# EDGAR Filing Document

**Accession Number:** 0001562565
**File Stem:** 0001562565-25-000158
**Filing Date:** 2025-9
**Character Count:** 128167
**Document Hash:** 17c8c61a34a2edbe3e355dcfcd611fd4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562565-25-000158.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001562565-25-000158

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22796
- **FILM NUMBER:** 251329134

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

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

## Series and Classes Contracts Data

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

<u>Fidelity Merrimack Street Trust</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

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

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Municipal Bond Opportunities ETF<br> **Fidelity® Municipal Bond Opportunities ETF : FMUB** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Municipal Bond Opportunities ETF for the period February 1, 2025 to July 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-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Municipal Bond Opportunities ETF  | $15  | 0.31% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $106153445<br>|
| Number of Holdings | 411<br>|
| Portfolio Turnover | 50%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 26.8 |
| Transportation | 16.1 |
| Health Care | 14.7 |
| Education | 9.0 |
| Water & Sewer | 8.1 |
| Special Tax | 6.9 |
| Electric Utilities | 5.0 |
| Others(Individually Less Than 5%) | 7.7 |
| 94.3 | 94.3 |

---

---

| | |
|:---|:---|
| AAA | 6.8 |
| AA | 37.5 |
| A | 30.7 |
| BBB | 13.1 |
| BB | 1.7 |
| B | 0.2 |
| Not Rated | 4.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img8349_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 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;AA - 37.5&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;A - 30.7&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 - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.7&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;B - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 5.7 |
| 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. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Illinois | 11.1 |
| Texas | 10.6 |
| Pennsylvania | 8.0 |
| Georgia | 5.0 |
| California | 4.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img8349_20250731_1.jpg)<br>| ![](img111728_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9917218.100 8349-TSRS-0925 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

**Fidelity® Municipal Bond Opportunities ETF**

**Semi-Annual Report**

**July 31, 2025**

![](img111965_1.jpg)

![](img111965_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_MCP-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Municipal Bond Opportunities ETF](#Sub_Sec_Fund_8349_MCP-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements8349_MCP-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCP-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCP-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCP-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCP-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Municipal Bond Opportunities ETF**

