# EDGAR Filing Document

**Accession Number:** 0001562565
**File Stem:** 0001562565-26-000028
**Filing Date:** 2026-2
**Character Count:** 198707
**Document Hash:** 903e20e097e0cbdc735a68732c1ac4e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562565-26-000028.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001562565-26-000028

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fidelity 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:** 26657502

**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 Systematic Municipal Bond Index ETF (Series ID: S000089371)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000255893 | Fidelity Systematic Municipal Bond Index ETF | FMUN            |

?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;June 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;December 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

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

---

This semi-annual shareholder report contains information about Fidelity® Systematic Municipal Bond Index ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-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® Systematic Municipal Bond Index ETF  | $3  | 0.05% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $171405479<br>|
| Number of Holdings | 1156<br>|
| Portfolio Turnover | 18%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 36.3 |
| Transportation | 16.7 |
| Special Tax | 13.2 |
| Health Care | 10.6 |
| Water & Sewer | 6.7 |
| Electric Utilities | 5.9 |
| Education | 5.8 |
| Others(Individually Less Than 5%) | 4.5 |
| 99.7 | 99.7 |

---

---

| | |
|:---|:---|
| AAA | 9.2 |
| AA | 57.0 |
| A | 30.1 |
| BBB | 3.3 |
| BB | 0.0 |
| Not Rated | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img8347_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 57.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 30.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |
| 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)** |
| California | 21.6 |
| New York | 17.8 |
| Texas | 7.0 |
| Illinois | 5.0 |
| New Jersey | 4.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img8347_20251231_1.jpg)<br>| ![](img123593_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> 1.9917227.100 8347-TSRS-0226 <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® Systematic Municipal Bond Index ETF**

**Semi-Annual Report**

**December 31, 2025**

![](img123947_1.jpg)

![](img123947_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SMBI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Systematic Municipal Bond Index ETF](#Sub_Sec_Fund_8347_SMBI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements8347_SMBI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SMBI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SMBI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SMBI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SMBI-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.

"BLOOMBERG®" and the Bloomberg indices listed herein (the "Indices") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Fidelity. Bloomberg is not affiliated with Fidelity, and Bloomberg does not approve, endorse, review, or recommend the fund. Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the fund.

