850000 | 2010593 |
| Newark Higher Ed Fin Corp Tex Rev (Abilene Christian Univ, TX Proj.) 5% 4/1/2027  | 595000 | 597439 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) 5% 10/1/2029  | 375000 | 387901 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) 5% 10/1/2039  | 1030000 | 1051372 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) 5% 10/1/2040  | 830000 | 845406 |
| Texas St Univ Sys Fing Rev Series 2017 A, 5% 3/15/2029  | 3530000 | 3631847 |
| University Houston TX Univ Rev Series 2017 A, 5% 2/15/2036  | 2485000 | 2490458 |
| University North Tex Univ Rev Series 2017 A, 5% 4/15/2032  | 1740000 | 1786652 |
| Washington Cnty TX Jr College Dist Rev Series 2020, 2.375% 10/1/2045 (Assured Guaranty Inc Insured)  | 1615000 | 1007136 |
| TOTAL EDUCATION |  | 13808804 |
| Electric Utilities - 0.0% |  |  |
| Bryan TX Elec Sys Rev Series 2018, 4% 7/1/2043 (Assured Guaranty Inc Insured)  | 950000 | 914893 |
| General Obligations - 2.3% |  |  |
| Barbers Hill TX Indpt Sch Dist Series 2020, 3% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1290000 | 1184591 |
| Bexar Cnty TX Gen. Oblig. Series 2016, 3% 6/15/2041  | 2805000 | 2460307 |
| Brazoria Cnty Texas Gen. Oblig. Series 2021, 3% 3/1/2040  | 1000000 | 881177 |
| Brazos Cnty Tex Gen. Oblig. 1.75% 9/1/2034  | 1380000 | 1160125 |
| Brazos Cnty Tex Gen. Oblig. 1.875% 9/1/2035  | 700000 | 581410 |
| Bryan TX (Bryan Tex Proj.) Gen. Oblig. 2.125% 8/15/2034  | 1150000 | 1019891 |
| Bushland Indpt Sch Dist Tex Series 2022, 4% 2/15/2047 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1420665 |
| Calvert Independent School District 2.5% 8/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 640000 | 553042 |
| Cedar Park TX Gen. Oblig. 1.625% 2/15/2035  | 1615000 | 1315638 |
| Chambers Cnty Tex Gen. Oblig. Series 2021, 2.5% 3/1/2051  | 7370000 | 4602582 |
| City of Coppell TX Gen. Oblig. Series 2020, 1.375% 2/1/2034  | 1395000 | 1157060 |
| City of Waco TX Gen. Oblig. 2% 2/1/2034  | 3395000 | 3004208 |
| City of Waco TX Gen. Oblig. 2.375% 2/1/2038  | 1035000 | 870965 |
| City of Waco TX Gen. Oblig. Series 2021 A, 2.125% 2/1/2044  | 525000 | 347711 |
| Clarksville Tex Indpt Sch Dist 3% 2/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 1425000 | 1125964 |
| Clear Creek Independent School District Series 2021, 3% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 2300000 | 2086636 |
| College of the Mainland Gen. Oblig. Series 2020, 4% 8/15/2044  | 1930000 | 1830963 |
| Comal Tex Indpt Sch Dist 3% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 4155000 | 3957352 |
| Conroe TX Isd Series 2022, 3% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 868142 |
| Corpus Christi TX Gen. Oblig. Series 2021 A, 3% 3/1/2041  | 200000 | 173319 |
| County of Collin TX Gen. Oblig. Series 2022, 4% 2/15/2039  | 1800000 | 1846649 |
| Dallas TX Gen. Oblig. Series 2024C, 5% 2/15/2037  | 2790000 | 3158052 |
| Dallas TX ISD 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 5220000 | 5728846 |
| Decatur Tex Gen. Oblig. 3.125% 3/1/2052 (Build America Mutual Assurance Co Insured)  | 5000000 | 3753133 |
| Del Mar TX College Dist Gen. Oblig. Series 2020 B, 4% 8/15/2045  | 2875000 | 2705611 |
| El Paso Tex Gen. Oblig. Series 2015, 4% 8/15/2041  | 1175000 | 1160155 |
| Forney TX Indpt Sch Dis Series 2022 A, 2.75% 8/15/2048 (Permanent Sch Fund of Texas Guaranteed)  | 5000000 | 3551995 |
| Fort Bend Cnty TX Levee Impt #2 Gen. Oblig. Series 2019, 3% 4/1/2043 (Build America Mutual Assurance Co Insured)  | 1000000 | 813832 |
| Fort Bend Grand Parkway Toll Road Authority (Fort Bend County TX Proj.) Series 2021, 3% 3/1/2046  | 2400000 | 1848943 |
| Fort Worth Tex Indpt Sch Dist Series 2019 A, 2.375% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 825000 | 779804 |
| Frenship TX Indpt Sch Dist (Permanent Sch Fund of Texas Proj.) Series 2021 A, 3% 2/15/2040  | 3415000 | 3120334 |
| Georgetown TX Gen. Oblig. Series 2021A, 2.5% 8/15/2039  | 1420000 | 1157498 |
| Georgetown TX Gen. Oblig. Series 2021A, 2.5% 8/15/2040  | 1455000 | 1147087 |
| Harris Cnty TX Gen. Oblig. 0% 8/15/2028 (National Public Finance Guarantee Corporation Insured) (g) | 4140000 | 3829907 |
| Hays County Tex Gen. Oblig. Series 2019, 3% 2/15/2044  | 2685000 | 2181474 |
| Horizon City Tex Gen. Oblig. Series 2019, 4% 8/15/2043 (Assured Guaranty Inc Insured)  | 1000000 | 970897 |
| Houston TX Gen. Oblig. 5% 3/1/2032  | 1635000 | 1677963 |
| Kaufman Cnty Mun Util Dist 5 Gen. Oblig. Series 2020 A, 2.25% 3/1/2046 (Assured Guaranty Inc Insured)  | 4490000 | 2948658 |
| Lakes Fresh Wtr Supply Dist Denton Cnty Tex Gen. Oblig. 3% 9/1/2043 (Build America Mutual Assurance Co Insured)  | 2310000 | 1870182 |
| Lamar TX Isd Series 2021, 3% 2/15/2056 (Permanent Sch Fund of Texas Guaranteed)  | 2800000 | 1992194 |
| Little Elm Tex Gen. Oblig. 2.5% 8/1/2039  | 1345000 | 1114516 |
| Mansfield TX Gen. Oblig. 2.25% 2/15/2035  | 1385000 | 1253670 |
| Nederland Tex Indpt Sch Dist 3% 8/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 1815000 | 1574570 |
| New Deal Independent School District 3% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 915000 | 798141 |
| Prairiland Tex Indpt Sch Dist 3% 8/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 845000 | 666350 |
| Prosper Tex Gen. Oblig. 2.5% 2/15/2039  | 2225000 | 1863935 |
| Prosper Tex Indpt Sch Dist 3% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 3000000 | 2777424 |
| Round Rock TX Indpt Sch Dist Series 2016, 3% 8/1/2041 (Permanent Sch Fund of Texas Guaranteed)  | 1060000 | 948789 |
| Sinton Tex Indpt Sch Dist Series 2021, 2% 8/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 4880000 | 3040364 |
| South Buda Wtr Ctl & Impt Dist No 1 Tex Gen. Oblig. Series 2020, 2.5% 8/1/2050 (Assured Guaranty Inc Insured)  | 2520000 | 1611180 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023B, 5.5% tender 1/1/2054 (BP PLC Guaranteed) (d) | 1980000 | 2200928 |
| Texas State Gen. Oblig. 5% 8/1/2034 (b) | 3185000 | 3527695 |
| Waller TX Indpt Sch Dist Series 2020, 3% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1850000 | 1712745 |
| Weatherford Tex Indpt Sch Dist Series 2002, 0% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed) (g) | 4095000 | 3294799 |
| Weatherford Tex Indpt Sch Dist Series 2002, 0% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed) (Escrowed to Maturity) (g) | 1690000 | 1369688 |
| Wharton TX Indpt Sch Dist 2% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1300000 | 1025363 |
| Wharton TX Indpt Sch Dist 2% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 1300000 | 980842 |
| Wharton TX Indpt Sch Dist 2% 2/15/2044 (Permanent Sch Fund of Texas Guaranteed)  | 1385000 | 913079 |
| Willis Tex Indpt Sch Dist 2% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1345000 | 1080542 |
| TOTAL GENERAL OBLIGATIONS |  | 108599582 |
| Health Care - 0.2% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Childrens Hospital, TX Proj.) Series 2015 1, 5% 10/1/2029  | 1115000 | 1116407 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2028  | 390000 | 393077 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2030  | 1570000 | 1581322 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2032  | 830000 | 835079 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2037  | 930000 | 932921 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2027  | 625000 | 646429 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2029  | 1655000 | 1714759 |
| TOTAL HEALTH CARE |  | 7219994 |
| Housing - 0.5% |  |  |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev (TX Residential Mortgage Proj.) Series 2023B, 6% 1/1/2054  | 6035000 | 6623706 |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev 5.1% 7/1/2050  | 5960000 | 6109101 |
| Texas St Dept Hsg & Cmnty Affairs Multifamily Hsg Rev Series 2019, 2.95% 7/1/2036  | 4181754 | 3837420 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) 3.5% 3/1/2051  | 2240000 | 2231771 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) Series 2019 A, 4% 3/1/2050  | 2135000 | 2153320 |
| TOTAL HOUSING |  | 20955318 |
| Special Tax - 0.0% |  |  |
| Dallas TX Rapid Transit Sales Tax Rev 3% 12/1/2047  | 2405000 | 1808098 |
| Transportation - 2.6% |  |  |
| Austin Tex Airport Sys Series 2017 B, 5% 11/15/2028 (b) | 830000 | 843391 |
| Austin Tex Airport Sys Series 2017 B, 5% 11/15/2030 (b) | 1275000 | 1294216 |
| Austin Tex Airport Sys Series 2017 B, 5% 11/15/2032 (b) | 1005000 | 1017429 |
| Austin Tex Airport Sys Series 2017 B, 5% 11/15/2035 (b) | 1035000 | 1045500 |
| Austin Tex Airport Sys Series 2017 B, 5% 11/15/2036 (b) | 1385000 | 1397670 |
| Austin Tex Airport Sys Series 2017 B, 5% 11/15/2037 (b) | 1165000 | 1174518 |
| City of Houston TX Airport System Revenue Series 2018 A, 5% 7/1/2041 (b) | 1000000 | 1018944 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2029 (b) | 1655000 | 1735697 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2030 (b) | 1765000 | 1845049 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2031 (b) | 1240000 | 1295031 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2032 (b) | 1450000 | 1511829 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5.25% 11/1/2037 (b) | 12000000 | 13511081 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5.25% 11/1/2038 (b) | 4645000 | 5197289 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5.25% 11/1/2041 (b) | 6935000 | 7551032 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5.25% 3/1/2050 (Assured Guaranty Inc Insured)  | 4680000 | 4970419 |
| Grand Parkway Transportation Corp Series 2020 C, 4% 10/1/2049  | 3100000 | 2836232 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2024 A, 5.25% 8/15/2049  | 4875000 | 5199497 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2026 (b) | 830000 | 831144 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2027 (b) | 1780000 | 1782624 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2028 (b) | 2755000 | 2759115 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2029 (b) | 1655000 | 1657337 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2032 (b) | 3055000 | 3058296 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2026 (b) | 830000 | 843094 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2027 (b) | 830000 | 843234 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2028 (b) | 1450000 | 1473418 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2029 (b) | 1035000 | 1050834 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2030 (b) | 830000 | 841954 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2031 (b) | 1840000 | 1864374 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2032 (b) | 2135000 | 2160277 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2033 (b) | 830000 | 839264 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2034 (b) | 830000 | 838748 |
| North TX Twy Auth Rev 0% 1/1/2035 (Assured Guaranty Inc Insured) (g) | 15250000 | 11345010 |
| North TX Twy Auth Rev 3% 1/1/2051  | 16575000 | 11999888 |
| North TX Twy Auth Rev 5% 1/1/2030  | 350000 | 350000 |
| North TX Twy Auth Rev 5% 1/1/2031  | 830000 | 830000 |
| North TX Twy Auth Rev 5% 1/1/2031  | 495000 | 495000 |
| North TX Twy Auth Rev 5% 1/1/2033  | 975000 | 996631 |
| North TX Twy Auth Rev 5% 1/1/2034  | 2485000 | 2865915 |
| North TX Twy Auth Rev 5% 1/1/2034  | 1240000 | 1266476 |
| North TX Twy Auth Rev 5% 1/1/2035  | 1820000 | 1857338 |
| North TX Twy Auth Rev 5% 1/1/2036  | 1035000 | 1035000 |
| North TX Twy Auth Rev 5% 1/1/2037  | 1405000 | 1430030 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2041  | 4275000 | 4667513 |
| North TX Twy Auth Rev Series 2024A, 5.25% 1/1/2042  | 1395000 | 1538111 |
| North TX Twy Auth Rev Series 2024B, 5% 1/1/2035  | 6165000 | 7027516 |
| TOTAL TRANSPORTATION |  | 121992965 |
| Water & Sewer - 1.0% |  |  |
| City of Fort Worth TX Series 2020, 2.125% 2/15/2041  | 2115000 | 1602783 |
| Dallas TX Wtrwks & Swr Sys Rev 5% 10/1/2042  | 3645000 | 3983854 |
| Dallas TX Wtrwks & Swr Sys Rev Series 2020 C, 4% 10/1/2035  | 1000000 | 1028589 |
| Dallas TX Wtrwks & Swr Sys Rev Series 2020 C, 4% 10/1/2039  | 5000000 | 5069319 |
| Dallas TX Wtrwks & Swr Sys Rev Series 2020 C, 4% 10/1/2040  | 2000000 | 2020148 |
| Fort Worth TX Wtr & Swr Rev Series 2019, 3% 2/15/2042  | 1100000 | 933085 |
| Fort Worth TX Wtr & Swr Rev Series 2020 A, 2.75% 2/15/2048  | 5085000 | 3731218 |
| Houston TX Util Sys Rev 5% 11/15/2033  | 2000000 | 2199825 |
| Houston TX Util Sys Rev 5% 11/15/2034  | 2500000 | 2738393 |
| Laredo TX Wtrwks Swr Sys Rev Series 2024A, 5% 3/1/2037  | 1650000 | 1830936 |
| Laredo TX Wtrwks Swr Sys Rev Series 2024A, 5% 3/1/2041  | 1060000 | 1138034 |
| Laredo TX Wtrwks Swr Sys Rev Series 2024A, 5% 3/1/2044  | 1605000 | 1682722 |
| North TX Mun Wtr Dist TX Regl Wastewtr Sys Contract Rev Series 2025, 5.25% 6/1/2044  | 7215000 | 7752836 |
| North TX Mun Wtr Dist TX Regl Wastewtr Sys Contract Rev Series 2025, 5.25% 6/1/2045  | 4315000 | 4612279 |
| Texas Wtr Dev Brd 3% 8/1/2039  | 1165000 | 1071693 |
| Texas Wtr Dev Brd Series 2021, 2.5% 10/15/2039  | 3000000 | 2530328 |
| Texas Wtr Dev Brd Series 2021, 3% 10/15/2041  | 2720000 | 2360843 |
| Texas Wtr Dev Brd Series A, 4% 10/15/2045  | 2010000 | 1933656 |
| TOTAL WATER & SEWER |  | 48220541 |
| TOTAL TEXAS |  | 323520195 |
| Utah - 1.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Weber Sch Dist Utah 2.25% 6/15/2034  | 1230000 | 1126683 |
| Housing - 0.0% |  |  |
| Utah Hsg Corp Series 2021E(G2), 2% 4/21/2051  | 719719 | 580403 |
| Special Tax - 0.2% |  |  |
| Mida Mountain Village Public Infrastructure District Series 2024 2, 6% 6/15/2054 (c) | 1500000 | 1539782 |
| Point Phase 1 Public Infrastructure District No 1 Series 2025A1, 6.125% 3/1/2055  | 5263000 | 5469247 |
| TOTAL SPECIAL TAX |  | 7009029 |
| Transportation - 0.8% |  |  |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2027 (b) | 3500000 | 3603097 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2029 (b) | 3090000 | 3183490 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2030 (b) | 2275000 | 2339492 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2031 (b) | 4345000 | 4466261 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2033 (b) | 3310000 | 3395468 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2035 (b) | 3310000 | 3385788 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2036 (b) | 4470000 | 4565027 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2037 (b) | 3520000 | 3588839 |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2031 (b) | 2000000 | 2088270 |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2032 (b) | 4310000 | 4493780 |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2033 (b) | 1420000 | 1477772 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2041 (b) | 2000000 | 2148099 |
| TOTAL TRANSPORTATION |  | 38735383 |
| TOTAL UTAH |  | 47451498 |
| Vermont - 0.2%  |  |  |
| Education - 0.2% |  |  |
| Vermont Edl & Hlth Bldgs Fin Agy (Champlain College Proj.) 5% 10/15/2041  | 3810000 | 3204380 |
| Vermont Edl & Hlth Bldgs Fin Agy (Champlain College Proj.) 5% 10/15/2046  | 4720000 | 3644188 |
| Vermont St Stud Assit Corp Series 2019 A, 5% 6/15/2028 (b) | 1430000 | 1473906 |
| TOTAL VERMONT |  | 8322474 |
| Virginia - 0.4%  |  |  |
| Education - 0.0% |  |  |
| Salem Economic Development Authority (Roanoke College Proj.) Series 2025, 6% 4/1/2055  | 1000000 | 1046964 |
| General Obligations - 0.1% |  |  |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) 5% 5/15/2032  | 725000 | 756672 |
| Virginia St Pub Bldg Auth Pub (Virginia St Proj.) Series 2019A, 4% 8/1/2036  | 4505000 | 4607017 |
| TOTAL GENERAL OBLIGATIONS |  | 5363689 |
| Health Care - 0.3% |  |  |
| Lynchburg Economic Development Authority (Centra Health Proj.) Series 2021, 3% 1/1/2051  | 3000000 | 2082893 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 3% 6/15/2029  | 525000 | 523379 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 4% 6/15/2037  | 595000 | 595148 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2027  | 1240000 | 1250613 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2030  | 540000 | 544984 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2034  | 665000 | 670270 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2035  | 1820000 | 1833821 |
| Winchester Economic Development Authority (Valley Health Proj.) 5% 1/1/2034  | 1240000 | 1240000 |
| Winchester Economic Development Authority (Valley Health Proj.) 5% 1/1/2035  | 1240000 | 1240000 |
| Winchester Economic Development Authority (Valley Health Proj.) 5% 1/1/2044  | 830000 | 830000 |
| TOTAL HEALTH CARE |  | 10811108 |
| TOTAL VIRGINIA |  | 17221761 |
| Washington - 3.0%  |  |  |
| Education - 0.3% |  |  |
| Washington St Higher Ed Facs (Gonzaga University Proj.) Series 2019 A, 3% 4/1/2049  | 5005000 | 3695715 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2027  | 1770000 | 1782773 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2028  | 1825000 | 1837736 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2016 A, 5% 10/1/2035  | 1880000 | 1886079 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2016 A, 5% 10/1/2036  | 2845000 | 2851605 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2019, 4% 10/1/2049  | 3515000 | 2786772 |
| TOTAL EDUCATION |  | 14840680 |
| General Obligations - 1.2% |  |  |
| State of Washington Gen. Oblig. Series 2020A, 5% 8/1/2033  | 1260000 | 1356710 |
| State of Washington Gen. Oblig. Series 2021 C, 5% 2/1/2044  | 270000 | 281816 |
| State of Washington Gen. Oblig. Series 2023A, 5% 8/1/2037  | 33745000 | 37497461 |
| State of Washington Gen. Oblig. Series R 2017A, 5% 8/1/2030  | 1685000 | 1706821 |
| State of Washington Gen. Oblig. Series R 2022 D, 4% 7/1/2035  | 1800000 | 1893565 |
| State of Washington Gen. Oblig. Series R 2022 D, 4% 7/1/2036  | 5735000 | 5974264 |
| State of Washington Gen. Oblig. Series R 2022 D, 4% 7/1/2037  | 4000000 | 4128740 |
| State of Washington Gen. Oblig. Series R 2022C, 4% 7/1/2035  | 4200000 | 4418318 |
| TOTAL GENERAL OBLIGATIONS |  | 57257695 |
| Health Care - 0.7% |  |  |
| WA St Hsg Fin Commission (Horizon House Proj.) Series 2025A, 4.875% 1/1/2036  | 860000 | 862316 |
| WA St Hsg Fin Commission (Horizon House Proj.) Series 2025A, 6% 1/1/2046  | 2390000 | 2386052 |
| WA St Hsg Fin Commission (Horizon House Proj.) Series 2025A, 6.25% 1/1/2056  | 5980000 | 5965790 |
| WA St Hsg Fin Commission (Horizon House Proj.) Series 2025A, 6.25% 1/1/2061  | 5500000 | 5447787 |
| WA St Hsg Fin Commission (Humangood National Obligated Grp Proj.) 4% 7/1/2028 (c) | 100000 | 99803 |
| WA St Hsg Fin Commission (Humangood National Obligated Grp Proj.) 5% 7/1/2033 (c) | 125000 | 126300 |
| WA St Hsg Fin Commission (Humangood National Obligated Grp Proj.) 5% 7/1/2038 (c) | 100000 | 100400 |
| WA St Hsg Fin Commission (Humangood National Obligated Grp Proj.) 5% 7/1/2048 (c) | 400000 | 365894 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2038  | 1000000 | 1040069 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2033  | 2000000 | 2118501 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2027  | 1285000 | 1312409 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2028  | 1570000 | 1612304 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2029  | 615000 | 631187 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2030  | 735000 | 754365 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2031  | 1120000 | 1148861 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2032  | 1655000 | 1695687 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2033  | 2345000 | 2399012 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2034  | 540000 | 551717 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2042  | 4685000 | 4711213 |
| TOTAL HEALTH CARE |  | 33329667 |
| Special Tax - 0.6% |  |  |
| Washington St Convention Ctr Pub Facs Dist Series 2021 B, 3% 7/1/2058 (Assured Guaranty Inc Insured)  | 12930000 | 8862543 |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 3% 7/1/2043  | 1410000 | 1132820 |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 4% 7/1/2031  | 17595000 | 18155571 |
| TOTAL SPECIAL TAX |  | 28150934 |
| Transportation - 0.2% |  |  |
| Port Seattle WA Rev Series 2019, 4% 4/1/2044 (b) | 2525000 | 2333495 |
| Port Seattle WA Rev Series B, 5% 10/1/2028 (b) | 2900000 | 2912715 |
| Port Seattle WA Rev Series B, 5% 10/1/2030 (b) | 1655000 | 1661968 |
| Port Seattle WA Rev Series C, 5% 5/1/2031 (b) | 1200000 | 1229982 |
| TOTAL TRANSPORTATION |  | 8138160 |
| TOTAL WASHINGTON |  | 141717136 |
| West Virginia - 0.1%  |  |  |
| Electric Utilities - 0.0% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2015A, 3.375% tender 3/1/2040 (d) | 1380000 | 1395352 |
| Health Care - 0.1% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2031  | 1355000 | 1362950 |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2032  | 1120000 | 1124840 |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2043  | 1490000 | 1394721 |
| TOTAL HEALTH CARE |  | 3882511 |
| Housing - 0.0% |  |  |
| West Virginia St Hsg Dev Fd Series 2018 A, 3.45% 11/1/2033  | 1250000 | 1248937 |
| TOTAL WEST VIRGINIA |  | 6526800 |
| Wisconsin - 1.2%  |  |  |
| Education - 0.0% |  |  |
| Public Fin Auth WI Revenue (Roseman Univ of Hlth Sciences Proj.) Series 2020, 5% 4/1/2040 (c) | 720000 | 723463 |
| Public Fin Auth WI Revenue (Roseman Univ of Hlth Sciences Proj.) Series 2020, 5% 4/1/2050 (c) | 520000 | 481255 |
| TOTAL EDUCATION |  | 1204718 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Public Fin Auth WI Revenue Series 2020, 5% 4/1/2040 (Pre-refunded to 4/1/2030 at 100) (c) | 30000 | 32723 |
| Wisconsin Rapids School District Series 2021, 1.7% 4/1/2032 (Pre-refunded to 4/1/2028 at 100)  | 985000 | 962836 |
| Wisconsin St Health & Edl Facs Auth Rev Series 2013 B 2, 4% 11/15/2043 (Pre-refunded to 11/15/2028 at 100)  | 300000 | 312909 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 1308468 |
| General Obligations - 0.2% |  |  |
| Howard Suamico WI Scd 2% 3/1/2038  | 1780000 | 1403928 |
| Kohler Wis Sch Dist 2% 3/1/2039  | 1230000 | 929478 |
| Westosha Cent High Sch Dist Wis 1.625% 3/1/2032  | 1010000 | 889214 |
| Westosha Cent High Sch Dist Wis 2% 3/1/2035  | 1000000 | 844352 |
| Westosha Cent High Sch Dist Wis 2% 3/1/2036  | 1005000 | 825724 |
| Wisconsin Rapids School District Series 2021, 1.7% 4/1/2032  | 615000 | 535255 |
| Wisconsin Rapids School District Series 2021, 2% 4/1/2038  | 2100000 | 1617568 |
| Wisconsin St Gen. Oblig. Series 2025 1, 5% 5/1/2034  | 2025000 | 2376033 |
| TOTAL GENERAL OBLIGATIONS |  | 9421552 |
| Health Care - 0.7% |  |  |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 3% 6/1/2045  | 9350000 | 7025440 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 4% 6/1/2045  | 2095000 | 1951360 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 5% 6/1/2029  | 820000 | 877986 |
| Public Fin Auth WI Hosp Rev (WakeMed Proj.) 5% 10/1/2044  | 1660000 | 1684416 |
| Public Fin Auth WI Revenue (Bayhealth Medical Center Inc Proj.) Series 2021 A, 3% 7/1/2050  | 2640000 | 1924368 |
| Public Fin Auth Wis Retirement Fac Rev (Southminster NC Proj.) 5% 10/1/2043 (c) | 945000 | 941607 |
| Public Fin Auth Wis Retirement Fac Rev (Southminster NC Proj.) 5% 10/1/2048 (c) | 1055000 | 1001031 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5% 5/15/2028 (c) | 1095000 | 1105904 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5.25% 5/15/2037 (c) | 415000 | 418702 |
| Public Finance Authority (Blue Ridge Healthcare Proj.) Series 2020 A, 5% 1/1/2035  | 1210000 | 1283328 |
| Wisconsin Health & Educational Facilities Authority (Medical College of WI Inc Proj.) Series 2016, 4% 12/1/2046  | 4350000 | 3919253 |
| Wisconsin Health & Educational Facilities Authority (Sanford Health, SD Proj.) 5% 2/15/2028  | 1965000 | 1969647 |
| Wisconsin St Health & Edl Facs Auth Rev (Ascension Health Credit Group Proj.) Series 2013 B 2, 4% 11/15/2043  | 3590000 | 3419327 |
| Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 4.5% 2/15/2054 (Build America Mutual Assurance Co Insured)  | 1755000 | 1708736 |
| Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 5.5% 2/15/2054  | 1875000 | 1970050 |
| TOTAL HEALTH CARE |  | 31201155 |
| Industrial Development - 0.3% |  |  |
| Public Fin Auth WI Revenue (Mclemore Hotel Proj.) Series 2021 A, 4.5% 6/1/2056 (c)(i) | 14095000 | 9866500 |
| Public Fin Auth WI Revenue (Mclemore Hotel Proj.) Series 2021 B, 6.5% 6/1/2056 (c)(i) | 4700000 | 3572000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 13438500 |
| TOTAL WISCONSIN |  | 56574393 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $4,526,029,152) |  | <br> **4498514000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (j)(k)<br>(Cost $109,542,324)<br>| 3.07 | 109520419 | **109542324** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.9%**<br> (Cost $4,635,571,476)<br>| <br>**4608056324** |
| **NET OTHER ASSETS (LIABILITIES) - 1.1%**  | **52488752** |
| **NET ASSETS - 100.0%** | **4660545076** |

---

**Legend**

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

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

(c) 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 $70,397,314 or 1.5% of net assets.

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

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

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

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

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

(i) Level 3 security.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | 129589257 | 1019085731 | 1039132664 | 2657846 | 517 | (517) | 109542324 | 109520419 | 2.6% |
| Total | 129589257 | 1019085731 | 1039132664 | 2657846 | 517 | (517) | 109542324 |  |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 388260425 | - | 388260425 | - |
| Electric Utilities | 111359876 | - | 111359876 | - |
| Escrowed/Pre-Refunded | 17663001 | - | 17663001 | - |
| General Obligations | 1614918492 | - | 1614918492 | - |
| Health Care | 515719709 | - | 513401459 | 2318250 |
| Housing | 106520565 | - | 106520565 | - |
| Industrial Development | 59728147 | - | 46289647 | 13438500 |
| Other | 2484005 | - | 2484005 | - |
| Special Tax | 439156582 | - | 439156582 | - |
| Tobacco Bonds | 20729361 | - | 20729361 | - |
| Transportation | 1055978454 | - | 1055978454 | - |
| Water & Sewer | 165995383 | - | 165995383 | - |
|  **Money Market Funds** | 109542324 | 109542324 | - | - |
| **Total Investments in Securities:** | 4608056324 | 109542324 | 4482757250 | 15756750 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,526,029,152) | $4498514000 |  |
| Fidelity Central Funds (cost $109,542,324) | 109542324 |  |
| Total Investment in Securities (cost $4,635,571,476) |  | $4608056324 |
| Cash |  | 198277 |
| Receivable for investments sold |  | 2828 |
| Receivable for fund shares sold |  | 5520253 |
| Interest receivable |  | 57056340 |
| Distributions receivable from Fidelity Central Funds |  | 201234 |
| Prepaid expenses |  | 3157 |
| Other receivables |  | 309 |
| **Total assets** |  | 4671038722 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $18283 |  |
| Payable for fund shares redeemed | 4342858 |  |
| Distributions payable | 4289838 |  |
| Accrued management fee | 1686790 |  |
| Distribution and service plan fees payable | 82142 |  |
| Other payables and accrued expenses | 73735 |  |
| **Total liabilities** |  | 10493646 |
| **Net Assets**  |  | $4660545076 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4750352661 |
| Total accumulated earnings (loss) |  | (89807585) |
| **Net Assets** |  | $4660545076 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($277,518,196 ÷ 22,528,851 shares)(a) |  | $12.32 |
| Maximum offering price per share (100/96.00 of $12.32) |  | $12.83 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($59,703,373 ÷ 4,842,405 shares)(a) |  | $12.33 |
| Maximum offering price per share (100/96.00 of $12.33) |  | $12.84 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($15,285,534 ÷ 1,240,806 shares)(a) |  | $12.32 |
| **Fidelity Municipal Income Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,522,929,365 ÷ 204,670,915 shares) |  | $12.33 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,187,205,009 ÷ 96,373,995 shares) |  | $12.32 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($597,903,599 ÷ 48,521,591 shares) |  | $12.32 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $160959901 |
| Income from Fidelity Central Funds  |  | 2657314 |
| **Total income** |  | 163617215 |
| **Expenses** |  |  |
| Management fee | $19960742 |  |
| Distribution and service plan fees | 999658 |  |
| Custodian fees and expenses | 37452 |  |
| Independent trustees' fees and expenses | 11092 |  |
| Registration fees | 171022 |  |
| Audit fees | 69889 |  |
| Legal | 3532 |  |
| Miscellaneous | 16186 |  |
| Total expenses before reductions | 21269573 |  |
| Expense reductions | (835) |  |
| Total expenses after reductions |  | 21268738 |
| **Net Investment income (loss)** |  | 142348477 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (22104480) |  |
| Fidelity Central Funds | 517 |  |
| Capital gain distributions from Fidelity Central Funds | 532 |  |
| Total net realized gain (loss) |  | (22103431) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 67608284 |  |
| Fidelity Central Funds  | (517) |  |
| Total change in net unrealized appreciation (depreciation) |  | 67607767 |
| **Net gain (loss)** |  | 45504336 |
| **Net increase (decrease) in net assets resulting from operations** |  | $187852813 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $142348477 | $137802187 |
| &nbsp;&nbsp;Net realized gain (loss) | (22103431)<br>| (12680532)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 67607767 | (49107208)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 187852813<br>| 76014447<br>|
| Distributions to shareholders | (137633973)<br>| (135031332)<br>|
| Share transactions - net increase (decrease) | (34277862)<br>| 25692323<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 15940978<br>| (33324562)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4644604098 | 4677928660<br>|
| &nbsp;&nbsp;End of period | $4660545076 | $4644604098 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.18 | $12.34 | $11.86 | $13.56 | $13.59 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .347  | .328  | .316  | .282  | .281  |
| Net realized and unrealized gain (loss)  | .127  | (.167)  | .474  | (1.700)  | .057  |
| Total from investment operations  | .474  | .161  | .790  | (1.418)  | .338  |
| Distributions from net investment income  | (.333)  | (.320)  | (.310)  | (.282)  | (.281)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.087)  |
| Total distributions  | (.334)  | (.321)  | (.310)  | (.282)  | (.368)  |
| Net asset value, end of period  | $12.32 | $12.18 | $12.34 | $11.86 | $13.56 |
| **Total Return** C,D | 3.98% <br>| 1.32%  | 6.78%  | (10.48)%  | 2.51%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .75%  | .76%  | .79%  | .78%  | .78%  |
| Expenses net of fee waivers, if any  | .75% <br>| .76%  | .79%  | .78%  | .78%  |
| Expenses net of all reductions, if any  | .75%  | .76%  | .79%  | .78%  | .78%  |
| Net investment income (loss)  | 2.87%  | 2.68%  | 2.64%  | 2.31%  | 2.06%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $277518 | $278011 | $285414 | $268394 | $248908 |
| Portfolio turnover rate G | 20% <br>| 20%  | 4%  | 23%  | 13%  |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.20 | $12.35 | $11.87 | $13.57 | $13.60 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .348  | .331  | .319  | .286  | .285  |
| Net realized and unrealized gain (loss)  | .117  | (.158)  | .474  | (1.701)  | .056  |
| Total from investment operations  | .465  | .173  | .793  | (1.415)  | .341  |
| Distributions from net investment income  | (.334)  | (.322)  | (.313)  | (.285)  | (.284)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.087)  |
| Total distributions  | (.335)  | (.323)  | (.313)  | (.285)  | (.371)  |
| Net asset value, end of period  | $12.33 | $12.20 | $12.35 | $11.87 | $13.57 |
| **Total Return** C,D | 3.90% <br>| 1.42%  | 6.80%  | (10.45)%  | 2.53%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .75%  | .75%  | .76%  | .77%  | .76%  |
| Expenses net of fee waivers, if any  | .75% <br>| .75%  | .76%  | .76%  | .76%  |
| Expenses net of all reductions, if any  | .75%  | .75%  | .76%  | .76%  | .76%  |
| Net investment income (loss)  | 2.87%  | 2.69%  | 2.66%  | 2.33%  | 2.08%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $59703 | $67710 | $76093 | $80023 | $105966 |
| Portfolio turnover rate G | 20% <br>| 20%  | 4%  | 23%  | 13%  |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.18 | $12.34 | $11.86 | $13.56 | $13.59 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .257  | .238  | .230  | .194  | .181  |
| Net realized and unrealized gain (loss)  | .127  | (.167)  | .473  | (1.701)  | .056  |
| Total from investment operations  | .384  | .071  | .703  | (1.507)  | .237  |
| Distributions from net investment income  | (.243)  | (.230)  | (.223)  | (.193)  | (.180)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.087)  |
| Total distributions  | (.244)  | (.231)  | (.223)  | (.193)  | (.267)  |
| Net asset value, end of period  | $12.32 | $12.18 | $12.34 | $11.86 | $13.56 |
| **Total Return** C,D | 3.13% <br>| .66%  | 6.01%  | (11.13)%  | 1.75%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.50%  | 1.50%  | 1.51%  | 1.51%  | 1.52%  |
| Expenses net of fee waivers, if any  | 1.50% <br>| 1.50%  | 1.51%  | 1.51%  | 1.52%  |
| Expenses net of all reductions, if any  | 1.50%  | 1.50%  | 1.51%  | 1.51%  | 1.52%  |
| Net investment income (loss)  | 2.12%  | 1.94%  | 1.91%  | 1.58%  | 1.32%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15286 | $19918 | $22521 | $25358 | $34717 |
| Portfolio turnover rate G | 20% <br>| 20%  | 4%  | 23%  | 13%  |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $12.35 | $11.87 | $13.57 | $13.60 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .386  | .368  | .355  | .324  | .327  |
| Net realized and unrealized gain (loss)  | .128  | (.167)  | .475  | (1.702)  | .057  |
| Total from investment operations  | .514  | .201  | .830  | (1.378)  | .384  |
| Distributions from net investment income  | (.373)  | (.360)  | (.350)  | (.322)  | (.327)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.087)  |
| Total distributions  | (.374)  | (.361)  | (.350)  | (.322)  | (.414)  |
| Net asset value, end of period  | $12.33 | $12.19 | $12.35 | $11.87 | $13.57 |
| **Total Return** C | 4.31% <br>| 1.65%  | 7.12%  | (10.18)%  | 2.85%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .43%  | .44%  | .46%  | .46%  | .45%  |
| Expenses net of fee waivers, if any  | .43% <br>| .44%  | .46%  | .46%  | .45%  |
| Expenses net of all reductions, if any  | .43%  | .44%  | .46%  | .46%  | .45%  |
| Net investment income (loss)  | 3.19%  | 3.00%  | 2.97%  | 2.64%  | 2.39%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2522929 | $2623720 | $2783280 | $2780080 | $3786660 |
| Portfolio turnover rate F | 20% <br>| 20%  | 4%  | 23%  | 13%  |

---

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

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

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

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.18 | $12.34 | $11.86 | $13.56 | $13.59 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .377  | .359  | .344  | .311  | .315  |
| Net realized and unrealized gain (loss)  | .128  | (.167)  | .475  | (1.699)  | .057  |
| Total from investment operations  | .505  | .192  | .819  | (1.388)  | .372  |
| Distributions from net investment income  | (.364)  | (.351)  | (.339)  | (.312)  | (.315)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.087)  |
| Total distributions  | (.365)  | (.352)  | (.339)  | (.312)  | (.402)  |
| Net asset value, end of period  | $12.32 | $12.18 | $12.34 | $11.86 | $13.56 |
| **Total Return** C | 4.24% <br>| 1.58%  | 7.04%  | (10.26)%  | 2.76%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .50%  | .51%  | .54%  | .54%  | .53%  |
| Expenses net of fee waivers, if any  | .50% <br>| .51%  | .54%  | .54%  | .53%  |
| Expenses net of all reductions, if any  | .50%  | .51%  | .54%  | .54%  | .53%  |
| Net investment income (loss)  | 3.12%  | 2.93%  | 2.88%  | 2.55%  | 2.31%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1187205 | $1214721 | $1155918 | $834090 | $713720 |
| Portfolio turnover rate F | 20% <br>| 20%  | 4%  | 23%  | 13%  |

---

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

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

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

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $12.34 | $11.86 | $13.57 | $13.60 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .389  | .372  | .359  | .327  | .331  |
| Net realized and unrealized gain (loss)  | .118  | (.156)  | .476  | (1.710)  | .057  |
| Total from investment operations  | .507  | .216  | .835  | (1.383)  | .388  |
| Distributions from net investment income  | (.376)  | (.365)  | (.355)  | (.327)  | (.331)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.087)  |
| Total distributions  | (.377)  | (.366)  | (.355)  | (.327)  | (.418)  |
| Net asset value, end of period  | $12.32 | $12.19 | $12.34 | $11.86 | $13.57 |
| **Total Return** C | 4.26% <br>| 1.77%  | 7.17%  | (10.22)%  | 2.88%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .40%  | .41%  | .42%  | .42%  | .42%  |
| Expenses net of fee waivers, if any  | .40% <br>| .40%  | .42%  | .42%  | .42%  |
| Expenses net of all reductions, if any  | .40%  | .40%  | .42%  | .42%  | .42%  |
| Net investment income (loss)  | 3.22%  | 3.03%  | 3.01%  | 2.67%  | 2.42%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $597904 | $440524 | $354703 | $234680 | $234982 |
| Portfolio turnover rate F | 20% <br>| 20%  | 4%  | 23%  | 13%  |

---

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

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

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

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **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% |

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Book-tax differences are primarily due to market discount 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, and derivatives if applicable, for federal income tax purposes were as follows:

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| | |
|:---|:---|
| **Gross unrealized appreciation**  | $92245939 |
| **Gross unrealized depreciation**  | <u>(110163639)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(17917700)</u> |
| **Tax Cost**  | <u>$4625974024</u> |

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

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| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$116758</u> |
| **Capital loss carryforward**  | <u>$(72006643)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(17917700)</u> |

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

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| | |
|:---|:---|
| Short-term | $(15024335) |
| Long-term | <u>(56982308)</u> |
| **Total capital loss carryforward** | <u>$(72006643)</u> |

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The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Tax-exempt Income** | 137258245 | 134648365 |
| **Ordinary Income** | $375728 | <u>$382967</u> |
| **Total**  | <u>$137633973</u> | <u>$135031332</u> |

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

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

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

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Municipal Income Fund** | 886011909 | 873140438 |

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .51 |
| **Class M** | .49 |
| **Class C** | .49 |
| **Fidelity Municipal Income Fund** | .43 |
| **Class I** | .52 |
| **Class Z** | .39 |

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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:

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| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .49 |
| **Class M** | .49 |
| **Class C** | .49 |
| **Fidelity Municipal Income Fund** | .42 |
| **Class I** | .49 |
| **Class Z** | .39 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | - % | .25% | 671633 | 25368 |
| **Class M** | - % | .25% | 157269 | 364 |
| **Class C** | .75% | .25% | <u>170756</u> | <u>17446</u> |
|  |  |  | <u>999658</u> | <u>43178</u> |

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

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

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| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 11446 |
| **Class M** | <u>1976</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>13422</u> |

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

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Municipal Income Fund** | 2481261 | 75318931 | (1622292) |

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**6. Committed Line of Credit.**

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

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

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

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

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Municipal Income Fund** | 6241 |

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**7. 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. During the period, custodian credits reduced the Fund's expenses by $835.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Fidelity Municipal Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $7430560 | $7398843 |
| Class M | 1740978 | 1912786 |
| Class C | 344157 | 408848 |
| Fidelity Municipal Income Fund | 77844367 | 80254274 |
| Class I | 34282738 | 32946950 |
| Class Z | <u>15991173</u> | <u>12109631</u> |
| Total  | <u>$137633973</u> | <u>$135031332</u> |

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**9. Share Transactions.**

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **Fidelity Municipal Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 4073639 | 3823127 | $49475412 | $46811403 |
| Reinvestment of distributions  | 393747 | 427771 | 4764482 | 5237792 |
| Shares redeemed | <u>(4755520)</u> | <u>(4567730)</u> | <u>(57470225)</u> | <u>(56000016)</u> |
| Net increase (decrease) | <u>(288134)</u> | <u>(316832)</u> | <u>$(3230331)</u> | <u>$(3950821)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 148585 | 195870 | $1795329 | $2404570 |
| Reinvestment of distributions  | 125898 | 137351 | 1524461 | 1682806 |
| Shares redeemed | <u>(984263)</u> | <u>(943041)</u> | <u>(11908057)</u> | <u>(11564750)</u> |
| Net increase (decrease) | <u>(709780)</u> | <u>(609820)</u> | <u>$(8588267)</u> | <u>$(7477374)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 212761 | 241480 | $2574748 | $2961156 |
| Reinvestment of distributions  | 26073 | 29981 | 315405 | 366998 |
| Shares redeemed | <u>(633357)</u> | <u>(461531)</u> | <u>(7636322)</u> | <u>(5670446)</u> |
| Net increase (decrease) | <u>(394523)</u> | <u>(190070)</u> | <u>$(4746169)</u> | <u>$(2342292)</u> |
| **Fidelity Municipal Income Fund** |  |  |  |  |
| Shares sold | 22737410 | 23265033 | $274576553 | $285350742 |
| Reinvestment of distributions  | 4756081 | 4859319 | 57599202 | 59532630 |
| Shares redeemed | <u>(38009815)</u> | <u>(38376489)</u> | <u>(457895354)</u> | <u>(471235369)</u> |
| Net increase (decrease) | <u>(10516324)</u> | <u>(10252137)</u> | <u>$(125719599)</u> | <u>$(126351997)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 31043063 | 31982249 | $374896932 | $392936848 |
| Reinvestment of distributions  | 1033657 | 1013241 | 12509936 | 12405760 |
| Shares redeemed | <u>(35394442)</u> | <u>(26991466)</u> | <u>(427262901)</u> | <u>(330306086)</u> |
| Net increase (decrease) | <u>(3317722)</u> | <u>6004024</u> | <u>$(39856033)</u> | <u>$75036522</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 28923539 | 14194525 | $347914669 | $173968797 |
| Reinvestment of distributions  | 1046929 | 785869 | 12688531 | 9624565 |
| Shares redeemed | <u>(17591596)</u> | <u>(7577908)</u> | <u>(212740663)</u> | <u>(92815077)</u> |
| Net increase (decrease) | <u>12378872</u> | <u>7402486</u> | <u>$147862537</u> | <u>$90778285</u> |

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**10. Other.**

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

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2026

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

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

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

During fiscal year ended 2025, 100% of the fund's income dividends were free from federal income tax, and 16.31% of the fund's income dividends was subject to the federal alternative minimum tax.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Municipal Income Fund**

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

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

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

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

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, 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 Fidelity under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity and derivatives 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 appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

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

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

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

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

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

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, and Class Z of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 0.80%, 0.80%, 1.55%, 0.55%, and 0.46% through April 30, 2026.

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

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

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

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

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

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

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

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

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

![](img123163_4.jpg)<br>

1.539263.128 HIY-ANN-0226

**Fidelity® Minnesota Municipal Income Fund**

**Annual Report**

**December 31, 2025**

![](img123164_1.jpg)

