I have received the question of what to do with reports that I have given feedback on a couple times and here is the best way I can put it.
Your reports are your living resume/portfolio and as such, I highly recommend that you use any available feedback to polish them up. So when you get your first feedback, I would use it both to edit that first report and to make any necessary adjustments to your report writing process for the remaining 4 reports.
Since we do interact with teams, I always recommend that you resubmit any polished work so that we have your best versions on file.
With that said, your goal is to complete 4 modules in a semester, so I would make sure you do not spend too much time perfecting one report and that you are continually making progress towards completing all 5.