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

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

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

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

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

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

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

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

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

**Fidelity® Systematic Municipal Bond Index ETF**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 99.7%** | &nbsp;&nbsp;**Municipal Securities - 99.7%** | &nbsp;&nbsp;**Municipal Securities - 99.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 4.2%  |  |  |
| General Obligations - 3.7% |  |  |
| Alabama St Corrections Instn Fin Auth Rev (Alabama St Proj.) 5.25% 7/1/2047  | 150000 | 156691 |
| Black Belt Energy Gas Dist Ala Gas Supply Rev Series 2023B, 5.25% tender 12/1/2053 (Royal Bank of Canada Guaranteed) (d) | 490000 | 527783 |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (d) | 300000 | 316741 |
| Black Belt Energy Gas District Series 2021 C 1, 4% tender 10/1/2052 (Goldman Sachs Group Inc/The Guaranteed) (d) | 970000 | 974070 |
| Black Belt Energy Gas District Series 2024 B, 5% tender 10/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (d) | 240000 | 258079 |
| Black Belt Energy Gas District Series 2024 C, 5% tender 5/1/2055 (Pacific Life Insurance Co Guaranteed) (d) | 680000 | 729069 |
| Black Belt Energy Gas District Series 2025 D, 5% tender 12/1/2055 (Pacific Life Insurance Co Guaranteed) (d) | 570000 | 611839 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2024B, 5.25% tender 7/1/2054 (Morgan Stanley Guaranteed) (d) | 200000 | 217616 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2025A, 5% 11/1/2035 (Goldman Sachs Group Inc/The Guaranteed)  | 375000 | 397324 |
| Southeast AL District Gas Supply Rev Series 2024 B, 5% tender 6/1/2049 (Morgan Stanley Guaranteed) (d) | 220000 | 236050 |
| Southeast Energy Auth Commodity Supply Rev Ala 5.5% tender 1/1/2053 (Morgan Stanley Guaranteed) (d) | 345000 | 369840 |
| Southeast Energy Authority A Cooperative District 5.25% tender 3/1/2055 (Athene Annuity And Life Company Guaranteed) (d) | 850000 | 896881 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (d) | 200000 | 216076 |
| Southeast Energy Authority A Cooperative District Series 2025 F, 5.25% tender 11/1/2055 (BP PLC Guaranteed) (d) | 165000 | 181409 |
| Southeast Energy Authority A Cooperative District Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (d) | 320000 | 333416 |
| TOTAL GENERAL OBLIGATIONS |  | 6422884 |
| Health Care - 0.2% |  |  |
| UAB Medicine Fin Auth Rev (University AL At Birmingham Hosp Rev Proj.) Series 2016 B, 3.625% 9/1/2041  | 195000 | 190727 |
| UAB Medicine Fin Auth Rev (University AL At Birmingham Hosp Rev Proj.) Series 2016 B, 5% 9/1/2034  | 130000 | 131547 |
| TOTAL HEALTH CARE |  | 322274 |
| Special Tax - 0.3% |  |  |
| Alabama St Pub Sch & Coll Auth Series 2020 A, 4% 11/1/2040  | 100000 | 100874 |
| Alabama St Pub Sch & Coll Auth Series 2020 A, 5% 11/1/2039  | 320000 | 342891 |
| TOTAL SPECIAL TAX |  | 443765 |
| TOTAL ALABAMA |  | 7188923 |
| Arizona - 1.8%  |  |  |
| Education - 0.1% |  |  |
| Arizona Indl Dev Auth Student Hsg Rev (Provident Properties Proj.) Series 2019A, 5% 6/1/2058 (Build America Mutual Assurance Co Insured)  | 65000 | 65120 |
| University AZ Univ Revs Series 2020 A, 4% 8/1/2044  | 100000 | 97203 |
| TOTAL EDUCATION |  | 162323 |
| Electric Utilities - 1.4% |  |  |
| Salt River Proj AZ Agric & Pwr Series 2016 A, 5% 1/1/2027  | 50000 | 51229 |
| Salt River Proj AZ Agric & Pwr Series 2016 A, 5% 1/1/2031  | 1495000 | 1531848 |
| Salt River Proj AZ Agric & Pwr Series 2016 A, 5% 1/1/2036  | 40000 | 40831 |
| Salt River Proj AZ Agric & Pwr Series 2017A, 5% 1/1/2028  | 100000 | 105008 |
| Salt River Proj AZ Agric & Pwr Series 2017A, 5% 1/1/2031  | 40000 | 41954 |
| Salt River Proj AZ Agric & Pwr Series 2017A, 5% 1/1/2033  | 130000 | 135983 |
| Salt River Proj AZ Agric & Pwr Series 2022A, 5% 1/1/2032  | 255000 | 290707 |
| TOTAL ELECTRIC UTILITIES |  | 2197560 |
| General Obligations - 0.0% |  |  |
| Maricopa County Special Health Care District Gen. Oblig. Series C, 4% 7/1/2038  | 55000 | 55232 |
| Salt Verde Finl Corp Gas Rev AZ 5% 12/1/2032 (Citigroup Inc Guaranteed)  | 50000 | 54437 |
| Salt Verde Finl Corp Gas Rev AZ 5.25% 12/1/2026 (Citigroup Inc Guaranteed)  | 15000 | 15233 |
| TOTAL GENERAL OBLIGATIONS |  | 124902 |
| Health Care - 0.2% |  |  |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2021 A, 4% 9/1/2051  | 135000 | 115696 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2016 A, 5% 1/1/2038  | 260000 | 264319 |
| TOTAL HEALTH CARE |  | 380015 |
| Transportation - 0.1% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2018, 5% 7/1/2048 (c) | 150000 | 151087 |
| TOTAL ARIZONA |  | 3015887 |
| California - 21.6%  |  |  |
| Education - 2.2% |  |  |
| California Edl Facs Auth Rev (Stanford University Proj.) 5% 3/15/2039  | 70000 | 86302 |
| California Edl Facs Auth Rev (Stanford University Proj.) Series U 6, 5% 5/1/2045  | 35000 | 40470 |
| California Educational Facilities Authority (Stanford University Proj.) Series V3, 5% 6/1/2033  | 175000 | 209345 |
| California St Univ Rev Series 2016A, 3.125% 11/1/2036  | 230000 | 225527 |
| California St Univ Rev Series 2016A, 5% 11/1/2026  | 45000 | 45386 |
| California St Univ Rev Series 2016A, 5% 11/1/2045  | 125000 | 125399 |
| California St Univ Rev Series 2025A, 4.625% 11/1/2056  | 60000 | 60882 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2017, 5% 5/15/2042  | 100000 | 100954 |
| University CA Revs 5% 5/15/2035  | 250000 | 279018 |
| University CA Revs Series 2017 AY, 5% 5/15/2028  | 20000 | 20723 |
| University CA Revs Series 2017M, 5% 5/15/2032  | 75000 | 77548 |
| University CA Revs Series 2017M, 5% 5/15/2036  | 80000 | 82373 |
| University CA Revs Series 2018 O, 4% 5/15/2048  | 165000 | 157719 |
| University CA Revs Series 2018 O, 5% 5/15/2058  | 105000 | 106664 |
| University CA Revs Series 2023 BN, 5% 5/15/2030  | 150000 | 167224 |
| University CA Revs Series 2023 BQ, 5% 5/15/2035  | 50000 | 57836 |
| University CA Revs Series 2024 BS, 5% 5/15/2044  | 20000 | 21681 |
| University CA Revs Series 2024 BV, 5% 5/15/2038  | 270000 | 309191 |
| University CA Revs Series 2024 BW, 5% 5/15/2031  | 1000000 | 1138192 |
| University CA Revs Series 2025 BZ, 5% 5/15/2039  | 315000 | 362965 |
| TOTAL EDUCATION |  | 3675399 |
| Electric Utilities - 1.5% |  |  |
| Imperial CA Irr Dist Elec Rev Series 2016B 1, 5% 11/1/2046  | 140000 | 141086 |
| Los Angeles CA Wtr & Pwr Rev Series 2016 A, 5% 7/1/2040  | 125000 | 125063 |
| Los Angeles CA Wtr & Pwr Rev Series 2016 A, 5% 7/1/2046  | 70000 | 70008 |
| Los Angeles CA Wtr & Pwr Rev Series 2018 A, 5% 7/1/2031  | 15000 | 15648 |
| Los Angeles CA Wtr & Pwr Rev Series 2019 B, 5% 7/1/2030  | 55000 | 58588 |
| Los Angeles CA Wtr & Pwr Rev Series 2020 A, 5% 7/1/2027  | 135000 | 139964 |
| Los Angeles CA Wtr & Pwr Rev Series 2022 A, 5% 7/1/2040  | 275000 | 294781 |
| Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2038  | 285000 | 317070 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 B, 5% 7/1/2038  | 240000 | 268583 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 C, 5% 7/1/2035  | 595000 | 678685 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2054  | 255000 | 262340 |
| Turlock CA Series 2016, 5% 1/1/2046  | 205000 | 206940 |
| TOTAL ELECTRIC UTILITIES |  | 2578756 |
| Escrowed/Pre-Refunded - 0.5% |  |  |
| Anaheim CA Pub Fin Auth Lease Rev 0% 9/1/2036 (Escrowed to Maturity) (b) | 170000 | 123380 |
| California Infra & Econ Dev Bank 5% 7/1/2029 (National Public Finance Guarantee Corporation Insured) (Pre-refunded to 1/1/2028 at 100)  | 165000 | 174075 |
| Foothill/Estrn Transn CA Toll 0% 1/1/2027 (b) | 40000 | 39044 |
| Foothill/Estrn Transn CA Toll 0% 1/1/2029 (b) | 195000 | 181559 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2033 (Escrowed to Maturity)  | 50000 | 59463 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2034 (Pre-refunded to 10/1/2033 at 100)  | 10000 | 11893 |
| San Diego CA Comm Coll Dist Gen. Oblig. Series 2016, 5% 8/1/2041 (Pre-refunded to 8/1/2026 at 100)  | 5000 | 5078 |
| San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/1/2028 (b) | 200000 | 190934 |
| San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev Series 1993 CABS, 0% 1/1/2028 (Escrowed to Maturity) (b) | 35000 | 33413 |
| State of California Gen. Oblig. 5% 3/1/2035 (Pre-refunded to 3/1/2030 at 100)  | 5000 | 5529 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 824368 |
| General Obligations - 11.0% |  |  |
| Antelope Valley CA Cmnty College Dist Gen. Oblig. Series B, 3% 8/1/2050  | 55000 | 41663 |
| California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity And Life Company Guaranteed) (d) | 3975000 | 4142930 |
| California Community Choice Financing Authority Series 2022A 1, 4% tender 5/1/2053 (Morgan Stanley Guaranteed) (d) | 670000 | 680805 |
| California Community Choice Financing Authority Series 2024 A 1, 5% tender 5/1/2054 (Morgan Stanley Guaranteed) (d) | 275000 | 294724 |
| California St Pub Wks Brd Lse 5% 8/1/2033  | 175000 | 197677 |
| California St Pub Wks Brd Lse Series 2021 C, 4% 11/1/2038  | 260000 | 268425 |
| California St Pub Wks Brd Lse Series 2024 A, 5% 4/1/2042  | 350000 | 385671 |
| Central Valley Energy Authority Series 2025, 5% tender 12/1/2055 (Pacific Life Insurance Co Guaranteed) (d) | 150000 | 163394 |
| Cerritos CA Cmnty College Dist Gen. Oblig. Series 2019 C, 3% 8/1/2044  | 25000 | 20716 |
| Chaffey CA Unified Hsd Series D, 4% 8/1/2049  | 20000 | 19101 |
| Chino Valley CA Uni Sch Dist Series 2017A, 5.25% 8/1/2047  | 50000 | 50928 |
| City of Fresno Unified School Series 2016A, 4% 8/1/2041  | 150000 | 150018 |
| Compton CA Uni Sch Dist Series 2019 B, 3% 6/1/2049 (Build America Mutual Assurance Co Insured)  | 10000 | 7681 |
| El Camino CA Cmty College Dist Series 2012C, 0% 8/1/2034 (b) | 165000 | 128786 |
| El Camino CA Cmty College Dist Series 2012C, 0% 8/1/2038 (b) | 65000 | 42513 |
| Fremont Union High Sch Dist Santa Clara Series 2019 A, 4% 8/1/2046  | 30000 | 29586 |
| Hayward CA Uni Sch Dist Series 2019 A, 4% 8/1/2048 (Build America Mutual Assurance Co Insured)  | 200000 | 189979 |
| Livermore Valley CA Jt Uni Sch Series 2019, 4% 8/1/2046  | 190000 | 177118 |
| Long Beach CA Bd Fin Auth Nat Gas Pur Rev 5% 11/15/2035 (Merrill Lynch & Co Inc Guaranteed)  | 25000 | 28538 |
| Long Beach CA Uni Sch Dist 0% 8/1/2035 (b) | 150000 | 111369 |
| Los Angeles CA Ccd Gen. Oblig. Series 2024, 5% 8/1/2030  | 15000 | 16953 |
| Los Angeles CA Ccd Gen. Oblig. Series L 1, 5% 8/1/2036  | 10000 | 11489 |
| Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2033  | 35000 | 41388 |
| Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2034  | 5000 | 5891 |
| Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) Series 2025J, 5.25% 12/1/2054  | 350000 | 376388 |
| Los Angeles Unified School District/CA Series 2018 B 1, 5% 7/1/2033  | 125000 | 131452 |
| Los Angeles Unified School District/CA Series 2018 B 1, 5.25% 7/1/2042  | 50000 | 51947 |
| Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2028  | 130000 | 139395 |
| Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2029  | 15000 | 16502 |
| Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2030  | 50000 | 54903 |
| Los Angeles Unified School District/CA Series 2020 C, 4% 7/1/2032  | 25000 | 26586 |
| Los Angeles Unified School District/CA Series 2020 C, 5% 7/1/2030  | 60000 | 67489 |
| Los Angeles Unified School District/CA Series 2023 QRR, 5% 7/1/2033  | 130000 | 154640 |
| Los Angeles Unified School District/CA Series 2023 QRR, 5% 7/1/2036  | 15000 | 17573 |
| Los Angeles Unified School District/CA Series 2023 QRR, 5% 7/1/2043  | 25000 | 27384 |
| Los Angeles Unified School District/CA Series 2024A, 5% 7/1/2029  | 250000 | 275034 |
| Los Angeles Unified School District/CA Series 2024A, 5% 7/1/2031  | 630000 | 723740 |
| M-S-R Energy Auth Calif Gas Rev 6.125% 11/1/2029 (Citigroup Inc Guaranteed)  | 40000 | 42355 |
| M-S-R Energy Auth Calif Gas Rev 6.5% 11/1/2039 (Citigroup Inc Guaranteed)  | 30000 | 36894 |
| M-S-R Energy Auth Calif Gas Rev 6.5% 11/1/2039 (Citigroup Inc Guaranteed)  | 25000 | 30745 |
| Marin Healthcare District Gen. Oblig. Series 2017A, 4% 8/1/2047  | 135000 | 126505 |
| Montebello CA Unified Sch Dist Series 2016A, 5% 8/1/2041  | 50000 | 50498 |
| Napa Valley CA Uni Sch Dist 4% 8/1/2044 (Assured Guaranty Inc Insured)  | 175000 | 173003 |
| Newport Mesa CA Uni Sch Dist 0% 8/1/2036 (b) | 230000 | 165647 |
| Newport Mesa CA Uni Sch Dist Series 2017, 0% 8/1/2039 (b) | 495000 | 294323 |
| Oakland CA Uni Sch Dist Alameda Cnty Series 2021 A, 4% 8/1/2046 (Build America Mutual Assurance Co Insured)  | 205000 | 197965 |
| Palo Alto Calif Uni Sch Dist 0% 8/1/2033 (b) | 35000 | 28618 |
| Poway CA Unified Sch Dist 0% 8/1/2046 (b) | 190000 | 75137 |
| San Bernardino CA Cmnty College Dist Gen. Oblig. 0% 8/1/2048 (b) | 5000 | 1802 |
| San Bernardino CA Cmnty College Dist Gen. Oblig. Series E, 4.125% 8/1/2049  | 40000 | 39462 |
| San Diego CA Uni Sch Dist 0% 7/1/2030 (b) | 35000 | 31151 |
| San Diego CA Uni Sch Dist 0% 7/1/2038 (b) | 250000 | 162580 |
| San Diego CA Uni Sch Dist 0% 7/1/2043 (b) | 10000 | 4853 |
| San Diego CA Uni Sch Dist 0% 7/1/2049 (b) | 125000 | 43498 |
| San Diego CA Uni Sch Dist Series 2017 K 2, 0% 7/1/2031 (b) | 430000 | 356095 |
| San Diego CA Uni Sch Dist Series G 1, 5.25% 7/1/2028 (Assured Guaranty Inc Insured)  | 25000 | 26996 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series 2019 B 1, 3% 8/1/2049  | 200000 | 151875 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series 2022D 1, 4.125% 8/1/2052  | 195000 | 188208 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series A 1, 4% 8/1/2042  | 10000 | 10005 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series A 1, 5% 8/1/2047  | 80000 | 81269 |
| San Jose California Gen. Oblig. Series 2019 C, 5% 9/1/2030  | 265000 | 288467 |
| San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. 0% 9/1/2033 (National Public Finance Guarantee Corporation Insured) (b) | 130000 | 104251 |
| San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. 0% 9/1/2035 (National Public Finance Guarantee Corporation Insured) (b) | 200000 | 148384 |
| Santa Clara CA Uni Sch Dist Series 2019, 4% 7/1/2048  | 35000 | 34172 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) 3% 5/15/2037  | 200000 | 190079 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2019 A, 3.125% 5/1/2047  | 225000 | 180529 |
| Saugus Union School District School Facilities Improvement District No 2014-1 Series C, 2.375% 8/1/2044  | 150000 | 109223 |
| State Center CA Cmnty College Dist Gen. Oblig. Series 2020 B, 2.25% 8/1/2045  | 250000 | 169935 |
| State of California Gen. Oblig. 2% 11/1/2036  | 60000 | 51243 |
| State of California Gen. Oblig. 3% 10/1/2033  | 70000 | 70266 |
| State of California Gen. Oblig. 3% 10/1/2034  | 50000 | 49967 |
| State of California Gen. Oblig. 3% 10/1/2037  | 190000 | 181994 |
| State of California Gen. Oblig. 3% 11/1/2035  | 250000 | 246969 |
| State of California Gen. Oblig. 3% 11/1/2041  | 185000 | 162549 |
| State of California Gen. Oblig. 3% 11/1/2050  | 575000 | 437345 |
| State of California Gen. Oblig. 3% 3/1/2028  | 50000 | 50561 |
| State of California Gen. Oblig. 4% 3/1/2050  | 40000 | 38396 |
| State of California Gen. Oblig. 4% 8/1/2037  | 25000 | 25211 |
| State of California Gen. Oblig. 5% 10/1/2048  | 100000 | 102623 |
| State of California Gen. Oblig. 5% 11/1/2027  | 50000 | 52500 |
| State of California Gen. Oblig. 5% 3/1/2032  | 50000 | 55194 |
| State of California Gen. Oblig. 5% 3/1/2032  | 50000 | 55194 |
| State of California Gen. Oblig. 5% 3/1/2035  | 215000 | 235282 |
| State of California Gen. Oblig. 5% 4/1/2029  | 140000 | 151927 |
| State of California Gen. Oblig. 5% 4/1/2030  | 100000 | 108378 |
| State of California Gen. Oblig. 5% 8/1/2035  | 800000 | 959191 |
| State of California Gen. Oblig. 5% 9/1/2031  | 230000 | 262205 |
| State of California Gen. Oblig. 5% 9/1/2033  | 145000 | 170549 |
| State of California Gen. Oblig. Series 2016, 3% 9/1/2033  | 355000 | 352476 |
| State of California Gen. Oblig. Series 2016, 4% 9/1/2028  | 110000 | 111044 |
| State of California Gen. Oblig. Series 2016, 4% 9/1/2036  | 200000 | 200721 |
| State of California Gen. Oblig. Series 2016, 5% 8/1/2027  | 45000 | 45678 |
| State of California Gen. Oblig. Series 2016, 5% 9/1/2045  | 10000 | 10072 |
| State of California Gen. Oblig. Series 2016B, 4% 9/1/2035  | 50000 | 50227 |
| State of California Gen. Oblig. Series 2016B, 5% 9/1/2030  | 15000 | 15235 |
| State of California Gen. Oblig. Series 2016B, 5% 9/1/2032  | 50000 | 50746 |
| State of California Gen. Oblig. Series 2017, 3.5% 8/1/2027  | 25000 | 25408 |
| State of California Gen. Oblig. Series 2017, 5% 11/1/2027  | 75000 | 78751 |
| State of California Gen. Oblig. Series 2017, 5% 11/1/2027  | 65000 | 68251 |
| State of California Gen. Oblig. Series 2017, 5% 11/1/2031  | 100000 | 104673 |
| State of California Gen. Oblig. Series 2017, 5% 8/1/2026  | 80000 | 81254 |
| Sunnyvale CA Fin Auth Lease Rev Series 2020, 4% 4/1/2050  | 380000 | 361965 |
| Sweetwater CA Un High Sch Dist Series 2016, 4% 8/1/2042  | 350000 | 347929 |
| Twin Rivers Uni Sch Dist Calif 0% 8/1/2041 (Assured Guaranty Inc Insured) (b) | 135000 | 67100 |
| West Hollywood Public Financing Authority Series 2016, 3% 4/1/2041  | 140000 | 122806 |
| William S Hart Uni High School Dist 0% 8/1/2033 (b) | 50000 | 39887 |
| Yuba CA Gen. Oblig. Series 2016, 3% 8/1/2036  | 165000 | 158613 |
| TOTAL GENERAL OBLIGATIONS |  | 18575280 |
| Health Care - 1.8% |  |  |
| California Health Facilities Financing Authority (Adventist Health System-West Proj.) Series 2024A, 5% 12/1/2028  | 380000 | 400915 |
| California Health Facilities Financing Authority (Kaiser Permanente Hlth System Proj.) Series 2006C, 5% tender 6/1/2041 (d) | 330000 | 359323 |
| California Health Facilities Financing Authority (Kaiser Permanente Hlth System Proj.) Series A 1, 5% 11/1/2027  | 40000 | 42000 |
| California Health Facilities Financing Authority (Kaiser Permanente Hlth System Proj.) Series A 2, 5% 11/1/2047  | 70000 | 78563 |
| California Health Facilities Financing Authority (Providence Health Systems Proj.) Series 2016A, 3% 10/1/2041  | 75000 | 64191 |
| California Health Facilities Financing Authority (Providence St Joseph Health Obligated Group Proj.) 5% tender 10/1/2050 (d) | 100000 | 110035 |
| California Health Facilities Financing Authority (Stanford Health Care Proj.) Series 2017 A, 4% 11/15/2040  | 100000 | 99945 |
| California Health Facilities Financing Authority (Stanford Health Care Proj.) Series 2017 A, 5% 11/15/2031  | 490000 | 515738 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2016B, 4% 11/15/2038  | 150000 | 150024 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2016B, 5% 11/15/2046  | 15000 | 15081 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 4% 11/15/2042  | 65000 | 63464 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 5% 11/15/2026  | 35000 | 35730 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 5% 11/15/2033  | 25000 | 26077 |
| California Hlth Facs Fin Auth (Adventist Health System-West Proj.) Series 2013 A, 4% 3/1/2033  | 260000 | 260058 |
| California Hlth Facs Fin Auth (Adventist Health System-West Proj.) Series 2013 A, 4% 3/1/2043  | 35000 | 32299 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2017A, 5% 4/1/2047  | 55000 | 55079 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2048  | 260000 | 264414 |