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 94.3%** | &nbsp;&nbsp;**Municipal Securities - 94.3%** | &nbsp;&nbsp;**Municipal Securities - 94.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 3.7%  |  |  |
| Education - 0.7% |  |  |
| Alabama St University Rev Series 2025, 5% 9/1/2028 (Assured Guaranty Inc Insured)  | 475000 | 503690 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2049  | 200000 | 197031 |
|  |  | 700721 |
| Electric Utilities - 0.0% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2007 A, 3.375% tender 6/1/2034 (b) | 100000 | 101047 |
| General Obligations - 2.5% |  |  |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (b) | 630000 | 660904 |
| Black Belt Energy Gas District Series 2022 E, 5% tender 5/1/2053 (Canadian Imperial Bank of Commerce/New York NY Guaranteed) (b) | 65000 | 67480 |
| Black Belt Energy Gas District Series 2024 C, 5% tender 5/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 600000 | 632498 |
| Black Belt Energy Gas District Series 2024A, 5.25% tender 5/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 100000 | 105525 |
| 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) | 380000 | 401061 |
| Southeast Energy Authority A Cooperative District 5.25% tender 3/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 310000 | 321672 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 435000 | 461739 |
|  |  | 2650879 |
| Water & Sewer - 0.5% |  |  |
| Jefferson Cnty AL Swr Rev 5% 10/1/2038  | 500000 | 521959 |
| TOTAL ALABAMA |  | 3974606 |
| Arizona - 0.9%  |  |  |
| Education - 0.1% |  |  |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2031  | 75000 | 77564 |
| University AZ Univ Revs Series 2016, 3% 6/1/2034  | 50000 | 46171 |
|  |  | 123735 |
| Electric Utilities - 0.1% |  |  |
| Coconino Cnty AZ Poll Ctl Corp (Nevada Power Co Proj.) Series 2017 B, 3.75% tender 3/1/2039 (b) | 100000 | 100119 |
| General Obligations - 0.5% |  |  |
| Industrial Development Authority of the City of Phoenix Arizona/The (Guam Govt Proj.) Series 2014, 5.375% 2/1/2041  | 100000 | 87506 |
| Industrial Development Authority of the City of Phoenix Arizona/The Series 2014, 5.125% 2/1/2034 (Guam Govt Guaranteed)  | 100000 | 94950 |
| Salt Verde Finl Corp Gas Rev AZ 5% 12/1/2037 (Citigroup Inc Guaranteed)  | 260000 | 270071 |
|  |  | 452527 |
| Housing - 0.0% |  |  |
| Arizona Indl Dev Auth Rev (Lihtc Cert 2019-2 Proj.) Series 2 Class A, 3.625% 5/20/2033  | 79099 | 76099 |
| Industrial Development - 0.2% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2005, 3.8% tender 12/1/2035 (b) | 125000 | 125825 |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2007, 4.1% tender 12/1/2037 (b)(c) | 55000 | 55257 |
|  |  | 181082 |
| TOTAL ARIZONA |  | 933562 |
| Arkansas - 1.2%  |  |  |
| General Obligations - 1.2% |  |  |
| Nettleton Ark Spl Sch Dist Craighead Cnty 2% 12/1/2039  | 280000 | 190997 |
| Pea Ridge Ark Sch Dist No 109 2% 2/1/2035  | 205000 | 165660 |
| Pea Ridge Ark Sch Dist No 109 2% 2/1/2039  | 220000 | 153990 |
| Pea Ridge Ark Sch Dist No 109 2% 2/1/2043  | 1115000 | 736590 |
|  |  | 1247237 |
| Health Care - 0.0% |  |  |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2029  | 20000 | 20941 |
| TOTAL ARKANSAS |  | 1268178 |
| California - 4.2%  |  |  |
| Education - 0.1% |  |  |
| California Mun Fin Auth Rev (University of LA Verne Proj.) Series A, 3.5% 6/1/2034  | 50000 | 46442 |
| California Mun Fin Auth Rev (University of LA Verne Proj.) Series A, 3.75% 6/1/2037  | 40000 | 36240 |
|  |  | 82682 |
| General Obligations - 1.1% |  |  |
| California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 140000 | 145712 |
| California Community Choice Financing Authority Series 2025D, 5% tender 10/1/2055 (Global Atlantic Fin Co Guaranteed) (b) | 605000 | 630165 |
| Elk Grove Calif Uni Sch Dist Ctfs Partn (Elk Grove CA Uni Sch Dist Proj.) 3% 2/1/2034  | 50000 | 47066 |
| Los Angeles Unified School District/CA Series 2016B, 2% 7/1/2029  | 10000 | 9590 |
| Los Angeles Unified School District/CA Series 2020 C, 3% 7/1/2035  | 5000 | 4626 |
| Poway CA Unified Sch Dist 0% 8/1/2038 (d) | 60000 | 34721 |
| San Diego CA Uni Sch Dist 0% 7/1/2031 (d) | 10000 | 8275 |
| San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. Series 2018, 5% 9/1/2038  | 5000 | 5269 |
| State of California Gen. Oblig. 4% 11/1/2037  | 50000 | 50132 |
| State of California Gen. Oblig. Series CU, 4.75% 12/1/2042  | 250000 | 251245 |
|  |  | 1186801 |
| Housing - 0.6% |  |  |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2021-1 CA Proj.) Series 1 Class A, 3.5% 11/20/2035  | 559721 | 522233 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2023-1 CA Proj.) Series 1 Class A, 4.375% 9/20/2036  | 98080 | 97613 |
|  |  | 619846 |
| Other - 0.0% |  |  |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (b) | 15000 | 13807 |
| Resource Recovery - 0.5% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2023A, 4.375% tender 9/1/2053 (b)(c) | 500000 | 496664 |
| Synthetics - 0.5% |  |  |
| California Stwide Cmnty Mf Rev Participating VRDN 3.35% 11/1/2033 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 500000 | 500000 |
| Tobacco Bonds - 0.0% |  |  |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2021 B 2, 0% 6/1/2066 (d) | 500000 | 47845 |
| Transportation - 1.4% |  |  |
| Alameda Corridor CA Tran Auth Rev Series 2024A, 0% 10/1/2052 (Assured Guaranty Inc Insured) (d) | 100000 | 24610 |
| Los Angeles CA Dept Arpts Rev Series 2019 A, 5% 5/15/2035 (c) | 10000 | 10305 |
| Los Angeles CA Dept Arpts Rev Series 2022 H, 5.5% 5/15/2036 (c) | 715000 | 772027 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2039 (c) | 350000 | 374153 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2023 C, 5.5% 5/1/2037 (c) | 250000 | 272474 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2049 (c) | 100000 | 100680 |
|  |  | 1554249 |
| TOTAL CALIFORNIA |  | 4501894 |
| Colorado - 1.5%  |  |  |
| Health Care - 0.0% |  |  |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2037  | 50000 | 51004 |
| Special Tax - 0.4% |  |  |
| Independence Metropolitan District No 3 Series 2024 A, 5.375% 12/1/2054  | 500000 | 470329 |
| Transportation - 1.1% |  |  |
| Denver CO City & Cnty Arpt Series 2018 A, 4% 12/1/2043 (c) | 210000 | 184663 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2027 (c) | 90000 | 94294 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2036 (c) | 780000 | 828928 |
|  |  | 1107885 |
| TOTAL COLORADO |  | 1629218 |
| Connecticut - 2.9%  |  |  |
| Education - 0.1% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2040  | 30000 | 30759 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2010A 3, 2.95% tender 7/1/2049 (b) | 45000 | 45027 |
|  |  | 75786 |
| General Obligations - 0.5% |  |  |
| Connecticut St Gen. Oblig. Series 2016 A, 5% 3/15/2026  | 50000 | 50778 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2036  | 20000 | 17874 |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2032 (Assured Guaranty Inc Insured)  | 80000 | 89063 |
| Stamford CT Gen. Oblig. Series 2016, 4% 8/1/2026  | 5000 | 5006 |
| West Haven CT Gen. Oblig. Series 2024, 5% 2/15/2038 (Build America Mutual Assurance Co Insured)  | 100000 | 106415 |
| West Haven CT Gen. Oblig. Series 2024, 5% 2/15/2039 (Build America Mutual Assurance Co Insured)  | 100000 | 105402 |
| West Haven CT Gen. Oblig. Series 2024, 5% 2/15/2040 (Build America Mutual Assurance Co Insured)  | 100000 | 104386 |
|  |  | 478924 |
| Health Care - 0.8% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2036  | 5000 | 4867 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 5% 7/1/2032  | 5000 | 5296 |
| Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 4% 7/1/2034  | 375000 | 375215 |
| Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 5% 7/1/2026  | 500000 | 506852 |
|  |  | 892230 |
| Housing - 0.2% |  |  |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2023 A, 5.25% 11/15/2053  | 240000 | 254910 |
| Special Tax - 1.3% |  |  |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2032  | 1025000 | 1152789 |
| Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2021, 4% 4/1/2051 (f) | 100000 | 79922 |
| Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2024, 5.625% 4/1/2044 (f) | 100000 | 101108 |
|  |  | 1333819 |
| TOTAL CONNECTICUT |  | 3035669 |
| District Of Columbia - 1.6%  |  |  |
| General Obligations - 0.1% |  |  |
| District Columbia Gen. Oblig. Series 2016 A, 3% 6/1/2041  | 145000 | 117173 |
| Health Care - 0.2% |  |  |
| District Columbia Hosp Rev (Childrens National Med Ctr, DC Proj.) Series 2015, 4% 7/15/2040  | 270000 | 247477 |
| Transportation - 1.3% |  |  |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 4% 10/1/2040 (c) | 100000 | 91218 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2026 (c) | 200000 | 204864 |
| Metropolitan Wash DC Arpts Ath Series 2025A, 5% 10/1/2029 (c) | 1000000 | 1075714 |
|  |  | 1371796 |
| TOTAL DISTRICT OF COLUMBIA |  | 1736446 |
| Florida - 4.1%  |  |  |
| Education - 0.3% |  |  |
| Florida Dev Fin Corp Student Hsg Rev (The Henry Stud Hsg Proj.) Series 2024A 1, 5.25% 6/1/2059 (f) | 100000 | 90604 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2034  | 30000 | 30659 |
| Florida Higher Edl Facs Fing Auth Rev (Rollins College, FL Proj.) Series 2016 A, 3% 12/1/2046  | 25000 | 17255 |
| Florida Higher Edl Facs Fing Auth Rev (Rollins College, FL Proj.) Series 2020 A, 3% 12/1/2048  | 320000 | 215747 |