![](img123164_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MNF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Minnesota Municipal Income Fund](#Sub_Sec_Fund_182_MNF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements182_MNF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MNF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MNF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MNF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MNF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MNF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MNF-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Minnesota Municipal Income Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 98.3%** | &nbsp;&nbsp;**Municipal Securities - 98.3%** | &nbsp;&nbsp;**Municipal Securities - 98.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Guam - 0.7%  |  |  |
| Electric Utilities - 0.2% |  |  |
| Guam Power Auth. 5% 10/1/2044  | 1000000 | 1023711 |
| Special Tax - 0.5% |  |  |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2028  | 1550000 | 1606717 |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2032  | 1275000 | 1401502 |
| TOTAL SPECIAL TAX |  | 3008219 |
| TOTAL GUAM |  | 4031930 |
| Michigan,Minnesota,New York - 0.9%  |  |  |
| Synthetics - 0.9% |  |  |
| Bloomington Minn Multifamily Hsg Rev Participating VRDN Series 2024 BAML6027, 2.6% 12/1/2030 (Liquidity Facility Bank of America, N.A.) (c)(d) | 5200000 | 5200000 |
| Minnesota - 95.1%  |  |  |
| Education - 8.3% |  |  |
| Minneapolis MN Revenue (University Gateway Corp Proj.) Series 2025, 5% 12/1/2028 (Univ of MN Foundation Guaranteed)  | 450000 | 481041 |
| Minneapolis MN Revenue (University Gateway Corp Proj.) Series 2025, 5% 12/1/2029 (Univ of MN Foundation Guaranteed)  | 300000 | 327650 |
| Minneapolis MN Revenue (University Gateway Corp Proj.) Series 2025, 5% 12/1/2030 (Univ of MN Foundation Guaranteed)  | 310000 | 345268 |
| Minneapolis MN Revenue (University Gateway Corp Proj.) Series 2025, 5% 12/1/2031 (Univ of MN Foundation Guaranteed)  | 560000 | 633339 |
| Minnesota Health & Education Facilities Authority (St Olaf College, MN Proj.) Series 2025, 5% 12/1/2027  | 1000000 | 1040852 |
| Minnesota Health & Education Facilities Authority (St Olaf College, MN Proj.) Series 2025, 5% 12/1/2028  | 1000000 | 1061451 |
| Minnesota Health & Education Facilities Authority (St Olaf College, MN Proj.) Series 2025, 5% 12/1/2029  | 750000 | 810685 |
| Minnesota Health & Education Facilities Authority (St Olaf College, MN Proj.) Series 2025, 5% 12/1/2030  | 675000 | 742284 |
| Minnesota Health & Education Facilities Authority (St Olaf College, MN Proj.) Series 2025, 5% 12/1/2031  | 625000 | 697411 |
| Minnesota Higher Ed Facs Auth Rev (Augsburg College Proj.) Series 2016 A, 5% 5/1/2046  | 3610000 | 2481038 |
| Minnesota Higher Ed Facs Auth Rev (Carleton College, MN Proj.) 5% 3/1/2031  | 1000000 | 1025188 |
| Minnesota Higher Ed Facs Auth Rev (Carleton College, MN Proj.) Series 2023, 5% 3/1/2045  | 5645000 | 5980966 |
| Minnesota Higher Ed Facs Auth Rev (College of St Scholastica Proj.) Series 2019, 4% 12/1/2026  | 190000 | 190278 |
| Minnesota Higher Ed Facs Auth Rev (College of St Scholastica Proj.) Series 2019, 4% 12/1/2027  | 195000 | 194629 |
| Minnesota Higher Ed Facs Auth Rev (College of St Scholastica Proj.) Series 2019, 4% 12/1/2028  | 480000 | 478410 |
| Minnesota Higher Ed Facs Auth Rev (College of St Scholastica Proj.) Series 2019, 4% 12/1/2029  | 285000 | 283624 |
| Minnesota Higher Ed Facs Auth Rev (College of St Scholastica Proj.) Series 2019, 4% 12/1/2030  | 200000 | 198364 |
| Minnesota Higher Ed Facs Auth Rev (College of St Scholastica Proj.) Series 2019, 4% 12/1/2031  | 450000 | 443963 |
| Minnesota Higher Ed Facs Auth Rev (College of St Scholastica Proj.) Series 2019, 4% 12/1/2032  | 690000 | 675198 |
| Minnesota Higher Ed Facs Auth Rev (College of St Scholastica Proj.) Series 2019, 4% 12/1/2033  | 750000 | 726426 |
| Minnesota Higher Ed Facs Auth Rev (College of St Scholastica Proj.) Series 2019, 4% 12/1/2034  | 225000 | 215838 |
| Minnesota Higher Ed Facs Auth Rev (Gustavus Adolphus College Proj.) Series 2017, 5% 10/1/2031  | 590000 | 604632 |
| Minnesota Higher Ed Facs Auth Rev (Macalester College, MN Proj.) 3% 3/1/2040  | 730000 | 656250 |
| Minnesota Higher Ed Facs Auth Rev (Macalester College, MN Proj.) 3% 3/1/2043  | 430000 | 356108 |
| Minnesota Higher Ed Facs Auth Rev (Macalester College, MN Proj.) 4% 3/1/2026  | 100000 | 100205 |
| Minnesota Higher Ed Facs Auth Rev (Macalester College, MN Proj.) 4% 3/1/2030  | 150000 | 157126 |
| Minnesota Higher Ed Facs Auth Rev (Macalester College, MN Proj.) 4% 3/1/2031  | 250000 | 264668 |
| Minnesota Higher Ed Facs Auth Rev (Macalester College, MN Proj.) 4% 3/1/2033  | 390000 | 411818 |
| Minnesota Higher Ed Facs Auth Rev (Macalester College, MN Proj.) 4% 3/1/2034  | 150000 | 157344 |
| Minnesota Higher Ed Facs Auth Rev (Macalester College, MN Proj.) 4% 3/1/2035  | 125000 | 130210 |
| Minnesota Higher Ed Facs Auth Rev (Macalester College, MN Proj.) 4% 3/1/2036  | 125000 | 129524 |
| Minnesota Higher Ed Facs Auth Rev (Macalester College, MN Proj.) 4% 3/1/2037  | 100000 | 103102 |
| Minnesota Higher Ed Facs Auth Rev (Macalester College, MN Proj.) Series 2017, 3% 3/1/2033  | 1510000 | 1479624 |
| Minnesota Higher Ed Facs Auth Rev (Macalester College, MN Proj.) Series 2017, 3% 3/1/2034  | 430000 | 417876 |
| Minnesota Higher Ed Facs Auth Rev (Saint Johns University, MN Proj.) Series 2021, 4% 10/1/2026  | 600000 | 604991 |
| Minnesota Higher Ed Facs Auth Rev (Saint Johns University, MN Proj.) Series 2021, 4% 10/1/2028  | 675000 | 692021 |
| Minnesota Higher Ed Facs Auth Rev (Saint Johns University, MN Proj.) Series 2021, 4% 10/1/2029  | 460000 | 475052 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018 A, 5% 10/1/2035  | 130000 | 133222 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2034  | 1155000 | 1186265 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2045  | 3650000 | 3553552 |
| Minnesota Higher Ed Facs Auth Rev (St Olaf College, MN Proj.) 4% 10/1/2046  | 2750000 | 2558255 |
| Minnesota Higher Ed Facs Auth Rev (St Olaf College, MN Proj.) 4% 10/1/2050  | 1000000 | 900728 |
| Minnesota Higher Ed Facs Auth Rev (University of St Thomas, MN Proj.) Series 2019, 5% 10/1/2029  | 400000 | 431853 |
| Minnesota Higher Ed Facs Auth Rev (University Of St Thomas, Mn Proj.) Series 2024 B 1, 5% tender 10/1/2053 (c) | 3000000 | 3064399 |
| Minnesota Higher Ed Facs Auth Rev (University of St Thomas, MN Proj.) Series 2024A, 4.125% 10/1/2053  | 2500000 | 2232110 |
| Minnesota Higher Ed Facs Auth Rev (University of St Thomas, MN Proj.) Series 2024A, 5% 10/1/2049  | 2200000 | 2255604 |
| Minnesota St Office of Higher Ed Rev Series 2023, 5% 11/1/2033 (e) | 3600000 | 3860407 |
| University MN Series 2020A, 5% 11/1/2033  | 1015000 | 1117932 |
| TOTAL EDUCATION |  | 47068781 |
| Electric Utilities - 6.1% |  |  |
| Central Minnesota Municipal Power Agency Series 2021, 3% 1/1/2036 (Assured Guaranty Inc Insured)  | 315000 | 305996 |
| Central Minnesota Municipal Power Agency Series 2021, 3% 1/1/2037 (Assured Guaranty Inc Insured)  | 255000 | 243155 |
| Central Minnesota Municipal Power Agency Series 2021, 3% 1/1/2038 (Assured Guaranty Inc Insured)  | 240000 | 225397 |
| Central Minnesota Municipal Power Agency Series 2021, 4% 1/1/2042 (Assured Guaranty Inc Insured)  | 340000 | 342457 |
| Chaska Minn Elec Rev 5% 10/1/2026  | 1000000 | 1001843 |
| Chaska Minn Elec Rev 5% 10/1/2029  | 785000 | 789441 |
| Elk River Minn Elec Rev Series 2021B, 2% 8/1/2036  | 400000 | 333453 |
| Minnesota St Mun Pwr Agy Elec Series 2014, 5% 10/1/2030  | 1000000 | 1001721 |
| Minnesota St Mun Pwr Agy Elec Series 2016, 3% 10/1/2034  | 250000 | 245832 |
| Minnesota St Mun Pwr Agy Elec Series 2016, 5% 10/1/2033  | 400000 | 405298 |
| Minnesota St Mun Pwr Agy Elec Series 2016, 5% 10/1/2036  | 1000000 | 1010135 |
| Moorhead Minn Pub Util Rev Series 2016 A, 2.625% 11/1/2033  | 755000 | 708178 |
| Moorhead Minn Pub Util Rev Series 2016 A, 2.75% 11/1/2035  | 795000 | 731809 |
| Moorhead Minn Pub Util Rev Series 2016 A, 2.75% 11/1/2036  | 815000 | 736070 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2016, 5% 1/1/2028  | 500000 | 500939 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2016, 5% 1/1/2029  | 920000 | 921751 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2016, 5% 1/1/2030  | 520000 | 520986 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2016, 5% 1/1/2031  | 350000 | 350660 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2017, 5% 1/1/2031  | 400000 | 409328 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2017, 5% 1/1/2033  | 475000 | 485312 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2017, 5% 1/1/2035  | 520000 | 530421 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2023, 5% 1/1/2030 (Assured Guaranty Inc Insured)  | 1050000 | 1141265 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2023, 5% 1/1/2031 (Assured Guaranty Inc Insured)  | 500000 | 553288 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2023, 5% 1/1/2032 (Assured Guaranty Inc Insured)  | 345000 | 378792 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2023, 5% 1/1/2033 (Assured Guaranty Inc Insured)  | 360000 | 393748 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2024, 5% 1/1/2028  | 650000 | 677866 |
| Saint Paul Minn Port Auth Dist Energy Rev (District Energy St Paul Inc Minn Proj.) Series 2021 1, 3% 10/1/2026  | 100000 | 99652 |
| Saint Paul Minn Port Auth Dist Energy Rev (District Energy St Paul Inc Minn Proj.) Series 2021 1, 3% 10/1/2034  | 340000 | 329059 |
| Saint Paul Minn Port Auth Dist Energy Rev (District Energy St Paul Inc Minn Proj.) Series 2021 1, 4% 10/1/2041  | 500000 | 489545 |
| Southern Minnesota Municipal Power Agency 0% 1/1/2026 (National Public Finance Guarantee Corporation Insured) (b) | 3320000 | 3320000 |
| Southern Minnesota Municipal Power Agency 5% 1/1/2029  | 2175000 | 2329248 |
| Southern Minnesota Municipal Power Agency 5% 1/1/2030  | 1900000 | 2074944 |
| Southern Minnesota Municipal Power Agency 5% 1/1/2031  | 800000 | 888422 |
| Southern Minnesota Municipal Power Agency 5% 1/1/2032  | 675000 | 762370 |
| Southern Minnesota Municipal Power Agency 5% 1/1/2033  | 775000 | 884373 |
| Southern Minnesota Municipal Power Agency Series 2015 A, 5% 1/1/2034  | 1695000 | 1695000 |
| Southern Minnesota Municipal Power Agency Series 2015 A, 5% 1/1/2036  | 1000000 | 1000000 |
| Southern Minnesota Municipal Power Agency Series 2019 A, 5% 1/1/2034  | 1235000 | 1345295 |
| Western MN Mun Pwr Agy Series 2025A, 5% 1/1/2031  | 1000000 | 1114992 |
| Western MN Mun Pwr Agy Series 2025A, 5% 1/1/2032  | 1175000 | 1329874 |
| Western MN Mun Pwr Agy Series 2025A, 5% 1/1/2033  | 1600000 | 1832372 |
| TOTAL ELECTRIC UTILITIES |  | 34440287 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Duluth Minn Indpt Sch Dist No 709 Ctfs Partn 3% 3/1/2032 (Pre-refunded to 3/1/2028 at 100)  | 540000 | 543707 |
| General Obligations - 39.0% |  |  |
| Aitkin Cnty Minn Gen. Oblig. 3.2% 2/1/2038  | 250000 | 239349 |
| Aitkin Cnty Minn Gen. Oblig. 3.25% 2/1/2039  | 465000 | 438100 |
| Annandale Minn Indpt Sch Dist No 876 Series 2020 A, 2% 2/1/2032 (Minnesota St Guaranteed)  | 600000 | 545599 |
| Anoka-Hennepin MN Ind Sch Dist No 11 (Anoka-Hennepin MN Ind Sch Dist No 11 Proj.) Series 2014A, 5% 2/1/2027  | 1285000 | 1287250 |
| Anoka-Hennepin MN Ind Sch Dist No 11 (Anoka-Hennepin MN Ind Sch Dist No 11 Proj.) Series 2014A, 5% 2/1/2028  | 1345000 | 1354376 |
| Anoka-Hennepin MN Ind Sch Dist No 11 (Anoka-Hennepin MN Ind Sch Dist No 11 Proj.) Series 2014A, 5% 2/1/2029  | 1415000 | 1424864 |
| Anoka-Hennepin MN Ind Sch Dist No 11 (Anoka-Hennepin MN Ind Sch Dist No 11 Proj.) Series 2014A, 5% 2/1/2034  | 1800000 | 1812549 |
| Becker Minn Gen. Oblig. Series 2021A, 2% 2/1/2031  | 810000 | 744778 |
| Big Lake Minn Indpt Sch Dist No 727 Series 2022A, 2% 2/1/2034 (Minnesota St Guaranteed)  | 640000 | 547502 |
| Burnsville MN Gen. Oblig. Series 2017A, 2.85% 12/20/2031  | 935000 | 933471 |
| Burnsville MN Gen. Oblig. Series 2020 A, 2% 12/20/2040  | 530000 | 400193 |
| Carver & Sibley Cntys MN Indpt Sch Dist No 108 Central Pub Schs Series 2022 A, 2.25% 2/1/2045 (Minnesota St Guaranteed)  | 1700000 | 1119348 |
| City of Edina MN Gen. Oblig. Series 2024A, 4% 2/1/2053  | 945000 | 909083 |
| City of Edina MN Gen. Oblig. Series 2024A, 4% 2/1/2054  | 980000 | 940323 |
| Crosby Ironton Minn Indpt Schdist No 182 Series 2020 A, 2% 2/1/2035 (Minnesota St Guaranteed)  | 375000 | 318880 |
| Crosby Ironton Minn Indpt Schdist No 182 Series 2020 A, 2% 2/1/2036 (Minnesota St Guaranteed)  | 550000 | 457253 |
| Delano Minn Gen. Oblig. 4% 2/1/2040  | 1060000 | 1084830 |
| Delano Minn Gen. Oblig. 4% 2/1/2041  | 1100000 | 1118406 |
| Delano Minn Gen. Oblig. 5% 2/1/2039  | 1010000 | 1094350 |
| Dilworth MN Gen. Oblig. Series 2022A, 3.5% 2/1/2034  | 455000 | 462601 |
| Dilworth MN Gen. Oblig. Series 2022A, 3.5% 2/1/2035  | 470000 | 475512 |
| Dilworth MN Gen. Oblig. Series 2022A, 4% 2/1/2038  | 1030000 | 1056098 |
| Dilworth MN Gen. Oblig. Series 2022A, 4% 2/1/2042  | 1205000 | 1219064 |
| Duluth MN Indpt Sch Dist #709 Series 2021 C, 0% 2/1/2032 (Minnesota St Guaranteed) (b) | 250000 | 201884 |
| Duluth MN Indpt Sch Dist #709 Series 2021 C, 0% 2/1/2033 (Minnesota St Guaranteed) (b) | 805000 | 622959 |
| Duluth MN Indpt Sch Dist #709 Series 2025 A, 0% 2/1/2029 (Minnesota St Guaranteed) (b) | 645000 | 589257 |
| Duluth MN Indpt Sch Dist #709 Series 2025 A, 0% 2/1/2030 (Minnesota St Guaranteed) (b) | 475000 | 420789 |
| Duluth MN Indpt Sch Dist #709 Series 2025 A, 0% 2/1/2031 (Minnesota St Guaranteed) (b) | 2750000 | 2359382 |
| Duluth MN Indpt Sch Dist #709 Series 2025 A, 0% 2/1/2032 (Minnesota St Guaranteed) (b) | 1900000 | 1574291 |
| Duluth MN Indpt Sch Dist #709 Series 2025 A, 0% 2/1/2033 (Minnesota St Guaranteed) (b) | 1925000 | 1532287 |
| Duluth MN Indpt Sch Dist #709 Series 2025 A, 0% 2/1/2034 (Minnesota St Guaranteed) (b) | 1100000 | 838875 |
| Eastern Carver County Schools Independent School District No 112 Series 2025A, 3.25% 2/1/2037 (Minnesota St Guaranteed)  | 2740000 | 2682599 |
| Eden Prairie MN Indpt Sch Dist Series 2020, 2% 2/1/2039 (Minnesota St Guaranteed)  | 650000 | 515021 |
| Eden Prairie MN Indpt Sch Dist Series 2020, 2% 2/1/2040 (Minnesota St Guaranteed)  | 710000 | 542748 |
| Eden Prairie MN Indpt Sch Dist Series 2023A, 4% 2/1/2035 (Minnesota St Guaranteed)  | 1050000 | 1095691 |
| Elk River Minn Gen. Oblig. 2% 8/1/2037  | 275000 | 221956 |
| Elk River MN Indp Sch Dist 728 Series 2019A, 3% 2/1/2033 (Minnesota St Guaranteed)  | 2925000 | 2927179 |
| Fridley MN Indpt Sch Dist No14 Series 2016 A, 3% 2/1/2035 (Minnesota St Guaranteed)  | 300000 | 298429 |
| Hopkins Minn Ind Sch Dst 270 Series 2019A, 3% 2/1/2033 (Minnesota St Guaranteed)  | 3000000 | 2977608 |
| Itasca Cnty Minn Gen. Oblig. Series 2020 B, 2% 2/1/2032 (Minnesota St Guaranteed)  | 1475000 | 1341263 |
| Itasca Cnty Minn Gen. Oblig. Series 2020 B, 2% 2/1/2035 (Minnesota St Guaranteed)  | 600000 | 512707 |
| Jackson Cnty Cent MN Isd#2895 Series 2020 A, 2% 2/1/2032 (Minnesota St Guaranteed)  | 700000 | 641614 |
| Lake Elmo Minn Gen. Oblig. 2% 2/1/2036  | 1205000 | 1004154 |
| Lake Elmo Minn Gen. Oblig. Series 2021 A, 2% 2/1/2035  | 1185000 | 1012596 |
| Lakevill MN Indpt Sch Dist 194 2% 2/1/2034 (Minnesota St Guaranteed)  | 720000 | 624580 |
| Lakevill MN Indpt Sch Dist 194 2% 2/1/2037 (Minnesota St Guaranteed)  | 1515000 | 1220264 |
| Lakevill MN Indpt Sch Dist 194 Series 2020A, 2% 2/1/2034 (Minnesota St Guaranteed)  | 3000000 | 2598676 |
| Lakevill MN Indpt Sch Dist 194 Series 2021 B, 2% 2/1/2038 (Minnesota St Guaranteed)  | 3075000 | 2422482 |
| Lakevill MN Indpt Sch Dist 194 Series 2021 B, 2% 2/1/2039 (Minnesota St Guaranteed)  | 4180000 | 3215582 |
| Lakevill MN Indpt Sch Dist 194 Series 2021 B, 2% 2/1/2040 (Minnesota St Guaranteed)  | 4285000 | 3177790 |
| Lakevill MN Indpt Sch Dist 194 Series 2021 B, 2.125% 2/1/2041 (Minnesota St Guaranteed)  | 3395000 | 2512087 |
| Maple Grove MN Gen. Oblig. 1.5% 2/1/2033  | 715000 | 613484 |
| Maple Grove MN Gen. Oblig. 1.625% 2/1/2034  | 790000 | 669354 |
| McGregor Independent School District No 4 Series 2020 A, 2% 2/1/2041 (Minnesota St Guaranteed)  | 440000 | 313867 |
| Metropolitan Council Minn-St Paul Gen. Oblig. Series 2020B, 2% 3/1/2033  | 4250000 | 3846456 |
| Metropolitan Council Minn-St Paul Gen. Oblig. Series 2020B, 2.125% 3/1/2036  | 1000000 | 861964 |
| Metropolitan Council Minn-St Paul Gen. Oblig. Series 2020B, 2.125% 3/1/2037  | 3060000 | 2573870 |
| Metropolitan Council Minn-St Paul Gen. Oblig. Series 2024 B, 4% 3/1/2043  | 4210000 | 4267761 |
| Minneapolis MN Gen. Oblig. Series 2019, 3% 12/1/2040  | 395000 | 357775 |
| Minneapolis MN Gen. Oblig. Series 2024, 3% 12/1/2041  | 4885000 | 4398497 |
| Minneapolis MN Gen. Oblig. Series 2024, 3% 12/1/2042  | 4510000 | 3959828 |
| Minneapolis Special School District No 1 5% 2/1/2041 (Minnesota St Guaranteed)  | 1195000 | 1290295 |
| Minneapolis Special School District No 1 5% 2/1/2042 (Minnesota St Guaranteed)  | 1255000 | 1344078 |
| Minneapolis Special School District No 1 Ctfs Partn (Minneapolis Special School District No 1 Proj.) Series 2020A, 2% 4/1/2034  | 2040000 | 1792042 |
| Minneapolis Special School District No 1 Series 2017 A, 4% 2/1/2033 (Minnesota St Guaranteed)  | 1415000 | 1446836 |
| Minneapolis Special School District No 1 Series 2017 B, 4% 2/1/2034 (Minnesota St Guaranteed)  | 2595000 | 2650629 |
| Minneapolis Special School District No 1 Series 2018 A, 5% 2/1/2033 (Minnesota St Guaranteed)  | 1000000 | 1046095 |
| Minneapolis Special School District No 1 Series 2018 B, 5% 2/1/2032 (Minnesota St Guaranteed)  | 895000 | 940267 |
| Minneapolis Special School District No 1 Series 2018 B, 5% 2/1/2033 (Minnesota St Guaranteed)  | 3190000 | 3335723 |
| Minneapolis Special School District No 1 Series 2020 B, 4% 2/1/2036 (Minnesota St Guaranteed)  | 1745000 | 1795808 |
| Minneapolis Special School District No 1 Series 2021 B, 5% 2/1/2041 (Minnesota St Guaranteed)  | 1180000 | 1260527 |
| Minneapolis Special School District No 1 Series 2021 B, 5% 2/1/2042 (Minnesota St Guaranteed)  | 1235000 | 1313070 |
| Minneapolis Special School District No 1 Series 2021 C, 5% 2/1/2040 (Minnesota St Guaranteed)  | 1585000 | 1704086 |
| Minneapolis Special School District No 1 Series 2021 C, 5% 2/1/2041 (Minnesota St Guaranteed)  | 1660000 | 1773283 |
| Minneapolis Special School District No 1 Series 2025 C, 5% 2/1/2030 (Minnesota St Guaranteed)  | 6340000 | 6947775 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) 5% 8/1/2031  | 1000000 | 1001948 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) 5% 8/1/2032  | 1000000 | 1001723 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) 5% 8/1/2033  | 1000000 | 1001517 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020B, 4% 8/1/2036  | 2000000 | 2051974 |
| Minnesota Mun Gas Agy Commodity Supply Rev 4% tender 12/1/2052 (Royal Bank of Canada Guaranteed) (c) | 7000000 | 7111264 |
| Minnesota St Armory Bldg Comm Lease Rev (Minnesota St Proj.) 3% 6/1/2038  | 1925000 | 1833984 |
| Minnesota St Gen. Oblig. Series 2016 D, 2.25% 8/1/2029  | 420000 | 407761 |
| Minnesota St Gen. Oblig. Series 2020 B, 2% 8/1/2034  | 1335000 | 1174524 |
| Minnesota St Gen. Oblig. Series 2021 A, 4% 9/1/2039  | 2645000 | 2721456 |
| Minnesota St Gen. Oblig. Series 2021 A, 4% 9/1/2041  | 4000000 | 4054838 |
| Minnesota St Series 2024B, 4% 8/1/2043  | 3000000 | 2994490 |
| Moorhead Minn Isd No 152 Series 2020A, 2.5% 2/1/2037 (Minnesota St Guaranteed)  | 2500000 | 2196392 |
| Moorhead MN Gen. Oblig. Series 2021 A, 2.125% 2/1/2040  | 365000 | 272544 |
| Moorhead MN Gen. Oblig. Series 2025 A, 3.25% 9/1/2028  | 2125000 | 2125197 |
| Mounds View MN Indpt Sch Dist No 621 Series 2018 A, 3.45% 2/1/2037 (Minnesota St Guaranteed)  | 2000000 | 2002522 |
| Mounds View MN Indpt Sch Dist No 621 Series 2018 A, 3.55% 2/1/2038 (Minnesota St Guaranteed)  | 2000000 | 2001649 |
| Murray Cnty Minn Gen. Oblig. 2% 4/1/2036  | 605000 | 502970 |
| Murray Cnty Minn Gen. Oblig. 2.125% 4/1/2037  | 620000 | 509493 |
| Murray Cnty Minn Gen. Oblig. 2.25% 4/1/2038  | 630000 | 512194 |
| Murray Cnty Minn Gen. Oblig. 2.25% 4/1/2039  | 645000 | 512750 |
| Murray Cnty Minn Gen. Oblig. 2.25% 4/1/2040  | 660000 | 504589 |
| Murray Cnty Minn Gen. Oblig. 2.375% 4/1/2041  | 675000 | 508587 |
| Nashwauk Keewatin Minn Indpt Sch Dist No 319 Series 2022 A, 4% 2/1/2035 (Minnesota St Guaranteed)  | 200000 | 208903 |
| Nashwauk Keewatin Minn Indpt Sch Dist No 319 Series 2022 A, 4% 2/1/2036 (Minnesota St Guaranteed)  | 1000000 | 1035694 |
| Nobles Cnty Minn Gen. Oblig. Series 2020B, 2.125% 1/1/2045  | 810000 | 529376 |
| North Mankato Minn For Issuesdtd Prior To 08/01/07 See 660750 Gen. Oblig. Series 2021 A, 2% 2/1/2032  | 675000 | 609930 |
| North St Paul-Maplewood-Oakdale Independent School District No 622 Series 2019 B, 3% 2/1/2042 (Minnesota St Guaranteed)  | 3090000 | 2658557 |
| Northfield Minn Gen. Oblig. 2% 2/1/2029  | 205000 | 199447 |
| Olmsted Cnty MN Gen. Oblig. Series 2016 A, 2% 2/1/2029  | 2160000 | 2084209 |
| Osseo MN Indpt Sch Dist # 279 (Minnesota St Proj.) Series 2020A, 2% 2/1/2038  | 3205000 | 2543251 |
| Osseo MN Indpt Sch Dist # 279 Series 2020A, 1.75% 2/1/2033 (Minnesota St Guaranteed)  | 3650000 | 3193401 |
| Osseo MN Indpt Sch Dist # 279 Series 2020A, 1.75% 2/1/2034 (Minnesota St Guaranteed)  | 2405000 | 2056108 |
| Osseo MN Indpt Sch Dist # 279 Series 2020A, 1.75% 2/1/2035 (Minnesota St Guaranteed)  | 1790000 | 1499561 |
| Osseo MN Indpt Sch Dist # 279 Series 2020A, 1.875% 2/1/2037 (Minnesota St Guaranteed)  | 3205000 | 2586762 |
| Owatonna MN Ind Sch Dist 761 Series 2020 A, 2% 2/1/2037 (Minnesota St Guaranteed)  | 1000000 | 830824 |
| Owatonna MN Ind Sch Dist 761 Series 2020 A, 2.25% 2/1/2043 (Minnesota St Guaranteed)  | 1275000 | 905490 |
| Plymouth Minn Gen. Oblig. Series 2020A, 2% 2/1/2041  | 2485000 | 1848048 |
| Ramsey Cnty MN Gen. Oblig. Series 2021 A, 2% 2/1/2040  | 500000 | 395545 |
| Ramsey Minn Gen. Oblig. 5% 12/15/2030  | 665000 | 743470 |
| Ramsey Minn Gen. Oblig. 5% 12/15/2031  | 740000 | 841757 |
| Red Rock Cent Minn Indpt Sch Dist No 2884 Series 2022 A, 2.375% 2/1/2045 (Minnesota St Guaranteed)  | 1310000 | 905153 |
| Richfield MN Isd #280 Series 2018 A, 3.5% 2/1/2043 (Minnesota St Guaranteed)  | 490000 | 460927 |
| Rochester MN Gen. Oblig. Series 2020 C, 1.5% 2/1/2032  | 990000 | 872774 |
| Rochester MN Gen. Oblig. Series 2020 C, 1.625% 2/1/2033  | 1205000 | 1047585 |
| Rochester MN Gen. Oblig. Series 2020 C, 1.625% 2/1/2034  | 1255000 | 1065816 |
| Rochester MN Gen. Oblig. Series 2020 C, 1.75% 2/1/2035  | 1215000 | 1022458 |
| Rochester MN Ind Sch Dst No535 Series 2020A, 3% 2/1/2035 (Minnesota St Guaranteed)  | 1515000 | 1463478 |
| Roseville Minn Indpt Sch Dist No 623 Ctfs Partn (Roseville MN Isd No 623 Proj.) Series 2021 A, 5% 4/1/2027  | 850000 | 865403 |
| Roseville Minn Indpt Sch Dist No 623 Ctfs Partn (Roseville MN Isd No 623 Proj.) Series 2021 A, 5% 4/1/2028  | 1100000 | 1135215 |
| Sauk Rapids Minn Isd No 47 Series 2020A, 2.5% 2/1/2039 (Minnesota St Guaranteed)  | 2925000 | 2461970 |
| South Washington Cnty MN Ind Sch Dist No 833 Series 2020A, 3% 2/1/2033 (Minnesota St Guaranteed)  | 295000 | 293913 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2027 (Minnesota St Guaranteed) (b) | 305000 | 295422 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2030 (Minnesota St Guaranteed) (b) | 630000 | 556978 |
| St Louis Park MN Gen. Oblig. Series 2020A, 2% 2/1/2040  | 465000 | 347102 |
| St Louis Park MN Gen. Oblig. Series 2020A, 2% 2/1/2041  | 475000 | 342621 |
| St Louis Park MN Gen. Oblig. Series 2020A, 2.125% 2/1/2042  | 480000 | 340485 |
| St Paul MN Indpt Sch Dist No 625 4% 2/1/2040 (Minnesota St Guaranteed)  | 1575000 | 1623128 |
| St Paul MN Indpt Sch Dist No 625 Ctfs Partn Series 2024A, 5% 2/1/2029 (Minnesota St Guaranteed)  | 500000 | 537033 |
| St Paul MN Series 2021 C, 2% 5/1/2033  | 300000 | 268370 |
| Stewartville Independent School District No 534 Series 2022A, 2% 2/1/2032 (State of Michigan Guaranteed)  | 785000 | 703744 |
| Virginia MN Series 2019A, 3% 2/1/2038 (Minnesota St Guaranteed)  | 2050000 | 1906180 |
| Waconia Minn Isd No 110 Series 2025A, 5% 2/1/2037 (Minnesota St Guaranteed)  | 3050000 | 3383211 |
| Waite Park MN Gen. Oblig. Series 2025A, 5% 12/15/2029  | 1100000 | 1202336 |
| Waite Park MN Gen. Oblig. Series 2025A, 5% 12/15/2030  | 680000 | 757219 |
| Warren / Alvarado / Oslo MN Indpt Sch Dist No 2176 3.75% 2/1/2042 (Minnesota St Guaranteed)  | 1030000 | 1015795 |
| Warren / Alvarado / Oslo MN Indpt Sch Dist No 2176 3.75% 2/1/2043 (Minnesota St Guaranteed)  | 845000 | 818909 |
| Washington Cnty Minn Gen. Oblig. Series 2019 A, 2.375% 2/1/2036  | 1590000 | 1431657 |
| Watertown Minn Isd No 111 Series 2020 A, 0% 2/1/2029 (Minnesota St Guaranteed) (b) | 1000000 | 894942 |
| West St Paul MN Indept Sch Dis 2% 2/1/2032 (Minnesota St Guaranteed)  | 765000 | 701193 |
| West St Paul MN Indept Sch Dis Series 2018 A, 3.6% 2/1/2037 (Minnesota St Guaranteed)  | 2000000 | 2006523 |
| West St Paul MN Indept Sch Dis Series 2018 A, 3.65% 2/1/2038 (Minnesota St Guaranteed)  | 2000000 | 2005438 |
| West St Paul MN Indept Sch Dis Series 2018 A, 4% 2/1/2029 (Minnesota St Guaranteed)  | 1185000 | 1202646 |
| White Bear Lk MN Indpt SD 624 Series 2020A, 2.25% 2/1/2037 (Minnesota St Guaranteed)  | 5770000 | 4759415 |
| Wright Cnty Minn Ctfs Partn (Wright Cnty MN Proj.) Series 2019 A, 5% 12/1/2031  | 1000000 | 1095670 |
| Wright Cnty MN Gen. Oblig. Series 2018 A, 3.1% 12/1/2032  | 1790000 | 1797678 |
| Wright Cnty MN Gen. Oblig. Series 2018 A, 3.15% 12/1/2033  | 1865000 | 1871815 |
| Wright Cnty MN Gen. Oblig. Series 2018 A, 3.25% 12/1/2034  | 2345000 | 2354605 |
| Wright Cnty MN Gen. Oblig. Series 2018 A, 3.35% 12/1/2036  | 2440000 | 2444525 |
| TOTAL GENERAL OBLIGATIONS |  | 220205930 |
| Health Care - 24.4% |  |  |
| Apple Vy Minn Sr Hsg Rev (Phs Apple Valley Senior Hsg Proj.) Series 2025A, 5.375% 9/1/2045  | 400000 | 407889 |
| Apple Vy Minn Sr Hsg Rev (Phs Apple Valley Senior Hsg Proj.) Series 2025A, 5.5% 9/1/2055  | 500000 | 506874 |
| Center City MN Health Care Fac (Hazelden Betty Ford Foundation Proj.) Series 2025 B, 5% 11/1/2031  | 210000 | 228770 |
| Center City MN Health Care Fac (Hazelden Betty Ford Foundation Proj.) Series 2025 B, 5% 11/1/2032  | 275000 | 302059 |
| Center City MN Health Care Fac (Hazelden Betty Ford Foundation Proj.) Series 2025 B, 5% 11/1/2033  | 315000 | 348082 |
| Center City MN Health Care Fac (Hazelden Betty Ford Foundation Proj.) Series 2025 B, 5% 11/1/2034  | 305000 | 339904 |
| Center City MN Health Care Fac (Hazelden Betty Ford Foundation Proj.) Series 2025 B, 5% 11/1/2035  | 320000 | 354578 |
| Center City MN Health Care Fac (Hazelden Betty Ford Foundation Proj.) Series 2025 B, 5% 11/1/2036  | 335000 | 368369 |
| Center City MN Health Care Fac (Hazelden Betty Ford Foundation Proj.) Series 2025 B, 5% 11/1/2037  | 280000 | 305359 |
| Center City MN Health Care Fac (Hazelden Betty Ford Foundation Proj.) Series 2025 B, 5% 11/1/2038  | 370000 | 400984 |
| Center City MN Health Care Fac (Hazelden Betty Ford Foundation Proj.) Series 2025 B, 5% 11/1/2039  | 385000 | 414579 |
| Deluth MN Clinic (Aspirus Wausau Hospital Inc Proj.) Series 2021 A, 4% 6/15/2032  | 535000 | 562967 |
| Deluth MN Clinic (Aspirus Wausau Hospital Inc Proj.) Series 2021 A, 4% 6/15/2035  | 550000 | 570949 |
| Deluth MN Clinic (Aspirus Wausau Hospital Inc Proj.) Series 2022 A, 4% 6/15/2037  | 1140000 | 1175955 |
| Deluth MN Clinic (Aspirus Wausau Hospital Inc Proj.) Series 2022 A, 4% 6/15/2039  | 250000 | 255102 |
| Deluth MN Clinic (Aspirus Wausau Hospital Inc Proj.) Series 2022 A, 5% 6/15/2026  | 360000 | 363396 |
| Deluth MN Clinic (Aspirus Wausau Hospital Inc Proj.) Series 2022 A, 5% 6/15/2028  | 935000 | 986182 |
| Deluth MN Clinic (Aspirus Wausau Hospital Inc Proj.) Series 2022 A, 5% 6/15/2029  | 1035000 | 1114358 |
| Deluth MN Clinic (Aspirus Wausau Hospital Inc Proj.) Series 2022 A, 5% 6/15/2031  | 1220000 | 1358334 |
| Deluth MN Clinic (Essentia Health Proj.) Series 2018 A, 4.25% 2/15/2048  | 2115000 | 1958902 |
| Duluth MN Economic Dev Auth Rev (Benedictine Health Center, MN Proj.) 4% 7/1/2041  | 930000 | 787424 |
| Maple Grove MN Health Care Sys Rev (North Memorial Med Center, MN Proj.) Series 2015, 4% 9/1/2035  | 1260000 | 1249221 |
| Maple Grove MN Health Care Sys Rev (North Memorial Med Center, MN Proj.) Series 2015, 5% 9/1/2028  | 695000 | 695721 |
| Maple Grove MN Health Care Sys Rev (North Memorial Med Center, MN Proj.) Series 2015, 5% 9/1/2030  | 1500000 | 1501335 |
| Maple Grove MN Health Care Sys Rev (North Memorial Med Center, MN Proj.) Series 2015, 5% 9/1/2031  | 1300000 | 1301121 |
| Maple Grove MN Health Care Sys Rev (North Memorial Med Center, MN Proj.) Series 2015, 5% 9/1/2032  | 1000000 | 1000810 |
| Maple Grove MN Health Care Sys Rev Series 2017, 5% 5/1/2026 (North Memorial Med Center, MN Guaranteed)  | 1355000 | 1360020 |
| Maple Grove MN Health Care Sys Rev Series 2017, 5% 5/1/2027 (North Memorial Med Center, MN Guaranteed)  | 1400000 | 1421276 |
| Maple Grove MN Health Care Sys Rev Series 2017, 5% 5/1/2028 (North Memorial Med Center, MN Guaranteed)  | 2915000 | 2955536 |
| Maple Grove MN Health Care Sys Rev Series 2017, 5% 5/1/2029 (North Memorial Med Center, MN Guaranteed)  | 1000000 | 1015965 |
| Maple Grove MN Health Care Sys Rev Series 2017, 5% 5/1/2030 (North Memorial Med Center, MN Guaranteed)  | 900000 | 913857 |
| Maple Grove MN Health Care Sys Rev Series 2017, 5% 5/1/2031 (North Memorial Med Center, MN Guaranteed)  | 580000 | 588595 |
| Maple Grove MN Health Care Sys Rev Series 2017, 5% 5/1/2032 (North Memorial Med Center, MN Guaranteed)  | 500000 | 507045 |
| Minneapolis & St Paul MN Hsg & Hsp Sys Rev (Childrens Health Care, MN Proj.) Series 2025, 5% 8/15/2039  | 1000000 | 1109702 |
| Minneapolis & St Paul MN Hsg & Hsp Sys Rev (Childrens Health Care, MN Proj.) Series 2025, 5% 8/15/2040  | 2100000 | 2301385 |
| Minneapolis & St Paul MN Hsg & Hsp Sys Rev (Childrens Health Care, MN Proj.) Series 2025, 5% 8/15/2041  | 4000000 | 4324242 |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2021, 4% 11/15/2036  | 5410000 | 5465148 |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2021, 4% 11/15/2037  | 5410000 | 5446864 |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2021, 4% 11/15/2038  | 1785000 | 1792870 |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2021, 4% 11/15/2039  | 1265000 | 1265156 |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2021, 4% 11/15/2040  | 8860000 | 8775725 |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2023B, 5% tender 11/15/2053 (c) | 11625000 | 12627244 |
| Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) 5% 11/15/2027 (Assured Guaranty Inc Insured)  | 850000 | 850656 |
| Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) 5% 11/15/2032  | 2200000 | 2201600 |
| Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2018 C, 2.55% 11/15/2048, LOC Bank of America NA VRDN (c) | 10050000 | 10050000 |
| Minnesota Agric & Ec Dev Brd (Healthpartners Oblig Group Pj Proj.) Series 2024, 4% 1/1/2049  | 3000000 | 2698854 |
| Minnesota Agric & Ec Dev Brd (Healthpartners Oblig Group Pj Proj.) Series 2024, 5% 1/1/2041  | 2300000 | 2462655 |
| Rochester MN Health Care Facs (Mayo Clinic Proj.) 1.85% 11/15/2064 (Liquidity Facility Bank of America NA) VRDN (c) | 24425000 | 24425000 |
| Rochester MN Health Care Facs (Mayo Clinic Proj.) 2.35% 11/15/2038 VRDN (c) | 3000000 | 3000000 |
| Rochester MN Health Care Facs (Mayo Clinic Proj.) 4.375% 11/15/2053  | 1000000 | 991643 |
| Rochester MN Health Care Facs (Mayo Clinic Proj.) Series 2022, 4% 11/15/2039  | 2670000 | 2746744 |
| Rochester MN Health Care Facs (Mayo Clinic Proj.) Series 2025D, 1.7% 11/15/2064, LOC Barclays Bank PLC VRDN (c) | 1400000 | 1400000 |
| Shakopee Minn Sr Hsg Rev (Benedictine Living Communities Proj.) Series 2025, 5.75% 11/1/2055  | 1000000 | 994827 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2043  | 600000 | 632511 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2044  | 1000000 | 1045584 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2054  | 5500000 | 5604139 |
| St Paul MN Hsg & Redev Auth Health Care Fac Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2017A, 3.125% 11/15/2032  | 175000 | 168938 |
| St Paul MN Hsg & Redev Auth Health Care Fac Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2017A, 5% 11/15/2028  | 460000 | 474194 |
| St Paul MN Hsg & Redev Auth Health Care Fac Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2017A, 5% 11/15/2030  | 650000 | 669543 |
| St Paul MN Hsg & Redev Auth Health Care Fac Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2017A, 5% 11/15/2031  | 845000 | 869758 |
| St Paul MN Hsg & Redev Auth Health Care Fac Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2017A, 5% 11/15/2034  | 665000 | 681677 |
| Wadena Minn Rev Series 2024 A, 5% 12/1/2028 (Centracare Health System Guaranteed)  | 275000 | 290223 |
| Wadena Minn Rev Series 2024 A, 5% 12/1/2029 (Centracare Health System Guaranteed)  | 285000 | 305849 |
| Wadena Minn Rev Series 2024 A, 5% 12/1/2030 (Centracare Health System Guaranteed)  | 380000 | 414016 |
| Wadena Minn Rev Series 2024 A, 5% 12/1/2031 (Centracare Health System Guaranteed)  | 395000 | 435968 |
| Wadena Minn Rev Series 2024 A, 5% 12/1/2032 (Centracare Health System Guaranteed)  | 365000 | 406835 |
| Wadena Minn Rev Series 2024 A, 5% 12/1/2045 (Centracare Health System Guaranteed)  | 1900000 | 1969115 |
| Wayzata Minn Sr Hsg Rev (Folkestone Senior Living Proj.) Series 2019, 5% 8/1/2049  | 500000 | 488895 |
| Wayzata Minn Sr Hsg Rev (Folkestone Senior Living Proj.) Series 2019, 5% 8/1/2054  | 1000000 | 959827 |
| TOTAL HEALTH CARE |  | 137968905 |
| Housing - 10.3% |  |  |
| City of Mounds View MN Series 2024, 3.375% tender 3/1/2046 (c) | 3250000 | 3265646 |
| Coon Rapids Minn Multifamily Rev 2.7% 8/1/2035 (Fannie Mae Guaranteed)  | 2484458 | 2247875 |
| Minneapolis MN Multifamily Rev Series 2019, 2.46% 1/1/2038 (Fannie Mae Guaranteed)  | 6754902 | 5693054 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) 1.95% 1/1/2030  | 1425000 | 1335826 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) 3% 1/1/2051  | 785000 | 776418 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) 3.5% 7/1/2050  | 4595000 | 4581965 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) 3.5% 7/1/2050  | 2225000 | 2218681 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) 4.25% 7/1/2049  | 1385000 | 1398683 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) 6% 1/1/2053  | 1880000 | 1990570 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2020 B, 2.4% 1/1/2035  | 1215000 | 1074656 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2020 I, 3% 1/1/2051  | 2870000 | 2837811 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2021 G, 2.4% 7/1/2033 (e) | 830000 | 726063 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2021 H, 3% 7/1/2052  | 825000 | 813143 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 B, 5.75% 7/1/2053  | 2400000 | 2536582 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 O, 6% 7/1/2053  | 890000 | 953728 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 R, 6.25% 7/1/2054  | 1775000 | 1919723 |
| Minnesota Housing Finance Agency (MN Residential Hsg Proj.) 3.5% 7/1/2046  | 780000 | 779354 |
| Minnesota Housing Finance Agency (MN Residential Hsg Proj.) Series 2020 B, 2.625% 1/1/2040  | 835000 | 689200 |
| Minnesota Housing Finance Agency (MN Residential Hsg Proj.) Series 2021 B, 2.3% 7/1/2041  | 3345000 | 2587132 |
| Minnesota Housing Finance Agency (MN Residential Hsg Proj.) Series 2021 B, 2.45% 7/1/2046  | 3320000 | 2387773 |
| Minnesota Housing Finance Agency (MN Residential Hsg Proj.) Series 2024A, 6.25% 1/1/2054  | 5550000 | 6010484 |
| Minnesota St Hsg Fin Agy Homeownership Fin (MN Sf Mbs Hmeownrshp 12/11/09 Proj.) Series 2019 C, 3.15% 6/1/2049  | 629629 | 577585 |
| Minnesota St Hsg Fin Agy Homeownership Fin (MN Sf Mbs Hmeownrshp 12/11/09 Proj.) Series 2019 H, 2.47% 1/1/2050  | 1312183 | 1098987 |
| Minnesota St Hsg Fin Agy Homeownership Fin (MN Sf Mbs Hmeownrshp 12/11/09 Proj.) Series 2020 B, 2.35% 6/1/2050  | 551457 | 446154 |
| Minnesota St Hsg Fin Agy Series 2025 L, 6% 7/1/2056  | 6000000 | 6650760 |
| Woodbury Minn Hsg & Redev Authmultifamily Hsg Rev Series 2025, 3.2% tender 2/1/2046 (c) | 2600000 | 2612344 |
| TOTAL HOUSING |  | 58210197 |
| Other - 0.8% |  |  |
| White Bear Lake Minn Rev (Ymca of The Greater Twin Cities Proj.) 5% 6/1/2026  | 500000 | 503160 |
| White Bear Lake Minn Rev (Ymca of The Greater Twin Cities Proj.) 5% 6/1/2028  | 1000000 | 1036530 |
| White Bear Lake Minn Rev (Ymca of The Greater Twin Cities Proj.) 5% 6/1/2030  | 625000 | 651594 |
| White Bear Lake Minn Rev (Ymca of The Greater Twin Cities Proj.) 5% 6/1/2031  | 700000 | 730139 |
| White Bear Lake Minn Rev (Ymca of The Greater Twin Cities Proj.) 5% 6/1/2033  | 1400000 | 1458492 |
| TOTAL OTHER |  | 4379915 |
| Transportation - 5.8% |  |  |
| Minneapolis Met Airport Commis 5% 1/1/2027 (e) | 350000 | 356999 |
| Minneapolis Met Airport Commis 5% 1/1/2028 (e) | 430000 | 437548 |
| Minneapolis Met Airport Commis 5% 1/1/2029 (e) | 240000 | 244140 |
| Minneapolis Met Airport Commis 5% 1/1/2030 (e) | 480000 | 488357 |
| Minneapolis Met Airport Commis 5% 1/1/2031 (e) | 200000 | 203455 |
| Minneapolis Met Airport Commis 5% 1/1/2032 (e) | 200000 | 203364 |
| Minneapolis Met Airport Commis 5% 1/1/2033 (e) | 220000 | 223536 |
| Minneapolis Met Airport Commis 5% 1/1/2034 (e) | 225000 | 228431 |
| Minneapolis Met Airport Commis 5% 1/1/2035 (e) | 225000 | 228266 |
| Minneapolis Met Airport Commis 5% 1/1/2036 (e) | 220000 | 222968 |
| Minneapolis Met Airport Commis Series 2016 A, 5% 1/1/2030  | 4540000 | 4641525 |
| Minneapolis Met Airport Commis Series 2016 A, 5% 1/1/2031  | 2400000 | 2452152 |
| Minneapolis Met Airport Commis Series 2016 A, 5% 1/1/2032  | 2900000 | 2961698 |
| Minneapolis Met Airport Commis Series 2022B, 4.25% 1/1/2042 (e) | 1780000 | 1741330 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2047 (e) | 1600000 | 1621261 |
| Minneapolis Met Airport Commis Series 2024B, 5.25% 1/1/2044 (e) | 3000000 | 3162688 |
| Minneapolis Met Airport Commis Series 2024B, 5.25% 1/1/2049 (e) | 12690000 | 13095914 |
| TOTAL TRANSPORTATION |  | 32513632 |
| Water & Sewer - 0.3% |  |  |
| St Paul Minn Wtr Rev (St Paul MN Swr Rev Proj.) 2% 12/1/2041  | 1220000 | 843757 |
| St Paul Minn Wtr Rev Series 2023A, 4% 12/1/2047  | 1000000 | 979896 |
| TOTAL WATER & SEWER |  | 1823653 |
| TOTAL MINNESOTA |  | 537155007 |
| Puerto Rico - 1.6%  |  |  |
| General Obligations - 0.6% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (b) | 1705673 | 1234301 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 595000 | 630445 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.75% 7/1/2031  | 1420000 | 1560020 |
| TOTAL GENERAL OBLIGATIONS |  | 3424766 |
| Health Care - 0.6% |  |  |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 4% 7/1/2036  | 105000 | 102433 |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 4% 7/1/2041  | 85000 | 77067 |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2027  | 940000 | 960188 |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2030  | 565000 | 602391 |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2032  | 1380000 | 1479033 |
| TOTAL HEALTH CARE |  | 3221112 |
| Housing - 0.4% |  |  |
| Puerto Rico Hsg Fin Auth (PR Mhsg Rev 2020 Proj.) Series 2020, 5% 12/1/2027  | 2565000 | 2674128 |
| TOTAL PUERTO RICO |  | 9320006 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $555,815,760) |  | <br> **555706943** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.3%**<br> (Cost $555,815,760)<br>| <br>**555706943** |
| **NET OTHER ASSETS (LIABILITIES) - 1.7%**  | **9570951** |
| **NET ASSETS - 100.0%** | **565277894** |

---

**Security Type Abbreviations**

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

**Legend**

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

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

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 47068781 | - | 47068781 | - |
| Electric Utilities | 35463998 | - | 35463998 | - |
| Escrowed/Pre-Refunded | 543707 | - | 543707 | - |
| General Obligations | 223630696 | - | 223630696 | - |
| Health Care | 141190017 | - | 141190017 | - |
| Housing | 60884325 | - | 60884325 | - |
| Other | 4379915 | - | 4379915 | - |
| Special Tax | 3008219 | - | 3008219 | - |
| Synthetics | 5200000 | - | 5200000 | - |
| Transportation | 32513632 | - | 32513632 | - |
| Water & Sewer | 1823653 | - | 1823653 | - |
| **Total Investments in Securities:** | 555706943 | - | 555706943 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $555,815,760)<br>|  | $555706943 |
| Cash |  | 3843675 |
| Receivable for investments sold |  | 7613 |
| Receivable for fund shares sold |  | 402140 |
| Interest receivable |  | 6349204 |
| Prepaid expenses |  | 375 |
| Other receivables |  | 805 |
| **Total assets** |  | 566310755 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $234379 |  |
| Distributions payable | 533558 |  |
| Accrued management fee | 208030 |  |
| Audit fee payable | 46980 |  |
| Other payables and accrued expenses | 9914 |  |
| **Total liabilities** |  | 1032861 |
| **Net Assets**  |  | $565277894 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $580331033 |
| Total accumulated earnings (loss) |  | (15053139) |
| **Net Assets** |  | $565277894 |
| **Net Asset Value**, offering price and redemption price per share ($565,277,894 ÷ 50,384,397 shares) |  | $11.22 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $18687345 |
| **Expenses** |  |  |
| Management fee | $2381469 |  |
| Custodian fees and expenses | 7222 |  |
| Independent trustees' fees and expenses | 1292 |  |
| Registration fees | 47957 |  |
| Audit fees | 56075 |  |
| Legal | 9764 |  |
| Miscellaneous | 1912 |  |
| Total expenses before reductions | 2505691 |  |
| Expense reductions | (4490) |  |
| Total expenses after reductions |  | 2501201 |
| **Net Investment income (loss)** |  | 16186144 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3865947) |  |
| Total net realized gain (loss) |  | (3865947) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 12653084 |
| **Net gain (loss)** |  | 8787137 |
| **Net increase (decrease) in net assets resulting from operations** |  | $24973281 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $16186144 | $15466567 |
| &nbsp;&nbsp;Net realized gain (loss) | (3865947)<br>| (3937879)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 12653084 | (4951233)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 24973281<br>| 6577455<br>|
| Distributions to shareholders | (14602432)<br>| (14430016)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 138335269 | 86863090 |
| Reinvestment of distributions | 8365649<br>| 8439448<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (122353619) | (117161665) |
| **Net increase (decrease) in net assets resulting from share transactions** | 24347299<br>| (21859127)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 34718148<br>| (29711688)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 530559746 | 560271434<br>|
| &nbsp;&nbsp;End of period | $565277894 | $530559746 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 12602830 | 7840624 |
| Issued in reinvestment of distributions | 760676<br>| 763304<br>|
| &nbsp;&nbsp;Redeemed | (11205297) | (10586019) |
| &nbsp;&nbsp;Net increase (decrease) | 2158209 | (1982091) |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.00 | $11.16 | $10.88 | $12.01 | $12.18 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .336  | .313  | .259  | .230  | .227  |
| Net realized and unrealized gain (loss)  | .187  | (.181)  | .277  | (1.126)  | (.143)  |
| Total from investment operations  | .523  | .132  | .536  | (.896)  | .084  |
| Distributions from net investment income  | (.301)  | (.291)  | (.256)  | (.229)  | (.222)  |
| Distributions from net realized gain  | (.002)  | (.001)  | -  | (.005)  | (.032)  |
| Total distributions  | (.303)  | (.292)  | (.256)  | (.234)  | (.254)  |
| Net asset value, end of period  | $11.22 | $11.00 | $11.16 | $10.88 | $12.01 |
| **Total Return** C | 4.85% <br>| 1.20%  | 5.02%  | (7.47)%  | .70%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .47%  | .48%  | .51%  | .51%  | .49%  |
| Expenses net of fee waivers, if any  | .47% <br>| .47%  | .50%  | .50%  | .49%  |
| Expenses net of all reductions, if any  | .47%  | .47%  | .50%  | .50%  | .48%  |
| Net investment income (loss)  | 3.06%  | 2.83%  | 2.38%  | 2.07%  | 1.88%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $565278 | $530560 | $560271 | $572868 | $699070 |
| Portfolio turnover rate F | 29% <br>| 26%  | 19%  | 17%  | 7%  |

---

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

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

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

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

Fidelity Minnesota Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity Municipal Trust (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 Massachusetts business trust. The Fund may be affected by economic and political developments in the state of Minnesota.

**2. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are 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, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $11000898 |
| **Gross unrealized depreciation**  | <u>(8313293)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2687605</u> |
| **Tax Cost**  | <u>$553019338</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$339388</u> |
| **Capital loss carryforward**  | <u>$(18080132)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2687605</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(1241599) |
| Long-term | <u>(16838533)</u> |
| **Total capital loss carryforward** | <u>$(18080132)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Tax-exempt Income** | 14503871 | 14381456 |
| **Ordinary Income**  | <u>$98561</u> | <u>$48560</u> |
| **Total** | <u>$14602432</u> | <u>$14430016</u> |

---

**3. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Minnesota Municipal Income Fund** | 142954654 | 148270246 |

---

**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 Minnesota Municipal Income Fund** | .45 |

---

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 Minnesota Municipal Income Fund** | .45 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Minnesota Municipal Income Fund** | 1412884 | - | - |

---

**5. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Minnesota Municipal Income Fund** | 724 |

---

**6. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $4,490.

**7. 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.

**8. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Minnesota Municipal Income Fund

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2026

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

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

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

During fiscal year ended 2025, 100% of the fund's income dividends was free from federal income tax, and 5.61% of the fund's income dividends was subject to the federal alternative minimum tax.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Minnesota Municipal Income Fund**

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

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

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

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

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

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

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

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

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

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

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. 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 below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

The Board considered that the fund has a variable management fee that covers expenses beyond portfolio management, unlike the majority of funds within the mapped group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

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.

![](img123164_4.jpg)<br>

1.539899.128 MNF-ANN-0226

**Fidelity® Michigan Municipal Income Fund**

**Annual Report**

**December 31, 2025**

![](img123165_1.jpg)

![](img123165_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MIR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Michigan Municipal Income Fund](#Sub_Sec_Fund_181_MIR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements181_MIR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MIR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MIR-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MIR-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MIR-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MIR-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MIR-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Michigan Municipal Income Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 97.2%** | &nbsp;&nbsp;**Municipal Securities - 97.2%** | &nbsp;&nbsp;**Municipal Securities - 97.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Guam - 0.9%  |  |  |
| Electric Utilities - 0.2% |  |  |
| Guam Power Auth. 5% 10/1/2044  | 1000000 | 1023712 |
| Water & Sewer - 0.7% |  |  |
| Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5.25% 7/1/2039  | 1000000 | 1108781 |
| Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5.25% 7/1/2040  | 1105000 | 1212148 |
| Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5.5% 7/1/2043  | 750000 | 811478 |
| TOTAL WATER & SEWER |  | 3132407 |
| TOTAL GUAM |  | 4156119 |
| Michigan - 95.3%  |  |  |
| Education - 10.0% |  |  |
| Ferris St Univ Mich Rev Series 2025A, 5% 10/1/2043 (Assured Guaranty Inc Insured)  | 1715000 | 1841316 |
| Ferris St Univ Mich Rev Series 2025A, 5% 10/1/2044 (Assured Guaranty Inc Insured)  | 1010000 | 1077215 |
| Ferris St Univ Mich Rev Series 2025A, 5% 10/1/2045 (Assured Guaranty Inc Insured)  | 800000 | 847675 |
| Ferris St Univ Mich Rev Series 2025A, 5% 10/1/2049 (Assured Guaranty Inc Insured)  | 2000000 | 2092232 |
| Grand Valley MI St Univ Rev 5% 12/1/2034  | 1075000 | 1132117 |
| Grand Valley MI St Univ Rev 5% 12/1/2035  | 1225000 | 1286869 |
| Grand Valley MI St Univ Rev 5% 12/1/2037  | 1375000 | 1436189 |
| Michigan Finance Authority (Calvin University Proj.) 3% 9/1/2050  | 2320000 | 1610386 |
| Michigan Finance Authority (Calvin University Proj.) 5% 9/1/2038  | 1270000 | 1348964 |
| Michigan Finance Authority (Kalamazoo College Proj.) Series 2018, 4% 12/1/2036  | 690000 | 700031 |
| Michigan Finance Authority (Kalamazoo College Proj.) Series 2018, 4% 12/1/2047  | 2610000 | 2360575 |
| Michigan Finance Authority (Lawrence Technological University Proj.) 4% 2/1/2032  | 285000 | 282585 |
| Michigan Finance Authority (Lawrence Technological University Proj.) Series 2022, 4% 2/1/2027  | 100000 | 99833 |
| Michigan Finance Authority (Lawrence Technological University Proj.) Series 2022, 4% 2/1/2042  | 1120000 | 971154 |
| Michigan Finance Authority (University of Detroit Mercy Proj.) Series 2023, 5% 11/1/2032  | 1110000 | 1185569 |
| Michigan Finance Authority (University of Detroit Mercy Proj.) Series 2023, 5% 11/1/2033  | 1250000 | 1335984 |
| Michigan Finance Authority (University of Detroit Mercy Proj.) Series 2023, 5% 11/1/2037  | 2000000 | 2075304 |
| Michigan Finance Authority (University of Detroit Mercy Proj.) Series 2023, 5.25% 11/1/2035  | 1400000 | 1500625 |
| Michigan St Univ Revs Series 2024A, 5.25% 8/15/2054  | 3000000 | 3186282 |
| Michigan St Univ Revs Series 2025A, 5.25% 2/15/2050  | 2150000 | 2315513 |
| Michigan Technological Univ Series 2021, 4% 10/1/2046  | 2835000 | 2628946 |
| Northern MI Univ Revs Series 2021, 4% 6/1/2039  | 900000 | 910797 |
| Northern MI Univ Revs Series 2021, 4% 6/1/2040  | 500000 | 501854 |
| Northern MI Univ Revs Series 2021, 4% 6/1/2041  | 1385000 | 1378721 |
| Northern MI Univ Revs Series 2021, 4% 6/1/2046  | 1850000 | 1681663 |
| Northern MI Univ Revs Series 2021, 5% 6/1/2032  | 375000 | 412990 |
| Northern MI Univ Revs Series 2021, 5% 6/1/2033  | 365000 | 400344 |
| Northern MI Univ Revs Series 2021, 5% 6/1/2034  | 375000 | 410026 |
| Northern MI Univ Revs Series 2021, 5% 6/1/2035  | 375000 | 408719 |
| Northern MI Univ Revs Series 2021, 5% 6/1/2036  | 400000 | 432856 |
| Wayne St Univ MI Univ Revs Series 2023A, 4% 11/15/2039 (Build America Mutual Assurance Co Insured)  | 2000000 | 2059359 |
| Wayne St Univ MI Univ Revs Series 2023A, 4% 11/15/2040 (Build America Mutual Assurance Co Insured)  | 1500000 | 1531334 |
| Wayne St Univ MI Univ Revs Series 2024A, 5% 11/15/2035 (Build America Mutual Assurance Co Insured)  | 1000000 | 1154065 |
| Wayne St Univ MI Univ Revs Series 2024A, 5% 11/15/2036 (Build America Mutual Assurance Co Insured)  | 1200000 | 1373268 |
| Wayne St Univ MI Univ Revs Series 2025A, 5.25% 11/15/2055  | 1000000 | 1050490 |
| Western MI Univ Revs Series 2021 A, 5% 11/15/2031 (Assured Guaranty Inc Insured)  | 150000 | 166758 |
| Western MI Univ Revs Series 2021 A, 5% 11/15/2032 (Assured Guaranty Inc Insured)  | 300000 | 331820 |
| Western MI Univ Revs Series 2021 A, 5% 11/15/2036 (Assured Guaranty Inc Insured)  | 400000 | 433541 |
| Western MI Univ Revs Series 2021 A, 5% 11/15/2038 (Assured Guaranty Inc Insured)  | 625000 | 671020 |
| Western MI Univ Revs Series 2021 A, 5% 11/15/2040 (Assured Guaranty Inc Insured)  | 635000 | 673492 |
| Western MI Univ Revs Series 2025A, 5.25% 11/15/2054  | 1000000 | 1053120 |
| TOTAL EDUCATION |  | 48351601 |
| Electric Utilities - 4.6% |  |  |
| Lansing Mich Brd Wtr & Lt Util Sys Rev 2% tender 7/1/2051 (c) | 2000000 | 1983124 |
| Lansing Mich Brd Wtr & Lt Util Sys Rev Series 2024 A, 5% 7/1/2054  | 2000000 | 2087665 |
| Marquette MI Lt & Pwr Elec Util 5% 7/1/2029  | 780000 | 787929 |
| Marquette MI Lt & Pwr Elec Util 5% 7/1/2030  | 900000 | 908926 |
| Marquette MI Lt & Pwr Elec Util 5% 7/1/2031  | 780000 | 787466 |
| Marquette MI Lt & Pwr Elec Util 5% 7/1/2032  | 1000000 | 1009275 |
| Marquette MI Lt & Pwr Elec Util 5% 7/1/2033  | 705000 | 711155 |
| Michigan Fin Auth Act 38 Facs Sr Rev (Provident Grp Hfh Energy LLC Proj.) Series 2024, 5% 2/28/2038  | 1700000 | 1858352 |
| Michigan Fin Auth Act 38 Facs Sr Rev (Provident Grp Hfh Energy LLC Proj.) Series 2024, 5% 2/28/2039  | 1000000 | 1085393 |
| Michigan Fin Auth Act 38 Facs Sr Rev (Provident Grp Hfh Energy LLC Proj.) Series 2024, 5.25% 2/29/2040  | 600000 | 654321 |
| Michigan St Strategic Fd Ltd Oblig Rev (Dte Elec Co Proj.) Series 2023 DT, 3.875% tender 6/1/2053 (c)(d) | 7000000 | 6864421 |
| Michigan St Strategic Fd Ltd Oblig Rev (DTE Electric Co Proj.) 1.35% 8/1/2029  | 2000000 | 1826359 |
| Michigan St Strategic Fd Ltd Oblig Rev (DTE Electric Co Proj.) 1.45% 9/1/2030  | 2000000 | 1782623 |
| TOTAL ELECTRIC UTILITIES |  | 22347009 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev Series 2016, 5% 5/15/2028 (Pre-refunded to 5/15/2026 at 100)  | 5000 | 5041 |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev Series 2016, 5% 5/15/2030 (Pre-refunded to 5/15/2026 at 100)  | 30000 | 30245 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 35286 |
| General Obligations - 28.6% |  |  |
| Barry Cnty Mich Gen. Oblig. 2% 3/1/2037  | 260000 | 204750 |
| Berkley Mich Sch Dist 4% 5/1/2031 (State of Michigan Guaranteed)  | 535000 | 569854 |
| Berkley Mich Sch Dist 4% 5/1/2033 (State of Michigan Guaranteed)  | 210000 | 225802 |
| Berkley Mich Sch Dist 5% 5/1/2040 (State of Michigan Guaranteed)  | 310000 | 347851 |
| Berkley Mich Sch Dist Series 2024 II, 5% 5/1/2030 (State of Michigan Guaranteed)  | 375000 | 412991 |
| Berkley Mich Sch Dist Series 2024 II, 5% 5/1/2031 (State of Michigan Guaranteed)  | 450000 | 504855 |
| Berkley Mich Sch Dist Series 2024 II, 5% 5/1/2032 (State of Michigan Guaranteed)  | 400000 | 455795 |
| Berkley Mich Sch Dist Series 2024 II, 5% 5/1/2033 (State of Michigan Guaranteed)  | 500000 | 576914 |
| Berkley Mich Sch Dist Series 2024 II, 5% 5/1/2036 (State of Michigan Guaranteed)  | 540000 | 622119 |
| Berkley Mich Sch Dist Series 2024 II, 5% 5/1/2037 (State of Michigan Guaranteed)  | 1075000 | 1229055 |
| Berkley Mich Sch Dist Series 2024 II, 5% 5/1/2038 (State of Michigan Guaranteed)  | 575000 | 652423 |
| Berkley Mich Sch Dist Series 2024 II, 5% 5/1/2039 (State of Michigan Guaranteed)  | 650000 | 732327 |
| Berkley Mich Sch Dist Series 2024 II, 5% 5/1/2040 (State of Michigan Guaranteed)  | 350000 | 391116 |
| Berkley Mich Sch Dist Series 2024 II, 5% 5/1/2041 (State of Michigan Guaranteed)  | 775000 | 853674 |
| Birmingham Ciy School District Series 2024, 5% 5/1/2033  | 350000 | 401331 |
| Birmingham Ciy School District Series 2024, 5% 5/1/2034  | 425000 | 484686 |
| Birmingham Ciy School District Series 2024, 5% 5/1/2035  | 450000 | 510511 |
| Birmingham Ciy School District Series 2024, 5% 5/1/2036  | 300000 | 337759 |
| Birmingham Ciy School District Series 2024, 5% 5/1/2037  | 280000 | 313091 |
| Birmingham Ciy School District Series 2024, 5% 5/1/2038  | 600000 | 666767 |
| Brighton MI Area School Dist Series 2020, 3% 5/1/2036 (State of Michigan Guaranteed)  | 1260000 | 1162453 |
| Byron Center Mich Pub Schs Series 2023 II, 5.25% 5/1/2053 (State of Michigan Guaranteed)  | 3570000 | 3769598 |
| Charles Stewart Mott Cmnty College Dist MI Gen. Oblig. Series 2020, 2.125% 5/1/2034 (Assured Guaranty Inc Insured), (Assured Guaranty Municipal Corp Insured)  | 825000 | 709015 |
| City of Lansing MI Gen. Oblig. 4% 6/1/2040 (Assured Guaranty Inc Insured)  | 4810000 | 4874273 |
| Clarkston MI Cmnty Schs Series 2025 II, 5.25% 5/1/2050 (State of Michigan Guaranteed)  | 2000000 | 2116997 |
| County of Genesee MI Water Supply System Revenue (Genesee Cnty MI Proj.) Gen. Oblig. 5% 11/1/2037 (Assured Guaranty Inc Insured)  | 1000000 | 1136411 |
| County of Genesee MI Water Supply System Revenue (Genesee Cnty MI Proj.) Gen. Oblig. 5% 11/1/2038 (Assured Guaranty Inc Insured)  | 800000 | 901433 |
| Crestwood Mich Sch Dist 5% 5/1/2045 (State of Michigan Guaranteed)  | 400000 | 422468 |
| Detroit MI Gen. Oblig. Series 2020, 5.5% 4/1/2035  | 1040000 | 1122411 |
| Detroit MI Gen. Oblig. Series 2020, 5.5% 4/1/2036  | 435000 | 467547 |
| Detroit MI Gen. Oblig. Series 2020, 5.5% 4/1/2037  | 465000 | 497572 |
| Detroit MI Gen. Oblig. Series 2020, 5.5% 4/1/2038  | 490000 | 522222 |
| Detroit MI Gen. Oblig. Series 2021A, 5% 4/1/2037  | 1875000 | 1990096 |
| Detroit MI Gen. Oblig. Series 2021A, 5% 4/1/2039  | 1210000 | 1272878 |
| Detroit MI Gen. Oblig. Series 2023C, 6% 5/1/2043  | 1500000 | 1652864 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2038  | 3520000 | 3815228 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2039  | 3700000 | 3985959 |
| Farmington Mich Pub Sch Dist Series 2020, 4% 5/1/2040  | 3000000 | 3024400 |
| Ferndale Mich Pub Schs Series 2020, 3% 5/1/2045 (State of Michigan Guaranteed)  | 1000000 | 796990 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2026 (d) | 225000 | 225000 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2029 (d) | 525000 | 557546 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2030 (d) | 425000 | 459093 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2031 (d) | 725000 | 796221 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2032 (d) | 725000 | 807357 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2033 (d) | 1000000 | 1106275 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2034 (d) | 1000000 | 1101442 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2037 (d) | 700000 | 759160 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2038 (d) | 1170000 | 1261391 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2039 (d) | 1000000 | 1073516 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2040 (d) | 1000000 | 1061162 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2041 (d) | 1100000 | 1158558 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2046 (d) | 2000000 | 2046644 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2024, 5% 1/1/2049 (d) | 3040000 | 3091232 |
| Grand Rapids MI Gen. Oblig. Series 2025, 5% 4/1/2055  | 2000000 | 2079921 |
| Grand Rapids MI Pub Schs 5% 5/1/2029 (Assured Guaranty Inc Insured)  | 480000 | 494029 |
| Grandville Mich Pub Schs Dist Series I, 4% 5/1/2039 (Assured Guaranty Inc Insured)  | 1000000 | 1013935 |
| Grandville Mich Pub Schs Dist Series I, 4% 5/1/2040 (Assured Guaranty Inc Insured)  | 1300000 | 1320446 |
| Grosse Pointe MI Pub Sch Sys Series 2021, 3% 5/1/2033  | 1000000 | 989704 |
| Grosse Pointe Park Mich Gen. Oblig. Series 2019, 2.375% 10/1/2039  | 510000 | 412334 |
| Holland MI Sch Dist Series 2023 II, 4% 11/1/2039 (State of Michigan Guaranteed)  | 1855000 | 1902433 |
| Holland MI Sch Dist Series 2023 II, 4% 11/1/2040 (State of Michigan Guaranteed)  | 1915000 | 1950807 |
| Kalamazoo Cnty Mich Gen. Oblig. 2% 5/1/2037  | 2495000 | 2007784 |
| Kalamazoo Cnty Mich Gen. Oblig. 3% 5/1/2030  | 1690000 | 1702600 |
| Kalamazoo Cnty Mich Gen. Oblig. Series 2021, 2% 5/1/2038  | 1660000 | 1300953 |
| Karegnondi Wtr Auth Mich (Genesee Cnty MI Proj.) Series 2024, 5% 11/1/2039 (Build America Mutual Assurance Co Insured)  | 2250000 | 2522637 |
| Lanse Creuse Mich Pub Sch 5% 5/1/2049 (State of Michigan Guaranteed)  | 2750000 | 2880720 |
| Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2031 (State of Michigan Guaranteed)  | 605000 | 675870 |
| Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2032 (State of Michigan Guaranteed)  | 580000 | 657282 |
| Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2036 (State of Michigan Guaranteed)  | 755000 | 861950 |
| Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2037 (State of Michigan Guaranteed)  | 1000000 | 1129876 |
| Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2038 (State of Michigan Guaranteed)  | 1400000 | 1574273 |
| Lincoln MI Cons Sch Dist 5% 5/1/2031 (State of Michigan Guaranteed)  | 500000 | 503006 |
| Lincoln MI Cons Sch Dist 5% 5/1/2032 (State of Michigan Guaranteed)  | 1000000 | 1005516 |
| Macomb Interceptor Drain Drainage District (Macomb CO Proj.) Gen. Oblig. 5% 5/1/2034  | 1750000 | 1797512 |
| Mattawan Consolidated School District MI Series 2024 I, 5% 5/1/2054 (State of Michigan Guaranteed)  | 1000000 | 1037401 |
| Michigan St Bldg Auth Rev (Michigan St Proj.) 3.42% 10/15/2042 VRDN (c) | 10300000 | 10300000 |
| Michigan St Bldg Auth Rev (Michigan St Proj.) Series 2024 I, 3.42% 4/15/2059 VRDN (c) | 1175000 | 1174999 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) 3% 10/15/2045  | 8670000 | 6897313 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) 5% 10/15/2029  | 1190000 | 1299304 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) 5.25% 4/15/2059  | 3000000 | 3168991 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2021 I, 3% 10/15/2051  | 1770000 | 1299470 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2023 II, 5% 10/15/2037  | 2000000 | 2254225 |
| Midland Cnty Mich Wtr Supply Sys Lee Twp (Midland Cnty Mich Proj.) Gen. Oblig. Series 2020, 3% 9/1/2048  | 695000 | 527044 |
| Orion Charter Twp Mich Gen. Oblig. Series 2020, 2% 4/1/2034  | 795000 | 677489 |
| Pennfield Mich Schs Dist Series 2022, 3% 5/1/2051 (State of Michigan Guaranteed)  | 1160000 | 849953 |
| Portage MI Pub Schs 4% 11/1/2042  | 1000000 | 991589 |
| Portage MI Pub Schs 5% 11/1/2032  | 2500000 | 2515199 |
| Portage MI Pub Schs 5% 11/1/2034  | 1250000 | 1256439 |
| Portage Mich Gen. Oblig. 2% 7/1/2035  | 780000 | 651327 |
| Portage Mich Gen. Oblig. 2% 7/1/2036  | 795000 | 646034 |
| Portage Mich Gen. Oblig. 2% 7/1/2037  | 810000 | 640743 |
| Saginaw Cnty MI Gen. Oblig. Series 2020B, 3% 12/1/2040  | 500000 | 447588 |
| State of Michigan Gen. Oblig. 4% 5/15/2040  | 500000 | 509869 |
| Utica MI Cmnty Schs Series 2024, 5% 5/1/2039 (State of Michigan Guaranteed)  | 1250000 | 1391913 |
| Warren MI Cons Sch Dist 5% 5/1/2037 (State of Michigan Guaranteed)  | 3105000 | 3575382 |
| Warren MI Cons Sch Dist Series 2016, 5% 5/1/2035 (State of Michigan Guaranteed)  | 1250000 | 1255074 |
| Warren MI Cons Sch Dist Series 2018, 5% 5/1/2032 (State of Michigan Guaranteed)  | 1100000 | 1157437 |
| Warren Mich Gen. Oblig. Series 2023, 5% 6/1/2039  | 1310000 | 1445316 |
| Woodhaven Brownstown MI SD 5% 5/1/2055 (State of Michigan Guaranteed)  | 1000000 | 1041820 |
| Woodhaven Brownstown MI SD Series 2021 I, 3% 11/1/2046 (State of Michigan Guaranteed)  | 1000000 | 770052 |
| Wyandotte Mich City Sch Dist 5% 5/1/2040  | 300000 | 334350 |
| Wyandotte Mich City Sch Dist 5% 5/1/2041  | 375000 | 413400 |
| Ypsilanti Mich Sch Dist Series 2016 A, 5% 5/1/2032 (State of Michigan Guaranteed)  | 2000000 | 2010766 |
| TOTAL GENERAL OBLIGATIONS |  | 139563158 |
| Health Care - 13.3% |  |  |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 4% 7/1/2038  | 1800000 | 1742137 |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 4% 7/1/2041  | 1395000 | 1302325 |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) 3% 7/1/2051  | 2440000 | 1729329 |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev (Bronson Methodist Hsp, MI Proj.) Series 2016, 5% 5/15/2030  | 4970000 | 5007752 |
| Kent MI Hosp Fin Auth (Mary Free Bed Rehabilitation Hospital Proj.) Series 2021 A, 4% 4/1/2041  | 2805000 | 2741923 |
| Kentwood Mich Economic Dev (Holland Home of Grand Rapids Proj.) Series 2021, 4% 11/15/2045  | 500000 | 424420 |
| Kentwood Mich Economic Dev (Holland Home of Grand Rapids Proj.) Series 2022, 4% 11/15/2031  | 860000 | 867857 |
| Kentwood Mich Economic Dev (Holland Home of Grand Rapids Proj.) Series 2022, 4% 11/15/2043  | 2250000 | 1981636 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 4% 4/15/2042  | 2000000 | 1985530 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2019A, 5% 11/15/2048  | 11850000 | 11895569 |
| Michigan Fin Auth Rev (Holland Community Hospital Proj.) 5% 1/1/2031  | 1170000 | 1171984 |
| Michigan Fin Auth Rev (Holland Community Hospital Proj.) 5% 1/1/2032  | 1895000 | 1898100 |
| Michigan Fin Auth Rev (Holland Community Hospital Proj.) 5% 1/1/2033  | 1915000 | 1918032 |
| Michigan Fin Auth Rev (Holland Community Hospital Proj.) 5% 1/1/2034  | 2135000 | 2138255 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2015 D2, 1.2% tender 10/15/2038 (c) | 4190000 | 3973685 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 4% 2/15/2044  | 4140000 | 3890625 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 4% 2/15/2050  | 6530000 | 5714485 |
| Michigan Fin Auth Rev (Trinity Health Proj.) 5% 12/1/2030  | 710000 | 742376 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2019 A, 4% 12/1/2049  | 8180000 | 7381881 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series MI 2019 A, 3% 12/1/2049  | 2000000 | 1431515 |
| Michigan St Strategic Fd Ltd Oblig Rev (United Methodist Retirement Community Inc Proj.) 4% 5/15/2027  | 275000 | 274516 |
| Michigan St Strategic Fd Ltd Oblig Rev (United Methodist Retirement Community Inc Proj.) 5% 5/15/2044  | 1500000 | 1454072 |
| Michigan St Strategic Fd Ltd Oblig Rev (United Methodist Retirement Community Inc Proj.) Series 2019, 5% 11/15/2034  | 460000 | 471239 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 4% 7/1/2036  | 770000 | 786029 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 4% 7/1/2039  | 1430000 | 1441589 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 4% 7/1/2040  | 490000 | 491922 |
| TOTAL HEALTH CARE |  | 64858783 |
| Housing - 9.0% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 3% 6/1/2051  | 1580000 | 1559822 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 3.5% 12/1/2050  | 1700000 | 1696661 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 5% 6/1/2053  | 1595000 | 1662148 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 5.5% 6/1/2053  | 1790000 | 1890603 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 6.25% 12/1/2055  | 1980000 | 2194987 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) Series 2018 A, 4% 12/1/2048  | 300000 | 301002 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) Series 2018C, 4.25% 6/1/2049  | 810000 | 815785 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) Series 2019 B, 3.75% 6/1/2050  | 1185000 | 1187279 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) Series 2021A, 3% 6/1/2052  | 1900000 | 1871661 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Mi Single Family Mortgage Proj.) Series 2022B, 2.25% 6/1/2046, LOC Barclays Bank PLC VRDN (c) | 10000000 | 10000000 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) Series 2024A, 6% 6/1/2054  | 2295000 | 2490688 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2021 A, 2.125% 10/1/2036  | 1775000 | 1471274 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2021 A, 2.45% 10/1/2046  | 2000000 | 1373904 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2021 A, 2.55% 10/1/2051  | 2095000 | 1353107 |
| Michigan Hsg Dev Auth Rent Hsg Rev Series 2023 B, 5.75% 6/1/2054  | 1660000 | 1782695 |
| Michigan Hsg Dev Auth Rent Hsg Rev Series 2023A, 3.8% 12/1/2033  | 1490000 | 1513463 |
| Michigan Hsg Dev Rental Hsg (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2019 A 1, 3.35% 10/1/2049  | 3000000 | 2461557 |
| Michigan Hsg Dev Rental Hsg Series 2017 A, 3.75% 10/1/2042  | 2000000 | 1918072 |
| Michigan Hsg Dev Rental Hsg Series 2018 A, 3.8% 10/1/2038  | 3965000 | 3933984 |
| Michigan Hsg Dev Rental Hsg Series 2019 A 1, 3.6% 10/1/2060  | 2500000 | 2035990 |
| TOTAL HOUSING |  | 43514682 |
| Industrial Development - 1.0% |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev (Graphic Packaging Intl Inc Proj.) 4% tender 10/1/2061 (c)(d) | 5000000 | 4994675 |
| Special Tax - 1.5% |  |  |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2048  | 890000 | 923716 |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Gen. Oblig. 4% 11/1/2055  | 2500000 | 2259958 |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 5% 11/1/2035  | 1000000 | 1045526 |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 5% 11/1/2036  | 1250000 | 1302914 |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 5% 11/1/2038 (Build America Mutual Assurance Co Insured)  | 1595000 | 1651591 |
| TOTAL SPECIAL TAX |  | 7183705 |
| Tobacco Bonds - 3.2% |  |  |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 4% 6/1/2035  | 2000000 | 2037142 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 4% 6/1/2037  | 2000000 | 2015687 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 4% 6/1/2040  | 2000000 | 1954318 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 4% 6/1/2049  | 7250000 | 6245207 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) Series 2020 A 2, 5% 6/1/2040  | 3000000 | 3057143 |
| TOTAL TOBACCO BONDS |  | 15309497 |
| Transportation - 13.4% |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 4.25% 12/31/2038 (Assured Guaranty Inc Insured) (d) | 5840000 | 5845558 |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2026 (d) | 490000 | 496874 |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2028 (d) | 440000 | 458873 |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2030 (d) | 4080000 | 4252977 |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2031 (d) | 3210000 | 3339996 |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2032 (d) | 1875000 | 1945732 |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2033 (d) | 2000000 | 2070627 |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2043 (d) | 5000000 | 5014220 |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 6/30/2029 (d) | 35000 | 36509 |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 6/30/2031 (d) | 625000 | 650902 |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 6/30/2033 (d) | 2415000 | 2503174 |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2037  | 545000 | 558634 |
| Wayne Cnty Mich Arpt Auth Rev Series 2018D, 5% 12/1/2030 (d) | 5865000 | 6152284 |
| Wayne Cnty Mich Arpt Auth Rev Series 2018D, 5% 12/1/2031 (d) | 2825000 | 2959914 |
| Wayne Cnty Mich Arpt Auth Rev Series 2018D, 5% 12/1/2032 (d) | 2945000 | 3079482 |
| Wayne Cnty Mich Arpt Auth Rev Series 2021 A, 5% 12/1/2038  | 1250000 | 1355031 |
| Wayne Cnty Mich Arpt Auth Rev Series 2021 B, 5% 12/1/2035 (d) | 1225000 | 1317496 |
| Wayne Cnty Mich Arpt Auth Rev Series 2021 B, 5% 12/1/2037 (d) | 1520000 | 1616296 |
| Wayne Cnty Mich Arpt Auth Rev Series 2021 B, 5% 12/1/2046 (d) | 1280000 | 1297515 |
| Wayne Cnty Mich Arpt Auth Rev Series 2023 D, 5% 12/1/2030 (Assured Guaranty Inc Insured) (d) | 1270000 | 1386777 |
| Wayne Cnty Mich Arpt Auth Rev Series 2023 D, 5.25% 12/1/2037 (Assured Guaranty Inc Insured) (d) | 900000 | 1001880 |
| Wayne Cnty Mich Arpt Auth Rev Series 2023B, 5.25% 12/1/2037 (Assured Guaranty Inc Insured) (d) | 1000000 | 1113200 |
| Wayne Cnty Mich Arpt Auth Rev Series 2023B, 5.25% 12/1/2038 (Assured Guaranty Inc Insured) (d) | 900000 | 996343 |
| Wayne Cnty Mich Arpt Auth Rev Series 2023B, 5.5% 12/1/2039 (Assured Guaranty Inc Insured) (d) | 635000 | 714679 |
| Wayne Cnty Mich Arpt Auth Rev Series 2023B, 5.5% 12/1/2041 (Assured Guaranty Inc Insured) (d) | 1685000 | 1863012 |
| Wayne Cnty Mich Arpt Auth Rev Series 2023B, 5.5% 12/1/2042 (Assured Guaranty Inc Insured) (d) | 800000 | 876079 |
| Wayne Cnty Mich Arpt Auth Rev Series 2023B, 5.5% 12/1/2043 (Assured Guaranty Inc Insured) (d) | 675000 | 732771 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 A, 5.5% 12/1/2050  | 2000000 | 2172410 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5% 12/1/2029 (d) | 565000 | 603554 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5% 12/1/2030 (d) | 555000 | 601541 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5% 12/1/2031 (d) | 850000 | 929069 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5.5% 12/1/2041 (d) | 800000 | 903469 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5.5% 12/1/2043 (d) | 625000 | 690510 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5.75% 12/1/2050 (d) | 2650000 | 2891130 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 D, 5% 12/1/2041 (d) | 575000 | 614711 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 D, 5% 12/1/2042 (d) | 625000 | 660964 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 D, 5% 12/1/2043 (d) | 450000 | 470521 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 D, 5% 12/1/2044 (d) | 575000 | 594649 |
| TOTAL TRANSPORTATION |  | 64769363 |
| Water & Sewer - 10.7% |  |  |
| Detroit MI Sew Disp Rev (Great Lakes Sewer Auth Mich Proj.) 5% 7/1/2036 (National Public Finance Guarantee Corporation Insured)  | 10000 | 10019 |
| Detroit MI Sew Disp Rev (Great Lakes Sewer Auth Mich Proj.) 5.5% 7/1/2029 (Assured Guaranty Inc Insured)  | 20000 | 21019 |
| Downriver Util Wastewater Auth MI Swr Sys Rev Series 2018, 5% 4/1/2033 (Assured Guaranty Inc Insured)  | 735000 | 769825 |
| Downriver Util Wastewater Auth MI Swr Sys Rev Series 2018, 5% 4/1/2034 (Assured Guaranty Inc Insured)  | 520000 | 545171 |
| Downriver Util Wastewater Auth MI Swr Sys Rev Series 2018, 5% 4/1/2035 (Assured Guaranty Inc Insured)  | 500000 | 523736 |
| Genesee Cnty MI Series 2025, 5% 2/1/2043 (Build America Mutual Assurance Co Insured)  | 1000000 | 1081539 |
| Grand Rapids MI San Swr Sys Series 2018, 5% 1/1/2034  | 550000 | 573556 |
| Grand Rapids MI San Swr Sys Series 2018, 5% 1/1/2038  | 655000 | 677740 |
| Grand Rapids MI San Swr Sys Series 2025, 5% 1/1/2028  | 1200000 | 1256214 |
| Grand Rapids MI San Swr Sys Series 2025, 5% 1/1/2029  | 2810000 | 3006845 |
| Grand Rapids MI San Swr Sys Series 2025, 5% 1/1/2030  | 3830000 | 4190430 |
| Grand Rapids MI San Swr Sys Series 2025, 5% 1/1/2031  | 1400000 | 1558276 |
| Grand Rapids MI San Swr Sys Series 2025, 5% 1/1/2032  | 3000000 | 3390267 |
| Grand Rapids MI Wtr Supply Sys 5% 1/1/2028  | 1220000 | 1277151 |
| Grand Rapids MI Wtr Supply Sys 5% 1/1/2029  | 2000000 | 2140104 |
| Grand Rapids MI Wtr Supply Sys 5% 1/1/2030  | 2215000 | 2423447 |
| Grand Rapids MI Wtr Supply Sys 5% 1/1/2031  | 1150000 | 1280013 |
| Grand Rapids MI Wtr Supply Sys 5% 1/1/2032  | 1070000 | 1209195 |
| Grand Rapids MI Wtr Supply Sys Series 2016, 5% 1/1/2031  | 250000 | 250115 |
| Grand Rapids MI Wtr Supply Sys Series 2016, 5% 1/1/2032  | 320000 | 320147 |
| Grand Rapids MI Wtr Supply Sys Series 2016, 5% 1/1/2033  | 550000 | 550253 |
| Great Lakes Sewer Auth Mich Series 2025 C, 5.25% 7/1/2043  | 540000 | 594953 |
| Great Lakes Sewer Auth Mich Series 2025 C, 5.25% 7/1/2044  | 1700000 | 1859789 |
| Great Lakes Sewer Auth Mich Series B, 5% 7/1/2027  | 15000 | 15175 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2024B, 5% 7/1/2036  | 1500000 | 1706339 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025 A, 5% 7/1/2029  | 1250000 | 1353635 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025 A, 5% 7/1/2030  | 1400000 | 1547526 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025 D, 5.25% 7/1/2043  | 3270000 | 3602774 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025 D, 5.25% 7/1/2044  | 1365000 | 1493301 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025 D, 5.25% 7/1/2045  | 4000000 | 4351062 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025 D, 5.5% 7/1/2055  | 600000 | 643909 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025C, 5% 7/1/2029  | 500000 | 541454 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025C, 5% 7/1/2030  | 875000 | 967204 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025C, 5.25% 7/1/2043  | 1500000 | 1656589 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025C, 5.25% 7/1/2044  | 1040000 | 1139393 |
| Michigan Fin Auth Rev (MI St Clean Wtr Revolving Fnd Proj.) Series 2024A, 5% 10/1/2044  | 3000000 | 3242727 |
| TOTAL WATER & SEWER |  | 51770892 |
| TOTAL MICHIGAN |  | 462698651 |
| Puerto Rico - 1.0%  |  |  |
| General Obligations - 0.7% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (b) | 1643730 | 1189476 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 595000 | 630445 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.75% 7/1/2031  | 1410000 | 1549033 |
| TOTAL GENERAL OBLIGATIONS |  | 3368954 |
| Health Care - 0.3% |  |  |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 4% 7/1/2036  | 195000 | 190233 |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2030  | 845000 | 900920 |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2032  | 360000 | 385835 |
| TOTAL HEALTH CARE |  | 1476988 |
| TOTAL PUERTO RICO |  | 4845942 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $478,326,606) |  | <br> **471700712** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (e)(f)<br>(Cost $9,729,471)<br>| 3.07 | 9727525 | **9729471** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.2%**<br> (Cost $488,056,077)<br>| <br>**481430183** |
| **NET OTHER ASSETS (LIABILITIES) - 0.8%**  | **3943243** |
| **NET ASSETS - 100.0%** | **485373426** |

---

**Security Type Abbreviations**

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

**Legend**

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

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

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

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 9338870 | 154550105 | 154159504 | 513433 | - | - | 9729471 | 9727525 | 0.2% |
| Total | 9338870 | 154550105 | 154159504 | 513433 | - | - | 9729471 |  |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 48351601 | - | 48351601 | - |
| Electric Utilities | 23370721 | - | 23370721 | - |
| Escrowed/Pre-Refunded | 35286 | - | 35286 | - |
| General Obligations | 142932112 | - | 142932112 | - |
| Health Care | 66335771 | - | 66335771 | - |
| Housing | 43514682 | - | 43514682 | - |
| Industrial Development | 4994675 | - | 4994675 | - |
| Special Tax | 7183705 | - | 7183705 | - |
| Tobacco Bonds | 15309497 | - | 15309497 | - |
| Transportation | 64769363 | - | 64769363 | - |
| Water & Sewer | 54903299 | - | 54903299 | - |
|  **Money Market Funds** | 9729471 | 9729471 | - | - |
| **Total Investments in Securities:** | 481430183 | 9729471 | 471700712 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $478,326,606) | $471700712 |  |
| Fidelity Central Funds (cost $9,729,471) | 9729471 |  |
| Total Investment in Securities (cost $488,056,077) |  | $481430183 |
| Cash |  | 100000 |
| Receivable for fund shares sold |  | 345833 |
| Interest receivable |  | 4203604 |
| Distributions receivable from Fidelity Central Funds |  | 36161 |
| Prepaid expenses |  | 332 |
| **Total assets** |  | 486116113 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $166733 |  |
| Distributions payable | 350130 |  |
| Accrued management fee | 177085 |  |
| Audit fee payable | 46980 |  |
| Other payables and accrued expenses | 1759 |  |
| **Total liabilities** |  | 742687 |
| **Net Assets**  |  | $485373426 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $507029473 |
| Total accumulated earnings (loss) |  | (21656047) |
| **Net Assets** |  | $485373426 |
| **Net Asset Value**, offering price and redemption price per share ($485,373,426 ÷ 41,637,446 shares) |  | $11.66 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $15440789 |
| Income from Fidelity Central Funds  |  | 513160 |
| **Total income** |  | 15953949 |
| **Expenses** |  |  |
| Management fee | $2046451 |  |
| Custodian fees and expenses | 6310 |  |
| Independent trustees' fees and expenses | 1134 |  |
| Registration fees | 34544 |  |
| Audit fees | 56071 |  |
| Legal | 8795 |  |
| Miscellaneous | 1415 |  |
| Total expenses before reductions | 2154720 |  |
| Expense reductions | (61) |  |
| Total expenses after reductions |  | 2154659 |
| **Net Investment income (loss)** |  | 13799290 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (2769787) |  |
| Capital gain distributions from Fidelity Central Funds | 273 |  |
| Total net realized gain (loss) |  | (2769514) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 8675192 |
| **Net gain (loss)** |  | 5905678 |
| **Net increase (decrease) in net assets resulting from operations** |  | $19704968 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $13799290 | $12971644 |
| &nbsp;&nbsp;Net realized gain (loss) | (2769514)<br>| (1772120)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 8675192 | (1836819)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 19704968<br>| 9362705<br>|
| Distributions to shareholders | (13472108)<br>| (12733766)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 88995277 | 64927639 |
| Reinvestment of distributions | 9708288<br>| 9261409<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (82597139) | (78544171) |
| **Net increase (decrease) in net assets resulting from share transactions** | 16106426<br>| (4355123)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 22339286<br>| (7726184)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 463034140 | 470760324<br>|
| &nbsp;&nbsp;End of period | $485373426 | $463034140 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 7784638 | 5630202 |
| Issued in reinvestment of distributions | 848214<br>| 804034<br>|
| &nbsp;&nbsp;Redeemed | (7244016) | (6816118) |
| &nbsp;&nbsp;Net increase (decrease) | 1388836 | (381882) |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.50 | $11.59 | $11.21 | $12.64 | $12.77 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .339  | .319  | .283  | .261  | .265  |
| Net realized and unrealized gain (loss)  | .152  | (.096)  | .377  | (1.418)  | (.070)  |
| Total from investment operations  | .491  | .223  | .660  | (1.157)  | .195  |
| Distributions from net investment income  | (.330)  | (.312)  | (.280)  | (.260)  | (.265)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | (.013)  | (.060)  |
| Total distributions  | (.331)  | (.313)  | (.280)  | (.273)  | (.325)  |
| Net asset value, end of period  | $11.66 | $11.50 | $11.59 | $11.21 | $12.64 |
| **Total Return** C | 4.36% <br>| 1.95%  | 6.00%  | (9.18)%  | 1.54%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .46%  | .47%  | .49%  | .49%  | .48%  |
| Expenses net of fee waivers, if any  | .46% <br>| .46%  | .49%  | .49%  | .48%  |
| Expenses net of all reductions, if any  | .46%  | .46%  | .49%  | .49%  | .48%  |
| Net investment income (loss)  | 2.97%  | 2.76%  | 2.51%  | 2.25%  | 2.08%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $485373 | $463034 | $470760 | $496826 | $731602 |
| Portfolio turnover rate F | 29% <br>| 17%  | 21%  | 8%  | 13%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

Fidelity Michigan Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity Municipal Trust (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 Massachusetts business trust. The Fund may be affected by economic and political developments in the state of Michigan.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

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

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 losses deferred due to wash sales.