| California Statewide Community Development Authority Rev (Kaiser Permanente Hlth System Proj.) Series 2004 J, 5% tender 4/1/2036 (d) | 25000 | 27221 |
| Univ CA Regts Med Ctr Pooled Rev Series 2022 P, 4% 5/15/2053  | 265000 | 244367 |
| Univ CA Regts Med Ctr Pooled Rev Series 2022 P, 5% 5/15/2041  | 135000 | 147058 |
| Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2047  | 80000 | 80384 |
| TOTAL HEALTH CARE |  | 3071966 |
| Lease Revenue - 0.1% |  |  |
| California Infrastructure & Economic Dev Bank Lease Rev (California State Teachers' Retirement System Proj.) 5% 8/1/2044  | 170000 | 175465 |
| Garden Grove Calif Pub Fing Auth Lease Rev Series 2024A, 4% 4/1/2054 (Build America Mutual Assurance Co Insured)  | 65000 | 60735 |
| TOTAL LEASE REVENUE |  | 236200 |
| Other - 0.1% |  |  |
| California Infrastructure & Economic Development Bank (CA Academy of Science Proj.) Series 2021 B, 4% 5/1/2046  | 200000 | 187673 |
| California Infrastructure & Economic Development Bank (J Paul Getty Trust/The Proj.) Series 2023A, 5% 4/1/2033  | 30000 | 35796 |
| TOTAL OTHER |  | 223469 |
| Special Tax - 0.6% |  |  |
| Anaheim CA Pub Fin Auth Lease Rev (Anaheim CA Lpmr Disney Proj.) Series 1997 C, 0% 9/1/2028 (Assured Guaranty Inc Insured) (b) | 95000 | 88238 |
| Irvine Calif Facs Fing Auth Spl Tax Rev Series 2023A, 4% 9/1/2058 (Build America Mutual Assurance Co Insured)  | 160000 | 146415 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2019 A, 5% 7/1/2044  | 45000 | 46515 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2021 A, 5% 7/1/2044  | 190000 | 203023 |
| Sacramento CA Fin Auth 0% 12/1/2034 (Financial Guaranty Ins CO Insured) (b) | 90000 | 67101 |
| Sacramento CA Transn Auth Sales Tax Rev Series 2023, 5% 10/1/2033  | 140000 | 167309 |
| Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2043  | 55000 | 56568 |
| San Francisco CA BART Dist Tax Series 2019 A, 3% 7/1/2044  | 5000 | 4115 |
| Santa Clara Valley CA Trans Auth Sales Tax Rev 5% 4/1/2033  | 185000 | 219921 |
| Westminster Calif Redev Agy Successor Agy Tax Allocation Series 2016, 3% 11/1/2041 (Build America Mutual Assurance Co Insured)  | 125000 | 110725 |
| TOTAL SPECIAL TAX |  | 1109930 |
| Transportation - 2.0% |  |  |
| Bay Area Toll Auth CA Bridge Rev Series 2017 S 7, 4% 4/1/2038  | 390000 | 392892 |
| Bay Area Toll Auth CA Bridge Rev Series 2017 S 7, 4% 4/1/2047  | 5000 | 4763 |
| Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024A, 4% 7/1/2054 (Assured Guaranty Inc Insured)  | 205000 | 190900 |
| California Mun Fn Auth Rev (Linxs Apm Project Proj.) Series 2018 A, 5% 12/31/2028 (c) | 60000 | 62018 |
| Foothill/Estrn Transn CA Toll Series B 1, 3.95% 1/15/2053 (d) | 155000 | 139098 |
| Los Angeles CA Dept Arpts Rev Series 2018 B, 5% 5/15/2034 (c) | 10000 | 10405 |
| Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2037 (c) | 75000 | 76918 |
| Los Angeles CA Dept Arpts Rev Series 2018 D, 5% 5/15/2031 (c) | 80000 | 85161 |
| Los Angeles CA Dept Arpts Rev Series 2018 D, 5% 5/15/2032 (c) | 225000 | 239090 |
| Los Angeles CA Dept Arpts Rev Series 2019 A, 5% 5/15/2049 (c) | 230000 | 232155 |
| Los Angeles CA Dept Arpts Rev Series 2019 D, 5% 5/15/2049 (c) | 270000 | 271458 |
| Los Angeles CA Dept Arpts Rev Series 2020 A, 5% 5/15/2040  | 20000 | 21414 |
| Los Angeles CA Dept Arpts Rev Series 2021B, 5% 5/15/2048  | 165000 | 172011 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021A, 4% 7/1/2056  | 545000 | 498572 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series A, 5% 7/1/2047  | 50000 | 50695 |
| San Francisco CA City & County Airports Commission International Airport Revenue 4% 5/1/2052 (c) | 500000 | 434669 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2017A, 5% 5/1/2047 (c) | 40000 | 40103 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2049 (c) | 25000 | 25155 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2023 C, 5.75% 5/1/2048 (c) | 275000 | 295018 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2025 A, 5.25% 5/1/2055 (c) | 200000 | 207190 |
| San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/15/2032 (National Public Finance Guarantee Corporation Insured) (b) | 30000 | 24573 |
| San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2042  | 45000 | 45673 |
| TOTAL TRANSPORTATION |  | 3519931 |
| Water & Sewer - 1.8% |  |  |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) 5% 10/1/2035  | 15000 | 17534 |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) 5% 10/1/2052  | 20000 | 20983 |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) Series 2016, 5% 10/1/2026  | 15000 | 15099 |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) Series 2017, 5% 10/1/2029  | 405000 | 420006 |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) Series 2018, 5% 10/1/2026  | 25000 | 25543 |
| California St Dept Wtr Res Cen Series AW, 4% 12/1/2034  | 235000 | 237098 |
| California St Dept Wtr Res Cen Series BA, 5% 12/1/2032  | 65000 | 71035 |
| California St Dept Wtr Res Cen Series BB, 5% 12/1/2035  | 200000 | 223935 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2016B, 5% 7/1/2029  | 50000 | 50000 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 B, 4% 7/1/2049  | 140000 | 129080 |
| Metropolitan Wtr Dist Southn Calif Series 2020 C, 5% 7/1/2039  | 225000 | 246097 |
| Metropolitan Wtr Dist Southn Calif Series 2020A, 5% 7/1/2027  | 140000 | 146222 |
| Sacramento Cnty CA Santn Dist Series 2021, 5% 12/1/2031  | 200000 | 232597 |
| Sacramento Cnty CA Santn Dist Series 2021, 5% 12/1/2032  | 235000 | 278437 |
| Sacramento Cnty CA Santn Dist Series 2021, 5% 12/1/2033  | 15000 | 17375 |
| San Diego CA Pub Facs Fing Auth Wtr Rev 5.25% 8/1/2047  | 30000 | 31379 |
| San Diego County Water Authority 5% 5/1/2047  | 140000 | 148339 |
| San Francisco CA Pub Util Comm Wstwtr Rev Series 2023A, 5% 10/1/2032  | 190000 | 224102 |
| San Francisco CA Pub Util Comm Wstwtr Rev Series 2023A, 5% 10/1/2034  | 230000 | 268940 |
| San Francisco CA Pub Util Comm Wtr Rev Series 2020 SUB A, 5% 11/1/2050  | 185000 | 191258 |
| San Mateo Foster City Calif Pub Fing Auth Wastewater Rev (City of San Mateo CA Sewer Revenue Proj.) Series 2019, 5% 8/1/2049  | 15000 | 15568 |
| Upper Santa Clara Vy Jt Pwrs Auth Calif Rev Series 2020 A, 4% 8/1/2050  | 85000 | 80937 |
| TOTAL WATER & SEWER |  | 3091564 |
| TOTAL CALIFORNIA |  | 36906863 |
| Colorado - 1.8%  |  |  |
| General Obligations - 0.3% |  |  |
| Colorado Ctfs of Prtn (Colorado St Proj.) Series 2020 A, 3% 12/15/2036  | 105000 | 99577 |
| Colorado Ctfs of Prtn (Colorado St Proj.) Series 2021A, 4% 12/15/2038  | 285000 | 291770 |
| Denver CO Cty & Cnty Sch Dis 1 Series 2025A, 5.25% 12/1/2038  | 150000 | 175326 |
| TOTAL GENERAL OBLIGATIONS |  | 566673 |
| Health Care - 1.0% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2018A, 4% 11/15/2048  | 150000 | 135018 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2021 A, 4% 11/15/2050  | 20000 | 17973 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series A 1, 5% tender 11/15/2058 (d) | 290000 | 306484 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2037  | 75000 | 75390 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2039  | 655000 | 647545 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2044  | 55000 | 49878 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2032  | 120000 | 127716 |
| Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2019 A, 5% 1/1/2030  | 105000 | 114626 |
| Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2022 A, 4% 5/15/2052  | 190000 | 173574 |
| TOTAL HEALTH CARE |  | 1648204 |
| Transportation - 0.5% |  |  |
| Denver CO City & Cnty Arpt 5% 11/15/2042 (c) | 165000 | 172787 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2028 (c) | 30000 | 31148 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2036 (c) | 60000 | 67414 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2041 (c) | 245000 | 258779 |
| Denver CO City & Cnty Arpt Series 2022B, 5% 11/15/2047  | 150000 | 156065 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2030 (National Public Finance Guarantee Corporation Insured) (b) | 25000 | 21939 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2031 (National Public Finance Guarantee Corporation Insured) (b) | 50000 | 42512 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2032 (National Public Finance Guarantee Corporation Insured) (b) | 25000 | 20526 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2037 (National Public Finance Guarantee Corporation Insured) (b) | 100000 | 56154 |
| TOTAL TRANSPORTATION |  | 827324 |
| TOTAL COLORADO |  | 3042201 |
| Connecticut - 1.6%  |  |  |
| Education - 0.2% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2015A, 5% 7/1/2035  | 110000 | 129685 |
| Connecticut State Health & Educational Facilities Authority (Yale University Proj.) Series A 2, 2% tender 7/1/2042 (d) | 225000 | 224251 |
| TOTAL EDUCATION |  | 353936 |
| General Obligations - 0.8% |  |  |
| Connecticut St Gen. Oblig. 4% 6/1/2031  | 30000 | 31745 |
| Connecticut St Gen. Oblig. Series 2018 D, 5% 4/15/2027  | 105000 | 108374 |
| Connecticut St Gen. Oblig. Series 2018 E, 5% 9/15/2028  | 370000 | 394478 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2027  | 25000 | 25803 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2035  | 480000 | 512815 |
| Connecticut St Gen. Oblig. Series A, 5% 4/15/2027  | 25000 | 25803 |
| Connecticut St Gen. Oblig. Series E, 3.375% 10/15/2036  | 175000 | 173633 |
| TOTAL GENERAL OBLIGATIONS |  | 1272651 |
| Special Tax - 0.6% |  |  |
| Connecticut St Spl Tax Oblig 4% 5/1/2037  | 35000 | 36164 |
| Connecticut St Spl Tax Oblig Series 2018 A, 5% 1/1/2027  | 35000 | 35871 |
| Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2028  | 120000 | 128068 |
| Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2033  | 10000 | 10607 |
| Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2036  | 85000 | 89431 |
| Connecticut St Spl Tax Oblig Series 2020 A, 5% 5/1/2030  | 200000 | 220686 |
| Connecticut St Spl Tax Oblig Series 2023B, 5% 7/1/2031  | 265000 | 298709 |
| Connecticut St Spl Tax Oblig Series A, 4% 9/1/2035  | 145000 | 145379 |
| Connecticut St Spl Tax Oblig Series A, 5% 9/1/2030  | 60000 | 60943 |
| Connecticut St Spl Tax Oblig Series A, 5% 9/1/2031  | 5000 | 5077 |
| TOTAL SPECIAL TAX |  | 1030935 |
| TOTAL CONNECTICUT |  | 2657522 |
| Delaware - 0.1%  |  |  |
| General Obligations - 0.0% |  |  |
| Delaware St Gen. Oblig. Series 2021, 5% 2/1/2029  | 45000 | 48554 |
| Health Care - 0.1% |  |  |
| Delaware St Hlth Facs Auth Rev (Christiana Health Svcs Proj.) Series 2020 A, 4% 10/1/2049  | 155000 | 140017 |
| TOTAL DELAWARE |  | 188571 |
| District Of Columbia - 1.2%  |  |  |
| Education - 0.0% |  |  |
| District Columbia Univ Rev (Georgetown Univ, DC Proj.) Series 2017, 5% 4/1/2031  | 25000 | 25578 |
| General Obligations - 0.7% |  |  |
| District Columbia Gen. Oblig. 5% 10/15/2044  | 15000 | 15413 |
| District Columbia Gen. Oblig. 5% 12/1/2026  | 350000 | 358073 |
| District Columbia Gen. Oblig. Series 2016 A, 4% 6/1/2036  | 400000 | 400693 |
| District Columbia Gen. Oblig. Series 2017D, 5% 6/1/2042  | 35000 | 35554 |
| District Columbia Gen. Oblig. Series 2019 A, 5% 10/15/2031  | 80000 | 86163 |
| District Columbia Gen. Oblig. Series 2019 A, 5% 10/15/2040  | 295000 | 308756 |
| TOTAL GENERAL OBLIGATIONS |  | 1204652 |
| Special Tax - 0.4% |  |  |
| District Columbia Income Tax Rev Series 2019 C, 5% 10/1/2029  | 190000 | 207261 |
| District Columbia Income Tax Rev Series 2019 C, 5% 10/1/2030  | 120000 | 130650 |
| District Columbia Income Tax Rev Series 2019 C, 5% 10/1/2033  | 205000 | 221391 |
| District Columbia Income Tax Rev Series 2020 C, 4% 5/1/2040  | 195000 | 196106 |
| TOTAL SPECIAL TAX |  | 755408 |
| Water & Sewer - 0.1% |  |  |
| District Columbia Wtr & Swr Auth Pub Util Rev Series 2019 A, 5% 10/1/2044  | 130000 | 133889 |
| TOTAL DISTRICT OF COLUMBIA |  | 2119527 |
| District Of Columbia,Maryland,Virginia - 0.2%  |  |  |
| Special Tax - 0.2% |  |  |
| Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2042  | 70000 | 71085 |
| Washington Metropolitan Area Transit Authority 5.5% 7/15/2060  | 110000 | 118026 |
| Washington Metropolitan Area Transit Authority Series 2021 A, 5% 7/15/2046  | 150000 | 154365 |
| TOTAL DISTRICT OF COLUMBIA,MARYLAND,VIRGINIA |  | 343476 |
| District Of Columbia,Virginia - 0.4%  |  |  |
| Transportation - 0.4% |  |  |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2027 (c) | 65000 | 67351 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 4% 10/1/2041 (c) | 205000 | 198165 |
| Metropolitan Wash DC Arpts Ath Series 2025A, 5.5% 10/1/2055 (c) | 100000 | 105731 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2031 (Assured Guaranty Inc Insured) (b) | 35000 | 29297 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2034 (Assured Guaranty Inc Insured) (b) | 70000 | 51960 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2036 (Assured Guaranty Inc Insured) (b) | 20000 | 13489 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 3% 10/1/2050 (Assured Guaranty Inc Insured)  | 130000 | 94158 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 4% 10/1/2044  | 100000 | 92899 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 4% 10/1/2053  | 45000 | 38900 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 691950 |
| Florida - 2.9%  |  |  |
| Education - 0.1% |  |  |
| Miami-Dade Cnty FL Edl Fac Rev (University of Miami, FL Proj.) Series 2015A, 4% 4/1/2045  | 100000 | 93965 |
| Electric Utilities - 0.2% |  |  |
| Jacksonville FL Elec Auth Sys Rev Series 2017B, 5% 10/1/2027  | 125000 | 129957 |
| Putnam Cnty Fla Dev Auth Pcr (Seminole Electric Coop Inc Proj.) Series 2018 A, 5% 3/15/2042  | 90000 | 92063 |
| TOTAL ELECTRIC UTILITIES |  | 222020 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Greater Orlando Aviation Auth 5% 10/1/2030 (Pre-refunded to 10/1/2027 at 100) (c) | 60000 | 62163 |
| General Obligations - 0.2% |  |  |
| Florida St Gen. Oblig. Series 2021 B, 5% 7/1/2032  | 115000 | 132132 |
| Hillsborough Cnty FL Sch Brd 5% 7/1/2029  | 75000 | 80663 |
| Miami-Dade Cnty Fla Seaport Rev (Miami-Dade Cnty Fla Proj.) Series SUB 2021 B2, 4% 10/1/2043  | 160000 | 158591 |
| TOTAL GENERAL OBLIGATIONS |  | 371386 |
| Health Care - 0.6% |  |  |
| Brevard Cnty FL Health Facs Au Th Health Care Facs Rev (Health First Inc Proj.) Series 2014, 4% 4/1/2036  | 180000 | 180002 |
| Miami Beach FL Hlth Facs Auth Hosp Rev (MT Sinai Hospital Proj.) Series 2014, 5% 11/15/2039  | 25000 | 25020 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2016B, 4% 10/1/2045  | 65000 | 59942 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2022, 4% 10/1/2052  | 190000 | 165276 |
| Palm Beach Cnty FL Health Facs Auth Retirement Cmnty Rev (Acts Ret-Life Cmntys Inc Proj.) Series 2016, 5% 11/15/2032  | 25000 | 25332 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2032  | 520000 | 537536 |
| Tampa FL Health Sys Rev (Baycare Health System Proj.) Series 2016 A, 4% 11/15/2046  | 140000 | 124390 |
| TOTAL HEALTH CARE |  | 1117498 |
| Special Tax - 0.2% |  |  |
| County of Broward FL Tourist Development Tax Revenue Series 2021, 4% 9/1/2051  | 225000 | 199040 |
| Miami-Dade Cnty FL Spl Oblig 0% 10/1/2044 (b) | 155000 | 67596 |
| Miami-Dade Cnty FL Spl Oblig 0% 10/1/2046 (b) | 10000 | 3916 |
| Miami-Dade Cnty FL Spl Oblig Series 2009, 0% 10/1/2047 (b) | 50000 | 18629 |
| Miami-Dade Cnty FL Spl Oblig Series 2016, 0% 10/1/2031 (b) | 5000 | 4071 |
| Miami-Dade Cnty FL Spl Oblig Series 2016, 0% 10/1/2032 (b) | 15000 | 11707 |
| Miami-Dade Cty FL Sports Fac Tax 0% 10/1/2048 (Assured Guaranty Inc Insured) (b) | 15000 | 5441 |
| Orange Cnty FL Tourist Dev Tax Series 2016 B, 4% 10/1/2036  | 30000 | 30001 |
| Tampa FL Tax Alloc 0% 9/1/2053 (b) | 5000 | 1202 |
| TOTAL SPECIAL TAX |  | 341603 |
| Transportation - 0.7% |  |  |
| Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2049 (c) | 100000 | 100759 |
| Florida St Dept Transn Tpk Rev Series 2016 B, 2.625% 7/1/2027  | 60000 | 59914 |
| Florida St Dept Transn Tpk Rev Series 2025C, 5% 7/1/2055  | 100000 | 104941 |
| Greater Orlando Aviation Auth 5% 10/1/2036 (c) | 160000 | 163617 |
| Greater Orlando Aviation Auth Series 2022 A, 4% 10/1/2052 (c) | 230000 | 200644 |
| Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2039  | 130000 | 130486 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2041  | 20000 | 20131 |
| Miami-Dade Cnty Fla Aviat Rev Series 2019A, 5% 10/1/2049 (c) | 320000 | 321665 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2016 B, 4% 7/1/2040  | 20000 | 20009 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2019 B, 5% 7/1/2044  | 125000 | 129190 |
| TOTAL TRANSPORTATION |  | 1251356 |
| Water & Sewer - 0.9% |  |  |
| Broward Cnty FL Wtr & Swr Util Series 2019 A, 4% 10/1/2043  | 200000 | 199240 |
| JEA FL Wtr & Swr Sys Rev Series 2020 A, 3% 10/1/2036  | 475000 | 464336 |
| Miami Beach Fla Wtr & Swr Rev Series 2017, 5% 9/1/2047  | 115000 | 116234 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2017 B, 3.125% 10/1/2039  | 85000 | 78559 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2017A, 4% 10/1/2039  | 75000 | 75546 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2019 B, 3% 10/1/2049  | 10000 | 7431 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2019, 5% 10/1/2046  | 165000 | 167881 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2024A, 4.125% 10/1/2050  | 160000 | 148934 |
| Tampa Bay Water Series 2020 A, 5% 10/1/2054  | 260000 | 267874 |
| TOTAL WATER & SEWER |  | 1526035 |
| TOTAL FLORIDA |  | 4986026 |
| Georgia - 2.7%  |  |  |
| Education - 0.2% |  |  |
| Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2020 B, 4% 9/1/2041  | 245000 | 241878 |
| Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2020 B, 5% 9/1/2030  | 100000 | 110799 |
| TOTAL EDUCATION |  | 352677 |
| Electric Utilities - 0.1% |  |  |
| Burke Cnty GA Dev Auth Pcr (Oglethorpe Power Corp Proj.) Series 2017 D, 4.125% 11/1/2045  | 20000 | 18801 |
| Georgia Mun Elec Auth Pwr Rev Series HH, 4.125% 1/1/2049 (Assured Guaranty Inc Insured)  | 175000 | 165785 |
| TOTAL ELECTRIC UTILITIES |  | 184586 |
| General Obligations - 1.8% |  |  |
| Georgia St Gen. Oblig. Series 2018A, 3% 7/1/2033  | 25000 | 25036 |
| Georgia St Gen. Oblig. Series 2018A, 4% 7/1/2034  | 155000 | 159084 |
| Georgia St Gen. Oblig. Series 2018A, 5% 7/1/2027  | 5000 | 5188 |
| Georgia St Gen. Oblig. Series 2021 A, 4% 7/1/2035  | 105000 | 110404 |
| Georgia St Gen. Oblig. Series 2022C, 5% 7/1/2031  | 215000 | 243766 |
| Gwinnett Cnty GA Sch Dist Series 2019, 5% 2/1/2039  | 100000 | 105585 |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (d) | 200000 | 203703 |
| Main Street Natural Gas Inc Series 2019 A, 4% 5/15/2039 (Macquarie Group Ltd Guaranteed)  | 235000 | 228500 |
| Main Street Natural Gas Inc Series 2022A, 4% tender 9/1/2052 (Citigroup Inc Guaranteed) (d) | 1000000 | 1024112 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% tender 5/1/2054 (Royal Bank of Canada Guaranteed) (d) | 700000 | 752065 |
| Main Street Natural Gas Inc Series 2024E, 5% tender 5/1/2055 (Citigroup Inc Guaranteed) (d) | 230000 | 245340 |
| TOTAL GENERAL OBLIGATIONS |  | 3102783 |
| Health Care - 0.4% |  |  |
| Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 4% 7/1/2049  | 105000 | 96693 |
| Cobb Cnty GA Kennestone Hosp Series 2022A, 4% 4/1/2052  | 70000 | 61589 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series A, 5% 2/15/2045  | 255000 | 256608 |
| Griffin-Spalding Cnty GA Hosp Rev (Wellstar Health System Inc Proj.) 3.75% 4/1/2047  | 275000 | 231579 |
| Savannah GA Candler Hosp (St Joseph Candler Health Proj.) Series 2019A, 3.125% 7/1/2044  | 110000 | 89721 |
| TOTAL HEALTH CARE |  | 736190 |
| Transportation - 0.1% |  |  |
| Atlanta GA Arpt Rev Series 2019 B, 4% 7/1/2049 (c) | 125000 | 110771 |
| Georgia Port Authority Series 2021, 3% 7/1/2046  | 150000 | 116135 |