|  |  | 354265 |
| Electric Utilities - 0.1% |  |  |
| Florida St Mun Pwr Agy Rev Series 2021 A, 3% 10/1/2032  | 100000 | 95421 |
| General Obligations - 0.4% |  |  |
| Miami-Dade Cnty Fla Seaport Rev (Miami-Dade Cnty Fla Proj.) Series SUB 2021 B2, 4% 10/1/2043  | 460000 | 408801 |
| Health Care - 0.6% |  |  |
| Hillsborough Cnty Fla Indl Dev (Tampa General Hospital, FL Proj.) Series 2020A, 3.5% 8/1/2055  | 235000 | 165931 |
| Palm Beach Cnty FL Health Facs (Lifespace Proj.) Series 2023C, 7.625% 5/15/2058  | 50000 | 54827 |
| Tallahassee FL Health Facs Rev (Tallahassee Mem Hlthcare FL Proj.) Series 2015A, 4% 12/1/2035  | 500000 | 462308 |
|  |  | 683066 |
| Housing - 0.0% |  |  |
| Fla Hsg Fin Corp Multifamily Mtg Rev Series 2023 C, 5% tender 12/1/2026 (b) | 15000 | 15093 |
| Special Tax - 0.8% |  |  |
| Seminole County School District Sales Tax Revenue Series 2025, 5% 10/1/2032 (Assured Guaranty Inc Insured)  | 750000 | 842132 |
| Transportation - 1.8% |  |  |
| Florida Dev Fin Corp Rev (Brightline FL Proj.) Series 2024, 5.25% 7/1/2053 (Assured Guaranty Inc Insured) (c) | 500000 | 478099 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2030 (Assured Guaranty Inc Insured)  | 930000 | 1015204 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2017, 3% 7/1/2034  | 395000 | 367699 |
|  |  | 1861002 |
| Water & Sewer - 0.1% |  |  |
| JEA FL Wtr & Swr Sys Rev Series 2024A, 5% 10/1/2028  | 50000 | 53766 |
| JEA FL Wtr & Swr Sys Rev Series 2024A, 5% 10/1/2030  | 50000 | 55434 |
|  |  | 109200 |
| TOTAL FLORIDA |  | 4368980 |
| Georgia - 5.0%  |  |  |
| Electric Utilities - 0.4% |  |  |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FOURTH 1994, 3.8% tender 10/1/2032 (b) | 340000 | 341624 |
| Burke Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2017 E, 3.6% tender 11/1/2045 (b) | 105000 | 106291 |
|  |  | 447915 |
| General Obligations - 3.2% |  |  |
| Main Street Natural Gas Inc 5% tender 6/1/2053 (Citigroup Inc Guaranteed) (b) | 200000 | 210330 |
| Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (b) | 500000 | 531905 |
| Main Street Natural Gas Inc Series 2022A, 4% tender 9/1/2052 (Citigroup Inc Guaranteed) (b) | 200000 | 200240 |
| Main Street Natural Gas Inc Series 2023B, 5% tender 7/1/2053 (Royal Bank of Canada Guaranteed) (b) | 250000 | 263861 |
| Main Street Natural Gas Inc Series 2023C, 5% tender 9/1/2053 (Royal Bank of Canada Guaranteed) (b) | 55000 | 58130 |
| Main Street Natural Gas Inc Series 2024D, 5% tender 4/1/2054 (Toronto Dominion Bank Guaranteed) (b) | 45000 | 47721 |
| Main Street Natural Gas Inc Series 2024E, 5% tender 5/1/2055 (Citigroup Inc Guaranteed) (b) | 2000000 | 2099535 |
|  |  | 3411722 |
| Health Care - 0.3% |  |  |
| Fulton Cnty GA Dev Auth Rev (Piedmont Hosp Og Proj.) Series 2019 A, 3% 7/1/2044  | 440000 | 319919 |
| Other - 1.1% |  |  |
| Fayette Cnty GA Dev Auth Rev (United States Soccer Fed Proj.) Series 2024, 5% 10/1/2028  | 325000 | 342884 |
| Fayette Cnty GA Dev Auth Rev (United States Soccer Fed Proj.) Series 2024, 5% 10/1/2029  | 375000 | 400658 |
| Fayette Cnty GA Dev Auth Rev (United States Soccer Fed Proj.) Series 2024, 5% 10/1/2030  | 400000 | 430891 |
|  |  | 1174433 |
| TOTAL GEORGIA |  | 5353989 |
| Hawaii - 1.3%  |  |  |
| General Obligations - 0.0% |  |  |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020F, 5% 7/1/2034  | 5000 | 5378 |
| Housing - 0.3% |  |  |
| Honolulu HI City & Cnty Mfr Series 2023, 5% tender 6/1/2027 (b) | 340000 | 345471 |
| Transportation - 0.5% |  |  |
| Hawaii St Arpts Sys Rev 5% 7/1/2042 (c) | 500000 | 502169 |
| Water & Sewer - 0.5% |  |  |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series B, 5% 7/1/2027  | 500000 | 510485 |
| TOTAL HAWAII |  | 1363503 |
| Illinois - 11.1%  |  |  |
| Education - 0.5% |  |  |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) Series 2016 A, 3% 10/1/2037  | 145000 | 123814 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2038  | 350000 | 355230 |
| Illinois Finance Authority Rev (Bradley University Proj.) Series 2021 A, 4% 8/1/2037  | 100000 | 89823 |
|  |  | 568867 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Railsplitter Tobacco Settlement Auth Settlement Rev Series 2017, 5% 6/1/2026 (Escrowed to Maturity)  | 5000 | 5101 |
| General Obligations - 2.7% |  |  |
| Chicago IL Brd Ed Series D, 5% 12/1/2031  | 100000 | 100980 |
| Chicago IL Gen. Oblig. Series 2024 B, 5% 1/1/2041  | 500000 | 491020 |
| Chicago IL Gen. Oblig. Series 2025E, 6% 1/1/2045  | 500000 | 518431 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2028  | 25000 | 26060 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2036  | 40000 | 42127 |
| Illinois St Gen. Oblig. Series JUNE 2016, 3.5% 6/1/2029  | 500000 | 498662 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2030  | 120000 | 129160 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5% 5/1/2037  | 500000 | 522427 |
| Illinois St Gen. Oblig. Series MAY 2023D, 4% 7/1/2037  | 300000 | 282828 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2035  | 50000 | 53843 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2037  | 50000 | 52795 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2042  | 35000 | 35872 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2049  | 25000 | 24900 |
| Schaumburg IL Gen. Oblig. Series 2023, 4% 12/1/2030  | 100000 | 105108 |
|  |  | 2884213 |
| Health Care - 2.0% |  |  |
| Illinois Fin Auth Rev (Advocate Aurora Health Inc Proj.) Series 2014, 4% 8/1/2038  | 1005000 | 923079 |
| Illinois Fin Auth Rev (Memorial Health Sys Ill Rev Proj.) Series 2019, 5% 4/1/2035  | 15000 | 15572 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 4% 12/1/2040  | 195000 | 174148 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 3.125% 5/15/2037  | 35000 | 30083 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2025  | 60000 | 60275 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 3.25% 5/15/2039  | 205000 | 170189 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 4% 5/15/2035  | 10000 | 9606 |
| Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2016, 3.25% 11/15/2045  | 540000 | 403550 |
| Illinois Fin Auth Rev (Southern Ill Hlthcare Ent Inc Proj.) Series 2017 C, 5% 3/1/2026  | 15000 | 15138 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 3.25% 8/15/2049  | 500000 | 365822 |
|  |  | 2167462 |
| Housing - 0.1% |  |  |
| Illinois Housing Dev Auth Series 2019 D, 2.7% 10/1/2034 (IL Hsg Revenue Bonds 3/1/2016 Guaranteed)  | 115000 | 100161 |
| Special Tax - 1.4% |  |  |
| Chicago IL Brd Ed Series 2022 B, 4% 12/1/2041  | 100000 | 85665 |
| Illinois St Sales Tax Rev Series SEPTEMBER 2016 A, 3% 6/15/2033  | 115000 | 104670 |
| Illinois St Sales Tax Rev Series SEPTEMBER 2016 A, 3% 6/15/2034  | 220000 | 195364 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2033 (National Public Finance Guarantee Corporation Insured) (d) | 20000 | 14277 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2038 (National Public Finance Guarantee Corporation Insured) (d) | 15000 | 7946 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2041 (d) | 300000 | 132209 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2046 (Assured Guaranty Inc Insured) (d) | 100000 | 33193 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 12/15/2028  | 300000 | 312238 |
| Sales Tax Securitization Corp 3% 1/1/2027  | 264000 | 264027 |
| Sales Tax Securitization Corp Series 2024 A, 5% 1/1/2037  | 300000 | 323889 |
|  |  | 1473478 |
| Transportation - 2.4% |  |  |
| Chicago IL Midway Arpt Rev Series 2023A, 5.5% 1/1/2036 (Build America Mutual Assurance Co Insured) (c) | 490000 | 538162 |
| Chicago IL Midway Arpt Rev Series A, 5% 1/1/2029 (c) | 20000 | 20114 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 4% 1/1/2044  | 865000 | 744962 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 4% 1/1/2043 (c) | 600000 | 522297 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5% 1/1/2036 (c) | 20000 | 21026 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5.25% 1/1/2041 (c) | 50000 | 51577 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5.25% 1/1/2042 (c) | 130000 | 133260 |
| Illinois Finance Authority (Centerpoint Term Rr Proj.) Series 2012, 4.8% tender 12/1/2043 (b)(c)(f) | 500000 | 499455 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2045  | 20000 | 20001 |
|  |  | 2550854 |
| Water & Sewer - 2.0% |  |  |
| Chicago IL Wtr Rev 5% 11/1/2035  | 475000 | 513374 |
| Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2019, 5.25% 7/1/2035  | 1475000 | 1562765 |
|  |  | 2076139 |
| TOTAL ILLINOIS |  | 11826275 |
| Indiana - 1.2%  |  |  |
| Education - 1.0% |  |  |
| Indiana Fin Auth Edl Facs Rev (Butler University Proj.) Series 2021, 4% 2/1/2030  | 10000 | 10337 |
| Indiana Fin Auth Edl Facs Rev (Depauw University Proj.) Series 2022A, 5% 7/1/2030  | 500000 | 528405 |
| Indiana Fin Auth Edl Facs Rev (Depauw University Proj.) Series 2022A, 5% 7/1/2031  | 500000 | 529106 |
|  |  | 1067848 |
| Health Care - 0.2% |  |  |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2025D 3, 5% tender 10/1/2059 (b) | 145000 | 159702 |
| TOTAL INDIANA |  | 1227550 |
| Iowa - 0.6%  |  |  |
| Education - 0.4% |  |  |
| Iowa Higher Ed Ln Auth Rev (Dubuque University IA Proj.) Series 2025, 5% 10/1/2045  | 375000 | 346364 |
| General Obligations - 0.0% |  |  |
| City of Des Moines IA Gen. Oblig. Series 2020 A, 2% 6/1/2031  | 10000 | 9015 |