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $7793392 |
| **Gross unrealized depreciation**  | <u>(13666092)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(5872700)</u> |
| **Tax Cost**  | <u>$487302883</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$-</u> |
| **Capital loss carryforward**  | <u>$(15781090)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(5872700)</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(1266640) |
| Long-term | <u>(14514450)</u> |
| **Total capital loss carryforward** | <u>$(15781090)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Tax-exempt Income** | 13430659 | 12693253 |
| **Ordinary Income** | <u>$41449</u> | <u>$40513</u> |
| **Total**  | <u>$13472108</u> | <u>$12733766</u> |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Michigan Municipal Income Fund** | 134758716 | 126747685 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

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 Michigan Municipal Income Fund** | .44 |

---

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 Michigan Municipal Income Fund** | .44 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Michigan Municipal Income Fund** | 20285 | 1412884 | (41041) |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Michigan Municipal Income Fund** | 635 |

---

**7. 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 $61.

**8. 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.

**9. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Michigan Municipal Income Fund

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2026

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

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

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

During fiscal year ended 2025, 100% of the fund's income dividends were free from federal income tax, and 19.60% of the fund's income dividends was subject to the federal alternative minimum tax.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Michigan Municipal Income Fund**

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

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

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

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

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

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

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

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

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

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

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. 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 below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

The Board considered that the fund has a variable management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

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 and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img123165_4.jpg)<br>

1.540080.128 MIR-ANN-0226

**Fidelity® Limited Term Municipal Income Fund**

**Annual Report**

**December 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img123166_1.jpg)

![](img123166_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_STM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Limited Term Municipal Income Fund](#Sub_Sec_Fund_404_STM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements404_STM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_STM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_STM-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_STM-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_STM-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_STM-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_STM-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Limited Term Municipal Income Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 94.2%** | &nbsp;&nbsp;**Municipal Securities - 94.2%** | &nbsp;&nbsp;**Municipal Securities - 94.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 6.9%  |  |  |
| Education - 0.1% |  |  |
| University AL Gen Rev 5% 7/1/2031  | 2285000 | 2473761 |
| Electric Utilities - 0.1% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2007 A, 3.375% tender 6/1/2034 (b) | 1705000 | 1724744 |
| General Obligations - 6.4% |  |  |
| Black Belt Energy Gas Dist Alagas Prepay Rev 4% tender 10/1/2049 (Morgan Stanley Guaranteed) (b) | 4000000 | 4026403 |
| Black Belt Energy Gas District 5% 5/1/2028 (BP PLC Guaranteed)  | 95000 | 98525 |
| Black Belt Energy Gas District 5% 5/1/2029 (BP PLC Guaranteed)  | 795000 | 835936 |
| Black Belt Energy Gas District 5% 5/1/2030 (BP PLC Guaranteed)  | 2125000 | 2269985 |
| Black Belt Energy Gas District 5% 5/1/2031 (BP PLC Guaranteed)  | 4050000 | 4344987 |
| Black Belt Energy Gas District 5% 5/1/2032 (BP PLC Guaranteed)  | 4330000 | 4678956 |
| Black Belt Energy Gas District 5% 5/1/2033 (BP PLC Guaranteed)  | 7025000 | 7641787 |
| Black Belt Energy Gas District 5.25% 12/1/2026 (Morgan Stanley Guaranteed)  | 1845000 | 1875210 |
| Black Belt Energy Gas District 5.25% 12/1/2027 (Morgan Stanley Guaranteed)  | 1170000 | 1209705 |
| Black Belt Energy Gas District 5.25% 12/1/2028 (Morgan Stanley Guaranteed)  | 1275000 | 1338075 |
| Black Belt Energy Gas District 5.25% 6/1/2027 (Morgan Stanley Guaranteed)  | 1290000 | 1322126 |
| Black Belt Energy Gas District 5.25% 6/1/2028 (Morgan Stanley Guaranteed)  | 1540000 | 1603287 |
| Black Belt Energy Gas District 5.25% 6/1/2029 (Morgan Stanley Guaranteed)  | 1000000 | 1058014 |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (b) | 18350000 | 19373989 |
| Black Belt Energy Gas District Series 2022 E, 5% tender 5/1/2053 (Canadian Imperial Bank of Commerce/New York NY Guaranteed) (b) | 6200000 | 6496682 |
| Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b) | 6990000 | 7374669 |
| Black Belt Energy Gas District Series 2024 C, 5% tender 5/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 5250000 | 5628843 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% 6/1/2026 (Morgan Stanley Guaranteed)  | 1500000 | 1503999 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% 6/1/2027 (Morgan Stanley Guaranteed)  | 2440000 | 2459373 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% 6/1/2028 (Morgan Stanley Guaranteed)  | 3780000 | 3830346 |
| Southeast Energy Auth Commodity Supply Rev Ala Series 2022 B 1, 5% tender 5/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (b) | 6035000 | 6246765 |
| Southeast Energy Auth Coop Dist Ala Commodity Supply Rev Series 2023 B, 5% tender 1/1/2054 (Liquidity Facility Royal Bank of Canada), (Royal Bank of Canada Guaranteed) (b) | 10000000 | 10573761 |
| Southeast Energy Authority A Cooperative District 5% 1/1/2030 (Athene Annuity And Life Company Guaranteed)  | 1175000 | 1231237 |
| Southeast Energy Authority A Cooperative District 5% 1/1/2031 (Athene Annuity And Life Company Guaranteed)  | 2000000 | 2113476 |
| Southeast Energy Authority A Cooperative District 5% 7/1/2029 (Athene Annuity And Life Company Guaranteed)  | 1580000 | 1650021 |
| Southeast Energy Authority A Cooperative District 5% 7/1/2030 (Athene Annuity And Life Company Guaranteed)  | 1250000 | 1316883 |
| Southeast Energy Authority A Cooperative District 5% 7/1/2031 (Athene Annuity And Life Company Guaranteed)  | 1400000 | 1484968 |
| Southeast Energy Authority A Cooperative District 5% tender 5/1/2055 (Royal Bank of Canada Guaranteed) (b) | 6230000 | 6667350 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% 11/1/2030 (Pacific Life Insurance Co Guaranteed)  | 1500000 | 1603110 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% 11/1/2031 (Pacific Life Insurance Co Guaranteed)  | 1355000 | 1462585 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 18055000 | 19506265 |
| Southeast Energy Authority A Cooperative District Series 2025D, 5% 9/1/2031 (New York Life Insurance Co Guaranteed)  | 1250000 | 1351862 |
| Southeast Energy Authority A Cooperative District Series 2025D, 5% 9/1/2032 (New York Life Insurance Co Guaranteed)  | 1590000 | 1733440 |
| Southeast Energy Authority A Cooperative District Series 2025D, 5% 9/1/2033 (New York Life Insurance Co Guaranteed)  | 1625000 | 1787241 |
| Southeast Energy Authority A Cooperative District Series 2025D, 5% 9/1/2034 (New York Life Insurance Co Guaranteed)  | 1850000 | 2047018 |
| Southeast Energy Authority A Cooperative District Series 2025E, 5% 10/1/2030 (JPMorgan Securities LLC Guaranteed)  | 36880000 | 39621836 |
| TOTAL GENERAL OBLIGATIONS |  | 179368715 |
| Health Care - 0.3% |  |  |
| Huntsville AL Hlth Care Auth (Huntsville Hospital Al Proj.) Series 2023 A, 5% tender 6/1/2053 (b) | 8950000 | 9663949 |
| Transportation - 0.0% |  |  |
| Birmingham AL Arpt Auth Arpt Series 2020, 5% 7/1/2026 (Build America Mutual Assurance Co Insured)  | 555000 | 561457 |
| Birmingham AL Arpt Auth Arpt Series 2020, 5% 7/1/2027 (Build America Mutual Assurance Co Insured)  | 500000 | 517406 |
| TOTAL TRANSPORTATION |  | 1078863 |
| Water & Sewer - 0.0% |  |  |
| Jefferson Cnty AL Swr Rev 5% 10/1/2029  | 1195000 | 1282920 |
| TOTAL ALABAMA |  | 195592952 |
| Alaska - 0.4%  |  |  |
| General Obligations - 0.3% |  |  |
| Alaska Municipal Bond Bank Authority Series 2015B TWO, 5% 3/1/2028 (Alaska St Guaranteed) (c) | 240000 | 240337 |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2028  | 1300000 | 1382108 |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2029  | 2000000 | 2174446 |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2030  | 2000000 | 2219509 |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2031  | 1500000 | 1693821 |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2032  | 1750000 | 2002742 |
| TOTAL GENERAL OBLIGATIONS |  | 9712963 |
| Housing - 0.0% |  |  |
| Alaska Hsg Fin Corp Mtg Rev Series 2022A, 3% 6/1/2051  | 735000 | 723044 |
| Transportation - 0.1% |  |  |
| Alaska Airport Series 2021 C, 5% 10/1/2026 (c) | 1510000 | 1534195 |
| TOTAL ALASKA |  | 11970202 |
| Arizona - 2.0%  |  |  |
| Education - 0.1% |  |  |
| Arizona Brd Regents AZ St Univ Sys Rev (Arizona St Univ Revs Proj.) 5% 8/1/2026  | 1100000 | 1114494 |
| Arizona Brd Regents AZ St Univ Sys Rev (Arizona St Univ Revs Proj.) 5% 8/1/2027  | 1500000 | 1553721 |
| TOTAL EDUCATION |  | 2668215 |
| General Obligations - 0.3% |  |  |
| Glendale AZ Union High Sch Dst 5% 7/1/2026 (Assured Guaranty Inc Insured)  | 200000 | 202237 |
| Glendale AZ Union High Sch Dst 5% 7/1/2027 (Assured Guaranty Inc Insured)  | 250000 | 258670 |
| Maricopa County Special Health Care District Gen. Oblig. 5% 7/1/2026  | 3000000 | 3034768 |
| Pima Cnty AZ Unified Sch Dist No 1 Tucson Series 2024 A, 5% 7/1/2028 (Assured Guaranty Inc Insured)  | 900000 | 953249 |
| Pima Cnty AZ Unified Sch Dist No 1 Tucson Series 2024 A, 5% 7/1/2029 (Assured Guaranty Inc Insured)  | 600000 | 648427 |
| Scottsdale AZ Uni Sch Dist #48 4% 7/1/2026  | 900000 | 906860 |
| Scottsdale AZ Uni Sch Dist #48 4% 7/1/2027  | 225000 | 229853 |
| Tucson Ariz Ctfs Partn (Tucson AZ Proj.) 5% 7/1/2027 (Assured Guaranty Inc Insured)  | 1245000 | 1258288 |
| Western Maricopa Ed Ctr Dist No 402 Maricopa Cnty Ariz 5% 7/1/2026  | 2000000 | 2022781 |
| TOTAL GENERAL OBLIGATIONS |  | 9515133 |
| Health Care - 1.0% |  |  |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2026  | 1200000 | 1202054 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2027  | 1200000 | 1227933 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2028  | 2100000 | 2230741 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2029  | 4000000 | 4324890 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2030  | 3250000 | 3568952 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 D, 5% tender 1/1/2046 (b) | 6765000 | 6824556 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2023 A 2, 5% tender 1/1/2053 (b) | 4480000 | 4679053 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2029  | 1000000 | 1075510 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2030  | 1250000 | 1367945 |
| TOTAL HEALTH CARE |  | 26501634 |
| Housing - 0.2% |  |  |
| Arizona St Indl Dev Auth Multifamily Hsg Rev 2.76% tender 7/1/2047 (b) | 6930000 | 6834328 |
| Industrial Development - 0.3% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c) | 8765000 | 8931922 |
| Transportation - 0.1% |  |  |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) 5% 7/1/2028  | 1910000 | 2013089 |
| TOTAL ARIZONA |  | 56464321 |
| Arkansas - 0.1%  |  |  |
| General Obligations - 0.1% |  |  |
| Pea Ridge Ark Sch Dist No 109 2% 2/1/2033  | 200000 | 179812 |
| Van Buren Ark Sch Dist No 042 2% 2/1/2034  | 955000 | 840843 |
| TOTAL GENERAL OBLIGATIONS |  | 1020655 |
| Health Care - 0.0% |  |  |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2030  | 870000 | 915310 |
| TOTAL ARKANSAS |  | 1935965 |
| California - 4.5%  |  |  |
| Electric Utilities - 0.6% |  |  |
| Los Angeles CA Wtr & Pwr Rev Series 2024 D, 5% 7/1/2030  | 1185000 | 1301876 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2032  | 1500000 | 1696750 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2034  | 4975000 | 5737137 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2035  | 2165000 | 2518950 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern Ca Pub Pwr Auth Proj.) Series 2025 2, 5% tender 7/1/2053 (b) | 4100000 | 4333961 |
| TOTAL ELECTRIC UTILITIES |  | 15588674 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2028 (Escrowed to Maturity)  | 2055000 | 2210990 |
| Port Oakland Calif Rev 5% 5/1/2026 (Escrowed to Maturity) (c) | 5000 | 5039 |
| Port Oakland Calif Rev 5% 5/1/2027 (Escrowed to Maturity) (c) | 5000 | 5159 |
| Port Oakland Calif Rev 5% 5/1/2028 (Escrowed to Maturity) (c) | 15000 | 15837 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 2237025 |
| General Obligations - 1.3% |  |  |
| California Community Choice Financing Authority Series 2024C, 5% tender 8/1/2055 (American General Life Insurance Co Guaranteed) (b) | 3865000 | 4094435 |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2034 (Pacific Life Insurance Co Guaranteed)  | 1300000 | 1428063 |
| California Community Choice Financing Authority Series 2025C, 5% tender 12/1/2055 (American General Life Insurance Co Guaranteed) (b) | 10225000 | 10852713 |
| California Community Choice Financing Authority Series 2025D, 5% 1/1/2031 (Forethought Life Insurance Co Guaranteed)  | 3830000 | 4054287 |
| California Community Choice Financing Authority Series 2025D, 5% 7/1/2030 (Forethought Life Insurance Co Guaranteed)  | 1850000 | 1952832 |
| California St Pub Wks Brd Lse Series 2023A, 5% 12/1/2029  | 2000000 | 2203962 |
| Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2028  | 1395000 | 1497139 |
| San Joaquin Valley Clean Energy Authority 5% 7/1/2028 (Goldman Sachs Group Inc/The Guaranteed)  | 1000000 | 1039777 |
| San Joaquin Valley Clean Energy Authority 5% 7/1/2029 (Goldman Sachs Group Inc/The Guaranteed)  | 1125000 | 1186580 |
| San Joaquin Valley Clean Energy Authority 5% 7/1/2030 (Goldman Sachs Group Inc/The Guaranteed)  | 1000000 | 1068458 |
| San Joaquin Valley Clean Energy Authority 5% 7/1/2031 (Goldman Sachs Group Inc/The Guaranteed)  | 1250000 | 1350987 |
| State of California Gen. Oblig. 4% 11/1/2026  | 700000 | 710026 |
| State of California Gen. Oblig. 5% 10/1/2028  | 4000000 | 4287783 |
| State of California Gen. Oblig. Series 2017, 5% 8/1/2026  | 1200000 | 1218812 |
| TOTAL GENERAL OBLIGATIONS |  | 36945854 |
| Other - 0.2% |  |  |
| California Infrastructure & Economic Development Bank (CA Academy of Science Proj.) Series 2024A, 3.25% 8/1/2029  | 6155000 | 6206433 |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (b) | 780000 | 726527 |
| TOTAL OTHER |  | 6932960 |
| Transportation - 2.3% |  |  |
| Bay Area Toll Auth CA Bridge Rev 2% tender 4/1/2056 (b) | 7365000 | 7170063 |
| Bay Area Toll Auth CA Bridge Rev 2.95% tender 4/1/2047 (b) | 4655000 | 4652252 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2026 (Build America Mutual Assurance Co Insured) (c) | 1000000 | 1009701 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2027 (Build America Mutual Assurance Co Insured) (c) | 1340000 | 1379471 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2028 (Build America Mutual Assurance Co Insured) (c) | 2885000 | 3025115 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2029 (Build America Mutual Assurance Co Insured) (c) | 3025000 | 3229634 |
| Los Angeles CA Dept Arpts Rev Series 2018 B, 5% 5/15/2026 (c) | 1545000 | 1558079 |
| Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2027 (c) | 1615000 | 1659488 |
| Los Angeles CA Dept Arpts Rev Series 2020C, 5% 5/15/2026 (c) | 2645000 | 2667391 |
| Port Oakland Calif Rev Series 2021 H, 5% 5/1/2026 (c) | 1825000 | 1837149 |
| Port Oakland Calif Rev Series 2021 H, 5% 5/1/2027 (c) | 3395000 | 3486696 |
| Port Oakland Calif Rev Series 2021 H, 5% 5/1/2028 (c) | 985000 | 1031818 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025A, 5% 7/1/2032 (c) | 1000000 | 1113557 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025A, 5% 7/1/2033 (c) | 1375000 | 1544705 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2029 (Assured Guaranty Inc Insured) (c) | 1675000 | 1792914 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2030 (Assured Guaranty Inc Insured) (c) | 880000 | 958609 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2031 (Assured Guaranty Inc Insured) (c) | 925000 | 1020661 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2032 (Assured Guaranty Inc Insured) (c) | 970000 | 1083178 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2033 (Assured Guaranty Inc Insured) (c) | 2035000 | 2286164 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2020C, 5% 7/1/2026 (c) | 1000000 | 1008564 |
| San Francisco CA City & County Airports Commission International Airport Revenue (Sfo Fuel CO LLC Proj.) Series 2019 A, 5% 1/1/2027 (c) | 2405000 | 2449523 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2026 (c) | 4535000 | 4567451 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2027 (c) | 4590000 | 4711546 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2028 (c) | 6130000 | 6429008 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2029 (c) | 4100000 | 4370953 |
| TOTAL TRANSPORTATION |  | 66043690 |
| Water & Sewer - 0.0% |  |  |
| Castaic Lake Wtr Agy CA Ctfs Series 1999 A, 0% 8/1/2028 (Ambac Assurance Corp Insured) (d) | 1435000 | 1343517 |
| TOTAL CALIFORNIA |  | 129091720 |
| Colorado - 1.3%  |  |  |
| Education - 0.0% |  |  |
| University Colo Enterprise Sys Series 2021 C 3B, 2% tender 6/1/2051 (b) | 1345000 | 1329785 |
| General Obligations - 0.0% |  |  |
| Regional Trans Dist CO Ctfs Part 5% 6/1/2026  | 1000000 | 1009556 |
| Health Care - 1.1% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) 5% tender 11/15/2049 (b) | 6065000 | 6185805 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2024 A, 5% tender 11/15/2059 (b) | 2070000 | 2234355 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2024 A, 5% tender 11/15/2059 (b) | 1270000 | 1404245 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2025A, 5% tender 11/15/2060 (b) | 4260000 | 4655616 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series A 1, 5% tender 11/15/2058 (b) | 12265000 | 12962175 |
| Colorado Health Facilities Authority (Commonspirit Health Proj.) Series 2019 B 2, 5% tender 8/1/2049 (b) | 2035000 | 2037983 |
| TOTAL HEALTH CARE |  | 29480179 |
| Housing - 0.0% |  |  |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 F, 4.25% 11/1/2049  | 575000 | 580210 |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 H, 4.25% 11/1/2049  | 270000 | 273123 |
| Denver Colo City & Cnty Hsg Auth Multifamily Hsg Rev Series 2025A, 5% 6/1/2029  | 1135000 | 1191814 |
| TOTAL HOUSING |  | 2045147 |
| Transportation - 0.2% |  |  |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2029 (c) | 1205000 | 1269558 |
| E-470 Pub Hwy Auth Colo Rev 5% 9/1/2026  | 1750000 | 1776747 |
| TOTAL TRANSPORTATION |  | 3046305 |
| TOTAL COLORADO |  | 36910972 |
| Connecticut - 2.7%  |  |  |
| Education - 0.9% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) 2.8% tender 7/1/2057 (b) | 19250000 | 19249639 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2017 B2, 3.2% tender 7/1/2037 (b) | 3370000 | 3378623 |
| Connecticut State Health & Educational Facilities Authority (Yale University Proj.) Series A 2, 2% tender 7/1/2042 (b) | 1725000 | 1719257 |
| TOTAL EDUCATION |  | 24347519 |
| General Obligations - 0.9% |  |  |
| Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2029 (Build America Mutual Assurance Co Insured)  | 1195000 | 1292366 |
| Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2030 (Build America Mutual Assurance Co Insured)  | 1000000 | 1103539 |
| Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2031 (Build America Mutual Assurance Co Insured)  | 2700000 | 3033127 |
| Connecticut St Gen. Oblig. 4% 6/1/2026  | 1100000 | 1106746 |
| Connecticut St Gen. Oblig. 5% 11/15/2026  | 6000000 | 6129970 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2030  | 965000 | 1042786 |
| Connecticut St Gen. Oblig. Series 2025 B, 5% 12/1/2031  | 1670000 | 1895469 |
| Connecticut St Gen. Oblig. Series 2025 B, 5% 12/1/2032  | 2245000 | 2579116 |
| Hartford Cnty Conn Met Dist Gen. Oblig. Series 2021 A, 5% 9/1/2027  | 800000 | 836323 |
| Hartford Cnty Conn Met Dist Gen. Oblig. Series 2021 A, 5% 9/1/2028  | 775000 | 826992 |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2032 (Assured Guaranty Inc Insured)  | 2920000 | 3300606 |
| Stratford CT Gen. Oblig. Series 2018, 5% 1/1/2026 (Build America Mutual Assurance Co Insured)  | 3735000 | 3735000 |
| University Connecticut (Connecticut St Proj.) Series 2019 A, 5% 11/1/2026  | 1000000 | 1020168 |
| TOTAL GENERAL OBLIGATIONS |  | 27902208 |
| Health Care - 0.1% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2028 (f)(g) | 1315000 | 723250 |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2029 (f)(g) | 940000 | 517000 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2027  | 250000 | 256768 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2028  | 300000 | 313230 |
| TOTAL HEALTH CARE |  | 1810248 |
| Special Tax - 0.8% |  |  |
| Connecticut St Spl Tax Oblig Series 2024 B, 5% 7/1/2028  | 4395000 | 4664022 |
| Connecticut St Spl Tax Oblig Series 2024 B, 5% 7/1/2030  | 8500000 | 9410571 |
| Connecticut St Spl Tax Oblig Series A, 5% 9/1/2026  | 1025000 | 1041892 |
| Connecticut St Spl Tax Oblig Series A1, 5% 7/1/2030  | 6500000 | 7196319 |
| TOTAL SPECIAL TAX |  | 22312804 |
| TOTAL CONNECTICUT |  | 76372779 |
| Delaware - 0.0%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Co Proj.) Series 2020A, 3.6% 1/1/2031  | 595000 | 611022 |
| District Of Columbia - 0.2%  |  |  |
| Special Tax - 0.2% |  |  |
| District Columbia Income Tax Rev Series 2022C, 5% 12/1/2027  | 5900000 | 6189597 |
| District Of Columbia,Maryland,Virginia - 0.0%  |  |  |
| Special Tax - 0.0% |  |  |
| Washington DC Met Area Tran Auth Rev Series 2018, 5% 7/1/2031  | 1790000 | 1850293 |
| District Of Columbia,Virginia - 1.4%  |  |  |
| Transportation - 1.4% |  |  |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2026 (c) | 12905000 | 13123338 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2028 (c) | 20500000 | 21682044 |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5% 10/1/2028 (c) | 3800000 | 4019111 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 38824493 |
| Florida - 4.2%  |  |  |
| Education - 0.1% |  |  |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2026  | 1940000 | 1961705 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2030  | 685000 | 749155 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2031  | 450000 | 500593 |
| TOTAL EDUCATION |  | 3211453 |
| Electric Utilities - 0.0% |  |  |
| Florida St Mun Pwr Agy Rev Series 2016A, 4% 10/1/2026  | 530000 | 534963 |
| General Obligations - 1.4% |  |  |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2025 A, 5% 7/1/2028 (Assured Guaranty Inc Insured)  | 14000000 | 14779574 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL School Board Proj.) 5% 7/1/2028 (Assured Guaranty Inc Insured)  | 3275000 | 3465504 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL School Board Proj.) 5% 7/1/2029 (Assured Guaranty Inc Insured)  | 2450000 | 2648597 |
| Hillsborough Cnty FL Sch Brd Series 2017 B, 5% 7/1/2028  | 2375000 | 2459594 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2026  | 435000 | 443014 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2027  | 345000 | 360007 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2029  | 595000 | 647474 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2030  | 560000 | 621910 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2032  | 510000 | 581536 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) Series 2022 A, 5% 10/1/2028  | 685000 | 729511 |
| Lake Cnty Fla Sch Brd Cop (Lake County FL School Board Proj.) Series 2025A, 5% 6/1/2029 (Assured Guaranty Inc Insured)  | 2200000 | 2366647 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2025A, 5% 8/1/2029  | 5280000 | 5727312 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2025A, 5% 8/1/2030  | 1625000 | 1798892 |
| Seminole Cnty FL Sch Brd Ctfs (Seminole Cnty FL Sch Dist Proj.) 5% 7/1/2026  | 1115000 | 1127977 |
| TOTAL GENERAL OBLIGATIONS |  | 37757549 |
| Health Care - 1.1% |  |  |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2026  | 1920000 | 1929733 |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2028  | 2115000 | 2211161 |
| Florida Development Finance Corp (Tampa General Hospital, Fl Proj.) Series 2024 B, 5% tender 8/1/2056 (b) | 3940000 | 4267033 |
| Highlands County Health Facilities Authority (Advent Health Proj.) Series 2024C, 5% tender 11/15/2059 (b) | 2675000 | 2957761 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) Series 2024C, 5% 11/15/2029  | 5000000 | 5432384 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys Fl Hosp Rev Proj.) 5% tender 4/1/2033 (b) | 4810000 | 4814535 |
| Palm Beach Cnty FL Health Facs (Lifespace Proj.) 4% 5/15/2029  | 1440000 | 1438345 |
| Palm Beach Cnty FL Health Facs (Lifespace Proj.) Series 2015C, 5% 5/15/2030  | 2490000 | 2491123 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Jupiter Medical Center Proj.) 5% 11/1/2028  | 150000 | 157521 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys Of So Fl Proj.) Series 2025B, 5% tender 8/15/2065 (b) | 7000000 | 7547411 |
| TOTAL HEALTH CARE |  | 33247007 |
| Housing - 0.2% |  |  |
| Florida Hsg Fin Corp Mltfmy Rv Series 2024 E, 3.8% tender 6/1/2042 (b) | 2675000 | 2680271 |
| Florida Hsg Fin Corp Rev (FL Homeownership Mortgage Proj.) Series 2021 1, 3% 1/1/2052  | 3290000 | 3252809 |
| TOTAL HOUSING |  | 5933080 |
| Resource Recovery - 0.2% |  |  |
| Florida Dev Fin Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025A, 3.4% tender 9/1/2050 (b)(c) | 2405000 | 2415081 |
| Miami-Dade Cnty FL Ida Sld Waste Disp Rev (Waste Management Inc Del Proj.) Series 2011, 3.45% tender 11/1/2041 (b)(c) | 3150000 | 3153104 |
| TOTAL RESOURCE RECOVERY |  | 5568185 |
| Special Tax - 0.3% |  |  |
| Southeast Overtown Park West Community Redevelopment Agency Series 2025 A, 5% 3/1/2029 (Assured Guaranty Inc Insured)  | 1415000 | 1507850 |
| Southeast Overtown Park West Community Redevelopment Agency Series 2025 A, 5% 3/1/2030 (Assured Guaranty Inc Insured)  | 900000 | 977089 |
| Southeast Overtown Park West Community Redevelopment Agency Series 2025 A, 5% 3/1/2031 (Assured Guaranty Inc Insured)  | 3000000 | 3306953 |
| Southeast Overtown Park West Community Redevelopment Agency Series 2025B, 5% 3/1/2029 (Assured Guaranty Inc Insured)  | 935000 | 996353 |
| Southeast Overtown Park West Community Redevelopment Agency Series 2025B, 5% 3/1/2030 (Assured Guaranty Inc Insured)  | 1280000 | 1389638 |
| TOTAL SPECIAL TAX |  | 8177883 |
| Transportation - 0.9% |  |  |
| Greater Orlando Aviation Auth Series 2016, 5% 10/1/2026 (c) | 1300000 | 1320443 |
| Greater Orlando Aviation Auth Series 2017A, 5% 10/1/2026 (c) | 545000 | 553570 |
| Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2027 (c) | 1940000 | 2010160 |
| Miami-Dade Cnty Fla Aviat Rev Series A, 5% 10/1/2027  | 1275000 | 1295443 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 5% 7/1/2027 (Assured Guaranty Inc Insured)  | 8200000 | 8494165 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2029 (c) | 1640000 | 1760428 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2030 (c) | 2845000 | 3098573 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2031 (c) | 2790000 | 3076273 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2032 (c) | 3145000 | 3504420 |
| TOTAL TRANSPORTATION |  | 25113475 |
| TOTAL FLORIDA |  | 119543595 |
| Georgia - 5.1%  |  |  |
| Education - 0.0% |  |  |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2026  | 1200000 | 1206084 |
| Electric Utilities - 1.2% |  |  |
| Bartow Cnty GA Dev Auth Pollution Cont Rev (Georgia Power Co Proj.) Series FIRST 2013, 2.9% tender 8/1/2043 (b) | 10485000 | 10424012 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIFTH 1994, 3.7% tender 10/1/2032 (b) | 2265000 | 2298862 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FOURTH 1995, 3.8% tender 10/1/2032 (b) | 3500000 | 3509985 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2012, 3.3% tender 12/1/2049 (b) | 2365000 | 2374640 |
| Georgia Mun Elec Auth Pwr Rev Series 2020 A, 5% 1/1/2026  | 1125000 | 1125000 |
| Georgia Mun Elec Auth Pwr Rev Series 2020 A, 5% 1/1/2027  | 760000 | 778747 |
| Georgia Mun Elec Auth Pwr Rev Series 2020A, 5% 1/1/2026  | 1000000 | 1000000 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2029  | 500000 | 533207 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2029  | 500000 | 533207 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2030  | 1000000 | 1084115 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2030  | 300000 | 325234 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2031  | 1350000 | 1485854 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2031  | 575000 | 632864 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2008, 3.35% tender 11/1/2048 (b) | 4535000 | 4563914 |
| Monroe Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2013A, 3.6% tender 1/1/2039 (b) | 4110000 | 4179444 |
| TOTAL ELECTRIC UTILITIES |  | 34849085 |
| General Obligations - 3.1% |  |  |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (b) | 16990000 | 17304616 |
| Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (b) | 15000000 | 15144432 |
| Main Street Natural Gas Inc 5% 12/1/2030 (Toronto Dominion Bank Guaranteed)  | 1000000 | 1074896 |
| Main Street Natural Gas Inc 5% tender 6/1/2053 (Citigroup Inc Guaranteed) (b) | 3550000 | 3742623 |
| Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (b) | 10255000 | 11105062 |
| Main Street Natural Gas Inc Series 2022A, 4% 12/1/2026 (Citigroup Inc Guaranteed)  | 1955000 | 1967676 |
| Main Street Natural Gas Inc Series 2023D, 5% 12/1/2029 (Citigroup Inc Guaranteed)  | 2750000 | 2914749 |
| Main Street Natural Gas Inc Series 2023D, 5% tender 5/1/2054 (Citigroup Inc Guaranteed) (b) | 11820000 | 12505951 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% tender 5/1/2054 (Royal Bank of Canada Guaranteed) (b) | 2280000 | 2449583 |
| Main Street Natural Gas Inc Series 2024C, 5% 12/1/2028 (Citigroup Inc Guaranteed)  | 1250000 | 1307842 |
| Main Street Natural Gas Inc Series 2024C, 5% 12/1/2029 (Citibank NA Guaranteed), (Citigroup Inc Guaranteed)  | 2700000 | 2861753 |
| Main Street Natural Gas Inc Series 2024C, 5% 12/1/2030 (Citibank NA Guaranteed), (Citigroup Inc Guaranteed)  | 3500000 | 3744118 |
| Main Street Natural Gas Inc Series 2024D, 5% tender 4/1/2054 (Toronto Dominion Bank Guaranteed) (b) | 9685000 | 10405237 |
| TOTAL GENERAL OBLIGATIONS |  | 86528538 |
| Health Care - 0.1% |  |  |
| Columbus GA Med Ctr Hosp Auth (Piedmont Hosp Og Proj.) 5% tender 7/1/2054 (b) | 2340000 | 2343980 |
| Other - 0.0% |  |  |
| Fayette Cnty GA Dev Auth Rev (United States Soccer Fed Proj.) Series 2024, 5% 10/1/2026  | 300000 | 303959 |
| Fayette Cnty GA Dev Auth Rev (United States Soccer Fed Proj.) Series 2024, 5% 10/1/2027  | 250000 | 257874 |
| TOTAL OTHER |  | 561833 |
| Transportation - 0.7% |  |  |
| Atlanta GA Arpt Rev Series 2020 B, 5% 7/1/2026 (c) | 3000000 | 3030587 |
| Atlanta GA Arpt Rev Series 2020 B, 5% 7/1/2027 (c) | 4000000 | 4120792 |
| Atlanta GA Arpt Rev Series 2020 B, 5% 7/1/2029 (c) | 1920000 | 2051861 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2030 (c) | 1315000 | 1429573 |
| Atlanta GA Arpt Rev Series 2023G, 5% 7/1/2028 (c) | 2015000 | 2119818 |
| Atlanta GA Arpt Rev Series 2023G, 5% 7/1/2029 (c) | 5635000 | 6021997 |
| TOTAL TRANSPORTATION |  | 18774628 |
| TOTAL GEORGIA |  | 144264148 |
| Hawaii - 0.5%  |  |  |
| General Obligations - 0.5% |  |  |
| Hawaii St Gen. Oblig. Series EZ, 5% 10/1/2026  | 10000000 | 10037446 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020F, 5% 7/1/2026  | 800000 | 809907 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2022 A, 5% 11/1/2026  | 1985000 | 2026206 |
| Honolulu HI City & Cnty Gen. Oblig. Series C, 5% 10/1/2028  | 1000000 | 1068552 |
| TOTAL GENERAL OBLIGATIONS |  | 13942111 |
| Transportation - 0.0% |  |  |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2031 (c) | 1000000 | 1047815 |
| TOTAL HAWAII |  | 14989926 |
| Idaho - 0.0%  |  |  |
| Housing - 0.0% |  |  |
| Idaho Hsg & Fin Assn (ID Single Family Hsg 7/1/19 Proj.) Series 2019 A, 4% 1/1/2050  | 140000 | 140727 |
| Illinois - 6.6%  |  |  |
| Education - 0.1% |  |  |
| Illinois Fin Auth Rev (Bradley University Proj.) Series 2017 C, 5% 8/1/2026  | 1650000 | 1666197 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2026  | 300000 | 300079 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2027  | 500000 | 500761 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5% 10/1/2026  | 265000 | 267085 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5% 10/1/2028  | 330000 | 342192 |
| TOTAL EDUCATION |  | 3076314 |
| General Obligations - 3.3% |  |  |
| Chicago IL Brd Ed 5% 12/1/2027  | 1830000 | 1858010 |
| Chicago IL Brd Ed Series 2019 A, 0% 12/1/2026 (d) | 3500000 | 3382536 |
| Chicago IL Brd Ed Series 2023A, 5% 12/1/2030  | 5000000 | 5137529 |
| Chicago IL Brd Ed Series 2025 B, 5.5% 12/1/2032  | 13250000 | 14004725 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2030  | 2005000 | 2094814 |
| Chicago IL Met Water Recl Dist Gen. Oblig. 5.25% 12/1/2032  | 2920000 | 3400643 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2026  | 850000 | 866993 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2027  | 1075000 | 1119647 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2026  | 555000 | 561360 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2027  | 565000 | 578029 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2028  | 285000 | 295159 |
| Cook Cnty IL Gen. Oblig. Series 2022 A, 5% 11/15/2026  | 300000 | 305997 |
| Cook Cnty IL Gen. Oblig. Series 2022 A, 5% 11/15/2027  | 325000 | 338498 |
| Cook Cnty IL Gen. Oblig. Series 2022 A, 5% 11/15/2028  | 350000 | 372676 |
| Cook Cnty IL Gen. Oblig. Series 2022 A, 5% 11/15/2029  | 1315000 | 1425741 |
| Illinois St Gen. Oblig. 5% 3/1/2027  | 6500000 | 6662283 |
| Illinois St Gen. Oblig. Series 2016, 5% 1/1/2026  | 2970000 | 2970000 |
| Illinois St Gen. Oblig. Series 2017C, 5% 11/1/2029  | 9090000 | 9418514 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 5890000 | 5996753 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5% 5/1/2028  | 3000000 | 3145637 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2028  | 1120000 | 1178069 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2029  | 1000000 | 1067568 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2030  | 2000000 | 2169791 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2031  | 1500000 | 1650070 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2032  | 3000000 | 3340845 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 5% 10/1/2028  | 6500000 | 6859384 |
| Illinois St Gen. Oblig. Series OCTOBER 2016, 4% 2/1/2030 (Assured Guaranty Inc Insured)  | 2460000 | 2484989 |
| Illinois St Gen. Oblig. Series OCTOBER 2024, 5% 2/1/2033  | 3800000 | 4252931 |
| Lake, Cook, Kane & McHenry Cnties Cmnty Unit School District No 220 3% 12/1/2032  | 1305000 | 1297957 |
| Mchenry Cnty IL Comnty SD #200 0% 1/15/2026 (National Public Finance Guarantee Corporation Insured) (d) | 1995000 | 1992949 |
| Schaumburg IL Gen. Oblig. Series 2023, 4% 12/1/2031  | 2820000 | 3002188 |
| TOTAL GENERAL OBLIGATIONS |  | 93232285 |
| Health Care - 1.2% |  |  |
| Illinois Fin Auth Rev (Advocate Aurora Health Inc Proj.) Series 2008 A3, 5% 11/1/2030  | 1745000 | 1831210 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2027  | 1875000 | 1920227 |
| Illinois Fin Auth Rev (Memorial Health Sys Ill Rev Proj.) 5% 4/1/2026  | 1625000 | 1632832 |
| Illinois Fin Auth Rev (Memorial Health Sys Ill Rev Proj.) 5% 4/1/2027  | 2135000 | 2188456 |
| Illinois Fin Auth Rev (Memorial Health Sys Ill Rev Proj.) 5% 4/1/2028  | 1530000 | 1597524 |
| Illinois Fin Auth Rev (Memorial Health Sys Ill Rev Proj.) 5% 4/1/2029  | 2000000 | 2125661 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 5% 5/15/2026  | 4300000 | 4324142 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 5% 5/15/2027  | 9260000 | 9502509 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2026  | 1955000 | 1957590 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 5% 5/15/2026  | 980000 | 985611 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 5% 5/15/2027  | 1225000 | 1233726 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) Series 2020 B 2, 5% tender 5/15/2050 (b) | 2830000 | 2847363 |
| Illinois Finance Authority Rev (University Of Chicago Hosps,Il Proj.) Series 2025A 1, 5% tender 8/15/2054 (b) | 2815000 | 3028487 |
| TOTAL HEALTH CARE |  | 35175338 |
| Housing - 0.0% |  |  |
| Illinois Housing Dev Auth (IL Homeowner Mortgage Proj.) Series C, 2.9% 8/1/2031  | 325000 | 318466 |
| Illinois Housing Dev Auth (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2019 D, 3.75% 4/1/2050  | 300000 | 300452 |
| TOTAL HOUSING |  | 618918 |
| Resource Recovery - 0.3% |  |  |
| Illinois Dev Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) 3.45% tender 11/1/2044 (b)(c) | 7250000 | 7257143 |
| Special Tax - 1.1% |  |  |
| Cook Cnty Ill Sales Tax Rev Series 2022 A, 5% 11/15/2026  | 635000 | 647971 |
| Cook Cnty Ill Sales Tax Rev Series 2022 A, 5% 11/15/2027  | 350000 | 364992 |
| Cook Cnty Ill Sales Tax Rev Series 2022 A, 5% 11/15/2028  | 190000 | 202364 |
| Cook Cnty Ill Sales Tax Rev Series 2022 A, 5% 11/15/2029  | 140000 | 152220 |
| Cook Cnty Ill Sales Tax Rev Series 2022 A, 5% 11/15/2030  | 315000 | 347952 |
| Cook Cnty Ill Sales Tax Rev Series 2022 B, 5% 11/15/2026  | 360000 | 367353 |
| Cook Cnty Ill Sales Tax Rev Series 2022 B, 5% 11/15/2027  | 470000 | 490133 |
| Cook Cnty Ill Sales Tax Rev Series 2022 B, 5% 11/15/2028  | 290000 | 308871 |
| Cook Cnty Ill Sales Tax Rev Series 2022 B, 5% 11/15/2029  | 265000 | 288130 |
| Cook Cnty Ill Sales Tax Rev Series 2022 B, 5% 11/15/2030  | 275000 | 303767 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2028  | 1000000 | 1065074 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2029  | 750000 | 815463 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2030  | 1000000 | 1104609 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2029 (Assured Guaranty Inc Insured) (d) | 2440000 | 2156309 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2029 (National Public Finance Guarantee Corporation Insured) (d) | 3690000 | 3252107 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2029 (National Public Finance Guarantee Corporation Insured) (d) | 5020000 | 4495824 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 12/15/2028  | 2880000 | 2983922 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 6/15/2029  | 3325000 | 3442315 |
| Sales Tax Securitization Corp Series 2023C, 5% 1/1/2029  | 5225000 | 5539334 |
| Sales Tax Securitization Corp Series 2023D, 5% 1/1/2028  | 1735000 | 1807010 |
| TOTAL SPECIAL TAX |  | 30135720 |
| Transportation - 0.3% |  |  |
| Chicago IL Midway Arpt Rev Series A, 5% 1/1/2027 (c) | 2810000 | 2810000 |
| Chicago IL Midway Arpt Rev Series A, 5% 1/1/2028 (c) | 500000 | 500000 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2026 (c) | 445000 | 445000 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2027 (c) | 1595000 | 1624527 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2029 (c) | 215000 | 218772 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022 C, 5% 1/1/2026 (c) | 2300000 | 2300001 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022A, 5% 1/1/2026 (c) | 830000 | 830000 |
| Chicago IL O'Hare Intl Arpt Rev Series A, 5% 1/1/2027 (c) | 840000 | 840000 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2024 A, 5% 1/1/2031  | 790000 | 881669 |
| TOTAL TRANSPORTATION |  | 10449969 |
| Water & Sewer - 0.3% |  |  |
| Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2031 (Build America Mutual Assurance Co Insured)  | 1775000 | 1959893 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2028  | 1925000 | 2019477 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2029  | 1500000 | 1608218 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2030  | 750000 | 821178 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2032  | 430000 | 486703 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 7/1/2030  | 1000000 | 1105824 |
| TOTAL WATER & SEWER |  | 8001293 |
| TOTAL ILLINOIS |  | 187946980 |
| Indiana - 2.6%  |  |  |
| Education - 0.0% |  |  |
| Indiana Secondary Mkt For Ed Lns Inc Student Ln Prog Rev Series 2025 1A, 5% 6/1/2029 (c) | 1050000 | 1096407 |
| Electric Utilities - 0.4% |  |  |
| Indiana St Fin Auth Environmental Facs Rev (Indianapolis Pwr & Lt Co Proj.) 0.75% tender 12/1/2038 (b) | 600000 | 595716 |
| Indiana St Fin Auth Environmental Facs Rev (Indianapolis Pwr & Lt Co Proj.) 0.95% tender 12/1/2038 (b)(c) | 1025000 | 1018180 |
| Rockport Ind Pollution Ctl Rev (Indiana Michigan Power Co Proj.) Series 2025 A, 3.7% tender 6/1/2047 (b) | 8245000 | 8413548 |
| TOTAL ELECTRIC UTILITIES |  | 10027444 |
| General Obligations - 0.4% |  |  |
| Lafayette Ind Sew Wks Rev 2% 7/1/2034 (Build America Mutual Assurance Co Insured)  | 555000 | 477023 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 1/15/2030 (Build America Mutual Assurance Co Insured)  | 1000000 | 1086889 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 1/15/2030 (Build America Mutual Assurance Co Insured)  | 1000000 | 1086889 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 1/15/2031 (Build America Mutual Assurance Co Insured)  | 1235000 | 1368680 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 1/15/2032 (Build America Mutual Assurance Co Insured)  | 825000 | 927858 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 1/15/2033 (Build America Mutual Assurance Co Insured)  | 775000 | 882612 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 7/15/2029 (Build America Mutual Assurance Co Insured)  | 1000000 | 1076388 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 7/15/2031 (Build America Mutual Assurance Co Insured)  | 1265000 | 1412278 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 7/15/2032 (Build America Mutual Assurance Co Insured)  | 1000000 | 1131676 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 7/15/2033 (Build America Mutual Assurance Co Insured)  | 1395000 | 1596796 |
| TOTAL GENERAL OBLIGATIONS |  | 11047089 |
| Health Care - 0.9% |  |  |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2031  | 600000 | 655962 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2032  | 700000 | 774694 |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2023B1, 5% tender 10/1/2062 (b) | 5865000 | 6152740 |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2025D 3, 5% tender 10/1/2059 (b) | 6870000 | 7744790 |
| Indiana Fin Auth Hosp Rev (Indiana University Health Proj.) Series 2011 L, 0.7% tender 12/1/2046 (b) | 1105000 | 1105000 |
| Indiana Fin Auth Hosp Rev (Indiana University Health Proj.) Series 2011 M, 0.7% tender 12/1/2046 (b) | 7795000 | 7795000 |
| TOTAL HEALTH CARE |  | 24228186 |
| Housing - 0.1% |  |  |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 3% 1/1/2052  | 2540000 | 2497277 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 3% 7/1/2050  | 520000 | 513527 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2019 B, 3.5% 1/1/2049  | 615000 | 613463 |
| TOTAL HOUSING |  | 3624267 |
| Industrial Development - 0.6% |  |  |
| Whiting Ind Environmental Facs (Bp Products North America Inc Proj.) Series 2019A, 5% tender 12/1/2044 (BP PLC Guaranteed) (b)(c) | 15985000 | 16132088 |
| Other - 0.1% |  |  |
| Indiana Fin Auth Edl Facs Rev (Indianapolis Museum of Art Proj.) 4% 2/1/2029  | 4000000 | 4116931 |
| Transportation - 0.1% |  |  |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2019 D, 5% 1/1/2026 (c) | 3680000 | 3680000 |
| TOTAL INDIANA |  | 73952412 |
| Iowa - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) 5% 12/1/2030 (c) | 1000000 | 1064629 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) 5% 12/1/2031 (c) | 1000000 | 1070789 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) Series 2023 B, 5% 12/1/2030 (c) | 1770000 | 1874566 |
| TOTAL IOWA |  | 4009984 |
| Kentucky - 2.5%  |  |  |
| Electric Utilities - 0.5% |  |  |
| Carroll Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) Series 2004 A, 1.75% tender 10/1/2034 (b)(c) | 9750000 | 9589609 |
| Carroll Cnty KY Pollution Ctl Rev (Kentucky Utilities Co Proj.) Series 2016 A, 1.55% tender 9/1/2042 (b) | 5750000 | 5659736 |
| TOTAL ELECTRIC UTILITIES |  | 15249345 |
| General Obligations - 1.0% |  |  |
| Kentucky Asset/Liability Commission Gen Fund (Kentucky St Proj.) 5% 11/1/2026  | 1000000 | 1019013 |
| Kentucky Asset/Liability Commission Gen Fund (Kentucky St Proj.) 5% 11/1/2027  | 1000000 | 1040862 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev 5% tender 5/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (b) | 4000000 | 4204066 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2020 A, 4% 6/1/2026 (BP PLC Guaranteed)  | 1085000 | 1094326 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2020 A, 4% tender 12/1/2050 (BP PLC Guaranteed) (b) | 11570000 | 11668072 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5.25% tender 6/1/2055 (Morgan Stanley Guaranteed) (b) | 4000000 | 4231348 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2030  | 1375000 | 1520004 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2031  | 2500000 | 2815477 |
| TOTAL GENERAL OBLIGATIONS |  | 27593168 |
| Health Care - 0.4% |  |  |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (b) | 5985000 | 6064468 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023 A, 5% 10/1/2028  | 2500000 | 2645444 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023 A, 5% 10/1/2029  | 1310000 | 1411944 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023 A, 5% 10/1/2030  | 1485000 | 1625553 |
| TOTAL HEALTH CARE |  | 11747409 |
| Housing - 0.5% |  |  |
| Kentucky Hsg Corp Sf Mtg Rev (KY Single Fam Mtg 10/1/23 Proj.) Series 2023A, 6% 7/1/2054  | 11975000 | 13095133 |
| Transportation - 0.1% |  |  |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5% 1/1/2029 (c) | 1100000 | 1164942 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5% 1/1/2030 (c) | 1175000 | 1264653 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5% 1/1/2031 (c) | 1350000 | 1474075 |
| TOTAL TRANSPORTATION |  | 3903670 |
| TOTAL KENTUCKY |  | 71588725 |
| Louisiana - 1.0%  |  |  |
| Housing - 0.0% |  |  |
| Louisiana Hsg Corp Single Family Mtg Rev (LA Home Ownership Proj.) 5.75% 12/1/2053  | 900000 | 980711 |
| Industrial Development - 0.2% |  |  |
| St John Baptist Parish LA Rev (Conocophillips Inc Proj.) 4.05% tender 6/1/2037 (b) | 3320000 | 3339649 |
| St John Baptist Parish LA Rev (ConocoPhillips Proj.) 2.2% 6/1/2037 (b) | 3765000 | 3753135 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 7092784 |
| Transportation - 0.8% |  |  |
| New Orleans LA Aviation Board 5% 1/1/2026 (c) | 490000 | 489999 |
| New Orleans LA Aviation Board 5% 1/1/2030 (c) | 6250000 | 6680640 |
| New Orleans LA Aviation Board 5% 1/1/2031 (c) | 6000000 | 6505067 |
| New Orleans LA Aviation Board 5% 1/1/2032 (c) | 7000000 | 7658116 |
| TOTAL TRANSPORTATION |  | 21333822 |
| TOTAL LOUISIANA |  | 29407317 |
| Maine - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) 5% 7/1/2028  | 555000 | 580972 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) 5% 7/1/2029  | 600000 | 639108 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) 5% 7/1/2030  | 500000 | 541327 |
| TOTAL EDUCATION |  | 1761407 |
| General Obligations - 0.0% |  |  |
| Auburn ME Series 2021, 2% 11/1/2033  | 400000 | 347565 |
| Auburn ME Series 2021, 2% 11/1/2034  | 400000 | 339743 |
| Brunswick ME 2% 11/1/2031  | 1015000 | 941437 |
| TOTAL GENERAL OBLIGATIONS |  | 1628745 |
| Transportation - 0.0% |  |  |
| Portland ME Arpt Rev Series 2016, 5% 1/1/2029  | 690000 | 690748 |
| TOTAL MAINE |  | 4080900 |
| Maryland - 1.3%  |  |  |
| General Obligations - 0.4% |  |  |
| Montgomery Cnty MD Gen. Oblig. Series 2022A, 5% 8/1/2026  | 7075000 | 7179363 |
| State of Maryland Gen. Oblig. 3% 8/1/2027  | 1575000 | 1579369 |
| TOTAL GENERAL OBLIGATIONS |  | 8758732 |
| Health Care - 0.1% |  |  |
| Maryland Health & Higher Educational Facilities Authority (Univ Of Maryland Med Sys, Md Proj.) Series 2020B 2, 5% tender 7/1/2045 (b) | 2480000 | 2523976 |
| Housing - 0.0% |  |  |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) 3.5% 3/1/2050  | 775000 | 773022 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) Series 2019 B, 4% 9/1/2049  | 760000 | 768414 |
| TOTAL HOUSING |  | 1541436 |
| Special Tax - 0.1% |  |  |
| Maryland St Dept Transn Cons Series 2022 A, 5% 12/1/2026  | 1395000 | 1427174 |
| Maryland St Dept Transn Cons Series 2022B, 5% 12/1/2027  | 1295000 | 1357570 |
| TOTAL SPECIAL TAX |  | 2784744 |
| Transportation - 0.7% |  |  |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2027 (c) | 1805000 | 1862555 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2030 (Assured Guaranty Inc Insured) (c) | 1400000 | 1520858 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2032 (Assured Guaranty Inc Insured) (c) | 1640000 | 1827694 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2033 (Assured Guaranty Inc Insured) (c) | 2425000 | 2725969 |
| Maryland St Transn Auth Transn Series 2024 A, 5% 7/1/2031  | 3770000 | 4251212 |
| Maryland Trans Auth Psngr Fac Chrg Rev (Bwi Passenger Facilities Chrge Proj.) Series 2012B, 2.5% 6/1/2026 (c) | 4915000 | 4899457 |
| Maryland Trans Auth Psngr Fac Chrg Rev (Bwi Passenger Facilities Chrge Proj.) Series 2012B, 2.625% 6/1/2027 (c) | 4030000 | 3961160 |
| TOTAL TRANSPORTATION |  | 21048905 |
| TOTAL MARYLAND |  | 36657793 |
| Massachusetts - 0.6%  |  |  |
| Education - 0.5% |  |  |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2020 B, 5% 7/1/2026 (c) | 1900000 | 1916460 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2023B, 5% 7/1/2028 (c) | 3675000 | 3813942 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2023B, 5% 7/1/2029 (c) | 2650000 | 2779781 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2021B, 5% 7/1/2026 (c) | 1390000 | 1402042 |
| University MA Bldg Auth Rev (Univ of Massachusetts Proj.) Series 2021 1, 5% 11/1/2026  | 2445000 | 2495123 |
| TOTAL EDUCATION |  | 12407348 |
| General Obligations - 0.0% |  |  |
| South Hadley Mass Gen. Oblig. 2.75% 5/15/2029  | 1430000 | 1412048 |
| Health Care - 0.1% |  |  |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2019 A, 5% 7/1/2026  | 2015000 | 2023434 |
| Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) 5% 7/1/2026  | 980000 | 989696 |
| TOTAL HEALTH CARE |  | 3013130 |
| Special Tax - 0.0% |  |  |
| Mass Bay Tran Auth Sls Tax Series 2016, 0% 7/1/2029 (d) | 1000000 | 901445 |
| Transportation - 0.0% |  |  |
| Massachusetts St Port Auth Rev 5% 7/1/2027 (c) | 500000 | 515626 |
| TOTAL MASSACHUSETTS |  | 18249597 |
| Michigan - 1.4%  |  |  |
| Education - 0.2% |  |  |
| Michigan St Univ Revs Series 2024A, 5% 8/15/2027  | 1785000 | 1855712 |
| Michigan St Univ Revs Series 2024A, 5% 8/15/2028  | 2125000 | 2259699 |
| Michigan St Univ Revs Series 2024A, 5% 8/15/2029  | 1375000 | 1494857 |
| TOTAL EDUCATION |  | 5610268 |
| Electric Utilities - 0.2% |  |  |
| Lansing Mich Brd Wtr & Lt Util Sys Rev 2% tender 7/1/2051 (b) | 2000000 | 1983124 |
| Lansing Mich Brd Wtr & Lt Util Sys Rev Series 2024 A, 5% 7/1/2030  | 2000000 | 2202698 |
| Lansing Mich Brd Wtr & Lt Util Sys Rev Series 2024 A, 5% 7/1/2031  | 2170000 | 2433126 |
| TOTAL ELECTRIC UTILITIES |  | 6618948 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev Series 2016, 5% 5/15/2026  | 5000 | 5041 |
| General Obligations - 0.4% |  |  |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2029  | 1980000 | 2096557 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2030  | 2080000 | 2236225 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2031  | 2185000 | 2378656 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2032  | 2295000 | 2524261 |
| Portage MI Pub Schs 5% 11/1/2028  | 985000 | 992462 |
| TOTAL GENERAL OBLIGATIONS |  | 10228161 |
| Health Care - 0.2% |  |  |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) 5% 7/1/2026  | 550000 | 555989 |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) 5% 7/1/2027  | 900000 | 929856 |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) 5% 7/1/2028  | 725000 | 763951 |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev (Bronson Methodist Hsp, MI Proj.) Series 2016, 5% 5/15/2026  | 1230000 | 1238497 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2015 D2, 1.2% tender 10/15/2038 (b) | 635000 | 602217 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2026  | 750000 | 756312 |
| TOTAL HEALTH CARE |  | 4846822 |
| Housing - 0.1% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 3.5% 12/1/2050  | 545000 | 543929 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) Series 2021A, 3% 6/1/2052  | 1260000 | 1241207 |
| TOTAL HOUSING |  | 1785136 |
| Resource Recovery - 0.2% |  |  |
| Michigan St Stratg Fd Exmpt Fa (Waste Management Inc Del Proj.) 4.125% tender 8/1/2027 (b)(c) | 5500000 | 5513562 |
| Special Tax - 0.1% |  |  |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2028  | 500000 | 527854 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2029  | 1000000 | 1076925 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2030  | 1240000 | 1360040 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2031  | 1000000 | 1114102 |
| TOTAL SPECIAL TAX |  | 4078921 |
| TOTAL MICHIGAN |  | 38686859 |
| Minnesota - 0.8%  |  |  |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Southern Minnesota Municipal Power Agency Series 2015 A, 5% 1/1/2026 (Escrowed to Maturity)  | 2065000 | 2064999 |
| Health Care - 0.4% |  |  |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2023A, 5% tender 11/15/2052 (b) | 11835000 | 12473765 |
| Housing - 0.1% |  |  |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 F, 5.75% 7/1/2053  | 560000 | 595059 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 O, 6% 7/1/2053  | 2610000 | 2796889 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 R, 6.25% 7/1/2054  | 475000 | 513729 |
| TOTAL HOUSING |  | 3905677 |
| Transportation - 0.2% |  |  |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2026 (c) | 1125000 | 1125000 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2027 (c) | 3800000 | 3875987 |
| TOTAL TRANSPORTATION |  | 5000987 |
| TOTAL MINNESOTA |  | 23445428 |
| Mississippi - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Mississippi Dev Bank Spl Obl (Magnolia Regional Health Center Proj.) Series 2021, 5% 10/1/2027 (f) | 900000 | 911774 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) 5% 10/1/2027  | 800000 | 825336 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) Series 2020 II, 5% tender 10/1/2040 (b) | 1130000 | 1150497 |
| TOTAL MISSISSIPPI |  | 2887607 |
| Missouri - 0.6%  |  |  |
| Health Care - 0.1% |  |  |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2026  | 980000 | 983321 |
| Missouri Hlth & Edl Facs Rev (St Lukes Hospital,Kan City, MO Proj.) Series 2015B, 3.5% 12/1/2032  | 1390000 | 1389999 |
| TOTAL HEALTH CARE |  | 2373320 |
| Housing - 0.1% |  |  |
| Kansas City MO Planned Indl Expansion Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (b) | 2485000 | 2534210 |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2019B, 4% 5/1/2050  | 185000 | 185932 |
| TOTAL HOUSING |  | 2720142 |
| Industrial Development - 0.1% |  |  |
| Missouri Development Finance Board (Procter & Gamble Co/The Proj.) 5.2% 3/15/2029 (c) | 3155000 | 3348770 |
| Transportation - 0.3% |  |  |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 5% 3/1/2026  | 2190000 | 2197677 |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 5% 3/1/2026 (c) | 1185000 | 1188385 |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 5% 3/1/2027 (c) | 4065000 | 4150978 |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 5% 3/1/2027  | 1535000 | 1574390 |
| TOTAL TRANSPORTATION |  | 9111430 |
| TOTAL MISSOURI |  | 17553662 |
| Montana - 0.2%  |  |  |
| Health Care - 0.0% |  |  |
| Montana Facility Fin Auth Rev (Benefis Health System Proj.) Series 2025 B, 5% tender 2/15/2065 (b) | 660000 | 700441 |
| Housing - 0.2% |  |  |
| Montana St Brd Hsg Single Family Mtg (Bartrac Investments Ltd Proj.) 3% 12/1/2051  | 1400000 | 1382178 |
| Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) 3.5% 6/1/2050  | 1590000 | 1586836 |
| Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) Series 2019B, 4% 6/1/2050  | 125000 | 126154 |
| Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) Series 2022 A, 3% 6/1/2052  | 1085000 | 1069962 |
| TOTAL HOUSING |  | 4165130 |
| TOTAL MONTANA |  | 4865571 |
| Nebraska - 1.3%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Nebraska Pub Pwr Dist Rev Series B, 5% 1/1/2026  | 1260000 | 1260000 |
| General Obligations - 0.7% |  |  |
| Central Plains Energy Proj NE Gas Proj Rev Series 2023 A 1, 5% tender 5/1/2054 (Bank of Montreal Guaranteed) (b) | 9280000 | 9897447 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2025A SUB A 1, 5% tender 8/1/2055 (Royal Bank of Canada Guaranteed) (b) | 10235000 | 10906522 |
| TOTAL GENERAL OBLIGATIONS |  | 20803969 |
| Housing - 0.1% |  |  |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 B, 4% 9/1/2049 (c) | 415000 | 415585 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 E, 3.75% 9/1/2049 (c) | 330000 | 329591 |
| Nebraska Invt Fin Auth Single Family Hsg Rev Series 2025E, 6.25% 9/1/2055  | 845000 | 942883 |
| TOTAL HOUSING |  | 1688059 |
| Transportation - 0.5% |  |  |
| Lincoln Neb Arpt Auth Series 2021, 5% 7/1/2026 (c) | 750000 | 757049 |
| Lincoln Neb Arpt Auth Series 2021, 5% 7/1/2027 (c) | 1275000 | 1311593 |
| Lincoln Neb Arpt Auth Series 2021, 5% 7/1/2028 (c) | 1830000 | 1908017 |
| Lincoln Neb Arpt Auth Series 2021, 5% 7/1/2029 (c) | 1000000 | 1059383 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5% 12/15/2027 (Assured Guaranty Inc Insured) (c) | 1540000 | 1599467 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5% 12/15/2028 (Assured Guaranty Inc Insured) (c) | 1620000 | 1714221 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5% 12/15/2029 (Assured Guaranty Inc Insured) (c) | 1175000 | 1265940 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5% 12/15/2030 (Assured Guaranty Inc Insured) (c) | 2020000 | 2207070 |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5% 12/15/2031 (Assured Guaranty Inc Insured) (c) | 1275000 | 1411637 |
| TOTAL TRANSPORTATION |  | 13234377 |
| TOTAL NEBRASKA |  | 36986405 |
| Nevada - 0.7%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Humboldt Cnty Nev Pcr (Sierra Pacific Power Co Proj.) Series 2016B, 3.55% 10/1/2029  | 670000 | 678670 |
| Washoe Cnty NV Wtr Fac Rev (Sierra Pacific Power Co Proj.) Series 2016 F, 4.125% tender 3/1/2036 (b)(c) | 735000 | 751197 |
| Washoe Cnty NV Wtr Fac Rev (Sierra Pacific Power Co Proj.) Series 2016 G, 3.625% tender 3/1/2036 (b) | 535000 | 541228 |
| TOTAL ELECTRIC UTILITIES |  | 1971095 |
| General Obligations - 0.1% |  |  |
| Clark Cnty NV School Dist Series 2017 A, 5% 6/15/2026  | 1285000 | 1298875 |
| Nevada St Gen. Oblig. Series 2015A, 3% 8/1/2029  | 2175000 | 2174117 |
| TOTAL GENERAL OBLIGATIONS |  | 3472992 |
| Transportation - 0.5% |  |  |
| Clark Cnty NV Arpt Rev Series 2021 B, 5% 7/1/2027 (c) | 6000000 | 6181188 |
| Clark County NV Mccarran Airprt Rev Series 2019 E, 5% 7/1/2027  | 2245000 | 2325167 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2030 (c) | 1000000 | 1073599 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2031 (c) | 875000 | 951135 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2032 (c) | 1225000 | 1344429 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2033 (c) | 1250000 | 1381416 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2034 (c) | 1400000 | 1555524 |
| TOTAL TRANSPORTATION |  | 14812458 |
| TOTAL NEVADA |  | 20256545 |
| New Hampshire - 1.0%  |  |  |
| Education - 1.0% |  |  |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth College Proj.) Series 2015 C, 3.3% tender 6/1/2038 (b) | 7500000 | 7524872 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth College Proj.) Series 2015A, 3.3% tender 6/1/2040 (b) | 7500000 | 7524872 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth College Proj.) Series 2015B, 3.3% tender 6/1/2040 (b) | 7500000 | 7524872 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth College Proj.) Series 2015D, 3.3% tender 6/1/2038 (b) | 3510000 | 3521639 |
| TOTAL EDUCATION |  | 26096255 |
| Health Care - 0.0% |  |  |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 5% 8/15/2028  | 1125000 | 1180183 |
| TOTAL NEW HAMPSHIRE |  | 27276438 |
| New Jersey - 4.0%  |  |  |
| Education - 0.2% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020B, 5% 12/1/2026 (c) | 3165000 | 3210340 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 B, 5% 12/1/2026 (c) | 1425000 | 1445413 |
| New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2031 (Build America Mutual Assurance Co Insured)  | 1000000 | 1125072 |
| New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2032 (Build America Mutual Assurance Co Insured)  | 400000 | 456832 |
| TOTAL EDUCATION |  | 6237657 |
| General Obligations - 3.2% |  |  |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 GGG, 5.25% 9/1/2026 (f) | 3410000 | 3469274 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2026  | 2575000 | 2602453 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2027  | 1070000 | 1107063 |
| New Jersey Educational Facilities Authority (New Jersey St Proj.) Series 2016 B, 4% 9/1/2026  | 320000 | 322928 |
| New Jersey St Gen. Oblig. 2% 6/1/2029  | 1965000 | 1888794 |
| New Jersey St Gen. Oblig. 4% 6/1/2031  | 12715000 | 13651217 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2026 (d) | 11265000 | 10961217 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2026 (d) | 1150000 | 1120039 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2027 (d) | 6420000 | 6065653 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2027 (National Public Finance Guarantee Corporation Insured) (d) | 1820000 | 1719547 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2029 (Assured Guaranty Inc Insured) (d) | 1370000 | 1223988 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (d) | 11015000 | 9178132 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (Financial Guaranty Ins CO Insured) (d) | 5400000 | 4499493 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2026  | 2600000 | 2658811 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2030  | 4000000 | 4390011 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2031  | 5000000 | 5578303 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2027  | 8000000 | 8277108 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2028  | 10000000 | 10567077 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2027  | 1135000 | 1181165 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2028  | 1250000 | 1327674 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2029  | 1010000 | 1093782 |
| TOTAL GENERAL OBLIGATIONS |  | 92883729 |
| Health Care - 0.1% |  |  |
| New Jersey Health Care (Rwj Barnabas Health Proj.) 5% tender 7/1/2045 (b) | 2750000 | 2781461 |
| Transportation - 0.5% |  |  |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2027  | 3960000 | 3999641 |
| New Jersey Turnpike Authority 5% 1/1/2028  | 3100000 | 3249051 |
| New Jersey Turnpike Authority 5% 1/1/2028  | 1310000 | 1338845 |
| New Jersey Turnpike Authority Series 2025 C, 5% 1/1/2031  | 3075000 | 3418983 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2025A, 5% 11/1/2029 (Build America Mutual Assurance Co Insured)  | 1000000 | 1087415 |
| TOTAL TRANSPORTATION |  | 13093935 |
| TOTAL NEW JERSEY |  | 114996782 |
| New Jersey,New York - 1.1%  |  |  |
| Transportation - 1.1% |  |  |
| Port Auth NY & NJ 5% 10/15/2029 (c) | 8500000 | 9114745 |
| Port Auth NY & NJ Series 223, 5% 7/15/2026 (c) | 2250000 | 2273411 |
| Port Auth NY & NJ Series 223, 5% 7/15/2027 (c) | 3055000 | 3142741 |
| Port Auth NY & NJ Series 223, 5% 7/15/2028 (c) | 2500000 | 2622633 |
| Port Auth NY & NJ Series 242, 5% 12/1/2027 (c) | 2700000 | 2800063 |
| Port Auth NY & NJ Series 242, 5% 12/1/2028 (c) | 11915000 | 12585182 |
| TOTAL NEW JERSEY,NEW YORK |  | 32538775 |
| New Mexico - 0.5%  |  |  |
| General Obligations - 0.4% |  |  |
| New Mexico Mun Energy Acquisition Auth Gas Supply Rev 5% tender 6/1/2054 (Royal Bank of Canada Guaranteed) (b) | 9320000 | 9948164 |
| Housing - 0.1% |  |  |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2023 C, 5.75% 3/1/2054  | 1745000 | 1878828 |
| New Mexico Mtg Fin Auth (NM Single Family Mortgage Proj.) Series 2019 C, 4% 1/1/2050  | 1705000 | 1712613 |
| TOTAL HOUSING |  | 3591441 |
| TOTAL NEW MEXICO |  | 13539605 |
| New York - 8.2%  |  |  |
| Education - 0.1% |  |  |
| Monroe Cnty NY Indl Dev Corp (University of Rochester, NY Proj.) Series 2020A, 5% 7/1/2026  | 500000 | 506264 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2026  | 675000 | 674244 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2027  | 710000 | 708181 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2028  | 750000 | 746979 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2029  | 1065000 | 1059236 |
| TOTAL EDUCATION |  | 3694904 |
| Electric Utilities - 0.4% |  |  |
| Long Island Pwr Auth NY Elec 1.5% tender 9/1/2051 (b) | 3360000 | 3321500 |
| Long Island Pwr Auth NY Elec Series 2024B, 3% tender 9/1/2049 (b) | 7365000 | 7331435 |
| TOTAL ELECTRIC UTILITIES |  | 10652935 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| New York St Dorm Auth Sales Tax Rev St Supported Series 2023 A1, 5% 3/15/2029 (Escrowed to Maturity)  | 15000 | 16137 |
| New York St Dorm Auth St Pers Income Tax Rev Series 2018A, 5% 3/15/2027  | 970000 | 999602 |
| New York St Dorm Auth St Pers Income Tax Rev Series 2023 A, 5% 3/15/2029 (Escrowed to Maturity)  | 5000000 | 5407704 |
| New York State Dormitory Authority 5% 3/15/2029  | 580000 | 625803 |
| New York State Dormitory Authority 5% 3/15/2029 (Escrowed to Maturity)  | 545000 | 588039 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 7637285 |
| General Obligations - 1.8% |  |  |
| City of New York NY Gen. Oblig. 5% 8/1/2027  | 13205000 | 13729845 |
| City of New York NY Gen. Oblig. 5% 8/1/2028  | 11490000 | 12207406 |
| City of New York NY Gen. Oblig. Series A, 5% 8/1/2026  | 1000000 | 1014449 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 C 1, 5% 8/1/2030  | 1000000 | 1103455 |
| City of New York NY Gen. Oblig. Series FISCAL 2025 A, 5% 8/1/2028  | 18750000 | 19920701 |
| East Hampton NY Un Free Sh Dis 2.25% 6/1/2028  | 505000 | 491899 |
| Suffolk Cnty NY Gen. Oblig. Series 2022 A, 5% 6/15/2029  | 965000 | 1049569 |
| Suffolk Cnty NY Gen. Oblig. Series 2022 B, 5% 10/1/2026  | 410000 | 417645 |
| Suffolk Cnty NY Gen. Oblig. Series 2022 B, 5% 10/1/2028  | 670000 | 716853 |
| TOTAL GENERAL OBLIGATIONS |  | 50651822 |
| Health Care - 0.2% |  |  |
| New York NY City Health & Hosp Series 2025A, 5% 2/15/2032  | 2250000 | 2563047 |
| New York NY City Health & Hosp Series 2025A, 5% 2/15/2033  | 2450000 | 2828409 |
| TOTAL HEALTH CARE |  | 5391456 |
| Housing - 1.0% |  |  |
| Monroe Cnty NY Indl Dev Agy Multi-Family Hsg Rev 5% tender 7/1/2028 (b) | 1540000 | 1585340 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2023E 2, 3.8% tender 11/1/2063 (b) | 690000 | 697293 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 A2, 3.625% tender 11/1/2063 (b) | 5210000 | 5255115 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 B 2, 3.7% tender 5/1/2064 (b) | 8610000 | 8729025 |
| New York St Hsg Fin Agy 1.1% tender 11/1/2061 (b) | 3465000 | 3344590 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) 3.73% tender 5/1/2063 (b) | 4675000 | 4689556 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2023 D, 4.3% tender 11/1/2063 (b) | 2355000 | 2399812 |
| State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 221, 3.5% 10/1/2032 (c) | 205000 | 204160 |
| State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 232, 5% 10/1/2026 (c) | 1580000 | 1600018 |
| TOTAL HOUSING |  | 28504909 |
| Special Tax - 2.5% |  |  |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2030  | 6685000 | 7426922 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2030  | 4625000 | 5138297 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2030  | 3020000 | 3355169 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2031  | 7500000 | 8470511 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 5/1/2030  | 2475000 | 2723497 |
| New York NY City Ida Rev (Queens Ballpark Company LLC Proj.) Series 2021A, 5% 1/1/2026 (Assured Guaranty Inc Insured)  | 1000000 | 999999 |
| New York NY City Ida Rev (Queens Ballpark Company LLC Proj.) Series 2021A, 5% 1/1/2027 (Assured Guaranty Inc Insured)  | 1000000 | 1021494 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2017 E, 5% 2/1/2030  | 2990000 | 3071521 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2017 A, 5% 3/15/2031  | 2745000 | 2825080 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024 B, 5% 3/15/2031  | 7535000 | 8481711 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 5% 3/15/2030  | 3820000 | 4210712 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2023 A, 5% 3/15/2030  | 7295000 | 8041138 |
| New York State Dormitory Authority (New York State Pit Proj.) 5% 3/15/2029  | 375000 | 404573 |
| NY Payroll Mobility Tax 2% tender 5/15/2045 (b) | 7870000 | 7847700 |
| NY Payroll Mobility Tax 2% tender 5/15/2045 (b) | 2575000 | 2481316 |
| NY Payroll Mobility Tax 5% tender 5/15/2050 (b) | 2470000 | 2490002 |
| TOTAL SPECIAL TAX |  | 68989642 |
| Transportation - 2.0% |  |  |
| Metropolitan Transn Auth NY Rv Series 2016 D, 5% 11/15/2027  | 1500000 | 1527386 |
| Metropolitan Transn Auth NY Rv Series 2017 A, 5% 11/15/2026  | 5815000 | 5935800 |
| Metropolitan Transn Auth NY Rv Series 2017 C 2, 0% 11/15/2029 (d) | 7825000 | 6956728 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2028  | 4340000 | 4559161 |
| New York St Brdg Auth Rev Series 2021 B, 5% 1/1/2027  | 1500000 | 1537315 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2026 (c) | 1180000 | 1198931 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2026  | 1250000 | 1273913 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2027  | 1250000 | 1300590 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2028  | 1300000 | 1379848 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2026 (c) | 13300000 | 13513380 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2027 (c) | 12605000 | 13034072 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2028 (c) | 600000 | 629296 |
| Niagara NY Frontier Trans Auth Arpt Rev (Buffalo Niagara Intl Airport Proj.) 5% 4/1/2027 (c) | 1350000 | 1380962 |
| Syracuse Regional Airport Authority 5% 7/1/2026 (c) | 1145000 | 1151369 |
| Syracuse Regional Airport Authority 5% 7/1/2027 (c) | 1515000 | 1546005 |
| TOTAL TRANSPORTATION |  | 56924756 |
| TOTAL NEW YORK |  | 232447709 |
| North Carolina - 1.1%  |  |  |
| General Obligations - 0.0% |  |  |
| North Carolina St Gen. Oblig. Series 2016 B, 2% 6/1/2030  | 1185000 | 1135296 |
| Health Care - 0.4% |  |  |
| Atrium Health Series 2021C, 5% tender 1/15/2050 (b) | 1570000 | 1667111 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 2.55% tender 6/1/2048 (b) | 7335000 | 7322378 |
| North Carolina Med Care Commn Hosp Rev (Caromont Health Inc Proj.) 5% tender 2/1/2051 (b) | 1110000 | 1111837 |
| TOTAL HEALTH CARE |  | 10101326 |
| Housing - 0.2% |  |  |
| NC Hsg Fin Agy Homeownership Rev (NC Homeownership Proj.) 4% 7/1/2050  | 2785000 | 2799968 |
| NC Hsg Fin Agy Homeownership Rev (NC Homeownership Proj.) Series 52 A, 6.25% 1/1/2055  | 1140000 | 1229613 |
| North Carolina Hsg Fin Agy (NC Homeownership Proj.) Series 59 A, 6.25% 1/1/2057  | 755000 | 860487 |
| TOTAL HOUSING |  | 4890068 |
| Transportation - 0.5% |  |  |
| Charlotte NC Arpt Rev Series 2019B, 5% 7/1/2027 (c) | 735000 | 756650 |
| Charlotte NC Arpt Rev Series 2021 B, 5% 7/1/2027 (c) | 4500000 | 4632554 |
| Charlotte NC Arpt Rev Series 2021 B, 5% 7/1/2028 (c) | 1675000 | 1760477 |
| Charlotte NC Arpt Rev Series 2021 B, 5% 7/1/2029 (c) | 865000 | 924406 |
| North Carolina St Grant Antic Rev Series 2021, 5% 3/1/2027  | 2305000 | 2370607 |
| North Carolina St Grant Antic Rev Series 2021, 5% 3/1/2028  | 2375000 | 2500094 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2027 (c) | 355000 | 364260 |
| TOTAL TRANSPORTATION |  | 13309048 |
| Water & Sewer - 0.0% |  |  |
| Union Cnty NC Enterprise Sys Rev Series 2021, 5% 6/1/2026  | 750000 | 757572 |
| Union Cnty NC Enterprise Sys Rev Series 2021, 5% 6/1/2027  | 775000 | 802094 |
| TOTAL WATER & SEWER |  | 1559666 |
| TOTAL NORTH CAROLINA |  | 30995404 |
| North Dakota - 0.2%  |  |  |
| Housing - 0.2% |  |  |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 3% 1/1/2052  | 1025000 | 1012322 |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) Series 2021 B, 3% 7/1/2052  | 2960000 | 2908713 |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) Series 2023 F, 6.25% 1/1/2054  | 405000 | 438049 |
| TOTAL NORTH DAKOTA |  | 4359084 |
| Ohio - 2.2%  |  |  |
| Education - 0.0% |  |  |
| Ohio St Higher Ed Fac Comm (Case Western Reserve Univ, Oh Proj.) 1.625% tender 12/1/2034 (b) | 1345000 | 1321781 |
| Electric Utilities - 0.3% |  |  |
| American Mun Pwr Rev Series 2021A, 5% 2/15/2026  | 300000 | 300808 |
| American Mun Pwr Rev Series 2021A, 5% 2/15/2027  | 400000 | 410412 |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2028  | 3615000 | 3792069 |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2029  | 4555000 | 4877702 |
| TOTAL ELECTRIC UTILITIES |  | 9380991 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Akron Bath Copley Hsp Dist OH Series 2020, 5% 11/15/2026 (Escrowed to Maturity)  | 375000 | 382635 |
| Akron Bath Copley Hsp Dist OH Series 2020, 5% 11/15/2027 (Escrowed to Maturity)  | 205000 | 214060 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 596695 |
| General Obligations - 0.3% |  |  |
| Lancaster Port Auth OH Gas Rev Series 2024 A, 5% tender 2/1/2055 (Royal Bank of Canada Guaranteed) (b) | 5690000 | 6046481 |
| Ohio St Adult Correctional Cap Facs (State of Ohio Proj.) 5% 10/1/2026  | 1750000 | 1782107 |
| TOTAL GENERAL OBLIGATIONS |  | 7828588 |
| Health Care - 0.8% |  |  |
| Butler Cnty OH Hosp Facs Rev (Uc Health Proj.) Series 2017, 5% 11/15/2028  | 1075000 | 1106200 |
| Miami Cnty OH Hosp Facs Rev (Kettering Med Ctr Inc, OH Proj.) 5% 8/1/2027  | 1000000 | 1031103 |
| Miami Cnty OH Hosp Facs Rev (Kettering Med Ctr Inc, OH Proj.) 5% 8/1/2028  | 1000000 | 1050372 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 5% 8/1/2027  | 575000 | 592884 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 5% 8/1/2028  | 1295000 | 1360232 |
| Ohio St Hosp Rev (Cleveland Clinic Foundation Proj.) Series 2019 C, 2.75% tender 1/1/2052 (b) | 3920000 | 3902728 |
| Ohio St Hosp Rev (Cleveland Clinic Foundation/The Proj.) 5% 1/1/2032  | 6150000 | 6949685 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2020 B, 3.9% tender 1/15/2050 (b) | 3350000 | 3426161 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) 5% 2/15/2026  | 1285000 | 1287414 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2019, 5% 2/15/2029  | 1210000 | 1241765 |
| TOTAL HEALTH CARE |  | 21948544 |
| Housing - 0.5% |  |  |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2019B, 4.5% 3/1/2050  | 150000 | 151622 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2021 C, 3.25% 3/1/2051  | 12095000 | 11987641 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2023 B, 6% 3/1/2055  | 1430000 | 1563276 |
| TOTAL HOUSING |  | 13702539 |
| Transportation - 0.3% |  |  |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2031 (c) | 4640000 | 5046239 |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2032 (c) | 2645000 | 2911829 |
| TOTAL TRANSPORTATION |  | 7958068 |
| TOTAL OHIO |  | 62737206 |
| Oklahoma - 0.6%  |  |  |
| General Obligations - 0.5% |  |  |
| Oklahoma Cnty Indep Sch Dist 89 Oklahoma City 3% 7/1/2026  | 14520000 | 14544190 |
| Housing - 0.0% |  |  |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) 6% 3/1/2054  | 260000 | 285004 |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) Series 2023D, 6.5% 9/1/2054  | 285000 | 318623 |
| TOTAL HOUSING |  | 603627 |
| Transportation - 0.1% |  |  |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2032  | 1650000 | 1863573 |
| TOTAL OKLAHOMA |  | 17011390 |
| Oregon - 0.2%  |  |  |
| General Obligations - 0.1% |  |  |
| Salem Keizer School Dist 0% 6/15/2028 (d) | 2300000 | 2131423 |
| Health Care - 0.0% |  |  |
| Oregon St Facs Auth Rev (Samaritan Health Services Proj.) Series 2020 A, 5% 10/1/2026  | 150000 | 151501 |
| Oregon St Facs Auth Rev (Samaritan Health Services Proj.) Series 2020 A, 5% 10/1/2027  | 150000 | 154000 |
| TOTAL HEALTH CARE |  | 305501 |
| Transportation - 0.1% |  |  |
| Port of Portland Arpt Rev 5% 7/1/2026 (c) | 1515000 | 1530147 |
| Port of Portland Arpt Rev 5% 7/1/2029 (c) | 430000 | 460270 |
| TOTAL TRANSPORTATION |  | 1990417 |
| TOTAL OREGON |  | 4427341 |
| Pennsylvania - 2.4%  |  |  |
| Education - 0.0% |  |  |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 3.5% (e) | 970000 | 465599 |
| Electric Utilities - 0.3% |  |  |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH A, 5% 8/1/2030  | 1150000 | 1267301 |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH A, 5% 8/1/2031  | 1120000 | 1255421 |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH B, 5% 8/1/2030  | 2000000 | 2204002 |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH B, 5% 8/1/2031  | 2600000 | 2914372 |
| TOTAL ELECTRIC UTILITIES |  | 7641096 |
| General Obligations - 0.5% |  |  |
| Pennsylvania St Gen. Oblig. Series 2018, 3.2% 3/1/2029  | 4065000 | 4067480 |
| Pennsylvania St Gen. Oblig. Series 2018, 3.35% 3/1/2030  | 6055000 | 6085272 |
| Pennsylvania St Gen. Oblig. Series 2019, 5% 7/15/2028  | 1760000 | 1868840 |
| Pennsylvania St Gen. Oblig. Series 2019, 5% 7/15/2029  | 1395000 | 1514222 |
| Philadelphia PA Sch Dist 5% 9/1/2026  | 750000 | 761164 |
| Reading PA Sch Dist Series 2017, 5% 3/1/2026 (Assured Guaranty Inc Insured)  | 260000 | 260982 |
| Reading PA Sch Dist Series 2017, 5% 3/1/2027 (Assured Guaranty Inc Insured)  | 250000 | 255868 |
| Reading PA Sch Dist Series 2017, 5% 3/1/2028 (Assured Guaranty Inc Insured)  | 245000 | 251501 |
| TOTAL GENERAL OBLIGATIONS |  | 15065329 |
| Health Care - 0.7% |  |  |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2020 B, 5% tender 4/1/2043 (b) | 3420000 | 3466846 |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2020 C, 5% tender 4/1/2043 (b) | 3625000 | 3879876 |
| Lancaster PA Mun Auth Rev (Wellspan Health Group Proj.) Series 2023B, 5% 6/1/2029  | 2650000 | 2850914 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 5% 9/1/2029  | 1000000 | 1075408 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2023A, 5% 6/1/2029  | 8475000 | 9117545 |
| TOTAL HEALTH CARE |  | 20390589 |
| Housing - 0.0% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2020 132A, 3.5% 4/1/2051  | 225000 | 224668 |
| Transportation - 0.9% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2026 (c) | 1750000 | 1750000 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2027 (c) | 2000000 | 2041975 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2028 (c) | 2250000 | 2336718 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2026  | 1000000 | 1021053 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2027  | 750000 | 783367 |
| Pennsylvania Turnpike Commission Series THIRD 2025 SUB 2, 5% tender 12/1/2045 (b) | 2600000 | 2909228 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2028 (c) | 3100000 | 3256667 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2029 (c) | 1830000 | 1958826 |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2030 (c) | 2745000 | 2978138 |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2031 (c) | 2000000 | 2198311 |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2032 (c) | 2600000 | 2890393 |
| TOTAL TRANSPORTATION |  | 24124676 |
| TOTAL PENNSYLVANIA |  | 67911957 |
| Puerto Rico - 0.4%  |  |  |
| General Obligations - 0.1% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 2265000 | 2399930 |
| Water & Sewer - 0.3% |  |  |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 5% 7/1/2028 (f) | 7500000 | 7702406 |
| TOTAL PUERTO RICO |  | 10102336 |
| Rhode Island - 0.4%  |  |  |
| Education - 0.1% |  |  |
| Rhode Island St Student Ln 5% 12/1/2026 (c) | 1200000 | 1218166 |
| Rhode Island St Student Ln Series 2017A, 4% 12/1/2026 (c) | 355000 | 354071 |
| Rhode Island St Student Ln Series 2019, 5% 12/1/2026 (c) | 1000000 | 1012882 |
| Rhode Island St Student Ln Series 2019, 5% 12/1/2028 (c) | 510000 | 533744 |
| Rhode Island St Student Ln Series 2021 A, 5% 12/1/2027 (c) | 900000 | 927590 |
| TOTAL EDUCATION |  | 4046453 |
| General Obligations - 0.1% |  |  |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2030 (Build America Mutual Assurance Co Insured)  | 1000000 | 1100758 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2031 (Build America Mutual Assurance Co Insured)  | 1000000 | 1118269 |
| TOTAL GENERAL OBLIGATIONS |  | 2219027 |
| Housing - 0.0% |  |  |
| Rhode Island Housing & Mortgage Finance Corp (RI Homeownership Proj.) Series 72 A, 3.5% 10/1/2050  | 620000 | 618234 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 68 C, 3.15% 10/1/2031 (c) | 470000 | 465448 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 70, 4% 10/1/2049  | 270000 | 270989 |
| TOTAL HOUSING |  | 1354671 |
| Tobacco Bonds - 0.2% |  |  |
| Tobacco Setlement Fing Corp RI Series 2015 A, 5% 6/1/2026  | 3425000 | 3436922 |
| Tobacco Setlement Fing Corp RI Series 2015 A, 5% 6/1/2027  | 980000 | 983607 |
| TOTAL TOBACCO BONDS |  | 4420529 |
| TOTAL RHODE ISLAND |  | 12040680 |
| South Carolina - 0.7%  |  |  |
| Education - 0.3% |  |  |
| Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2031  | 515000 | 576960 |
| Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2032  | 565000 | 642750 |
| Clemson Univ SC Higher Ed Rev Series 2025B, 5% 5/1/2028  | 1795000 | 1894249 |
| Clemson Univ SC Higher Ed Rev Series 2025B, 5% 5/1/2029  | 850000 | 916862 |
| Clemson Univ SC Higher Ed Rev Series 2025B, 5% 5/1/2030  | 895000 | 984513 |
| Clemson Univ SC Higher Ed Rev Series 2025B, 5% 5/1/2031  | 1000000 | 1120311 |
| Clemson Univ SC Higher Ed Rev Series 2025B, 5% 5/1/2032  | 1100000 | 1251373 |
| TOTAL EDUCATION |  | 7387018 |
| Electric Utilities - 0.3% |  |  |
| South Carolina St Svc Auth Rev Series 2021A, 5% 12/1/2026  | 670000 | 683672 |
| South Carolina St Svc Auth Rev Series 2021A, 5% 12/1/2027  | 750000 | 783353 |
| South Carolina St Svc Auth Rev Series 2021B, 5% 12/1/2026  | 500000 | 510203 |
| South Carolina St Svc Auth Rev Series 2021B, 5% 12/1/2027  | 450000 | 470012 |
| South Carolina St Svc Auth Rev Series 2021B, 5% 12/1/2028  | 800000 | 853742 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2029  | 625000 | 679150 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2030  | 755000 | 833835 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2031  | 1000000 | 1121523 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2032  | 1750000 | 1980775 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2032  | 245000 | 277309 |
| TOTAL ELECTRIC UTILITIES |  | 8193574 |
| General Obligations - 0.0% |  |  |
| Scago Edl Facs Corp For Colleton Sch Dist SC Installment Pur Rev (Colleton County School District Proj.) Series 2015, 5% 12/1/2026  | 1075000 | 1076572 |
| York Cnty SC Sch Dist No 4 Fort Mill Series 2020C, 1.25% 3/1/2031  | 1005000 | 889050 |
| TOTAL GENERAL OBLIGATIONS |  | 1965622 |
| Health Care - 0.0% |  |  |
| Ctsc Jobs-Eco Dev Aut (Beaufort Mem Hosp Proj.) Series 2024, 5% 11/15/2027  | 250000 | 256468 |
| Ctsc Jobs-Eco Dev Aut (Beaufort Mem Hosp Proj.) Series 2024, 5% 11/15/2028  | 265000 | 275145 |
| Ctsc Jobs-Eco Dev Aut (Beaufort Mem Hosp Proj.) Series 2024, 5% 11/15/2029  | 250000 | 262381 |
| TOTAL HEALTH CARE |  | 793994 |
| Housing - 0.1% |  |  |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2019 A, 4% 1/1/2050  | 580000 | 584180 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2023 B, 6% 1/1/2054  | 865000 | 945813 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2025 C, 5% 1/1/2032  | 270000 | 299558 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2025 C, 5% 1/1/2033  | 150000 | 167818 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2025 C, 5% 1/1/2034  | 250000 | 282990 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2025 C, 5% 7/1/2032  | 210000 | 234227 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2025 C, 5% 7/1/2033  | 240000 | 270458 |
| TOTAL HOUSING |  | 2785044 |
| TOTAL SOUTH CAROLINA |  | 21125252 |
| South Dakota - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| South Dakota St Hlth & Edl Fac (Sanford Health, Sd Proj.) 5% tender 11/1/2052 (b) | 6645000 | 7120691 |
| Housing - 0.0% |  |  |
| South Dakota Housing Development Authority (SD Mortgage Proj.) Series 2023G, 6.25% 5/1/2055  | 560000 | 606156 |
| TOTAL SOUTH DAKOTA |  | 7726847 |
| Tennessee - 1.6%  |  |  |
| Electric Utilities - 0.5% |  |  |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5% 5/15/2027  | 1000000 | 1034497 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5% 5/15/2030  | 3375000 | 3730071 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5% 5/15/2033  | 2000000 | 2315900 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 B, 5% 5/15/2027  | 3495000 | 3615570 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 B, 5% 5/15/2032  | 3585000 | 4098527 |
| TOTAL ELECTRIC UTILITIES |  | 14794565 |
| General Obligations - 0.3% |  |  |
| Tennessee Engy Acq Crp Gas Rev Series 2025A, 5% 12/1/2031 (Pacific Life Insurance Co Guaranteed)  | 3000000 | 3237358 |
| Tennessee Engy Acq Crp Gas Rev Series 2025A, 5% 12/1/2032 (Pacific Life Insurance Co Guaranteed)  | 2350000 | 2534759 |
| Tennessee Engy Acq Crp Gas Rev Series 2025A, 5% 12/1/2033 (Pacific Life Insurance Co Guaranteed)  | 2500000 | 2706229 |
| TOTAL GENERAL OBLIGATIONS |  | 8478346 |
| Health Care - 0.2% |  |  |
| Shelby County Health Educational & Housing Facilities Board (Baptist Memorial Hlth Car Corp Proj.) Series 2024B, 5% tender 9/1/2049 (b) | 3550000 | 3754262 |
| Shelby County Health Educational & Housing Facilities Board (Baptist Memorial Hlth Car Corp Proj.) Series 2025 B, 5% tender 9/1/2044 (b) | 1560000 | 1679584 |
| TOTAL HEALTH CARE |  | 5433846 |
| Housing - 0.0% |  |  |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series 2021 3A, 3% 1/1/2052  | 1120000 | 1103038 |
| Transportation - 0.6% |  |  |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2026 (c) | 2000000 | 2019798 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2027 (c) | 2435000 | 2503119 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2028 (c) | 3125000 | 3272928 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2029 (c) | 3800000 | 4047946 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2030 (c) | 3000000 | 3241669 |
| TOTAL TRANSPORTATION |  | 15085460 |
| TOTAL TENNESSEE |  | 44895255 |
| Texas - 12.0%  |  |  |
| Education - 0.4% |  |  |
| Newark Higher Ed Fin Corp Tex Rev (Abilene Christian Univ, TX Proj.) Series 2016 A, 5% 4/1/2026  | 2425000 | 2435538 |
| North Tex Higher Ed Auth Inc Tex Ed Ln Rev Series 2025A, 5% 6/1/2032 (c) | 1250000 | 1335138 |
| Texas Technical College Sys Fing Rev 5% 8/1/2030 (Assured Guaranty Inc Insured)  | 4690000 | 5164764 |
| Texas Technical College Sys Fing Rev 5% 8/1/2032 (Assured Guaranty Inc Insured)  | 2000000 | 2271104 |
| TOTAL EDUCATION |  | 11206544 |
| Electric Utilities - 1.7% |  |  |
| Austin TX Elec Util Sys Rev Series 2024, 5% 11/15/2030  | 1450000 | 1609865 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2029 (Assured Guaranty Inc Insured)  | 1650000 | 1764421 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2030 (Assured Guaranty Inc Insured)  | 1100000 | 1199600 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2031 (Assured Guaranty Inc Insured)  | 1000000 | 1109873 |
| Lower Colorado River Authority Series 2022, 5% 5/15/2027 (Assured Guaranty Inc Insured)  | 1385000 | 1428834 |
| Lower Colorado River Authority Series 2025 A, 5% 5/15/2032  | 2610000 | 2944095 |
| Lower Colorado River Authority Series 2025 A, 5% 5/15/2033  | 3000000 | 3421419 |
| Lower Colorado River Authority Series 2025 B, 5% 5/15/2032  | 4355000 | 4912464 |
| Lower Colorado River Authority Series 2025 B, 5% tender 5/15/2045 (b) | 4170000 | 4611847 |
| Lubbock TX Elec Lt & Pwr Sys Rev 5% 4/15/2027  | 1450000 | 1493981 |
| San Antonio TX Elec & Gas Rev 1.125% tender 12/1/2045 (b) | 10810000 | 10585671 |
| San Antonio TX Elec & Gas Rev 2% tender 2/1/2049 (b) | 3250000 | 3171587 |
| San Antonio TX Elec & Gas Rev Series 2025A, 3.2% tender 2/1/2055 (b) | 9875000 | 9917896 |
| TOTAL ELECTRIC UTILITIES |  | 48171553 |
| General Obligations - 4.9% |  |  |
| Alvin Tex Indpt Sch Dist Series 2024, 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1095015 |
| Alvin Tex Indpt Sch Dist Series 2024, 5% 2/15/2031 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1115724 |
| Bastrop Tex Indpt Sch Dist Series 2023, 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 1150000 | 1259740 |
| Birdville TX Indpt Sch Dist Series 2021, 5% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 800000 | 802311 |
| Boerne TX Isd Series 2023, 3.125% tender 2/1/2053 (Permanent Sch Fund of Texas Guaranteed) (b) | 1415000 | 1417071 |
| Boerne TX Isd Series 2024, 4% tender 2/1/2054 (Permanent Sch Fund of Texas Guaranteed) (b) | 2530000 | 2596481 |
| Brazos Cnty Tex Gen. Oblig. 1.5% 9/1/2032  | 1335000 | 1158766 |
| City of Coppell TX Gen. Oblig. Series 2020, 1% 2/1/2031  | 1395000 | 1225812 |
| City of Coppell TX Gen. Oblig. Series 2020, 1.125% 2/1/2032  | 1405000 | 1212286 |
| City of Waco TX Gen. Oblig. 1.5% 2/1/2031  | 3770000 | 3440546 |
| Comal Cnty Tex Gen. Oblig. Series 2017, 4% 2/1/2026  | 1780000 | 1782071 |
| Comal Tex Indpt Sch Dist Series 2020, 1.5% 2/1/2031 (Permanent Sch Fund of Texas Guaranteed)  | 7135000 | 6429412 |
| Denton TX Gen. Oblig. Series 2020 A, 5% 2/15/2026  | 1025000 | 1027997 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2031  | 1325000 | 1253022 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2028  | 1665000 | 1765231 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2029  | 1000000 | 1081685 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2030  | 1000000 | 1100999 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2031  | 1250000 | 1399278 |
| Fort Bend TX Indpt Sch Dist Series 2021 B, 0.72% tender 8/1/2051 (Permanent Sch Fund of Texas Guaranteed) (b) | 2830000 | 2781315 |
| Fort Worth Tex Indpt Sch Dist Series 2019 A, 2.375% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 460000 | 434800 |
| Fort Worth TX Gen. Oblig. Series 2020, 5% 3/1/2026  | 3800000 | 3814782 |
| Goose Creek TX Cons Indpt Sch 0.6% tender 2/15/2035 (Permanent Sch Fund of Texas Guaranteed) (b) | 3500000 | 3449861 |
| Hallsville TX Indpt Sch Dist Series 2020, 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1075340 |
| Harris County Hospital District Gen. Oblig. Series 2016, 3% 2/15/2031  | 2650000 | 2650498 |
| Hays TX Cons Indpt Schl Dist Series 2022, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)  | 650000 | 667501 |
| Hays TX Cons Indpt Schl Dist Series 2022, 5% 2/15/2028 (Permanent Sch Fund of Texas Guaranteed)  | 650000 | 682828 |
| Hays TX Cons Indpt Schl Dist Series 2022, 5% 2/15/2029 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1073394 |
| Houston TX Gen. Oblig. Series 2017 A, 5% 3/1/2027  | 1545000 | 1588975 |
| Hurst Euless Bedford TX Ind Sch Dist Series 2024, 5% 8/15/2029 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1629017 |
| Hurst Euless Bedford TX Ind Sch Dist Series 2024, 5% 8/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 2000000 | 2213922 |
| Hurst Euless Bedford TX Ind Sch Dist Series 2024, 5% 8/15/2031 (Permanent Sch Fund of Texas Guaranteed)  | 4535000 | 5099236 |
| Kilgore TX Indpt Sch Dist Series 2020, 5% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 1075000 | 1078000 |
| Leander Independent School District Series 2023A, 0% 2/15/2031 (Permanent Sch Fund of Texas Guaranteed) (d) | 5630000 | 4843647 |
| Leander Independent School District Series 2025 A, 0% 8/15/2028 (Permanent Sch Fund of Texas Guaranteed) (d) | 980000 | 910349 |
| Leander Independent School District Series 2025 A, 0% 8/15/2029 (Permanent Sch Fund of Texas Guaranteed) (d) | 620000 | 559302 |
| Leander Independent School District Series 2025 A, 0% 8/15/2030 (Permanent Sch Fund of Texas Guaranteed) (d) | 560000 | 489829 |
| Llano Tex Indpt Sch Dist Series 2023, 5% 2/15/2028 (Permanent Sch Fund of Texas Guaranteed)  | 1150000 | 1208080 |
| Llano Tex Indpt Sch Dist Series 2023, 5% 2/15/2029 (Permanent Sch Fund of Texas Guaranteed)  | 500000 | 537008 |
| Llano Tex Indpt Sch Dist Series 2023, 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1645604 |
| Llano Tex Indpt Sch Dist Series 2023, 5% 2/15/2031 (Permanent Sch Fund of Texas Guaranteed)  | 750000 | 785181 |
| Mckinney Tex Indpt Sch Dist Series 2021, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)  | 1300000 | 1336459 |
| Medina Valley Tex Indpt Sch Dist Series 2023, 5% 2/15/2028 (Permanent Sch Fund of Texas Guaranteed)  | 1825000 | 1912927 |
| Medina Valley Tex Indpt Sch Dist Series 2023, 5% 2/15/2029 (Permanent Sch Fund of Texas Guaranteed)  | 1605000 | 1718309 |
| Medina Valley Tex Indpt Sch Dist Series 2023, 5% 2/15/2030 (Permanent Sch Fund of Texas Insured), (Permanent Sch Fund of Texas Guaranteed)  | 3065000 | 3357481 |
| Medina Valley Tex Indpt Sch Dist Series 2023, 5% 2/15/2031 (Permanent Sch Fund of Texas Insured), (Permanent Sch Fund of Texas Guaranteed)  | 4555000 | 5086756 |
| Midway TX Indpt Sch Dist 4% 8/1/2027 (Permanent Sch Fund of Texas Guaranteed)  | 1425000 | 1457490 |
| New Caney TX Indpt Sch Dist New Series 2024, 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 2000000 | 2194960 |
| New Caney TX Indpt Sch Dist New Series 2024, 5% 2/15/2031 (Permanent Sch Fund of Texas Guaranteed)  | 1450000 | 1620012 |
| New Caney TX Indpt Sch Dist New Series 2024, 5% 2/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 1900000 | 2153866 |
| North East Indpt Sch Dist TX Series 2024, 3.75% tender 8/1/2049 (Permanent Sch Fund of Texas Guaranteed) (b) | 3250000 | 3288455 |
| Northside TX Indpt Sch Dist Series 2020, 3.55% tender 6/1/2050 (Permanent Sch Fund of Texas Guaranteed) (b) | 9720000 | 9837433 |
| Northside TX Indpt Sch Dist Series 2024B, 3.45% tender 8/1/2054 (Permanent Sch Fund of Texas Guaranteed) (b) | 9360000 | 9427498 |
| Pecos Barstow Toyah Ind Sch Dist Series 2023, 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 2200000 | 2311399 |
| Pharr San Juan Alamo TX Isd Series 2016, 5% 2/1/2026 (Permanent Sch Fund of Texas Guaranteed)  | 1130000 | 1132057 |
| Plano TX Gen. Oblig. Series 2024, 5% 9/1/2027  | 1020000 | 1061882 |
| Plano TX Gen. Oblig. Series 2024, 5% 9/1/2028  | 1070000 | 1138045 |
| Plano TX Gen. Oblig. Series 2024, 5% 9/1/2029  | 1120000 | 1216257 |
| Tarrant Cnty Tex College Dist Gen. Oblig. Series 2022, 5% 8/15/2027  | 3000000 | 3119864 |
| Texas State Gen. Oblig. Series 2020 B, 3% 8/1/2026 (c) | 4845000 | 4845693 |
| Texas State Gen. Oblig. Series 2020 B, 4% 8/1/2027 (c) | 5085000 | 5152724 |
| Waxahachie TX Indpt Sch Dist 3% 8/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 1905000 | 1912218 |
| Wichita Falls TX Indpt Sch Dis Series 2021, 4% 2/1/2026 (Permanent Sch Fund of Texas Guaranteed)  | 850000 | 850920 |
| Wichita Falls TX Indpt Sch Dis Series 2021, 4% 2/1/2027 (Permanent Sch Fund of Texas Guaranteed)  | 1100000 | 1116935 |
| Wichita Falls TX Indpt Sch Dis Series 2021, 4% 2/1/2028 (Permanent Sch Fund of Texas Guaranteed)  | 900000 | 923559 |
| TOTAL GENERAL OBLIGATIONS |  | 138555115 |
| Health Care - 1.6% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Med Facs Rev (Baylor College of Medicine Proj.) Series 2024A, 5% 5/15/2029  | 2320000 | 2461665 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 5% tender 7/1/2049 (b) | 6545000 | 6670266 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 5% tender 7/1/2054 (b) | 10000000 | 10647927 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) Series 2020 C 3, 5% tender 6/1/2032 (b) | 7000000 | 7133974 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 5% tender 11/15/2052 (b) | 4490000 | 4511994 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Health Resources Proj.) Series 2016 A, 5% 2/15/2026  | 1465000 | 1469176 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Health Resources Proj.) Series 2025 B, 5% tender 11/15/2064 (b) | 11000000 | 11860736 |
| TOTAL HEALTH CARE |  | 44755738 |
| Housing - 0.1% |  |  |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev (TX Residential Mortgage Proj.) Series 2023B, 6% 1/1/2054  | 3675000 | 4033491 |
| Transportation - 2.7% |  |  |
| Central TX Regl Mobility Auth Rev 5% 1/1/2026  | 2800000 | 2800000 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2026 (c) | 500000 | 505222 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2027 (c) | 905000 | 930987 |
| City of Houston TX Airport System Revenue Series 2020 B, 5% 7/1/2026  | 2250000 | 2275618 |
| Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2026  | 2595000 | 2647120 |
| Dallas Fort Worth International Airport Series 2025 A 2, 5% tender 11/1/2050 (b)(c) | 13000000 | 14225845 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2029 (Assured Guaranty Inc Insured)  | 1100000 | 1178354 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2030 (Assured Guaranty Inc Insured)  | 1350000 | 1475579 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2031 (Assured Guaranty Inc Insured)  | 750000 | 834317 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2023, 5% tender 10/1/2052 (b) | 10430000 | 10841243 |
| Love Field TX Arpt Mod Rev 5% 11/1/2026 (c) | 2845000 | 2889884 |
| Love Field TX Arpt Mod Rev 5% 11/1/2027 (c) | 2885000 | 2986590 |
| Love Field TX Arpt Mod Rev 5% 11/1/2028 (c) | 11150000 | 11746864 |
| Love Field TX Arpt Mod Rev 5% 11/1/2029 (c) | 11705000 | 12517473 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2026 (c) | 1075000 | 1076482 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2030 (c) | 1960000 | 1962599 |
| North TX Twy Auth Rev 5% 1/1/2029  | 1970000 | 2105473 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2026 (c) | 1500000 | 1515963 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2026 (c) | 1460000 | 1475536 |
| TOTAL TRANSPORTATION |  | 75991149 |
| Water & Sewer - 0.6% |  |  |
| City of El Paso TX Water & Sewer Revenue Series 2017, 5% 3/1/2030  | 1750000 | 1796777 |
| City of El Paso TX Water & Sewer Revenue Series 2020, 3% 3/1/2030  | 1150000 | 1149768 |
| Plano Tex Wtrwks & Swr Sys Rev 4% 5/1/2028  | 1110000 | 1148477 |
| Texas Wtr Dev Brd Series 2016, 4% 10/15/2030  | 4600000 | 4634788 |
| Texas Wtr Dev Brd Series 2016, 5% 4/15/2029  | 7500000 | 7627949 |
| Texas Wtr Dev Brd Series 2022, 5% 8/1/2030  | 1210000 | 1341695 |
| TOTAL WATER & SEWER |  | 17699454 |
| TOTAL TEXAS |  | 340413044 |
| Utah - 1.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Ogden City School District 1.25% 6/15/2031 (Utah St Guaranteed)  | 1730000 | 1485652 |
| Health Care - 0.5% |  |  |
| Utah Cnty Utah Hosp Rev (Ihc Health Services Inc Proj.) Series 2020B 2, 5% tender 5/15/2060 (b) | 13205000 | 13377492 |
| Housing - 0.1% |  |  |
| UT Hsg Corp Multifamily Rev Series 2025, 3% tender 9/1/2045 (b) | 3000000 | 2988764 |
| Transportation - 0.4% |  |  |
| Salt Lake City UT Arpt Rev 5% 7/1/2026  | 1150000 | 1162808 |
| Salt Lake City UT Arpt Rev 5% 7/1/2027  | 750000 | 775438 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2027 (c) | 510000 | 525023 |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2026 (c) | 2550000 | 2577263 |
| Salt Lake City UT Arpt Rev Series 2025A, 5% 7/1/2032 (c) | 5000000 | 5536732 |
| TOTAL TRANSPORTATION |  | 10577264 |
| TOTAL UTAH |  | 28429172 |
| Vermont - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Vermont St Stud Assit Corp 5% 6/15/2026 (c) | 1045000 | 1052266 |
| Vermont St Stud Assit Corp 5% 6/15/2027 (c) | 350000 | 356789 |
| Vermont St Stud Assit Corp 5% 6/15/2028 (c) | 425000 | 438049 |
| Vermont St Stud Assit Corp 5% 6/15/2029 (c) | 400000 | 417090 |
| Vermont St Stud Assit Corp Series A, 5% 6/15/2027 (c) | 560000 | 570863 |
| TOTAL EDUCATION |  | 2835057 |
| Housing - 0.0% |  |  |
| Vermont Hsg Fin Agy (Vermont Hsg Purp Bond Prog 7/1/07 Proj.) Series 2021A, 3% 11/1/2051  | 1328000 | 1301987 |
| TOTAL VERMONT |  | 4137044 |
| Virginia - 0.4%  |  |  |
| Electric Utilities - 0.2% |  |  |
| Halifax Cnty VA Indl Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) 3.8% tender 12/1/2041 (b) | 1975000 | 1998705 |
| Wise Cnty VA Indl Dev Auth Solid Waste & Sew Disp Rev (Virginia Electric And Power Co Proj.) Series 2009A, 3.125% tender 10/1/2040 (b) | 1950000 | 1956876 |
| TOTAL ELECTRIC UTILITIES |  | 3955581 |
| General Obligations - 0.0% |  |  |
| County of Loudoun VA Gen. Oblig. Series 2016 A, 2.5% 12/1/2028  | 1345000 | 1326914 |
| Health Care - 0.1% |  |  |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2023 A, 5% tender 7/1/2053 (b) | 1065000 | 1151025 |
| Norfolk VA Economic Dev Auth Hosp Facs Rev (Sentara Hlth Sys Obl Group Proj.) Series 2018 A, 5% tender 11/1/2048 (b) | 875000 | 926356 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2026  | 1680000 | 1693195 |
| TOTAL HEALTH CARE |  | 3770576 |
| Housing - 0.0% |  |  |
| Fairfax Cnty VA Redev & Hsg Auth Multi-Family Hsg Rev 5% tender 1/1/2045 (b) | 1055000 | 1085533 |
| Transportation - 0.1% |  |  |
| Norfolk VA Arpt Auth Rev 5% 7/1/2027  | 750000 | 773205 |
| Norfolk VA Arpt Auth Rev 5% 7/1/2028  | 1000000 | 1056230 |
| TOTAL TRANSPORTATION |  | 1829435 |
| TOTAL VIRGINIA |  | 11968039 |
| Washington - 3.1%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Chelan Cnty WA Pub Col River 0% 6/1/2028 (National Public Finance Guarantee Corporation Insured) (d) | 1615000 | 1502689 |
| Tacoma WA Elec Sys Rev Series 2017, 5% 1/1/2026  | 390000 | 390000 |
| TOTAL ELECTRIC UTILITIES |  | 1892689 |
| General Obligations - 0.1% |  |  |
| King Cnty Wash Hsg Auth Hsg Rev Series 2019, 4% 11/1/2030 (King County WA Guaranteed)  | 1575000 | 1629277 |
| Health Care - 2.2% |  |  |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2026  | 2560000 | 2590780 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2027  | 2425000 | 2502300 |
| Washington St Health Care Facs Auth Rev (Multicare Health System, Wa Proj.) Series 2025 B, 5% tender 8/15/2055 (b) | 16880000 | 18044335 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2025 B, 5% 10/1/2030  | 16000000 | 17499502 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2025 B, 5% 10/1/2035  | 19500000 | 22094608 |
| TOTAL HEALTH CARE |  | 62731525 |
| Housing - 0.1% |  |  |
| King Cnty Wash Hsg Auth Affordable Hsg Rev 5% 1/1/2028  | 760000 | 760787 |
| King Cnty Wash Hsg Auth Affordable Hsg Rev 5% 1/1/2028  | 380000 | 387530 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2021, 4% 12/1/2028  | 375000 | 383477 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2021, 4% 12/1/2030  | 575000 | 596245 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2021, 4% 12/1/2031  | 450000 | 460132 |
| Seattle Wash Hsg Auth Rev Series 2023, 5% 6/1/2027  | 1290000 | 1306155 |
| Washington St Hsg Fin Comm Series 2021 2N, 5% 6/1/2027 (WA Single Family Prog 11/1/10 Guaranteed)  | 500000 | 515279 |
| TOTAL HOUSING |  | 4409605 |
| Transportation - 0.6% |  |  |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2026 (c) | 3655000 | 3699982 |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2027 (c) | 2260000 | 2332063 |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2028 (c) | 6320000 | 6649780 |
| Port Seattle WA Rev Series 2025 B, 5% 10/1/2029 (c) | 3900000 | 4179219 |
| TOTAL TRANSPORTATION |  | 16861044 |
| TOTAL WASHINGTON |  | 87524140 |
| West Virginia - 0.4%  |  |  |
| Electric Utilities - 0.3% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2009B, 3.7% tender 12/1/2042 (b) | 6620000 | 6740974 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2015A, 3.375% tender 3/1/2040 (b) | 780000 | 788677 |
| TOTAL ELECTRIC UTILITIES |  | 7529651 |
| Industrial Development - 0.1% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2011A, 3.3% tender 1/1/2041 (b)(c) | 4915000 | 4952347 |
| TOTAL WEST VIRGINIA |  | 12481998 |
| Wisconsin - 3.1%  |  |  |
| General Obligations - 0.2% |  |  |
| Iowa Cnty Wis Gen. Oblig. Series 2020, 2% 6/1/2033  | 825000 | 715817 |
| Madison WI Gen. Oblig. Series 2020 A, 1.375% 10/1/2030  | 7065000 | 6350924 |
| TOTAL GENERAL OBLIGATIONS |  | 7066741 |
| Health Care - 2.9% |  |  |
| Public Fin Auth WI Revenue (Prime Healthcare Foundation Inc Proj.) Series 2018A, 5% 12/1/2027  | 395000 | 401775 |
| Public Finance Authority (Blue Ridge Healthcare Proj.) Series 2020 A, 5% 1/1/2027  | 1085000 | 1107019 |
| Wisconsin Health & Educational Facilities Authority (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b) | 1210000 | 1224756 |
| Wisconsin Health & Educational Facilities Authority (Froedtert Thedacare Proj.) Series 2017 A, 5% 4/1/2029  | 1765000 | 1815560 |
| Wisconsin Health & Educational Facilities Authority (Sanford Health, Sd Proj.) 5% tender 2/15/2051 (b) | 5000000 | 5075310 |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b) | 3670000 | 3706447 |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b) | 3070000 | 3286378 |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b) | 2675000 | 2701566 |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) Series 2018C 4, 5% tender 8/15/2054 (b) | 1125000 | 1203908 |
| Wisconsin St Health & Edl Facs Auth Rev (Froedtert Thedacare Proj.) Series 2025 B, 5% 10/1/2029  | 16320000 | 17675322 |
| Wisconsin St Health & Edl Facs Auth Rev (Froedtert Thedacare Proj.) Series 2025 B, 5% 10/1/2032  | 24290000 | 27476311 |
| Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 5% 2/15/2029  | 13090000 | 13868449 |
| TOTAL HEALTH CARE |  | 79542801 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (WI Home Ownership Proj.) Series 2021 A, 3% 3/1/2052  | 860000 | 846294 |
| TOTAL WISCONSIN |  | 87455836 |
| Wyoming - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Laramie WY (Cheyenne Regional Med Center Proj.) Series 2021, 4% 5/1/2027  | 370000 | 374669 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $2,675,698,211) |  | <br> **2682244500** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (h)(i)<br>(Cost $132,114,716)<br>| 3.07 | 132088298 | **132114716** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.8%**<br> (Cost $2,807,812,927)<br>| <br>**2814359216** |
| **NET OTHER ASSETS (LIABILITIES) - 1.2%**  | **33392769** |
| **NET ASSETS - 100.0%** | **2847751985** |