| TOTAL TRANSPORTATION |  | 226906 |
| Water & Sewer - 0.1% |  |  |
| Atlanta GA Wtr & Wastewtr Rev 5% 11/1/2028  | 25000 | 25050 |
| Atlanta GA Wtr & Wastewtr Rev 5% 11/1/2029  | 5000 | 5010 |
| Atlanta GA Wtr & Wastewtr Rev Series 2015, 5% 11/1/2040  | 40000 | 40048 |
| Atlanta GA Wtr & Wastewtr Rev Series 2018 C, 4% 11/1/2037  | 15000 | 15120 |
| County of Paulding GA Water & Sewerage Revenue Series 2016, 3% 12/1/2048  | 20000 | 15078 |
| TOTAL WATER & SEWER |  | 100306 |
| TOTAL GEORGIA |  | 4703448 |
| Hawaii - 0.4%  |  |  |
| General Obligations - 0.3% |  |  |
| Hawaii St Gen. Oblig. Series 2018 FT, 5% 1/1/2027  | 50000 | 51244 |
| Hawaii St Gen. Oblig. Series 2018 FT, 5% 1/1/2032  | 65000 | 68142 |
| Hawaii St Gen. Oblig. Series EY, 5% 10/1/2026  | 130000 | 130487 |
| Hawaii St Gen. Oblig. Series FG, 5% 10/1/2030  | 30000 | 30514 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020 B, 5% 3/1/2028  | 165000 | 173930 |
| TOTAL GENERAL OBLIGATIONS |  | 454317 |
| Transportation - 0.1% |  |  |
| Hawaii St Arpts Sys Rev Series 2020 A, 4% 7/1/2035 (c) | 80000 | 81191 |
| Hawaii St Arpts Sys Rev Series 2020 D, 4% 7/1/2039  | 100000 | 101331 |
| TOTAL TRANSPORTATION |  | 182522 |
| TOTAL HAWAII |  | 636839 |
| Idaho - 0.2%  |  |  |
| Health Care - 0.1% |  |  |
| Idaho Health Facs Auth Rev (St Lukes Regional Med Ctr, Id Proj.) 5% tender 3/1/2060 (d) | 190000 | 207365 |
| Transportation - 0.1% |  |  |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 4% 7/15/2038  | 105000 | 106754 |
| TOTAL IDAHO |  | 314119 |
| Illinois - 5.0%  |  |  |
| Education - 0.2% |  |  |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series A, 5% 8/1/2042  | 105000 | 105198 |
| Illinois Fin Auth Rev (Univ of Chicago, IL Proj.) Series 2018 A, 5% 10/1/2048  | 20000 | 20141 |
| Illinois Finance Authority Rev (Bradley University Proj.) Series 2021 A, 4% 8/1/2043  | 80000 | 69464 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2021 A, 5% 10/1/2032  | 100000 | 113584 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5% 4/1/2033  | 35000 | 39974 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5.25% 4/1/2045  | 20000 | 21259 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024B, 5% 4/1/2034  | 15000 | 17296 |
| TOTAL EDUCATION |  | 386916 |
| General Obligations - 2.1% |  |  |
| Chicago IL Gen. Oblig. 5% 1/1/2041  | 370000 | 371350 |
| Chicago IL Gen. Oblig. Series 1999, 0% 1/1/2033 (b) | 50000 | 38802 |
| Chicago IL Gen. Oblig. Series 2019A, 5% 1/1/2040  | 90000 | 90628 |
| Chicago IL Gen. Oblig. Series 2021 A, 4% 1/1/2035  | 35000 | 33704 |
| Cook Cnty IL Gen. Oblig. Series 2018, 5% 11/15/2034  | 100000 | 101136 |
| Illinois St Gen. Oblig. 5% 12/1/2036  | 25000 | 27505 |
| Illinois St Gen. Oblig. 5% 2/1/2027  | 140000 | 143151 |
| Illinois St Gen. Oblig. Series 2017 A, 4.5% 12/1/2041  | 35000 | 35053 |
| Illinois St Gen. Oblig. Series 2017 A, 5% 12/1/2026  | 100000 | 101985 |
| Illinois St Gen. Oblig. Series 2017C, 5% 11/1/2029  | 10000 | 10361 |
| Illinois St Gen. Oblig. Series 2017D, 3.25% 11/1/2026  | 40000 | 40161 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 190000 | 193444 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2028  | 140000 | 145219 |
| Illinois St Gen. Oblig. Series 2019 C, 4% 11/1/2044  | 25000 | 22852 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 A, 5% 12/1/2031  | 20000 | 22147 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 B, 3% 12/1/2041  | 390000 | 315723 |
| Illinois St Gen. Oblig. Series JUNE 2016, 3.5% 6/1/2030  | 210000 | 210143 |
| Illinois St Gen. Oblig. Series JUNE 2016, 3.5% 6/1/2031  | 70000 | 70028 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2027  | 50000 | 51248 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2030  | 160000 | 172889 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2032  | 160000 | 178250 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2037  | 780000 | 859008 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2049  | 100000 | 103127 |
| Illinois St Gen. Oblig. Series OCT 2020 C, 4% 10/1/2040  | 85000 | 82031 |
| Illinois St Gen. Oblig. Series OCTOBER 2024, 5% 2/1/2030  | 80000 | 86471 |
| TOTAL GENERAL OBLIGATIONS |  | 3506416 |
| Health Care - 0.2% |  |  |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 3.25% 5/15/2039  | 160000 | 143321 |
| Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2016, 3.25% 11/15/2045  | 15000 | 12236 |
| Illinois Finance Authority Rev (Advocate Aurora Health Inc Proj.) Series 2015, 4.125% 5/1/2045  | 125000 | 116337 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) Series 2020 A, 3% 5/15/2050  | 80000 | 56503 |
| TOTAL HEALTH CARE |  | 328397 |
| Housing - 0.1% |  |  |
| Illinois Housing Development Authority Series 2023 H, 5.75% 10/1/2053  | 210000 | 224735 |
| Special Tax - 1.0% |  |  |
| Chicago IL Board of Education Series 2016, 5.75% 4/1/2035  | 100000 | 102279 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2044  | 290000 | 306958 |
| Illinois St Sales Tax Rev Series DECEMBER 2025 B, 5% 6/15/2036  | 340000 | 382641 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2031 (National Public Finance Guarantee Corporation Insured) (b) | 30000 | 24663 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2034 (National Public Finance Guarantee Corporation Insured) (b) | 20000 | 14593 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2038 (National Public Finance Guarantee Corporation Insured) (b) | 10000 | 5964 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2032 (National Public Finance Guarantee Corporation Insured) (b) | 20000 | 16135 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2036 (National Public Finance Guarantee Corporation Insured) (b) | 35000 | 23751 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2037 (National Public Finance Guarantee Corporation Insured) (b) | 170000 | 109350 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2038 (National Public Finance Guarantee Corporation Insured) (b) | 90000 | 55031 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2047 (Assured Guaranty Inc Insured) (b) | 650000 | 235362 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2002 A, 0% 12/15/2026 (b) | 95000 | 92299 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 0% 12/15/2056 (Assured Guaranty Inc Insured) (b) | 15000 | 3285 |
| Sales Tax Securitization Corp Series 2017 A, 5% 1/1/2028  | 50000 | 52075 |
| Sales Tax Securitization Corp Series 2024 A, 5% 1/1/2036  | 250000 | 277661 |
| TOTAL SPECIAL TAX |  | 1702047 |
| Transportation - 1.4% |  |  |
| Chicago IL Midway Arpt Rev Series B, 5% 1/1/2046  | 160000 | 160000 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037  | 60000 | 62925 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2038  | 20000 | 20857 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2048  | 10000 | 10133 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 4% 1/1/2043 (Build America Mutual Assurance Co Insured) (c) | 35000 | 32832 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 4.375% 1/1/2053 (c) | 455000 | 420905 |
| Chicago IL O'Hare Intl Arpt Rev Series 2025E, 5.5% 1/1/2060 (c) | 210000 | 218347 |
| Chicago IL O'Hare Intl Arpt Rev Series C, 5% 1/1/2037  | 100000 | 100113 |
| Chicago IL O'Hare Intl Arpt Rev Series D, 5% 1/1/2047  | 370000 | 371094 |
| Illinois St Toll Hwy Auth Hwy Rev 5% 1/1/2040  | 25000 | 25023 |
| Illinois St Toll Hwy Auth Hwy Rev 5% 12/1/2031  | 50000 | 50097 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 B, 5% 1/1/2027  | 25000 | 25609 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 B, 5% 1/1/2030  | 50000 | 54725 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 C, 5% 1/1/2030  | 95000 | 103978 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 C, 5% 1/1/2031  | 120000 | 130702 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2045  | 145000 | 149940 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2023 A, 5% 1/1/2044  | 40000 | 42210 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2024 A, 5% 1/1/2033  | 405000 | 465797 |
| TOTAL TRANSPORTATION |  | 2445287 |
| Water & Sewer - 0.0% |  |  |
| Chicago IL Wtr Rev Series 2000, 5% 11/1/2030  | 15000 | 15270 |
| TOTAL ILLINOIS |  | 8609068 |
| Indiana - 0.6%  |  |  |
| General Obligations - 0.2% |  |  |
| Fishers Town Hall Bldg Corp Ind Lease Rent Rev Series 2023 A, 5.75% 7/15/2058 (Build America Mutual Assurance Co Insured)  | 345000 | 381215 |
| Health Care - 0.2% |  |  |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) Series 2017 C, 5% 11/1/2032  | 70000 | 72534 |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2023A, 5% 10/1/2053  | 175000 | 178424 |
| Indiana Health & Edl Fac Fing Auth Rev (Ascension Health Credit Group Proj.) Series 2006B 8, 5% 11/15/2046  | 100000 | 100219 |
| TOTAL HEALTH CARE |  | 351177 |
| Special Tax - 0.0% |  |  |
| Indianapolis IN Loc Pub Impt Bd Bank Series 2019A, 5% 2/1/2054  | 25000 | 25334 |
| Transportation - 0.1% |  |  |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2025D, 5% 1/15/2034  | 115000 | 132427 |
| Water & Sewer - 0.1% |  |  |
| Indiana Finance Authority Series 2021 1, 3% 10/1/2040  | 45000 | 39826 |
| Indianapolis IN Loc Pub Impt Bond Bank 0% 2/1/2028 (Ambac Assurance Corp Insured) (b) | 5000 | 4680 |
| Indianapolis Ind Wtr Sys Rev (Citizens Energy Group Water Proj.) Series 2018 A, 5% 10/1/2030  | 55000 | 58511 |
| TOTAL WATER & SEWER |  | 103017 |
| TOTAL INDIANA |  | 993170 |
| Iowa - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Iowa St Spl Oblig (Iowa St Proj.) Series 2019 A, 5% 6/1/2033  | 30000 | 32161 |
| Kansas - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Johnson & Miami Cntys Kans Uni Sch Dist No 230 Series B, 3% 9/1/2037  | 30000 | 27798 |
| Kentucky - 1.4%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Kentucky St Mun Pwr Agy Pwr Sys Rev Series 2015A, 4% 9/1/2039  | 160000 | 159994 |
| Kentucky St Mun Pwr Agy Pwr Sys Rev Series 2015A, 5% 9/1/2042  | 5000 | 5002 |
| TOTAL ELECTRIC UTILITIES |  | 164996 |
| General Obligations - 1.0% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2022 A 1, 4% tender 8/1/2052 (Morgan Stanley Guaranteed) (d) | 100000 | 100969 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5.25% tender 6/1/2055 (Morgan Stanley Guaranteed) (d) | 1530000 | 1618491 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series B, 5% 11/1/2028  | 30000 | 30617 |
| TOTAL GENERAL OBLIGATIONS |  | 1750077 |
| Health Care - 0.0% |  |  |
| Kentucky Eco Dev Fa Hlth Rev (Norton Healthcare Inc Proj.) 0% 10/1/2026 (National Public Finance Guarantee Corporation Insured) (b) | 100000 | 97126 |
| Resource Recovery - 0.2% |  |  |
| Carroll Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) Series 2008 A, 2% 2/1/2032 (c) | 365000 | 327994 |
| Water & Sewer - 0.1% |  |  |
| Louisville & Jefferson KY Swr Sys Rev Series 2016 A, 3% 5/15/2046  | 70000 | 55714 |
| Louisville & Jefferson KY Swr Sys Rev Series 2017 A, 3.25% 5/15/2046  | 100000 | 83545 |
| TOTAL WATER & SEWER |  | 139259 |
| TOTAL KENTUCKY |  | 2479452 |
| Louisiana - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth (Womens Hospital Foundation Proj.) Series 2017 A, 4% 10/1/2041  | 50000 | 48555 |
| Louisiana Pub Facs Auth Rev (Ochsner Clinic Foundation Proj.) Series 2015, 5% 5/15/2047  | 190000 | 190041 |
| Louisiana Pub Facs Rev (Ochsner Clinic Foundation Proj.) Series 2017, 4% 5/15/2037  | 130000 | 130122 |
| Louisiana Pub Facs Rev (Ochsner Clinic Foundation Proj.) Series 2020 A, 4% 5/15/2049  | 170000 | 153234 |
| TOTAL HEALTH CARE |  | 521952 |
| Special Tax - 0.0% |  |  |
| Jefferson LA Sales Tax Dist Series 2019 B, 4% 12/1/2042 (Assured Guaranty Inc Insured)  | 5000 | 4879 |
| TOTAL LOUISIANA |  | 526831 |
| Maryland - 0.6%  |  |  |
| General Obligations - 0.4% |  |  |
| State of Maryland Gen. Oblig. Series 2018 A, 5% 3/15/2030  | 30000 | 31613 |
| State of Maryland Gen. Oblig. Series 2020 SECOND A, 5% 8/1/2029  | 175000 | 190403 |
| State of Maryland Gen. Oblig. Series FIRST, 5% 3/15/2030  | 80000 | 86284 |
| State of Maryland Gen. Oblig. Series FIRST, 5% 3/15/2031  | 70000 | 75385 |
| State of Maryland Gen. Oblig. Series SECOND 2021 A, 5% 8/1/2028  | 120000 | 127803 |
| State of Maryland Gen. Oblig. Series SECOND 2021 A, 5% 8/1/2032  | 130000 | 146137 |
| State of Maryland Gen. Oblig. Series SECOND 2020A, 5% 8/1/2035  | 55000 | 59927 |
| TOTAL GENERAL OBLIGATIONS |  | 717552 |
| Health Care - 0.0% |  |  |
| Maryland St Hlth & HI Ed Facs (MedStar Health Inc Proj.) Series 2017 A, 4% 5/15/2047  | 65000 | 59444 |
| Special Tax - 0.1% |  |  |
| State of Maryland Built to Learn Revenue Series 2021, 2.75% 6/1/2051  | 190000 | 129675 |
| Transportation - 0.1% |  |  |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 4% 8/1/2051 (c) | 100000 | 88056 |
| Maryland St Transn Auth Transn 3% 7/1/2047  | 145000 | 112635 |
| TOTAL TRANSPORTATION |  | 200691 |
| TOTAL MARYLAND |  | 1107362 |
| Maryland,Virginia - 0.1%  |  |  |
| Special Tax - 0.1% |  |  |
| Washington Metropolitan Area Transit Authority Series 2021 A, 4% 7/15/2046  | 210000 | 195135 |
| Massachusetts - 3.4%  |  |  |
| Education - 0.4% |  |  |
| Massachusetts Development Finance Agency (Wellesley College, MA Proj.) Series 2018 L, 4% 7/1/2044  | 165000 | 160767 |
| Massachusetts St Dev Fin Agy Rev (Boston University Mass Proj.) Series BB 1, 4% 10/1/2046  | 95000 | 90624 |
| Massachusetts St Dev Fin Agy Rev (President and Fellows of Harvard College Proj.) Series 2016 A, 4% 7/15/2036  | 300000 | 300005 |
| Massachusetts St Hlth & Ed Fac (Boston College,Ma Proj.) 5.5% 6/1/2035  | 65000 | 77016 |
| TOTAL EDUCATION |  | 628412 |
| General Obligations - 2.2% |  |  |
| Massachusetts St Gen. Oblig. 5% 1/1/2049  | 70000 | 71218 |
| Massachusetts St Gen. Oblig. 5% 8/1/2053  | 150000 | 155856 |
| Massachusetts St Gen. Oblig. 5% 9/1/2029  | 150000 | 163667 |
| Massachusetts St Gen. Oblig. Series 2016A, 5% 7/1/2029  | 70000 | 70842 |
| Massachusetts St Gen. Oblig. Series 2016B, 4% 7/1/2033  | 75000 | 75279 |
| Massachusetts St Gen. Oblig. Series 2016B, 5% 7/1/2027  | 5000 | 5188 |
| Massachusetts St Gen. Oblig. Series 2016B, 5% 7/1/2028  | 200000 | 212492 |
| Massachusetts St Gen. Oblig. Series 2016G, 3% 9/1/2046  | 305000 | 240656 |
| Massachusetts St Gen. Oblig. Series 2016G, 4% 9/1/2032  | 75000 | 75427 |
| Massachusetts St Gen. Oblig. Series 2017 E, 5% 11/1/2026  | 20000 | 20415 |
| Massachusetts St Gen. Oblig. Series 2017F, 5% 11/1/2040  | 15000 | 15395 |
| Massachusetts St Gen. Oblig. Series 2017F, 5% 11/1/2041  | 200000 | 204754 |
| Massachusetts St Gen. Oblig. Series 2017F, 5% 11/1/2044  | 20000 | 20335 |
| Massachusetts St Gen. Oblig. Series 2018 B, 5% 7/1/2027  | 20000 | 20753 |
| Massachusetts St Gen. Oblig. Series 2018C, 5% 9/1/2030  | 150000 | 166960 |
| Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2030  | 35000 | 38696 |
| Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2041  | 25000 | 26118 |
| Massachusetts St Gen. Oblig. Series 2019 G, 3% 9/1/2039  | 200000 | 185914 |
| Massachusetts St Gen. Oblig. Series 2020 A, 5% 3/1/2029  | 175000 | 188803 |
| Massachusetts St Gen. Oblig. Series 2020 B, 2% 3/1/2034  | 170000 | 152257 |
| Massachusetts St Gen. Oblig. Series 2020 D, 4% 11/1/2041  | 150000 | 150694 |
| Massachusetts St Gen. Oblig. Series 2020 D, 5% 7/1/2028  | 205000 | 217804 |
| Massachusetts St Gen. Oblig. Series 2020 E, 5% 11/1/2033  | 165000 | 182171 |
| Massachusetts St Gen. Oblig. Series 2021 B, 3% 4/1/2047  | 140000 | 108944 |
| Massachusetts St Gen. Oblig. Series 2021 C, 5% 9/1/2029  | 50000 | 54556 |
| Massachusetts St Gen. Oblig. Series 2023B, 5% 5/1/2034  | 20000 | 23002 |
| Massachusetts St Gen. Oblig. Series 2024 A, 5% 3/1/2038  | 230000 | 260827 |
| Massachusetts St Gen. Oblig. Series 2024 I, 5% 12/1/2049  | 220000 | 230560 |
| Massachusetts St Gen. Oblig. Series 2024A, 5% 1/1/2054  | 50000 | 51775 |
| Massachusetts St Gen. Oblig. Series 2024B, 5% 11/1/2032  | 55000 | 63341 |
| Massachusetts St Gen. Oblig. Series A, 5% 4/1/2035  | 100000 | 102597 |
| Massachusetts St Gen. Oblig. Series A, 5% 4/1/2047  | 155000 | 156364 |
| TOTAL GENERAL OBLIGATIONS |  | 3713660 |
| Health Care - 0.1% |  |  |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2018 J 2, 5% 7/1/2048  | 160000 | 161975 |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2020 C, 3% 10/1/2045 (Assured Guaranty Inc Insured)  | 10000 | 7890 |
| Massachusetts St Dev Fin Agy Rev (Boston Medical Center Proj.) Series 2015D, 4% 7/1/2045  | 25000 | 22265 |
| TOTAL HEALTH CARE |  | 192130 |
| Special Tax - 0.6% |  |  |
| Mass Bay Tran Auth Assemnt Series 2022 A 2, 5% 7/1/2052  | 200000 | 206729 |
| Mass Bay Tran Auth Sls Tax 5.25% 7/1/2028  | 20000 | 21414 |
| Mass Bay Tran Auth Sls Tax Series 2023 A SUB A 1, 5.25% 7/1/2053  | 325000 | 343135 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2045  | 50000 | 52010 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016B, 5% 11/15/2046  | 10000 | 10052 |
| Massachusetts St Spl Oblig Dedicated Tax Rev 5.5% 1/1/2030 (National Public Finance Guarantee Corporation Insured) (Escrowed to Maturity)  | 10000 | 11127 |
| Massachusetts St Transn Fd Rev 5% 6/1/2047  | 20000 | 20190 |
| Massachusetts St Transn Fd Rev 5% 6/1/2048  | 130000 | 131879 |
| Massachusetts St Transn Fd Rev Series 2016B, 4% 6/1/2046  | 260000 | 248672 |
| TOTAL SPECIAL TAX |  | 1045208 |
| Transportation - 0.0% |  |  |
| Massachusetts St Port Auth Rev Series 2019 B, 3% 7/1/2049  | 70000 | 52771 |
| Water & Sewer - 0.1% |  |  |
| Massachusetts St Wtr Res Auth 5.25% 8/1/2030 (Assured Guaranty Inc Insured)  | 145000 | 163482 |
| Massachusetts St Wtr Res Auth 5.25% 8/1/2032 (Assured Guaranty Inc Insured)  | 25000 | 29316 |
| TOTAL WATER & SEWER |  | 192798 |
| TOTAL MASSACHUSETTS |  | 5824979 |
| Michigan - 1.1%  |  |  |
| General Obligations - 0.1% |  |  |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) 3% 10/15/2045  | 60000 | 47732 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2016 I, 5% 10/15/2030  | 15000 | 15287 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2025 I, 5.25% 4/15/2060  | 100000 | 106229 |
| TOTAL GENERAL OBLIGATIONS |  | 169248 |
| Health Care - 0.4% |  |  |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2036  | 120000 | 132313 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 3% 11/15/2033  | 240000 | 235781 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 3.25% 11/15/2042  | 25000 | 21084 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 4% 11/15/2046  | 50000 | 44299 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 4% 2/15/2047  | 40000 | 35847 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2019 A, 4% 12/1/2049  | 70000 | 63170 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2019MI 1, 4% 12/1/2048  | 150000 | 136385 |
| TOTAL HEALTH CARE |  | 668879 |
| Housing - 0.1% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) Series 2019B, 3.1% 12/1/2044  | 210000 | 174984 |
| Michigan Hsg Dev Rental Hsg Series 2018 A, 4.05% 10/1/2048  | 100000 | 91437 |
| Michigan St Hsg Dev Auth Sfmr (MI Single Family Mortgage Proj.) Series B, 3.1% 12/1/2031  | 50000 | 49882 |
| TOTAL HOUSING |  | 316303 |
| Special Tax - 0.2% |  |  |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 4% 11/1/2048  | 10000 | 9069 |
| Michigan St Trunk Line Fd 4% 11/15/2037  | 25000 | 25775 |
| Michigan St Trunk Line Fd Series 2021 A, 4% 11/15/2040  | 80000 | 81534 |
| Michigan St Trunk Line Fd Series 2021 A, 4% 11/15/2046  | 210000 | 199058 |
| TOTAL SPECIAL TAX |  | 315436 |
| Water & Sewer - 0.3% |  |  |
| Great Lakes Sewer Auth Mich Series 2023A, 5% 7/1/2038  | 25000 | 28054 |
| Great Lakes Sewer Auth Mich Series C, 5% 7/1/2036  | 415000 | 418750 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2023A, 5% 7/1/2038  | 15000 | 16799 |
| TOTAL WATER & SEWER |  | 463603 |