| Housing - 0.2% |  |  |
| Iowa Fin Auth Single Family Mtg Rev (IA Single Family Mortgage Proj.) Series 2023 A, 5.25% 7/1/2053  | 225000 | 236195 |
| TOTAL IOWA |  | 591574 |
| Kentucky - 2.2%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Trimble Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) 4.7% tender 6/1/2054 (b)(c) | 100000 | 101109 |
| General Obligations - 1.0% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev 5% tender 5/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (b) | 80000 | 83925 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2020 A, 4% tender 12/1/2050 (BP PLC Guaranteed) (b) | 95000 | 95583 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024 A1, 5% 2/1/2029 (Morgan Stanley Guaranteed)  | 400000 | 421027 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024 A1, 5% 8/1/2028 (Morgan Stanley Guaranteed)  | 490000 | 512613 |
|  |  | 1113148 |
| Health Care - 1.1% |  |  |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 4% 2/1/2033  | 200000 | 195495 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) Series 2016 A, 4% 2/1/2036  | 350000 | 335358 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2017 A, 5.25% 6/1/2041  | 200000 | 199323 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (b) | 350000 | 357470 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2020A, 3% 10/1/2043  | 90000 | 65491 |
|  |  | 1153137 |
| Special Tax - 0.0% |  |  |
| Louisville & Jefferson Cnty Visitors & Conv Comm Rev Series 2016, 3.125% 6/1/2046 (Assured Guaranty Inc Insured)  | 20000 | 14609 |
| TOTAL KENTUCKY |  | 2382003 |
| Louisiana - 0.7%  |  |  |
| Health Care - 0.0% |  |  |
| Louisiana Pub Fac Auth Hsp Rev (Louisiana Childrens Hospital Proj.) Series 2020 A, 3% 6/1/2050 (Assured Guaranty Inc Insured)  | 65000 | 42814 |
| Industrial Development - 0.2% |  |  |
| St John Baptist Parish LA Rev (Conocophillips Inc Proj.) 4.05% tender 6/1/2037 (b) | 260000 | 262168 |
| Transportation - 0.5% |  |  |
| New Orleans LA Aviation Board 5% 1/1/2038 (c) | 60000 | 60114 |
| New Orleans LA Aviation Board 5.25% 1/1/2041 (c) | 405000 | 416924 |
|  |  | 477038 |
| TOTAL LOUISIANA |  | 782020 |
| Maryland - 1.0%  |  |  |
| Education - 0.8% |  |  |
| Maryland Health & Higher Educational Facilities Authority (MD Inst College of Art Proj.) Series 2024, 5.25% 6/1/2044  | 150000 | 145988 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 5% 6/1/2031  | 315000 | 333828 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 5% 6/1/2033  | 360000 | 375024 |
|  |  | 854840 |
| Health Care - 0.1% |  |  |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 4% 7/1/2042  | 100000 | 87592 |
| Water & Sewer - 0.1% |  |  |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2020 A, 4% 7/1/2045  | 100000 | 87855 |
| TOTAL MARYLAND |  | 1030287 |
| Massachusetts - 2.0%  |  |  |
| Education - 0.1% |  |  |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2020 B, 5% 7/1/2026 (c) | 100000 | 101649 |
| Massachusetts St Dev Fin Agy Rev (Lesley College Proj.) Series 2016, 5% 7/1/2028  | 30000 | 30396 |
|  |  | 132045 |
| General Obligations - 0.1% |  |  |
| Amesbury Mass Series 2020, 2% 6/1/2034  | 25000 | 21040 |
| Worcester MA Gen. Oblig. Series 2021, 2% 2/15/2035 (Assured Guaranty Inc Insured)  | 60000 | 48958 |
|  |  | 69998 |
| Health Care - 1.0% |  |  |
| Massachusetts Dev Fin Agy Sr Living Rev (Care Communities LLC Proj.) Series 2025 A 1, 6.5% 7/15/2060 (f) | 375000 | 358874 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2035  | 15000 | 15491 |
| Massachusetts Development Finance Agency (Southcoast Hospital Grp Inc,Ma Proj.) Series 2021 G, 4% 7/1/2046  | 510000 | 420828 |
| Massachusetts St Dev Fin Agy Rev (Mass General Brigham Inc Proj.) Series 2016Q, 4% 7/1/2041  | 305000 | 270520 |
|  |  | 1065713 |
| Housing - 0.3% |  |  |
| Massachusetts St Hsg Fin Agy (Housing Bond Resolution 12/10/02 Proj.) Series 2018A, 3.7% 12/1/2038  | 370000 | 338286 |
| Transportation - 0.5% |  |  |
| Massachusetts St Port Auth Rev 5% 7/1/2039 (c) | 450000 | 461453 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2034 (c) | 30000 | 31065 |
|  |  | 492518 |
| TOTAL MASSACHUSETTS |  | 2098560 |
| Michigan - 3.0%  |  |  |
| General Obligations - 0.1% |  |  |
| Detroit MI Gen. Oblig. Series 2021A, 5% 4/1/2038  | 100000 | 102812 |
| Rochester MI Cmnty Sch Dist Series 2019 II, 3% 5/1/2031  | 5000 | 4890 |
|  |  | 107702 |
| Housing - 0.0% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2021 A, 2.45% 10/1/2046  | 30000 | 19023 |
| Transportation - 1.9% |  |  |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5% 12/1/2032 (c) | 510000 | 551206 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5% 12/1/2033 (c) | 515000 | 555647 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 B, 5.5% 12/1/2044 (c) | 815000 | 844999 |
|  |  | 1951852 |
| Water & Sewer - 1.0% |  |  |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025 B, 5% 7/1/2031  | 1000000 | 1111761 |
| TOTAL MICHIGAN |  | 3190338 |
| Minnesota - 0.8%  |  |  |
| Education - 0.4% |  |  |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2033  | 150000 | 153017 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2023, 4.25% 10/1/2038  | 300000 | 275633 |
|  |  | 428650 |
| Health Care - 0.4% |  |  |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2023A, 5% tender 11/15/2052 (b) | 315000 | 332674 |
| Minnesota Agric & Ec Dev Brd (Healthpartners Oblig Group Pj Proj.) Series 2024, 5.25% 1/1/2054  | 100000 | 99832 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2016A, 3% 5/1/2032  | 15000 | 14078 |
|  |  | 446584 |
| TOTAL MINNESOTA |  | 875234 |
| Mississippi - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Jackson St Univ Edl Bldg Corp MS Rev Series 2021 A, 1.4% 3/1/2034 (Build America Mutual Assurance Co Insured) (b) | 100000 | 82950 |
| Missouri - 0.1%  |  |  |
| Housing - 0.1% |  |  |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2023 E, 6.5% 5/1/2054  | 85000 | 95149 |
| Montana - 0.3%  |  |  |
| Housing - 0.3% |  |  |
| Montana St Brd Hsg Single Family Mtg Series 2025B, 6% 12/1/2055 (g) | 265000 | 292661 |
| Nebraska - 0.6%  |  |  |
| 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) | 135000 | 141710 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2025A SUB A 1, 5% tender 8/1/2055 (Royal Bank of Canada Guaranteed) (b) | 500000 | 530766 |
|  |  | 672476 |
| TOTAL NEBRASKA |  | 672476 |
| Nevada - 0.1%  |  |  |
| General Obligations - 0.1% |  |  |
| Nevada St Gen. Oblig. Series 2024A, 3% 5/1/2040  | 85000 | 70593 |
| New Hampshire - 1.1%  |  |  |
| Education - 0.0% |  |  |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2027 (c) | 20000 | 20905 |
| General Obligations - 1.0% |  |  |
| Nashua NH Gen. Oblig. 2% 8/1/2037  | 425000 | 314597 |
| Nashua NH Gen. Oblig. 2% 8/1/2038  | 430000 | 306970 |
| Nashua NH Gen. Oblig. 2.25% 8/1/2043  | 650000 | 411574 |
|  |  | 1033141 |
| Housing - 0.1% |  |  |
| National Fin Auth NH Hosp Rev (Lihtc 2023-2 Us Proj.) Series 2 Class A, 3.875% 1/20/2038  | 97650 | 88779 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.625% 4/1/2026  | 10000 | 10027 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.7% 1/1/2027  | 35000 | 35209 |
|  |  | 134015 |
| TOTAL NEW HAMPSHIRE |  | 1188061 |
| New Jersey - 3.3%  |  |  |
| Education - 1.0% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 B, 5% 12/1/2025 (c) | 655000 | 659317 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023A, 5% 12/1/2030 (c) | 300000 | 319212 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2031 (c) | 85000 | 90615 |
|  |  | 1069144 |
| Electric Utilities - 0.3% |  |  |
| New Jersey Eda Wtr Facs Rev (New Jersey American Wtr Co Inc Proj.) 3.75% tender 11/1/2034 (b)(c) | 340000 | 339401 |
| General Obligations - 1.0% |  |  |
| Essex Cnty NJ 2% 8/15/2033  | 450000 | 380839 |
| New Jersey St Gen. Oblig. 2.375% 6/1/2036  | 55000 | 44594 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (Financial Guaranty Ins CO Insured) (d) | 15000 | 12108 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2034 (d) | 80000 | 55950 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2032  | 100000 | 110922 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2038  | 35000 | 36259 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2050  | 100000 | 101673 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2055  | 215000 | 217791 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 3.25% 6/15/2039  | 115000 | 97421 |
|  |  | 1057557 |
| Housing - 0.5% |  |  |
| NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multifamily Rev Bonds 12/16/04 Proj.) Series 2023 C, 5% 11/1/2026 (c) | 500000 | 511552 |
| Special Tax - 0.0% |  |  |
| NJ Eda Motor Vehicle Series 2017A, 4% 7/1/2034  | 10000 | 9700 |
| Tobacco Bonds - 0.4% |  |  |
| Tobacco Settlement Fin Corp NJ Series 2018B, 5% 6/1/2046  | 495000 | 477084 |
| Transportation - 0.1% |  |  |
| New Jersey Turnpike Authority 5% 1/1/2028  | 65000 | 68735 |
| TOTAL NEW JERSEY |  | 3533173 |
| New York - 3.7%  |  |  |
| Electric Utilities - 0.4% |  |  |
| Long Island Pwr Auth NY Elec 5% 9/1/2034  | 5000 | 5374 |
| Long Island Pwr Auth NY Elec Series 2024B, 3% tender 9/1/2049 (b) | 250000 | 242082 |
| Long Island Pwr Auth NY Elec Series 2024B, 3% tender 9/1/2049 (b) | 170000 | 164062 |
|  |  | 411518 |
| General Obligations - 0.7% |  |  |
| City of New York NY Gen. Oblig. Series 2018 C, 3% 8/1/2033  | 160000 | 153259 |