---

**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) Zero coupon bond which is issued at a discount.

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

(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 $13,323,704 or 0.5% of net assets.

(g) Level 3 security.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 28997079 | 684976200 | 581858563 | 2083773 | - | - | 132114716 | 132088298 | 3.1% |
| Total | 28997079 | 684976200 | 581858563 | 2083773 | - | - | 132114716 |  |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 126489813 | - | 126489813 | - |
| Electric Utilities | 200647955 | - | 200647955 | - |
| Escrowed/Pre-Refunded | 12541045 | - | 12541045 | - |
| General Obligations | 941195636 | - | 941195636 | - |
| Health Care | 483932693 | - | 482692443 | 1240250 |
| Housing | 126191854 | - | 126191854 | - |
| Industrial Development | 40457911 | - | 40457911 | - |
| Other | 11611724 | - | 11611724 | - |
| Resource Recovery | 18338890 | - | 18338890 | - |
| Special Tax | 145421049 | - | 145421049 | - |
| Tobacco Bonds | 4420529 | - | 4420529 | - |
| Transportation | 533406145 | - | 533406145 | - |
| Water & Sewer | 37589256 | - | 37589256 | - |
|  **Money Market Funds** | 132114716 | 132114716 | - | - |
| **Total Investments in Securities:** | 2814359216 | 132114716 | 2681004250 | 1240250 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,675,698,211) | $2682244500 |  |
| Fidelity Central Funds (cost $132,114,716) | 132114716 |  |
| Total Investment in Securities (cost $2,807,812,927) |  | $2814359216 |
| Cash |  | 514 |
| Receivable for fund shares sold |  | 5477950 |
| Interest receivable |  | 32625045 |
| Distributions receivable from Fidelity Central Funds |  | 216714 |
| Receivable from investment adviser for expense reductions |  | 17865 |
| Other receivables |  | 292 |
| **Total assets** |  | 2852697596 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $2024444 |  |
| Distributions payable | 2182209 |  |
| Accrued management fee | 470127 |  |
| Distribution and service plan fees payable | 27952 |  |
| Other affiliated payables | 240879 |  |
| **Total liabilities** |  | 4945611 |
| **Net Assets**  |  | $2847751985 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2867438190 |
| Total accumulated earnings (loss) |  | (19686205) |
| **Net Assets** |  | $2847751985 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($117,245,702 ÷ 11,024,986 shares)(a) |  | $10.63 |
| Maximum offering price per share (100/97.25 of $10.63) |  | $10.93 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($7,079,046 ÷ 666,878 shares)(a) |  | $10.62 |
| Maximum offering price per share (100/97.25 of $10.62) |  | $10.92 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($3,011,792 ÷ 283,746 shares)(a) |  | $10.61 |
| **Limited Term Municipal Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,863,675,186 ÷ 175,555,757 shares) |  | $10.62 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($318,458,543 ÷ 29,982,858 shares) |  | $10.62 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($538,281,716 ÷ 50,684,572 shares) |  | $10.62 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $69481478 |
| Income from Fidelity Central Funds  |  | 2083219 |
| **Total income** |  | 71564697 |
| **Expenses** |  |  |
| Management fee | $5418662 |  |
| Transfer agent fees | 2790666 |  |
| Distribution and service plan fees | 335847 |  |
| Independent trustees' fees and expenses | 6575 |  |
| Total expenses before reductions | 8551750 |  |
| Expense reductions | (337669) |  |
| Total expenses after reductions |  | 8214081 |
| **Net Investment income (loss)** |  | 63350616 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (937681) |  |
| Capital gain distributions from Fidelity Central Funds | 554 |  |
| Total net realized gain (loss) |  | (937127) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 57557991 |
| **Net gain (loss)** |  | 56620864 |
| **Net increase (decrease) in net assets resulting from operations** |  | $119971480 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $63350616 | $53068214 |
| &nbsp;&nbsp;Net realized gain (loss) | (937127)<br>| (3456594)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 57557991 | 10236387<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 119971480<br>| 59848007<br>|
| Distributions to shareholders | (62654348)<br>| (52630740)<br>|
| Share transactions - net increase (decrease) | 174175985<br>| (44804399)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 231493117<br>| (37587132)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2616258868 | 2653846000<br>|
| &nbsp;&nbsp;End of period | $2847751985 | $2616258868 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.41 | $10.38 | $10.16 | $10.79 | $10.89 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .220  | .185  | .150  | .109  | .102  |
| Net realized and unrealized gain (loss)  | .217  | .028  | .218  | (.629)  | (.094)  |
| Total from investment operations  | .437  | .213  | .368  | (.520)  | .008  |
| Distributions from net investment income  | (.216)  | (.182)  | (.148)  | (.110)  | (.103)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.005)  |
| Total distributions  | (.217)  | (.183)  | (.148)  | (.110)  | (.108)  |
| Net asset value, end of period  | $10.63 | $10.41 | $10.38 | $10.16 | $10.79 |
| **Total Return** C,D | 4.24% <br>| 2.07%  | 3.66%  | (4.82)%  | .07%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .63%  | .63%  | .67%  | .80%  | .80%  |
| Expenses net of fee waivers, if any  | .55% <br>| .55%  | .58%  | .66%  | .66%  |
| Expenses net of all reductions, if any  | .55%  | .55%  | .58%  | .66%  | .66%  |
| Net investment income (loss)  | 2.09%  | 1.78%  | 1.47%  | 1.06%  | .94%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $117246 | $116152 | $121653 | $156293 | $223074 |
| Portfolio turnover rate G | 22% <br>| 22%  | 24%  | 20%  | 20%  |

---

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

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.39 | $10.36 | $10.14 | $10.77 | $10.87 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .220  | .185  | .150  | .110  | .104  |
| Net realized and unrealized gain (loss)  | .227  | .028  | .218  | (.629)  | (.095)  |
| Total from investment operations  | .447  | .213  | .368  | (.519)  | .009  |
| Distributions from net investment income  | (.216)  | (.182)  | (.148)  | (.111)  | (.104)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.005)  |
| Total distributions  | (.217)  | (.183)  | (.148)  | (.111)  | (.109)  |
| Net asset value, end of period  | $10.62 | $10.39 | $10.36 | $10.14 | $10.77 |
| **Total Return** C,D | 4.34% <br>| 2.07%  | 3.67%  | (4.82)%  | .08%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .59%  | .58%  | .63%  | .72%  | .72%  |
| Expenses net of fee waivers, if any  | .55% <br>| .55%  | .58%  | .65%  | .65%  |
| Expenses net of all reductions, if any  | .55%  | .55%  | .58%  | .65%  | .65%  |
| Net investment income (loss)  | 2.09%  | 1.78%  | 1.47%  | 1.07%  | .95%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7079 | $7432 | $7792 | $8849 | $7682 |
| Portfolio turnover rate G | 22% <br>| 22%  | 24%  | 20%  | 20%  |

---

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

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.39 | $10.36 | $10.14 | $10.77 | $10.87 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .145  | .110  | .076  | .035  | .024  |
| Net realized and unrealized gain (loss)  | .217  | .028  | .217  | (.629)  | (.094)  |
| Total from investment operations  | .362  | .138  | .293  | (.594)  | (.070)  |
| Distributions from net investment income  | (.141)  | (.107)  | (.073)  | (.036)  | (.025)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.005)  |
| Total distributions  | (.142)  | (.108)  | (.073)  | (.036)  | (.030)  |
| Net asset value, end of period  | $10.61 | $10.39 | $10.36 | $10.14 | $10.77 |
| **Total Return** C,D | 3.51% <br>| 1.34%  | 2.91%  | (5.51)%  | (.65)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.26%  | 1.27%  | 1.34%  | 1.50%  | 1.51%  |
| Expenses net of fee waivers, if any  | 1.26% <br>| 1.27%  | 1.31%  | 1.38%  | 1.38%  |
| Expenses net of all reductions, if any  | 1.26%  | 1.27%  | 1.31%  | 1.38%  | 1.38%  |
| Net investment income (loss)  | 1.38%  | 1.06%  | .74%  | .34%  | .22%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3012 | $2847 | $4562 | $7931 | $9598 |
| Portfolio turnover rate G | 22% <br>| 22%  | 24%  | 20%  | 20%  |

---

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

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

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

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

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

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

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

**Fidelity® Limited Term Municipal Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.39 | $10.36 | $10.15 | $10.77 | $10.87 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .246  | .211  | .177  | .139  | .134  |
| Net realized and unrealized gain (loss)  | .227  | .028  | .208  | (.619)  | (.095)  |
| Total from investment operations  | .473  | .239  | .385  | (.480)  | .039  |
| Distributions from net investment income  | (.242)  | (.208)  | (.175)  | (.140)  | (.134)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.005)  |
| Total distributions  | (.243)  | (.209)  | (.175)  | (.140)  | (.139)  |
| Net asset value, end of period  | $10.62 | $10.39 | $10.36 | $10.15 | $10.77 |
| **Total Return** C | 4.60% <br>| 2.33%  | 3.84%  | (4.46)%  | .36%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .30%  | .30%  | .34%  | .47%  | .46%  |
| Expenses net of fee waivers, if any  | .30% <br>| .30%  | .31%  | .37%  | .37%  |
| Expenses net of all reductions, if any  | .30%  | .30%  | .31%  | .37%  | .37%  |
| Net investment income (loss)  | 2.34%  | 2.03%  | 1.74%  | 1.35%  | 1.23%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1863675 | $1712361 | $1872734 | $2006296 | $2564933 |
| Portfolio turnover rate F | 22% <br>| 22%  | 24%  | 20%  | 20%  |

---

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.40 | $10.37 | $10.15 | $10.78 | $10.88 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .246  | .211  | .177  | .139  | .133  |
| Net realized and unrealized gain (loss)  | .217  | .028  | .217  | (.629)  | (.094)  |
| Total from investment operations  | .463  | .239  | .394  | (.490)  | .039  |
| Distributions from net investment income  | (.242)  | (.208)  | (.174)  | (.140)  | (.134)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.005)  |
| Total distributions  | (.243)  | (.209)  | (.174)  | (.140)  | (.139)  |
| Net asset value, end of period  | $10.62 | $10.40 | $10.37 | $10.15 | $10.78 |
| **Total Return** C | 4.50% <br>| 2.33%  | 3.93%  | (4.55)%  | .36%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .38%  | .37%  | .42%  | .55%  | .54%  |
| Expenses net of fee waivers, if any  | .30% <br>| .30%  | .32%  | .37%  | .37%  |
| Expenses net of all reductions, if any  | .30%  | .30%  | .32%  | .37%  | .37%  |
| Net investment income (loss)  | 2.34%  | 2.03%  | 1.73%  | 1.35%  | 1.23%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $318459 | $288905 | $294036 | $343244 | $419868 |
| Portfolio turnover rate F | 22% <br>| 22%  | 24%  | 20%  | 20%  |

---

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.40 | $10.37 | $10.15 | $10.77 | $10.87 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .251  | .215  | .181  | .145  | .140  |
| Net realized and unrealized gain (loss)  | .217  | .029  | .219  | (.619)  | (.094)  |
| Total from investment operations  | .468  | .244  | .400  | (.474)  | .046  |
| Distributions from net investment income  | (.247)  | (.213)  | (.180)  | (.146)  | (.141)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.005)  |
| Total distributions  | (.248)  | (.214)  | (.180)  | (.146)  | (.146)  |
| Net asset value, end of period  | $10.62 | $10.40 | $10.37 | $10.15 | $10.77 |
| **Total Return** C | 4.55% <br>| 2.38%  | 3.99%  | (4.40)%  | .42%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .30%  | .43%  | .42%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .27%  | .31%  | .31%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .27%  | .31%  | .31%  |
| Net investment income (loss)  | 2.39%  | 2.08%  | 1.78%  | 1.41%  | 1.29%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $538282 | $488562 | $353069 | $358164 | $444148 |
| Portfolio turnover rate F | 22% <br>| 22%  | 24%  | 20%  | 20%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $28093653 |
| **Gross unrealized depreciation**  | <u>(19546090)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$8547563</u> |
| **Tax Cost**  | <u>$2805811653</u> |

---

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

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(27871581)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$8547563</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(7411656) |
| Long-term | <u>(20459925)</u> |
| **Total capital loss carryforward** | <u>$(27871581)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Tax-exempt Income** | 62389011 | 52378620 |
| **Ordinary Income**  | <u>$265337</u> | <u>$252120</u> |
| **Total**  | <u>$62654348</u> | <u>$52630740</u> |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Limited Term Municipal Income Fund** | 672557283 | 585584162 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, transfer agent fees, distribution and service plan fees and certain other expenses such as proxy and shareholder meeting expenses.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | - % | .25% | 288563 | 30084 |
| **Class M** | - % | .25% | 18193 | - |
| **Class C** | .75% | .25% | <u>29091</u> | <u>4190</u> |
|  |  |  | <u>335847</u> | <u>34274</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, .75% or .50% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 1874 |
| **Class M** | 1 |
| **Class C** A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>12</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1887</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Class-Level Average Net Assets** |
| **Class A** | 204915 | .18 |
| **Class M** | 9827 | .14 |
| **Class C** | 1713 | .06 |
| **Limited Term Municipal Income** | 1784449 | .10 |
| **Class I** | 534375 | .18 |
| **Class Z** | <u>255387</u> | .05 |
|  | <u>2790666</u> |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Limited Term Municipal Income Fund** | 7167967 | 9717728 | 27394 |

---

**6. Committed Line of Credit.**

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

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

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

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

**7. Expense Reductions.** 

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

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | .55% | 89454 |
| **Class M** | .55% | 2551 |
| **Class C** | 1.30% | - |
| **Limited Term Municipal Income** | .30% | 12731 |
| **Class I** | .30% | &nbsp;&nbsp;&nbsp;&nbsp; <u>232406</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; <u>337142</u> |

---

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $527.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Fidelity Limited Term Municipal Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $2379790 | $2073804 |
| Class M | 149904 | 134500 |
| Class C | 39313 | 37570 |
| Limited Term Municipal Income | 41006642 | 35243343 |
| Class I | 6991823 | 5938366 |
| Class Z | <u>12086876</u> | <u>9203157</u> |
| Total  | <u>$62654348</u> | <u>$52630740</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **Fidelity Limited Term Municipal Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 2267044 | 3092119 | $23879254 | $32129010 |
| Reinvestment of distributions  | 218334 | 192775 | 2302065 | 2001108 |
| Shares redeemed | <u>(2616514)</u> | <u>(3847002)</u> | <u>(27540123)</u> | <u>(39934252)</u> |
| Net increase (decrease) | <u>(131136)</u> | <u>(562108)</u> | <u>$(1358804)</u> | <u>$(5804134)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 26116 | 95891 | $271397 | $993358 |
| Reinvestment of distributions  | 13561 | 12376 | 142714 | 128239 |
| Shares redeemed | <u>(87939)</u> | <u>(145085)</u> | <u>(924490)</u> | <u>(1503896)</u> |
| Net increase (decrease) | <u>(48262)</u> | <u>(36818)</u> | <u>$(510379)</u> | <u>$(382299)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 169201 | 113806 | $1774610 | $1183974 |
| Reinvestment of distributions  | 3661 | 3494 | 38530 | 36185 |
| Shares redeemed | <u>(163073)</u> | <u>(283570)</u> | <u>(1705757)</u> | <u>(2937199)</u> |
| Net increase (decrease) | <u>9789</u> | <u>(166270)</u> | <u>$107383</u> | <u>$(1717040)</u> |
| **Limited Term Municipal Income** |  |  |  |  |
| Shares sold | 42196501 | 35966954 | $443563017 | $372917315 |
| Reinvestment of distributions  | 2271713 | 2178651 | 23909998 | 22572665 |
| Shares redeemed | <u>(33669438)</u> | <u>(54096268)</u> | <u>(353628527)</u> | <u>(559386869)</u> |
| Net increase (decrease) | <u>10798776</u> | <u>(15950663)</u> | <u>$113844488</u> | <u>$(163896889)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 8769155 | 7849658 | $92110050 | $81333952 |
| Reinvestment of distributions  | 630562 | 538240 | 6642300 | 5580356 |
| Shares redeemed | <u>(7199802)</u> | <u>(8963068)</u> | <u>(75557375)</u> | <u>(92932064)</u> |
| Net increase (decrease) | <u>2199915</u> | <u>(575170)</u> | <u>$23194975</u> | <u>$(6017756)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 8644900 | 22046304 | $90820198 | $227403596 |
| Reinvestment of distributions  | 753952 | 626379 | 7938250 | 6498202 |
| Shares redeemed | <u>(5702523)</u> | <u>(9739664)</u> | <u>(59860126)</u> | <u>(100888079)</u> |
| Net increase (decrease) | <u>3696329</u> | <u>12933019</u> | <u>$38898322</u> | <u>$133013719</u> |

---

**10. Other.**

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

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Limited Term Municipal Income Fund

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

During fiscal year ended 2025, 100% of the fund's income dividends were free from federal income tax, and 17.93% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Limited Term Municipal Income Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, 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, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of a representative class (the retail class), the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board 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 below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the ratio of the retail class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 0.55%, 0.55%, 1.30%, 0.30%, and 0.30% through April 30, 2026.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img123166_4.jpg)<br>