| TOTAL MICHIGAN |  | 1933469 |
| Minnesota - 0.7%  |  |  |
| General Obligations - 0.5% |  |  |
| Forest Lake Minn Inpt Sch Dist Series 2016 A, 3.25% 2/1/2046 (Minnesota St Guaranteed)  | 200000 | 166139 |
| Minnesota St Gen. Oblig. Series 2021 A, 4% 9/1/2039  | 455000 | 468152 |
| Owatonna MN Ind Sch Dist 761 Series 2020 A, 2.125% 2/1/2040 (Minnesota St Guaranteed)  | 145000 | 111795 |
| TOTAL GENERAL OBLIGATIONS |  | 746086 |
| Health Care - 0.0% |  |  |
| Apple Vy Minn Sr Living Rev (Minnesota Senior Living Proj.) Series 2016 A 1, 4.25% 1/1/2037  | 30000 | 26058 |
| Deluth MN Clinic (Essentia Health Proj.) 5% 2/15/2043  | 180000 | 182883 |
| TOTAL HEALTH CARE |  | 208941 |
| Housing - 0.2% |  |  |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2021 H, 2.55% 1/1/2046  | 285000 | 210455 |
| Minnesota Housing Finance Agency (MN Residential Hsg Proj.) Series 2019 F, 3.75% 1/1/2050  | 65000 | 65047 |
| TOTAL HOUSING |  | 275502 |
| TOTAL MINNESOTA |  | 1230529 |
| Mississippi - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Mississippi St Gen. Oblig. Series 2017 A, 5% 10/1/2030  | 65000 | 67711 |
| Missouri - 0.6%  |  |  |
| Health Care - 0.4% |  |  |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 A, 5% 7/1/2031  | 260000 | 290806 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2017 C, 3.625% 11/15/2047  | 60000 | 49873 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2020, 4% 6/1/2053  | 190000 | 164917 |
| Missouri Hlth & Edl Facs Rev (Mosaic Health Proj.) Series 2019A, 4% 2/15/2049  | 140000 | 123857 |
| TOTAL HEALTH CARE |  | 629453 |
| Special Tax - 0.1% |  |  |
| Bi-State Dev Agy MO Tran Sales Tax Approp Rev Series 2019, 4% 10/1/2048  | 180000 | 165801 |
| Transportation - 0.1% |  |  |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 5% 3/1/2057 (Assured Guaranty Inc Insured) (c) | 230000 | 230350 |
| TOTAL MISSOURI |  | 1025604 |
| Nebraska - 0.4%  |  |  |
| Education - 0.0% |  |  |
| University NE Facs Corp Rev Series 2021A, 4% 7/15/2062  | 85000 | 76017 |
| Electric Utilities - 0.3% |  |  |
| Omaha Public Power District Series 2022 A, 4% 2/1/2042  | 40000 | 40158 |
| Omaha Public Power District Series 2024 B, 5% 2/1/2035  | 325000 | 375306 |
| TOTAL ELECTRIC UTILITIES |  | 415464 |
| Health Care - 0.1% |  |  |
| Sarpy Cnty NE Hosp Auth No 1 Series 2016, 4% 5/15/2051  | 140000 | 127030 |
| TOTAL NEBRASKA |  | 618511 |
| Nevada - 0.1%  |  |  |
| General Obligations - 0.0% |  |  |
| Clark Cnty NV Gen. Oblig. Series 2016B, 5% 11/1/2027  | 50000 | 50947 |
| Special Tax - 0.1% |  |  |
| Las Vegas Convention & Visitors Authority Series 2018 B, 4% 7/1/2049  | 95000 | 86093 |
| Transportation - 0.0% |  |  |
| Clark Cnty NV Arpt Rev Series 2019B, 5% 7/1/2042  | 40000 | 41476 |
| TOTAL NEVADA |  | 178516 |
| New Hampshire - 0.1%  |  |  |
| Housing - 0.1% |  |  |
| National Fin Auth NH Affordable Hsg Ctfs Series 2025 1 CL A 2 Class A2, 5.15% tender 6/20/2041 (d) | 204711 | 213774 |
| New Jersey - 4.4%  |  |  |
| Education - 0.2% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019 B, 3.25% 12/1/2039 (c) | 10000 | 9724 |
| New Jersey St Edl Facs Auth Rev (Princeton Univ Proj.) 5% tender 7/1/2064 (d) | 100000 | 116518 |
| New Jersey St Edl Facs Auth Rev (Trustees of Princeton University/The Proj.) Series 2024B, 5.25% 3/1/2054  | 200000 | 215401 |
| TOTAL EDUCATION |  | 341643 |
| Electric Utilities - 0.1% |  |  |
| NJ Econ Dev Auth (New Jersey Natural Gas Co Proj.) Series 2011 C, 3% 8/1/2041 (c) | 205000 | 173093 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| New Jersey Econom Dev Auth Rev Series 2016 AAA, 5% 6/15/2041 (Pre-refunded to 12/15/2026 at 100)  | 55000 | 56313 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2048 (Pre-refunded to 12/15/2032 at 100)  | 230000 | 266689 |
| TOTAL ESCROWED/PRE-REFUNDED |  | 323002 |
| General Obligations - 2.6% |  |  |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series XX, 4.375% 6/15/2027  | 60000 | 60041 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 11/1/2037  | 40000 | 40480 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2031  | 35000 | 37861 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 6/15/2043  | 460000 | 472000 |
| New Jersey St Gen. Oblig. 2% 6/1/2037  | 105000 | 84762 |
| New Jersey St Gen. Oblig. 3% 6/1/2032  | 90000 | 91080 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2026 (b) | 90000 | 87573 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2027 (b) | 30000 | 28344 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2029 (b) | 20000 | 17799 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2029 (Assured Guaranty Inc Insured) (b) | 45000 | 40204 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (b) | 510000 | 424952 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2032 (Assured Guaranty Inc Insured) (b) | 40000 | 32313 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2033 (b) | 15000 | 11574 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2034 (b) | 140000 | 103875 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2037 (b) | 45000 | 28874 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2038 (b) | 35000 | 21383 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2039 (b) | 395000 | 228797 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2050  | 200000 | 179615 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2030  | 305000 | 334738 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2038  | 250000 | 278563 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2044  | 200000 | 212312 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2046  | 550000 | 572560 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2034  | 250000 | 263790 |
| New Jersey Trans Trust Fund Auth Series 2019 AA, 4% 6/15/2036  | 20000 | 20321 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 3.25% 6/15/2039  | 25000 | 23241 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 4% 6/15/2050  | 200000 | 179615 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 5% 6/15/2033  | 75000 | 79429 |
| New Jersey Trans Trust Fund Auth Series 2020 AA, 5% 6/15/2050  | 160000 | 162336 |
| New Jersey Trans Trust Fund Auth Series 2022 BB, 4% 6/15/2040  | 250000 | 247943 |
| TOTAL GENERAL OBLIGATIONS |  | 4366375 |
| Health Care - 0.1% |  |  |
| New Jersey Health Care (Rwj Barnabas Health Proj.) Series 2021 A, 3% 7/1/2051  | 250000 | 190271 |
| Tobacco Bonds - 0.3% |  |  |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 4% 6/1/2037  | 30000 | 29826 |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2029  | 130000 | 136342 |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2035  | 330000 | 339947 |
| TOTAL TOBACCO BONDS |  | 506115 |
| Transportation - 0.9% |  |  |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 4.1% 6/15/2031  | 15000 | 15068 |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2030  | 25000 | 25228 |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2018 A, 5% 6/15/2030  | 50000 | 50456 |
| New Jersey Turnpike Authority 4.25% 1/1/2043  | 50000 | 50137 |
| New Jersey Turnpike Authority 5% 1/1/2046  | 225000 | 235990 |
| New Jersey Turnpike Authority 5.25% 1/1/2052  | 260000 | 274149 |
| New Jersey Turnpike Authority Series 2017 A, 5% 1/1/2035  | 110000 | 112147 |
| New Jersey Turnpike Authority Series 2017B, 4% 1/1/2035  | 30000 | 30496 |
| New Jersey Turnpike Authority Series 2017B, 5% 1/1/2030  | 255000 | 267189 |
| New Jersey Turnpike Authority Series 2017B, 5% 1/1/2032  | 200000 | 209122 |
| New Jersey Turnpike Authority Series 2017E, 5% 1/1/2029  | 15000 | 15726 |
| New Jersey Turnpike Authority Series 2017E, 5% 1/1/2031  | 155000 | 162285 |
| New Jersey Turnpike Authority Series 2025A, 5.25% 1/1/2055  | 110000 | 117812 |
| TOTAL TRANSPORTATION |  | 1565805 |
| TOTAL NEW JERSEY |  | 7466304 |
| New Jersey,New York - 1.3%  |  |  |
| Transportation - 1.3% |  |  |
| Port Auth NY & NJ 5% 11/15/2047  | 170000 | 172817 |
| Port Auth NY & NJ 5% 9/15/2032 (c) | 160000 | 165658 |
| Port Auth NY & NJ 5.25% 11/15/2057  | 175000 | 178586 |
| Port Auth NY & NJ Series 177TH, 4% 1/15/2043 (c) | 195000 | 183211 |
| Port Auth NY & NJ Series 198, 5% 11/15/2046  | 15000 | 15109 |
| Port Auth NY & NJ Series 202, 5% 10/15/2034 (c) | 580000 | 592081 |
| Port Auth NY & NJ Series 209, 5% 7/15/2031  | 30000 | 31831 |
| Port Auth NY & NJ Series 209, 5% 7/15/2034  | 70000 | 73890 |
| Port Auth NY & NJ Series 222, 5% 7/15/2031  | 75000 | 83153 |
| Port Auth NY & NJ Series 245, 5% 9/1/2038  | 235000 | 268542 |
| Port Auth NY & NJ Series 246, 5% 9/1/2028 (c) | 440000 | 462645 |
| TOTAL NEW JERSEY,NEW YORK |  | 2227523 |
| New Mexico - 0.2%  |  |  |
| Housing - 0.2% |  |  |
| New Mexico Mtg Fin Auth (NM Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) Series 2019 F, 3.5% 7/1/2050  | 25000 | 24929 |
| New Mexico Mtg Fin Auth (NM Sf Mortgage 2005 Proj.) Series 2021 C CL I, 3% 1/1/2052  | 255000 | 251069 |
| TOTAL HOUSING |  | 275998 |
| Special Tax - 0.0% |  |  |
| New Mexico St Severance Tax Series 2022B, 5% 7/1/2031  | 135000 | 152010 |
| TOTAL NEW MEXICO |  | 428008 |
| New York - 17.8%  |  |  |
| Education - 0.8% |  |  |
| New York St Dorm Auth Revs Non St Supportd Debt (Columbia Univ, NY Proj.) Series 2018B, 5% 10/1/2038  | 45000 | 46746 |
| New York St Dorm Auth Revs Non St Supportd Debt (Columbia Univ, NY Proj.) Series A, 5% 10/1/2047  | 30000 | 33707 |
| New York St Dorm Auth Revs Non St Supportd Debt (New School (The) Proj.) Series 2016 A, 4% 7/1/2043  | 165000 | 150792 |
| New York St Dorm Auth Revs Non St Supportd Debt (New York Univ, NY Proj.) Series 2016 A, 4% 7/1/2043  | 100000 | 96230 |
| New York St Dorm Auth Revs Non St Supportd Debt (New York Univ, NY Proj.) Series 2016 A, 5% 7/1/2029  | 60000 | 60690 |
| New York St Dorm Auth Revs Non St Supportd Debt (New York Univ, NY Proj.) Series 2018 A, 5% 7/1/2040  | 30000 | 31130 |
| New York St Dorm Auth Revs Non St Supported Debt (Cornell University Proj.) Series 2020A, 4% 7/1/2050  | 130000 | 119968 |
| New York St Dorm Auth Revs Non St Supported Debt (Cornell University Proj.) Series 2020A, 5% 7/1/2030  | 190000 | 211811 |
| Onondaga Cnty NY Tr Cultural Res Rev (Syracuse University, NY Proj.) Series 2019, 5% 12/1/2039  | 25000 | 26540 |
| Onondaga Cnty NY Tr Cultural Res Rev (Syracuse University, NY Proj.) Series 2019, 5% 12/1/2040  | 160000 | 169018 |
| Troy NY Cap Resource Corp Rev (Rensselaer Polytechnic Institute Proj.) Series 2020A, 5% 9/1/2037  | 375000 | 398880 |
| TOTAL EDUCATION |  | 1345512 |
| Electric Utilities - 0.4% |  |  |
| Long Island Pwr Auth NY Elec 0% 6/1/2029 (Assured Guaranty Inc Insured) (b) | 90000 | 80701 |
| Long Island Pwr Auth NY Elec Series 2016 B, 5% 9/1/2046  | 40000 | 40198 |
| Long Island Pwr Auth NY Elec Series 2017, 5% 9/1/2047  | 30000 | 30411 |
| Long Island Pwr Auth NY Elec Series 2018, 5% 9/1/2035  | 20000 | 21106 |
| Long Island Pwr Auth NY Elec Series 2024A, 5% 9/1/2034  | 220000 | 260135 |
| New York St Pwr Auth Series 2024A, 5% 11/15/2035  | 200000 | 235739 |
| TOTAL ELECTRIC UTILITIES |  | 668290 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| New York St Dorm Auth St Pers Income Tax Rev Series 2017 A, 5% 2/15/2027  | 110000 | 113123 |
| General Obligations - 2.3% |  |  |
| City of New York NY Gen. Oblig. 5.25% 2/1/2053  | 210000 | 220471 |
| City of New York NY Gen. Oblig. Series 2008 L 6, 5% 4/1/2031  | 50000 | 53438 |
| City of New York NY Gen. Oblig. Series 2018 1, 5% 8/1/2028  | 10000 | 10372 |
| City of New York NY Gen. Oblig. Series 2018 B 1, 4% 10/1/2040  | 260000 | 257381 |
| City of New York NY Gen. Oblig. Series 2018 C, 5% 8/1/2027  | 25000 | 25994 |
| City of New York NY Gen. Oblig. Series 2019 D1, 4% 12/1/2041  | 50000 | 49154 |
| City of New York NY Gen. Oblig. Series 2023 SUB F 1, 5% 8/1/2031  | 200000 | 223874 |
| City of New York NY Gen. Oblig. Series A(A 1), 4% 8/1/2044  | 20000 | 18754 |
| City of New York NY Gen. Oblig. Series A(A 1), 5% 8/1/2035  | 270000 | 287254 |
| City of New York NY Gen. Oblig. Series B 1, 3.25% 10/1/2042  | 55000 | 47335 |
| City of New York NY Gen. Oblig. Series C, 3% 8/1/2034  | 25000 | 24798 |
| City of New York NY Gen. Oblig. Series E, 5% 8/1/2026  | 75000 | 76084 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 D 1, 4% 3/1/2042  | 125000 | 122454 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 SUB B 1, 5% 10/1/2032  | 70000 | 75280 |
| City of New York NY Gen. Oblig. Series FISCAL 2023B SUB B 1, 5.25% 10/1/2047  | 485000 | 506051 |
| City of New York NY Gen. Oblig. Series FISCAL 2024 D, 5.25% 4/1/2054  | 220000 | 229553 |
| City of New York NY Gen. Oblig. Series FISCAL 2025 A, 5% 8/1/2035  | 115000 | 132097 |
| City of New York NY Gen. Oblig. Series FISCAL 2025 SUB C1, 5% 9/1/2048  | 365000 | 376312 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2016 S 1, 5% 7/15/2026  | 50000 | 50045 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 3, 3.625% 7/15/2047  | 155000 | 135153 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 4A, 5% 7/15/2031  | 30000 | 31725 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 4A, 5% 7/15/2034  | 275000 | 289453 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series FISCAL 2023 SUB S 1A, 5% 7/15/2028  | 400000 | 425366 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series S 1, 5% 7/15/2035  | 35000 | 36044 |
| New York St Dorm Auth Revs Non St Supported Debt (NY School Bond Program Proj.) 5% 10/1/2031 (Assured Guaranty Inc Insured)  | 225000 | 239374 |
| New York St Gen. Oblig. 3.5% 3/1/2043  | 30000 | 28175 |
| TOTAL GENERAL OBLIGATIONS |  | 3971991 |
| Health Care - 0.4% |  |  |
| Dutchess Cnty NY Loc Dev Corp Rev (Nuvance Health Proj.) Series 2016 B, 4% 7/1/2041  | 40000 | 38240 |
| New York St Dorm Auth Revs Non St Supported Debt (Maimonides Medical Center Proj.) Series 2020, 3% 2/1/2050  | 55000 | 39968 |
| New York St Dorm Auth Revs Non St Supported Debt (Memorial Sloan-Kettering Cancer Center Proj.) Series 2019 1, 3% 7/1/2034  | 120000 | 116153 |
| New York St Dorm Auth Revs Non St Supported Debt (Memorial Sloan-Kettering Cancer Center Proj.) Series 2019 1, 5% 7/1/2030  | 50000 | 54391 |
| New York St Dorm Auth Revs Non St Supported Debt (Montefiore Medical Center Proj.) Series 2018 A, 4% 8/1/2038  | 60000 | 56464 |
| New York St Dorm Auth Revs Non St Supported Debt (Northwell Health Proj.) Series 2022 A, 4.25% 5/1/2052  | 40000 | 36666 |
| New York St Dorm Auth Revs Non St Supported Debt (Northwell Health Proj.) Series 2022 A, 5% 5/1/2037  | 100000 | 109231 |
| New York St Dorm Auth Revs Non St Supported Debt (Northwell Health Proj.) Series 2025A, 5% 5/1/2036  | 240000 | 270222 |
| TOTAL HEALTH CARE |  | 721335 |
| Housing - 0.5% |  |  |
| New York St Hsg Fin Agy Series 2019 P, 3.15% 11/1/2054  | 25000 | 18419 |
| New York St Hsg Fin Agy Series 2024 B 2, 3.45% tender 11/1/2063 (d) | 275000 | 275446 |
| New York St Mtg Agy Rev (NY Mortgage Proj.) Series FORTY EIGHTH, 3.45% 10/1/2033  | 5000 | 5000 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 E 1, 3.25% 11/1/2049  | 30000 | 23268 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 E 1, 3.45% 5/1/2059  | 10000 | 7698 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2020 D 1B, 2.4% 11/1/2050  | 75000 | 47848 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 G 1, 2.15% 11/1/2036  | 180000 | 153123 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 K 1, 2.45% 11/1/2041  | 160000 | 122749 |
| NY City Hsg Dev Corp Multifamily Hsg Rev Series 2019 E 1, 3.15% 11/1/2044  | 275000 | 230902 |
| State of New York Mortgage Agency (NY Mortgage Proj.) Series 220, 2.85% 10/1/2044  | 25000 | 20027 |
| TOTAL HOUSING |  | 904480 |
| Industrial Development - 0.3% |  |  |
| Liberty NY Dev Corp Rev (Goldman Sachs Group Inc/The Proj.) 5.25% 10/1/2035  | 135000 | 157834 |
| Liberty NY Dev Corp Rev (Goldman Sachs Group Inc/The Proj.) 5.5% 10/1/2037  | 25000 | 29929 |
| New York Liberty Dev Corp Series 2019 CL 2, 2.625% 9/15/2069  | 150000 | 141100 |
| New York Liberty Dev Corp Series 2021A, 2.5% 11/15/2036  | 200000 | 171062 |
| TOTAL INDUSTRIAL DEVELOPMENT |  | 499925 |
| Other - 0.0% |  |  |
| New York St Dorm Auth Revs Non St Supported Debt (Rockefeller Univ, NY Proj.) 4% 7/1/2049  | 45000 | 41024 |
| Special Tax - 7.9% |  |  |
| Battery Pk City Auth NY Rev Series 2019A, 5% 11/1/2049  | 190000 | 194679 |
| Battery Pk City Auth NY Rev Series 2023 A, 5% 11/1/2053  | 145000 | 150940 |
| Brooklyn Arena Local Dev Corp N Y Series A, 3% 7/15/2043 (Assured Guaranty Inc Insured)  | 25000 | 19681 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 4% 2/15/2036  | 120000 | 120834 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 4% 2/15/2044  | 35000 | 33219 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2030  | 55000 | 56480 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2039  | 40000 | 40754 |
| Hudson Yds Infrastructure Corp NY Rev Series FISCAL 2022 A, 4% 2/15/2039  | 95000 | 97392 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2030  | 150000 | 166647 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024D SUB D 1, 5% 11/1/2041  | 20000 | 21715 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2025 E, 4.125% 11/1/2053  | 705000 | 658236 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2026 B, 5% 5/1/2036  | 305000 | 356024 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2026 SUB D 1, 5% 11/1/2035 (e) | 370000 | 434121 |
| New York NY City Transitional Fin Auth Rev 5% 11/1/2032  | 170000 | 189957 |
| New York NY City Transitional Fin Auth Rev 5% 8/1/2045  | 50000 | 50761 |
| New York NY City Transitional Fin Auth Rev Series 2017, 4% 5/1/2037  | 80000 | 80395 |
| New York NY City Transitional Fin Auth Rev Series 2017, 5% 5/1/2040  | 15000 | 15026 |
| New York NY City Transitional Fin Auth Rev Series 2018 A 2, 5% 8/1/2038  | 55000 | 56555 |
| New York NY City Transitional Fin Auth Rev Series 2018 C 2, 5% 5/1/2036  | 240000 | 249563 |
| New York NY City Transitional Fin Auth Rev Series 2019 A 1, 5% 8/1/2036  | 465000 | 485097 |
| New York NY City Transitional Fin Auth Rev Series 2019 C 1, 4% 11/1/2036  | 50000 | 50517 |
| New York NY City Transitional Fin Auth Rev Series 2019 C 1, 4% 11/1/2037  | 30000 | 30212 |
| New York NY City Transitional Fin Auth Rev Series B 1, 4% 8/1/2038  | 100000 | 100654 |
| New York NY City Transitional Fin Auth Rev Series B 1, 4% 8/1/2039  | 20000 | 20104 |
| New York NY City Transitional Fin Auth Rev Series B1, 5% 11/1/2028  | 30000 | 30066 |
| New York NY City Transitional Fin Auth Rev Series C, 5% 11/1/2026  | 40000 | 40814 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020 B 1, 4% 11/1/2045  | 415000 | 386456 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020A SUB A 3, 4% 5/1/2042  | 260000 | 254808 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020C SUB C 1, 4% 5/1/2040  | 10000 | 10031 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020C SUB C 1, 5% 5/1/2041  | 100000 | 105485 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 A, 4% 11/1/2035  | 80000 | 82120 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 A, 5% 11/1/2031  | 150000 | 166319 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 E 1, 3% 2/1/2051  | 255000 | 188171 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2038  | 100000 | 101267 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2044  | 30000 | 28645 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2022C SUB C 1, 5% 2/1/2037  | 100000 | 109881 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023B SUB B 1, 5% 11/1/2033  | 175000 | 199059 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023F SUB F 1, 5.25% 2/1/2047  | 440000 | 461849 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2038  | 235000 | 263135 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2017 A, 5% 3/15/2043  | 75000 | 76008 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2017 A, 5% 3/15/2044  | 210000 | 212599 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024A, 5% 3/15/2051  | 200000 | 207411 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024A, 5% 3/15/2055  | 255000 | 263909 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2018A, 5% 3/15/2032  | 50000 | 53082 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2039  | 100000 | 105003 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2040  | 90000 | 93934 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 3% 2/15/2049  | 165000 | 122884 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 4% 3/15/2054  | 595000 | 537383 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5.25% 3/15/2048  | 600000 | 633561 |