| New York Energy Finance Development Corp Series 2025, 5% tender 7/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 265000 | 276189 |
| New York St Dorm Auth Revs Non St Supported Debt Series 2020 A, 4% 8/15/2042  | 250000 | 219988 |
|  |  | 649436 |
| Health Care - 0.3% |  |  |
| Genesee County Funding Corp/The (Rochester General Hospital,Ny Proj.) 5% 12/1/2030  | 250000 | 269373 |
| Housing - 0.5% |  |  |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 A2, 3.625% tender 11/1/2063 (b) | 110000 | 110934 |
| New York St Hsg Fin Agy Series 2023 C2, 3.8% tender 11/1/2062 (b) | 370000 | 370128 |
| New York St Hsg Fin Agy Series 2023 E 2, 3.8% tender 11/1/2063 (b) | 35000 | 35014 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 J, 3.05% 11/1/2049  | 15000 | 10330 |
|  |  | 526406 |
| Special Tax - 1.6% |  |  |
| New York NY City Transitional Fin Auth Rev 3% 11/1/2039  | 510000 | 420199 |
| New York NY City Transitional Fin Auth Rev Series 2016, 3.125% 8/1/2031  | 595000 | 589709 |
| New York State Urban Development Corp (New York State Pit Proj.) 4% 3/15/2037  | 5000 | 4928 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2019 A, 3% 3/15/2049  | 1000000 | 693009 |
|  |  | 1707845 |
| Tobacco Bonds - 0.1% |  |  |
| Suffolk Tobacco Asset Securitization Corp NY Tobacco Settlement Series 2021B1, 4% 6/1/2050  | 185000 | 161680 |
| Transportation - 0.1% |  |  |
| Metropolitan Transn Auth NY Rv 4% 11/15/2047  | 15000 | 12590 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2020, 4% 10/1/2030 (c) | 20000 | 19632 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2028 (c) | 20000 | 21196 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2034 (c) | 35000 | 36601 |
| New York Transportation Development Corp (Jfk Intl Terminal 6 Proj.) 5.5% 12/31/2054 (c) | 100000 | 97686 |
|  |  | 187705 |
| TOTAL NEW YORK |  | 3913963 |
| North Carolina - 1.1%  |  |  |
| Education - 0.6% |  |  |
| North Carolina St Ed Assistance Auth Rev Series 2023A, 5.5% 6/1/2028 (c) | 550000 | 579695 |
| Health Care - 0.0% |  |  |
| Atrium Health Series 2018C, 3.45% tender 1/15/2048 (b) | 45000 | 45055 |
| Transportation - 0.5% |  |  |
| Charlotte NC Arpt Rev Series 2025B, 5.25% 7/1/2044 (c) | 500000 | 512104 |
| TOTAL NORTH CAROLINA |  | 1136854 |
| North Dakota - 0.6%  |  |  |
| Health Care - 0.5% |  |  |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 4% 12/1/2046  | 60000 | 48480 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 5% 12/1/2028  | 500000 | 523371 |
|  |  | 571851 |
| Housing - 0.1% |  |  |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) Series 2023 F, 6.25% 1/1/2054  | 95000 | 103474 |
| TOTAL NORTH DAKOTA |  | 675325 |
| Ohio - 2.5%  |  |  |
| Education - 0.3% |  |  |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 5% 7/1/2035  | 30000 | 31552 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5% 5/1/2045  | 200000 | 193826 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5.25% 5/1/2054  | 100000 | 96552 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) Series 2015C, 3.75% 5/1/2038  | 5000 | 4489 |
|  |  | 326419 |
| Electric Utilities - 0.7% |  |  |
| American Mun Pwr Rev Series 2016A, 3% 2/15/2036  | 10000 | 8643 |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2028  | 500000 | 529612 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2005B, 3.7% 7/1/2028 (c) | 225000 | 224537 |
|  |  | 762792 |
| Health Care - 1.1% |  |  |
| Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) Series 2020, 5% 11/15/2031  | 100000 | 106675 |
| Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) Series 2020, 5% 11/15/2032  | 15000 | 15937 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 5% 8/1/2032  | 25000 | 26872 |
| Muskingum Cnty OH Hosp Facs (Genesis Healthcare Proj.) Series 2013, 5% 2/15/2048  | 200000 | 178885 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2020 A, 5% 1/15/2036  | 305000 | 317608 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2021 A, 3% 1/15/2046  | 120000 | 84080 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 3.25% 1/1/2037  | 445000 | 408620 |
|  |  | 1138677 |
| Other - 0.0% |  |  |
| Cuyahoga Cnty OH Econ Dev Rev (Cleveland Orchestra Proj.) Series 2019, 5% 1/1/2034  | 5000 | 5249 |
| Tobacco Bonds - 0.3% |  |  |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 3% 6/1/2048  | 400000 | 267280 |
| Water & Sewer - 0.1% |  |  |
| Northeast OH Regl Swr Wstwtr Rev Series 2019, 3% 11/15/2038  | 200000 | 167308 |
| TOTAL OHIO |  | 2667725 |
| Oklahoma - 0.1%  |  |  |
| Housing - 0.1% |  |  |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) Series 2023D, 6.5% 9/1/2054  | 95000 | 106121 |
| Oregon - 1.0%  |  |  |
| General Obligations - 0.8% |  |  |
| Redmond or Gen. Oblig. Series 2025 A, 5% 6/1/2040 (c) | 780000 | 796143 |
| Health Care - 0.0% |  |  |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 5% 8/15/2036  | 10000 | 10408 |
| Housing - 0.0% |  |  |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 2.65% 7/1/2039  | 10000 | 7628 |
| Transportation - 0.2% |  |  |
| Port of Portland Arpt Rev 5% 7/1/2030 (c) | 225000 | 243584 |
| TOTAL OREGON |  | 1057763 |
| Pennsylvania - 8.0%  |  |  |
| Education - 0.4% |  |  |
| Lycoming Cnty PA Auth College Rev (Pennsylvania College of Technology Proj.) Series 2016, 3% 10/1/2037  | 465000 | 395146 |
| General Obligations - 4.9% |  |  |
| Pennsylvania St Gen. Oblig. Series 2025 A, 5% 8/15/2029  | 2000000 | 2191179 |
| Pennsylvania St Gen. Oblig. Series 2025 A, 5% 8/15/2030  | 1000000 | 1110615 |
| Pennsylvania St Gen. Oblig. Series 2025 A, 5% 8/15/2031  | 1000000 | 1121626 |
| Pennsylvania St Gen. Oblig. Series FIRST 2020, 3% 5/1/2036  | 310000 | 275763 |
| Pennsylvania St Gen. Oblig. Series FIRST 2021, 3% 5/15/2034  | 40000 | 36918 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 8/1/2030  | 330000 | 363907 |
|  |  | 5100008 |
| Health Care - 2.5% |  |  |
| Centre Cnty PA Hosp Auth Rev (Mount Nittany Medical Center Proj.) Series 2018 A, 3.375% 11/15/2031  | 10000 | 9981 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2028  | 580000 | 586220 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2029  | 220000 | 222066 |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2017 A 2, 5% 2/15/2031  | 10000 | 10246 |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2020 B, 5% tender 4/1/2043 (b) | 50000 | 51012 |
| Lancaster Cnty PA Hosp Aut Rev (Masonic Villages of The Grand Lodge of Pennsylvania Proj.) Series 2025 A, 5% 11/1/2027  | 1160000 | 1209212 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2016 A, 3% 8/15/2032  | 100000 | 95455 |
| Pennslyvania Dev Fing Auth Rev (UPMC Proj.) Series 2016, 4% 3/15/2041  | 630000 | 564219 |
|  |  | 2748411 |
| Transportation - 0.2% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 4% 1/1/2039 (c) | 270000 | 253054 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2033  | 25000 | 27564 |
| Pennsylvania Turnpike Commission Series A 1, 5% 12/1/2027  | 5000 | 5038 |
|  |  | 285656 |
| TOTAL PENNSYLVANIA |  | 8529221 |
| Puerto Rico - 0.6%  |  |  |
| General Obligations - 0.6% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (d) | 500000 | 346493 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2033  | 14000 | 13652 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2037  | 250000 | 235393 |
|  |  | 595538 |
| Special Tax - 0.0% |  |  |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 0% 7/1/2031 (d) | 24000 | 19115 |
| TOTAL PUERTO RICO |  | 614653 |
| Rhode Island - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Rhode Island St Student Ln Series 2024 A, 5% 12/1/2028 (c) | 55000 | 57571 |
| South Carolina - 1.3%  |  |  |
| Electric Utilities - 1.0% |  |  |
| South Carolina St Svc Auth Rev 5% 12/1/2030  | 700000 | 770140 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2039  | 95000 | 99886 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.25% 12/1/2049  | 30000 | 30459 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.5% 12/1/2054  | 40000 | 41107 |
| South Carolina St Svc Auth Rev Series 2024B, 4.125% 12/1/2044  | 10000 | 8914 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2046  | 15000 | 14971 |
| South Carolina St Svc Auth Rev Series 2024B, 5.25% 12/1/2054  | 110000 | 110621 |
|  |  | 1076098 |
| Health Care - 0.2% |  |  |
| Ctsc Jobs-Eco Dev Aut (Beaufort Mem Hosp Proj.) Series 2024, 5.75% 11/15/2054  | 200000 | 199831 |
| Transportation - 0.1% |  |  |
| Charleston Cnty SC Arpt Dist Series 2024A, 5.25% 7/1/2049 (c) | 110000 | 110529 |
| TOTAL SOUTH CAROLINA |  | 1386458 |
| South Dakota - 0.1%  |  |  |
| Housing - 0.1% |  |  |
| South Dakota Housing Development Authority (SD Mortgage Proj.) Series 2023G, 6.25% 5/1/2055  | 90000 | 97910 |
| Tennessee - 0.5%  |  |  |
| Electric Utilities - 0.2% |  |  |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5.25% 5/15/2049  | 100000 | 103607 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 B, 5% 5/15/2027  | 100000 | 104567 |
|  |  | 208174 |
| General Obligations - 0.3% |  |  |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2021 C, 3% 1/1/2035  | 350000 | 324066 |
| Health Care - 0.0% |  |  |
| Shelby Cnty TN Hlth Edl & Hsg Facs (Methodist Le Bonheur Health Proj.) Series 2017A, 3.375% 5/1/2032  | 5000 | 4902 |
| Housing - 0.0% |  |  |
| Tennessee Housing Development Agency Series 2019 4, 2.9% 7/1/2039  | 15000 | 11946 |