1.536709.129 STM-ANN-0226

**Fidelity Flex® Funds**

**Fidelity Flex® Municipal Income Fund**

**Annual Report**

**December 31, 2025**

![](img123171_1.jpg)

![](img123171_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_XLI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® Municipal Income Fund](#Sub_Sec_Fund_3043_XLI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3043_XLI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_XLI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_XLI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_XLI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_XLI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_XLI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_XLI-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity Flex® Municipal Income Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 91.4%** | &nbsp;&nbsp;**Municipal Securities - 91.4%** | &nbsp;&nbsp;**Municipal Securities - 91.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 4.7%  |  |  |
| Education - 0.3% |  |  |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.25% 10/1/2034  | 265000 | 288287 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2049  | 310000 | 313962 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2033  | 110000 | 109219 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2041  | 85000 | 76055 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2049  | 190000 | 156610 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2024 C, 5.5% 10/1/2054  | 255000 | 257195 |
| University South AL Univ Rev Series 2024 A, 5% 4/1/2036 (Build America Mutual Assurance Co Insured)  | 350000 | 396714 |
| University South AL Univ Rev Series 2024 A, 5% 4/1/2037 (Build America Mutual Assurance Co Insured)  | 390000 | 437917 |
| University South AL Univ Rev Series 2024 A, 5% 4/1/2038 (Build America Mutual Assurance Co Insured)  | 375000 | 417750 |
| University South AL Univ Rev Series 2024 A, 5% 4/1/2039 (Build America Mutual Assurance Co Insured)  | 375000 | 415268 |
| University South AL Univ Rev Series 2024 A, 5% 4/1/2040 (Build America Mutual Assurance Co Insured)  | 525000 | 574690 |
| TOTAL EDUCATION |  | 3443667 |
| General Obligations - 4.4% |  |  |
| Black Belt Energy Gas District 5% tender 12/1/2055 (BP PLC Guaranteed) (b) | 6530000 | 6983155 |
| Black Belt Energy Gas District Series 2022 E, 5% tender 5/1/2053 (Canadian Imperial Bank of Commerce/New York NY Guaranteed) (b) | 1190000 | 1246944 |
| Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b) | 1085000 | 1144709 |
| Black Belt Energy Gas District Series 2025 B, 5% 10/1/2035 (Forethought Life Insurance Co Guaranteed)  | 2920000 | 3007638 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2025A, 5% 11/1/2035 (Goldman Sachs Group Inc/The Guaranteed)  | 750000 | 794649 |
| Jefferson County AL Gen. Oblig. 5% 4/1/2026  | 100000 | 100547 |
| Lower Ala Gas Dist Gas Proj Rev Series 2025 A, 5% 12/1/2033 (Equitable Financial Life Global Funding Guaranteed)  | 5870000 | 6204802 |
| Southeast Energy Authority A Cooperative District 5.25% tender 3/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 4045000 | 4268096 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 5760000 | 6222990 |
| Southeast Energy Authority A Cooperative District Series 2025D, 5% 9/1/2035 (New York Life Insurance Co Guaranteed)  | 3250000 | 3525958 |
| Southeast Energy Authority A Cooperative District Series 2025E, 5% 10/1/2030 (JPMorgan Securities LLC Guaranteed)  | 13990000 | 15030084 |
| TOTAL GENERAL OBLIGATIONS |  | 48529572 |
| TOTAL ALABAMA |  | 51973239 |
| Alaska - 0.1%  |  |  |
| Housing - 0.1% |  |  |
| Alaska Hsg Fin Corp Mtg Rev Series 2022A, 3% 6/1/2051  | 125000 | 122966 |
| Alaska St Hsg Fin Corp (AK Hfc Cap Proj Bonds II 10/1/12 Proj.) Series 2021 A, 4% 12/1/2029  | 845000 | 889863 |
| TOTAL ALASKA |  | 1012829 |
| Arizona - 2.6%  |  |  |
| Education - 0.1% |  |  |
| Arizona Indl Dev Auth Rev (Provident Group Emu Properties LLC Proj.) Series 2018, 5% (e) | 565000 | 565000 |
| Arizona Indl Dev Auth Rev (Provident Group Emu Properties LLC Proj.) Series 2018, 5% (e) | 450000 | 450000 |
| Arizona Indl Dev Auth Rev (Provident Group Emu Properties LLC Proj.) Series 2018, 5% (e) | 290000 | 290000 |
| TOTAL EDUCATION |  | 1305000 |
| Electric Utilities - 0.2% |  |  |
| Salt River Proj AZ Agric & Pwr Series 2023B, 5.25% 1/1/2053  | 1585000 | 1672923 |
| General Obligations - 0.3% |  |  |
| Glendale AZ Union High Sch Dst 4% 7/1/2036 (Assured Guaranty Inc Insured)  | 545000 | 566519 |
| Glendale AZ Union High Sch Dst 4% 7/1/2037 (Assured Guaranty Inc Insured)  | 1000000 | 1031021 |
| Industrial Development Authority of the City of Phoenix Arizona/The (Guam Govt Proj.) Series 2014, 5.375% 2/1/2041  | 615000 | 580586 |
| Industrial Development Authority of the City of Phoenix Arizona/The Series 2014, 5.125% 2/1/2034 (Guam Govt Guaranteed)  | 400000 | 392917 |
| Pima Cnty AZ Unified Sch Dist No 1 Tucson Series 2024 A, 5% 7/1/2034 (Assured Guaranty Inc Insured)  | 1000000 | 1149984 |
| TOTAL GENERAL OBLIGATIONS |  | 3721027 |
| Health Care - 0.3% |  |  |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2046  | 1750000 | 1592658 |
| Glendale Ariz Indl Dev Auth Rev (Humangood National Obligated Grp Proj.) Series 2018 A, 5% 7/1/2038  | 10000 | 10040 |
| Glendale Ariz Indl Dev Auth Rev (Humangood National Obligated Grp Proj.) Series 2018 A, 5% 7/1/2048  | 10000 | 9147 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2021 A, 4% 9/1/2051  | 775000 | 664180 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2017 D, 3% 1/1/2048  | 840000 | 632861 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 E, 3% 1/1/2049  | 500000 | 372117 |
| TOTAL HEALTH CARE |  | 3281003 |
| Housing - 0.7% |  |  |
| Arizona Indl Dev Auth Rev (Lihtc Cert 2019-2 Proj.) Series 2 Class A, 3.625% 5/20/2033  | 280261 | 277860 |
| Maricopa Cnty AZ Ida Mfh Auth Series 2025, 2.81% tender 5/1/2048 (b) | 6775000 | 6733549 |
| TOTAL HOUSING |  | 7011409 |
| Industrial Development - 0.6% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c) | 3220000 | 3281322 |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2005, 3.8% tender 12/1/2035 (b) | 2190000 | 2214502 |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2007, 4.1% tender 12/1/2037 (b)(c) | 925000 | 931793 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 6427617 |
| Special Tax - 0.3% |  |  |
| Bullhead City Ariz Excise Taxes Rev 0.95% 7/1/2026  | 250000 | 246680 |
| Bullhead City Ariz Excise Taxes Rev 1.15% 7/1/2027  | 375000 | 362098 |
| Bullhead City Ariz Excise Taxes Rev 1.3% 7/1/2028  | 485000 | 460554 |
| Bullhead City Ariz Excise Taxes Rev 1.5% 7/1/2029  | 600000 | 563663 |
| Bullhead City Ariz Excise Taxes Rev 1.65% 7/1/2030  | 825000 | 762844 |
| Bullhead City Ariz Excise Taxes Rev 1.7% 7/1/2031  | 450000 | 408838 |
| Bullhead City Ariz Excise Taxes Rev 2.7% 7/1/2051  | 1000000 | 683088 |
| TOTAL SPECIAL TAX |  | 3487765 |
| Transportation - 0.0% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2019B, 5% 7/1/2035 (c) | 300000 | 316531 |
| Water & Sewer - 0.1% |  |  |
| Phoenix Arizona Civic Imp Wtr 5% 7/1/2045  | 1000000 | 1047757 |
| TOTAL ARIZONA |  | 28271032 |
| Arkansas - 0.2%  |  |  |
| General Obligations - 0.2% |  |  |
| Van Buren Ark Sch Dist No 042 3% 2/1/2047  | 2135000 | 1623740 |
| Health Care - 0.0% |  |  |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2033  | 85000 | 89443 |
| TOTAL ARKANSAS |  | 1713183 |
| California - 6.4%  |  |  |
| Education - 0.0% |  |  |
| University CA Revs Series 2018 AZ, 5% 5/15/2043  | 130000 | 133776 |
| University CA Revs Series 2023 BM, 5% 5/15/2036  | 180000 | 206008 |
| TOTAL EDUCATION |  | 339784 |
| Electric Utilities - 0.6% |  |  |
| Los Angeles CA Wtr & Pwr Rev 5% 7/1/2051  | 1550000 | 1584550 |
| Los Angeles CA Wtr & Pwr Rev Series 2020 B, 5% 7/1/2050  | 1070000 | 1093033 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2034  | 2410000 | 2779196 |
| Middle Fork Project Finance Authority 5% 4/1/2026  | 1000000 | 1003720 |
| TOTAL ELECTRIC UTILITIES |  | 6460499 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2035 (Pre-refunded to 10/1/2033 at 100)  | 595000 | 707615 |
| General Obligations - 2.4% |  |  |
| California Community Choice Financing Authority Series 2024C, 5% tender 8/1/2055 (American General Life Insurance Co Guaranteed) (b) | 1225000 | 1297719 |
| California Community Choice Financing Authority Series 2025C, 5% tender 12/1/2055 (American General Life Insurance Co Guaranteed) (b) | 3765000 | 3996133 |
| California Community Choice Financing Authority Series 2025D, 5% tender 10/1/2055 (Forethought Life Insurance Co Guaranteed) (b) | 5430000 | 5630240 |
| California St Pub Wks Brd Lse (State of California Proj.) Series 2021 B, 4% 5/1/2046  | 1265000 | 1238677 |
| California St Pub Wks Brd Lse 5% 8/1/2032  | 285000 | 323054 |
| Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2035  | 405000 | 473417 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2031  | 225000 | 242679 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2034  | 320000 | 340458 |
| Poway CA Unified Sch Dist 0% 8/1/2038 (f) | 1030000 | 665698 |
| Sanger CA Uni Sch Dist Series C, 3% 8/1/2048 (Build America Mutual Assurance Co Insured)  | 2265000 | 1766134 |
| State of California Gen. Oblig. 4% 11/1/2037  | 1000000 | 1038466 |
| State of California Gen. Oblig. 5% 10/1/2041  | 5435000 | 5851036 |
| State of California Gen. Oblig. 5% 3/1/2038  | 1585000 | 1847297 |
| State of California Gen. Oblig. 5% 9/1/2032  | 2175000 | 2472351 |
| TOTAL GENERAL OBLIGATIONS |  | 27183359 |
| Health Care - 0.0% |  |  |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2029  | 115000 | 117054 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2030  | 230000 | 234112 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017A, 5% 7/1/2035  | 190000 | 192458 |
| TOTAL HEALTH CARE |  | 543624 |
| Housing - 0.1% |  |  |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2021-1 CA Proj.) Series 1 Class A, 3.5% 11/20/2035  | 333259 | 330152 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2023-1 CA Proj.) Series 1 Class A, 4.375% 9/20/2036  | 1258516 | 1304629 |
| TOTAL HOUSING |  | 1634781 |
| Other - 0.0% |  |  |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (b) | 225000 | 209575 |
| Tobacco Bonds - 0.1% |  |  |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2021 B 2, 0% 6/1/2066 (f) | 10435000 | 1018975 |
| Transportation - 2.7% |  |  |
| Alameda Corridor CA Tran Auth Rev Series 2024A, 0% 10/1/2052 (Assured Guaranty Inc Insured) (f) | 475000 | 133268 |
| Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024B, 5% 7/1/2035 (c) | 5000000 | 5606424 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2032 (Build America Mutual Assurance Co Insured) (c) | 680000 | 751733 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2048 (Build America Mutual Assurance Co Insured) (c) | 2000000 | 2046544 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2053 (Build America Mutual Assurance Co Insured) (c) | 2700000 | 2746038 |
| Los Angeles CA Dept Arpts Rev Series 2019 F, 5% 5/15/2044 (c) | 175000 | 178317 |
| Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2039 (c) | 105000 | 107934 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5.25% 7/1/2041 (Assured Guaranty Inc Insured) (c) | 1390000 | 1521226 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2037 (c) | 1000000 | 1146818 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2026 (c) | 815000 | 820832 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2027 (c) | 830000 | 851979 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2028 (c) | 1105000 | 1158899 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2029 (c) | 740000 | 788904 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2018G, 5% 5/1/2027 (c) | 560000 | 575125 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2049 (c) | 3000000 | 3018592 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2043 (c) | 1400000 | 1502735 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2025 A, 5% 5/1/2034 (c) | 5540000 | 6261211 |
| TOTAL TRANSPORTATION |  | 29216579 |
| Water & Sewer - 0.4% |  |  |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 1/1/2030  | 3095000 | 3329772 |
| San Diego County Water Authority 5% 5/1/2047  | 635000 | 672821 |
| TOTAL WATER & SEWER |  | 4002593 |
| TOTAL CALIFORNIA |  | 71317384 |
| Colorado - 1.9%  |  |  |
| Education - 0.0% |  |  |
| University Colo Enterprise Sys Series 2021 C 3B, 2% tender 6/1/2051 (b) | 210000 | 207624 |
| Electric Utilities - 0.0% |  |  |
| Arkansas River Pwr Auth Colo Pwr Rev 5% 10/1/2038  | 40000 | 40921 |
| Arkansas River Pwr Auth Colo Pwr Rev 5% 10/1/2043  | 50000 | 50545 |
| TOTAL ELECTRIC UTILITIES |  | 91466 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Colorado Health Facilities Authority Series 2020A, 4% 9/1/2045 (Pre-refunded to 9/1/2030 at 100)  | 775000 | 824911 |
| General Obligations - 0.6% |  |  |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2039  | 1335000 | 1592678 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2044  | 1320000 | 1488868 |
| Denver CO Cty & Cnty Sch Dis 1 5.5% 12/1/2049  | 2180000 | 2399676 |
| Regional Trans Dist CO Ctfs Part 5% 6/1/2031  | 105000 | 113423 |
| TOTAL GENERAL OBLIGATIONS |  | 5594645 |
| Health Care - 0.4% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) 5% tender 11/15/2049 (b) | 190000 | 193784 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2019 A, 4% 11/15/2043  | 725000 | 684007 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2019 A, 5% 11/15/2039  | 190000 | 200903 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2024 A, 5% tender 11/15/2059 (b) | 375000 | 414639 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2044  | 1060000 | 961284 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 3.25% 8/1/2049  | 670000 | 518852 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 4% 8/1/2049  | 1715000 | 1482223 |
| Colorado Health Facilities Authority (Commonspirit Health Proj.) Series 2019 B 2, 5% tender 8/1/2049 (b) | 110000 | 110161 |
| Colorado Health Facs Auth Rev (Advent Health Proj.) Series 2016 C, 5% tender 11/15/2036 (b) | 275000 | 280407 |
| TOTAL HEALTH CARE |  | 4846260 |
| Housing - 0.0% |  |  |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 F, 4.25% 11/1/2049  | 20000 | 20181 |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 H, 4.25% 11/1/2049  | 5000 | 5058 |
| TOTAL HOUSING |  | 25239 |
| Special Tax - 0.1% |  |  |
| Independence Metropolitan District No 3 Series 2024 A, 5.375% 12/1/2054  | 500000 | 500212 |
| Regional Transn Dist CO Sales Series 2021 B, 5% 11/1/2028  | 725000 | 775578 |
| Vauxmont Metropolitan District 5% 12/1/2030 (Assured Guaranty Inc Insured)  | 220000 | 237703 |
| TOTAL SPECIAL TAX |  | 1513493 |
| Transportation - 0.4% |  |  |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2026 (c) | 50000 | 50935 |
| Denver CO City & Cnty Arpt Series 2018 A, 4% 12/1/2043 (c) | 530000 | 494150 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2034 (c) | 1125000 | 1271659 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2036 (c) | 2945000 | 3052296 |
| TOTAL TRANSPORTATION |  | 4869040 |
| Water & Sewer - 0.3% |  |  |
| Denver CO City & Cnty Brd Wtr 5% 9/15/2028  | 2000000 | 2133832 |
| Denver CO City & Cnty Brd Wtr Series 2020 A, 5% 9/15/2045  | 1190000 | 1246968 |
| TOTAL WATER & SEWER |  | 3380800 |
| TOTAL COLORADO |  | 21353478 |
| Connecticut - 3.9%  |  |  |
| Education - 0.9% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut College, CT Proj.) Series M, 4% 7/1/2052  | 355000 | 311014 |
| Connecticut St Health & Edl Facs Auth Revenue (Greenwich Academy Proj.) Series G, 4% 3/1/2046  | 235000 | 225457 |
| Connecticut St Health & Edl Facs Auth Revenue (Greenwich Academy Proj.) Series G, 4% 3/1/2051  | 380000 | 350515 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 4% 7/1/2045  | 1000000 | 924378 |
| Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2036  | 900000 | 965714 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2026  | 575000 | 576620 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2027  | 430000 | 433699 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) 5% 7/1/2043  | 90000 | 88586 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2026  | 680000 | 683546 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2027  | 1100000 | 1121368 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2028  | 1120000 | 1152841 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2030  | 1000000 | 1028101 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2034  | 725000 | 739309 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2036  | 450000 | 456843 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2039  | 490000 | 494031 |
| TOTAL EDUCATION |  | 9552022 |
| General Obligations - 1.5% |  |  |
| Bridgeport CT Gen. Oblig. Series 2021 A, 5% 8/1/2032  | 300000 | 335392 |
| Bridgeport CT Gen. Oblig. Series 2021 A, 5% 8/1/2033  | 800000 | 889784 |
| Bridgeport CT Gen. Oblig. Series 2021 A, 5% 8/1/2034  | 500000 | 553327 |
| Connecticut St Gen. Oblig. 4% 6/15/2039  | 300000 | 308558 |
| Connecticut St Gen. Oblig. 4% 6/15/2041  | 250000 | 251547 |
| Connecticut St Gen. Oblig. 5% 6/15/2028  | 500000 | 530061 |
| Connecticut St Gen. Oblig. 5% 6/15/2029  | 410000 | 444398 |
| Connecticut St Gen. Oblig. 5% 6/15/2030  | 400000 | 442455 |
| Connecticut St Gen. Oblig. 5% 6/15/2031  | 500000 | 563168 |
| Connecticut St Gen. Oblig. 5% 6/15/2034  | 350000 | 396161 |
| Connecticut St Gen. Oblig. 5% 6/15/2037  | 250000 | 277958 |
| Connecticut St Gen. Oblig. 5% 6/15/2038  | 300000 | 331429 |
| Connecticut St Gen. Oblig. 5% 6/15/2040  | 500000 | 544253 |
| Connecticut St Gen. Oblig. 5% 6/15/2042  | 500000 | 535479 |
| Connecticut St Gen. Oblig. 5% 9/15/2030  | 650000 | 722525 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2026  | 115000 | 115806 |
| Connecticut St Gen. Oblig. Series 2020 A, 4% 1/15/2034  | 300000 | 311828 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2035  | 1150000 | 1128436 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2037  | 1910000 | 1813265 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2039  | 215000 | 197479 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2039  | 750000 | 853241 |
| Connecticut St Gen. Oblig. Series B, 5% 5/15/2026  | 125000 | 126138 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut St Univ Sys Proj.) Series Q 1, 5% 11/1/2026 (Connecticut St Guaranteed)  | 95000 | 96994 |
| New Haven CT Gen. Oblig. Series 2025, 5% 8/1/2026  | 2250000 | 2278356 |
| New Haven CT Gen. Oblig. Series 2025, 5% 8/1/2027  | 3000000 | 3102769 |
| TOTAL GENERAL OBLIGATIONS |  | 17150807 |
| Health Care - 0.6% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2049 (d)(g) | 130000 | 71500 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut Childrens Med Ctr Proj.) Series E, 4% 7/15/2042  | 800000 | 794859 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut Childrens Med Ctr Proj.) Series E, 4% 7/15/2043  | 500000 | 489821 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut Childrens Med Ctr Proj.) Series E, 5% 7/15/2033  | 225000 | 251225 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut Childrens Med Ctr Proj.) Series E, 5% 7/15/2034  | 745000 | 830735 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut Childrens Med Ctr Proj.) Series E, 5% 7/15/2036  | 750000 | 827709 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2028  | 750000 | 765198 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2029  | 750000 | 770154 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2030  | 1000000 | 1031966 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2039  | 415000 | 412933 |
| TOTAL HEALTH CARE |  | 6246100 |
| Housing - 0.2% |  |  |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) 3% 11/15/2049  | 170000 | 167740 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022 A2, 5% 5/15/2026 (c) | 425000 | 427620 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022A1, 5% 11/15/2026  | 200000 | 204085 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022A1, 5% 11/15/2027  | 230000 | 239766 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022A1, 5% 11/15/2028  | 220000 | 233677 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022A1, 5% 11/15/2029  | 125000 | 135135 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022A1, 5% 11/15/2030  | 175000 | 191782 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022A1, 5% 5/15/2027  | 220000 | 226807 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022A1, 5% 5/15/2028  | 225000 | 236575 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022A1, 5% 5/15/2029  | 225000 | 240931 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022A1, 5% 5/15/2030  | 375000 | 407603 |
| TOTAL HOUSING |  | 2711721 |
| Special Tax - 0.7% |  |  |
| Connecticut St Gen. Oblig. 4% 1/15/2037  | 2480000 | 2581957 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2035  | 1820000 | 2126071 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2042  | 2325000 | 2545673 |
| Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2024, 6% 4/1/2052 (d) | 150000 | 159607 |
| TOTAL SPECIAL TAX |  | 7413308 |
| TOTAL CONNECTICUT |  | 43073958 |
| District Of Columbia - 0.3%  |  |  |
| General Obligations - 0.3% |  |  |
| District Columbia Gen. Oblig. Series 2024A, 5% 8/1/2045  | 3100000 | 3276819 |
| District Of Columbia,Virginia - 1.0%  |  |  |
| Transportation - 1.0% |  |  |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2026 (c) | 440000 | 447444 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2027 (c) | 110000 | 113978 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2028 (c) | 55000 | 58171 |
| Metropolitan Wash DC Arpts Ath Series 2025A, 5% 10/1/2029 (c) | 730000 | 783874 |
| Metropolitan Wash DC Arpts Ath Series 2025A, 5% 10/1/2030 (c) | 2165000 | 2359969 |
| Metropolitan Wash DC Arpts Ath Series 2025A, 5% 10/1/2031 (c) | 1655000 | 1829410 |
| Metropolitan Wash DC Arpts Ath Series 2025A, 5.25% 10/1/2039 (c) | 2015000 | 2282294 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2031  | 185000 | 196326 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2044  | 1000000 | 1024477 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 3% 10/1/2050 (Assured Guaranty Inc Insured)  | 890000 | 644618 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 4% 10/1/2049  | 1160000 | 1025566 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 10766127 |
| Florida - 2.5%  |  |  |
| Education - 0.3% |  |  |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2030  | 500000 | 533575 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2036  | 750000 | 852035 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2038  | 500000 | 560731 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2041  | 700000 | 764869 |
| Florida Dev Fin Corp Student Hsg Rev (The Henry Stud Hsg Proj.) Series 2024A 1, 5.25% 6/1/2054 (d) | 1000000 | 950335 |
| Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 5% 10/15/2049  | 60000 | 61071 |
| TOTAL EDUCATION |  | 3722616 |
| Electric Utilities - 0.3% |  |  |
| Ft Pierce Series 2022A, 5% 10/1/2030 (Assured Guaranty Inc Insured)  | 175000 | 192044 |
| Ft Pierce Series 2022A, 5% 10/1/2034 (Assured Guaranty Inc Insured)  | 300000 | 334367 |
| Ft Pierce Series 2022A, 5% 10/1/2036 (Assured Guaranty Inc Insured)  | 475000 | 523727 |
| Ft Pierce Series 2022A, 5% 10/1/2037 (Assured Guaranty Inc Insured)  | 425000 | 466370 |
| Ft Pierce Series 2022A, 5% 10/1/2039 (Assured Guaranty Inc Insured)  | 475000 | 513863 |
| Ft Pierce Series 2022A, 5% 10/1/2040 (Assured Guaranty Inc Insured)  | 450000 | 483016 |
| Ft Pierce Series 2022A, 5% 10/1/2041 (Assured Guaranty Inc Insured)  | 400000 | 426183 |
| Ft Pierce Series 2022A, 5% 10/1/2042 (Assured Guaranty Inc Insured)  | 400000 | 425456 |
| TOTAL ELECTRIC UTILITIES |  | 3365026 |
| General Obligations - 0.0% |  |  |
| Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2015D, 5% 2/1/2026  | 10000 | 10017 |
| Health Care - 0.7% |  |  |
| Atlantic Beach Fla Health Care Facs Rev (Naval Continuing Care Retiremt Proj.) Series 2018 A, 5% 11/15/2043  | 255000 | 255942 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 4% 7/1/2039  | 1000000 | 995639 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 4% 7/1/2045  | 825000 | 750625 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) Series 2016 B, 5% 7/1/2029  | 25000 | 25220 |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 3% 8/15/2050 (Assured Guaranty Inc Insured)  | 485000 | 346987 |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 4% 8/15/2045  | 110000 | 96524 |
| Florida Development Finance Corp (Lakeland FL Hosp Sys Rev Proj.) Series 2021, 4% 11/15/2038  | 725000 | 728953 |
| Highlands County Health Facilities Authority (Advent Health Proj.) Series 2024C, 5% tender 11/15/2059 (b) | 790000 | 873507 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2044  | 665000 | 674689 |
| Palm Beach Cnty FL Health Facs (Lifespace Proj.) Series 2015C, 5% 5/15/2030  | 495000 | 495224 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Jupiter Medical Center Proj.) 5% 11/1/2029  | 175000 | 186807 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Jupiter Medical Center Proj.) 5% 11/1/2032  | 200000 | 219646 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Jupiter Medical Center Proj.) 5% 11/1/2034  | 310000 | 333814 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Jupiter Medical Center Proj.) 5% 11/1/2037  | 385000 | 406711 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Jupiter Medical Center Proj.) 5% 11/1/2039  | 400000 | 418026 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Jupiter Medical Center Proj.) 5% 11/1/2041  | 400000 | 412931 |
| Tallahassee FL Health Facs Rev (Tallahassee Mem Hlthcare FL Proj.) Series 2016A, 5% 12/1/2026  | 100000 | 100114 |
| TOTAL HEALTH CARE |  | 7321359 |
| Housing - 0.0% |  |  |
| Florida Hsg Fin Corp Rev (FL Homeownership Mortgage Proj.) Series 2019 1, 4% 7/1/2050  | 55000 | 55224 |
| Resource Recovery - 0.1% |  |  |
| Florida Dev Fin Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025A, 3.4% tender 9/1/2050 (b)(c) | 890000 | 893731 |
| Special Tax - 0.1% |  |  |
| Tampa FL Tax Alloc 0% 9/1/2034 (f) | 700000 | 506482 |
| Tampa FL Tax Alloc 0% 9/1/2035 (f) | 750000 | 517118 |
| Tampa FL Tax Alloc 0% 9/1/2036 (f) | 800000 | 523397 |
| TOTAL SPECIAL TAX |  | 1546997 |
| Transportation - 1.0% |  |  |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2042 (c) | 1365000 | 1377596 |
| Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2049 (c) | 1000000 | 1007588 |
| Florida Dev Fin Corp Rev (Brightline FL Proj.) Series 2024, 5.25% 7/1/2053 (Assured Guaranty Inc Insured) (c) | 245000 | 240863 |
| Greater Orlando Aviation Auth 5% 10/1/2031 (c) | 125000 | 128767 |
| Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2032 (c) | 300000 | 318057 |
| Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2038 (c) | 430000 | 447010 |
| Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2054 (c) | 1620000 | 1626070 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2022A, 5% 10/1/2026 (c) | 2750000 | 2792015 |
| Lee Cnty FL Airport Series 2024, 5.25% 10/1/2038 (c) | 910000 | 1014214 |
| Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2040  | 300000 | 298061 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2029  | 145000 | 147373 |
| Miami-Dade Cnty Fla Aviat Rev Series A, 5% 10/1/2027 (c) | 620000 | 620554 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2036 (c) | 735000 | 819805 |
| TOTAL TRANSPORTATION |  | 10837973 |
| Water & Sewer - 0.0% |  |  |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2021, 5% 10/1/2032  | 155000 | 172683 |
| TOTAL FLORIDA |  | 27925626 |
| Georgia - 4.4%  |  |  |
| Education - 0.2% |  |  |
| Fulton Cnty GA Dev Auth Rev (University System of GA Proj.) 4% 6/15/2049  | 40000 | 37159 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 4% 4/1/2039  | 1365000 | 1381697 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2029  | 500000 | 533639 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2036  | 135000 | 146631 |
| TOTAL EDUCATION |  | 2099126 |
| Electric Utilities - 0.7% |  |  |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2013 FIRST, 3.375% tender 11/1/2053 (b) | 360000 | 361512 |
| Burke Cnty GA Dev Auth Pcr (Georgia Transmission Corp Proj.) Series 2012, 2.75% 1/1/2052 (b) | 610000 | 392506 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2035 (Assured Guaranty Inc Insured)  | 400000 | 410603 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2036 (Assured Guaranty Inc Insured)  | 410000 | 418945 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2037 (Assured Guaranty Inc Insured)  | 470000 | 478170 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2040 (Assured Guaranty Inc Insured)  | 385000 | 386565 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2041  | 480000 | 467654 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2049  | 245000 | 219310 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2026  | 165000 | 165000 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2026 (Assured Guaranty Inc Insured)  | 425000 | 425000 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2028 (Assured Guaranty Inc Insured)  | 400000 | 418268 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2030  | 55000 | 58435 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2031 (Assured Guaranty Inc Insured)  | 360000 | 391082 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2032 (Assured Guaranty Inc Insured)  | 330000 | 357504 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2032 (Assured Guaranty Inc Insured)  | 280000 | 303337 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2034  | 375000 | 395986 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2037  | 590000 | 656494 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2041 (Build America Mutual Assurance Co Insured)  | 165000 | 181445 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2049  | 160000 | 166951 |
| Monroe Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2013A, 3.6% tender 1/1/2039 (b) | 1395000 | 1418570 |
| TOTAL ELECTRIC UTILITIES |  | 8073337 |
| General Obligations - 2.5% |  |  |
| Decatur GA Pub Facs Auth Rev (Decatur GA Proj.) Gen. Oblig. 3% 2/1/2047  | 1255000 | 961198 |
| Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (b) | 12000000 | 12115546 |
| Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (b) | 3485000 | 3773880 |
| Main Street Natural Gas Inc Series 2022A, 4% tender 9/1/2052 (Citigroup Inc Guaranteed) (b) | 3595000 | 3681681 |
| Main Street Natural Gas Inc Series 2023C, 5% tender 9/1/2053 (Royal Bank of Canada Guaranteed) (b) | 1000000 | 1064390 |
| Main Street Natural Gas Inc Series 2023D, 5% tender 5/1/2054 (Citigroup Inc Guaranteed) (b) | 3940000 | 4168650 |
| Main Street Natural Gas Inc Series 2024B, 5% 9/1/2027 (Royal Bank of Canada Guaranteed)  | 425000 | 437253 |
| Main Street Natural Gas Inc Series 2024B, 5% 9/1/2028 (Royal Bank of Canada Guaranteed)  | 550000 | 575443 |
| Main Street Natural Gas Inc Series 2024D, 5% tender 4/1/2054 (Toronto Dominion Bank Guaranteed) (b) | 1360000 | 1461138 |
| TOTAL GENERAL OBLIGATIONS |  | 28239179 |
| Health Care - 0.2% |  |  |
| DeKalb GA Priv Hsp Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 B, 5% 7/1/2027  | 210000 | 217248 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2020 A, 3% 2/15/2047  | 1895000 | 1417009 |
| Glynn Brunswick Mem Hosp Auth GA Rev (Southeast GA Health System Proj.) 4% 8/1/2043  | 5000 | 4378 |
| Savannah GA Candler Hosp (St Joseph Candler Health Proj.) 4% 7/1/2043  | 205000 | 194585 |
| TOTAL HEALTH CARE |  | 1833220 |
| Industrial Development - 0.4% |  |  |
| Savannah Georgia Convention Center Authority (Savannah Convention Hotel Proj.) Series 2025A, 5.25% 6/1/2040  | 615000 | 661091 |
| Savannah Georgia Convention Center Authority (Savannah Convention Hotel Proj.) Series 2025B, 5.5% 6/1/2040 (d) | 430000 | 439674 |
| Savannah Georgia Convention Center Authority (Savannah Convention Hotel Proj.) Series 2025B, 6% 6/1/2050 (d) | 1090000 | 1080497 |
| Savannah Georgia Convention Center Authority (Savannah Convention Hotel Proj.) Series 2025B, 6.25% 6/1/2061 (d) | 1885000 | 1887722 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 4068984 |
| Special Tax - 0.1% |  |  |
| Metro Atlanta Rapid Tran Sales 5.25% 7/1/2050  | 1360000 | 1454791 |
| Transportation - 0.3% |  |  |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2023 E, 5% 7/1/2039 (c) | 520000 | 562978 |
| Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2035 (c) | 1340000 | 1506739 |
| Georgia St Rd & Twy Auth Rev (GA St Garvee Proj.) 5% 6/1/2031  | 1000000 | 1100171 |
| TOTAL TRANSPORTATION |  | 3169888 |
| TOTAL GEORGIA |  | 48938525 |
| Hawaii - 1.1%  |  |  |
| General Obligations - 0.7% |  |  |
| Honolulu HI City & Cnty Gen. Oblig. Series 2017 A, 5% 9/1/2033  | 5000 | 5177 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020 B, 5% 3/1/2029  | 1000000 | 1077860 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2024A, 5% 7/1/2048  | 1375000 | 1447105 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2024A, 5.25% 7/1/2046  | 1500000 | 1620490 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2024A, 5.25% 7/1/2047  | 2000000 | 2153343 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2024A, 5.25% 7/1/2049  | 1300000 | 1394424 |
| TOTAL GENERAL OBLIGATIONS |  | 7698399 |
| Transportation - 0.4% |  |  |
| Hawaii St Arpts Sys Rev 5% 7/1/2045 (c) | 2500000 | 2589039 |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2033 (c) | 350000 | 364666 |
| Hawaii St Arpts Sys Rev Series 2022 A, 5% 7/1/2042 (c) | 1245000 | 1301760 |
| Hawaii St Hbr Sys Rev Series 2020 A, 4% 7/1/2036 (c) | 40000 | 40556 |
| TOTAL TRANSPORTATION |  | 4296021 |
| Water & Sewer - 0.0% |  |  |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2025A, 5% 7/1/2038  | 455000 | 522990 |
| TOTAL HAWAII |  | 12517410 |
| Idaho - 0.1%  |  |  |
| Housing - 0.0% |  |  |
| Idaho Hsg & Fin Assn (ID Single Family Hsg 7/1/19 Proj.) Series 2019 A, 4% 1/1/2050  | 10000 | 10052 |
| Transportation - 0.1% |  |  |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 5% 7/15/2031  | 610000 | 682283 |
| TOTAL IDAHO |  | 692335 |
| Illinois - 8.7%  |  |  |
| Education - 0.3% |  |  |
| Board of Trustees of the University of Illinois/The Series 2018A, 5% 4/1/2030  | 100000 | 104930 |
| Illinois Fin Auth Rev (Bradley University Proj.) Series 2017 C, 5% 8/1/2030  | 615000 | 624868 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) Series 2016 A, 5% 10/1/2028  | 10000 | 10145 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) Series 2016, 5% 10/1/2029  | 30000 | 30431 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 4% 9/1/2035  | 60000 | 54397 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2036  | 295000 | 290976 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2038  | 100000 | 98471 |
| Illinois Finance Authority (Board of Trustees of the University of Illinois/The Proj.) Series 2019A, 5% 10/1/2026  | 200000 | 203503 |
| Illinois Finance Authority (Board of Trustees of the University of Illinois/The Proj.) Series 2019A, 5% 10/1/2031  | 200000 | 214627 |
| Illinois Finance Authority (Board of Trustees of the University of Illinois/The Proj.) Series 2019A, 5% 10/1/2038  | 200000 | 209770 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5% 10/1/2029  | 350000 | 367054 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5% 10/1/2030  | 230000 | 243481 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5% 10/1/2031  | 215000 | 229101 |
| Northern IL Univ Revs Series 2020 B, 4% 4/1/2040 (Build America Mutual Assurance Co Insured)  | 455000 | 448305 |
| Univ IL Brd Trustees Cfts Partn (Board of Trustees of the University of Illinois/The Proj.) Series A, 5% 10/1/2026  | 15000 | 15022 |
| TOTAL EDUCATION |  | 3145081 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Illinois Finance Authority Rev 5% 2/15/2034 (Pre-refunded to 2/15/2027 at 100)  | 10000 | 10274 |
| General Obligations - 4.7% |  |  |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2026  | 15000 | 15084 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2029  | 350000 | 356646 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2030  | 160000 | 162544 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2031  | 150000 | 152120 |
| Chicago IL Brd Ed Series 2019 A, 5% 12/1/2030  | 405000 | 413473 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2029  | 125000 | 128442 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2030  | 100000 | 102092 |
| Chicago IL Brd Ed Series 2022 B, 4% 12/1/2035  | 600000 | 572345 |
| Chicago IL Brd Ed Series 2022 B, 4% 12/1/2036  | 1005000 | 935052 |
| Chicago IL Brd Ed Series 2025 A, 6.25% 12/1/2050  | 4285000 | 4476960 |
| Chicago IL Brd Ed Series 2025 B, 5.5% 12/1/2033  | 3000000 | 3174479 |
| Chicago IL Gen. Oblig. 5% 1/1/2029  | 1000000 | 1034313 |
| Chicago IL Gen. Oblig. 5% 1/1/2033  | 895000 | 944372 |
| Chicago IL Gen. Oblig. Series 2015 C, 5% 1/1/2027  | 215000 | 215039 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2027  | 400000 | 404691 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2030  | 615000 | 642549 |
| Chicago IL Gen. Oblig. Series 2021 A, 5% 1/1/2032  | 7725000 | 8121292 |
| Chicago IL Gen. Oblig. Series 2021 B, 4% 1/1/2032  | 375000 | 374775 |
| Chicago IL Gen. Oblig. Series 2025B, 5% 1/1/2032  | 1445000 | 1530749 |
| Chicago IL Gen. Oblig. Series 2025B, 5% 1/1/2033  | 1490000 | 1584118 |
| Chicago IL Gen. Oblig. Series 2025B, 5.5% 1/1/2038  | 1985000 | 2133149 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2033  | 425000 | 463654 |
| Cook Cnty IL Gen. Oblig. Series 2016 A, 5% 11/15/2031  | 500000 | 507874 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2026  | 90000 | 91031 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2027  | 90000 | 92075 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2028  | 45000 | 46604 |
| Cook County IL Community Consolidate School District No 034 Glenview Series 2021 A, 3% 12/1/2036  | 185000 | 174779 |
| DuPage & Cook Cntys IL Cmnty Unit Sch Dist No 205 Series 2022, 4% 9/15/2042  | 2100000 | 2073899 |
| Illinois St Gen. Oblig. 5% 2/1/2027  | 270000 | 276078 |
| Illinois St Gen. Oblig. 5% 3/1/2029  | 650000 | 691936 |
| Illinois St Gen. Oblig. 5% 3/1/2033  | 1700000 | 1875127 |
| Illinois St Gen. Oblig. Series 2016, 5% 1/1/2026  | 5000 | 4999 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2027  | 850000 | 883337 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2032  | 650000 | 721960 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2032  | 450000 | 492345 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5% 5/1/2035  | 1915000 | 2095592 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2041  | 670000 | 715386 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2043  | 5000000 | 5262111 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2029  | 1615000 | 1729059 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2033  | 685000 | 769109 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2040  | 520000 | 558673 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2044  | 460000 | 484600 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2047  | 340000 | 352128 |
| Illinois St Gen. Oblig. Series OCT 2020 C, 4% 10/1/2037  | 1815000 | 1800165 |
| Schaumburg IL Gen. Oblig. Series 2023, 4% 12/1/2030  | 680000 | 719665 |
| TOTAL GENERAL OBLIGATIONS |  | 50356470 |
| Health Care - 0.8% |  |  |
| Illinois Fin Auth Health Svcs Fac Lease Rev (University of Illinois Hospital And Health Sciences System Proj.) Series 2020, 4% 10/1/2055  | 400000 | 339527 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 5% 12/1/2029  | 620000 | 625830 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 5% 12/1/2033  | 485000 | 489560 |
| Illinois Fin Auth Rev (Northwestern Memorial Hosp,Il Proj.) Series 2017A, 5% 7/15/2042  | 1000000 | 1020944 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 3.125% 5/15/2037  | 835000 | 763184 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 4.125% 5/15/2047  | 750000 | 699491 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 5% 5/15/2029  | 10000 | 10067 |
| Illinois Fin Auth Rev (University of Chicago Hosps,Il Proj.) Series B, 5% 8/15/2035  | 250000 | 254553 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2034  | 40000 | 40854 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2036  | 30000 | 30556 |
| Illinois Finance Authority Rev (Carle Foundation Hospital,Il Proj.) Series 2021A, 4% 8/15/2037  | 2155000 | 2163274 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 3.25% 8/15/2049  | 285000 | 226114 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) 3% 5/15/2050 (Build America Mutual Assurance Co Insured)  | 710000 | 514137 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) Series 2020 A, 3% 5/15/2050  | 1570000 | 1108879 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) Series 2020 A, 4% 5/15/2050  | 1000000 | 859530 |
| TOTAL HEALTH CARE |  | 9146500 |
| Housing - 0.0% |  |  |
| Illinois Housing Dev Auth Series 2019 D, 2.7% 10/1/2034 (IL Hsg Revenue Bonds 3/1/2016 Guaranteed)  | 115000 | 106985 |
| Illinois Housing Development Authority (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2021 B, 3% 4/1/2051  | 420000 | 413590 |
| TOTAL HOUSING |  | 520575 |
| Special Tax - 2.0% |  |  |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2038  | 3230000 | 3596297 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2042  | 1120000 | 1203234 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2035 (f) | 420000 | 292882 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2028 (National Public Finance Guarantee Corporation Insured) (f) | 1200000 | 1110437 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2032 (National Public Finance Guarantee Corporation Insured) (f) | 30000 | 24202 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2035 (National Public Finance Guarantee Corporation Insured) (f) | 240000 | 171247 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2036 (National Public Finance Guarantee Corporation Insured) (f) | 2280000 | 1547231 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2040 (f) | 1725000 | 946383 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2043 (Assured Guaranty Inc Insured) (f) | 610000 | 281750 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2044 (Assured Guaranty Inc Insured) (f) | 1680000 | 728987 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2047 (Assured Guaranty Inc Insured) (f) | 155000 | 56125 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 4% 12/15/2047  | 5000000 | 4433269 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2020A, 4% 6/15/2050  | 1170000 | 1016701 |
| Sales Tax Securitization Corp Series 2023C, 5% 1/1/2031  | 1000000 | 1092296 |
| Sales Tax Securitization Corp Series 2024 A, 5% 1/1/2037  | 3835000 | 4222561 |
| Sales Tax Securitization Corp Series 2024A, 5% 1/1/2040  | 1000000 | 1080468 |
| TOTAL SPECIAL TAX |  | 21804070 |
| Transportation - 0.9% |  |  |
| Chicago IL Midway Arpt Rev Series 2025 A, 5% 1/1/2030 (c) | 1215000 | 1297774 |
| Chicago IL Midway Arpt Rev Series B, 4% 1/1/2035  | 200000 | 200000 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022 C, 5% 1/1/2040 (c) | 1850000 | 1934909 |
| Chicago IL O'Hare Intl Arpt Rev Series 2023, 5% 1/1/2038 (Build America Mutual Assurance Co Insured)  | 1000000 | 1096100 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5% 1/1/2036 (c) | 300000 | 329388 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5% 1/1/2039 (c) | 665000 | 714604 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5.25% 1/1/2040 (c) | 1715000 | 1885417 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) 5% 7/1/2038 (c) | 50000 | 50862 |
| Illinois Finance Authority (Centerpoint Term Rr Proj.) Series 2017, 4.8% tender 12/1/2043 (b)(c)(d) | 2000000 | 2064469 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 A, 5% 1/1/2044  | 105000 | 107927 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2040  | 220000 | 234008 |
| TOTAL TRANSPORTATION |  | 9915458 |
| TOTAL ILLINOIS |  | 94898428 |
| Indiana - 1.2%  |  |  |
| Education - 0.4% |  |  |
| Indiana Fin Auth Edl Facs Rev (Depauw University Proj.) Series 2022A, 5% 7/1/2030  | 1130000 | 1197572 |
| Indiana Fin Auth Edl Facs Rev (Depauw University Proj.) Series 2022A, 5% 7/1/2031  | 1990000 | 2128921 |
| Indiana Fin Auth Edl Facs Rev (Depauw University Proj.) Series 2022A, 5% 7/1/2047  | 1055000 | 1039451 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2019, 4% 4/1/2046  | 215000 | 199440 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 5% 4/1/2030  | 105000 | 112107 |
| TOTAL EDUCATION |  | 4677491 |
| Electric Utilities - 0.0% |  |  |
| Indiana St Fin Auth Environmental Facs Rev (Indianapolis Pwr & Lt Co Proj.) 0.75% tender 12/1/2038 (b) | 50000 | 49643 |
| Indiana St Fin Auth Environmental Facs Rev (Indianapolis Pwr & Lt Co Proj.) 0.95% tender 12/1/2038 (b)(c) | 100000 | 99335 |
| TOTAL ELECTRIC UTILITIES |  | 148978 |
| General Obligations - 0.3% |  |  |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5.25% 1/15/2044 (Build America Mutual Assurance Co Insured)  | 1000000 | 1081582 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5.25% 7/15/2038 (Build America Mutual Assurance Co Insured)  | 835000 | 953445 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5.25% 1/15/2044 (Build America Mutual Assurance Co Insured)  | 1150000 | 1243819 |
| TOTAL GENERAL OBLIGATIONS |  | 3278846 |
| Health Care - 0.2% |  |  |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 4.25% 3/1/2049  | 135000 | 125137 |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) Series 2016 A, 4% 11/1/2051  | 1860000 | 1667995 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2030  | 50000 | 50709 |
| TOTAL HEALTH CARE |  | 1843841 |
| Housing - 0.1% |  |  |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 3% 1/1/2052  | 805000 | 791460 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 3% 7/1/2050  | 70000 | 69128 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2020 A, 3.75% 1/1/2049  | 165000 | 165163 |
| TOTAL HOUSING |  | 1025751 |
| Industrial Development - 0.1% |  |  |
| Whiting Ind Environmental Facs (Bp Products North America Inc Proj.) Series 2019A, 5% tender 12/1/2044 (BP PLC Guaranteed) (b)(c) | 695000 | 701395 |
| Special Tax - 0.0% |  |  |
| Northern Indiana Commuter Transportation District Series 2024, 5% 1/1/2054  | 360000 | 374215 |
| Water & Sewer - 0.1% |  |  |
| Indiana Finance Authority Series 2021 2, 5% 10/1/2041  | 1000000 | 1057949 |
| TOTAL INDIANA |  | 13108466 |
| Iowa - 0.6%  |  |  |
| Education - 0.4% |  |  |
| Iowa Higher Ed Ln Auth Rev (Dubuque University IA Proj.) Series 2025, 6% 10/1/2055  | 3000000 | 3132833 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) 4.5% 12/1/2045 (c) | 550000 | 566841 |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) Series 2019 B, 5% 12/1/2027 (c) | 155000 | 159693 |
| TOTAL EDUCATION |  | 3859367 |
| Tobacco Bonds - 0.2% |  |  |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 4% 6/1/2040  | 425000 | 407715 |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 5% 6/1/2027  | 250000 | 257138 |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 5% 6/1/2028  | 500000 | 524273 |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 5% 6/1/2029  | 600000 | 639411 |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 5% 6/1/2030  | 700000 | 755593 |
| TOTAL TOBACCO BONDS |  | 2584130 |
| TOTAL IOWA |  | 6443497 |
| Kansas - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Garden City Kans Gen. Oblig. 3% 11/1/2040  | 500000 | 449022 |
| Kentucky - 1.5%  |  |  |
| Education - 0.2% |  |  |
| University of Kentucky (University of Kentucky Proj.) Series 2025A, 5% 4/1/2036  | 615000 | 699279 |
| University of Kentucky (University of Kentucky Proj.) Series 2025A, 5% 4/1/2037  | 580000 | 653694 |
| University of Kentucky (University of Kentucky Proj.) Series 2025A, 5% 4/1/2038  | 800000 | 895850 |
| University of Kentucky (University of Kentucky Proj.) Series 2025A, 5% 4/1/2039  | 210000 | 234328 |
| TOTAL EDUCATION |  | 2483151 |
| Electric Utilities - 0.1% |  |  |
| Carroll Cnty KY Pollution Ctl Rev (Kentucky Utilities Co Proj.) Series 2016 A, 1.55% tender 9/1/2042 (b) | 1000000 | 984302 |
| General Obligations - 1.0% |  |  |
| Fayette County School District/KY Series 2025 A, 5.25% 6/1/2045 (Build America Mutual Assurance Co Insured)  | 3785000 | 4054609 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2020 A, 4% tender 12/1/2050 (BP PLC Guaranteed) (b) | 1505000 | 1517757 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024 A1, 5% 2/1/2030 (Morgan Stanley Guaranteed)  | 755000 | 800557 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024 A1, 5% 2/1/2031 (Morgan Stanley Guaranteed)  | 805000 | 863862 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024 A1, 5% 2/1/2032 (Morgan Stanley Guaranteed)  | 600000 | 645163 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2026  | 80000 | 80629 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2029  | 85000 | 89569 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2032 (Build America Mutual Assurance Co Insured)  | 20000 | 21025 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2033 (Build America Mutual Assurance Co Insured)  | 15000 | 15742 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2034 (Build America Mutual Assurance Co Insured)  | 20000 | 20938 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2035  | 10000 | 10444 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2036  | 10000 | 10428 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2038  | 1000000 | 1038469 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 4% 11/1/2035  | 600000 | 609321 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2029  | 150000 | 159640 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2043  | 1335000 | 1436086 |
| TOTAL GENERAL OBLIGATIONS |  | 11374239 |
| Health Care - 0.2% |  |  |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 4% 2/1/2037  | 175000 | 173445 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) Series 2016 A, 4% 2/1/2036  | 300000 | 300030 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) Series 2019, 3% 2/1/2040 (Assured Guaranty Inc Insured)  | 370000 | 337651 |
| Kentucky Econ Dev Fin Auth (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2030  | 345000 | 368948 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (b) | 85000 | 90790 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (b) | 70000 | 70929 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2020A, 3% 10/1/2043  | 1230000 | 982193 |
| TOTAL HEALTH CARE |  | 2323986 |
| TOTAL KENTUCKY |  | 17165678 |
| Louisiana - 0.3%  |  |  |
| Education - 0.0% |  |  |
| Louisiana Pub Facs Auth Rev (Tulane Univ, LA Proj.) Series 2016 A, 5% 12/15/2028  | 15000 | 15312 |
| Louisiana Pub Facs Rev (Tulane Univ, LA Proj.) 5% 12/15/2032  | 165000 | 171363 |
| TOTAL EDUCATION |  | 186675 |
| Health Care - 0.0% |  |  |
| Louisiana Pub Facs Auth Rev (Ochsner Clinic Foundation Proj.) Series 2015, 5% 5/15/2047  | 195000 | 195042 |
| Louisiana Pub Facs Rev (Christus Health Proj.) Series 2018 E, 5% 7/1/2038  | 100000 | 104335 |
| Louisiana Pub Facs Rev (Ochsner Clinic Foundation Proj.) Series 2017, 5% 5/15/2027  | 115000 | 118137 |
| TOTAL HEALTH CARE |  | 417514 |
| Housing - 0.0% |  |  |
| Louisiana Hsg Corp Single Family Mtg Rev (LA Home Ownership Proj.) 5.75% 12/1/2053  | 220000 | 239729 |
| Transportation - 0.3% |  |  |
| New Orleans LA Aviation Board Series 2017 B, 5% 1/1/2048 (c) | 2000000 | 2000400 |
| TOTAL LOUISIANA |  | 2844318 |
| Maine - 0.2%  |  |  |
| Education - 0.0% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2029  | 10000 | 10279 |
| General Obligations - 0.2% |  |  |
| Auburn ME 2.375% 11/1/2040  | 2300000 | 1723627 |
| Auburn ME Series 2021, 2% 11/1/2036  | 500000 | 401187 |
| TOTAL GENERAL OBLIGATIONS |  | 2124814 |
| Health Care - 0.0% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (Northern Light Health Proj.) Series 2016A, 4% 7/1/2041  | 85000 | 72290 |
| TOTAL MAINE |  | 2207383 |
| Maryland - 1.1%  |  |  |
| Education - 0.1% |  |  |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 5% 6/1/2029  | 370000 | 387917 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 5% 6/1/2030  | 745000 | 790676 |
| TOTAL EDUCATION |  | 1178593 |
| General Obligations - 0.6% |  |  |
| Charles Cnty MD Gen. Oblig. Series 2020, 2.125% 10/1/2044  | 505000 | 343476 |
| Charles Cnty MD Gen. Oblig. Series 2020, 2.25% 10/1/2045  | 515000 | 348810 |
| Charles Cnty MD Gen. Oblig. Series 2020, 2.25% 10/1/2046  | 525000 | 347731 |
| Charles Cnty MD Gen. Oblig. Series 2020, 2.25% 10/1/2047  | 540000 | 351177 |
| Charles Cnty MD Gen. Oblig. Series 2020, 2.25% 10/1/2048  | 550000 | 352229 |
| Charles Cnty MD Gen. Oblig. Series 2020, 2.25% 10/1/2049  | 560000 | 353342 |
| Charles Cnty MD Gen. Oblig. Series 2020, 2.25% 10/1/2050  | 570000 | 353986 |
| Frederick Cnty MD Gen. Oblig. Series 2021 A, 1.5% 10/1/2033  | 1005000 | 855310 |
| Prince Georges Cty MD Ctf Part (Prince Georges County MD Proj.) 5% 10/1/2026  | 1650000 | 1679519 |
| State of Maryland Gen. Oblig. 4% 3/1/2028  | 1000000 | 1031929 |
| TOTAL GENERAL OBLIGATIONS |  | 6017509 |
| Health Care - 0.2% |  |  |
| Maryland Health & Higher Educational Facilities Authority (Greater Baltimore Med Ctr, MD Proj.) Series 2021 A, 2.5% 7/1/2051  | 1210000 | 771867 |
| Maryland Health & Higher Educational Facilities Authority (Greater Baltimore Med Ctr, MD Proj.) Series 2021 A, 3% 7/1/2046  | 1265000 | 968119 |
| Maryland Health & Higher Educational Facilities Authority (Greater Baltimore Med Ctr, MD Proj.) Series 2021 A, 3% 7/1/2051  | 915000 | 654750 |
| TOTAL HEALTH CARE |  | 2394736 |
| Housing - 0.0% |  |  |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) 3.5% 3/1/2050  | 335000 | 334145 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) 5% 9/1/2028  | 115000 | 121339 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) Series 2019 B, 4% 9/1/2049  | 40000 | 40443 |
| TOTAL HOUSING |  | 495927 |
| Special Tax - 0.0% |  |  |
| State of Maryland Built to Learn Revenue Series 2021, 4% 6/1/2046  | 180000 | 168212 |
| Transportation - 0.2% |  |  |
| Maryland St Transn Auth Transn Series 2020, 5% 7/1/2040  | 2000000 | 2124672 |
| MD St Econ Dev Corp Air Cargo (Afco Airport Real Estate Group, LLC Proj.) Series 2019, 5% 7/1/2026 (c) | 230000 | 231821 |
| TOTAL TRANSPORTATION |  | 2356493 |
| TOTAL MARYLAND |  | 12611470 |
| Massachusetts - 1.8%  |  |  |
| Education - 0.6% |  |  |
| Massachusetts Development Finance Agency (Boston College,Ma Proj.) Series 2021 V, 5% 7/1/2055  | 1245000 | 1357551 |
| Massachusetts Development Finance Agency (Lasell College Proj.) Series 2021, 4% 7/1/2026  | 240000 | 239754 |
| Massachusetts Development Finance Agency (Lasell College Proj.) Series 2021, 4% 7/1/2027  | 255000 | 254304 |
| Massachusetts Development Finance Agency (Lasell College Proj.) Series 2021, 4% 7/1/2028  | 325000 | 323596 |
| Massachusetts Development Finance Agency (Lasell College Proj.) Series 2021, 4% 7/1/2029  | 340000 | 338125 |
| Massachusetts Development Finance Agency (Lasell College Proj.) Series 2021, 4% 7/1/2030  | 355000 | 351835 |
| Massachusetts Development Finance Agency (Lasell College Proj.) Series 2021, 4% 7/1/2031  | 370000 | 365518 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) 4% 10/1/2050  | 490000 | 346335 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) 5% 10/1/2045  | 370000 | 324743 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) 4% 7/1/2045  | 480000 | 414435 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2019, 5% 7/1/2027  | 440000 | 447006 |
| Massachusetts St Dev Fin Agy Rev (Emerson College, MA Proj.) Series 2016A, 5% 1/1/2031  | 40000 | 40569 |
| Massachusetts St Dev Fin Agy Rev (Emerson College, MA Proj.) Series 2017A, 5% 1/1/2036  | 325000 | 331357 |
| Massachusetts St Dev Fin Agy Rev (Emerson College, MA Proj.) Series 2017A, 5% 1/1/2037  | 1050000 | 1068148 |
| Massachusetts St Dev Fin Agy Rev (Suffolk Univ, MA Proj.) Series 2017, 5% 7/1/2036  | 275000 | 276927 |
| TOTAL EDUCATION |  | 6480203 |
| General Obligations - 0.6% |  |  |
| Massachusetts St Gen. Oblig. 5% 1/1/2049  | 2000000 | 2034795 |
| Massachusetts St Gen. Oblig. 5.25% 10/1/2047  | 2000000 | 2120599 |
| Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2049  | 345000 | 351603 |
| Massachusetts St Gen. Oblig. Series 2020 E, 5% 11/1/2050  | 1640000 | 1684005 |
| TOTAL GENERAL OBLIGATIONS |  | 6191002 |
| Health Care - 0.0% |  |  |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2026  | 165000 | 166633 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2027  | 195000 | 201033 |
| Massachusetts St Dev Fin Agy Rev (Lawrence General Hospital MA Proj.) Series 2014A, 5.25% 7/1/2034  | 40000 | 37708 |
| Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) 5% 7/1/2030  | 195000 | 196265 |
| TOTAL HEALTH CARE |  | 601639 |
| Special Tax - 0.3% |  |  |
| Mass Bay Tran Auth Sls Tax Series 2021 A 1, 5% 7/1/2035  | 820000 | 911317 |
| Massachusetts St Transn Fd Rev Series 2021 B, 5% 6/1/2026  | 350000 | 353563 |
| Massachusetts St Transn Fd Rev Series 2021 B, 5% 6/1/2027  | 500000 | 517409 |
| Massachusetts St Transn Fd Rev Series 2021 B, 5% 6/1/2041  | 1250000 | 1287302 |
| TOTAL SPECIAL TAX |  | 3069591 |
| Transportation - 0.3% |  |  |
| Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 5% 7/1/2049 (c) | 230000 | 231654 |
| Massachusetts St Port Auth Rev 5% 7/1/2041 (c) | 1000000 | 1049665 |
| Massachusetts St Port Auth Rev 5% 7/1/2046 (c) | 290000 | 296380 |
| Massachusetts St Port Auth Rev 5% 7/1/2051 (c) | 1000000 | 1011061 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2040 (c) | 500000 | 518809 |
| TOTAL TRANSPORTATION |  | 3107569 |
| TOTAL MASSACHUSETTS |  | 19450004 |
| Michigan - 1.4%  |  |  |
| Education - 0.3% |  |  |
| Michigan Finance Authority (Calvin University Proj.) 4% 9/1/2031  | 665000 | 685791 |
| Michigan Finance Authority (Calvin University Proj.) 5% 9/1/2032  | 690000 | 753189 |
| Michigan Finance Authority (Calvin University Proj.) 5% 9/1/2033  | 650000 | 704456 |
| Michigan Finance Authority (Calvin University Proj.) 5% 9/1/2036  | 505000 | 541406 |
| University MI Univ Revs Series 2020 A, 5% 4/1/2050  | 1000000 | 1032571 |
| TOTAL EDUCATION |  | 3717413 |
| General Obligations - 0.0% |  |  |
| Grand Rapids MI Pub Schs Series 2019, 5% 11/1/2026 (Assured Guaranty Inc Insured)  | 180000 | 183524 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) 3% 10/15/2045  | 350000 | 278438 |
| TOTAL GENERAL OBLIGATIONS |  | 461962 |
| Health Care - 0.1% |  |  |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 4% 7/1/2041  | 140000 | 130699 |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 5% 7/1/2027  | 265000 | 269490 |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) 3% 7/1/2051  | 395000 | 279953 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 5% 11/15/2026  | 160000 | 162922 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series MI 2019 A, 3% 12/1/2049  | 555000 | 397246 |
| Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2032  | 10000 | 10432 |
| TOTAL HEALTH CARE |  | 1250742 |
| Housing - 0.0% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 3.5% 12/1/2050  | 340000 | 339332 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2021 A, 2.45% 10/1/2046  | 555000 | 381258 |
| TOTAL HOUSING |  | 720590 |
| Special Tax - 0.0% |  |  |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 5% 11/1/2043  | 50000 | 51170 |
| Tobacco Bonds - 0.1% |  |  |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 4% 6/1/2049  | 135000 | 116290 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) Series 2020 A 2, 5% 6/1/2040  | 1105000 | 1126048 |
| TOTAL TOBACCO BONDS |  | 1242338 |
| Transportation - 0.5% |  |  |
| Wayne Cnty Mich Arpt Auth Rev Series 2018D, 5% 12/1/2029 (c) | 85000 | 89190 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5% 12/1/2034 (c) | 350000 | 390473 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5% 12/1/2035 (c) | 550000 | 615083 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5.25% 12/1/2036 (c) | 350000 | 399065 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5.25% 12/1/2037 (c) | 385000 | 435044 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5.25% 12/1/2038 (c) | 450000 | 505122 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5.25% 12/1/2039 (c) | 735000 | 818541 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5.25% 12/1/2040 (c) | 790000 | 870942 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2029  | 45000 | 46940 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2042 (c) | 150000 | 151516 |
| TOTAL TRANSPORTATION |  | 4321916 |
| Water & Sewer - 0.4% |  |  |
| Great Lakes Sewer Auth Mich Series 2025 B, 5% 7/1/2035  | 2845000 | 3310956 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series D, 5% 7/1/2027  | 100000 | 101115 |
| TOTAL WATER & SEWER |  | 3412071 |
| TOTAL MICHIGAN |  | 15178202 |
| Minnesota - 0.7%  |  |  |
| Education - 0.4% |  |  |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2030  | 500000 | 517823 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2045  | 30000 | 29206 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2023, 4.25% 10/1/2038  | 300000 | 294038 |
| Minnesota Higher Ed Facs Auth Rev (University of St Thomas, MN Proj.) Series 2024A, 5% 10/1/2049  | 4000000 | 4101098 |
| TOTAL EDUCATION |  | 4942165 |
| General Obligations - 0.2% |  |  |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020B, 4% 8/1/2039  | 2050000 | 2069976 |
| Health Care - 0.0% |  |  |
| Maple Grove MN Health Care Sys Rev (North Memorial Med Center, MN Proj.) Series 2015, 5% 9/1/2026  | 60000 | 60043 |
| Housing - 0.0% |  |  |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 F, 5.75% 7/1/2053  | 125000 | 132826 |
| Transportation - 0.1% |  |  |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2034 (c) | 210000 | 229861 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2037 (c) | 520000 | 559277 |
| TOTAL TRANSPORTATION |  | 789138 |
| TOTAL MINNESOTA |  | 7994148 |
| Mississippi - 0.8%  |  |  |
| Education - 0.0% |  |  |
| Jackson St Univ Edl Bldg Corp MS Rev Series 2021 A, 1.40% 3/1/2034 (Build America Mutual Assurance Co Insured) (b) | 490000 | 424335 |
| General Obligations - 0.8% |  |  |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2030  | 250000 | 272915 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2031  | 500000 | 554744 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2032  | 500000 | 562157 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2033  | 575000 | 653230 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2034  | 375000 | 429691 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2035  | 500000 | 576577 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2036  | 700000 | 800426 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2037  | 625000 | 708338 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2038  | 625000 | 702927 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2039  | 850000 | 949408 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5.25% 6/1/2040  | 750000 | 841094 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5.25% 6/1/2041  | 665000 | 737691 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5.25% 6/1/2042  | 850000 | 932488 |
| TOTAL GENERAL OBLIGATIONS |  | 8721686 |
| Health Care - 0.0% |  |  |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) Series 2020 II, 5% tender 10/1/2040 (b) | 80000 | 81451 |
| TOTAL MISSISSIPPI |  | 9227472 |
| Missouri - 0.7%  |  |  |
| General Obligations - 0.1% |  |  |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2038  | 1000000 | 1083597 |
| Health Care - 0.1% |  |  |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series 2021, 4% 3/1/2041  | 250000 | 250448 |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2036  | 105000 | 106764 |
| Missouri Hlth & Edl Facs Rev (St Lukes Hospital,Kan City, MO Proj.) 5% 11/15/2043  | 1000000 | 1018726 |
| St Louis Cnty MO Indl Dev Auth Sr Living Facs Rev (Friendship Village of West County Proj.) Series 2018A, 5.125% 9/1/2048  | 25000 | 24232 |
| TOTAL HEALTH CARE |  | 1400170 |
| Housing - 0.1% |  |  |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2019B, 4% 5/1/2050  | 10000 | 10050 |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2021 A, 3% 5/1/2052  | 320000 | 315320 |
| Missouri St Hsg Dev Commn Single Family Mtg Rev (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2025F, 5.05% 11/1/2055  | 830000 | 834092 |
| TOTAL HOUSING |  | 1159462 |
| Industrial Development - 0.1% |  |  |
| Missouri Development Finance Board (Procter & Gamble Co/The Proj.) 5.2% 3/15/2029 (c) | 1170000 | 1241858 |
| Transportation - 0.2% |  |  |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 4% 3/1/2045 (c) | 1780000 | 1616449 |
| St Louis MO Arpt Rev 5.25% 7/1/2026 (Assured Guaranty Inc Insured)  | 570000 | 577472 |
| TOTAL TRANSPORTATION |  | 2193921 |
| Water & Sewer - 0.1% |  |  |
| Kansas City MO Wtr Rev 4% 12/1/2044  | 1200000 | 1187253 |
| TOTAL MISSOURI |  | 8266261 |
| Montana - 0.3%  |  |  |
| Health Care - 0.0% |  |  |
| Montana Fac Fin Auth Health Facs Rev (Bozeman Health Proj.) Series 2021 A, 3% 6/1/2050  | 575000 | 414222 |
| Montana Facility Fin Auth Rev (Benefis Health System Proj.) Series 2016, 5% 2/15/2032  | 30000 | 30613 |
| TOTAL HEALTH CARE |  | 444835 |
| Housing - 0.3% |  |  |
| Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) Series 2019B, 4% 6/1/2050  | 5000 | 5046 |
| Montana St Brd Hsg Single Family Mtg Series 2025B, 6% 12/1/2055  | 2385000 | 2637255 |
| TOTAL HOUSING |  | 2642301 |
| TOTAL MONTANA |  | 3087136 |
| Nebraska - 1.3%  |  |  |
| Education - 0.0% |  |  |
| Douglas Cnty Neb Edl Facs Rev (Creighton University Proj.) Series 2021 A, 3% 7/1/2051  | 260000 | 185011 |
| Electric Utilities - 0.4% |  |  |
| Omaha Public Power District Series 2025 A, 5% 2/1/2039  | 4055000 | 4617381 |
| General Obligations - 0.6% |  |  |
| Central Plains Energy Proj NE Gas Proj Rev Series 2023 A 1, 5% tender 5/1/2054 (Bank of Montreal Guaranteed) (b) | 2290000 | 2442366 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2025A SUB A 1, 5% tender 8/1/2055 (Royal Bank of Canada Guaranteed) (b) | 3470000 | 3697668 |
| TOTAL GENERAL OBLIGATIONS |  | 6140034 |
| Housing - 0.3% |  |  |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 B, 4% 9/1/2049 (c) | 25000 | 25035 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 E, 3.75% 9/1/2049 (c) | 25000 | 24969 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2020 A, 3.5% 9/1/2050  | 420000 | 418707 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2022 B, 5% 3/1/2026 (c) | 1100000 | 1102848 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2022 B, 5% 3/1/2030 (c) | 400000 | 420427 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2022 B, 5% 9/1/2026 (c) | 1140000 | 1152433 |
| TOTAL HOUSING |  | 3144419 |
| TOTAL NEBRASKA |  | 14086845 |
| Nevada - 1.3%  |  |  |
| General Obligations - 0.4% |  |  |
| Clark Cnty NV School Dist Series 2024 B, 3% 6/15/2043  | 3600000 | 3002154 |
| Nevada St Gen. Oblig. Series 2024A, 3% 5/1/2041  | 1110000 | 994053 |
| Washoe Cnty Nev Sch Dist Series 2021, 2.125% 6/1/2043  | 1000000 | 698150 |
| TOTAL GENERAL OBLIGATIONS |  | 4694357 |
| Housing - 0.1% |  |  |
| Nevada Hsg Div Single Family Mtg Rev (NV Single Fam Mort Rev 9/1/2008 Proj.) 3% 10/1/2051  | 1345000 | 1321269 |
| Nevada Hsg Div Single Family Mtg Rev (NV Single Fam Mort Rev 9/1/2008 Proj.) Series 2019 A, 4% 4/1/2049  | 145000 | 145617 |
| Nevada Hsg Div Single Family Mtg Rev (NV Single Fam Mort Rev 9/1/2008 Proj.) Series 2019B, 4% 10/1/2049  | 15000 | 15065 |
| TOTAL HOUSING |  | 1481951 |
| Special Tax - 0.0% |  |  |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2045  | 195000 | 196430 |
| Transportation - 0.8% |  |  |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2049 (c) | 3500000 | 3630031 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5.25% 7/1/2054 (c) | 4000000 | 4119570 |
| TOTAL TRANSPORTATION |  | 7749601 |
| TOTAL NEVADA |  | 14122339 |
| New Hampshire - 0.6%  |  |  |
| General Obligations - 0.0% |  |  |
| Nashua NH Gen. Oblig. 2% 8/1/2039  | 435000 | 337642 |
| Nashua NH Gen. Oblig. 2.125% 8/1/2040  | 440000 | 335299 |
| Nashua NH Gen. Oblig. 2.125% 8/1/2041  | 315000 | 232199 |
| TOTAL GENERAL OBLIGATIONS |  | 905140 |
| Health Care - 0.2% |  |  |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 3% 8/15/2051 (Assured Guaranty Inc Insured)  | 490000 | 358197 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 5% 8/15/2030  | 1405000 | 1523983 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2026  | 105000 | 106231 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2037  | 100000 | 102888 |
| TOTAL HEALTH CARE |  | 2091299 |
| Housing - 0.4% |  |  |
| National Fin Auth NH Hosp Rev (Lihtc 2020-1 Us Proj.) Series 1 Class A, 4.125% 1/20/2034  | 212891 | 216876 |
| National Fin Auth NH Hosp Rev (Lihtc 2023-2 Us Proj.) Series 2 Class A, 3.875% 1/20/2038  | 1577604 | 1523953 |
| New Hampshire Business Finance Authority (Lihtc 2022-2 Us Proj.) Series 2 Class A, 4% 10/20/2036  | 1433783 | 1422562 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2020 2, 2.1% 7/1/2040  | 1000000 | 756405 |
| TOTAL HOUSING |  | 3919796 |
| TOTAL NEW HAMPSHIRE |  | 6916235 |
| New Jersey - 4.3%  |  |  |
| Education - 1.2% |  |  |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2034 (Build America Mutual Assurance Co Insured)  | 200000 | 224280 |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2036 (Build America Mutual Assurance Co Insured)  | 700000 | 775158 |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2037 (Build America Mutual Assurance Co Insured)  | 550000 | 605212 |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2038 (Build America Mutual Assurance Co Insured)  | 575000 | 629335 |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2039 (Build America Mutual Assurance Co Insured)  | 650000 | 707824 |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2042 (Build America Mutual Assurance Co Insured)  | 700000 | 743264 |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2044 (Build America Mutual Assurance Co Insured)  | 855000 | 897124 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2010-1 Proj.) 5% 12/1/2026 (c) | 530000 | 537592 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2018 Proj.) Series 2018 B, 5% 12/1/2026 (c) | 485000 | 491948 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2018 Proj.) Series 2018 B, 5% 12/1/2027 (c) | 850000 | 877334 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020 A, 5% 12/1/2027 (c) | 40000 | 41256 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020B, 5% 12/1/2026 (c) | 205000 | 207937 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020B, 5% 12/1/2027 (c) | 145000 | 149554 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2030 (c) | 3780000 | 4045413 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2031 (c) | 1170000 | 1261856 |
| New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2042 (Build America Mutual Assurance Co Insured)  | 1000000 | 1100656 |
| TOTAL EDUCATION |  | 13295743 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| New Jersey Economic Dev Auth Rev 5% 6/15/2043 (Pre-refunded to 12/15/2028 at 100)  | 470000 | 504966 |
| General Obligations - 2.4% |  |  |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2035  | 90000 | 92208 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2018EEE, 5% 6/15/2028  | 410000 | 433250 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 LLL, 4% 6/15/2044  | 315000 | 300383 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 LLL, 5% 6/15/2044  | 180000 | 185397 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series A, 4% 11/1/2027  | 370000 | 379625 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2046  | 610000 | 567756 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2040  | 360000 | 376766 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 6/15/2027  | 35000 | 36212 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 6/15/2028  | 40000 | 42268 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 6/15/2043  | 800000 | 820871 |
| New Jersey Educational Facilities Authority (New Jersey St Proj.) Series 2016 B, 4% 9/1/2026  | 500000 | 504574 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2027 (f) | 250000 | 236201 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2033 (Assured Guaranty Inc Insured) (f) | 780000 | 606584 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2034  | 140000 | 145560 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2038  | 185000 | 186893 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2045  | 1535000 | 1450106 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2050  | 1980000 | 1778192 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2032  | 295000 | 327901 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2033  | 1000000 | 1107403 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2040  | 210000 | 222973 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2041  | 4190000 | 4665242 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2050  | 1310000 | 1374242 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2055  | 2765000 | 2881868 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2032  | 100000 | 106050 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 5% 6/15/2033  | 1000000 | 1059047 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2039  | 720000 | 723312 |
| New Jersey Trans Trust Fund Auth Series 2022 BB, 4% 6/15/2046  | 1385000 | 1292594 |
| New Jersey Trans Trust Fund Auth Series 2022 BB, 4% 6/15/2050  | 1000000 | 898077 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2033  | 250000 | 281340 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2036  | 1460000 | 1618050 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2032  | 495000 | 561112 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2032  | 470000 | 532773 |
| TOTAL GENERAL OBLIGATIONS |  | 25794830 |
| Health Care - 0.0% |  |  |
| New Jersey Econom Dev Auth Rev (Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% (d) | 100000 | 77760 |
| New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 4% 7/1/2048  | 100000 | 86094 |
| TOTAL HEALTH CARE |  | 163854 |
| Tobacco Bonds - 0.2% |  |  |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 5.25% 6/1/2046  | 1915000 | 1907367 |
| Tobacco Settlement Fin Corp NJ Series 2018B, 5% 6/1/2046  | 435000 | 422249 |
| TOTAL TOBACCO BONDS |  | 2329616 |
| Transportation - 0.5% |  |  |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2027  | 160000 | 161602 |
| New Jersey Turnpike Authority 5% 1/1/2028  | 840000 | 880388 |
| New Jersey Turnpike Authority 5% 1/1/2028  | 170000 | 173743 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2042  | 1450000 | 1567324 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2045  | 1800000 | 1906949 |
| New Jersey Turnpike Authority Series 2025 C, 5% 1/1/2033  | 370000 | 423153 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2022 A, 5% 11/1/2036 (Build America Mutual Assurance Co Insured)  | 450000 | 501594 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2022 A, 5% 11/1/2040  | 150000 | 160417 |
| TOTAL TRANSPORTATION |  | 5775170 |
| TOTAL NEW JERSEY |  | 47864179 |
| New Jersey,New York - 0.2%  |  |  |
| Transportation - 0.2% |  |  |
| Port Auth NY & NJ 5% 10/15/2030 (c) | 1100000 | 1198764 |
| Port Auth NY & NJ Series 202, 5% 10/15/2029 (c) | 500000 | 512189 |
| TOTAL NEW JERSEY,NEW YORK |  | 1710953 |
| New Mexico - 0.1%  |  |  |
| Education - 0.1% |  |  |
| New Mexico Edl Assistnce Fndtn Series 2021 1A, 5% 9/1/2026 (c) | 1045000 | 1054341 |
| New Mexico Edl Assistnce Fndtn Series 2021 1A, 5% 9/1/2027 (c) | 350000 | 357629 |
| TOTAL EDUCATION |  | 1411970 |
| Health Care - 0.0% |  |  |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2034  | 5000 | 5124 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2039  | 5000 | 5037 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2044  | 5000 | 4881 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2049  | 15000 | 13929 |
| TOTAL HEALTH CARE |  | 28971 |
| Housing - 0.0% |  |  |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2019 D, 3.75% 1/1/2050  | 20000 | 20022 |
| New Mexico Mtg Fin Auth (NM Single Family Mortgage Proj.) Series 2019 C, 4% 1/1/2050  | 85000 | 85380 |
| TOTAL HOUSING |  | 105402 |
| TOTAL NEW MEXICO |  | 1546343 |
| New York - 7.2%  |  |  |
| Education - 0.2% |  |  |
| Monroe Cnty NY Indl Dev Corp (University of Rochester, NY Proj.) Series 2015B, 4% 7/1/2035  | 5000 | 5000 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2032  | 1250000 | 1347812 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2037  | 110000 | 115101 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2042  | 310000 | 314790 |
| Onondaga NY Civic Dev Corp (Le Moyne College Proj.) Series 2015, 5% 7/1/2027  | 295000 | 295321 |
| TOTAL EDUCATION |  | 2078024 |
| Electric Utilities - 0.0% |  |  |
| Long Island Pwr Auth NY Elec 1.5% tender 9/1/2051 (b) | 500000 | 494271 |
| General Obligations - 0.5% |  |  |
| City of New York NY Gen. Oblig. Series E, 5% 8/1/2030  | 1025000 | 1039148 |
| City of New York NY Gen. Oblig. Series FISCAL2024A, 5% 8/1/2041  | 1135000 | 1220383 |
| New York Energy Finance Development Corp Series 2025, 5% tender 7/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 2380000 | 2521092 |
| New York NY City Edl Constr Fd (City of New York NY Proj.) Series 2021 B, 5% 4/1/2046  | 675000 | 691485 |
| New York NY City Edl Constr Fd (City of New York NY Proj.) Series 2021 B, 5% 4/1/2052  | 520000 | 528605 |
| TOTAL GENERAL OBLIGATIONS |  | 6000713 |
| Health Care - 0.1% |  |  |
| New York St Dorm Auth Revs Non St Supported Debt (Montefiore Medical Center Proj.) Series 2020A, 4% 9/1/2037  | 350000 | 333108 |
| New York St Dorm Auth Revs Non St Supported Debt (Montefiore Medical Center Proj.) Series 2020A, 4% 9/1/2039  | 700000 | 647944 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 5% 12/1/2029 (Assured Guaranty Inc Insured)  | 600000 | 604925 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 5.125% 11/1/2041 (d) | 100000 | 83252 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 5.375% 11/1/2054 (d) | 100000 | 75832 |
| TOTAL HEALTH CARE |  | 1745061 |
| Housing - 0.9% |  |  |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 A2, 3.625% tender 11/1/2063 (b) | 1485000 | 1497859 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 B 2, 3.7% tender 5/1/2064 (b) | 2570000 | 2605528 |
| New York St Hsg Fin Agy 1.1% tender 11/1/2061 (b) | 580000 | 559845 |
| New York St Hsg Fin Agy Series 2023 C2, 3.8% tender 11/1/2062 (b) | 3120000 | 3121102 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2020A 1 B, 5% 5/1/2030  | 490000 | 528729 |
| State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 221, 3.5% 10/1/2032 (c) | 15000 | 14939 |
| State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 239, 3.25% 10/1/2051  | 690000 | 681852 |
| TOTAL HOUSING |  | 9009854 |
| Industrial Development - 0.0% |  |  |
| MTA Hudson Rail Yards Trust Series 2016 A, 5% 11/15/2056  | 100000 | 99996 |
| Other - 0.3% |  |  |
| New York City Trust Cultural Resources Rev (American Museum of Natural History/The Proj.) Series 2024 A, 5% 7/15/2035  | 600000 | 704729 |
| New York City Trust Cultural Resources Rev (American Museum of Natural History/The Proj.) Series 2024 A, 5% 7/15/2036  | 625000 | 730070 |
| New York City Trust Cultural Resources Rev (American Museum of Natural History/The Proj.) Series 2024 A, 5% 7/15/2037  | 875000 | 1016219 |
| New York City Trust Cultural Resources Rev (American Museum of Natural History/The Proj.) Series 2024 A, 5% 7/15/2040  | 260000 | 295163 |
| New York City Trust Cultural Resources Rev (Whitney Museum of American Art Proj.) 5% 7/1/2031  | 660000 | 743594 |
| TOTAL OTHER |  | 3489775 |
| Special Tax - 2.6% |  |  |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 5/1/2049  | 1025000 | 1059111 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024 B, 5% 5/1/2039  | 4750000 | 5261821 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024D SUB D 1, 5% 11/1/2029  | 4000000 | 4366896 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2041  | 3915000 | 4249308 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2050  | 765000 | 793861 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 3% 3/15/2050  | 1060000 | 780415 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 3% 2/15/2049  | 1065000 | 793161 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2021 A, 4% 3/15/2038  | 1000000 | 1015367 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2021 E, 4% 3/15/2039  | 1000000 | 1010571 |
| New York State Dormitory Authority (New York State Pit Proj.) Series 2024A, 5.25% 3/15/2052  | 3550000 | 3730928 |
| New York State Urban Development Corp (New York State Pit Proj.) 4% 3/15/2039  | 1000000 | 1008225 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020E, 4% 3/15/2044  | 1435000 | 1369561 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020E, 4% 3/15/2045  | 1350000 | 1257539 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2019 A, 5% 3/15/2037  | 1105000 | 1177048 |
| TOTAL SPECIAL TAX |  | 27873812 |
| Transportation - 1.9% |  |  |
| Metropolitan Transn Auth NY Rv 4% 11/15/2046  | 2050000 | 1870016 |
| Metropolitan Transn Auth NY Rv 4% 11/15/2047  | 150000 | 135860 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 5% 11/15/2030  | 2220000 | 2332463 |
| Metropolitan Transn Auth NY Rv Series 2024A, 5.25% 11/15/2049  | 5000000 | 5235659 |
| Metropolitan Transn Auth NY Rv Series A 1, 5% 11/15/2031  | 100000 | 100724 |
| Metropolitan Transn Auth NY Rv Series C 1, 5% 11/15/2033  | 1000000 | 1016034 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2020, 5% 10/1/2040 (c) | 1000000 | 1013834 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2032 (c) | 380000 | 414938 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2033 (c) | 590000 | 641098 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2034 (c) | 645000 | 697371 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2035 (c) | 325000 | 349290 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2036 (c) | 220000 | 234823 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2037 (c) | 590000 | 625553 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2038 (c) | 1430000 | 1509560 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2039 (c) | 1090000 | 1143221 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2040 (c) | 925000 | 962878 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2041 (c) | 840000 | 867081 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2042 (c) | 420000 | 429822 |
| New York Transportation Development Corp (Jfk Intl Terminal 6 Proj.) 5.5% 12/31/2054 (c) | 625000 | 637562 |
| TOTAL TRANSPORTATION |  | 20217787 |
| Water & Sewer - 0.7% |  |  |
| New York NY Cty Muni Wtr Fin Auth Series 2020 GG1, 5% 6/15/2048  | 1350000 | 1388728 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL2024CC SUB CC1, 5.25% 6/15/2054  | 4650000 | 4890457 |
| New York St Env Facs Corp Rev Series 2021 B, 5% 2/15/2028  | 160000 | 168899 |
| New York St Env Facs Corp Rev Series 2021 B, 5% 2/15/2029  | 100000 | 108186 |
| New York St Env Facs Corp Rev Series 2021 B, 5% 2/15/2030  | 340000 | 376672 |
| New York St Env Facs Corp Rev Series 2021 B, 5% 8/15/2028  | 235000 | 251125 |
| New York St Env Facs Corp Rev Series 2021 B, 5% 8/15/2029  | 200000 | 218953 |
| New York St Env Facs Corp Rev Series 2021 B, 5% 8/15/2030  | 400000 | 447991 |
| TOTAL WATER & SEWER |  | 7851011 |
| TOTAL NEW YORK |  | 78860304 |
| North Carolina - 0.7%  |  |  |
| Health Care - 0.4% |  |  |
| North Carolina Med Care Commn Health Care Facs Rev (Lutheran Retirement Ministries of Alamance County NC Proj.) Series 2021 A, 4% 3/1/2051  | 280000 | 232105 |
| North Carolina Med Care Commn Health Care Facs Rev (Unc Rex Healthcare Proj.) Series 2020 A, 3% 7/1/2045  | 365000 | 292506 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 2.55% tender 6/1/2048 (b) | 300000 | 299484 |
| Unc Health Nash Series 2025, 5% 2/1/2045  | 1300000 | 1339629 |
| Unc Health Nash Series 2025, 5.5% 2/1/2043  | 1130000 | 1229484 |
| Unc Health Nash Series 2025, 5.5% 2/1/2044  | 995000 | 1073999 |
| TOTAL HEALTH CARE |  | 4467207 |
| Transportation - 0.3% |  |  |
| North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2024B, 5% 1/1/2053 (Assured Guaranty Inc Insured)  | 3590000 | 3673558 |
| TOTAL NORTH CAROLINA |  | 8140765 |
| North Dakota - 0.1%  |  |  |
| Education - 0.0% |  |  |
| University North Dakota Ctfs Partn (University ND Univ Revs Proj.) Series 2021 A, 3% 6/1/2061 (Assured Guaranty Inc Insured)  | 790000 | 536694 |
| Housing - 0.1% |  |  |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 3% 1/1/2052  | 140000 | 138268 |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) Series 2021 B, 3% 7/1/2052  | 465000 | 456944 |
| TOTAL HOUSING |  | 595212 |
| TOTAL NORTH DAKOTA |  | 1131906 |
| Ohio - 4.5%  |  |  |
| Education - 1.5% |  |  |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2034 (Build America Mutual Assurance Co Insured)  | 1030000 | 1177093 |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2040 (Build America Mutual Assurance Co Insured)  | 2265000 | 2456469 |
| Kent St Univ Ohio Unv Revs 5% 5/1/2030  | 1495000 | 1504685 |
| Ohio St Higher Ed Fac Comm (Wooster (College Of) Proj.) 5.5% 9/1/2050  | 2000000 | 2092701 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5% 5/1/2045  | 585000 | 595287 |
| Univ Akron Ohio Gen Rcpt 4% 1/1/2027  | 220000 | 222686 |
| Youngstown St Univ Ohio Gen Rcpts Series 2025, 5% 12/15/2045 (Build America Mutual Assurance Co Insured)  | 7235000 | 7550691 |
| TOTAL EDUCATION |  | 15599612 |
| Electric Utilities - 0.1% |  |  |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2032  | 500000 | 563733 |
| American Mun Pwr Solar Series 2019 A, 5% 2/15/2044  | 175000 | 178962 |
| TOTAL ELECTRIC UTILITIES |  | 742695 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Akron Bath Copley Hsp Dist OH 5.25% 11/15/2046 (Pre-refunded to 11/15/2026 at 100)  | 495000 | 506135 |
| Akron Bath Copley Hsp Dist OH Series 2020, 4% 11/15/2038 (Pre-refunded to 11/15/2030 at 100)  | 1500000 | 1600451 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 2106586 |
| General Obligations - 0.3% |  |  |
| State of Ohio Gen. Oblig. Series 2021 A, 5% 3/1/2028  | 140000 | 147635 |
| State of Ohio Gen. Oblig. Series 2021 A, 5% 3/1/2029  | 210000 | 226610 |
| State of Ohio Gen. Oblig. Series 2021 A, 5% 3/1/2030  | 290000 | 319856 |
| State of Ohio Gen. Oblig. Series 2021 B, 5% 2/1/2028  | 205000 | 215755 |
| State of Ohio Gen. Oblig. Series 2021 B, 5% 2/1/2029  | 385000 | 414667 |
| State of Ohio Gen. Oblig. Series 2021 B, 5% 2/1/2030  | 320000 | 352335 |
| State of Ohio Gen. Oblig. Series 2021 C, 5% 3/15/2028  | 275000 | 290264 |
| State of Ohio Gen. Oblig. Series 2021 C, 5% 3/15/2029  | 480000 | 518424 |
| State of Ohio Gen. Oblig. Series 2021 C, 5% 3/15/2030  | 480000 | 529843 |
| State of Ohio Gen. Oblig. Series 2021A, 5% 3/1/2028  | 110000 | 115999 |
| State of Ohio Gen. Oblig. Series 2021A, 5% 3/1/2029  | 160000 | 172655 |
| State of Ohio Gen. Oblig. Series 2021A, 5% 3/1/2030  | 190000 | 209561 |
| TOTAL GENERAL OBLIGATIONS |  | 3513604 |
| Health Care - 0.3% |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 5% 8/1/2026  | 390000 | 395161 |
| Middleburg Heights OH Hosp Rev (Southwest General Hosp Ctr Proj.) Series 2021A, 4% 8/1/2041  | 430000 | 409694 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5% 9/1/2026  | 400000 | 405049 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5% 9/1/2027  | 400000 | 412769 |
| Montgomery Cnty OH Health Care (Solvita Proj.) Series 2024, 5% 9/1/2028  | 340000 | 356945 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2020 A, 5% 1/15/2031  | 300000 | 320989 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) 5% 1/1/2026  | 320000 | 320000 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2019, 5% 2/15/2029  | 100000 | 102625 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2028  | 215000 | 223398 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2029  | 230000 | 241948 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2030  | 245000 | 261071 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2031  | 260000 | 279771 |
| TOTAL HEALTH CARE |  | 3729420 |
| Housing - 0.3% |  |  |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2019B, 4.5% 3/1/2050  | 10000 | 10108 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2021 C, 3.25% 3/1/2051  | 3215000 | 3186463 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2023 B, 6% 3/1/2055  | 350000 | 382620 |
| TOTAL HOUSING |  | 3579191 |
| Special Tax - 0.8% |  |  |
| Cuyahoga Cnty Sales Tax Series 2022A, 4% 1/1/2035  | 8000000 | 8380462 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev (Franklin Cnty OH Proj.) Series 2019, 5% 12/1/2046  | 200000 | 203266 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev (Franklin Cnty OH Proj.) Series 2019, 5% 12/1/2051  | 200000 | 202412 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev Series 2019, 5% 12/1/2044  | 60000 | 60107 |
| TOTAL SPECIAL TAX |  | 8846247 |
| Tobacco Bonds - 0.3% |  |  |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 3% 6/1/2048  | 2105000 | 1489319 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 4% 6/1/2048  | 1300000 | 1122378 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2034  | 370000 | 391200 |
| TOTAL TOBACCO BONDS |  | 3002897 |
| Transportation - 0.6% |  |  |
| Columbus OH Regl Arpt Au Rev 5.25% 1/1/2044 (c) | 5645000 | 5922588 |
| Ohio St Mjr New St Infst Proj Rev Series 2021 1A, 5% 12/15/2028  | 1250000 | 1340175 |
| Ohio St Tpk Commn Tpk Rev 5% 2/15/2032  | 70000 | 79514 |
| Ohio St Tpk Commn Tpk Rev 5% 2/15/2038  | 185000 | 206091 |
| TOTAL TRANSPORTATION |  | 7548368 |
| Water & Sewer - 0.1% |  |  |
| Cleveland OH Wtr Rev Series 2020 FF, 5% 1/1/2028  | 800000 | 838944 |
| TOTAL OHIO |  | 49507564 |
| Oklahoma - 0.0%  |  |  |
| Education - 0.0% |  |  |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2044  | 125000 | 118222 |
| Housing - 0.0% |  |  |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) 6% 3/1/2054  | 65000 | 71251 |
| Transportation - 0.0% |  |  |
| Oklahoma City Okla Airp Trust Series 33, 5% 7/1/2047 (c) | 200000 | 200731 |
| TOTAL OKLAHOMA |  | 390204 |
| Oregon - 0.9%  |  |  |
| General Obligations - 0.6% |  |  |
| Redmond or Gen. Oblig. Series 2025 A, 5% 6/1/2040 (c) | 1000000 | 1081832 |
| Redmond or Gen. Oblig. Series 2025 A, 5.25% 6/1/2041 (c) | 1250000 | 1366907 |
| Redmond or Gen. Oblig. Series 2025 A, 5.25% 6/1/2042 (c) | 1395000 | 1508650 |
| Redmond or Gen. Oblig. Series 2025 A, 5.25% 6/1/2043 (c) | 1075000 | 1150911 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2042 (Oregon St Guaranteed) (f) | 2460000 | 1157491 |
| TOTAL GENERAL OBLIGATIONS |  | 6265791 |
| Health Care - 0.0% |  |  |
| Salem OR Hosp Fac Auth Rev (Salem Health Proj.) Series 2019 A, 3% 5/15/2049  | 850000 | 611955 |
| Housing - 0.1% |  |  |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 2.65% 7/1/2039  | 160000 | 139911 |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 4% 7/1/2050  | 570000 | 572070 |
| TOTAL HOUSING |  | 711981 |
| Special Tax - 0.1% |  |  |
| Oregon St Dept Admin Lottery 5.25% 4/1/2045  | 1220000 | 1340173 |
| Transportation - 0.1% |  |  |
| Port of Portland Arpt Rev 5% 7/1/2036 (c) | 240000 | 254761 |
| Port of Portland Arpt Rev 5% 7/1/2045 (c) | 650000 | 661133 |
| TOTAL TRANSPORTATION |  | 915894 |
| TOTAL OREGON |  | 9845794 |
| Pennsylvania - 5.4%  |  |  |
| Education - 0.0% |  |  |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 3.5% (e) | 170000 | 81600 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4% (e) | 270000 | 129600 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4.25% (e) | 300000 | 144000 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Arcadia University PA Proj.) 5% 4/1/2027  | 300000 | 304591 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2024 1A, 5% 6/1/2029 (c) | 410000 | 430002 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2017, 5% 5/1/2035  | 10000 | 10158 |
| TOTAL EDUCATION |  | 1099951 |
| Electric Utilities - 0.2% |  |  |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH A, 5.25% 8/1/2054 (Assured Guaranty Inc Insured)  | 835000 | 878232 |
| Philadelphia PA Gas Wks Rev Series SIXTEENTH A, 5% 8/1/2032 (Assured Guaranty Inc Insured)  | 1000000 | 1098475 |
| TOTAL ELECTRIC UTILITIES |  | 1976707 |
| General Obligations - 0.9% |  |  |
| Chartiers Valley PA Sch Dist Series 2021 A, 3% 10/15/2049  | 1155000 | 841576 |
| Coatesville PA Area Sch Dist Series 2025, 5.25% 11/15/2041 (Assured Guaranty Inc Insured)  | 1895000 | 2054691 |
| Commonwealth Fing Auth PA Rev (Pennsylvania St Proj.) Series 2020 A, 5% 6/1/2028  | 305000 | 321343 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2026  | 455000 | 460092 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2027  | 500000 | 517041 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2034  | 450000 | 467889 |
| Philadelphia PA Gen. Oblig. Series 2019 A, 5% 8/1/2026  | 220000 | 222951 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 8/1/2030  | 3060000 | 3376295 |
| Philadelphia PA Sch Dist 4% 9/1/2035  | 170000 | 174398 |
| Philadelphia PA Sch Dist 5% 9/1/2026  | 415000 | 421178 |
| Philadelphia PA Sch Dist 5% 9/1/2033  | 315000 | 335690 |
| Philadelphia PA Sch Dist 5% 9/1/2034 (Assured Guaranty Inc Insured)  | 80000 | 85634 |
| Philadelphia PA Sch Dist Series B, 5% 9/1/2043  | 50000 | 51168 |
| State Pub Sch Bldg Auth PA Lease Rev (Philadelphia PA Sch Dist Proj.) Series 2016 A, 5% 6/1/2032 (Assured Guaranty Inc Insured)  | 315000 | 319985 |
| TOTAL GENERAL OBLIGATIONS |  | 9649931 |
| Health Care - 0.5% |  |  |
| Doylestown PA Hosp Auth Hosp (Univ of Penn Health Systems Proj.) Series 2024, 5.375% 7/1/2039 (d) | 2575000 | 2837134 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 4% 7/15/2037  | 40000 | 36598 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2036  | 500000 | 501942 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) Series 2020, 4% 7/15/2045  | 500000 | 389645 |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2017 A 1, 5% 2/15/2045  | 100000 | 100609 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2040  | 330000 | 291174 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2044  | 185000 | 165865 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2018A, 4% 8/15/2048  | 195000 | 170005 |
| Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 A, 5% 9/1/2042  | 760000 | 765848 |
| Southcentral PA Gen Auth Rev (UPMC Proj.) Series 2015, 5% 12/1/2028  | 45000 | 45047 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 4% 6/1/2044  | 50000 | 46865 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 4% 6/1/2049  | 115000 | 102594 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 5% 6/1/2049  | 135000 | 136345 |
| TOTAL HEALTH CARE |  | 5589671 |
| Housing - 0.8% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2026  | 600000 | 609833 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2027 (c) | 1160000 | 1192925 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2027  | 450000 | 467047 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2029  | 1000000 | 1073763 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2030  | 695000 | 760135 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 4/1/2026  | 1100000 | 1105904 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 4/1/2027  | 500000 | 513443 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 4/1/2028  | 465000 | 486659 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 4/1/2029  | 480000 | 510772 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 4/1/2030  | 1010000 | 1095561 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2022 138, 5% 10/1/2028  | 475000 | 501989 |
| TOTAL HOUSING |  | 8318031 |
| Transportation - 2.9% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2056 (c) | 1280000 | 1280150 |
| Pennsylvania Turnpike Commission 5.25% 12/1/2055  | 2215000 | 2364179 |
| Pennsylvania Turnpike Commission Series 2021 A, 4% 12/1/2050  | 1000000 | 924600 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2028  | 625000 | 665338 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2029  | 1000000 | 1086213 |
| Pennsylvania Turnpike Commission Series 2024 A, 5% 12/1/2044  | 7405000 | 7913566 |
| Pennsylvania Turnpike Commission Series 2024, 5% 12/1/2044  | 5580000 | 5986502 |
| Pennsylvania Turnpike Commission Series FIRST 2024, 5% 12/1/2039  | 1000000 | 1125319 |
| Philadelphia PA Airport Rev Series 2017 B, 5% 7/1/2035 (c) | 50000 | 51042 |
| Philadelphia PA Airport Rev Series 2020 C, 5% 7/1/2029 (c) | 595000 | 636886 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2026 (c) | 2920000 | 2948905 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2027 (c) | 4020000 | 4135437 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2028 (c) | 425000 | 446478 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2034 (c) | 1000000 | 1088570 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2035 (c) | 1000000 | 1083879 |
| Philadelphia PA Airport Rev Series 2025B, 5.25% 7/1/2041 (c) | 745000 | 815333 |
| TOTAL TRANSPORTATION |  | 32552397 |
| Water & Sewer - 0.1% |  |  |
| Philadelphia PA Wtr & Wastewtr Series 2023B, 5.5% 9/1/2053 (Assured Guaranty Inc Insured)  | 1000000 | 1071798 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 A, 5% 9/1/2044 (Assured Guaranty Inc Insured)  | 70000 | 72362 |
| TOTAL WATER & SEWER |  | 1144160 |
| TOTAL PENNSYLVANIA |  | 60330848 |
| Puerto Rico - 0.6%  |  |  |
| General Obligations - 0.4% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (f) | 2273421 | 1645148 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2033  | 1608885 | 1608407 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2035  | 575000 | 565045 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 999707 | 1059261 |
| TOTAL GENERAL OBLIGATIONS |  | 4877861 |
| Water & Sewer - 0.2% |  |  |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 A, 5% 7/1/2033 (d) | 900000 | 941173 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2033 (d) | 250000 | 261436 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (d) | 460000 | 474913 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 4% 7/1/2042 (d) | 640000 | 604872 |
| TOTAL WATER & SEWER |  | 2282394 |
| TOTAL PUERTO RICO |  | 7160255 |
| Rhode Island - 0.5%  |  |  |
| Education - 0.4% |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2036  | 445000 | 500456 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2041  | 555000 | 599469 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2045  | 1000000 | 1037673 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2048  | 1145000 | 1169785 |
| Rhode Island St Student Ln Series 2017A, 4% 12/1/2026 (c) | 35000 | 34908 |
| Rhode Island St Student Ln Series 2023 A, 5% 12/1/2030 (c) | 730000 | 775150 |
| Rhode Island St Student Ln Series 2024 A, 5% 12/1/2028 (c) | 725000 | 758753 |
| TOTAL EDUCATION |  | 4876194 |
| General Obligations - 0.1% |  |  |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2037 (Build America Mutual Assurance Co Insured)  | 320000 | 360080 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5.25% 5/15/2044 (Build America Mutual Assurance Co Insured)  | 280000 | 298462 |
| TOTAL GENERAL OBLIGATIONS |  | 658542 |
| Housing - 0.0% |  |  |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 70, 4% 10/1/2049  | 10000 | 10037 |
| TOTAL RHODE ISLAND |  | 5544773 |
| South Carolina - 1.8%  |  |  |
| Education - 0.1% |  |  |
| South Carolina Jobs Econ Dev (Furman University Proj.) Series 2022A, 4% 4/1/2052  | 1000000 | 892170 |
| Electric Utilities - 0.7% |  |  |
| South Carolina St Svc Auth Rev 5% 12/1/2031  | 1250000 | 1401904 |
| South Carolina St Svc Auth Rev 5% 12/1/2032  | 1100000 | 1245059 |
| South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2026  | 140000 | 141299 |
| South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2029  | 500000 | 504571 |
| South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2033  | 15000 | 15123 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2037  | 1290000 | 1447075 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.25% 12/1/2049  | 400000 | 420473 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.5% 12/1/2054  | 555000 | 592083 |
| South Carolina St Svc Auth Rev Series 2024B, 4.125% 12/1/2044  | 140000 | 133058 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2046  | 205000 | 213189 |
| South Carolina St Svc Auth Rev Series 2024B, 5.25% 12/1/2054  | 1510000 | 1572296 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2031  | 105000 | 107059 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2035  | 195000 | 198215 |
| TOTAL ELECTRIC UTILITIES |  | 7991404 |
| Health Care - 0.8% |  |  |
| Ctsc Jobs-Eco Dev Aut (Beaufort Mem Hosp Proj.) Series 2024, 5.5% 11/15/2044  | 1150000 | 1183321 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.5% 11/1/2048  | 5000000 | 5342139 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Anmed Health Proj.) Series 2023, 4% 2/1/2042  | 1115000 | 1122152 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Anmed Health Proj.) Series 2023, 5% 2/1/2040  | 835000 | 910767 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (St Joseph Candler Health Proj.) 5% 7/1/2033  | 170000 | 179842 |
| Spartanburg Cnty SC Regl Health Svcs Hosp Rev 4% 4/15/2048  | 20000 | 18089 |
| TOTAL HEALTH CARE |  | 8756310 |
| Housing - 0.0% |  |  |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2019 A, 4% 1/1/2050  | 30000 | 30215 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2023 B, 6% 1/1/2054  | 225000 | 246021 |
| TOTAL HOUSING |  | 276236 |
| Transportation - 0.2% |  |  |
| Charleston Cnty SC Arpt Dist Series 2024A, 5.25% 7/1/2054 (c) | 1475000 | 1522206 |
| South Carolina St Ports Auth Series 2018, 5% 7/1/2043 (c) | 520000 | 526232 |
| TOTAL TRANSPORTATION |  | 2048438 |
| Water & Sewer - 0.0% |  |  |
| Lexington SC Wtrwks & Swr Sys Rev Series 2021 A, 3% 4/1/2043  | 435000 | 350448 |
| TOTAL SOUTH CAROLINA |  | 20315006 |
| South Dakota - 0.4%  |  |  |
| Health Care - 0.1% |  |  |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) Series 2017, 4% 7/1/2042  | 500000 | 471750 |
| South Dakota St Hlth & Edl Fac (Regional Health Inc Proj.) Series 2020 A, 3% 9/1/2045  | 475000 | 380339 |
| South Dakota St Hlth & Edl Fac (Sanford Health, Sd Proj.) 5% tender 11/1/2051 (b) | 1150000 | 1275257 |
| TOTAL HEALTH CARE |  | 2127346 |
| Transportation - 0.3% |  |  |
| Sioux Falls Regional Airport Authority Series 2025, 5% 12/1/2029 (Build America Mutual Assurance Co Insured) (c) | 695000 | 745339 |
| Sioux Falls Regional Airport Authority Series 2025, 5% 12/1/2030 (Build America Mutual Assurance Co Insured) (c) | 365000 | 396474 |
| Sioux Falls Regional Airport Authority Series 2025, 5% 12/1/2031 (Build America Mutual Assurance Co Insured) (c) | 770000 | 845537 |
| Sioux Falls Regional Airport Authority Series 2025, 5% 12/1/2033 (Build America Mutual Assurance Co Insured) (c) | 345000 | 384922 |
| Sioux Falls Regional Airport Authority Series 2025, 5.25% 12/1/2040 (Build America Mutual Assurance Co Insured) (c) | 440000 | 483021 |
| TOTAL TRANSPORTATION |  | 2855293 |
| TOTAL SOUTH DAKOTA |  | 4982639 |
| Tennessee - 1.4%  |  |  |
| Education - 0.2% |  |  |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Belmont University Proj.) Series 2023, 5% 5/1/2038  | 900000 | 979164 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Belmont University Proj.) Series 2023, 5% 5/1/2040  | 800000 | 854901 |
| TOTAL EDUCATION |  | 1834065 |
| General Obligations - 0.9% |  |  |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2021 C, 5% 1/1/2030  | 2400000 | 2632372 |
| Tennessee Engy Acq Crp Gas Rev Series 2025A, 5% 12/1/2035 (Pacific Life Insurance Co Guaranteed)  | 6180000 | 6645290 |
| TOTAL GENERAL OBLIGATIONS |  | 9277662 |
| Health Care - 0.0% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 4% 8/1/2044  | 575000 | 518159 |
| Housing - 0.1% |  |  |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) 3% 7/1/2051  | 335000 | 331164 |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series 2021 3A, 3% 1/1/2052  | 185000 | 182198 |
| Tennessee Housing Development Agency Series 2019 3, 2.6% 7/1/2039  | 65000 | 56397 |
| Tennessee Housing Development Agency Series 2019 3, 2.8% 7/1/2044  | 75000 | 59807 |
| Tennessee Housing Development Agency Series 2019 4, 2.9% 7/1/2039  | 145000 | 126890 |
| Tennessee Hsg Dev Agy Series 2015A, 3.5% 7/1/2045  | 105000 | 104939 |
| TOTAL HOUSING |  | 861395 |
| Transportation - 0.2% |  |  |
| Memphis-Shelby Cnty TN Arpt Auth Series 20018, 5% 7/1/2026 (c) | 450000 | 454232 |
| Memphis-Shelby Cnty TN Arpt Auth Series 2018, 5% 7/1/2037 (c) | 200000 | 203823 |
| Memphis-Shelby Cnty TN Arpt Auth Series 2018, 5% 7/1/2038 (c) | 1315000 | 1337077 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2038 (c) | 655000 | 684900 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2054 (c) | 75000 | 75368 |
| TOTAL TRANSPORTATION |  | 2755400 |
| Water & Sewer - 0.0% |  |  |
| Crossville Tenn Wtr & Swr Rev Series 2020 C, 2.25% 6/1/2050  | 895000 | 551054 |
| TOTAL TENNESSEE |  | 15797735 |
| Texas - 7.4%  |  |  |
| Education - 0.5% |  |  |
| Board of Regents of the University of Texas System Series 2021 A, 2% 8/15/2036  | 700000 | 597567 |
| Houston TX Higher Ed Fin Corp Univ Rev (Houston Baptist University Proj.) 3.375% 10/1/2037  | 540000 | 480664 |
| Houston TX Higher Ed Fin Corp Univ Rev (Houston Baptist University Proj.) 4% 10/1/2051  | 1320000 | 1037078 |
| Houston TX Higher Ed Fin Corp Univ Rev (Houston Baptist University Proj.) 5.25% 10/1/2054  | 1500000 | 1446419 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) 3% 10/1/2032  | 370000 | 366026 |
| University North Tex Univ Rev Series 2022A, 5% 4/15/2047  | 2000000 | 2025590 |
| TOTAL EDUCATION |  | 5953344 |
| Electric Utilities - 0.2% |  |  |
| Garland Tex Elec Util Sys Rev 4% 3/1/2035  | 765000 | 782897 |
| Garland Tex Elec Util Sys Rev 4% 3/1/2036  | 750000 | 762527 |
| San Antonio TX Elec & Gas Rev Series 2017, 5% 2/1/2033  | 5000 | 5117 |
| San Antonio TX Elec & Gas Rev Series 2024 B, 5.25% 2/1/2049  | 1000000 | 1063378 |
| TOTAL ELECTRIC UTILITIES |  | 2613919 |
| General Obligations - 2.0% |  |  |
| Austin TX Cmnty College Dist 5% 8/1/2026  | 200000 | 202753 |
| Birdville TX Indpt Sch Dist 2.375% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 170000 | 155752 |
| Brazos Cnty Tex Gen. Oblig. Series 2020, 2.125% 9/1/2040  | 355000 | 265992 |
| Burton Tex Indpt Sch Dist Series 2022, 3% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 510000 | 438831 |
| City of Waco TX Gen. Oblig. Series 2020, 2.375% 2/1/2040  | 660000 | 522888 |
| City of Waco TX Gen. Oblig. Series 2021 A, 2% 2/1/2043  | 545000 | 364544 |
| City of Waco TX Gen. Oblig. Series 2021 A, 2.125% 2/1/2045  | 565000 | 364049 |
| Comal Tex Indpt Sch Dist 3% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 735000 | 679167 |
| Dallas TX Gen. Oblig. Series 2024C, 5% 2/15/2036  | 2305000 | 2628450 |
| Deer Pk Tex Gen. Oblig. 4% 3/15/2041  | 300000 | 302327 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2045  | 1405000 | 1504597 |
| Fort Bend Cnty TX Levee Impt Dist No 17 Gen. Oblig. Series 2020B, 2% 9/1/2042 (Assured Guaranty Inc Insured)  | 615000 | 407576 |
| Fort Bend TX Indpt Sch Dist Series 2021 B, 0.72% tender 8/1/2051 (Permanent Sch Fund of Texas Guaranteed) (b) | 385000 | 378377 |
| Fort Worth Tex Indpt Sch Dist Series 2019 A, 2.375% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 150000 | 141782 |
| Greenville Tex Gen. Oblig. Series 2021, 2.5% 2/15/2051 (Build America Mutual Assurance Co Insured)  | 1000000 | 656445 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 5% 10/1/2026  | 900000 | 916580 |
| Harris Cnty TX Mud 480 Gen. Oblig. Series 2019, 3% 4/1/2044 (Assured Guaranty Inc Insured)  | 1000000 | 768677 |
| Houston TX Gen. Oblig. 5% 3/1/2032  | 25000 | 25656 |
| Hutto TX Indpt Sch Dist Series 2021C, 3% 8/1/2041 (Permanent Sch Fund of Texas Guaranteed)  | 1375000 | 1223546 |
| Katy TX Ind Sch Dist Series 2021 D, 3% 2/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1195092 |
| Leander Independent School District Series 2025 A, 0% 8/15/2035 (Permanent Sch Fund of Texas Guaranteed) (f) | 1000000 | 721652 |
| Leander Independent School District Series 2025 A, 5% 8/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 700000 | 786372 |
| Leander Independent School District Series 2025 B, 5% 8/15/2029  | 970000 | 1048537 |
| Longview Tex Gen. Oblig. Series 2021, 3% 9/1/2041  | 395000 | 340915 |
| Mansfield TX Gen. Oblig. 2.375% 2/15/2036  | 565000 | 507970 |
| Northside TX Indpt Sch Dist Series 2024B, 3.45% tender 8/1/2054 (Permanent Sch Fund of Texas Guaranteed) (b) | 1590000 | 1601466 |
| Pflugerville TX Gen. Oblig. 1.875% 8/1/2036  | 1095000 | 899988 |
| San Jacinto TX Cmnty College Dist Series 2022, 2.625% 2/15/2047  | 1485000 | 1024253 |
| Sinton Tex Indpt Sch Dist Series 2021, 2% 8/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 934538 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023B, 5.5% tender 1/1/2054 (BP PLC Guaranteed) (b) | 295000 | 327916 |
| Wharton TX Indpt Sch Dist 2% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 1320000 | 961207 |
| TOTAL GENERAL OBLIGATIONS |  | 22297895 |
| Health Care - 0.1% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, TX Proj.) Series 2015, 4% 12/1/2045  | 220000 | 201337 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2027  | 10000 | 10342 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) Series 2016 A, 4% 11/15/2042  | 470000 | 451796 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Christus Health Proj.) Series 2018 A, 5% 7/1/2029  | 305000 | 324605 |
| TOTAL HEALTH CARE |  | 988080 |
| Housing - 0.3% |  |  |
| Houston Tex Fin Corp Multifamilty Hsg Rev 5% tender 8/1/2041 (b) | 465000 | 467022 |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev (TX Residential Mortgage Proj.) Series 2023B, 6% 1/1/2054  | 920000 | 1009745 |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev 5.1% 7/1/2050  | 1305000 | 1337647 |
| Texas St Dept Hsg & Cmnty Affairs Multifamily Hsg Rev Series 2019, 2.95% 7/1/2036  | 118052 | 108331 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) 3.5% 3/1/2051  | 90000 | 89669 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) Series 2019 A, 4% 3/1/2050  | 55000 | 55472 |
| TOTAL HOUSING |  | 3067886 |
| Transportation - 2.2% |  |  |
| Central TX Regl Mobility Auth Rev 5% 1/1/2033  | 640000 | 704025 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2034  | 650000 | 712361 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2035  | 550000 | 600778 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2036  | 850000 | 924173 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2037  | 1100000 | 1188665 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2038  | 1100000 | 1182155 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2045  | 1000000 | 1024915 |
| City of Houston TX Airport System Revenue Series 2018 A, 5% 7/1/2041 (c) | 1000000 | 1018944 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2026 (c) | 200000 | 202089 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2030 (c) | 120000 | 125442 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5% 11/1/2034 (c) | 5250000 | 5880197 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2023, 5% tender 10/1/2052 (b) | 2545000 | 2645347 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2030 (c) | 320000 | 320424 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2031 (c) | 25000 | 25331 |
| North TX Twy Auth Rev 0% 1/1/2035 (Assured Guaranty Inc Insured) (f) | 2845000 | 2116495 |
| North TX Twy Auth Rev 4% 1/1/2032  | 2000000 | 2082952 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2040  | 725000 | 797623 |
| North TX Twy Auth Rev Series 2024A, 5.25% 1/1/2042  | 245000 | 270134 |
| North TX Twy Auth Rev Series 2024B, 5% 1/1/2036  | 1075000 | 1215239 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2037  | 1000000 | 1008707 |
| Texas Transportation Commission (Sh 288 Tollroad Proj.) 0% 8/1/2041 (Texas State Guaranteed) (f) | 250000 | 119729 |
| TOTAL TRANSPORTATION |  | 24165725 |
| Water & Sewer - 2.1% |  |  |
| Bastrop Tex Wtr & Wastewater Util Sys Rev 3% 8/1/2047  | 1430000 | 1056006 |
| City of Georgetown TX Series 2025, 5% 8/15/2029  | 700000 | 756903 |
| City of Georgetown TX Series 2025, 5% 8/15/2030  | 725000 | 797528 |
| City of Georgetown TX Series 2025, 5% 8/15/2031  | 650000 | 725792 |
| City of Georgetown TX Series 2025, 5% 8/15/2032  | 825000 | 931773 |
| City of Georgetown TX Series 2025, 5% 8/15/2033  | 525000 | 597870 |
| City of Georgetown TX Series 2025, 5% 8/15/2034  | 670000 | 768906 |
| Corpus Christi TX Util Sys Rev Series 2020A, 3% 7/15/2050  | 2450000 | 1787906 |
| Dallas TX Wtrwks & Swr Sys Rev 5% 10/1/2041  | 660000 | 727471 |
| Fort Worth TX Wtr & Swr Rev Series 2020 A, 2.75% 2/15/2048  | 3360000 | 2465466 |
| Garland TX Wtr & Swr Rev Series 2025, 5% 3/1/2032  | 320000 | 360246 |
| Garland TX Wtr & Swr Rev Series 2025, 5% 3/1/2033  | 465000 | 528590 |
| Garland TX Wtr & Swr Rev Series 2025, 5% 3/1/2045  | 955000 | 998781 |
| Houston TX Util Sys Rev 5% 11/15/2045  | 1000000 | 1035155 |
| Houston TX Util Sys Rev Series 2021 A, 5% 11/15/2026  | 445000 | 454446 |
| Laredo TX Wtrwks Swr Sys Rev Series 2024A, 5% 3/1/2034  | 600000 | 678224 |
| Laredo TX Wtrwks Swr Sys Rev Series 2024A, 5% 3/1/2035  | 550000 | 618706 |
| Laredo TX Wtrwks Swr Sys Rev Series 2024A, 5% 3/1/2036  | 450000 | 502931 |
| Laredo TX Wtrwks Swr Sys Rev Series 2024A, 5% 3/1/2045  | 1230000 | 1282049 |
| Laredo TX Wtrwks Swr Sys Rev Series 2024A, 5% 3/1/2046  | 1295000 | 1345191 |
| Laredo TX Wtrwks Swr Sys Rev Series 2024A, 5% 3/1/2047  | 750000 | 777594 |
| North TX Mun Wtr Dist TX Regl Wastewtr Sys Contract Rev Series 2025, 5.25% 6/1/2046  | 2360000 | 2511100 |
| San Antonio TX Wtr Rev Series 2018A, 5% 5/15/2033  | 5000 | 5256 |
| San Antonio TX Wtr Rev Series 2020 A, 5% 5/15/2050  | 475000 | 487364 |
| TOTAL WATER & SEWER |  | 22201254 |
| TOTAL TEXAS |  | 81288103 |
| Utah - 0.3%  |  |  |
| Housing - 0.0% |  |  |
| Utah Hsg Corp Series 2021E(G2), 2% 4/21/2051  | 128435 | 103574 |
| Special Tax - 0.3% |  |  |
| Mida Mountain Village Public Infrastructure District (Mida Mtn Villaige East Pid Proj.) Series 2025 1, 5.25% 6/1/2045 (d) | 1130000 | 1135143 |
| Mida Mountain Village Public Infrastructure District Series 2024 2, 6% 6/15/2054 (d) | 500000 | 513261 |
| Point Phase 1 Public Infrastructure District No 1 Series 2025A1, 6.125% 3/1/2055  | 1146000 | 1190909 |
| TOTAL SPECIAL TAX |  | 2839313 |
| Transportation - 0.0% |  |  |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2037 (c) | 385000 | 392529 |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2033 (c) | 175000 | 182120 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2037 (c) | 310000 | 343651 |
| TOTAL TRANSPORTATION |  | 918300 |
| TOTAL UTAH |  | 3861187 |
| Vermont - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Vermont St Stud Assit Corp 5% 6/15/2026 (c) | 620000 | 624311 |
| Housing - 0.0% |  |  |
| Vermont Hsg Fin Agy (Vermont Hsg Purp Bond Prog 7/1/07 Proj.) Series 2021A, 3% 11/1/2051  | 218000 | 213730 |
| TOTAL VERMONT |  | 838041 |
| Virginia - 0.7%  |  |  |
| Education - 0.1% |  |  |
| Salem Economic Development Authority (Roanoke College Proj.) 4% 4/1/2040  | 120000 | 112299 |
| Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2036  | 500000 | 515359 |
| Salem Economic Development Authority (Roanoke College Proj.) Series 2025, 5.5% 4/1/2045  | 625000 | 639712 |
| TOTAL EDUCATION |  | 1267370 |
| General Obligations - 0.4% |  |  |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2019A, 3% 2/1/2036  | 195000 | 190011 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 4% 2/1/2034  | 1850000 | 1939198 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 4% 2/1/2035  | 1700000 | 1773243 |
| TOTAL GENERAL OBLIGATIONS |  | 3902452 |
| Health Care - 0.0% |  |  |
| Lynchburg Economic Development Authority (Centra Health Proj.) Series 2021, 3% 1/1/2051  | 425000 | 295076 |
| Housing - 0.1% |  |  |
| Virginia Housing Development Authority Series 2020 E, 2.3% 7/1/2040  | 1000000 | 783970 |
| Transportation - 0.1% |  |  |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 7/1/2034 (c) | 1465000 | 1488471 |
| TOTAL VIRGINIA |  | 7737339 |
| Washington - 2.1%  |  |  |
| Education - 0.1% |  |  |
| Washington St Higher Ed Facs (Gonzaga University Proj.) Series 2019 A, 3% 4/1/2049  | 725000 | 535343 |
| Washington St Higher Ed Facs (Whitman College Proj.) Series 2024, 4% 1/1/2043  | 315000 | 301469 |
| Washington St Hsg Fin Commn Nonprofit Rev (Seattle Academy Arts Sciences Proj.) Series 2023, 5.125% 7/1/2033 (d) | 740000 | 797099 |
| TOTAL EDUCATION |  | 1633911 |
| General Obligations - 0.3% |  |  |
| State of Washington Gen. Oblig. Series 2021 C, 5% 2/1/2044  | 3010000 | 3141741 |
| Health Care - 0.4% |  |  |
| WA St Hsg Fin Commission (Horizon House Proj.) Series 2025A, 4.875% 1/1/2036  | 195000 | 195525 |
| WA St Hsg Fin Commission (Horizon House Proj.) Series 2025A, 6% 1/1/2046  | 550000 | 549091 |
| WA St Hsg Fin Commission (Horizon House Proj.) Series 2025A, 6.25% 1/1/2056  | 1370000 | 1366745 |
| WA St Hsg Fin Commission (Horizon House Proj.) Series 2025A, 6.25% 1/1/2061  | 1260000 | 1248039 |
| WA St Hsg Fin Commission (Humangood National Obligated Grp Proj.) 5% 7/1/2038 (d) | 100000 | 100400 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2017, 4% 8/15/2042  | 100000 | 94276 |
| Washington St Health Care Facs Auth Rev (Fred Hutchinson Cancer Research Center Proj.) 5% 9/1/2040  | 735000 | 770544 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2030  | 5000 | 5132 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2031  | 10000 | 10258 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2042  | 100000 | 100559 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) Series 2017 A, 4% 7/1/2042  | 530000 | 501592 |
| TOTAL HEALTH CARE |  | 4942161 |
| Housing - 0.5% |  |  |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2021, 4% 12/1/2029  | 230000 | 235796 |
| Washington St Hsg Fin Comm (WA Single Family Prog 11/1/10 Proj.) 2.75% 12/1/2034  | 2105000 | 1952167 |
| Washington St Hsg Fin Comm Series 2021 2N, 5% 12/1/2027 (WA Single Family Prog 11/1/10 Guaranteed)  | 985000 | 1025970 |
| Washington St Hsg Fin Comm Series 2021 2N, 5% 12/1/2028 (WA Single Family Prog 11/1/10 Guaranteed)  | 500000 | 530840 |
| Washington St Hsg Fin Comm Series 2021 2N, 5% 12/1/2029 (WA Single Family Prog 11/1/10 Guaranteed)  | 500000 | 543126 |
| Washington St Hsg Fin Comm Series 2021 2N, 5% 6/1/2026 (WA Single Family Prog 11/1/10 Guaranteed)  | 970000 | 978939 |
| TOTAL HOUSING |  | 5266838 |
| Special Tax - 0.4% |  |  |
| Spokane WA Pub Facs Dist Sales Series 2017, 5% 12/1/2041  | 295000 | 296281 |
| Washington St Convention Ctr Pub Facs Dist Series 2021 B, 3% 7/1/2058 (Assured Guaranty Inc Insured)  | 1805000 | 1237192 |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 3% 7/1/2043  | 250000 | 200854 |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 4% 7/1/2031  | 2540000 | 2620924 |
| TOTAL SPECIAL TAX |  | 4355251 |
| Transportation - 0.2% |  |  |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2031 (c) | 350000 | 358745 |
| Port Seattle WA Rev Series 2019, 4% 4/1/2044 (c) | 100000 | 92416 |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2026 (c) | 495000 | 501092 |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2027 (c) | 305000 | 314725 |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2028 (c) | 860000 | 904875 |
| TOTAL TRANSPORTATION |  | 2171853 |
| Water & Sewer - 0.2% |  |  |
| Seattle Wash Drain & Wstwtr Rv Series 2025, 5% 5/1/2036  | 900000 | 1051740 |
| Seattle Wash Drain & Wstwtr Rv Series 2025, 5% 5/1/2040  | 400000 | 449418 |
| Seattle Wash Drain & Wstwtr Rv Series 2025, 5% 5/1/2041  | 500000 | 555244 |
| TOTAL WATER & SEWER |  | 2056402 |
| TOTAL WASHINGTON |  | 23568157 |
| West Virginia - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 4% 1/1/2038  | 745000 | 675578 |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2032  | 50000 | 50216 |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2043  | 245000 | 229333 |
| TOTAL WEST VIRGINIA |  | 955127 |
| Wisconsin - 0.9%  |  |  |
| Education - 0.0% |  |  |
| Public Fin Auth WI Revenue (Roseman Univ of Hlth Sciences Proj.) Series 2020, 5% 4/1/2040 (d) | 95000 | 95457 |
| Wisconsin Health & Educational Facilities Authority (Marquette University, WI Proj.) Series 2019, 5% 10/1/2030  | 195000 | 210664 |
| TOTAL EDUCATION |  | 306121 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Public Fin Auth WI Revenue Series 2020, 5% 4/1/2040 (Pre-refunded to 4/1/2030 at 100) (d) | 5000 | 5454 |
| Wisconsin Health & Educational Facilities Authority Series 2016 A, 4% 11/15/2046 (Pre-refunded to 5/15/2026 at 100)  | 80000 | 80421 |
| Wisconsin St Health & Edl Facs Auth Rev 4% 11/15/2046 (Pre-refunded to 5/15/2026 at 100)  | 95000 | 95501 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 181376 |
| General Obligations - 0.3% |  |  |
| Howard Suamico WI Scd 2% 3/1/2038  | 265000 | 209011 |
| New Richmond Wis Sch Dist 4% 4/1/2043  | 1940000 | 1896878 |
| New Richmond Wis Sch Dist 5% 4/1/2034  | 1355000 | 1509570 |
| TOTAL GENERAL OBLIGATIONS |  | 3615459 |
| Health Care - 0.3% |  |  |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 4% 6/1/2045  | 320000 | 298060 |
| Public Fin Auth WI Hosp Rev (WakeMed Proj.) 5% 10/1/2044  | 75000 | 76103 |
| Public Fin Auth WI Revenue (Bayhealth Medical Center Inc Proj.) Series 2021 A, 3% 7/1/2050  | 380000 | 276992 |
| Public Fin Auth Wis Health Care Sys Rev (Cone Health Proj.) Series 2022 A, 5% 10/1/2052  | 225000 | 227492 |
| Public Fin Auth Wis Retirement Fac Rev (Southminster NC Proj.) 5% 10/1/2043 (d) | 45000 | 44838 |
| Public Fin Auth Wis Retirement Fac Rev (Southminster NC Proj.) 5% 10/1/2048 (d) | 40000 | 37954 |
| Public Finance Authority (Blue Ridge Healthcare Proj.) Series 2020 A, 5% 1/1/2031  | 60000 | 64263 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2028  | 150000 | 159252 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2029  | 150000 | 162357 |
| Wisconsin Health & Educational Facilities Authority (Medical College of WI Inc Proj.) Series 2016, 4% 12/1/2046  | 675000 | 608160 |
| Wisconsin Health & Educational Facilities Authority (Sanford Health, SD Proj.) Series 2016 A, 3.5% 2/15/2040  | 50000 | 44765 |
| Wisconsin St Health & Edl Facs Auth Rev (Ascension Health Credit Group Proj.) Series 2016 A, 4% 11/15/2046  | 95000 | 87216 |
| Wisconsin St Health & Edl Facs Auth Rev (Ascension Health Credit Group Proj.) Series 2016 A, 4% 11/15/2046 (Pre-refunded to 5/15/2026 at 100)  | 5000 | 5026 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2038  | 320000 | 285124 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2039  | 165000 | 144402 |
| TOTAL HEALTH CARE |  | 2522004 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (WI Home Ownership Proj.) Series 2021 A, 3% 3/1/2052  | 105000 | 103327 |
| Industrial Development - 0.2% |  |  |
| Public Fin Auth WI Revenue (Mclemore Hotel Proj.) Series 2021 A, 4.5% 6/1/2056 (d)(g) | 1870000 | 1309000 |
| Public Fin Auth WI Revenue (Mclemore Hotel Proj.) Series 2021 B, 6.5% 6/1/2056 (d)(g) | 500000 | 380000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 1689000 |
| Transportation - 0.1% |  |  |
| Public Finance Authority (Sr 400 Toll Road Proj.) Series 2025, 6.5% 6/30/2060 (c) | 835000 | 917019 |
| Water & Sewer - 0.0% |  |  |
| Weston Vlg Wis Wtrwks Rev Series 2020 A, 2% 5/1/2038  | 305000 | 229114 |
| Weston Vlg Wis Wtrwks Rev Series 2020 A, 2% 5/1/2039  | 315000 | 230240 |
| TOTAL WATER & SEWER |  | 459354 |
| TOTAL WISCONSIN |  | 9793660 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $1,019,939,621) |  | <br> **1012059731** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.6%** | &nbsp;&nbsp;**Money Market Funds - 7.6%** | &nbsp;&nbsp;**Money Market Funds - 7.6%** | &nbsp;&nbsp;**Money Market Funds - 7.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (h)(i)<br>(Cost $84,719,409)<br>| 3.07 | 84702469 | **84719409** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.0%**<br> (Cost $1,104,659,030)<br>| <br>**1096779140** |
| **NET OTHER ASSETS (LIABILITIES) - 1.0%**  | **11330105** |
| **NET ASSETS - 100.0%** | **1108109245** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $16,428,782 or 1.5% of net assets.