| New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2042  | 15000 | 15483 |
| New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2044  | 25000 | 25651 |
| New York State Dormitory Authority (New York State Pit Proj.) 3% 3/15/2049  | 105000 | 78141 |
| New York State Dormitory Authority (New York State Pit Proj.) 5% 2/15/2039  | 15000 | 15406 |
| New York State Dormitory Authority (New York State Pit Proj.) 5% 2/15/2043  | 50000 | 50886 |
| New York State Dormitory Authority (New York State Pit Proj.) Series 2025A, 5% 3/15/2055  | 570000 | 587029 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 4% 3/15/2045  | 65000 | 60641 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 4% 3/15/2049  | 85000 | 77235 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 5% 3/15/2036  | 500000 | 544337 |
| New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2021A 1, 4% 3/15/2058  | 135000 | 121468 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) 5% 3/15/2048  | 355000 | 366463 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2019 A, 4% 3/15/2043  | 5000 | 4845 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2019 A, 4% 3/15/2046  | 75000 | 69617 |
| NY Mta Dedicated Tax Fund Series 2012A, 0% 11/15/2032 (b) | 225000 | 182054 |
| NY Mta Dedicated Tax Fund Series 2012A, 3% 11/15/2028  | 190000 | 190003 |
| NY Mta Dedicated Tax Fund Series 2016 A, 5.25% 11/15/2028  | 150000 | 153284 |
| NY Payroll Mobility Tax 4% 5/15/2046  | 910000 | 841858 |
| NY Payroll Mobility Tax Series 2021 C 2, 3% 5/15/2033  | 390000 | 390951 |
| NY Payroll Mobility Tax Series 2021 SUB C 3, 4% 5/15/2051  | 540000 | 487536 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2022 A, 4% 5/15/2052  | 215000 | 196720 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2022 A, 5.25% 5/15/2057  | 480000 | 499397 |
| TOTAL SPECIAL TAX |  | 13372448 |
| Tobacco Bonds - 0.0% |  |  |
| Tobacco Settlement Asset Securitization Corp NY Rev Series A, 5% 6/1/2032  | 75000 | 76430 |
| Transportation - 3.4% |  |  |
| Metropolitan Transn Auth NY Rv 4% 11/15/2049  | 25000 | 22420 |
| Metropolitan Transn Auth NY Rv Series 2015B, 4% 11/15/2045  | 250000 | 224140 |
| Metropolitan Transn Auth NY Rv Series 2016 B, 5% 11/15/2037  | 325000 | 328932 |
| Metropolitan Transn Auth NY Rv Series 2016 D, 3% 11/15/2032  | 50000 | 47312 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 4% 11/15/2042  | 95000 | 89594 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 4% 11/15/2034  | 55000 | 55447 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 4% 11/15/2035  | 245000 | 246321 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2028  | 25000 | 26262 |
| Metropolitan Transn Auth NY Rv Series 2018 B, 5% 11/15/2027  | 20000 | 20875 |
| Metropolitan Transn Auth NY Rv Series 2019 B, 4% 11/15/2049 (Assured Guaranty Inc Insured)  | 40000 | 35757 |
| Metropolitan Transn Auth NY Rv Series 2019 B, 5% 11/15/2052  | 650000 | 654607 |
| Metropolitan Transn Auth NY Rv Series 2020 A 1, 4% 11/15/2052  | 20000 | 17466 |
| Metropolitan Transn Auth NY Rv Series 2021 A 1, 4% 11/15/2049  | 130000 | 114871 |
| Metropolitan Transn Auth NY Rv Series 2024A, 5% 11/15/2044  | 25000 | 26257 |
| Metropolitan Transn Auth NY Rv Series C 1, 4% 11/15/2046  | 120000 | 107023 |
| Metropolitan Transn Auth NY Rv Series C 2, 3% 11/15/2038  | 25000 | 21022 |
| New York St Twy Auth Gen Rev 5.25% 1/1/2056  | 250000 | 250087 |
| New York St Twy Auth Gen Rev Series 2016 A, 5% 1/1/2051  | 30000 | 30005 |
| New York St Twy Auth Gen Rev Series 2019 B, 3% 1/1/2046  | 300000 | 230684 |
| New York St Twy Auth Gen Rev Series L, 5% 1/1/2034  | 70000 | 73163 |
| New York St Twy Auth Gen Rev Series N, 4% 1/1/2047  | 250000 | 237329 |
| New York St Twy Auth Gen Rev Series P, 5% 1/1/2031  | 25000 | 28213 |
| New York St Twy Auth Gen Rev Series P, 5% 1/1/2033  | 10000 | 11618 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2030 (c) | 30000 | 30899 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2020, 4.375% 10/1/2045 (c) | 330000 | 307287 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2035 (c) | 150000 | 161211 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.125% 6/30/2060 (Assured Guaranty Inc Insured) (c) | 200000 | 200832 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.375% 6/30/2060 (c) | 750000 | 750270 |
| New York Transportation Development Corp (Jfk Intl Terminal 6 Proj.) 5.25% 12/31/2054 (Assured Guaranty Inc Insured) (c) | 250000 | 253449 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 4% 1/1/2051 (Assured Guaranty Inc Insured) (c) | 30000 | 26341 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 4% 7/1/2041 (c) | 30000 | 28267 |
| Port Auth NY & NJ Series 245, 5% 9/1/2054  | 110000 | 114809 |
| Port Auth NY & NJ Series TWO HUNDRED EIGHTEEN, 4% 11/1/2034 (c) | 75000 | 76339 |
| Triborough Brdg & Tunl NY Revs 5% 11/15/2031  | 200000 | 227771 |
| Triborough Brdg & Tunl NY Revs Series 2012B, 0% 11/15/2032 (b) | 290000 | 235124 |
| Triborough Brdg & Tunl NY Revs Series 2013A, 0% 11/15/2030 (b) | 105000 | 90816 |
| Triborough Brdg & Tunl NY Revs Series 2013A, 0% 11/15/2032 (b) | 35000 | 28186 |
| Triborough Brdg & Tunl NY Revs Series 2016A, 5% 11/15/2031  | 100000 | 100696 |
| Triborough Brdg & Tunl NY Revs Series 2018 C, 5% 11/15/2037  | 25000 | 26224 |
| Triborough Brdg & Tunl NY Revs Series 2019A, 5% 11/15/2049  | 45000 | 45833 |
| Triborough Brdg & Tunl NY Revs Series B, 5% 11/15/2036  | 90000 | 92366 |
| TOTAL TRANSPORTATION |  | 5696125 |
| Water & Sewer - 1.7% |  |  |
| New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2023 B, 5% 6/15/2032  | 210000 | 243052 |
| New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2024A, 5% 6/15/2037  | 15000 | 17296 |
| New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2024A, 5% 6/15/2038  | 85000 | 97264 |
| New York NY Cty Muni Wtr Fin Auth 4% 6/15/2052  | 480000 | 433600 |
| New York NY Cty Muni Wtr Fin Auth 5.25% 6/15/2047  | 60000 | 60628 |
| New York NY Cty Muni Wtr Fin Auth 5.25% 6/15/2049  | 65000 | 66512 |
| New York NY Cty Muni Wtr Fin Auth Series 2017 EE, 5% 6/15/2036  | 60000 | 61745 |
| New York NY Cty Muni Wtr Fin Auth Series 2018 AA, 5% 6/15/2037  | 5000 | 5135 |
| New York NY Cty Muni Wtr Fin Auth Series 2018 FF, 5% 6/15/2040  | 135000 | 139691 |
| New York NY Cty Muni Wtr Fin Auth Series 2019 DD 1, 4% 6/15/2049  | 165000 | 151583 |
| New York NY Cty Muni Wtr Fin Auth Series 2019 FF 2, 4% 6/15/2037  | 80000 | 80873 |
| New York NY Cty Muni Wtr Fin Auth Series 2020 AA, 5% 6/15/2027  | 150000 | 155588 |
| New York NY Cty Muni Wtr Fin Auth Series 2020 BB1, 5% 6/15/2049  | 195000 | 199762 |
| New York NY Cty Muni Wtr Fin Auth Series DD, 5% 6/15/2048  | 15000 | 15217 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 CC 1, 4% 6/15/2049  | 35000 | 32129 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 FF, 5% 6/15/2041  | 190000 | 201051 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2022 SUB AA 1, 3.5% 6/15/2048  | 30000 | 25127 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL2025AA SUB AA1, 5% 6/15/2051  | 255000 | 264744 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL2025AA SUB AA1, 5.25% 6/15/2053  | 540000 | 570083 |
| New York St Env Facs Corp Rev Series 2019 A, 5% 2/15/2049  | 30000 | 31090 |
| Suffolk Cnty NY Wtr Auth Wtrwk Series 2018 A, 4% 6/1/2041  | 45000 | 45303 |
| TOTAL WATER & SEWER |  | 2897473 |
| TOTAL NEW YORK |  | 30308156 |
| North Carolina - 0.7%  |  |  |
| General Obligations - 0.2% |  |  |
| Mecklenburg Cnty NC Series 2022, 5% 9/1/2032  | 130000 | 150063 |
| North Carolina St Gen. Oblig. Series 2016 A, 5% 6/1/2027  | 70000 | 70673 |
| North Carolina St Gen. Oblig. Series 2018 A, 5% 6/1/2029  | 45000 | 47747 |
| State of North Carolina (North Carolina St Proj.) Series 2020 B, 5% 5/1/2029  | 20000 | 21625 |
| TOTAL GENERAL OBLIGATIONS |  | 290108 |
| Health Care - 0.0% |  |  |
| North Carolina Med Care Commn Health Care Facs Rev (Duke Univ Health System Inc Proj.) Series 2016 A, 5% 6/1/2028  | 65000 | 68689 |
| Housing - 0.2% |  |  |
| North Carolina Housing Finance Agency (NC Homeownership Proj.) Series 57 A, 6.25% 1/1/2056  | 260000 | 292266 |
| Transportation - 0.3% |  |  |
| North Carolina St Grant Antic Rev Series 2019, 5% 3/1/2031  | 110000 | 118027 |
| North Carolina St Grant Antic Rev Series 2019, 5% 3/1/2033  | 75000 | 80170 |
| North Carolina St Grant Antic Rev Series 2019, 5% 3/1/2034  | 40000 | 42654 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev 0% 1/1/2037 (Assured Guaranty Inc Insured) (b) | 275000 | 182609 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2009B, 0% 1/1/2038 (Assured Guaranty Inc Insured) (b) | 110000 | 69436 |
| TOTAL TRANSPORTATION |  | 492896 |
| TOTAL NORTH CAROLINA |  | 1143959 |
| North Dakota - 0.0%  |  |  |
| Housing - 0.0% |  |  |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 2.25% 7/1/2041  | 50000 | 38314 |
| Ohio - 2.2%  |  |  |
| Education - 0.1% |  |  |
| Ohio St Univ Gen Rcpts Series 2026 A, 5% 6/1/2035 (e) | 165000 | 193802 |
| General Obligations - 0.2% |  |  |
| City of Columbus OH Gen. Oblig. Series 2016 A, 4% 8/15/2027  | 45000 | 45045 |
| Southwest Licking OH Local Sch Dist Series 2017 A, 3.375% 11/1/2047  | 10000 | 8202 |
| State of Ohio Gen. Oblig. Series 2017C, 5% 8/1/2026  | 25000 | 25362 |
| State of Ohio Gen. Oblig. Series 2021 B, 5% 9/15/2031  | 215000 | 244118 |
| TOTAL GENERAL OBLIGATIONS |  | 322727 |
| Health Care - 0.8% |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) Series 2015A, 4% 11/1/2044  | 265000 | 238802 |
| Chillicothe Ohio Hosp Facs Rev (Adena Health Sys Proj.) Series 2017, 5% 12/1/2037  | 100000 | 101850 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) Series 2017, 5% 2/15/2052  | 55000 | 51943 |
| Hamilton Cnty OH Hosp Facs Rev (TriHealth Inc Proj.) Series 2020 A, 4% 8/15/2050  | 20000 | 17935 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) 5% 1/15/2041  | 20000 | 20004 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) 5% 1/1/2028  | 100000 | 104627 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2027  | 175000 | 178969 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2031  | 215000 | 224742 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2032  | 160000 | 166882 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2033  | 40000 | 41628 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2016, 3.5% 2/15/2038  | 285000 | 265657 |
| TOTAL HEALTH CARE |  | 1413039 |
| Housing - 0.3% |  |  |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2021A, 3% 3/1/2052  | 90000 | 88641 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2021 C, 2.7% 9/1/2046  | 485000 | 364643 |
| TOTAL HOUSING |  | 453284 |
| Special Tax - 0.1% |  |  |
| Franklin Cnty Ohio Sales Tax Rev Series 2018, 5% 6/1/2048  | 30000 | 30608 |
| Hamilton OH Sales Tax 0% 12/1/2028 (Ambac Assurance Corp Insured) (b) | 235000 | 214675 |
| TOTAL SPECIAL TAX |  | 245283 |
| Tobacco Bonds - 0.2% |  |  |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2034  | 320000 | 338335 |
| Transportation - 0.3% |  |  |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2038 (c) | 250000 | 273223 |
| Ohio St Tpk Commn Tpk Rev 5% 2/15/2051  | 50000 | 51564 |
| Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2037 (b) | 20000 | 13639 |
| Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2041 (b) | 60000 | 32861 |
| Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2043 (b) | 25000 | 12057 |
| TOTAL TRANSPORTATION |  | 383344 |
| Water & Sewer - 0.2% |  |  |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev 5% 12/1/2033  | 30000 | 34957 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2017 A, 5% 12/1/2028  | 30000 | 31050 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2019 B, 3% 6/1/2046  | 90000 | 70264 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020 A, 5% 12/1/2040  | 80000 | 85232 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020 A, 5% 6/1/2033  | 90000 | 98912 |
| Ohio Water Dev Authority (Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Proj.) Series 2019A, 5% 6/1/2027  | 55000 | 56954 |
| TOTAL WATER & SEWER |  | 377369 |
| TOTAL OHIO |  | 3727183 |
| Oklahoma - 0.4%  |  |  |
| Health Care - 0.0% |  |  |
| OK Dev Fin Auth Health Sys Rev (OU Medicine Inc Proj.) Series 2018 B, 4% 8/15/2048 (Assured Guaranty Inc Insured)  | 140000 | 126469 |
| Special Tax - 0.1% |  |  |
| Edmond OK Pub Wks Auth Sales Tax & Util Sys Rev Series 2017, 4% 7/1/2047  | 145000 | 134933 |
| Transportation - 0.3% |  |  |
| Oklahoma St Tpk Auth Tpk Rev 4.25% 1/1/2055 (Assured Guaranty Inc Insured)  | 475000 | 453113 |
| Oklahoma St Tpk Auth Tpk Rev Series 2017 A, 4% 1/1/2047  | 35000 | 32784 |
| TOTAL TRANSPORTATION |  | 485897 |
| Water & Sewer - 0.0% |  |  |
| Oklahoma St Wtr Res Brd Rev Fd Series 2023 A, 4.125% 4/1/2053  | 20000 | 18620 |
| TOTAL OKLAHOMA |  | 765919 |
| Oregon - 0.4%  |  |  |
| General Obligations - 0.2% |  |  |
| Clackamas Cnty Ore Sch Dis No 46 Oregon Trail 0% 6/15/2039 (Oregon St Guaranteed) (b) | 155000 | 91207 |
| Deschutes Ore Pub Libr Dist Gen. Oblig. Series 2021, 3% 12/1/2041  | 205000 | 177352 |
| TOTAL GENERAL OBLIGATIONS |  | 268559 |
| Health Care - 0.2% |  |  |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 4% 8/15/2050  | 100000 | 87559 |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 5% 8/15/2045  | 50000 | 51026 |
| Oregon St Facs Auth Rev (Legacy Health System, or Proj.) Series 2022 A, 5% 6/1/2052  | 230000 | 232857 |
| Salem OR Hosp Fac Auth Rev (Salem Health Proj.) Series 2019 A, 3% 5/15/2049  | 45000 | 32398 |
| TOTAL HEALTH CARE |  | 403840 |
| TOTAL OREGON |  | 672399 |
| Pennsylvania - 4.0%  |  |  |
| Education - 0.0% |  |  |
| Delaware Cnty PA College Rev (Haverford College Proj.) Series 2017 A, 5% 10/1/2042  | 5000 | 5058 |
| General Obligations - 0.7% |  |  |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 4% 6/1/2039 (Assured Guaranty Inc Insured)  | 60000 | 59087 |
| Pennsylvania St Gen. Oblig. 5% 9/1/2032  | 15000 | 17225 |
| Pennsylvania St Gen. Oblig. 5% 9/15/2029  | 100000 | 101597 |
| Pennsylvania St Gen. Oblig. Series 2016, 3% 9/15/2036  | 45000 | 43303 |
| Pennsylvania St Gen. Oblig. Series 2018, 3.75% 3/1/2039 (Assured Guaranty Inc Insured)  | 510000 | 511429 |
| Pennsylvania St Gen. Oblig. Series FIRST 2021, 2% 5/15/2039  | 200000 | 155960 |
| Pennsylvania St Gen. Oblig. Series FIRST 2022, 5% 10/1/2032  | 40000 | 45983 |
| Pennsylvania St Gen. Oblig. Series FIRST 2022, 5% 10/1/2038  | 20000 | 21969 |
| Pennsylvania St Gen. Oblig. Series SECOND 2016, 5% 1/15/2028  | 145000 | 148645 |
| Philadelphia PA Sch Dist 5% 6/1/2027 (National Public Finance Guarantee Corporation Insured)  | 50000 | 51600 |
| Philadelphia PA Sch Dist Series 2018 B, 4% 9/1/2043 (Assured Guaranty Inc Insured)  | 30000 | 29254 |
| Philadelphia PA Sch Dist Series 2019 A, 5% 9/1/2044  | 55000 | 56179 |
| State Pub Sch Bldg Auth PA Sch Rev (Harrisburg PA Sch Dist Proj.) Series 2016 A, 4% 12/1/2031  | 110000 | 111346 |
| TOTAL GENERAL OBLIGATIONS |  | 1353577 |
| Health Care - 1.2% |  |  |
| Alleg Cnty PA Dev Auth (Allegheny Health System Proj.) Series 2018A, 4% 4/1/2038  | 5000 | 4965 |
| Alleg Cnty PA Dev Auth (Allegheny Health System Proj.) Series 2018A, 5% 4/1/2027  | 150000 | 153496 |
| Alleg Cnty PA Dev Auth (Allegheny Health System Proj.) Series 2018A, 5% 4/1/2032  | 300000 | 311959 |
| Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 5% 7/15/2031  | 160000 | 170834 |
| Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 5% 7/15/2032  | 450000 | 478665 |
| Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 5% 7/15/2033  | 110000 | 116458 |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2017 A 2, 4% 2/15/2039  | 200000 | 198423 |
| Lancaster Cnty PA Hosp Aut Rev (Univ of Penn Health Systems Proj.) Series 2016 A, 5% 8/15/2042  | 10000 | 10055 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2012B, 4% 7/1/2043  | 40000 | 37228 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2044  | 90000 | 80691 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2022 B, 3.125% 5/1/2053 (Assured Guaranty Inc Insured)  | 190000 | 137863 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2020 A, 4% 4/15/2050  | 25000 | 22022 |
| Philadelphia PA Auth For Indl Dev Hosp Rev (Childrens Hosp of Phil, PA Proj.) Series 2017, 4% 7/1/2037  | 5000 | 4993 |
| Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 A, 5% 9/1/2042  | 200000 | 201539 |
| TOTAL HEALTH CARE |  | 1929191 |
| Housing - 0.4% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series 124A, 4% 10/1/2038 (c) | 40000 | 39996 |
| Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series 2017 125 B, 3.65% 10/1/2042  | 140000 | 130916 |
| Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series B, 3.45% 10/1/2032  | 5000 | 5000 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2019 129, 3.15% 10/1/2039  | 220000 | 203209 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 136, 2.07% 10/1/2036  | 210000 | 175735 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2023 142A, 4.5% 10/1/2038  | 110000 | 114370 |
| TOTAL HOUSING |  | 669226 |
| Other - 0.1% |  |  |
| Chester Cnty PA Indl Dev Auth (Longwood Gardens Proj.) Series 2021, 4% 12/1/2046  | 165000 | 155720 |
| Special Tax - 0.1% |  |  |
| Pennsylvania St Tpk Comm Oil Franchise Tax Rev Series 2021 B, 4% 12/1/2053 (Pacific Life Insurance Co Guaranteed)  | 130000 | 118967 |
| Transportation - 1.4% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2051 (c) | 465000 | 465061 |
| Delaware Riv Port Auth PA & NJ Series 2018 A, 5% 1/1/2032  | 20000 | 21373 |
| Pennslyvania Dev Fing Auth Rev (Plenary Walsh Keystone Partners LLC Proj.) Series 2015, 4.125% 12/31/2038 (c) | 25000 | 24143 |
| Pennsylvania Econ Dev Fing Auth Private Activity Rev (PA Dot Major Bridges I Proj.) 5% 12/31/2057 (Assured Guaranty Inc Insured) (c) | 275000 | 271227 |
| Pennsylvania Turnpike Commission Series 2017, 5% 12/1/2040  | 50000 | 51366 |
| Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2035  | 35000 | 37655 |
| Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2049  | 200000 | 205900 |
| Pennsylvania Turnpike Commission Series 2021 A, 4% 12/1/2045  | 180000 | 170985 |
| Pennsylvania Turnpike Commission Series 2024, 5% 12/1/2040  | 850000 | 947561 |
| Pennsylvania Turnpike Commission Series A 1, 4% 12/1/2041  | 60000 | 59998 |
| Pennsylvania Turnpike Commission Series B 1, 5.25% 6/1/2047  | 55000 | 55726 |
| TOTAL TRANSPORTATION |  | 2310995 |
| Water & Sewer - 0.1% |  |  |
| Philadelphia PA Wtr & Wastewtr Series 2021 C, 4% 10/1/2051  | 230000 | 210065 |
| Pittsburgh PA Wtr & Swr Auth 0% 9/1/2028 (National Public Finance Guarantee Corporation Insured) (b) | 20000 | 18482 |
| TOTAL WATER & SEWER |  | 228547 |
| TOTAL PENNSYLVANIA |  | 6771281 |
| South Carolina - 1.7%  |  |  |
| Electric Utilities - 1.0% |  |  |
| South Carolina St Svc Auth Rev 3% 12/1/2041  | 30000 | 24176 |
| South Carolina St Svc Auth Rev 4% 12/1/2037  | 265000 | 267770 |
| South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2033  | 525000 | 529318 |