| Transportation - 0.0% |  |  |
| Memphis-Shelby Cnty TN Arpt Auth Series 2018, 5% 7/1/2038 (c) | 5000 | 5011 |
| TOTAL TENNESSEE |  | 554099 |
| Texas - 10.6%  |  |  |
| Education - 0.9% |  |  |
| Houston TX Higher Ed Fin Corp Univ Rev (Houston Baptist University Proj.) 5.125% 10/1/2051  | 725000 | 663417 |
| Red Riv Ed Fin Corp Tex Higher Ed Rev (Houston Baptist University Proj.) Series 2017, 4.5% 10/1/2036  | 290000 | 285157 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) 5% 10/1/2039  | 5000 | 5033 |
| University Houston TX Univ Rev Series 2017 C, 3.125% 2/15/2036  | 50000 | 45519 |
|  |  | 999126 |
| Electric Utilities - 1.5% |  |  |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2034  | 5000 | 5228 |
| Lower Colorado River Authority Series 2025 A, 5% 5/15/2028  | 1000000 | 1061658 |
| San Antonio TX Elec & Gas Rev Series 2024C, 5.5% 2/1/2049  | 500000 | 526370 |
|  |  | 1593256 |
| General Obligations - 2.0% |  |  |
| City of Waco TX Gen. Oblig. Series 2020, 2.375% 2/1/2040  | 40000 | 28833 |
| Dallas TX ISD 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 75000 | 82600 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 400000 | 446124 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 600000 | 671755 |
| South Buda Wtr Ctl & Impt Dist No 1 Tex Gen. Oblig. Series 2020, 2.5% 8/1/2050 (Assured Guaranty Inc Insured)  | 500000 | 294096 |
| Texas State Gen. Oblig. Series 2017, 3% 8/1/2034 (c) | 675000 | 607713 |
|  |  | 2131121 |
| Health Care - 0.2% |  |  |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 4% 8/15/2040  | 265000 | 238069 |
| Housing - 0.0% |  |  |
| Houston Tex Fin Corp Multifamilty Hsg Rev 5% tender 8/1/2041 (b) | 25000 | 25329 |
| Industrial Development - 0.8% |  |  |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.9% 4/1/2040 VRDN (b) | 900000 | 900000 |
| Special Tax - 0.4% |  |  |
| Fort Worth Tex Spl Tax Rev (Will Rogers Memorial Ctr Proj.) Series 2025, 5% 3/1/2027  | 400000 | 413835 |
| Transportation - 1.0% |  |  |
| City of Houston TX Airport System Revenue Series 2020 A, 4% 7/1/2047 (c) | 475000 | 395609 |
| Fort Bend Grand Parkway Toll Road Authority Series 2021 A, 3% 3/1/2037  | 580000 | 507895 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2023, 5% tender 10/1/2052 (b) | 145000 | 152334 |
|  |  | 1055838 |
| Water & Sewer - 3.8% |  |  |
| City of Georgetown TX Series 2025, 5% 8/15/2026  | 350000 | 358534 |
| City of Georgetown TX Series 2025, 5% 8/15/2027  | 500000 | 523735 |
| City of Georgetown TX Series 2025, 5% 8/15/2028  | 600000 | 641729 |
| City of Georgetown TX Series 2025, 5.25% 8/15/2050  | 570000 | 580489 |
| Garland TX Wtr&Swr Rev Series 2025, 5% 3/1/2031  | 330000 | 364119 |
| Garland TX Wtr&Swr Rev Series 2025, 5% 3/1/2044  | 645000 | 655844 |
| Texas Wtr Dev Brd 3% 10/15/2038  | 250000 | 211985 |
| Texas Wtr Dev Brd 5% 8/1/2035  | 5000 | 5260 |
| Upper Trinty TX Rgl Wtr Dst Rv Series 2025, 5% 8/1/2028 (Build America Mutual Assurance Co Insured)  | 500000 | 533636 |
|  |  | 3875331 |
| TOTAL TEXAS |  | 11231905 |
| Utah - 1.4%  |  |  |
| Housing - 0.0% |  |  |
| Utah Hsg Corp Series 2021E(G2), 2% 4/21/2051  | 9978 | 7794 |
| Special Tax - 1.0% |  |  |
| Mida Mountain Village Public Infrastructure District Series 2024 2, 6% 6/15/2054 (f) | 500000 | 497758 |
| Point Phase 1 Public Infrastructure District No 1 Series 2025A1, 5.125% 3/1/2035  | 500000 | 502140 |
|  |  | 999898 |
| Transportation - 0.4% |  |  |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2038 (c) | 270000 | 282982 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2040 (c) | 150000 | 154670 |
|  |  | 437652 |
| TOTAL UTAH |  | 1445344 |
| Virgin Islands - 0.8%  |  |  |
| Transportation - 0.8% |  |  |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2027  | 800000 | 832312 |
| Virginia - 1.3%  |  |  |
| Education - 0.6% |  |  |
| Salem Economic Development Authority (Roanoke College Proj.) Series 2025, 6% 4/1/2050  | 550000 | 557829 |
| Health Care - 0.4% |  |  |
| Fairfax Cnty VA Indl Dev Auth Health Care Rev (Inova Health System Proj.) Series 2022, 4% 5/15/2042  | 495000 | 452350 |
| Housing - 0.0% |  |  |
| Fairfax Cnty VA Redev & Hsg Auth Multi-Family Hsg Rev 5% tender 1/1/2045 (b) | 20000 | 20734 |
| Transportation - 0.3% |  |  |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 1/1/2039 (c) | 100000 | 91379 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 1/1/2040 (c) | 35000 | 31359 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 5% 7/1/2038 (c) | 185000 | 186302 |
|  |  | 309040 |
| TOTAL VIRGINIA |  | 1339953 |
| Washington - 3.3%  |  |  |
| Education - 0.5% |  |  |
| Washington St Higher Ed Facs (Whitman College Proj.) Series 2017, 4% 1/1/2047  | 310000 | 265998 |
| Washington St Higher Ed Facs (Whitman College Proj.) Series 2024, 4% 1/1/2043  | 25000 | 22387 |
| Washington St Hsg Fin Commn Nonprofit Rev (Seattle Academy Arts Sciences Proj.) Series 2023, 5% 7/1/2028 (f) | 155000 | 161287 |
|  |  | 449672 |
| Electric Utilities - 0.2% |  |  |
| Tacoma WA Elec Sys Rev Series 2025A, 5% 1/1/2045  | 200000 | 204546 |
| General Obligations - 1.0% |  |  |
| King Cnty Wash Hsg Auth Rev Series 2018, 3.25% 5/1/2033 (King County WA Guaranteed)  | 1000000 | 969631 |
| State of Washington Gen. Oblig. Series 2024 D, 5% 6/1/2032  | 50000 | 56197 |
| State of Washington Gen. Oblig. Series R 2021A, 5% 6/1/2038  | 15000 | 15689 |
|  |  | 1041517 |
| Health Care - 0.6% |  |  |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2027  | 75000 | 78100 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2036  | 10000 | 10259 |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) Series A, 5% 8/15/2027  | 5000 | 5001 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2027  | 150000 | 154223 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2036  | 155000 | 156391 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) Series 2017 A, 4% 7/1/2042  | 10000 | 8820 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) 4.25% 10/1/2040  | 275000 | 254738 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2033  | 15000 | 15408 |
|  |  | 682940 |
| Housing - 0.0% |  |  |
| Washington St Hsg Fin Commn Multifamily Hsg Rev Series 2023, 5% tender 12/1/2043 (b) | 45000 | 45766 |
| Transportation - 1.0% |  |  |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2037 (c) | 5000 | 5047 |
| Port Seattle WA Rev Series 2019, 5% 4/1/2035 (c) | 30000 | 30823 |
| Port Seattle WA Rev Series 2019, 5% 4/1/2036 (c) | 5000 | 5112 |
| Port Seattle WA Rev Series 2024B, 5% 7/1/2037 (c) | 995000 | 1036749 |
|  |  | 1077731 |
| TOTAL WASHINGTON |  | 3502172 |
| West Virginia - 0.6%  |  |  |
| Electric Utilities - 0.0% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2015A, 3.375% tender 3/1/2040 (b) | 15000 | 15075 |
| Health Care - 0.6% |  |  |
| Monongalia Cty W VA Bld Cm Rev (Vandalia Health Proj.) Series 2015, 5% 7/1/2029  | 220000 | 220138 |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2043  | 70000 | 66673 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2016A, 3% 6/1/2033  | 240000 | 226555 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2016A, 3.25% 6/1/2039  | 80000 | 66983 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2025 B, 5% tender 6/1/2055 (b) | 30000 | 31941 |
|  |  | 612290 |
| TOTAL WEST VIRGINIA |  | 627365 |
| Wisconsin - 2.1%  |  |  |
| General Obligations - 0.4% |  |  |
| Howard Suamico WI Scd 2% 3/1/2038  | 15000 | 10816 |
| Madison WI Met Sch Dist Series 2025A, 5% 3/1/2045  | 300000 | 307577 |
| Milwaukee WI Gen. Oblig. Series 2017, 5% 4/1/2026  | 5000 | 5072 |
| Westosha Cent High Sch Dist Wis 2% 3/1/2035  | 90000 | 71158 |
| Westosha Cent High Sch Dist Wis 2% 3/1/2036  | 60000 | 45779 |
|  |  | 440402 |
| Health Care - 1.6% |  |  |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 3% 6/1/2045  | 255000 | 181568 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 4% 6/1/2045  | 100000 | 86476 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) Series 2015A, 4.25% 6/1/2041  | 200000 | 180718 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2013 B 2, 4% 11/15/2043  | 55000 | 48338 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2016 A, 4% 11/15/2039  | 360000 | 325714 |
| Wisconsin Health & Educational Facilities Authority (Marshfield Clinic Proj.) Series 2016 A, 3.5% 2/15/2046  | 210000 | 158570 |
| Wisconsin Health & Educational Facilities Authority (Prohealth Care Inc Proj.) Series 2015, 3.15% 8/15/2027  | 80000 | 79473 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) Series 2021, 3% 8/15/2051  | 720000 | 480152 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2039  | 135000 | 108753 |
|  |  | 1649762 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Eda Hsg Rev (Wi Mhsg Rev 2007 Proj.) Series 2023 E, 3.875% tender 11/1/2054 (b) | 40000 | 40079 |
| Industrial Development - 0.1% |  |  |
| Public Fin Auth WI Revenue (Mclemore Hotel Proj.) Series 2021 A, 4.5% 6/1/2056 (f) | 115000 | 83950 |
| TOTAL WISCONSIN |  | 2214193 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $100,193,696) |  | <br> **100095856** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (h)(i)<br>(Cost $5,251,251)<br>| 2.91 | 5250201 | **5251251** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.2%**<br> (Cost $105,444,947)<br>| <br>**105347107** |
| **NET OTHER ASSETS (LIABILITIES) - 0.8%**  | **806338** |
| **NET ASSETS - 100.0%** | **106153445** |