(e) Non-income producing - Security is in default.

(f) Zero coupon bond which is issued at a discount.

(g) Level 3 security.

(h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Central Fund.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 75363702 | 222420624 | 213064917 | 1739674 | - | - | 84719409 | 84702469 | 2.0% |
| Total | 75363702 | 222420624 | 213064917 | 1739674 | - | - | 84719409 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 103487305 | - | 103487305 | - |
| Electric Utilities | 39232908 | - | 39232908 | - |
| Escrowed/Pre-Refunded | 4335728 | - | 4335728 | - |
| General Obligations | 345892699 | - | 345892699 | - |
| Health Care | 83730457 | - | 83658957 | 71500 |
| Housing | 61022497 | - | 61022497 | - |
| Industrial Development | 14228850 | - | 12539850 | 1689000 |
| Other | 3699350 | - | 3699350 | - |
| Resource Recovery | 893731 | - | 893731 | - |
| Special Tax | 86334838 | - | 86334838 | - |
| Tobacco Bonds | 10177956 | - | 10177956 | - |
| Transportation | 206504295 | - | 206504295 | - |
| Water & Sewer | 52519117 | - | 52519117 | - |
|  **Money Market Funds** | 84719409 | 84719409 | - | - |
| **Total Investments in Securities:** | 1096779140 | 84719409 | 1010299231 | 1760500 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,019,939,621) | $1012059731 |  |
| Fidelity Central Funds (cost $84,719,409) | 84719409 |  |
| Total Investment in Securities (cost $1,104,659,030) |  | $1096779140 |
| Cash |  | 9540 |
| Receivable for investments sold |  | 935 |
| Receivable for fund shares sold |  | 2429248 |
| Interest receivable |  | 12945307 |
| Distributions receivable from Fidelity Central Funds |  | 167322 |
| Other receivables |  | 79 |
| **Total assets** |  | 1112331571 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1166753 |  |
| Distributions payable | 3055573 |  |
| **Total liabilities** |  | 4222326 |
| **Net Assets**  |  | $1108109245 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1127191816 |
| Total accumulated earnings (loss) |  | (19082571) |
| **Net Assets** |  | $1108109245 |
| **Net Asset Value**, offering price and redemption price per share ($1,108,109,245 ÷ 111,484,578 shares) |  | $9.94 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $29730195 |
| Income from Fidelity Central Funds  |  | 1739224 |
| **Total income** |  | 31469419 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $2287 |  |
| Total expenses before reductions | 2287 |  |
| Expense reductions | (306) |  |
| Total expenses after reductions |  | 1981 |
| **Net Investment income (loss)** |  | 31467438 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3274317) |  |
| Capital gain distributions from Fidelity Central Funds | 450 |  |
| Total net realized gain (loss) |  | (3273867) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 18313400 |
| **Net gain (loss)** |  | 15039533 |
| **Net increase (decrease) in net assets resulting from operations** |  | $46506971 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $31467438 | $23163247 |
| &nbsp;&nbsp;Net realized gain (loss) | (3273867)<br>| (1862873)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 18313400 | (4194753)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 46506971<br>| 17105621<br>|
| Distributions to shareholders | (30803750)<br>| (22759179)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 534578210 | 422668415 |
| Reinvestment of distributions | 1948<br>| 128<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (319221214) | (243694917) |
| **Net increase (decrease) in net assets resulting from share transactions** | 215358944<br>| 178973626<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 231062165<br>| 173320068<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 877047080 | 703727012<br>|
| &nbsp;&nbsp;End of period | $1108109245 | $877047080 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 54772207 | 42939975 |
| Issued in reinvestment of distributions | 197<br>| 13<br>|
| &nbsp;&nbsp;Redeemed | (32734012) | (24767325) |
| &nbsp;&nbsp;Net increase (decrease) | 22038392 | 18172663 |

---

**Financial Highlights** 

**Fidelity Flex® Municipal Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.81 | $9.87 | $9.45 | $10.56 | $10.50 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .320  | .290  | .259  | .200  | .173  |
| Net realized and unrealized gain (loss)  | .123  | (.066)  | .414  | (1.111)  | .068  |
| Total from investment operations  | .443  | .224  | .673  | (.911)  | .241  |
| Distributions from net investment income  | (.312)  | (.283)  | (.253)  | (.199)  | (.177)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | (.004)  |
| Total distributions  | (.313)  | (.284)  | (.253)  | (.199)  | (.181)  |
| Net asset value, end of period  | $9.94 | $9.81 | $9.87 | $9.45 | $10.56 |
| **Total Return** C | 4.61% <br>| 2.31%  | 7.25%  | (8.63)%  | 2.31%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | -% F | -% F | .01%  | -% F | -% F |
| Expenses net of fee waivers, if any F | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any F | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.28%  | 2.95%  | 2.71%  | 2.07%  | 1.65%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1108109 | $877047 | $703727 | $608621 | $643945 |
| Portfolio turnover rate G | 10% <br>| 10%  | 5%  | 16%  | 5%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount represents less than .005%.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

Fidelity Flex Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (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 Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $17489297 |
| **Gross unrealized depreciation**  | <u>(23805336)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(6316039)</u> |
| **Tax Cost**  | <u>$1103095179</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(12766532)</u> |
| **Net unrealized appreciation (depreciation) securities and other investments**  | <u>$(6316039)</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(2895812) |
| Long-term | <u>(9870720)</u> |
| **Total capital loss carryforward** | <u>$(12766532)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Tax-exempt Income** | 30695381 | 22671702 |
| **Ordinary Income**  | <u>$108369</u> | <u>$87477</u> |
| **Total**  | <u>$30803750</u> | <u>$22759179</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Flex Municipal Income Fund** | 301717333 | 88200632 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Flex Municipal Income Fund** | 2215700 | 80451 | (541) |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. 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 $306.

**8. 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.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Flex Municipal Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Flex Municipal Income Fund (one of the funds constituting Fidelity Municipal Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

During fiscal year ended 2025, 100% of the fund's income dividends was free from federal income tax, and 17.03% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Flex Municipal Income Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered 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 Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.