| South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2035  | 545000 | 549083 |
| South Carolina St Svc Auth Rev Series 2021B, 4% 12/1/2047  | 45000 | 40700 |
| South Carolina St Svc Auth Rev Series 2022 A, 5% 12/1/2044  | 125000 | 129802 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2041  | 200000 | 201693 |
| TOTAL ELECTRIC UTILITIES |  | 1742542 |
| General Obligations - 0.1% |  |  |
| Patriots Energy Group Financing Agency Series 2023 A 1, 5.25% tender 10/1/2054 (Sumitomo Mitsui Banking Corp/New York Guaranteed) (d) | 190000 | 203023 |
| Health Care - 0.4% |  |  |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5% 11/1/2038  | 300000 | 330636 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.5% 11/1/2050  | 200000 | 212311 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.5% 11/1/2054  | 105000 | 110761 |
| TOTAL HEALTH CARE |  | 653708 |
| Special Tax - 0.0% |  |  |
| South Carolina Trans Infrastructure Bank Rev Series 2017 A, 5% 10/1/2038  | 85000 | 87497 |
| Transportation - 0.1% |  |  |
| South Carolina St Ports Auth Series 2019 A, 5% 7/1/2054  | 115000 | 116366 |
| Water & Sewer - 0.1% |  |  |
| Charleston SC Wtrwks & Swr Series 2022, 5% 1/1/2047  | 130000 | 136208 |
| TOTAL SOUTH CAROLINA |  | 2939344 |
| Tennessee - 0.7%  |  |  |
| Education - 0.1% |  |  |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Belmont University Proj.) Series 2021, 4% 5/1/2051  | 30000 | 26533 |
| Tennessee St Sch Bd Auth (University of Tennessee Proj.) Series 2017A, 5% 11/1/2042  | 105000 | 107008 |
| TOTAL EDUCATION |  | 133541 |
| General Obligations - 0.3% |  |  |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. 5% 1/1/2029  | 225000 | 241421 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. 5% 1/1/2031  | 300000 | 335679 |
| Tennessee Engy Acq Crp Gas Rev 5% 2/1/2027 (Goldman Sachs Group Inc/The Guaranteed)  | 15000 | 15149 |
| Tennessee Engy Acq Crp Gas Rev 5.25% 9/1/2026 (Goldman Sachs Group Inc/The Guaranteed)  | 15000 | 15153 |
| TOTAL GENERAL OBLIGATIONS |  | 607402 |
| Health Care - 0.2% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 3.25% 8/1/2044  | 30000 | 24622 |
| Knox Cnty Tenn Health Edl & Hsg Fac Brd Hosp Rev (Covenant Health TN Proj.) Series 2016 A, 4% 1/1/2042  | 10000 | 9971 |
| Knox Cnty Tenn Health Edl & Hsg Fac Brd Hosp Rev (East Tenn Children's Hospital Proj.) Series 2019, 4% 11/15/2043  | 55000 | 51819 |
| Metro Gov Nashville & Davidson Cnty Tenn Hlth & Edl Facs Brd Rev (Vanderbilt Hospital, TN Proj.) Series 2016 A, 5% 7/1/2040  | 70000 | 70379 |
| Metro Gov Nashville & Davidson Cnty Tenn Hlth & Edl Facs Brd Rev (Vanderbilt Hospital, TN Proj.) Series 2017A, 5% 7/1/2048  | 160000 | 160624 |
| TOTAL HEALTH CARE |  | 317415 |
| Transportation - 0.1% |  |  |
| Metro Nashville Arpt Auth Rev Series 2019A, 4% 7/1/2049  | 90000 | 84206 |
| Metro Nashville Arpt Auth Rev Series 2019A, 4% 7/1/2054  | 35000 | 32063 |
| Metro Nashville Arpt Auth Rev Series 2019A, 5% 7/1/2044  | 65000 | 67280 |
| TOTAL TRANSPORTATION |  | 183549 |
| TOTAL TENNESSEE |  | 1241907 |
| Texas - 7.0%  |  |  |
| Education - 0.9% |  |  |
| Arlington Higher Education Finance Corp Series 2021 A, 3% 2/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 210000 | 162679 |
| Board of Regents of the University of Texas System Series 2017 B, 3.375% 8/15/2044  | 40000 | 35211 |
| Board of Regents of the University of Texas System Series 2019 A, 5% 8/15/2031  | 85000 | 92057 |
| Board of Regents of the University of Texas System Series 2020 A, 3.5% 8/15/2050  | 55000 | 45990 |
| Board of Regents of the University of Texas System Series 2024B, 5% 8/15/2029  | 175000 | 190191 |
| Board of Regents of the University of Texas System Series 2024B, 5% 8/15/2035  | 255000 | 300834 |
| Clifton Higher Education Finance Corp (IDEA Public Schools Proj.) Series 2021 T, 4% 8/15/2047  | 25000 | 23178 |
| University TX Perm Univ Fd Series 2024 A, 5% 7/1/2037  | 200000 | 228921 |
| University TX Perm Univ Fd Series 2024B, 5% 7/1/2038  | 200000 | 227190 |
| Waco Texas Educat Fin Corp Rev (Baylor University Proj.) 4% 3/1/2046  | 205000 | 188028 |
| TOTAL EDUCATION |  | 1494279 |
| Electric Utilities - 0.3% |  |  |
| Matagorda Cnty TX Nav Dist No1 (AEP Texas Central Co Proj.) 4.4% 5/1/2030 (Ambac Assurance Corp Insured)  | 20000 | 20863 |
| San Antonio TX Elec & Gas Rev Series 2015, 5% 2/1/2027  | 40000 | 40072 |
| San Antonio TX Elec & Gas Rev Series 2019, 5% 2/1/2035  | 140000 | 150360 |
| San Antonio TX Elec & Gas Rev Series 2023A, 5% 2/1/2032  | 100000 | 112997 |
| San Antonio TX Elec & Gas Rev Series 2024D, 5.25% 2/1/2049  | 170000 | 181288 |
| TOTAL ELECTRIC UTILITIES |  | 505580 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Midland County Fresh Water Supply District No 1 Series 2012 A, 0% 9/15/2035 (Pre-refunded to 9/15/2027 at 68.05) (b) | 5000 | 3223 |
| General Obligations - 2.3% |  |  |
| Austin TX Indpt Sch Dist 5% 8/1/2041  | 220000 | 237323 |
| Cleveland TX Indpt Sch Dist Series 2020 A, 4% 2/15/2052 (Permanent Sch Fund of Texas Guaranteed)  | 150000 | 139457 |
| Conroe TX Isd Series 2024, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 235000 | 266745 |
| Cypress-Fairbanks TX Isd Series 2023, 4% 2/15/2048 (Permanent Sch Fund of Texas Guaranteed)  | 415000 | 391333 |
| Dallas TX ISD 5% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 260000 | 299046 |
| Dallas TX ISD Series 2019 B, 4% 2/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 20000 | 20714 |
| Denton Independent School District Series 2023, 5% 8/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 210000 | 240912 |
| Eagle Mtn & Saginaw TX Isd Series 2019, 4% 8/15/2050 (Permanent Sch Fund of Texas Guaranteed)  | 105000 | 96510 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 4% 10/1/2046  | 100000 | 93925 |
| Klein TX Indpt Sch Dist Series 2017, 4% 8/1/2046  | 215000 | 198795 |
| Lamar TX Isd Series 2023 A, 5% 2/15/2053 (Permanent Sch Fund of Texas Guaranteed)  | 200000 | 206032 |
| Leander Independent School District Series 2016 A, 0% 8/16/2044 (Permanent Sch Fund of Texas Guaranteed) (b) | 10000 | 4259 |
| Northwest Tex Indpt Sch Dist Series 2025, 5% 2/15/2055 (Permanent Sch Fund of Texas Guaranteed)  | 190000 | 196914 |
| Plano Independent School District 5% 2/15/2028  | 150000 | 157671 |
| Prosper Tex Indpt Sch Dist Series 2023, 4% 2/15/2053  | 20000 | 18123 |
| San Jacinto TX Cmnty College Dist Gen. Oblig. Series 2019A, 5% 2/15/2044  | 175000 | 180114 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023A, 5.5% tender 1/1/2054 (BP PLC Guaranteed) (d) | 250000 | 265671 |
| Texas Municipal Gas Acquisition And Supply Corp VI Series 2025, 5% 1/1/2036 (Bank of America Corp Guaranteed)  | 180000 | 192631 |
| Texas State Gen. Oblig. Series 2015 A, 5% 10/1/2026  | 100000 | 100177 |
| Texas State Gen. Oblig. Series 2016 A, 5% 4/1/2030  | 50000 | 50243 |
| Texas State Gen. Oblig. Series A, 5% 10/1/2033  | 50000 | 51982 |
| Texas State Gen. Oblig. Series B, 5% 10/1/2029  | 100000 | 104304 |
| Texas State Gen. Oblig. Series B, 5% 10/1/2033  | 25000 | 25991 |
| Waller TX Indpt Sch Dist Series 2020, 4% 2/15/2050 (Permanent Sch Fund of Texas Guaranteed)  | 100000 | 92709 |
| TOTAL GENERAL OBLIGATIONS |  | 3631581 |
| Health Care - 0.3% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, TX Proj.) Series 2015, 4% 12/1/2045  | 75000 | 68637 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Christus Health Proj.) Series 2018 B, 5% 7/1/2032  | 360000 | 381654 |
| TOTAL HEALTH CARE |  | 450291 |
| Housing - 0.0% |  |  |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) 3% 3/1/2050  | 30000 | 23172 |
| Other - 0.3% |  |  |
| Katy TX Ind Sch Dist Series 2025, 5% 2/15/2050  | 130000 | 136126 |
| Texas State Gen. Oblig. Series 2025, 5% 10/1/2035  | 360000 | 425980 |
| TOTAL OTHER |  | 562106 |
| Special Tax - 0.2% |  |  |
| Dallas TX Rapid Transit Sales Tax Rev Series 2016 B, 4% 12/1/2038  | 350000 | 350195 |
| Harris Cnty Houston Tex Sports Auth Rev Series A, 0% 11/15/2048 (Assured Guaranty Inc Insured) (b) | 10000 | 3197 |
| Harris Cnty Houston Tex Sports Auth Rev Series A, 0% 11/15/2049 (Assured Guaranty Inc Insured) (b) | 25000 | 7579 |
| TOTAL SPECIAL TAX |  | 360971 |
| Transportation - 1.6% |  |  |
| Central TX Regl Mobility Auth Rev Series 2016, 3.375% 1/1/2041  | 20000 | 17800 |
| City of Houston TX Airport System Revenue Series 2018D, 5% 7/1/2038  | 75000 | 77915 |
| Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2030  | 55000 | 61104 |
| Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2031  | 70000 | 77398 |
| Dallas Fort Worth International Airport Series 2020 B, 5% 11/1/2033  | 65000 | 71270 |
| Dallas Fort Worth International Airport Series 2021 A, 3% 11/1/2040  | 315000 | 270934 |
| Dallas Fort Worth International Airport Series 2022B, 4% 11/1/2045  | 20000 | 18912 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5% 11/1/2034 (c) | 170000 | 190406 |
| Dallas Fort Worth International Airport Series 2025 A 1, 5% 11/1/2035 (c) | 200000 | 222402 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2037  | 40000 | 41663 |
| Grand Parkway Transportation Corp Series 2018 A, 5% 10/1/2048  | 250000 | 254475 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2018 A, 4% 8/15/2048  | 40000 | 36264 |
| Harris Cnty TX (Harris County Toll Road Auth Proj.) Series 2016 A, 5% 8/15/2035  | 140000 | 141498 |
| North TX Twy Auth Rev 0% 1/1/2030 (Assured Guaranty Inc Insured) (b) | 35000 | 31071 |
| North TX Twy Auth Rev 0% 1/1/2035 (Assured Guaranty Inc Insured) (b) | 5000 | 3719 |
| North TX Twy Auth Rev 0% 1/1/2036 (Assured Guaranty Inc Insured) (b) | 65000 | 46313 |
| North TX Twy Auth Rev Series 2018, 4.25% 1/1/2049  | 55000 | 49971 |
| North TX Twy Auth Rev Series 2018, 5% 1/1/2048  | 20000 | 20252 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2032  | 300000 | 339329 |
| North TX Twy Auth Rev Series B, 4% 1/1/2036 (Assured Guaranty Inc Insured)  | 185000 | 185542 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2037  | 40000 | 40348 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2040  | 100000 | 98173 |
| Texas Private Activity Bd Surface Transn Corp Rev (NTE Mobility Partners Segments 3 LLC Proj.) Series 2019, 5% 6/30/2058 (c) | 170000 | 165806 |
| Texas Private Activity Bd Surface Transn Corp Rev Series 2019 A, 5% 12/31/2032  | 75000 | 80291 |
| Texas St Tpk Auth Cent TX Tpk Sys Rev (Central Texas Turnpike Proj.) 0% 8/15/2029 (Ambac Assurance Corp Insured) (b) | 35000 | 31472 |
| Texas Transportation Finance Corp (Sh 288 Tollroad Proj.) Series 2025A, 5.25% 10/1/2055  | 200000 | 211568 |
| TOTAL TRANSPORTATION |  | 2785896 |
| Water & Sewer - 1.1% |  |  |
| Houston TX Util Sys Rev 3% 11/15/2047  | 220000 | 165493 |
| Houston TX Util Sys Rev 4% 11/15/2049  | 25000 | 22572 |
| Houston TX Util Sys Rev Series 2019B, 4% 11/15/2044  | 55000 | 52631 |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2036  | 20000 | 22756 |
| North TX Muni Wtr Dist TX Wtr Sys Rev Series 2025, 5% 9/1/2055  | 110000 | 113926 |
| San Antonio TX Wtr Rev Series 2021 A, 4% 5/15/2051  | 300000 | 270609 |
| Texas Wtr Dev Brd 3% 10/15/2040  | 100000 | 88878 |
| Texas Wtr Dev Brd Series 2017 A, 5% 10/15/2047  | 60000 | 60737 |
| Texas Wtr Dev Brd Series 2018A, 4% 10/15/2032  | 50000 | 51214 |
| Texas Wtr Dev Brd Series 2018A, 4% 10/15/2037  | 40000 | 40406 |
| Texas Wtr Dev Brd Series 2019 A, 3% 10/15/2039  | 375000 | 343740 |
| Texas Wtr Dev Brd Series 2019 A, 4% 10/15/2049  | 355000 | 328712 |
| Texas Wtr Dev Brd Series 2023 A, 4.75% 10/15/2043  | 160000 | 166558 |
| Texas Wtr Dev Brd Series 2025, 4.8% 10/15/2056  | 225000 | 226397 |
| TOTAL WATER & SEWER |  | 1954629 |
| TOTAL TEXAS |  | 11771728 |
| Utah - 0.6%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Intermountain Pwr Agy UT Pwr Series 2023 A, 5% 7/1/2033  | 145000 | 163631 |
| Health Care - 0.0% |  |  |
| Utah Cnty Utah Hosp Rev (IHC Health Services Inc Proj.) Series 2016B, 5% 5/15/2046  | 35000 | 35073 |
| Transportation - 0.5% |  |  |
| Salt Lake City UT Arpt Rev 5% 7/1/2051 (c) | 320000 | 322646 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2029 (c) | 525000 | 540884 |
| TOTAL TRANSPORTATION |  | 863530 |
| TOTAL UTAH |  | 1062234 |
| Virginia - 1.6%  |  |  |
| Education - 0.2% |  |  |
| University VA Univ Revs Series 2017 A, 5% 4/1/2042  | 225000 | 229212 |
| Virginia College Bldg Auth VA Edl Facs Rev Pub Higher Ed Fing Prog (Virginia College Bldg Auth Edl Proj.) Series 2016 A, 3% 9/1/2026  | 55000 | 55107 |
| TOTAL EDUCATION |  | 284319 |
| General Obligations - 0.8% |  |  |
| Chesterfield Cnty VA Economic Dev Auth Rev (Chesterfield Cnty VA Proj.) 4% 4/1/2050  | 80000 | 75262 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2019 C, 5% 2/1/2030  | 15000 | 16131 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2019A, 5% 2/1/2029  | 95000 | 102186 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 3% 2/1/2036  | 110000 | 105784 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 5% 2/1/2030  | 160000 | 175801 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2023 A, 5% 2/1/2030  | 235000 | 258208 |
| Virginia Comwlth Transn Brd Tr Series 2022, 4% 5/15/2047  | 50000 | 47586 |
| Virginia St Pub Bldg Auth Pub (Virginia St Proj.) Series 2017A, 5% 8/1/2027  | 300000 | 311933 |
| Virginia St Pub Bldg Auth Pub (Virginia St Proj.) Series 2017A, 5% 8/1/2028  | 355000 | 368899 |
| TOTAL GENERAL OBLIGATIONS |  | 1461790 |
| Health Care - 0.4% |  |  |
| Fairfax Cnty VA Indl Dev Auth Health Care Rev (Inova Health System Proj.) Series 2022, 5% 5/15/2029  | 185000 | 199590 |
| Roanoke VA Economic Dev Auth Hosp Rev (Carilion Health System Proj.) Series 2020 D, 5% tender 7/1/2053 (d) | 100000 | 107728 |
| Virginia Small Business Fing Auth Healthcare Facs Rev (Sentara Hlth Sys Obl Group Proj.) Series 2020, 4% 11/1/2036  | 400000 | 408019 |
| TOTAL HEALTH CARE |  | 715337 |
| Special Tax - 0.1% |  |  |
| Fairfax Cnty VA Economic Dev Auth Transn Contract Rev (Fairfax County Economic Development Authority Proj.) 3% 4/1/2036  | 100000 | 98050 |
| Fairfax Cnty VA Economic Dev Auth Transn Contract Rev 3% 4/1/2036  | 130000 | 127466 |
| Hampton Roads Transportation Accountability Commission (Hampton Rds VA Transn Accountability Commn Rev Proj.) 5.25% 7/1/2060  | 25000 | 25807 |
| TOTAL SPECIAL TAX |  | 251323 |
| Transportation - 0.1% |  |  |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 7/1/2039 (c) | 110000 | 107559 |
| TOTAL VIRGINIA |  | 2820328 |
| Washington - 1.9%  |  |  |
| Education - 0.0% |  |  |
| Washington Biomedical Research Pptys Lease Rev (University Wash Univ Revs Proj.) Series A, 4% 1/1/2048  | 150000 | 140696 |
| Electric Utilities - 0.4% |  |  |
| Energy Norwthwest WA Elec Rev 5% 7/1/2034 (Bonneville Power Administration Guaranteed)  | 90000 | 103433 |
| Energy Norwthwest WA Elec Rev Series 2016 A, 5% 7/1/2028 (Bonneville Power Administration Guaranteed)  | 215000 | 217659 |
| Energy Norwthwest WA Elec Rev Series 2018 C, 5% 7/1/2033 (Bonneville Power Administration Guaranteed)  | 140000 | 147824 |
| Energy Norwthwest WA Elec Rev Series 2020 A, 5% 7/1/2028 (Bonneville Power Administration Guaranteed)  | 70000 | 74316 |
| Energy Norwthwest WA Elec Rev Series 2024A, 5% 7/1/2032 (Bonneville Power Administration Guaranteed)  | 125000 | 142977 |
| TOTAL ELECTRIC UTILITIES |  | 686209 |
| General Obligations - 1.0% |  |  |
| State of Washington Gen. Oblig. Series 2018 A, 5% 8/1/2041  | 195000 | 199251 |
| State of Washington Gen. Oblig. Series 2020C, 5% 2/1/2041  | 150000 | 157767 |
| State of Washington Gen. Oblig. Series 2021 A, 5% 8/1/2042  | 165000 | 173234 |
| State of Washington Gen. Oblig. Series 2022 A, 5% 8/1/2043  | 110000 | 115774 |
| State of Washington Gen. Oblig. Series 2023A, 5% 8/1/2031  | 235000 | 265365 |
| State of Washington Gen. Oblig. Series 2023A, 5% 8/1/2046  | 490000 | 511588 |
| State of Washington Gen. Oblig. Series R 2018 D, 5% 8/1/2028  | 30000 | 31137 |
| State of Washington Gen. Oblig. Series R 2018C, 5% 8/1/2028  | 55000 | 57084 |
| State of Washington Gen. Oblig. Series R 2021A, 5% 6/1/2041  | 125000 | 131970 |
| TOTAL GENERAL OBLIGATIONS |  | 1643170 |
| Health Care - 0.2% |  |  |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) Series 2017 A, 4% 7/1/2042  | 85000 | 80444 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) 4.25% 10/1/2040  | 160000 | 159997 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2014D, 5% 10/1/2038  | 40000 | 40045 |
| TOTAL HEALTH CARE |  | 280486 |
| Special Tax - 0.1% |  |  |
| Central Puget Sound WA Regl Tran Auth Sales & Use Tax Rev Series 2016 S 1, 5% 11/1/2041  | 85000 | 85820 |
| Washington St Convention Ctr Pub Facs Dist Series 2018, 4% 7/1/2058  | 130000 | 106558 |
| TOTAL SPECIAL TAX |  | 192378 |
| Transportation - 0.2% |  |  |
| Port Seattle WA Rev Series 2024B, 5% 7/1/2033 (c) | 310000 | 348261 |
| TOTAL WASHINGTON |  | 3291200 |
| West Virginia - 0.1%  |  |  |
| General Obligations - 0.0% |  |  |
| West Virginia St Gen. Oblig. Series 2018 B, 5% 12/1/2041  | 80000 | 82540 |
| Transportation - 0.1% |  |  |
| West VA Commr of Hwys Spl Oblig Series 2017A, 5% 9/1/2029  | 65000 | 67537 |
| West Virginia Parkways Authority Series 2021, 4% 6/1/2051  | 100000 | 90868 |
| TOTAL TRANSPORTATION |  | 158405 |
| TOTAL WEST VIRGINIA |  | 240945 |
| Wisconsin - 1.2%  |  |  |
| Education - 0.1% |  |  |
| Public Fin Auth WI Lease Dev Rev (University Kans Univ Revs Proj.) Series 2016, 5% 3/1/2046  | 50000 | 50000 |
| Public Fin Auth Wis Pooled Charter Sch Ctfs Ser 2023-1 Series CL A, 5.75% 7/1/2062  | 142135 | 148632 |
| TOTAL EDUCATION |  | 198632 |
| General Obligations - 0.3% |  |  |
| Wisconsin St Gen. Oblig. 5% 5/1/2031  | 135000 | 152246 |
| Wisconsin St Gen. Oblig. Series 2016 2, 5% 11/1/2029  | 70000 | 70509 |
| Wisconsin St Gen. Oblig. Series 2023 2, 5% 5/1/2035  | 215000 | 246352 |
| TOTAL GENERAL OBLIGATIONS |  | 469107 |
| Health Care - 0.3% |  |  |
| Wisconsin Health & Edl Facs Auth Sr Living Rev (Covenant Communities Inc Proj.) Series 2018A 1, 4.125% 7/1/2053  | 135000 | 104835 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2016 A, 4% 11/15/2039  | 40000 | 39139 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2016 A, 5% 11/15/2036  | 55000 | 55255 |
| Wisconsin Health & Educational Facilities Authority (Sanford Health, SD Proj.) Series 2016 A, 3.5% 2/15/2046  | 195000 | 162238 |
| Wisconsin St Health & Edl Facs Auth Rev (Medical College of WI Inc Proj.) Series 2022, 4% 12/1/2051  | 255000 | 221696 |
| TOTAL HEALTH CARE |  | 583163 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Mtg Rev 2.69% 7/1/2047  | 59833 | 52280 |
| Special Tax - 0.1% |  |  |
| Ashwaubenon WI Cmnty Dev Auth Lease Rev (Brown County Wisconsin Proj.) Series 2019, 0% 6/1/2049 (b) | 160000 | 50536 |
| Public Fin Auth WI Revenue Series 2021, 4% 3/31/2056 (c) | 10000 | 8079 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2050 (Assured Guaranty Inc Insured) (b) | 160000 | 47285 |
| TOTAL SPECIAL TAX |  | 105900 |
| Transportation - 0.4% |  |  |
| Public Finance Authority (Sr 400 Toll Road Proj.) Series 2025, 5.75% 12/31/2065 (c) | 560000 | 576619 |
| TOTAL WISCONSIN |  | 1985701 |
| Wyoming - 0.0%  |  |  |
| Education - 0.0% |  |  |
| University WY Univ Revs (University WY Univ Revs Proj.) Series 2021 C, 4% 6/1/2051 (Assured Guaranty Inc Insured)  | 25000 | 22883 |
| Electric Utilities - 0.0% |  |  |
| Campbell Cnty WY Solid Waste Facs Rev (County of Mercer ND Proj.) Series 2019 A, 3.625% 7/15/2039  | 25000 | 23777 |
| TOTAL WYOMING |  | 46660 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $173,649,090) |  | <br> **170808515** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $173,649,090)<br>| <br>**170808515** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **596964** |
| **NET ASSETS - 100.0%** | **171405479** |