---

**Security Type Abbreviations**

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

**Legend**

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

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

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

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

(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 $1,872,958 or 1.8% of net assets.

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

(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 are available on the SEC's website or upon request.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 4001785 | 35647416 | 34397950 | 95210 | - | - | 5251251 | 5250201 | 0.2% |
| Total | 4001785 | 35647416 | 34397950 | 95210 | - | - | 5251251 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of July 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 | 9274260 | - | 9274260 | - |
| Electric Utilities | 5456471 | - | 5456471 | - |
| Escrowed/Pre-Refunded | 5101 | - | 5101 | - |
| General Obligations | 28055516 | - | 28055516 | - |
| Health Care | 15961560 | - | 15961560 | - |
| Housing | 4031648 | - | 4031648 | - |
| Industrial Development | 1427200 | - | 1427200 | - |
| Other | 1193489 | - | 1193489 | - |
| Resource Recovery | 496664 | - | 496664 | - |
| Special Tax | 7284760 | - | 7284760 | - |
| Synthetics | 500000 | - | 500000 | - |
| Tobacco Bonds | 953889 | - | 953889 | - |
| Transportation | 16995260 | - | 16995260 | - |
| Water & Sewer | 8460038 | - | 8460038 | - |
|  **Money Market Funds** | 5251251 | 5251251 | - | - |
| **Total Investments in Securities:** | 105347107 | 5251251 | 100095856 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $100,193,696) | $100095856 |  |
| Fidelity Central Funds (cost $5,251,251) | 5251251 |  |
| Total Investment in Securities (cost $105,444,947) |  | $105347107 |
| Receivable for investments sold |  | 2257162 |
| Interest receivable |  | 862934 |
| Distributions receivable from Fidelity Central Funds |  | 18632 |
| Receivable from investment adviser for expense reductions |  | 17025 |
| Other receivables |  | 90 |
| **Total assets** |  | 108502950 |
| **Liabilities** |  |  |
| Payable to custodian bank | $825751 |  |
| Payable for investments purchased |  |  |
| Regular delivery | 892278 |  |
| Delayed delivery | 292433 |  |
| Distributions payable | 309996 |  |
| Accrued management fee | 26330 |  |
| Other payables and accrued expenses | 2717 |  |
| **Total liabilities** |  | 2349505 |
| **Net Assets**  |  | $106153445 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $105852336 |
| Total accumulated earnings (loss) |  | 301109 |
| **Net Assets** |  | $106153445 |
| **Net Asset Value**, offering price and redemption price per share ($106,153,445 ÷ 2,152,750 shares) |  | $49.31 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $1321214 |
| Income from Fidelity Central Funds  |  | 95210 |
| **Total income** |  | 1416424 |
| **Expenses** |  |  |
| Management fee | $117690 |  |
| Distribution and service plan fees | 4745 |  |
| Custodian fees and expenses | 217 |  |
| Independent trustees' fees and expenses | 76 |  |
| Registration fees | 28228 |  |
| Audit fees | 23128 |  |
| Legal | 4 |  |
| Proxy fee | 12360 |  |
| Miscellaneous | 4295 |  |
| Total expenses before reductions | 190743 |  |
| Expense reductions | (64709) |  |
| Total expenses after reductions |  | 126034 |
| **Net Investment income (loss)** |  | 1290390 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 193781 |  |
| Total net realized gain (loss) |  | 193781 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (851012) |
| **Net gain (loss)** |  | (657231) |
| **Net increase (decrease) in net assets resulting from operations** |  | $633159 |

---

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

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1290390 | $2151233 |
| &nbsp;&nbsp;Net realized gain (loss) | 193781<br>| 59933<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (851012) | (701205)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 633159<br>| 1509961<br>|
| Distributions to shareholders | (1196910)<br>| (2147896)<br>|
| Share transactions - net increase (decrease) | -<br>| 14505967<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 66865172 | - |
| Reinvestment of distributions | 276531<br>| -<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (28663946) | - |
| **Net increase (decrease) in net assets resulting from share transactions** | 38477757<br>| -<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 37914006<br>| 13868032<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 68239439 | 54371407<br>|
| &nbsp;&nbsp;End of period | $106153445 | $68239439 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1356079 | 335438 |
| Issued in reinvestment of distributions | 5545<br>| 31964<br>|
| &nbsp;&nbsp;Redeemed | (575241) | (78434) |
| &nbsp;&nbsp;Net increase (decrease) | 786383 | 288968 |