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 noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img123171_4.jpg)<br>

1.9884856.108 XLI-ANN-0226

**Fidelity Flex® Funds**

**Fidelity Flex® Conservative Income Municipal Bond Fund**

**Annual Report**

**December 31, 2025**

![](img123172_1.jpg)

![](img123172_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_XCB-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® Conservative Income Municipal Bond Fund](#Sub_Sec_Fund_3042_XCB-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3042_XCB-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_XCB-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_XCB-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_XCB-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_XCB-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_XCB-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_XCB-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity Flex® Conservative Income Municipal Bond Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 95.4%** | &nbsp;&nbsp;**Municipal Securities - 95.4%** | &nbsp;&nbsp;**Municipal Securities - 95.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 4.0%  |  |  |
| Electric Utilities - 0.2% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3.78% tender 6/1/2034 (c) | 100000 | 100207 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2008, 3.3% tender 7/15/2034 (c) | 500000 | 500279 |
| TOTAL ELECTRIC UTILITIES |  | 600486 |
| General Obligations - 1.5% |  |  |
| Black Belt Energy Gas District 5% 5/1/2028 (BP PLC Guaranteed)  | 75000 | 77783 |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (c) | 940000 | 992455 |
| Black Belt Energy Gas District Series 2022 E, 5% 6/1/2026 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)  | 125000 | 126178 |
| Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (c) | 210000 | 221557 |
| Black Belt Energy Gas District Series 2023C, 5.5% 6/1/2027 (Goldman Sachs Group Inc/The Guaranteed)  | 80000 | 82312 |
| Black Belt Energy Gas District Series 2025 D, 5% 2/1/2029 (Pacific Life Insurance Co Guaranteed)  | 350000 | 369114 |
| Southeast Energy Authority A Cooperative District 5% 1/1/2027 (Athene Annuity And Life Company Guaranteed)  | 700000 | 709520 |
| Southeast Energy Authority A Cooperative District Series 2025E, 5% 10/1/2027 (JPMorgan Securities LLC Guaranteed)  | 1000000 | 1034260 |
| TOTAL GENERAL OBLIGATIONS |  | 3613179 |
| Health Care - 0.1% |  |  |
| Health Care Auth For Bapt Hlth Ala Series 2013B, 4.65% 11/1/2042 VRDN (c) | 300000 | 300000 |
| Industrial Development - 0.4% |  |  |
| Decatur AL Indl Dev Brd Exempt (Nucor Corp Proj.) 2.72% 8/1/2036 VRDN (b)(c) | 1000000 | 1000000 |
| Synthetics - 1.8% |  |  |
| Black Belt Energy Gas Dist Ala Gas Supply Rev Participating VRDN Series 2023 XM1110, 3.62% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (c)(e) | 700000 | 700000 |
| Black Belt Energy Gas District Participating VRDN 3.57% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 300000 | 300000 |
| Black Belt Energy Gas District Participating VRDN 3.62% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 1000000 | 1000000 |
| Southeast Energy Auth Commodity Supply Rev Ala Participating VRDN 3.62% 1/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 1600000 | 1600000 |
| Southeast Energy Auth Commodity Supply Rev Ala Participating VRDN Series 2022 XM1062, 3.62% 1/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 500000 | 500000 |
| TOTAL SYNTHETICS |  | 4100000 |
| Water & Sewer - 0.0% |  |  |
| Jefferson Cnty AL Swr Rev 5% 10/1/2026  | 55000 | 55828 |
| Jefferson Cnty AL Swr Rev 5% 10/1/2027  | 50000 | 51757 |
| TOTAL WATER & SEWER |  | 107585 |
| TOTAL ALABAMA |  | 9721250 |
| Alaska - 0.4%  |  |  |
| General Obligations - 0.1% |  |  |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2026  | 120000 | 121714 |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2028  | 95000 | 101000 |
| TOTAL GENERAL OBLIGATIONS |  | 222714 |
| Synthetics - 0.3% |  |  |
| Municipality of Anchorage AK Participating VRDN Series 2025 XF3381, 3.47% 2/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) | 700000 | 700000 |
| TOTAL ALASKA |  | 922714 |
| Arizona - 4.3%  |  |  |
| Electric Utilities - 0.4% |  |  |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3.52% 5/1/2029 VRDN (c) | 600000 | 600000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3.52% 5/1/2029 VRDN (c) | 400000 | 400000 |
| TOTAL ELECTRIC UTILITIES |  | 1000000 |
| General Obligations - 0.8% |  |  |
| Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2026 (Assured Guaranty Inc Insured)  | 875000 | 884750 |
| Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2027 (Assured Guaranty Inc Insured)  | 550000 | 568663 |
| Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2028 (Assured Guaranty Inc Insured)  | 375000 | 396263 |
| TOTAL GENERAL OBLIGATIONS |  | 1849676 |
| Health Care - 0.3% |  |  |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2026  | 455000 | 464368 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2027  | 365000 | 380327 |
| TOTAL HEALTH CARE |  | 844695 |
| Housing - 0.6% |  |  |
| Arizona St Indl Dev Auth Multifamily Hsg Rev 2.76% tender 7/1/2047 (c) | 600000 | 591717 |
| Pima Cnty AZ Ida Multifamily 2.71% tender 10/1/2059 (c) | 870000 | 860781 |
| TOTAL HOUSING |  | 1452498 |
| Industrial Development - 0.4% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c) | 835000 | 850902 |
| Resource Recovery - 0.6% |  |  |
| Phoenix Ariz Indl Dev Auth Solid Waste Disp Rev (Republic Services Inc Proj.) 3.45% tender 12/1/2035 (b)(c) | 1500000 | 1499982 |
| Synthetics - 1.1% |  |  |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2023 MIZ9157, 3.55% 12/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 200000 | 200000 |
| Arizona Ind Dev Auth Participating VRDN Series 2023 MIZ9149, 3.55% 7/1/2040 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 500000 | 500000 |
| Arizona Indl Dev Auth Participating VRDN Series 2023 XF3174, 3.6% 11/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (c)(e) | 2000000 | 2000000 |
| TOTAL SYNTHETICS |  | 2700000 |
| Transportation - 0.1% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2023, 5% 7/1/2026 (b) | 185000 | 186904 |
| TOTAL ARIZONA |  | 10384657 |
| Arkansas - 0.0%  |  |  |
| Industrial Development - 0.0% |  |  |
| Blytheville AR Indl Dev Rev (Nucor Corp Proj.) 2.72% 6/1/2028 VRDN (b)(c) | 100000 | 100000 |
| California - 8.7%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern Ca Pub Pwr Auth Proj.) Series 2025 2, 5% tender 7/1/2053 (c) | 335000 | 354116 |
| General Obligations - 0.3% |  |  |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2028 (Pacific Life Insurance Co Guaranteed)  | 350000 | 368064 |
| California Community Choice Financing Authority Series 2025C, 5% 10/1/2028 (American General Life Insurance Co Guaranteed)  | 435000 | 455147 |
| TOTAL GENERAL OBLIGATIONS |  | 823211 |
| Resource Recovery - 3.0% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021 B, 3.85% tender 7/1/2051 (b)(c) | 400000 | 399973 |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021A, 3.45% tender 7/1/2041 (b)(c) | 1300000 | 1299819 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) 3.45% tender 11/1/2046 (b)(c) | 200000 | 200002 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2017 A, 3.45% tender 12/1/2044 (b)(c) | 1300000 | 1300338 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020, 3.45% tender 10/1/2045 (b)(c) | 1000000 | 1000011 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020B, 3.85% tender 11/1/2041 (b)(c) | 800000 | 799813 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2022A, 3.45% tender 10/1/2041 (b)(c) | 1100000 | 1103317 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2024B, 3.375% tender 9/1/2050 (b)(c) | 300000 | 298302 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2017 A 2, 3.45% tender 11/1/2042 (b)(c)(f) | 100000 | 100002 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2023, 3.8% tender 7/1/2043 (b)(c)(f) | 800000 | 799759 |
| TOTAL RESOURCE RECOVERY |  | 7301336 |
| Synthetics - 4.2% |  |  |
| California Community Choice Financing Authority Participating VRDN Series 2022 XF3007, 3.62% 5/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 2005000 | 2005000 |
| California Hsg Fin Agcy Ltd Obl Participating VRDN Series 2023 XF3127, 3.6% 6/1/2030 (Liquidity Facility Mizuho Capital Markets LLC) (c)(e) | 200000 | 200000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9232, 3.6% 10/8/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d)(e) | 800000 | 800000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9233, 3.6% 12/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 2100000 | 2100000 |
| Chula Vista California Multifamily Hsg Rev Participating VRDN Series 2025 BAML6065, 2.65% 5/15/2036 (Liquidity Facility Bank of America, N.A.) (b)(c)(e) | 2600000 | 2600000 |
| San Francisco City & County Multi Fam Hsg Rev Participating VRDN 3.5% 12/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 2200000 | 2200001 |
| TOTAL SYNTHETICS |  | 9905001 |
| Transportation - 1.1% |  |  |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (b) | 1595000 | 1608502 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (b) | 810000 | 816857 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (b) | 200000 | 201693 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2026 (b) | 55000 | 55466 |
| TOTAL TRANSPORTATION |  | 2682518 |
| TOTAL CALIFORNIA |  | 21066182 |
| Colorado - 2.8%  |  |  |
| Housing - 0.2% |  |  |
| Colorado Hsg & Fin Auth Multifamily Hsg Rev Series 2024, 3.5% tender 11/1/2043 (c) | 400000 | 400630 |
| Maiker Hsg Partners Colo Multifamily Hsg Rev Series 2023, 4.5% tender 5/1/2042 (c) | 200000 | 201424 |
| TOTAL HOUSING |  | 602054 |
| Special Tax - 0.1% |  |  |
| Park Creek Met Dist Colo Ltd Ppty Tax Supported Rev Series 2025, 5% 12/1/2026 (Assured Guaranty Inc Insured)  | 200000 | 203919 |
| Synthetics - 2.4% |  |  |
| Colorado Health Facilities Authority Participating VRDN 3.47% 11/1/2042 (Liquidity Facility JP Morgan Chase Bank NA) (c)(e) | 4480000 | 4480000 |
| Denver CO City & Cnty Arpt Participating VRDN Series 2018 XM0715, 3.62% 12/1/2043 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(e) | 1100000 | 1100000 |
| TOTAL SYNTHETICS |  | 5580000 |
| Transportation - 0.1% |  |  |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2027 (b) | 275000 | 285504 |
| TOTAL COLORADO |  | 6671477 |
| Connecticut - 0.7%  |  |  |
| Education - 0.5% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) 2.8% tender 7/1/2057 (c) | 1100000 | 1099980 |
| General Obligations - 0.2% |  |  |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2028 (Assured Guaranty Inc Insured)  | 385000 | 407552 |
| West Haven CT BAN 4.25% 3/26/2026  | 300000 | 300824 |
| TOTAL GENERAL OBLIGATIONS |  | 708376 |
| TOTAL CONNECTICUT |  | 1808356 |
| District Of Columbia - 0.2%  |  |  |
| Housing - 0.2% |  |  |
| District Columbia Hsg Fin Mult Series 2024, 3.65% tender 7/1/2028 (c) | 340000 | 343536 |
| Water & Sewer - 0.0% |  |  |
| District Columbia Wtr & Swr Auth Pub Util Rev Series 2022E, 3% tender 10/1/2057 (c) | 120000 | 119089 |
| TOTAL DISTRICT OF COLUMBIA |  | 462625 |
| District Of Columbia,Virginia - 0.5%  |  |  |
| Transportation - 0.5% |  |  |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5% 10/1/2028 (b) | 315000 | 333163 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2026 (b) | 235000 | 238976 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2027 (b) | 535000 | 554348 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 1126487 |
| Florida - 6.3%  |  |  |
| Health Care - 0.7% |  |  |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys Fl Hosp Rev Proj.) 3.86% 4/1/2049 VRDN (c) | 1500000 | 1500000 |
| Orange Cnty FL Health Facs Auth Rev (Advent Health Proj.) 5% tender 11/15/2052 (c) | 190000 | 193736 |
| TOTAL HEALTH CARE |  | 1693736 |
| Housing - 0.7% |  |  |
| Broward Cty FL Hsg Aut Hsg Rev 3.15% tender 3/1/2028 (c) | 390000 | 390244 |
| Fla Hsg Fin Corp Multifamily Mtg Rev (Culmer Apts Proj.) Series 2023 C, 3.08% tender 12/1/2026 (c) | 800000 | 799868 |
| Florida Hsg Fin Corp Mltfmy Rv Series 2024 E, 3.8% tender 6/1/2042 (c) | 185000 | 185365 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2023, 3.55% tender 1/1/2027 (c) | 290000 | 290000 |
| TOTAL HOUSING |  | 1665477 |
| Resource Recovery - 0.9% |  |  |
| Florida Dev Fin Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025A, 3.4% tender 9/1/2050 (b)(c) | 210000 | 210880 |
| Miami-Dade Cnty FL Ida Sld Waste Disp Rev (Waste Management Inc Del Proj.) Series 2011, 3.45% tender 11/1/2041 (b)(c) | 900000 | 900887 |
| Miami-Dade Cnty FL Ida Sld Waste Disp Rev (Waste Management Inc Del Proj.) Series 2018 B, 4% tender 11/1/2048 (b)(c) | 1000000 | 1000084 |
| TOTAL RESOURCE RECOVERY |  | 2111851 |
| Special Tax - 1.3% |  |  |
| Florida Ins Assistance Interlocal Agy Fla Ins Assmt Rev Series 2023 A2, 4.06% 9/1/2032 (Liquidity Facility Florida St) VRDN (c) | 3120000 | 3120000 |
| Synthetics - 2.4% |  |  |
| Florida Dev Fin Corp Rev Participating VRDN 2.8% 7/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 1400000 | 1400000 |
| Florida Dev Fin Corp Rev Participating VRDN Series 2024 XF1704, 3.52% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(e) | 2500000 | 2500000 |
| Greater Orlando Aviation Auth Participating VRDN 2.68% 10/1/2036 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 175000 | 175000 |
| Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 3.55% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 200000 | 200000 |
| Miami-Dade Cnty Fla Aviat Rev Participating VRDN Series 2025 CF7044, 3.47% 10/1/2040 (Liquidity Facility Citibank NA) (b)(c)(e) | 1500000 | 1500000 |
| TOTAL SYNTHETICS |  | 5775000 |
| Transportation - 0.3% |  |  |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2028 (b) | 450000 | 475214 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2027 (b) | 345000 | 356580 |
| TOTAL TRANSPORTATION |  | 831794 |
| TOTAL FLORIDA |  | 15197858 |
| Georgia - 2.8%  |  |  |
| Electric Utilities - 0.5% |  |  |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 2.6% 11/1/2062 VRDN (b)(c) | 400000 | 400000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2008 SECOND, 3.375% tender 11/1/2048 (c) | 85000 | 85357 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIFTH 1994, 3.7% tender 10/1/2032 (c) | 155000 | 157317 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FOURTH 1995, 3.8% tender 10/1/2032 (c) | 200000 | 200571 |
| Georgia Mun Elec Auth Pwr Rev Series A, 5% 1/1/2028  | 280000 | 283232 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2009, 3.875% tender 10/1/2048 (c) | 170000 | 170247 |
| TOTAL ELECTRIC UTILITIES |  | 1296724 |
| General Obligations - 1.4% |  |  |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (c) | 515000 | 524537 |
| Main Street Natural Gas Inc Series 2022B, 5% 6/1/2026 (Citigroup Inc Guaranteed)  | 1900000 | 1913036 |
| Main Street Natural Gas Inc Series 2022B, 5% tender 12/1/2052 (Citigroup Inc Guaranteed) (c) | 245000 | 256218 |
| Main Street Natural Gas Inc Series 2023D, 5% 12/1/2026 (Citigroup Inc Guaranteed)  | 75000 | 76155 |
| Main Street Natural Gas Inc Series 2024B, 5% 3/1/2026 (Royal Bank of Canada Guaranteed)  | 350000 | 350995 |
| TOTAL GENERAL OBLIGATIONS |  | 3120941 |
| Housing - 0.4% |  |  |
| Atlanta GA Urban Resdtl Fin Auth Mf Hsg Rev Series 2025, 3.15% tender 12/1/2029 (c) | 1048000 | 1050299 |
| Synthetics - 0.1% |  |  |
| Buford Hsg Auth Multi Fam Participating VRDN Series 2023 XF3118, 3.6% 3/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (c)(e) | 200000 | 200000 |
| Transportation - 0.4% |  |  |
| Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2027 (b) | 1005000 | 1035349 |
| TOTAL GEORGIA |  | 6703313 |
| Hawaii - 0.4%  |  |  |
| Housing - 0.2% |  |  |
| Honolulu HI City & Cnty Mfr Series 2023, 5% tender 6/1/2027 (c) | 370000 | 372858 |
| Synthetics - 0.2% |  |  |
| Hawaii St Arpts Sys Rev Participating VRDN 3.52% 7/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(e) | 500000 | 500000 |
| TOTAL HAWAII |  | 872858 |
| Illinois - 2.5%  |  |  |
| General Obligations - 0.7% |  |  |
| Illinois St Gen. Oblig. 5% 2/1/2027  | 1100000 | 1124762 |
| Illinois St Gen. Oblig. 5% 3/1/2026  | 340000 | 341227 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 85000 | 86540 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2027  | 125000 | 128546 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2028  | 85000 | 89126 |
| TOTAL GENERAL OBLIGATIONS |  | 1770201 |
| Housing - 0.1% |  |  |
| Illinois Hsg Dev Auth Multifamily Hsg Rev 5% tender 2/1/2027 (c) | 90000 | 90135 |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2023, 5% tender 2/1/2027 (c) | 100000 | 100179 |
| TOTAL HOUSING |  | 190314 |
| Synthetics - 0.6% |  |  |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN 3.47% 1/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 300000 | 300000 |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN Series 2023 XF1457, 2.8% 7/1/2027 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 120000 | 120000 |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN Series 2025 XF8113, 2.72% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 300000 | 300000 |
| Illinois Fin Auth Rev Plymouth Place Participating VRDN Series 2025 002, 3.62% 5/15/2056 (Liquidity Facility Barclays Bank PLC) (c)(e) | 820000 | 820000 |
| TOTAL SYNTHETICS |  | 1540000 |
| Transportation - 1.0% |  |  |
| Chicago IL Midway Arpt Rev Series 2025 A, 5% 1/1/2028 (b) | 850000 | 880417 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2028 (b) | 910000 | 942565 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024E, 5% 1/1/2026 (b) | 410000 | 410000 |
| TOTAL TRANSPORTATION |  | 2232982 |
| Water & Sewer - 0.1% |  |  |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2026  | 350000 | 350000 |
| TOTAL ILLINOIS |  | 6083497 |
| Indiana - 0.9%  |  |  |
| Industrial Development - 0.2% |  |  |
| Whiting Ind Environmental Facs (Bp Products North America Inc Proj.) Series 2019A, 5% tender 12/1/2044 (BP PLC Guaranteed) (b)(c) | 370000 | 373405 |
| Resource Recovery - 0.6% |  |  |
| Indiana St Fin Auth Economic Dev Rev (Republic Services Inc Proj.) Series 2010A, 3.45% tender 5/1/2028 (b)(c) | 800000 | 800010 |
| Indiana St Fin Auth Economic Dev Rev (Republic Services Inc Proj.) Series 2012, 3.45% tender 5/1/2028 (b)(c) | 700000 | 700019 |
| TOTAL RESOURCE RECOVERY |  | 1500029 |
| Transportation - 0.1% |  |  |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2023I 2, 5% 1/1/2026 (b) | 65000 | 64999 |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2023I 2, 5% 1/1/2027 (b) | 130000 | 132548 |
| TOTAL TRANSPORTATION |  | 197547 |
| TOTAL INDIANA |  | 2070981 |
| Kansas - 0.3%  |  |  |
| Housing - 0.3% |  |  |
| Kansas St Dev Fin Auth Multifamily Hsg Rev (Seasons Proj.) Series 2025F, 2.95% tender 9/1/2059 (c) | 690000 | 688361 |
| Kentucky - 1.3%  |  |  |
| Education - 0.3% |  |  |
| Kentucky Higher Ed Student Ln Corp Student Ln Rev (Federal Family Education Loan Program Proj.) Series 2023 1A 1, 3.51% 6/1/2043, LOC Bank of America NA VRDN (b)(c) | 680000 | 680000 |
| Electric Utilities - 0.3% |  |  |
| Trimble Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) 4.7% tender 6/1/2054 (b)(c) | 800000 | 806021 |
| General Obligations - 0.2% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5% 12/1/2026 (Morgan Stanley Guaranteed)  | 295000 | 299786 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2026  | 330000 | 331930 |
| TOTAL GENERAL OBLIGATIONS |  | 631716 |
| Industrial Development - 0.5% |  |  |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 2.95% 7/1/2060 VRDN (b)(c) | 1100000 | 1100000 |
| TOTAL KENTUCKY |  | 3217737 |
| Louisiana - 4.6%  |  |  |
| Housing - 0.2% |  |  |
| Louisiana Housing Corp Series 2024B, 3.75% tender 2/1/2028 (c) | 370000 | 373052 |
| Industrial Development - 3.9% |  |  |
| St James Parish LA Rev (Nucor Corp Proj.) 2.6% 11/1/2040 VRDN (c) | 400000 | 400000 |
| St James Parish LA Rev (Nucor Corp Proj.) 2.66% 11/1/2040 VRDN (c) | 9095000 | 9095000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 9495000 |
| Transportation - 0.5% |  |  |
| New Orleans LA Aviation Board 5% 1/1/2026 (b) | 280000 | 280000 |
| New Orleans LA Aviation Board 5% 1/1/2027 (b) | 315000 | 321049 |
| New Orleans LA Aviation Board 5% 1/1/2028 (b) | 595000 | 616878 |
| TOTAL TRANSPORTATION |  | 1217927 |
| TOTAL LOUISIANA |  | 11085979 |
| Maryland - 0.7%  |  |  |
| Housing - 0.2% |  |  |
| Maryland Community Development Administration (MD Mhsg Rev 1997 Proj.) Series 2023 D, 3.5% 1/1/2026  | 495000 | 495000 |
| Synthetics - 0.5% |  |  |
| Baltimore County Gen. Oblig. Participating VRDN 3.67% 1/1/2050 (Liquidity Facility Barclays Bank PLC) (c)(e) | 200000 | 200000 |
| Integrace Obligated Group Participating VRDN Series 2022 024, 3.67% 11/15/2049 (Liquidity Facility Barclays Bank PLC) (c)(e) | 400000 | 400000 |
| Maryland St Econ Dev Corp Participating VRDN Series 2024 XF3222, 3.55% 4/1/2054 (Liquidity Facility Mizuho Capital Markets LLC) (c)(e) | 300000 | 300000 |
| Riderwood Vlg Inc Participating VRDN Series 2022 029, 3.67% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (c)(e) | 400000 | 400000 |
| TOTAL SYNTHETICS |  | 1300000 |
| TOTAL MARYLAND |  | 1795000 |
| Massachusetts - 0.9%  |  |  |
| General Obligations - 0.9% |  |  |
| Bondsville Mass Fire & Wtr Dist Gen. Oblig. BAN 4.875% 11/20/2026  | 300000 | 304501 |
| Brockton MA Gen. Oblig. BAN 5% 10/8/2026  | 800000 | 814067 |
| Holyoke MA Gen. Oblig. BAN 4% 10/23/2026  | 800000 | 808375 |
| Hudson MA Gen. Oblig. BAN 5% 6/11/2026  | 370000 | 371934 |
| TOTAL MASSACHUSETTS |  | 2298877 |
| Michigan - 1.5%  |  |  |
| Education - 0.2% |  |  |
| Wayne St Univ MI Univ Revs Series 2024A, 5% 11/15/2026 (Build America Mutual Assurance Co Insured)  | 500000 | 510217 |
| Electric Utilities - 0.3% |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev (Consumers Energy Co Proj.) Series 2019, 3.35% tender 10/1/2049 (b)(c) | 730000 | 728997 |
| General Obligations - 0.2% |  |  |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2026  | 160000 | 160905 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2027  | 165000 | 168875 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2028  | 90000 | 93732 |
| TOTAL GENERAL OBLIGATIONS |  | 423512 |
| Health Care - 0.1% |  |  |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2026  | 265000 | 266690 |
| Housing - 0.1% |  |  |
| Michigan State Housing Development Authority Series 2025, 2.7% tender 10/1/2043 (c) | 310000 | 306157 |
| Transportation - 0.6% |  |  |
| Wayne Cnty Mich Arpt Auth Rev Series 2025G, 5% 12/1/2026 (b) | 1430000 | 1453590 |
| TOTAL MICHIGAN |  | 3689163 |
| Minnesota - 0.3%  |  |  |
| Synthetics - 0.1% |  |  |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN Series 2023 MIZ9145, 3.55% 6/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 300000 | 300000 |
| Transportation - 0.2% |  |  |
| Minneapolis Met Airport Commis Series 2023B, 5% 1/1/2026 (b) | 350000 | 350000 |
| TOTAL MINNESOTA |  | 650000 |
| Mississippi - 0.3%  |  |  |
| Education - 0.3% |  |  |
| Jackson St Univ Edl Bldg Corp MS Rev Series 2021 A, 0.8% 3/1/2028 (Build America Mutual Assurance Co Insured) (c) | 635000 | 606172 |
| Missouri - 0.3%  |  |  |
| Housing - 0.1% |  |  |
| Kansas City MO Planned Indl Expansion Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (c) | 150000 | 152970 |
| Industrial Development - 0.1% |  |  |
| Missouri Development Finance Board (Procter & Gamble Co/The Proj.) 5.2% 3/15/2029 (b) | 275000 | 291890 |
| Synthetics - 0.1% |  |  |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig Participating VRDN 2.8% 3/1/2057 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 100000 | 100000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN 3.55% 10/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 200000 | 200000 |
| TOTAL SYNTHETICS |  | 300000 |
| TOTAL MISSOURI |  | 744860 |
| Montana - 0.3%  |  |  |
| Housing - 0.3% |  |  |
| Montana St Brd Hsg Multifamilyhsg Rev Series 2024, 3.32% tender 7/1/2046 (c) | 660000 | 663695 |
| Nebraska - 0.6%  |  |  |
| Industrial Development - 0.0% |  |  |
| Stanton Cnty NE Indl Dev Rev (Nucor Corp Proj.) 2.72% 6/1/2028 VRDN (b)(c) | 100000 | 100000 |
| Synthetics - 0.6% |  |  |
| Omaha NE Arpt Auth Arpt Rev Participating VRDN 3.52% 12/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c)(e) | 1300000 | 1300000 |
| TOTAL NEBRASKA |  | 1400000 |
| Nevada - 0.6%  |  |  |
| Housing - 0.1% |  |  |
| Nevada Hsg Div Series 2024, 5% tender 7/1/2028 (c) | 260000 | 267655 |
| Resource Recovery - 0.5% |  |  |
| Nevada Dpt Bus & Ind Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2001, 3.45% tender 12/1/2026 (b)(c)(f) | 1100000 | 1100023 |
| TOTAL NEVADA |  | 1367678 |
| New Hampshire - 1.2%  |  |  |
| Housing - 0.1% |  |  |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) 3.8% 7/1/2026  | 170000 | 170093 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.625% 4/1/2026  | 35000 | 35016 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.7% 1/1/2027  | 115000 | 115450 |
| TOTAL HOUSING |  | 320559 |
| Resource Recovery - 0.9% |  |  |
| National Fin Auth NH Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A 2, 4.25% tender 7/1/2027 (b)(c) | 1400000 | 1407348 |
| National Fin Auth NH Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A 3, 4% tender 7/1/2033 (b)(c) | 600000 | 600213 |
| TOTAL RESOURCE RECOVERY |  | 2007561 |
| Synthetics - 0.2% |  |  |
| Nat'l Fin Auth NH Specialty Bonds Series 2024 MS0023, 3.62% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA) (c)(d)(e) | 500000 | 500000 |
| TOTAL NEW HAMPSHIRE |  | 2828120 |
| New Jersey - 2.4%  |  |  |
| Education - 0.2% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 A, 5% 12/1/2027 (b) | 150000 | 154542 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2027 (b) | 415000 | 427566 |
| TOTAL EDUCATION |  | 582108 |
| General Obligations - 1.7% |  |  |
| Belleville NJ Tan Gen. Oblig. BAN 4% 7/7/2026  | 2100000 | 2110042 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 GGG, 5.25% 9/1/2026 (f) | 180000 | 183129 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2023 RRR, 5% 3/1/2026  | 360000 | 361364 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2026  | 240000 | 242559 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2026  | 80000 | 81329 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2027  | 75000 | 78050 |
| Orange Twp NJ BAN 4% 3/18/2026  | 1100000 | 1102496 |
| TOTAL GENERAL OBLIGATIONS |  | 4158969 |
| Housing - 0.5% |  |  |
| Camden Cnty NJ Impt Auth Multifamily Rev Series 2024, 5% tender 3/1/2027 (c) | 550000 | 551726 |
| NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 2, 2.85% 11/1/2026  | 555000 | 555270 |
| TOTAL HOUSING |  | 1106996 |
| TOTAL NEW JERSEY |  | 5848073 |
| New Jersey,New York - 0.5%  |  |  |
| Transportation - 0.5% |  |  |
| Port Auth NY & NJ 5% 10/15/2028 (b) | 630000 | 663890 |
| Port Auth NY & NJ Series 242, 5% 12/1/2026 (b) | 565000 | 575089 |
| TOTAL NEW JERSEY,NEW YORK |  | 1238979 |
| New Mexico - 0.6%  |  |  |
| Housing - 0.5% |  |  |
| New Mexico Mtg Fin Auth Mf Hsg Rev (Jlg Nm Abq 2023, Lllp Proj.) Series 2023, 2.97% tender 2/1/2042 (c) | 500000 | 499735 |
| Santa Fe Cnty N Mex Multifamily Rev Series 2024, 3.29% tender 12/10/2049 (c) | 755000 | 758529 |
| TOTAL HOUSING |  | 1258264 |
| Synthetics - 0.1% |  |  |
| New Mexico St Hosp Equip Ln Co Participating VRDN 3.67% 7/1/2042 (Liquidity Facility Barclays Bank PLC) (c)(e) | 195000 | 195000 |
| TOTAL NEW MEXICO |  | 1453264 |
| New York - 8.9%  |  |  |
| Electric Utilities - 0.2% |  |  |
| Long Island Pwr Auth NY Elec Series 2025B, 3% tender 9/1/2055 (c) | 510000 | 510986 |
| General Obligations - 5.7% |  |  |
| Albany NY BAN 4% 3/20/2026  | 2500000 | 2505326 |
| Albany NY Gen. Oblig. BAN 4% 3/20/2026  | 800000 | 802158 |
| Binghamton NY BAN 4% 4/10/2026  | 2300000 | 2306149 |
| City of New York NY Gen. Oblig. 5% 8/1/2028  | 2255000 | 2395796 |
| East Syracuse-Minoa NY Cent SD BAN Series 2025, 4% 6/25/2026  | 800000 | 804158 |
| Farmington NY Gen. Oblig. BAN Series 2025, 4% 7/29/2026  | 900000 | 902117 |
| Ithaca City New York BAN 4.25% 2/13/2026  | 1000000 | 1000964 |
| Ithaca City New York Gen. Oblig. BAN 4.5% 7/17/2026  | 395727 | 398273 |
| New Hartford NY Cent Sch Dist BAN Series 2025, 4% 6/25/2026  | 500000 | 503113 |
| Ogdensburg NY Enlrg Cty Sch Ds BAN Series 2025, 4% 7/22/2026  | 600000 | 604047 |
| Sullivan West Cent Sch Dist NY BAN Series 2025, 4% 6/25/2026  | 1000000 | 1004640 |
| Washington Co NY BAN 4% 3/20/2026  | 600000 | 601585 |
| TOTAL GENERAL OBLIGATIONS |  | 13828326 |
| Housing - 0.5% |  |  |
| Monroe Cnty NY Indl Dev Agy Multi-Family Hsg Rev 5% tender 7/1/2028 (c) | 90000 | 92650 |
| New York St Hsg Fin Agy Series 2023 E 2, 3.8% tender 11/1/2063 (c) | 115000 | 115042 |
| New York St Hsg Fin Agy Series 2024 A, 3.375% tender 11/1/2063 (c) | 925000 | 925153 |
| TOTAL HOUSING |  | 1132845 |
| Special Tax - 0.0% |  |  |
| New York NY City Ida Rev (Queens Ballpark Company LLC Proj.) Series 2021A, 5% 1/1/2026 (Assured Guaranty Inc Insured)  | 35000 | 35000 |
| Synthetics - 2.4% |  |  |
| Liberty NY Dev Corp Rev Participating VRDN 3.67% 10/1/2035 (Liquidity Facility Morgan Stanley Bank NA) (c)(e) | 300000 | 300000 |
| Metropolitan Transn Auth NY Rv Participating VRDN 3.57% 11/15/2043 (Liquidity Facility JP Morgan Chase Bank NA) (c)(e) | 2300000 | 2300000 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2022 XF1321, 3.57% 11/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (c)(e) | 225000 | 225000 |
| New York St Hsg Fin Agy Participating VRDN Series 2022 003, 3.67% 11/1/2041 (Liquidity Facility Barclays Bank PLC) (c)(e) | 400000 | 400000 |
| New York St Hsg Fin Agy Participating VRDN Series 2022 007, 3.77% 11/1/2041 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 2600000 | 2600000 |
| TOTAL SYNTHETICS |  | 5825000 |
| Transportation - 0.1% |  |  |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2026 (b) | 330000 | 335294 |
| TOTAL NEW YORK |  | 21667451 |
| North Carolina - 1.5%  |  |  |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Cumberland Cnty NC Series 2024, 3.125% tender 12/1/2027 (b)(c) | 500000 | 499654 |
| Housing - 1.1% |  |  |
| Inlivian NC Multifamily Rev 3.625% tender 11/1/2058 (c) | 600000 | 606281 |
| North Carolina Housing Finance Agency (NC Homeownership Proj.) Series 55 C, 3.2% tender 7/1/2056 (c) | 2000000 | 1999872 |
| TOTAL HOUSING |  | 2606153 |
| Transportation - 0.2% |  |  |
| Charlotte NC Arpt Rev Series 2023B, 5% 7/1/2027 (b) | 550000 | 566201 |
| TOTAL NORTH CAROLINA |  | 3672008 |
| North Dakota - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 5% 12/1/2026  | 210000 | 212798 |
| Ohio - 1.9%  |  |  |
| Education - 0.0% |  |  |
| Ohio St Higher Ed Fac Comm (Case Western Reserve Univ, Oh Proj.) 1.625% tender 12/1/2034 (c) | 70000 | 68792 |
| Electric Utilities - 0.7% |  |  |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2026  | 300000 | 300808 |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2027  | 475000 | 487364 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014C, 3.65% 12/1/2027 (b) | 525000 | 526253 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014D, 3.2% 5/1/2026  | 480000 | 479558 |
| TOTAL ELECTRIC UTILITIES |  | 1793983 |
| Health Care - 0.6% |  |  |
| Ohio St Hosp Rev (Cleveland Clinic Foundation Proj.) Series 2019 C, 2.75% tender 1/1/2052 (c) | 455000 | 452995 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2015B, 3.79% 1/15/2045 VRDN (c) | 900000 | 900000 |
| TOTAL HEALTH CARE |  | 1352995 |
| Housing - 0.6% |  |  |
| Columbus-Franklin Cnty Ohio Fin Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (c) | 130000 | 131807 |
| Columbus-Franklin Cnty Ohio Fin Auth Multifamily Hsg Rev Series 2025, 3.19% tender 6/1/2044 (c) | 1213000 | 1216830 |
| TOTAL HOUSING |  | 1348637 |
| Water & Sewer - 0.0% |  |  |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2026  | 95000 | 97087 |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2027  | 60000 | 62784 |
| TOTAL WATER & SEWER |  | 159871 |
| TOTAL OHIO |  | 4724278 |
| Oklahoma - 0.8%  |  |  |
| General Obligations - 0.6% |  |  |
| Oklahoma Cnty Indep Sch Dist 89 Oklahoma City 3% 7/1/2026  | 700000 | 701166 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2026  | 525000 | 527807 |
| TOTAL GENERAL OBLIGATIONS |  | 1228973 |
| Health Care - 0.2% |  |  |
| OK Dev Fin Auth Health Sys Rev (Integris Baptist Medical Ctr Proj.) Series 2020B, 3.9% 8/15/2031 VRDN (c) | 575000 | 575000 |
| Synthetics - 0.0% |  |  |
| Steele Duncan Plaza LLC Participating VRDN Series 2022 MIZ9103, 3.55% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 114268 | 114268 |
| TOTAL OKLAHOMA |  | 1918241 |
| Pennsylvania - 6.3%  |  |  |
| General Obligations - 0.6% |  |  |
| Pennsylvania St 5% 9/1/2026  | 780000 | 792855 |
| Pennsylvania St Series 2019, 5% 7/15/2026  | 200000 | 202660 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 8/1/2027  | 545000 | 565129 |
| TOTAL GENERAL OBLIGATIONS |  | 1560644 |
| Health Care - 1.3% |  |  |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2020 B, 5% tender 4/1/2043 (c) | 410000 | 415616 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 D, 4.06% 9/1/2050 VRDN (c) | 800000 | 800000 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2023 A 2, 5% 5/15/2026  | 500000 | 503917 |
| Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 B, 4.06% 9/1/2050 VRDN (c) | 1450000 | 1450000 |
| TOTAL HEALTH CARE |  | 3169533 |
| Resource Recovery - 3.2% |  |  |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2014, 3.65% tender 6/1/2044 (b)(c) | 1900000 | 1900000 |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2019 A, 3.45% tender 4/1/2034 (b)(c) | 300000 | 300007 |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2019 B, 3.45% tender 4/1/2049 (b)(c) | 600000 | 600014 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) 4.25% tender 7/1/2041 (b)(c) | 600000 | 606574 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2019 A, 3.875% tender 8/1/2038 (b)(c) | 1100000 | 1101784 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A 2, 4.6% tender 10/1/2046 (b)(c) | 2000000 | 2006867 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A, 4% tender 6/1/2041 (b)(c) | 1000000 | 1000770 |
| TOTAL RESOURCE RECOVERY |  | 7516016 |
| Synthetics - 0.2% |  |  |
| Pennsylvania Turnpike Commission Participating VRDN Series 5096, 3.47% 6/1/2047 (Liquidity Facility JP Morgan Securities LLC) (c)(e) | 500000 | 499999 |
| Transportation - 1.0% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2027 (b) | 2000000 | 2041975 |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2028 (b) | 435000 | 456984 |
| TOTAL TRANSPORTATION |  | 2498959 |
| TOTAL PENNSYLVANIA |  | 15245151 |
| Rhode Island - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2026  | 350000 | 356245 |
| South Carolina - 0.4%  |  |  |
| Electric Utilities - 0.1% |  |  |
| South Carolina St Svc Auth Rev 5% 12/1/2026  | 130000 | 132652 |
| South Carolina St Svc Auth Rev 5% 12/1/2028  | 190000 | 202764 |
| TOTAL ELECTRIC UTILITIES |  | 335416 |
| Industrial Development - 0.2% |  |  |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.72% 4/1/2030 VRDN (b)(c) | 300000 | 300000 |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.72% 9/1/2028 VRDN (b)(c) | 100000 | 100000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 400000 |
| Synthetics - 0.1% |  |  |
| South Carolina Conway Hosp Participating VRDN Series 2022 019, 3.67% 7/1/2047 (Liquidity Facility Barclays Bank PLC) (c)(e) | 300000 | 300000 |
| TOTAL SOUTH CAROLINA |  | 1035416 |
| Tennessee - 1.3%  |  |  |
| Housing - 0.9% |  |  |
| Chattanooga Tenn Health Edl & Hsg Fac Brd Multifamily Hsg 3.6% tender 6/1/2048 (c) | 910000 | 918983 |
| Chattanooga Tenn Health Edl & Hsg Fac Brd Multifamily Hsg Series 2025, 2.95% tender 5/1/2044 (c) | 310000 | 309859 |
| Kingsport Tenn Indl Dev Brd Collateralized Multifamily Hsg Rev Series 2025, 2.95% tender 9/1/2029 (c) | 690000 | 688483 |
| Knoxville Cnty Tenn Health Edl& Hsg Fac Brd Multifamily Hsgrev Series 2024, 3.1% tender 9/1/2029 (c) | 335000 | 335121 |
| TOTAL HOUSING |  | 2252446 |
| Resource Recovery - 0.3% |  |  |
| Lewisburg Tenn Indl Dev Brd So Lid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2012, 3.4% tender 7/2/2035 (b)(c) | 800000 | 800095 |
| Synthetics - 0.1% |  |  |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Facs Participating VRDN Series 2024 MIZ9163, 3.55% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 200000 | 200000 |
| TOTAL TENNESSEE |  | 3252541 |
| Texas - 17.2%  |  |  |
| Education - 0.4% |  |  |
| Texas A&M Univ Revs Series 2016 E, 4% 5/15/2027  | 1000000 | 1004776 |
| Electric Utilities - 0.4% |  |  |
| San Antonio TX Elec & Gas Rev 5% 2/1/2026  | 50000 | 50091 |
| San Antonio TX Elec & Gas Rev Series 2025A, 3.08% tender 2/1/2055 (c) | 805000 | 807703 |
| TOTAL ELECTRIC UTILITIES |  | 857794 |
| General Obligations - 5.4% |  |  |
| Argyle TX Indpt Sch Dist Series 2025 B 1, 4% tender 8/15/2057 (Permanent Sch Fund of Texas Guaranteed) (c) | 390000 | 397186 |
| Argyle TX Indpt Sch Dist Series 2025 B 2, 4% tender 8/15/2057 (Permanent Sch Fund of Texas Guaranteed) (c) | 600000 | 619869 |
| Boerne TX Isd Series 2023, 3.125% tender 2/1/2053 (Permanent Sch Fund of Texas Guaranteed) (c) | 785000 | 786149 |
| Boerne TX Isd Series 2024, 4% tender 2/1/2054 (Permanent Sch Fund of Texas Guaranteed) (c) | 175000 | 179598 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2026  | 1000000 | 1002840 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2027  | 1000000 | 1027373 |
| Dallas TX ISD Series 2025A 2025A 1, 5% tender 2/15/2055 (Permanent Sch Fund of Texas Guaranteed) (c) | 1200000 | 1203145 |
| Denton Independent School District Series B1, 4% tender 8/15/2055 (Permanent Sch Fund of Texas Guaranteed) (c) | 1120000 | 1157088 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2029 (Permanent Sch Fund of Texas Guaranteed)  | 1760000 | 1889721 |
| Hutto TX Indpt Sch Dist Series 2015, 4% tender 2/1/2055 (Permanent Sch Fund of Texas Guaranteed) (c) | 370000 | 382071 |
| Navarro Tex Indpt Sch Dist Series 2025, 4% tender 2/15/2062 (Permanent Sch Fund of Texas Guaranteed) (c) | 445000 | 456911 |
| North East Indpt Sch Dist TX Series 2024, 3.75% tender 8/1/2049 (Permanent Sch Fund of Texas Guaranteed) (c) | 225000 | 227662 |
| Northside TX Indpt Sch Dist Series 2023 B, 3% tender 8/1/2053 (Permanent Sch Fund of Texas Guaranteed) (c) | 1600000 | 1600230 |
| Northside TX Indpt Sch Dist Series 2024B, 3.45% tender 8/1/2054 (Permanent Sch Fund of Texas Guaranteed) (c) | 630000 | 634543 |
| Prosper Tex Indpt Sch Dist Series 2019 B, 4% tender 2/15/2050 (Permanent Sch Fund of Texas Guaranteed) (c) | 110000 | 110870 |
| Texarkana Tex Indpt Sch Dist Series 2024, 4% tender 2/15/2053 (Permanent Sch Fund of Texas Guaranteed) (c) | 445000 | 448274 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023B, 5.25% 1/1/2027 (BP PLC Guaranteed)  | 230000 | 234432 |
| Texas State Gen. Oblig. Series 2007 A, 2.5% 6/1/2037 (Liquidity Facility State Street Bank & Trust Co) VRDN (b)(c) | 700000 | 700000 |
| TOTAL GENERAL OBLIGATIONS |  | 13057962 |
| Health Care - 0.1% |  |  |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 5% tender 11/15/2052 (c) | 225000 | 226102 |
| Housing - 1.2% |  |  |
| Bexar Mgmt & Dev Corp Tex Multifamily Hsg Rev Series 2024, 3.02% tender 5/10/2045 (c) | 1005000 | 1006062 |
| Capital Area Hsg Fin Corp Tex Multi Family Hsg Rev Series 2024, 3.125% tender 9/1/2029 (c) | 385000 | 386911 |
| Dallas Tex Hsg Fin Corp Multi Family Hsg Rev Series 2023, 5% tender 9/1/2026 (c) | 190000 | 190190 |
| Houston Tex Fin Corp Multifamilty Hsg Rev 5% tender 8/1/2041 (c) | 110000 | 110478 |
| Houston Tex Fin Corp Multifamilty Hsg Rev Series 2024, 3.65% tender 2/1/2048 (c) | 445000 | 449050 |
| San Antonio Tex Hsg Tr Pub Fac Multifamily Hsg Rev Series 2024, 3.45% tender 7/1/2029 (c) | 510000 | 513597 |
| Texas St Affordable Hsg Corp Multifamily Hsg Rev Series 2023, 3.625% tender 1/1/2045 (c) | 130000 | 130829 |
| TOTAL HOUSING |  | 2787117 |
| Industrial Development - 5.0% |  |  |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.52% 11/1/2040 VRDN (c) | 4350000 | 4350000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.57% 11/1/2040 VRDN (c) | 1800000 | 1800000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.62% 12/1/2027 VRDN (b)(c) | 6000000 | 6000001 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 12150001 |
| Resource Recovery - 1.2% |  |  |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2012, 3.5% tender 1/1/2026 (b)(c) | 900000 | 899999 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020 A, 3.45% tender 5/1/2046 (b)(c) | 1100000 | 1100013 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2023A, 4.25% tender 6/1/2048 (b)(c) | 300000 | 301741 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025 A, 3.45% tender 6/1/2055 (b)(c) | 700000 | 700008 |
| TOTAL RESOURCE RECOVERY |  | 3001761 |
| Special Tax - 0.6% |  |  |
| Fort Worth Tex Spl Tax Rev (Will Rogers Memorial Ctr Proj.) Series 2025, 5% 3/1/2026  | 400000 | 401549 |
| Fort Worth Tex Spl Tax Rev (Will Rogers Memorial Ctr Proj.) Series 2025, 5% 3/1/2029  | 900000 | 960436 |
| TOTAL SPECIAL TAX |  | 1361985 |
| Synthetics - 0.8% |  |  |
| Dallas Fort Worth International Airport Participating VRDN Series 2025 XL0705, 3.47% 11/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(c)(e) | 600000 | 600000 |
| El Paso TX Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 3.55% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 100000 | 100000 |
| Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 3.55% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 1300000 | 1300000 |
| TOTAL SYNTHETICS |  | 2000000 |
| Transportation - 1.7% |  |  |
| Dallas Fort Worth International Airport Series 2025 A 1, 5% 11/1/2027 (b) | 3745000 | 3883659 |
| Galveston TX Wharves & Terminal Revenue Series 2023, 5.25% 8/1/2026 (b) | 235000 | 237343 |
| North TX Twy Auth Rev 5% 1/1/2026  | 65000 | 65000 |
| TOTAL TRANSPORTATION |  | 4186002 |
| Water & Sewer - 0.4% |  |  |
| San Antonio TX Wtr Rev Series 2013 F, 1% tender 5/1/2043 (c) | 1000000 | 980214 |
| TOTAL TEXAS |  | 41613714 |
| Utah - 0.4%  |  |  |
| Health Care - 0.1% |  |  |
| Utah Cnty Utah Hosp Rev (Ihc Health Services Inc Proj.) Series 2020B 2, 5% tender 5/15/2060 (c) | 160000 | 162090 |
| Housing - 0.1% |  |  |
| UT Hsg Corp Multifamily Rev Series 2024, 3.7% tender 8/1/2043 (c) | 235000 | 236126 |
| Industrial Development - 0.0% |  |  |
| Box Elder Cnty Utah Pollution Ctl Rev (Nucor Corp Proj.) 2.85% 4/1/2028 VRDN (c) | 100000 | 99999 |
| Transportation - 0.2% |  |  |
| Salt Lake City UT Arpt Rev Series 2023A, 5% 7/1/2027 (b) | 60000 | 61767 |
| Salt Lake City UT Arpt Rev Series 2025A, 5% 7/1/2027 (b) | 340000 | 350016 |
| TOTAL TRANSPORTATION |  | 411783 |
| TOTAL UTAH |  | 909998 |
| Virginia - 1.3%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Chesapeake VA Economic Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) Series 2008A, 3.65% tender 2/1/2032 (c) | 200000 | 202454 |
| Halifax Cnty VA Indl Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) 3.8% tender 12/1/2041 (c) | 135000 | 136620 |
| Wise Cnty VA Indl Dev Auth Solid Waste & Sew Disp Rev (Virginia Electric And Power Co Proj.) Series 2010A, 3.8% tender 11/1/2040 (c) | 200000 | 202401 |
| York Cnty VA Economic Dev Auth Pollutn Ctl Rev (Virginia Electric And Power Co Proj.) Series 2009A, 3.65% tender 5/1/2033 (c) | 215000 | 217638 |
| TOTAL ELECTRIC UTILITIES |  | 759113 |
| Synthetics - 1.0% |  |  |
| Lynchburg Economic Development Authority Participating VRDN Series 2018 XL0075, 3.57% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (c)(e) | 2000000 | 2000000 |
| Nat'l Sr Campuses Participating VRDN Series 2022 028, 3.67% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (c)(e) | 400000 | 400000 |
| TOTAL SYNTHETICS |  | 2400000 |
| TOTAL VIRGINIA |  | 3159113 |
| Washington - 2.4%  |  |  |
| Health Care - 0.6% |  |  |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) 5% 8/15/2026  | 1355000 | 1371542 |
| Housing - 1.1% |  |  |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 1/1/2026  | 215000 | 215000 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 1/1/2029  | 450000 | 471542 |
| Seattle Wash Hsg Auth Rev Series 2023, 5% 6/1/2027  | 80000 | 81002 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev Series 2023, 5% tender 12/1/2043 (c) | 135000 | 136048 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev Series 2025, 2.7% tender 4/1/2044 (c) | 1825000 | 1807072 |
| TOTAL HOUSING |  | 2710664 |
| Transportation - 0.7% |  |  |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2027 (b) | 250000 | 256686 |
| Port Seattle WA Rev Series 2022B, 5% 8/1/2026 (b) | 95000 | 96169 |
| Port Seattle WA Rev Series 2025 B, 5% 10/1/2028 (b) | 1290000 | 1361580 |
| TOTAL TRANSPORTATION |  | 1714435 |
| TOTAL WASHINGTON |  | 5796641 |
| West Virginia - 0.5%  |  |  |
| Health Care - 0.1% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2018 E, 3.87% 6/1/2033 VRDN (c) | 300000 | 300000 |
| Industrial Development - 0.4% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2011A, 3.3% tender 1/1/2041 (b)(c) | 405000 | 408077 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Nucor Steel West Virginia Llc Proj.) Series 2025A 1, 2.72% 11/1/2065 (Nucor Corp Guaranteed) VRDN (b)(c) | 500000 | 500000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 908077 |
| TOTAL WEST VIRGINIA |  | 1208077 |
| Wisconsin - 1.5%  |  |  |
| Escrowed/Pre-Refunded - 0.4% |  |  |
| Wisconsin Health & Educational Facilities Authority Series 2016 A, 4% 11/15/2046 (Pre-refunded to 5/15/2026 at 100)  | 885000 | 889661 |
| General Obligations - 0.3% |  |  |
| Milwaukee WI Gen. Oblig. 2% 3/1/2027  | 190000 | 187698 |
| PMA Levy & Aid Anticipation Notes Program TRAN (Wauwatosa Wis Sch Dist Proj.) 5% 9/24/2026  | 500000 | 508035 |
| TOTAL GENERAL OBLIGATIONS |  | 695733 |
| Health Care - 0.7% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (c) | 330000 | 333277 |
| Wisconsin St Health & Edl Facs Auth Rev (Mercy Alliance Inc Proj.) Series 2025A, 5% 6/1/2028  | 215000 | 225497 |
| Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 5% 2/15/2026  | 400000 | 401023 |
| Wisconsin St Health & Edl Facs Auth Rev (Sanford Health, SD Proj.) Series 2024 A, 5% 2/15/2028  | 525000 | 546642 |
| TOTAL HEALTH CARE |  | 1506439 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Eda Hsg Rev (Wi Mhsg Rev 2007 Proj.) Series 2023 E, 3.875% tender 11/1/2054 (c) | 105000 | 105049 |
| Industrial Development - 0.1% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev (WI Forensic Science Proj Proj.) Series 2024, 5% 8/1/2027 (f) | 340000 | 342843 |
| TOTAL WISCONSIN |  | 3539725 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $230,715,559) |  | <br> **231079610** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (g)(h)<br>(Cost $9,413,101)<br>| 3.07 | 9411219 | **9413101** |

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| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.2%**<br> (Cost $240,128,660)<br>| <br>**240492711** |
| **NET OTHER ASSETS (LIABILITIES) - 0.8%**  | **1824137** |
| **NET ASSETS - 100.0%** | **242316848** |

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**Security Type Abbreviations**

BAN - BOND ANTICIPATION NOTE <br> TRAN - TAX AND REVENUE ANTICIPATION NOTE <br> VRDN - VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(d) 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 $6,614,269 or 2.7% of net assets.

(e) Provides evidence of ownership in one or more underlying municipal bonds. Coupon rates are determined by re-marketing agents based on current market conditions.

(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 $2,525,756 or 1.0% of net assets.

(g) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Central Fund.

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2023 MIZ9157, 3.55% 12/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) | 12/21/2023 | 200000 |
| Arizona Ind Dev Auth Participating VRDN Series 2023 MIZ9149, 3.55% 7/1/2040 (Liquidity Facility Mizuho Capital Markets LLC) | 9/26/2024 | 500000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9232, 3.6% 10/8/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 10/9/2025 | 800000 |
| El Paso TX Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 3.55% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 8/5/2022 | 100000 |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Facs Participating VRDN Series 2024 MIZ9163, 3.55% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/18/2024 | 200000 |
| Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 3.55% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC) | 1/27/2022 | 200000 |
| Nat'l Fin Auth NH Specialty Bonds Series 2024 MS0023, 3.62% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA) | 4/16/2024 | 500000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN Series 2023 MIZ9145, 3.55% 6/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) | 9/26/2024 | 300000 |
| San Francisco City & County Multi Fam Hsg Rev Participating VRDN 3.5% 12/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) | 12/19/2022 - 1/30/2023 | 2200000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN 3.55% 10/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) | 11/17/2023 | 200000 |
| Steele Duncan Plaza LLC Participating VRDN Series 2022 MIZ9103, 3.55% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 8/11/2022 | 114268 |
| Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 3.55% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/27/2023 | 1300000 |

---

**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 | 5926511 | 75667857 | 72181267 | 215573 | - | - | 9413101 | 9411219 | 0.2% |
| Total | 5926511 | 75667857 | 72181267 | 215573 | - | - | 9413101 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 4908290 | - | 4908290 | - |
| Electric Utilities | 9043636 | - | 9043636 | - |
| Escrowed/Pre-Refunded | 1389315 | - | 1389315 | - |
| General Obligations | 49993010 | - | 49993010 | - |
| Health Care | 11981620 | - | 11981620 | - |
| Housing | 24488782 | - | 24488782 | - |
| Industrial Development | 27212117 | - | 27212117 | - |
| Resource Recovery | 26838654 | - | 26838654 | - |
| Special Tax | 4720904 | - | 4720904 | - |
| Synthetics | 46234268 | - | 46234268 | - |
| Transportation | 22552255 | - | 22552255 | - |
| Water & Sewer | 1716759 | - | 1716759 | - |
|  **Money Market Funds** | 9413101 | 9413101 | - | - |
| **Total Investments in Securities:** | 240492711 | 9413101 | 231079610 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $230,715,559) | $231079610 |  |
| Fidelity Central Funds (cost $9,413,101) | 9413101 |  |
| Total Investment in Securities (cost $240,128,660) |  | $240492711 |
| Cash |  | 1001 |
| Receivable for fund shares sold |  | 515971 |
| Interest receivable |  | 2312167 |
| Distributions receivable from Fidelity Central Funds |  | 17045 |
| Other receivables |  | 29 |
| **Total assets** |  | 243338924 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $371190 |  |
| Distributions payable | 650886 |  |
| **Total liabilities** |  | 1022076 |
| **Net Assets**  |  | $242316848 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $241925261 |
| Total accumulated earnings (loss) |  | 391587 |
| **Net Assets** |  | $242316848 |
| **Net Asset Value**, offering price and redemption price per share ($242,316,848 ÷ 24,126,120 shares) |  | $10.04 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $6857302 |
| Income from Fidelity Central Funds  |  | 215468 |
| **Total income** |  | 7072770 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $536 |  |
| Total expenses before reductions | 536 |  |
| Expense reductions | (87) |  |
| Total expenses after reductions |  | 449 |
| **Net Investment income (loss)** |  | 7072321 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 48382 |  |
| Capital gain distributions from Fidelity Central Funds | 105 |  |
| Total net realized gain (loss) |  | 48487 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 438535 |
| **Net gain (loss)** |  | 487022 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7559343 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7072321 | $6300894 |
| &nbsp;&nbsp;Net realized gain (loss) | 48487<br>| 15902<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 438535 | (4907)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7559343<br>| 6311889<br>|
| Distributions to shareholders | (7101376)<br>| (6353040)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 153454325 | 123183009 |
| Reinvestment of distributions | 315<br>| 51<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (114083575) | (83121541) |
| **Net increase (decrease) in net assets resulting from share transactions** | 39371065<br>| 40061519<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 39829032<br>| 40020368<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 202487816 | 162467448<br>|
| &nbsp;&nbsp;End of period | $242316848 | $202487816 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 15286587 | 12295472 |
| Issued in reinvestment of distributions | 31<br>| 5<br>|
| &nbsp;&nbsp;Redeemed | (11367248) | (8297487) |
| &nbsp;&nbsp;Net increase (decrease) | 3919370 | 3997990 |

---

**Financial Highlights** 

**Fidelity Flex® Conservative Income Municipal Bond Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.02 | $10.02 | $9.96 | $10.03 | $10.04 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .316  | .345  | .320  | .118  | .052  |
| Net realized and unrealized gain (loss)  | .022  | .003  | .057  | (.069)  | (.007)  |
| Total from investment operations  | .338  | .348  | .377  | .049  | .045  |
| Distributions from net investment income  | (.316)  | (.347)  | (.316)  | (.119)  | (.054)  |
| Distributions from net realized gain  | (.002)  | (.001)  | (.001)  | -  | (.001)  |
| Total distributions  | (.318)  | (.348)  | (.317)  | (.119)  | (.055)  |
| Net asset value, end of period  | $10.04 | $10.02 | $10.02 | $9.96 | $10.03 |
| **Total Return** C | 3.42% <br>| 3.53%  | 3.85%  | .49%  | .45%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | -% F | -% F | .02%  | -% F | -% F |
| Expenses net of fee waivers, if any F | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any F | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.16%  | 3.45%  | 3.21%  | 1.19%  | .52%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $242317 | $202488 | $162467 | $149125 | $145602 |
| Portfolio turnover rate G | 62% <br>| 67%  | 78%  | 58%  | 44%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount represents less than .005%.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

Fidelity Flex Conservative Income Municipal Bond Fund (the Fund) is a fund of Fidelity Municipal Trust (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 Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount and losses deferred due to wash sales.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $481379 |
| **Gross unrealized depreciation**  | <u>(90201)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$391178</u> |
| **Tax Cost**  | <u>$240101533</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$9365</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$391178</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Tax-exempt Income** | 7052955 | 6333200 |
| **Long-term Capital Gains**  | <u>48421</u> | <u>19840</u> |
| **Total**  | <u>$7101376</u> | <u>$6353040</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Flex Conservative Income Municipal Bond Fund** | 105472380 | 75245664 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Flex Conservative Income Municipal Bond Fund** | 7568223 | 4400000 | - |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. 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 $87.

**8. 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.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Flex Conservative Income Municipal Bond Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Flex Conservative Income Municipal Bond Fund (one of the funds constituting Fidelity Municipal Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $50,379, or, if subsequently determined to be different, the net capital gain of such year.

During fiscal year ended 2025, 100% of the fund's income dividends was free from federal income tax, and 36.66% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Flex Conservative Income Municipal Bond Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered 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 its size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.

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 noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img123172_4.jpg)<br>