---

**Legend**

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

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

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

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

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

**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 | 1975125 | 8942385 | 10917510 | 10124 | - | - | - | - | 0.0% |
| Total | 1975125 | 8942385 | 10917510 | 10124 | - | - | - |  |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 9915588 | - | 9915588 | - |
| Electric Utilities | 9726504 | - | 9726504 | - |
| Escrowed/Pre-Refunded | 1325879 | - | 1325879 | - |
| General Obligations | 61978903 | - | 61978903 | - |
| Health Care | 18696365 | - | 18696365 | - |
| Housing | 3739334 | - | 3739334 | - |
| Industrial Development | 499925 | - | 499925 | - |
| Lease Revenue | 236200 | - | 236200 | - |
| Other | 982319 | - | 982319 | - |
| Resource Recovery | 327994 | - | 327994 | - |
| Special Tax | 22716435 | - | 22716435 | - |
| Tobacco Bonds | 920880 | - | 920880 | - |
| Transportation | 28363602 | - | 28363602 | - |
| Water & Sewer | 11378587 | - | 11378587 | - |
| **Total Investments in Securities:** | 170808515 | - | 170808515 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $173,649,090)<br>|  | $170808515 |
| Interest receivable |  | 2036652 |
| Distributions receivable from Fidelity Central Funds |  | 2353 |
| Receivable from investment adviser for expense reductions |  | 8886 |
| Other receivables |  | 51 |
| **Total assets** |  | 172856457 |
| **Liabilities** |  |  |
| Payable to custodian bank | $341373 |  |
| Payable for investments purchased on a delayed delivery basis | 628198 |  |
| Distributions payable | 474343 |  |
| Accrued management fee | 7064 |  |
| **Total liabilities** |  | 1450978 |
| **Net Assets**  |  | $171405479 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $181386185 |
| Total accumulated earnings (loss) |  | (9980706) |
| **Net Assets** |  | $171405479 |
| **Net Asset Value**, offering price and redemption price per share ($171,405,479 ÷ 3,408,164 shares) |  | $50.29 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $2854970 |
| Income from Fidelity Central Funds  |  | 10114 |
| **Total income** |  | 2865084 |
| **Expenses** |  |  |
| Management fee | $41893 |  |
| Independent trustees' fees and expenses | 194 |  |
| Proxy fee | 6364 |  |
| Total expenses before reductions | 48451 |  |
| Expense reductions | (6426) |  |
| Total expenses after reductions |  | 42025 |
| **Net Investment income (loss)** |  | 2823059 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (11388) |  |
| Capital gain distributions from Fidelity Central Funds | 10 |  |
| Total net realized gain (loss) |  | (11378) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 4879909 |
| **Net gain (loss)** |  | 4868531 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7691590 |

---

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> **December 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **June 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2823059 | $5011655 |
| &nbsp;&nbsp;Net realized gain (loss) | (11378)<br>| (3756258)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4879909 | (57964)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7691590<br>| 1197433<br>|
| Distributions to shareholders | (2845530)<br>| (4842935)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2012181 | 50144376 |
| Reinvestment of distributions | -<br>| 2296744<br>|
| &nbsp;&nbsp;Cost of shares redeemed | - | (49061348) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2012181<br>| 3379772<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 6858241<br>| (265730)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 164547238 | 164812968<br>|
| &nbsp;&nbsp;End of period | $171405479 | $164547238 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 40000 | 997095 |
| Issued in reinvestment of distributions | -<br>| 45699<br>|
| &nbsp;&nbsp;Redeemed | - | (978243) |
| &nbsp;&nbsp;Net increase (decrease) | 40000 | 64551 |

---

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® Systematic Municipal Bond Index ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025** A | **2024** A  | **2023** A | **2022** A | **2021** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $48.85 | $49.88 | $49.64 | $49.42 | $55.25 | $54.11 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .838  | 1.442  | 1.244  | 1.089  | .761  | .837  |
| Net realized and unrealized gain (loss)  | 1.446  | (1.081)  | .222  | .198  | (5.831)  | 1.141  |
| Total from investment operations  | 2.284  | .361  | 1.466  | 1.287  | (5.070)  | 1.978  |
| Distributions from net investment income  | (.844)  | (1.391)  | (1.222)  | (1.070)  | (.756)  | (.840)  |
| Distributions from net realized gain  | -  | - D | -  | -  | -  | -  |
| Total distributions  | (.844)  | (1.391)  | (1.222)  | (1.070)  | (.756)  | (.840)  |
| Net asset value, end of period  | $50.29 | $48.85 | $49.88 | $49.64 | $49.42 | $55.25 |
| **Total Return** E,F,G | 4.71% <br>| .71%  | 3.01%  | 2.64%  | (9.26)%  | 3.68%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .06% J | .07%  | .07%  | .07%  | .07%  | .07%  |
| Expenses net of fee waivers, if any  | .05% J<br>| .07%  | .07%  | .07%  | .07%  | .07%  |
| Expenses net of all reductions, if any  | .05% J | .07%  | .07%  | .07%  | .07%  | .07%  |
| Net investment income (loss)  | 3.30% J | 2.89%  | 2.52%  | 2.21%  | 1.43%  | 1.53%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $171405 | $164547 | $164813 | $155890 | $124941 | $106786 |
| Portfolio turnover rate K | 18% J,L<br>| 69%  | 15%  | 18%  | 30%  | 8%  |

---

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

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

D*Amount represents less than $.005 per share.*

E*Based on net asset value.*

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

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

J*Annualized.*

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

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

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

For the period ended December 31, 2025

**1. Organization.**

Fidelity Systematic Municipal Bond Index 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 Bond Index Fund (Predecessor Fund) reorganized into the newly created Fidelity Systematic Municipal Bond Index 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 Prior Fiscal Year Reorganization Information note).

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the NASDAQ Stock Market 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 are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $1505765 |
| **Gross unrealized depreciation** | <u>(4176904)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(2671139)</u> |
| **Tax cost** | <u>$173479654</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(2400183) |
| Long-term | <u>(4908799)</u> |
| **Total capital loss carryforward** | <u>$(7308982)</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.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Systematic Municipal Bond Index ETF** | 18033063 | 15239314 |

---

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Systematic Municipal Bond Index ETF** | 1993053 | - |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .05% 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.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Systematic Municipal Bond Index ETF** | 1653596 | - | - |

---

**6. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $62.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $6,364.

**7. 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.

**8. Other.**

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

**9. Risk and Uncertainties.**

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

**10. Prior Fiscal Year Reorganization Information.**

On April 4, 2025 the Fidelity Municipal Bond Index Fund (Predecessor Fund) reorganized into a newly created Fidelity Systematic Municipal Bond Index 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 Funds were the primary assets acquired by the Fund. 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 Bond Index Fund** | 171983791 | (4221060) | 174021094 | 9430193 | .3690720000 |

---

---

| | | |
|:---|:---|:---|
| **Legal Acquiring ETF** | **Net Assets ($)** | **Total net assets after the acquisition ($)** |
| **Fidelity Systematic Municipal Bond Index ETF** | 50 | 174021144 |

---

Pro forma results of operations of the combined entity for the entire period ended June 30, 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)** | $5039119 |
| **Total net realized gain (loss)** | (3756258) |
| **Total change in net unrealized appreciation (depreciation)** | <u>(57964)</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$1224897</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 Systematic Municipal Bond Index ETF**

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

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

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

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

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

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

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

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

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

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

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's all-inclusive (subject to certain limited exceptions) fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

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

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

The Board noted that the fund has an all-inclusive fee that covers expenses beyond portfolio management, unlike the majority of funds within the mapped group. The Board considered that the total expense ratio for the fund was below the peer group median.

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

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

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

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

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

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

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

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

![](img123947_4.jpg)<br>

1.9917222.100 SMBI-SANN-0226

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

<u>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.](ex99cert.htm)

(a) (3) Not applicable.

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

SIGNATURES

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

Fidelity Merrimack Street Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

## Ex-99.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:

February 20, 2026

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

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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:

February 20, 2026

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

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## 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: February 20, 2026

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

---

Dated: February 20, 2026

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| |
|:---|
| &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>