---

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

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

**Financial Highlights** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** A | **Years ended January 31, 2025** A | **2024** A,B  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $49.98 | $50.47 | $49.10 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) C,D | .937  | 1.817  | 1.684  |
| Net realized and unrealized gain (loss)  | (.785)  | (.511)  | 1.331 E |
| Total from investment operations  | .152  | 1.306  | 3.015  |
| Distributions from net investment income  | (.807)  | (1.738)  | (1.625)  |
| Distributions from net realized gain  | (.015)  | (.059)  | (.015)  |
| Total distributions  | (.822)  | (1.797)  | (1.640)  |
| Net asset value, end of period  | $49.31 | $49.98 | $50.47 |
| **Total Return** F,G,H | .31% <br>| 2.64%  | 6.28% E |
| **Ratios to Average Net Assets** D,I,J |  |  |  |
| Expenses before reductions  | .49% K,L,M | .63%  | 1.04% K,L |
| Expenses net of fee waivers, if any  | .31% K,L,M<br>| .37%  | .37% K,L |
| Expenses net of all reductions, if any  | .31% K,L,M | .37%  | .36% K,L |
| Net investment income (loss)  | 3.70% K,L,M | 3.62%  | 3.58% K,L |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $106153 | $42207 | $32502 |
| Portfolio turnover rate N | 50% L<br>| 21%  | 25% L |

---

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

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

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

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

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

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

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

H*Based on net asset value.*

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

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

K*Audit fees are not annualized.*

L*Annualized.*

M*Proxy expenses are not annualized.*

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

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

For the period ended July 31, 2025

**1. Organization.**

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

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 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) business (normally 4:00 p.m. Eastern time) of the Nasdaq Stock Market, 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. 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 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.

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** | $1032391 |
| **Gross unrealized depreciation** | <u>(949215)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$83176</u> |
| **Tax cost** | <u>$105263931</u> |

---

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

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

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

**Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Municipal Bond Opportunities ETF** | 64995926 | 29575822 |

---

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

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

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

During the period February 1, 2025 through April 4, 2025, the Fund's management contract incorporated a management fee rate that varied by class. The investment adviser or an affiliate paid certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund paid a management fee to the investment adviser. The management fee was calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate was calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate was subtracted from the mandate rate once the Fund's monthly average net assets reached a certain level. The mandate rate and discount rate varied by class. The annual management fee rate for a class of shares of the Fund was the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

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

---

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

---

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

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Predecessor Fund had adopted separate Distribution and Service Plans for each class of shares. Certain classes paid Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which was based on an annual percentage of each class' average net assets. In addition, FDC paid financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period February 1, 2025 through April 4, 2025, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | - % | .25% | 1153 | 1153 |
| **Class M** | - % | .25% | 673 | 673 |
| **Class C** | .75% | .25% | <u>2919</u> | <u>2919</u> |
|  |  |  | <u>4745</u> | <u>4745</u> |

---

**Sales Load.** During the period February 1, 2025 through April 4, 2025, FDC received sales charges from the Predecessor Fund. FDC received a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which was paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC received contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges were 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class M shares. For the period February 1, 2025 through April 4, 2025, there were no sales charge amounts retained by FDC.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Municipal Bond Opportunities ETF** | - | 16651124 | 25138 |

---

**5. Committed Line of Credit.**

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

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

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

---

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

---

**6. Expense Reductions.** 

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

---

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

---

*A Effective March 14, 2025 the expense limitation changed from .37% to .30%.*

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $899.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $17,025.

**7. Distributions to Shareholders.**

Distributions to shareholders of each class of the Predecessor Fund were as follows:

---

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

---

**8. Share Transactions.**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **February 1, 2025 through April 4, 2025**  | **Year ended**<br> **January 31, 2025** | **February 1, 2025 through April 4, 2025**  | **Year ended**<br> **January 31, 2025** |
| **Fidelity Municipal Core Plus Bond Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 52 | 26193 | $2648 | $1317962 |
| Reinvestment of distributions | 202 | 1909 | 10190 | 95692 |
| Shares redeemed | <u>(76468)</u> | <u>(219)</u> | <u>(3801943)</u> | <u>(10958)</u> |
| Net increase (decrease) | <u>(76214)</u> | <u>27883</u> | <u>$(3789105)</u> | <u>$1402696</u> |
| **Class M** |  |  |  |  |
| Shares sold | - | 200 | $- | $10003 |
| Reinvestment of distributions | 117 | 1427 | 5906 | 71538 |
| Shares redeemed | <u>(43757)</u> | <u>-</u> | <u>(2174475)</u> | <u>-</u> |
| Net increase (decrease) | <u>(43640)</u> | <u>1627</u> | <u>$(2168569)</u> | <u>$81541</u> |
| **Class C** |  |  |  |  |
| Shares sold | - | 1016 | $- | $50673 |
| Reinvestment of distributions | 133 | 1708 | 6585 | 84641 |
| Shares redeemed | <u>(48897)</u> | <u>(4405)</u> | <u>(2394094)</u> | <u>(217183)</u> |
| Net increase (decrease) | <u>(48764)</u> | <u>(1681)</u> | <u>$(2387509)</u> | <u>$(81869)</u> |
| **Fidelity Municipal Core Plus Bond Fund** | - |  |  |  |
| Shares sold | 1355905 | 225561 | $14707259  | $11309984 |
| Reinvestment of distributions | 4777 | 23241 | 237970  | 1165029 |
| Shares redeemed | <u>(52609)</u> | <u>(47957)</u> | <u>(2428662)</u> | <u>(2404059)</u> |
| Net increase (decrease) | <u>1308073</u> | <u>200845</u> | <u>$12516567</u>  | <u>$10070954</u> |
| **Class I** |  |  |  |  |
| Shares sold | - | 6594 | $-  | $330446 |
| Reinvestment of distributions | 146 | 1581 | 7314  | 79219 |
| Shares redeemed | <u>(49163)</u> | <u>(2550)</u> | <u>(2443533)</u> | <u>(127730)</u> |
| Net increase (decrease) | <u>(49017)</u> | <u>5625</u> | <u>$(2436219)</u> | <u>$281935</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 122 | 75874 | $6071 | $3813975 |
| Reinvestment of distributions | 170 | 2099 | 8566 | 105224 |
| Shares redeemed | <u>(304346)</u> | <u>(23303)</u> | <u>(15224493)</u> | <u>(1168489)</u> |
| Net increase (decrease) | <u>(304054)</u> | <u>54670</u> | <u>$(15209856)</u> | <u>$2750710</u> |

---

**9. Other.**

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

**10. Risk and Uncertainties.**

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

**11. Reorganization Information.**

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

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

---

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

---

---

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

---

Pro forma results of operations of the combined entity for the entire period ended July 31, 2025, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $1306853 |
| **Total net realized gain (loss)** | 193781 |
| **Total change in net unrealized appreciation (depreciation)** | <u>(851012)</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$649622</u> |

---

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Municipal Bond Opportunities ETF**

At its September 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

**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 fund's investment objective, strategies, and related investment philosophy. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated 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 global 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 around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering pricing and bookkeeping and securities lending services for the fund. The Board also considered the nature and extent of the supervision of third-party service providers, principally transfer agents, custodians, subcustodians, and pricing vendors.

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 information and market information over the Internet 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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Investment Performance</u>. The fund will commence operations by acquiring the assets of the acquired fund in a reorganization, subject to approval of shareholders of the acquired fund, and the acquired fund is to be the accounting survivor after the reorganization. Performance information for the acquired fund was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts.

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

**Competitiveness of Management Fee and Total Expense Ratio.** In reviewing the Advisory Contracts, the Board considered the fund's proposed all-inclusive (subject to certain exceptions) fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board noted that the fund's proposed management fee rate is below the median fee rate of funds with similar Morningstar classifications, regardless of whether their management fee structures are comparable. The Board also considered that the projected total net expense ratio of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

Based on its review, the Board concluded that the management fee and the projected total net expenses of the fund were fair and reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** The fund will commence operations by acquiring the assets of the acquired fund in a reorganization, subject to approval of shareholders of the acquired fund, and the acquired fund is to be the accounting survivor after the reorganization. Revenue, expense, and profitability data for the acquired fund was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts.

**Economies of Scale.** The Board considered economies of scale based on the operating experience of the acquired fund to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with converting a mutual fund into an exchange-traded fund, the management fee for the fund was set at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

**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, ultimately concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be approved through September 30, 2026.

![](img111965_4.jpg)<br>

1.9917213.100 MCP-SANN-0925

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

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

Not applicable.

Item 15.

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

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

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

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

Not applicable.

Item 18.

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

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT](mmk_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.](mmk_ex99906cert.htm)

SIGNATURES

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

Fidelity Merrimack Street Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date:

September 22, 2025

---

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

---

I, Stephanie Caron, certify that:

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

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

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

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

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

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

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

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

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

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

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

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

Date:

September 22, 2025

---

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

---

## Exhibit 99.906

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

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

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

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

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

Dated: September 22, 2025

---

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

---

Dated: September 22, 2025

---

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

---

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

<br>