1.9884863.108 XCB-ANN-0226

**Fidelity® Conservative Income Municipal Bond Fund**

**Annual Report**

**December 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img123176_1.jpg)

![](img123176_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_CMB-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Conservative Income Municipal Bond Fund](#Sub_Sec_Fund_2578_CMB-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2578_CMB-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_CMB-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_CMB-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CMB-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CMB-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CMB-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CMB-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Conservative Income Municipal Bond Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 95.0%** | &nbsp;&nbsp;**Municipal Securities - 95.0%** | &nbsp;&nbsp;**Municipal Securities - 95.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 4.5%  |  |  |
| Electric Utilities - 0.5% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3.78% tender 6/1/2034 (b) | 875000 | 876808 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2007 A, 3.375% tender 6/1/2034 (b) | 1045000 | 1057101 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2008, 3.3% tender 7/15/2034 (b) | 3600000 | 3602012 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) 2.55% 12/1/2036 VRDN (b)(c) | 3500000 | 3500000 |
| TOTAL ELECTRIC UTILITIES |  | 9035921 |
| General Obligations - 1.7% |  |  |
| Black Belt Energy Gas Dist Ala Gas Supply Rev 4% tender 7/1/2052 (Liquidity Facility Royal Bank of Canada), (Royal Bank of Canada Guaranteed) (b) | 3585000 | 3614530 |
| Black Belt Energy Gas District 5% 5/1/2028 (BP PLC Guaranteed)  | 580000 | 601521 |
| Black Belt Energy Gas District 5.25% 6/1/2026 (Morgan Stanley Guaranteed)  | 780000 | 785694 |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (b) | 12165000 | 12843847 |
| Black Belt Energy Gas District Series 2022 E, 5% 6/1/2026 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)  | 1390000 | 1403104 |
| Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b) | 1530000 | 1614198 |
| Black Belt Energy Gas District Series 2023C, 5.5% 6/1/2026 (Goldman Sachs Group Inc/The Guaranteed)  | 570000 | 574743 |
| Black Belt Energy Gas District Series 2023C, 5.5% 6/1/2027 (Goldman Sachs Group Inc/The Guaranteed)  | 245000 | 252080 |
| Black Belt Energy Gas District Series 2025 D, 5% 2/1/2027 (Pacific Life Insurance Co Guaranteed)  | 240000 | 244816 |
| Black Belt Energy Gas District Series 2025 D, 5% 8/1/2028 (Pacific Life Insurance Co Guaranteed)  | 1090000 | 1142746 |
| Black Belt Energy Gas District Series 2025 D, 5% 8/1/2029 (Pacific Life Insurance Co Guaranteed)  | 1200000 | 1275941 |
| Southeast Energy Authority A Cooperative District Series 2025E, 5% 10/1/2029 (JPMorgan Securities LLC Guaranteed)  | 7305000 | 7809254 |
| TOTAL GENERAL OBLIGATIONS |  | 32162474 |
| Health Care - 0.2% |  |  |
| Health Care Auth For Bapt Hlth Ala Series 2013B, 4.65% 11/1/2042 VRDN (b) | 2923000 | 2923000 |
| Housing - 0.2% |  |  |
| Alabama Hsg Fin Auth Multi Fam Hsg Rev (Cooper Green Homes Proj.) Series 2024 C, 5% tender 2/1/2029 (b) | 2675000 | 2781138 |
| Industrial Development - 0.5% |  |  |
| Decatur AL Indl Dev Brd Exempt (Nucor Corp Proj.) 2.72% 8/1/2036 VRDN (b)(c) | 9426000 | 9426000 |
| Synthetics - 1.4% |  |  |
| Black Belt Energy Gas Dist Ala Gas Supply Rev Participating VRDN Series 2023 XM1110, 3.62% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 3600000 | 3600000 |
| Black Belt Energy Gas District Participating VRDN 3.57% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 2795000 | 2795000 |
| Black Belt Energy Gas District Participating VRDN 3.62% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 19700000 | 19700000 |
| TOTAL SYNTHETICS |  | 26095000 |
| Water & Sewer - 0.0% |  |  |
| Jefferson Cnty AL Swr Rev 5% 10/1/2026  | 545000 | 553201 |
| Jefferson Cnty AL Swr Rev 5% 10/1/2027  | 500000 | 517574 |
| TOTAL WATER & SEWER |  | 1070775 |
| TOTAL ALABAMA |  | 83494308 |
| Alaska - 0.5%  |  |  |
| General Obligations - 0.1% |  |  |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2026  | 950000 | 963571 |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2027  | 325000 | 337671 |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2028  | 420000 | 446527 |
| TOTAL GENERAL OBLIGATIONS |  | 1747769 |
| Synthetics - 0.4% |  |  |
| Municipality of Anchorage AK Participating VRDN Series 2025 XF3381, 3.47% 2/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) | 7940000 | 7940000 |
| TOTAL ALASKA |  | 9687769 |
| Arizona - 3.6%  |  |  |
| Electric Utilities - 1.6% |  |  |
| Coconino Cnty AZ Poll Ctl Corp (Nevada Power Co Proj.) Series 2017A, 4.125% tender 9/1/2032 (b)(c) | 1460000 | 1462378 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3.52% 5/1/2029 VRDN (b) | 18000000 | 18000001 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3.52% 5/1/2029 VRDN (b) | 10800000 | 10800000 |
| TOTAL ELECTRIC UTILITIES |  | 30262379 |
| Health Care - 0.2% |  |  |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) 5% tender 1/1/2053 (b) | 2390000 | 2405206 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2026  | 1125000 | 1139041 |
| TOTAL HEALTH CARE |  | 3544247 |
| Housing - 0.2% |  |  |
| Arizona St Indl Dev Auth Multifamily Hsg Rev 2.76% tender 7/1/2047 (b) | 4510000 | 4447737 |
| Industrial Development - 0.7% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c) | 12550000 | 12789003 |
| Resource Recovery - 0.1% |  |  |
| Phoenix Ariz Indl Dev Auth Solid Waste Disp Rev (Republic Services Inc Proj.) 3.45% tender 12/1/2035 (b)(c) | 1305000 | 1304984 |
| Synthetics - 0.7% |  |  |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2023 MIZ9157, 3.55% 12/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1905969 | 1905969 |
| Arizona Indl Dev Auth Participating VRDN Series 2023 XF3174, 3.6% 11/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 10740000 | 10740000 |
| TOTAL SYNTHETICS |  | 12645969 |
| Transportation - 0.1% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2023, 5% 7/1/2026 (c) | 1155000 | 1166891 |
| TOTAL ARIZONA |  | 66161210 |
| Arkansas - 0.2%  |  |  |
| Industrial Development - 0.2% |  |  |
| Blytheville AR Indl Dev Rev (Nucor Corp Proj.) 2.72% 6/1/2028 VRDN (b)(c) | 3100000 | 3100000 |
| California - 10.2%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern Ca Pub Pwr Auth Proj.) Series 2025 2, 5% tender 7/1/2053 (b) | 2520000 | 2663800 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Port Oakland Calif Rev 5% 5/1/2026 (Escrowed to Maturity) (c) | 5000 | 5039 |
| General Obligations - 0.1% |  |  |
| California Community Choice Financing Authority 5% 3/1/2028 (Morgan Stanley Guaranteed)  | 460000 | 477606 |
| California Community Choice Financing Authority 5% 9/1/2028 (Morgan Stanley Guaranteed)  | 1460000 | 1528644 |
| TOTAL GENERAL OBLIGATIONS |  | 2006250 |
| Resource Recovery - 3.3% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021 B, 3.85% tender 7/1/2051 (b)(c) | 3200000 | 3199784 |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021A, 3.45% tender 7/1/2041 (b)(c) | 9700000 | 9698643 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) 3.45% tender 11/1/2046 (b)(c) | 1700000 | 1700018 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2017 A, 3.45% tender 12/1/2044 (b)(c) | 9625000 | 9627498 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020, 3.45% tender 10/1/2045 (b)(c) | 7600000 | 7600087 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020B, 3.85% tender 11/1/2041 (b)(c) | 5800000 | 5798647 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2022A, 3.45% tender 10/1/2041 (b)(c) | 8150000 | 8174574 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2024B, 3.375% tender 9/1/2050 (b)(c) | 2080000 | 2068230 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2017 A 2, 3.45% tender 11/1/2042 (b)(c)(f) | 400000 | 400009 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2023, 3.8% tender 7/1/2043 (b)(c)(f) | 6150000 | 6148143 |
| California Pcf Solid Wst Disp (Waste Management Inc Del Proj.) Series B 2, 3.45% tender 11/1/2040 (b)(c) | 6850000 | 6855436 |
| TOTAL RESOURCE RECOVERY |  | 61271069 |
| Synthetics - 4.9% |  |  |
| California Hsg Fin Agcy Ltd Obl Participating VRDN Series 2023 XF3127, 3.6% 6/1/2030 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 1755000 | 1755000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2024 MIZ9162, 3.5% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 645000 | 645000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9232, 3.6% 10/8/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d)(e) | 5800000 | 5800000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9233, 3.6% 12/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 16000000 | 16000000 |
| Chula Vista California Multifamily Hsg Rev Participating VRDN Series 2025 BAML6065, 2.65% 5/15/2036 (Liquidity Facility Bank of America, N.A.) (b)(c)(e) | 18250000 | 18250000 |
| Los Angeles CA Multi Fam Mtg Rev Participating VRDN Series 2025 MIZ9221, 3.5% 8/4/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 10550000 | 10550000 |
| San Francisco City & County Multi Fam Hsg Rev Participating VRDN 3.5% 12/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 25415000 | 25415000 |
| San Francisco City & County Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9095, 3.5% 7/1/2057 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 10391875 | 10391875 |
| TOTAL SYNTHETICS |  | 88806875 |
| Transportation - 1.8% |  |  |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (c) | 7220000 | 7281120 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (c) | 2285000 | 2304343 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2027 (c) | 5780000 | 5939221 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2027 (c) | 4180000 | 4295146 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2026 (c) | 510000 | 514317 |
| Port Oakland Calif Rev Series 2021 H, 5% 5/1/2026 (c) | 1740000 | 1751582 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5% 7/1/2028 (c) | 1650000 | 1737055 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5% 7/1/2029 (c) | 1595000 | 1712232 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2023A, 5% 5/1/2026 (c) | 3760000 | 3786905 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND 2019H, 5% 5/1/2027 (c) | 3810000 | 3910892 |
| TOTAL TRANSPORTATION |  | 33232813 |
| TOTAL CALIFORNIA |  | 187985846 |
| Colorado - 1.7%  |  |  |
| Education - 0.0% |  |  |
| Colorado Edl & Cultural Fac Auth Rev (Mesivta Of Greater Los Angeles Proj.) 3.67% 6/1/2029, LOC Deutsche Bank AG VRDN (b) | 630000 | 629999 |
| Housing - 0.2% |  |  |
| Denver Colo City & Cnty Hsg Auth Multifamily Hsg Rev Series 2025A, 5% 6/1/2029  | 730000 | 766541 |
| Maiker Hsg Partners Colo Multifamily Hsg Rev Series 2023, 4.5% tender 5/1/2042 (b) | 2017000 | 2031366 |
| TOTAL HOUSING |  | 2797907 |
| Special Tax - 0.1% |  |  |
| Park Creek Met Dist Colo Ltd Ppty Tax Supported Rev Series 2025, 5% 12/1/2026 (Assured Guaranty Inc Insured)  | 500000 | 509797 |
| Park Creek Met Dist Colo Ltd Ppty Tax Supported Rev Series 2025, 5% 12/1/2027 (Assured Guaranty Inc Insured)  | 1000000 | 1043346 |
| Park Creek Met Dist Colo Ltd Ppty Tax Supported Rev Series 2025, 5% 12/1/2028 (Assured Guaranty Inc Insured)  | 950000 | 1011616 |
| TOTAL SPECIAL TAX |  | 2564759 |
| Synthetics - 1.1% |  |  |
| Colorado Health Facilities Authority Participating VRDN 3.47% 11/1/2042 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 3635000 | 3635000 |
| Colorado Health Facilities Authority Participating VRDN 3.47% 11/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 6000000 | 6000000 |
| Colorado Health Facilities Authority Participating VRDN 3.47% 11/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 5880000 | 5880000 |
| Denver CO City & Cnty Arpt Participating VRDN Series 2018 XM0715, 3.62% 12/1/2043 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(e) | 4300000 | 4300000 |
| TOTAL SYNTHETICS |  | 19815000 |
| Transportation - 0.3% |  |  |
| Denver CO City & Cnty Arpt 5.25% 11/15/2026 (c) | 3165000 | 3230926 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2027 (c) | 2825000 | 2932904 |
| TOTAL TRANSPORTATION |  | 6163830 |
| TOTAL COLORADO |  | 31971495 |
| Connecticut - 1.5%  |  |  |
| Education - 0.7% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) 2.8% tender 7/1/2057 (b) | 10995000 | 10994793 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2010A 3, 2.95% tender 7/1/2049 (b) | 975000 | 980510 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2017 B2, 3.2% tender 7/1/2037 (b) | 1850000 | 1854734 |
| TOTAL EDUCATION |  | 13830037 |
| General Obligations - 0.4% |  |  |
| Connecticut St Spl Tax Oblig 5% 5/1/2026  | 805000 | 811540 |
| New Haven CT Gen. Oblig. Series 2023, 5% 8/1/2026 (Build America Mutual Assurance Co Insured)  | 445000 | 450789 |
| New Haven CT Gen. Oblig. Series 2023, 5% 8/1/2027 (Build America Mutual Assurance Co Insured)  | 415000 | 429869 |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2028 (Assured Guaranty Inc Insured)  | 2905000 | 3075166 |
| West Haven CT BAN 4.25% 3/26/2026  | 1800000 | 1804945 |
| TOTAL GENERAL OBLIGATIONS |  | 6572309 |
| Health Care - 0.4% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale New Haven Hospital Inc Proj.) Series 2024 A, 5% 7/1/2027  | 2900000 | 2998360 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale New Haven Hospital Inc Proj.) Series 2024 A, 5% 7/1/2028  | 3800000 | 4030704 |
| TOTAL HEALTH CARE |  | 7029064 |
| TOTAL CONNECTICUT |  | 27431410 |
| District Of Columbia - 0.2%  |  |  |
| Housing - 0.2% |  |  |
| District Columbia Hsg Fin Mult Series 2024, 3.65% tender 7/1/2028 (b) | 2870000 | 2899850 |
| Water & Sewer - 0.0% |  |  |
| District Columbia Wtr & Swr Auth Pub Util Rev Series 2022E, 3% tender 10/1/2057 (b) | 855000 | 848509 |
| TOTAL DISTRICT OF COLUMBIA |  | 3748359 |
| District Of Columbia,Virginia - 0.5%  |  |  |
| Transportation - 0.5% |  |  |
| Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2026 (c) | 825000 | 838958 |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5% 10/1/2026 (c) | 1250000 | 1271149 |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5% 10/1/2028 (c) | 2335000 | 2469638 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2027 (c) | 4445000 | 4605754 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 9185499 |
| Florida - 6.7%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Broward Cnty FL Idr (Florida Pwr & Lt Co Proj.) Series 2015, 2.5% 6/1/2045 VRDN (b)(c) | 1800000 | 1800000 |
| General Obligations - 0.2% |  |  |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL Sch Dist Proj.) 5% 7/1/2026 (Assured Guaranty Inc Insured)  | 3115000 | 3151874 |
| Pasco Cnty FL Sch Brd Cert of Part (Pasco Cnty FL Sch Dist Proj.) Series 2022 A, 5% 8/1/2026 (Assured Guaranty Inc Insured)  | 665000 | 674191 |
| TOTAL GENERAL OBLIGATIONS |  | 3826065 |
| Health Care - 0.7% |  |  |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys Fl Hosp Rev Proj.) 3.86% 4/1/2049 VRDN (b) | 11500000 | 11500000 |
| Orange Cnty FL Health Facs Auth Rev (Advent Health Proj.) 5% tender 11/15/2052 (b) | 1815000 | 1850686 |
| TOTAL HEALTH CARE |  | 13350686 |
| Housing - 0.9% |  |  |
| Escambia Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2024, 3.8% tender 6/1/2027 (b) | 4400000 | 4413917 |
| Fla Hsg Fin Corp Multifamily Mtg Rev (Culmer Apts Proj.) Series 2023 C, 3.08% tender 12/1/2026 (b) | 6100000 | 6098994 |
| Fla Hsg Fin Corp Multifamily Mtg Rev Series 2023 B, 5% tender 2/1/2027 (b) | 985000 | 986507 |
| Florida Hsg Fin Corp Mltfmy Rv Series 2024 E, 3.8% tender 6/1/2042 (b) | 1530000 | 1533015 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2023, 3.55% tender 1/1/2027 (b) | 2965000 | 2965000 |
| Polk Cnty FL Hsg Fin Auth Multi Fam Hsg Rev (Episcopal Catholic Apts Proj.) 4.15% tender 12/1/2040 (b) | 1296000 | 1301148 |
| TOTAL HOUSING |  | 17298581 |
| Resource Recovery - 0.6% |  |  |
| Florida Dev Fin Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025A, 3.4% tender 9/1/2050 (b)(c) | 1450000 | 1456078 |
| Hillsborough Cnty FL Sldwst Rec Series A, 5% 9/1/2026 (c) | 1435000 | 1452088 |
| Miami-Dade Cnty FL Ida Sld Waste Disp Rev (Waste Management Inc Del Proj.) Series 2018 B, 4% tender 11/1/2048 (b)(c) | 7500000 | 7500628 |
| TOTAL RESOURCE RECOVERY |  | 10408794 |
| Special Tax - 1.3% |  |  |
| Florida Ins Assistance Interlocal Agy Fla Ins Assmt Rev Series 2023 A2, 4.06% 9/1/2032 (Liquidity Facility Florida St) VRDN (b) | 24940000 | 24940000 |
| Synthetics - 2.6% |  |  |
| Florida Dev Fin Corp Rev Participating VRDN 2.8% 7/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 5300000 | 5300000 |
| Florida Dev Fin Corp Rev Participating VRDN Series 2024 XF1704, 3.52% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(e) | 25300000 | 25300000 |
| Hillsborough Cnty FL Aviation Participating VRDN Series 2024 XF1740, 3.38% 10/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 5005000 | 5005000 |
| Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 3.55% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1015000 | 1015000 |
| Miami-Dade Cnty Fla Aviat Rev Participating VRDN Series 2025 XM1321, 2.7% 10/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 8000000 | 8000000 |
| Miami-Dade Cnty Fla Seaport Rev Participating VRDN Series 2021 XF2947, 3.5% 10/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 1600000 | 1600000 |
| TOTAL SYNTHETICS |  | 46220000 |
| Transportation - 0.3% |  |  |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2028 (c) | 275000 | 284601 |
| Broward Cnty FL Port Everglades Series 2022, 5% 9/1/2027 (c) | 1265000 | 1303549 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2028 (c) | 3390000 | 3579944 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2026 (g) | 275000 | 267410 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2027 (g) | 360000 | 337202 |
| TOTAL TRANSPORTATION |  | 5772706 |
| TOTAL FLORIDA |  | 123616832 |
| Georgia - 3.1%  |  |  |
| Electric Utilities - 1.9% |  |  |
| Appling Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) 2.5% 1/1/2038 VRDN (b) | 17100000 | 17100000 |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 2.55% 11/1/2062 VRDN (b)(c) | 9800000 | 9800000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2008 SECOND, 3.375% tender 11/1/2048 (b) | 730000 | 733066 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIFTH 1994, 3.7% tender 10/1/2032 (b) | 1285000 | 1304211 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FOURTH 1994, 3.8% tender 10/1/2032 (b) | 1885000 | 1890378 |
| Georgia Mun Elec Auth Pwr Rev Series 2022 A, 5% 7/1/2026 (Assured Guaranty Inc Insured)  | 230000 | 232847 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2028  | 1000000 | 1045472 |
| Georgia Mun Elec Auth Pwr Rev Series A, 5% 1/1/2028  | 2005000 | 2028145 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2012, 3.875% tender 6/1/2042 (b) | 1725000 | 1727508 |
| TOTAL ELECTRIC UTILITIES |  | 35861627 |
| General Obligations - 0.6% |  |  |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (b) | 3870000 | 3941664 |
| Main Street Natural Gas Inc Series 2022B, 5% tender 12/1/2052 (Citigroup Inc Guaranteed) (b) | 1785000 | 1866731 |
| Main Street Natural Gas Inc Series 2023B, 5% 9/1/2026 (Royal Bank of Canada Guaranteed)  | 430000 | 435120 |
| Main Street Natural Gas Inc Series 2023D, 5% 12/1/2026 (Citigroup Inc Guaranteed)  | 195000 | 198005 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 3/1/2026 (Royal Bank of Canada Guaranteed)  | 430000 | 431222 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 3/1/2027 (Royal Bank of Canada Guaranteed)  | 700000 | 714007 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 9/1/2026 (Royal Bank of Canada Guaranteed)  | 350000 | 354168 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 9/1/2027 (Royal Bank of Canada Guaranteed)  | 625000 | 643020 |
| Main Street Natural Gas Inc Series 2024C, 5% 12/1/2026 (Citibank NA Guaranteed), (Citigroup Inc Guaranteed)  | 875000 | 888484 |
| Main Street Natural Gas Inc Series 2024C, 5% 12/1/2027 (Citibank NA Guaranteed), (Citigroup Inc Guaranteed)  | 1000000 | 1030468 |
| TOTAL GENERAL OBLIGATIONS |  | 10502889 |
| Housing - 0.1% |  |  |
| Atlanta GA Urban Resdtl Fin Auth Mf Hsg Rev (North Block Assoc Proj.) 3.4% tender 2/1/2029 (b) | 2500000 | 2515616 |
| Synthetics - 0.1% |  |  |
| Buford Hsg Auth Multi Fam Participating VRDN Series 2023 XF3118, 3.6% 3/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 1855143 | 1855142 |
| Transportation - 0.4% |  |  |
| Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2026 (c) | 1680000 | 1697129 |
| Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2028 (c) | 3700000 | 3894299 |
| Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2029 (c) | 1800000 | 1926714 |
| TOTAL TRANSPORTATION |  | 7518142 |
| TOTAL GEORGIA |  | 58253416 |
| Hawaii - 0.8%  |  |  |
| Housing - 0.2% |  |  |
| Honolulu HI City & Cnty Mfr Series 2023, 5% tender 6/1/2027 (b) | 3480000 | 3506882 |
| Synthetics - 0.6% |  |  |
| Hawaii St Arpts Sys Rev Participating VRDN 3.52% 7/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(e) | 11500000 | 11500000 |
| TOTAL HAWAII |  | 15006882 |
| Illinois - 3.7%  |  |  |
| Education - 0.0% |  |  |
| Kane Cnty Ill Rev (Glenwood School For Boys, Il Proj.) 3.6% 2/1/2028, LOC Northern Trust CO Chicago VRDN (b) | 195000 | 195000 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Railsplitter Tobacco Settlement Auth Settlement Rev Series 2017, 5% 6/1/2026 (Escrowed to Maturity)  | 635000 | 641234 |
| General Obligations - 1.0% |  |  |
| Illinois St Gen. Oblig. 5% 2/1/2027  | 7600000 | 7771081 |
| Illinois St Gen. Oblig. 5% 3/1/2026  | 3850000 | 3863889 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 930000 | 946856 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2027  | 945000 | 982063 |
| Illinois St Gen. Oblig. Series MAY 2023 C, 5% 5/1/2026  | 2540000 | 2558335 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2026  | 585000 | 589184 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2027  | 405000 | 416488 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2028  | 670000 | 702526 |
| TOTAL GENERAL OBLIGATIONS |  | 17830422 |
| Health Care - 0.0% |  |  |
| Board of Trustees of the University of Illinois/The (University of Illinois Hospital And Health Sciences System Proj.) Series 2023, 5% 10/1/2027  | 255000 | 264886 |
| Housing - 0.1% |  |  |
| Illinois Hsg Dev Auth Multifamily Hsg Rev 5% tender 2/1/2027 (b) | 893000 | 894337 |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2023, 5% tender 2/1/2027 (b) | 966000 | 967728 |
| TOTAL HOUSING |  | 1862065 |
| Resource Recovery - 0.2% |  |  |
| Southwestern IL Da Sld Wst Dis (Waste Management Inc Del Proj.) 3.55% 10/1/2027, LOC JPMorgan Chase Bank NA VRDN (b)(c) | 3000000 | 3000000 |
| Special Tax - 0.0% |  |  |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2026 (Assured Guaranty Inc Insured) (g) | 720000 | 710569 |
| Synthetics - 1.2% |  |  |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN 3.47% 1/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 6000000 | 6000000 |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN Series 2025 XF8113, 2.72% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 2150000 | 2150000 |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN Series 2025 ZF1980, 3.49% 1/1/2059 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 7500000 | 7500001 |
| Illinois Fin Auth Rev Plymouth Place Participating VRDN Series 2025 002, 3.62% 5/15/2056 (Liquidity Facility Barclays Bank PLC) (b)(e) | 6300000 | 6300000 |
| TOTAL SYNTHETICS |  | 21950001 |
| Transportation - 1.1% |  |  |
| Chicago IL Midway Arpt Rev Series 2023A, 5% 1/1/2027 (Build America Mutual Assurance Co Insured) (c) | 635000 | 646755 |
| Chicago IL Midway Arpt Rev Series 2023A, 5% 1/1/2028 (Build America Mutual Assurance Co Insured) (c) | 1480000 | 1537041 |
| Chicago IL Midway Arpt Rev Series 2025 A, 5% 1/1/2027 (c) | 2185000 | 2225450 |
| Chicago IL Midway Arpt Rev Series 2025 A, 5% 1/1/2029 (c) | 4290000 | 4514276 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022 C, 5% 1/1/2026 (c) | 760000 | 760000 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2028 (c) | 6810000 | 7053699 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024E, 5% 1/1/2026 (c) | 3065000 | 3065000 |
| TOTAL TRANSPORTATION |  | 19802221 |
| Water & Sewer - 0.1% |  |  |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2027  | 2300000 | 2357446 |
| TOTAL ILLINOIS |  | 68613844 |
| Indiana - 1.4%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Rockport Ind Pollution Ctl Rev (Indiana Michigan Power Co Proj.) Series 2025 A, 3.7% tender 6/1/2047 (b) | 4955000 | 5056292 |
| General Obligations - 0.1% |  |  |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 1/15/2028 (Build America Mutual Assurance Co Insured)  | 625000 | 652557 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2027 (Build America Mutual Assurance Co Insured)  | 500000 | 516400 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2028 (Build America Mutual Assurance Co Insured)  | 615000 | 648714 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 7/15/2027 (Build America Mutual Assurance Co Insured)  | 360000 | 371808 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5% 7/15/2028 (Build America Mutual Assurance Co Insured)  | 1000000 | 1054820 |
| TOTAL GENERAL OBLIGATIONS |  | 3244299 |
| Resource Recovery - 0.6% |  |  |
| Indiana St Fin Auth Economic Dev Rev (Republic Services Inc Proj.) Series 2010A, 3.45% tender 5/1/2028 (b)(c) | 6200000 | 6200071 |
| Indiana St Fin Auth Economic Dev Rev (Republic Services Inc Proj.) Series 2012, 3.45% tender 5/1/2028 (b)(c) | 5100000 | 5100141 |
| TOTAL RESOURCE RECOVERY |  | 11300212 |
| Transportation - 0.4% |  |  |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5% 1/1/2026 (c) | 255000 | 255000 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2019 D, 5% 1/1/2026 (c) | 3035000 | 3035000 |
| Indianapolis IN Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series A-1, 5% 1/1/2026 (c) | 1270000 | 1270000 |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2023I 2, 5% 1/1/2026 (c) | 665000 | 665000 |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2023I 2, 5% 1/1/2027 (c) | 1335000 | 1361167 |
| TOTAL TRANSPORTATION |  | 6586167 |
| TOTAL INDIANA |  | 26186970 |
| Iowa - 0.4%  |  |  |
| Education - 0.0% |  |  |
| Iowa Student Ln Liquidity Corp (Iowa Student Ln 10/1/19 Proj.) Series 2023 B, 5% 12/1/2026 (c) | 380000 | 385375 |
| Electric Utilities - 0.4% |  |  |
| Iowa Fin Auth Sld Disp Wst Rev (Midamerican Energy Co Proj.) 2.57% 7/1/2038 VRDN (b)(c) | 1970000 | 1970000 |
| Iowa Fin Auth Sld Disp Wst Rev (Midamerican Energy Co Proj.) Series 2016 B, 2.57% 12/1/2046 VRDN (b)(c) | 4600000 | 4600000 |
| TOTAL ELECTRIC UTILITIES |  | 6570000 |
| TOTAL IOWA |  | 6955375 |
| Kansas - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| City of Olathe KS Gen. Oblig. Series 230, 2.5% 10/1/2027  | 720000 | 713084 |
| Kentucky - 2.8%  |  |  |
| Education - 0.2% |  |  |
| Kentucky Higher Ed Student Ln Corp Student Ln Rev (Federal Family Education Loan Program Proj.) Series 2023 1A 1, 3.51% 6/1/2043, LOC Bank of America NA VRDN (b)(c) | 4305000 | 4305000 |
| Electric Utilities - 0.4% |  |  |
| Trimble Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) 4.7% tender 6/1/2054 (b)(c) | 8255000 | 8317129 |
| General Obligations - 0.2% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5% 12/1/2026 (Morgan Stanley Guaranteed)  | 555000 | 564005 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5% 12/1/2027 (Morgan Stanley Guaranteed)  | 230000 | 237525 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5% 6/1/2026 (Morgan Stanley Guaranteed)  | 350000 | 352532 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5% 6/1/2027 (Morgan Stanley Guaranteed)  | 600000 | 614394 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5% 6/1/2028 (Morgan Stanley Guaranteed)  | 470000 | 489052 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2027  | 420000 | 432662 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2028  | 2000000 | 2106613 |
| TOTAL GENERAL OBLIGATIONS |  | 4796783 |
| Industrial Development - 2.0% |  |  |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 2.95% 7/1/2060 VRDN (b)(c) | 13115000 | 13115000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 B 1, 2.95% 7/1/2060 VRDN (b)(c) | 22185000 | 22185000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 35300000 |
| TOTAL KENTUCKY |  | 52718912 |
| Louisiana - 3.4%  |  |  |
| Housing - 0.2% |  |  |
| Louisiana Housing Corp Series 2024B, 3.75% tender 2/1/2028 (b) | 2000000 | 2012678 |
| Louisiana Housing Corp Series 2024B, 3.75% tender 2/1/2028 (b) | 1130000 | 1139321 |
| TOTAL HOUSING |  | 3151999 |
| Industrial Development - 2.6% |  |  |
| St James Parish LA Rev (Nucor Corp Proj.) 2.6% 11/1/2040 VRDN (b) | 4270000 | 4270000 |
| St James Parish LA Rev (Nucor Corp Proj.) 2.66% 11/1/2040 VRDN (b) | 40035000 | 40035000 |
| St John Baptist Parish LA Rev (Conocophillips Inc Proj.) 4.05% tender 6/1/2037 (b) | 4115000 | 4139354 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 48444354 |
| Synthetics - 0.1% |  |  |
| Los Angeles Hsg Corp Rev Participating VRDN Series 2025 XF3347, 3.6% 7/1/2042 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 1400000 | 1399999 |
| Transportation - 0.5% |  |  |
| New Orleans LA Aviation Board 5% 1/1/2026 (c) | 2090000 | 2090000 |
| New Orleans LA Aviation Board 5% 1/1/2027 (c) | 2340000 | 2384939 |
| New Orleans LA Aviation Board 5% 1/1/2028 (c) | 4410000 | 4572149 |
| TOTAL TRANSPORTATION |  | 9047088 |
| TOTAL LOUISIANA |  | 62043440 |
| Maryland - 0.4%  |  |  |
| Housing - 0.3% |  |  |
| Maryland Community Development Administration (MD Mhsg Rev 1997 Proj.) Series 2023 D, 3.5% 1/1/2026  | 4810000 | 4810000 |
| Synthetics - 0.1% |  |  |
| Maryland St Econ Dev Corp Participating VRDN Series 2024 XF3222, 3.55% 4/1/2054 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 2810000 | 2810000 |
| TOTAL MARYLAND |  | 7620000 |
| Massachusetts - 0.9%  |  |  |
| General Obligations - 0.9% |  |  |
| Bondsville Mass Fire & Wtr Dist Gen. Oblig. BAN 4.875% 11/20/2026  | 2100000 | 2131505 |
| Brockton MA Gen. Oblig. BAN 5% 10/8/2026  | 6275000 | 6385335 |
| Holyoke MA Gen. Oblig. BAN 4% 10/23/2026  | 5800000 | 5860719 |
| Hudson MA Gen. Oblig. BAN 5% 6/11/2026  | 2500000 | 2513069 |
| TOTAL MASSACHUSETTS |  | 16890628 |
| Michigan - 1.7%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev (Consumers Energy Co Proj.) Series 2019, 3.35% tender 10/1/2049 (b)(c) | 5540000 | 5532387 |
| General Obligations - 0.3% |  |  |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2026  | 1300000 | 1307355 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2027  | 1365000 | 1397048 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2028  | 745000 | 775896 |
| Southfield Mich Pub Schs 5% 5/1/2026 (State of Michigan Guaranteed)  | 1475000 | 1486089 |
| TOTAL GENERAL OBLIGATIONS |  | 4966388 |
| Health Care - 0.4% |  |  |
| Michigan Fin Auth Rev (Bronson Methodist Hsp, Mi Proj.) Series 2019 C, 3.75% tender 11/15/2049 (b) | 3600000 | 3599791 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2026  | 3010000 | 3029193 |
| TOTAL HEALTH CARE |  | 6628984 |
| Housing - 0.1% |  |  |
| Michigan State Housing Development Authority Series 2025, 2.7% tender 10/1/2043 (b) | 2175000 | 2148038 |
| Special Tax - 0.0% |  |  |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2026  | 400000 | 404353 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2027  | 550000 | 568073 |
| TOTAL SPECIAL TAX |  | 972426 |
| Transportation - 0.6% |  |  |
| Wayne Cnty Mich Arpt Auth Rev Series 2025G, 5% 12/1/2027 (c) | 3155000 | 3265370 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025G, 5% 12/1/2028 (c) | 7750000 | 8146050 |
| TOTAL TRANSPORTATION |  | 11411420 |
| TOTAL MICHIGAN |  | 31659643 |
| Minnesota - 0.1%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2023, 5% 1/1/2026  | 240000 | 240000 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2023, 5% 1/1/2027  | 365000 | 372693 |
| TOTAL ELECTRIC UTILITIES |  | 612693 |
| General Obligations - 0.1% |  |  |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 B, 5% 8/1/2026  | 1080000 | 1094350 |
| Transportation - 0.0% |  |  |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2026 (c) | 575000 | 575000 |
| TOTAL MINNESOTA |  | 2282043 |
| Mississippi - 0.7%  |  |  |
| Education - 0.2% |  |  |
| Jackson St Univ Edl Bldg Corp MS Rev Series 2021 A, 0.8% 3/1/2028 (Build America Mutual Assurance Co Insured) (b) | 4740000 | 4524811 |
| Electric Utilities - 0.5% |  |  |
| Mississippi Business Fin Corp Miss Solid Waste Disp Fac & Wastewater Fac Rev (Mississippi Power Co Proj.) 2.5% 11/1/2052 VRDN (b)(c) | 8170000 | 8170000 |
| TOTAL MISSISSIPPI |  | 12694811 |
| Missouri - 0.2%  |  |  |
| Housing - 0.1% |  |  |
| Kansas City MO Planned Indl Expansion Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (b) | 1528000 | 1558259 |
| Synthetics - 0.1% |  |  |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN 3.55% 10/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1969501 | 1969501 |
| TOTAL MISSOURI |  | 3527760 |
| Montana - 0.3%  |  |  |
| Housing - 0.3% |  |  |
| Montana St Brd Hsg Multifamilyhsg Rev Series 2024, 3.32% tender 7/1/2046 (b) | 4940000 | 4967660 |
| Nebraska - 0.7%  |  |  |
| Industrial Development - 0.2% |  |  |
| Stanton Cnty NE Indl Dev Rev (Nucor Corp Proj.) 2.72% 11/1/2026 VRDN (b)(c) | 3600000 | 3600000 |
| Stanton Cnty NE Indl Dev Rev (Nucor Corp Proj.) 2.72% 6/1/2028 VRDN (b)(c) | 625000 | 625000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 4225000 |
| Synthetics - 0.5% |  |  |
| Omaha NE Arpt Auth Arpt Rev Participating VRDN 3.52% 12/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c)(e) | 9430000 | 9430000 |
| TOTAL NEBRASKA |  | 13655000 |
| Nevada - 0.2%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Clark NV Pollutn Ctl Rev (Nevada Power Co Proj.) Series 2017, 3.75% tender 1/1/2036 (b) | 910000 | 910997 |
| Housing - 0.2% |  |  |
| Nevada Hsg Div Series 2024, 5% tender 7/1/2028 (b) | 1975000 | 2033147 |
| TOTAL NEVADA |  | 2944144 |
| New Hampshire - 1.2%  |  |  |
| Education - 0.0% |  |  |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2026 (c) | 190000 | 193299 |
| Housing - 0.2% |  |  |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) 3.8% 7/1/2026  | 680000 | 680370 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) 3.85% 1/1/2027  | 1080000 | 1085020 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.625% 4/1/2026  | 365000 | 365178 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.7% 1/1/2027  | 1170000 | 1174578 |
| TOTAL HOUSING |  | 3305146 |
| Resource Recovery - 0.9% |  |  |
| National Fin Auth NH Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A 2, 4.25% tender 7/1/2027 (b)(c) | 11960000 | 12022771 |
| National Fin Auth NH Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A 3, 4% tender 7/1/2033 (b)(c) | 4100000 | 4101454 |
| TOTAL RESOURCE RECOVERY |  | 16124225 |
| Synthetics - 0.1% |  |  |
| Nat'l Fin Auth NH Specialty Bonds Series 2024 MS0023, 3.62% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA) (b)(d)(e) | 2300000 | 2300000 |
| TOTAL NEW HAMPSHIRE |  | 21922670 |
| New Jersey - 2.4%  |  |  |
| Education - 0.0% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2018 Proj.) Series 2018 B, 5% 12/1/2026 (c) | 635000 | 644097 |
| General Obligations - 2.0% |  |  |
| Belleville NJ Tan Gen. Oblig. BAN 4% 7/7/2026  | 15512500 | 15586673 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 GGG, 5.25% 9/1/2026 (f) | 1840000 | 1871984 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2023 RRR, 5% 3/1/2026  | 3445000 | 3458057 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2026  | 2295000 | 2319467 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2026  | 2435000 | 2475449 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2026  | 325000 | 330398 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2027  | 630000 | 655625 |
| Orange Twp NJ BAN 4% 3/18/2026  | 8388185 | 8407221 |
| TOTAL GENERAL OBLIGATIONS |  | 35104874 |
| Housing - 0.2% |  |  |
| NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 2, 2.85% 11/1/2026  | 4060000 | 4061976 |
| Synthetics - 0.2% |  |  |
| New Jersey Trans Trust Fund Auth Participating VRDN Series 2021 XM0929, 3.47% 6/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 4535000 | 4535000 |
| TOTAL NEW JERSEY |  | 44345947 |
| New Jersey,New York - 0.8%  |  |  |
| Transportation - 0.8% |  |  |
| Port Auth NY & NJ 5% 10/15/2026 (c) | 2600000 | 2639794 |
| Port Auth NY & NJ 5% 10/15/2027 (c) | 1995000 | 2063852 |
| Port Auth NY & NJ 5% 7/15/2026 (c) | 2550000 | 2576532 |
| Port Auth NY & NJ Series 226, 5% 10/15/2027 (c) | 1445000 | 1494870 |
| Port Auth NY & NJ Series 242, 5% 12/1/2026 (c) | 5495000 | 5593127 |
| TOTAL NEW JERSEY,NEW YORK |  | 14368175 |
| New Mexico - 0.5%  |  |  |
| Housing - 0.5% |  |  |
| New Mexico Mtg Fin Auth Mf Hsg Rev (Jlg Nm Abq 2023, Lllp Proj.) Series 2023, 2.97% tender 2/1/2042 (b) | 3698000 | 3696037 |
| Santa Fe Cnty N Mex Multifamily Rev Series 2024, 3.29% tender 12/10/2049 (b) | 5660000 | 5686457 |
| TOTAL NEW MEXICO |  | 9382494 |
| New York - 9.4%  |  |  |
| Education - 0.0% |  |  |
| St Lawrence County Industrial Development Agency (St Lawrence University Proj.) 5% 7/1/2026  | 255000 | 257650 |
| Electric Utilities - 0.2% |  |  |
| Long Island Pwr Auth NY Elec Series 2025B, 3% tender 9/1/2055 (b) | 3755000 | 3762261 |
| General Obligations - 5.2% |  |  |
| Albany NY BAN 4% 3/20/2026  | 18300000 | 18338979 |
| Albany NY Gen. Oblig. BAN 4% 3/20/2026  | 6034000 | 6050275 |
| Binghamton NY BAN 4% 4/10/2026  | 16200000 | 16243312 |
| City of New York NY Gen. Oblig. 5% 8/1/2028  | 11545000 | 12265840 |
| East Hampton NY Un Free Sh Dis 2.1% 6/1/2027  | 1285000 | 1257339 |
| East Syracuse-Minoa NY Cent SD BAN Series 2025, 4% 6/25/2026  | 5900000 | 5930662 |
| Farmington NY Gen. Oblig. BAN Series 2025, 4% 7/29/2026  | 6600000 | 6615525 |
| Ithaca City New York BAN 4.25% 2/13/2026  | 7800000 | 7807518 |
| Ithaca City New York Gen. Oblig. BAN 4.5% 7/17/2026  | 2600000 | 2616727 |
| New Hartford NY Cent Sch Dist BAN Series 2025, 4% 6/25/2026  | 3300000 | 3320543 |
| Ogdensburg NY Enlrg Cty Sch Ds BAN Series 2025, 4% 7/22/2026  | 4500000 | 4530355 |
| Sullivan West Cent Sch Dist NY BAN Series 2025, 4% 6/25/2026  | 7200000 | 7233406 |
| Washington Co NY BAN 4% 3/20/2026  | 4100000 | 4110832 |
| TOTAL GENERAL OBLIGATIONS |  | 96321313 |
| Housing - 0.6% |  |  |
| Monroe Cnty NY Indl Dev Agy Multi-Family Hsg Rev 5% tender 7/1/2028 (b) | 947000 | 974881 |
| New York St Hsg Fin Agy Series 2023 E 2, 3.8% tender 11/1/2063 (b) | 1170000 | 1170432 |
| New York St Hsg Fin Agy Series 2024 A, 3.375% tender 11/1/2063 (b) | 8340000 | 8341379 |
| TOTAL HOUSING |  | 10486692 |
| Special Tax - 0.7% |  |  |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2027  | 5895000 | 6152023 |
| New York NY City Ida Rev (Queens Ballpark Company LLC Proj.) Series 2021A, 5% 1/1/2026 (Assured Guaranty Inc Insured)  | 380000 | 379999 |
| New York NY City Transitional Fin Auth Rev Series 2013C 4, 2.5% 11/1/2036 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 6300000 | 6300000 |
| NY Payroll Mobility Tax 2% tender 5/15/2045 (b) | 635000 | 633201 |
| TOTAL SPECIAL TAX |  | 13465223 |
| Synthetics - 2.5% |  |  |
| Liberty NY Dev Corp Rev Participating VRDN 3.67% 10/1/2035 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 2578500 | 2578500 |
| Metropolitan Transn Auth NY Rv Participating VRDN 3.57% 11/15/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 4445000 | 4445000 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2022 XF1321, 3.57% 11/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 3025000 | 3025000 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2023 XF1649, 3.57% 11/15/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 4480000 | 4480000 |
| New York St Hsg Fin Agy Participating VRDN Series 2022 003, 3.67% 11/1/2041 (Liquidity Facility Barclays Bank PLC) (b)(e) | 3500000 | 3500000 |
| New York St Hsg Fin Agy Participating VRDN Series 2022 007, 3.77% 11/1/2041 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 27890000 | 27890000 |
| TOTAL SYNTHETICS |  | 45918500 |
| Transportation - 0.2% |  |  |
| Metropolitan Transn Auth NY Rv Series 2017 B, 5% 11/15/2026  | 1270000 | 1296383 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2026 (c) | 3175000 | 3225938 |
| TOTAL TRANSPORTATION |  | 4522321 |
| TOTAL NEW YORK |  | 174733960 |
| North Carolina - 0.9%  |  |  |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Cumberland Cnty NC Series 2024, 3.125% tender 12/1/2027 (b)(c) | 3500000 | 3497576 |
| Health Care - 0.3% |  |  |
| Atrium Health Series 2018 D, 3.625% tender 1/15/2048 (b) | 2850000 | 2876926 |
| North Carolina Med Care Commn Hosp Rev (Caromont Health Inc Proj.) 5% tender 2/1/2051 (b) | 2525000 | 2529179 |
| TOTAL HEALTH CARE |  | 5406105 |
| Housing - 0.4% |  |  |
| Inlivian NC Multifamily Rev 3.625% tender 11/1/2058 (b) | 4350000 | 4395537 |
| North Carolina Housing Finance Agency (NC Homeownership Proj.) Series 55 C, 3.2% tender 7/1/2056 (b) | 4000000 | 3999744 |
| TOTAL HOUSING |  | 8395281 |
| TOTAL NORTH CAROLINA |  | 17298962 |
| Ohio - 1.4%  |  |  |
| Education - 0.1% |  |  |
| Ohio St Higher Ed Fac Comm (Case Western Reserve Univ, Oh Proj.) 1.625% tender 12/1/2034 (b) | 735000 | 722312 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) Series 2020, 5% 5/1/2026  | 700000 | 704543 |
| TOTAL EDUCATION |  | 1426855 |
| Electric Utilities - 0.8% |  |  |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2026  | 3130000 | 3138431 |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2027  | 4915000 | 5042938 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014C, 3.65% 12/1/2027 (c) | 4055000 | 4064677 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014D, 3.2% 5/1/2026  | 3720000 | 3716579 |
| TOTAL ELECTRIC UTILITIES |  | 15962625 |
| Health Care - 0.3% |  |  |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2015B, 3.79% 1/15/2045 VRDN (b) | 5005000 | 5005000 |
| Housing - 0.1% |  |  |
| Columbus-Franklin Cnty Ohio Fin Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (b) | 1333000 | 1351524 |
| Water & Sewer - 0.1% |  |  |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2026  | 755000 | 771584 |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2027  | 505000 | 528433 |
| TOTAL WATER & SEWER |  | 1300017 |
| TOTAL OHIO |  | 25046021 |
| Oklahoma - 1.2%  |  |  |
| General Obligations - 0.7% |  |  |
| Oklahoma Cnty Indep Sch Dist 89 Oklahoma City 3% 7/1/2026  | 7140000 | 7151895 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2028  | 5125000 | 5392449 |
| TOTAL GENERAL OBLIGATIONS |  | 12544344 |
| Health Care - 0.4% |  |  |
| OK Dev Fin Auth Health Sys Rev (Integris Baptist Medical Ctr Proj.) Series 2020B, 3.9% 8/15/2031 VRDN (b) | 7425000 | 7425000 |
| Synthetics - 0.1% |  |  |
| Steele Duncan Plaza LLC Participating VRDN Series 2022 MIZ9103, 3.55% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1642775 | 1642775 |
| TOTAL OKLAHOMA |  | 21612119 |
| Oregon - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Redmond or Gen. Oblig. Series 2025 A, 5% 6/1/2029 (c) | 1055000 | 1122487 |
| Transportation - 0.0% |  |  |
| Port of Portland Arpt Rev 5% 7/1/2026  | 360000 | 364367 |
| TOTAL OREGON |  | 1486854 |
| Pennsylvania - 5.6%  |  |  |
| General Obligations - 0.8% |  |  |
| Pennsylvania St 5% 9/1/2026  | 7990000 | 8121680 |
| Pennsylvania St Series 2019, 5% 7/15/2026  | 2000000 | 2026598 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 8/1/2026  | 590000 | 597914 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 8/1/2027  | 3555000 | 3686297 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 8/1/2028  | 1000000 | 1059296 |
| TOTAL GENERAL OBLIGATIONS |  | 15491785 |
| Health Care - 0.9% |  |  |
| Dauphin Cnty PA Gen Auth Hlth Sys Rev (UPMC Proj.) Series 2016 A, 5% 6/1/2026  | 255000 | 256918 |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2020 B, 5% tender 4/1/2043 (b) | 3975000 | 4029448 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 D, 4.06% 9/1/2050 VRDN (b) | 8380000 | 8380000 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2022 A, 5% 2/15/2026  | 125000 | 125311 |
| Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 B, 4.06% 9/1/2050 VRDN (b) | 4165000 | 4165000 |
| TOTAL HEALTH CARE |  | 16956677 |
| Resource Recovery - 3.2% |  |  |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2010 B, 3% tender 12/1/2030 (b) | 1200000 | 1199993 |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2014, 3.65% tender 6/1/2044 (b)(c) | 14500000 | 14500000 |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2019 A, 3.45% tender 4/1/2034 (b)(c) | 2000000 | 2000046 |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2019 B, 3.45% tender 4/1/2049 (b)(c) | 4550000 | 4550104 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) 4.25% tender 7/1/2041 (b)(c) | 4700000 | 4751499 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2019 A, 3.875% tender 8/1/2038 (b)(c) | 7900000 | 7912814 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A 2, 4.6% tender 10/1/2046 (b)(c) | 15885000 | 15939535 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A, 4% tender 6/1/2041 (b)(c) | 7450000 | 7455739 |
| TOTAL RESOURCE RECOVERY |  | 58309730 |
| Synthetics - 0.4% |  |  |
| Pennsylvania Turnpike Commission Participating VRDN Series 5096, 3.47% 6/1/2047 (Liquidity Facility JP Morgan Securities LLC) (b)(e) | 7675000 | 7675000 |
| Transportation - 0.3% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2027 (c) | 655000 | 668747 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5% 1/1/2027 (Assured Guaranty Inc Insured) (c) | 540000 | 552245 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2026 (c) | 635000 | 641286 |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2028 (c) | 565000 | 593554 |
| Philadelphia PA Airport Rev Series 2025B, 5% 7/1/2029 (c) | 2825000 | 3023870 |
| TOTAL TRANSPORTATION |  | 5479702 |
| TOTAL PENNSYLVANIA |  | 103912894 |
| South Carolina - 0.5%  |  |  |
| Electric Utilities - 0.1% |  |  |
| South Carolina St Svc Auth Rev 5% 12/1/2026  | 2370000 | 2418361 |
| Industrial Development - 0.3% |  |  |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.72% 4/1/2030 VRDN (b)(c) | 3000000 | 3000000 |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.72% 9/1/2028 VRDN (b)(c) | 800000 | 800000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 3800000 |
| Synthetics - 0.1% |  |  |
| South Carolina Conway Hosp Participating VRDN Series 2022 019, 3.67% 7/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2400000 | 2400000 |
| Transportation - 0.0% |  |  |
| South Carolina St Ports Auth Series 2019 B, 5% 7/1/2027 (c) | 170000 | 174909 |
| TOTAL SOUTH CAROLINA |  | 8793270 |
| Tennessee - 0.7%  |  |  |
| Health Care - 0.1% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (Commonspirit Health Proj.) 2.53% 5/1/2039 VRDN (b) | 1800000 | 1800000 |
| Housing - 0.4% |  |  |
| Chattanooga Tenn Health Edl & Hsg Fac Brd Multifamily Hsg Series 2025, 2.95% tender 5/1/2044 (b) | 2340000 | 2338936 |
| Kingsport Tenn Indl Dev Brd Collateralized Multifamily Hsg Rev Series 2025, 2.95% tender 9/1/2029 (b) | 5210000 | 5198547 |
| TOTAL HOUSING |  | 7537483 |
| Resource Recovery - 0.1% |  |  |
| Lewisburg Tenn Indl Dev Brd So Lid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2012, 3.4% tender 7/2/2035 (b)(c) | 1150000 | 1150137 |
| Synthetics - 0.1% |  |  |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Facs Participating VRDN Series 2024 MIZ9163, 3.55% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1540658 | 1540658 |
| Transportation - 0.0% |  |  |
| Metro Nashville Arpt Auth Rev 5% 7/1/2026 (c) | 430000 | 434256 |
| Metro Nashville Arpt Auth Rev 5% 7/1/2027 (c) | 650000 | 668665 |
| TOTAL TRANSPORTATION |  | 1102921 |
| TOTAL TENNESSEE |  | 13131199 |
| Texas - 15.0%  |  |  |
| Education - 0.0% |  |  |
| Brazos Tex Higher Ed Auth Inc Student Loan Prog Rev 5% 4/1/2027 (c) | 500000 | 508453 |
| Electric Utilities - 0.4% |  |  |
| San Antonio TX Elec & Gas Rev 5% 2/1/2026  | 575000 | 576051 |
| San Antonio TX Elec & Gas Rev Series 2025A, 3.08% tender 2/1/2055 (b) | 6125000 | 6145567 |
| TOTAL ELECTRIC UTILITIES |  | 6721618 |
| General Obligations - 4.0% |  |  |
| Argyle TX Indpt Sch Dist Series 2025 B 1, 4% tender 8/15/2057 (Permanent Sch Fund of Texas Guaranteed) (b) | 2830000 | 2882147 |
| Argyle TX Indpt Sch Dist Series 2025 B 2, 4% tender 8/15/2057 (Permanent Sch Fund of Texas Guaranteed) (b) | 4380000 | 4525040 |
| Cuero TX Independent School District 5% 8/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 1240000 | 1258060 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2026  | 9495000 | 9521962 |
| Dallas TX ISD Series 2025A 2025A 1, 5% tender 2/15/2055 (Permanent Sch Fund of Texas Guaranteed) (b) | 8800000 | 8823061 |
| Denton Independent School District Series B1, 4% tender 8/15/2055 (Permanent Sch Fund of Texas Guaranteed) (b) | 8355000 | 8631668 |
| Hays TX Cons Indpt Schl Dist Series 2022, 5% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 445000 | 446264 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 3825000 | 3835908 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2028 (Permanent Sch Fund of Texas Guaranteed)  | 5700000 | 5987876 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2029 (Permanent Sch Fund of Texas Guaranteed)  | 3490000 | 3747231 |
| Hutto TX Indpt Sch Dist Series 2015, 4% tender 2/1/2055 (Permanent Sch Fund of Texas Guaranteed) (b) | 2755000 | 2844883 |
| Navarro Tex Indpt Sch Dist Series 2025, 4% tender 2/15/2062 (Permanent Sch Fund of Texas Guaranteed) (b) | 3300000 | 3388327 |
| North East Indpt Sch Dist TX Series 2024, 3.75% tender 8/1/2049 (Permanent Sch Fund of Texas Guaranteed) (b) | 1870000 | 1892127 |
| Northside TX Indpt Sch Dist Series 2023 B, 3% tender 8/1/2053 (Permanent Sch Fund of Texas Guaranteed) (b) | 5905000 | 5905844 |
| Northside TX Indpt Sch Dist Series 2024B, 3.45% tender 8/1/2054 (Permanent Sch Fund of Texas Guaranteed) (b) | 2120000 | 2135288 |
| Prosper Tex Indpt Sch Dist Series 2019 B, 4% tender 2/15/2050 (Permanent Sch Fund of Texas Guaranteed) (b) | 1050000 | 1058307 |
| Texarkana Tex Indpt Sch Dist Series 2024, 4% tender 2/15/2053 (Permanent Sch Fund of Texas Guaranteed) (b) | 4520000 | 4553255 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023A, 5.25% 1/1/2026 (BP PLC Guaranteed)  | 635000 | 635000 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023A, 5.25% 1/1/2027 (BP PLC Guaranteed)  | 635000 | 647235 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023B, 5.25% 1/1/2026 (BP PLC Guaranteed)  | 760000 | 760000 |
| Texas State Gen. Oblig. Series 2016, 5.5% 8/1/2026 (c) | 645000 | 654298 |
| TOTAL GENERAL OBLIGATIONS |  | 74133781 |
| Health Care - 0.1% |  |  |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 5% tender 11/15/2052 (b) | 2695000 | 2708201 |
| Housing - 0.3% |  |  |
| Dallas Tex Hsg Fin Corp Multi Family Hsg Rev Series 2023, 5% tender 7/1/2042 (b) | 1982000 | 2021249 |
| Dallas Tex Hsg Fin Corp Multi Family Hsg Rev Series 2023, 5% tender 9/1/2026 (b) | 1861000 | 1862864 |
| Houston Tex Fin Corp Multifamilty Hsg Rev 5% tender 8/1/2041 (b) | 1080000 | 1084697 |
| Texas St Affordable Hsg Corp Multifamily Hsg Rev Series 2023, 3.625% tender 1/1/2045 (b) | 1365000 | 1373703 |
| TOTAL HOUSING |  | 6342513 |
| Industrial Development - 5.4% |  |  |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.52% 11/1/2040 VRDN (b) | 36775000 | 36775000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.57% 11/1/2040 VRDN (b) | 2600000 | 2600000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.62% 12/1/2027 VRDN (b)(c) | 58085000 | 58085001 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 97460001 |
| Resource Recovery - 1.7% |  |  |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2012, 3.5% tender 1/1/2026 (b)(c) | 7200000 | 7199994 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2020A, 3.45% tender 5/1/2050 (b)(c) | 10000000 | 10001356 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020 A, 3.45% tender 5/1/2046 (b)(c) | 5700000 | 5700065 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2023A, 4.25% tender 6/1/2048 (b)(c) | 2800000 | 2816251 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025 A, 3.45% tender 6/1/2055 (b)(c) | 5400000 | 5400062 |
| TOTAL RESOURCE RECOVERY |  | 31117728 |
| Special Tax - 0.1% |  |  |
| Fort Worth Tex Spl Tax Rev (Will Rogers Memorial Ctr Proj.) Series 2025, 5% 3/1/2028  | 500000 | 523069 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2014, 5% 9/1/2026  | 955000 | 956537 |
| TOTAL SPECIAL TAX |  | 1479606 |
| Synthetics - 1.2% |  |  |
| Dallas Fort Worth International Airport Participating VRDN Series 2025 XL0705, 3.47% 11/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(c)(e) | 4400000 | 4400000 |
| El Paso TX Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 3.55% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 1321260 | 1321260 |
| HHA Fountainview Multifamily Hsg Rev Participating VRDN Series 2024 XG0585, 2.7% 7/1/2064 (Liquidity Facility Barclays Bank PLC) (b)(e) | 3300000 | 3300000 |
| Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 3.55% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(d)(e) | 13246483 | 13246483 |
| TOTAL SYNTHETICS |  | 22267743 |
| Transportation - 1.8% |  |  |
| Austin Tex Airport Sys Series 2025, 5% 11/15/2026 (c) | 460000 | 468084 |
| Austin Tex Airport Sys Series 2025, 5% 11/15/2028 (c) | 1525000 | 1606033 |
| Austin Tex Airport Sys Series 2025, 5% 11/15/2029 (c) | 2170000 | 2320499 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5% 11/1/2027 (c) | 5835000 | 6051041 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5% 11/1/2028 (c) | 20860000 | 22023133 |
| Galveston TX Wharves & Terminal Revenue Series 2023, 5.25% 8/1/2027 (c) | 315000 | 323246 |
| North TX Twy Auth Rev 5% 1/1/2026  | 730000 | 730000 |
| TOTAL TRANSPORTATION |  | 33522036 |
| Water & Sewer - 0.0% |  |  |
| Garland TX Wtr & Swr Rev Series 2025, 5% 3/1/2029  | 510000 | 546007 |
| TOTAL TEXAS |  | 276807687 |
| Utah - 0.4%  |  |  |
| Health Care - 0.1% |  |  |
| Utah Cnty Utah Hosp Rev (Ihc Health Services Inc Proj.) Series 2020B 2, 5% tender 5/15/2060 (b) | 1565000 | 1585443 |
| Industrial Development - 0.1% |  |  |
| Box Elder Cnty Utah Pollution Ctl Rev (Nucor Corp Proj.) 2.85% 4/1/2028 VRDN (b) | 1100000 | 1100000 |
| Transportation - 0.2% |  |  |
| Salt Lake City UT Arpt Rev Series 2023A, 5% 7/1/2026 (c) | 635000 | 641789 |
| Salt Lake City UT Arpt Rev Series 2023A, 5% 7/1/2027 (c) | 595000 | 612526 |
| Salt Lake City UT Arpt Rev Series 2025A, 5% 7/1/2027 (c) | 2540000 | 2614819 |
| TOTAL TRANSPORTATION |  | 3869134 |
| TOTAL UTAH |  | 6554577 |
| Vermont - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Vermont St Stud Assit Corp 5% 6/15/2026 (c) | 1080000 | 1087510 |
| Vermont St Stud Assit Corp Series 2019 A, 5% 6/15/2026 (c) | 775000 | 780389 |
| TOTAL VERMONT |  | 1867899 |
| Virginia - 0.5%  |  |  |
| Electric Utilities - 0.5% |  |  |
| Chesapeake VA Economic Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) Series 2008A, 3.65% tender 2/1/2032 (b) | 1500000 | 1518405 |
| Halifax Cnty VA Indl Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) 3.8% tender 12/1/2041 (b) | 4965000 | 5024592 |
| Wise Cnty VA Indl Dev Auth Solid Waste & Sew Disp Rev (Virginia Electric And Power Co Proj.) Series 2010A, 3.8% tender 11/1/2040 (b) | 1815000 | 1836785 |
| TOTAL ELECTRIC UTILITIES |  | 8379782 |
| Synthetics - 0.0% |  |  |
| Lynchburg Economic Development Authority Participating VRDN Series 2018 XL0075, 3.57% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 250000 | 250000 |
| Nat'l Sr Campuses Participating VRDN Series 2022 028, 3.67% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1100000 | 1100000 |
| TOTAL SYNTHETICS |  | 1350000 |
| TOTAL VIRGINIA |  | 9729782 |
| Washington - 2.0%  |  |  |
| Health Care - 0.6% |  |  |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) 5% 8/15/2027  | 4500000 | 4641279 |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) 5% 8/15/2028  | 4600000 | 4837503 |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) 5% 8/15/2029  | 825000 | 882662 |
| TOTAL HEALTH CARE |  | 10361444 |
| Housing - 0.1% |  |  |
| Seattle Wash Hsg Auth Rev Series 2023, 5% 6/1/2027  | 765000 | 774580 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev Series 2023, 5% tender 12/1/2043 (b) | 1407000 | 1417919 |
| TOTAL HOUSING |  | 2192499 |
| Transportation - 1.3% |  |  |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2027 (c) | 2610000 | 2679804 |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2029 (c) | 8635000 | 9226485 |
| Port Seattle WA Rev Series 2022B, 5% 8/1/2026 (c) | 995000 | 1007246 |
| Port Seattle WA Rev Series 2024B, 5% 7/1/2029 (c) | 10415000 | 11112404 |
| Port Seattle WA Rev Series B, 5% 10/1/2027 (c) | 635000 | 637756 |
| TOTAL TRANSPORTATION |  | 24663695 |
| TOTAL WASHINGTON |  | 37217638 |
| West Virginia - 1.0%  |  |  |
| Electric Utilities - 0.2% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2009B, 3.7% tender 12/1/2042 (b) | 3980000 | 4052731 |
| Health Care - 0.2% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2018 E, 3.87% 6/1/2033 VRDN (b) | 4310000 | 4310000 |
| Housing - 0.2% |  |  |
| West VA St Hsg Dev Fd Multifamily Hsg Rev Series 2024, 5% tender 8/1/2027 (b) | 3170000 | 3247367 |
| Industrial Development - 0.4% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2011A, 3.3% tender 1/1/2041 (b)(c) | 2985000 | 3007682 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Nucor Steel West Virginia Llc Proj.) Series 2025A 1, 2.72% 11/1/2065 (Nucor Corp Guaranteed) VRDN (b)(c) | 3300000 | 3300000 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 6307682 |
| TOTAL WEST VIRGINIA |  | 17917780 |
| Wisconsin - 1.0%  |  |  |
| General Obligations - 0.4% |  |  |
| Milwaukee WI Gen. Oblig. 2% 3/1/2027  | 1965000 | 1941196 |
| Milwaukee WI Gen. Oblig. 5% 4/1/2026  | 1105000 | 1110516 |
| PMA Levy & Aid Anticipation Notes Program TRAN (Wauwatosa Wis Sch Dist Proj.) 5% 9/24/2026  | 4000000 | 4064278 |
| TOTAL GENERAL OBLIGATIONS |  | 7115990 |
| Health Care - 0.1% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev (Mercy Alliance Inc Proj.) Series 2025A, 5% 6/1/2027  | 850000 | 874076 |
| Wisconsin St Health & Edl Facs Auth Rev (Mercy Alliance Inc Proj.) Series 2025A, 5% 6/1/2028  | 785000 | 823325 |
| TOTAL HEALTH CARE |  | 1697401 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Eda Hsg Rev (Wi Mhsg Rev 2007 Proj.) Series 2023 E, 3.875% tender 11/1/2054 (b) | 1065000 | 1065503 |
| Industrial Development - 0.2% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev (WI Forensic Science Proj Proj.) Series 2024, 5% 8/1/2027 (f) | 3040000 | 3065419 |
| Resource Recovery - 0.3% |  |  |
| Public Fin Auth Wis Sld Waste (Waste Management Inc Del Proj.) Series A 3, 3.4% tender 9/1/2027 (b)(c) | 5350000 | 5350638 |
| Transportation - 0.0% |  |  |
| Milwaukee Cnty WI Arpt Rev Series 2023 A, 5% 12/1/2026 (c) | 510000 | 518598 |
| TOTAL WISCONSIN |  | 18813549 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $1,755,237,746) |  | <br> **1758059817** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (h)(i)<br>(Cost $79,557,979)<br>| 3.07 | 79542071 | **79557979** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.3%**<br> (Cost $1,834,795,725)<br>| <br>**1837617796** |
| **NET OTHER ASSETS (LIABILITIES) - 0.7%**  | **12437099** |
| **NET ASSETS - 100.0%** | **1850054895** |

---

**Security Type Abbreviations**

BAN - BOND ANTICIPATION NOTE <br> TRAN - TAX AND REVENUE ANTICIPATION NOTE <br> VRDN - VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(d) 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 $77,743,521 or 4.2% of net assets.

(e) Provides evidence of ownership in one or more underlying municipal bonds. Coupon rates are determined by re-marketing agents based on current market conditions.

(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 $11,485,555 or 0.6% of net assets.

(g) Zero coupon bond which is issued at a discount.

(h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Central Fund.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2023 MIZ9157, 3.55% 12/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) | 12/21/2023 | 1905969 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2024 MIZ9162, 3.5% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/18/2024 | 645000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9232, 3.6% 10/8/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 10/9/2025 | 5800000 |
| El Paso TX Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 3.55% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 8/5/2022 | 1321260 |
| Los Angeles CA Multi Fam Mtg Rev Participating VRDN Series 2025 MIZ9221, 3.5% 8/4/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/5/2025 | 10550000 |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Facs Participating VRDN Series 2024 MIZ9163, 3.55% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/18/2024 | 1540658 |
| Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 3.55% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC) | 1/27/2022 | 1015000 |
| Nat'l Fin Auth NH Specialty Bonds Series 2024 MS0023, 3.62% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA) | 4/16/2024 | 2300000 |
| San Francisco City & County Multi Fam Hsg Rev Participating VRDN 3.5% 12/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) | 12/19/2022 - 1/30/2023 | 25415001 |
| San Francisco City & County Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9095, 3.5% 7/1/2057 (Liquidity Facility Mizuho Capital Markets LLC) | 4/1/2022 | 10391875 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN 3.55% 10/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) | 11/17/2023 | 1969501 |
| Steele Duncan Plaza LLC Participating VRDN Series 2022 MIZ9103, 3.55% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 8/11/2022 | 1642775 |
| Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 3.55% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/27/2023 | 13246483 |

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**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 | 69248358 | 683208364 | 672898743 | 1195492 | - | - | 79557979 | 79542071 | 1.9% |
| Total | 69248358 | 683208364 | 672898743 | 1195492 | - | - | 79557979 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 28768475 | - | 28768475 | - |
| Electric Utilities | 156090603 | - | 156090603 | - |
| Escrowed/Pre-Refunded | 4143849 | - | 4143849 | - |
| General Obligations | 348188284 | - | 348188284 | - |
| Health Care | 90996138 | - | 90996138 | - |
| Housing | 114147357 | - | 114147357 | - |
| Industrial Development | 225017459 | - | 225017459 | - |
| Resource Recovery | 199337517 | - | 199337517 | - |
| Special Tax | 44132583 | - | 44132583 | - |
| Synthetics | 342067163 | - | 342067163 | - |
| Transportation | 199047635 | - | 199047635 | - |
| Water & Sewer | 6122754 | - | 6122754 | - |
|  **Money Market Funds** | 79557979 | 79557979 | - | - |
| **Total Investments in Securities:** | 1837617796 | 79557979 | 1758059817 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,755,237,746) | $1758059817 |  |
| Fidelity Central Funds (cost $79,557,979) | 79557979 |  |
| Total Investment in Securities (cost $1,834,795,725) |  | $1837617796 |
| Cash |  | 918 |
| Receivable for fund shares sold |  | 864475 |
| Interest receivable |  | 16932779 |
| Distributions receivable from Fidelity Central Funds |  | 155888 |
| Receivable from investment adviser for expense reductions |  | 69529 |
| Other receivables |  | 98 |
| **Total assets** |  | 1855641483 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1315000 |  |
| Payable for fund shares redeemed | 1566094 |  |
| Distributions payable | 2267800 |  |
| Accrued management fee | 302066 |  |
| Distribution and service plan fees payable | 695 |  |
| Other affiliated payables | 134933 |  |
| **Total liabilities** |  | 5586588 |
| **Net Assets**  |  | $1850054895 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1847513882 |
| Total accumulated earnings (loss) |  | 2541013 |
| **Net Assets** |  | $1850054895 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($15,799,189 ÷ 1,569,545 shares)(a) |  | $10.07 |
| Maximum offering price per share (100/98.50 of $10.07) |  | $10.22 |
| **Fidelity Conservative Income Municipal Bond Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,382,105,797 ÷ 137,307,004 shares) |  | $10.07 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($22,255,482 ÷ 2,210,884 shares) |  | $10.07 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($429,894,427 ÷ 42,708,482 shares) |  | $10.07 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $52242884 |
| Income from Fidelity Central Funds  |  | 1195171 |
| **Total income** |  | 53438055 |
| **Expenses** |  |  |
| Management fee | $3332327 |  |
| Transfer agent fees | 1518830 |  |
| Distribution and service plan fees | 5660 |  |
| Independent trustees' fees and expenses | 3982 |  |
| Total expenses before reductions | 4860799 |  |
| Expense reductions | (844488) |  |
| Total expenses after reductions |  | 4016311 |
| **Net Investment income (loss)** |  | 49421744 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 688586 |  |
| Capital gain distributions from Fidelity Central Funds | 321 |  |
| Total net realized gain (loss) |  | 688907 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 2653441 |
| **Net gain (loss)** |  | 3342348 |
| **Net increase (decrease) in net assets resulting from operations** |  | $52764092 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $49421744 | $49595770 |
| &nbsp;&nbsp;Net realized gain (loss) | 688907<br>| (901724)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2653441 | (1123478)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 52764092<br>| 47570568<br>|
| Distributions to shareholders | (49402664)<br>| (50224071)<br>|
| Share transactions - net increase (decrease) | 300792331<br>| (1037045137)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 304153759<br>| (1039698640)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1545901136 | 2585599776<br>|
| &nbsp;&nbsp;End of period | $1850054895 | $1545901136 |

---

**Financial Highlights** 

**Fidelity Advisor® Conservative Income Municipal Bond Fund Class A**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $10.04 | $10.04 | $9.97 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .271  | .300  | .187  |
| Net realized and unrealized gain (loss)  | .036  | .008 D | .060  |
| Total from investment operations  | .307  | .308  | .247  |
| Distributions from net investment income  | (.276)  | (.307)  | (.177)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  |
| Total distributions  | (.277)  | (.308)  | (.177)  |
| Net asset value, end of period  | $10.07 | $10.04 | $10.04 |
| **Total Return** E,F,G | 3.10% <br>| 3.11%  | 2.50%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |
| Expenses before reductions  | .48%  | .45%  | .42% J |
| Expenses net of fee waivers, if any  | .45% <br>| .45%  | .42% J |
| Expenses net of all reductions, if any  | .45%  | .45%  | .42% J |
| Net investment income (loss)  | 2.76%  | 3.00%  | 3.11% J |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $15799 | $2609 | $420 |
| Portfolio turnover rate K | 67% <br>| 73% L | 76%  |

---

A*For the period May 25, 2023 (commencement of sale of shares) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*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.*

I*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.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Conservative Income Municipal Bond Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.04 | $10.04 | $9.97 | $10.04 | $10.06 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .297  | .324  | .293  | .096  | .025  |
| Net realized and unrealized gain (loss)  | .030  | .003 C | .066  | (.069)  | (.020)  |
| Total from investment operations  | .327  | .327  | .359  | .027  | .005  |
| Distributions from net investment income  | (.296)  | (.326)  | (.289)  | (.097)  | (.025)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  | -  | -  |
| Total distributions  | (.297)  | (.327)  | (.289)  | (.097)  | (.025)  |
| Net asset value, end of period  | $10.07 | $10.04 | $10.04 | $9.97 | $10.04 |
| **Total Return** D | 3.30% <br>| 3.30%  | 3.66%  | .27%  | .05%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .30%  | .30%  | .31%  | .35%  | .35%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.96%  | 3.20%  | 2.93%  | .96%  | .25%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1382106 | $1260828 | $2541356 | $2339827 | $2580577 |
| Portfolio turnover rate G | 67% <br>| 73% H | 76%  | 56%  | 56%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Conservative Income Municipal Bond Fund Class I**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $10.04 | $10.04 | $9.97 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .296  | .317  | .196  |
| Net realized and unrealized gain (loss)  | .031  | .010 D | .062  |
| Total from investment operations  | .327  | .327  | .258  |
| Distributions from net investment income  | (.296)  | (.326)  | (.188)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  |
| Total distributions  | (.297)  | (.327)  | (.188)  |
| Net asset value, end of period  | $10.07 | $10.04 | $10.04 |
| **Total Return** E,F | 3.30% <br>| 3.30%  | 2.61%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |
| Expenses before reductions  | .38%  | .35%  | .29% I |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25% I |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25% I |
| Net investment income (loss)  | 2.96%  | 3.20%  | 3.31% I |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $22255 | $12205 | $1373 |
| Portfolio turnover rate J | 67% <br>| 73% K | 76%  |

---

A*For the period May 25, 2023 (commencement of sale of shares) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Conservative Income Municipal Bond Fund Class Z**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $10.04 | $10.04 | $9.97 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .301  | .324  | .202  |
| Net realized and unrealized gain (loss)  | .031  | .008 D | .059  |
| Total from investment operations  | .332  | .332  | .261  |
| Distributions from net investment income  | (.301)  | (.331)  | (.191)  |
| Distributions from net realized gain  | (.001)  | (.001)  | -  |
| Total distributions  | (.302)  | (.332)  | (.191)  |
| Net asset value, end of period  | $10.07 | $10.04 | $10.04 |
| **Total Return** E,F | 3.36% <br>| 3.36%  | 2.64%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25% I |
| Expenses net of fee waivers, if any  | .20% <br>| .20%  | .20% I |
| Expenses net of all reductions, if any  | .20%  | .20%  | .20% I |
| Net investment income (loss)  | 3.01%  | 3.25%  | 3.39% I |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $429894 | $270260 | $42451 |
| Portfolio turnover rate J | 67% <br>| 73% K | 76%  |

---

A*For the period May 25, 2023 (commencement of sale of shares) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

Fidelity Conservative Income Municipal Bond Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Fidelity Conservative Income Municipal Bond Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount, capital loss carryforwards and losses deferred due to wash sales.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $3787137 |
| **Gross unrealized depreciation**  | <u>(700894)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$3086243</u> |
| **Tax Cost**  | <u>$1834531553</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$12045</u> |
| **Capital loss carryforward**  | <u>$(557274)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$3086243</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(557274) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(557274)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Tax-exempt Income** | $49224150 | $50075496 |
| **Ordinary Income**  | <u>178514</u> | <u>148575</u> |
| **Total**  | <u>$49402664</u> | <u>$50224071</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Conservative Income Municipal Bond Fund** | 744095677 | 614826846 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | - % | .15% | <u>5660</u> | <u>2768</u> |
|  |  |  | <u>5660</u> | <u>2768</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 1.50% for selling Class A shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on Class A redemptions. The deferred sales charges are .75% or .50% for certain purchases of Class A shares. For the period, sales charge amounts retained by FDC were as follows:

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 235 |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Fidelity Conservative Income Municipal Bond Fund and Class Z. FIIOC receives an asset-based fee of Fidelity Conservative Income Municipal Bond Fund's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Class-Level Average Net Assets** |
| **Class A** | 4881 | .13 |
| **Fidelity Conservative Income Municipal Bond Fund** | 1323287 | .10 |
| **Class I** | 29465 | .18 |
| **Class Z** | <u>161197</u> | .05 |
|  | <u>1518830</u> |  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Conservative Income Municipal Bond Fund** | 174462482 | 14770000 | - |

---

**Prior Fiscal Year Affiliated Redemptions In-Kind.** Affiliated shareholders that redeemed shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Conservative Income Municipal Bond Fund** | 96728319 | (761921) | 969217761 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through April 30, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | .45% | 1096 |
| **Fidelity Conservative Income Municipal Bond Fund** | .25% | 661129 |
| **Class I** | .25% | 21060 |
| **Class Z** | .20% | <u>160581</u> |
|  |  | <u>843866</u> |

---

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $622.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Fidelity Conservative Income Municipal Bond Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | 103605 | 37850 |
| Fidelity Conservative Income Municipal Bond Fund | 39091304 | 46005059 |
| Class I | 494479 | 117620 |
| Class Z | <u>9713276</u> | <u>4063542</u> |
| Total  | <u>$49402664</u> | <u>$50224071</u> |

---

**9. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **Fidelity Conservative Income Municipal Bond Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1469573 | 290425 | $14796542 | $2917777 |
| Reinvestment of distributions  | 10280 | 3719 | 103449 | 37350 |
| Shares redeemed | <u>(170072)</u> | <u>(76159)</u> | <u>(1708969)</u> | <u>(763555)</u> |
| Net increase (decrease) | <u>1309781</u> | <u>217985</u> | <u>$13191022</u> | <u>$2191572</u> |
| **Fidelity Conservative Income Municipal Bond Fund** |  |  |  |  |
| Shares sold | 68571540 | 64746531 | $689526971 | $649981678 |
| Reinvestment of distributions  | 2328846 | 2167102 | 23430331 | 21758452 |
| Shares redeemed | <u>(59136753)</u> | <u>(194393124)</u> | <u>(594726498)</u> | <u>(1949838923)</u> |
| Net increase (decrease) | <u>11763633</u> | <u>(127479491)</u> | <u>$118230804</u> | <u>$(1278098793)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1531735 | 1136070 | $15403719 | $11420114 |
| Reinvestment of distributions  | 48735 | 11456 | 490357 | 115106 |
| Shares redeemed | <u>(584839)</u> | <u>(69018)</u> | <u>(5881781)</u> | <u>(692958)</u> |
| Net increase (decrease) | <u>995631</u> | <u>1078508</u> | <u>$10012295</u> | <u>$10842262</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 27722740 | 26205214 | $279303363 | $263401364 |
| Reinvestment of distributions  | 318740 | 253406 | 3206579 | 2545984 |
| Shares redeemed | <u>(12243377)</u> | <u>(3774733)</u> | <u>(123151732)</u> | <u>(37927526)</u> |
| Net increase (decrease) | <u>15798103</u> | <u>22683887</u> | <u>$159358210</u> | <u>$228019822</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Conservative Income Municipal Bond Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Conservative Income Municipal Bond Fund (one of the funds constituting Fidelity Municipal Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

During fiscal year ended 2025, 100% of the fund's income dividends were free from federal income tax, and 42.98% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Conservative Income Municipal Bond Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of a representative class (the retail class), the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for the retail class of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 0.45%, 0.25%, 0.20%, and 0.25% through April 30, 2026.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img123176_4.jpg)<br>

1.967792.112 CMB-ANN-0226

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99_906cert.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 Municipal Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Municipal Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>