# EDGAR Filing Document

**Accession Number:** 0000917286
**File Stem:** 0000917286-25-000146
**Filing Date:** 2025-12
**Character Count:** 480529
**Document Hash:** b4c2b816ed4a5f7d702c00e592ecc598
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000917286-25-000146.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0000917286-25-000146

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY HEREFORD STREET TRUST
- **CENTRAL INDEX KEY:** 0000917286

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07139
- **FILM NUMBER:** 251589897

**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 Government Money Market Fund (Series ID: S000007051)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000019230 | Fidelity Government Money Market Fund         | SPAXX           |
| C000154303 | Capital Reserves Class                        | FZAXX           |
| C000154304 | Daily Money Class                             | FZBXX           |
| C000154305 | Premium Class                                 | FZCXX           |
| C000190683 | Advisor M Class                               | FZGXX           |
| C000198393 | Class K6                                      | FNBXX           |
| C000232685 | Fidelity Government Money Market Fund-Class S | FZSXX           |

### Fidelity Money Market Fund (Series ID: S000007052)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000019231 | Fidelity Money Market Fund | SPRXX           |
| C000154306 | Premium Class              | FZDXX           |

### Fidelity Treasury Only Money Market Fund (Series ID: S000007053)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000019232 | Fidelity Treasury Only Money Market Fund | FDLXX           |
| C000257340 | Class OUS                                | FYIXX           |

### Fidelity Flex Government Money Market Fund (Series ID: S000056367)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000177594 | Fidelity Flex Government Money Market Fund | FLGXX           |

### Fidelity Series Treasury Bill Index Fund (Series ID: S000062807)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000203454 | Fidelity Series Treasury Bill Index Fund | FHQFX           |

### Fidelity Treasury Digital Fund (Series ID: S000089156)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000255665 | Liquidity Class | FYHXX           |
| C000261149 | OnChain         | FYOXX           |

?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>811-07139</u>

<u>Fidelity Hereford 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;April 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;October 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Treasury Only Money Market Fund<br> **Fidelity® Treasury Only Money Market Fund : FDLXX** <br>|

---

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

**What were your Fund costs for the last 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® Treasury Only Money Market Fund  | $21  | 0.42% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14755708656<br>|
| Number of Holdings | 52<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 24.7 |
| 8-30 | 22.9 |
| 31-60 | 20.2 |
| 61-90 | 18.4 |
| 91-180 | 17.5 |
| >180 | 0.1 |

---

U.S. Treasury Obligations 103.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img415_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 103.8&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (3.8)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img415_20251031_1.jpg)<br>| ![](img118673_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> 1.9915052.101 415-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series Treasury Bill Index Fund<br> **Fidelity® Series Treasury Bill Index Fund : FHQFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Treasury Bill Index Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**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® Series Treasury Bill Index Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1741415260<br>|
| Number of Holdings | 19<br>|
| Portfolio Turnover | 0%<br>|

---

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

---

| | |
|:---|:---|
| **COUPON DISTRIBUTION** <br> **(% of Fund's net assets)** | **COUPON DISTRIBUTION** <br> **(% of Fund's net assets)** |
| Zero coupon bonds | 98.9 |

---

U.S. Treasury Obligations 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3224_20251031_AA.jpg) <br>|

---

U.S. Treasury Obligations - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.1 <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Bill | 98.9<br>|
|  | 98.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3224_20251031_1.jpg)<br>| ![](img118684_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> 1.9915092.101 3224-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Money Market Fund<br> **Fidelity® Money Market Fund : SPRXX** <br>|

---

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

**What were your Fund costs for the last 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® Money Market Fund  | $21  | 0.42% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $136718704160<br>|
| Number of Holdings | 280<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 62.7 |
| 8-30 | 14.0 |
| 31-60 | 10.1 |
| 61-90 | 4.4 |
| 91-180 | 9.9 |
| >180 | 0.4 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 63.9 |
| U.S. Treasury Obligations | 19.0 |
| Commercial Paper | 13.6 |
| Certificates of Deposit | 5.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img454_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 63.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 19.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Commercial Paper - 13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Certificates of Deposit - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (1.5)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img454_20251031_1.jpg)<br>| ![](img118690_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> 1.9915054.101 454-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Money Market Fund<br> **Fidelity® Money Market Fund Premium Class : FZDXX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Premium Class  | $15  | 0.30% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $136718704160<br>|
| Number of Holdings | 280<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 62.7 |
| 8-30 | 14.0 |
| 31-60 | 10.1 |
| 61-90 | 4.4 |
| 91-180 | 9.9 |
| >180 | 0.4 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 63.9 |
| U.S. Treasury Obligations | 19.0 |
| Commercial Paper | 13.6 |
| Certificates of Deposit | 5.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img454_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 63.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 19.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Commercial Paper - 13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Certificates of Deposit - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (1.5)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img454_20251031_1.jpg)<br>| ![](img118691_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> 1.9915053.101 2738-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Government Money Market Fund<br> **Fidelity® Government Money Market Fund : SPAXX** <br>|

---

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

**What were your Fund costs for the last 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® Government Money Market Fund  | $21  | 0.42% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $427263576826<br>|
| Number of Holdings | 672<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 57.3 |
| 8-30 | 10.9 |
| 31-60 | 7.3 |
| 61-90 | 11.0 |
| 91-180 | 11.9 |
| >180 | 3.4 |

---

Repurchase Agreements 39.0 <br> U.S. Treasury Obligations 36.1 <br> U.S. Government Agency - Debt 26.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img458_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 39.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 26.7&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.8)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img458_20251031_1.jpg)<br>| ![](img118712_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> 1.9915066.101 458-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Government Money Market Fund<br> **Fidelity® Government Money Market Fund Premium Class : FZCXX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Premium Class  | $16  | 0.32% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $427263576826<br>|
| Number of Holdings | 672<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 57.3 |
| 8-30 | 10.9 |
| 31-60 | 7.3 |
| 61-90 | 11.0 |
| 91-180 | 11.9 |
| >180 | 3.4 |

---

Repurchase Agreements 39.0 <br> U.S. Treasury Obligations 36.1 <br> U.S. Government Agency - Debt 26.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img458_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 39.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 26.7&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.8)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img458_20251031_1.jpg)<br>| ![](img118713_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> 1.9915063.101 2741-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Government Money Market Fund<br> **Fidelity® Government Money Market Fund Daily Money Class : FZBXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Government Money Market Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.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**  |
| Daily Money Class  | $36  | 0.70% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $427263576826<br>|
| Number of Holdings | 672<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 57.3 |
| 8-30 | 10.9 |
| 31-60 | 7.3 |
| 61-90 | 11.0 |
| 91-180 | 11.9 |
| >180 | 3.4 |

---

Repurchase Agreements 39.0 <br> U.S. Treasury Obligations 36.1 <br> U.S. Government Agency - Debt 26.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img458_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 39.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 26.7&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.8)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img458_20251031_1.jpg)<br>| ![](img118714_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> 1.9915062.101 2740-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Government Money Market Fund<br> **Fidelity® Government Money Market Fund Class S : FZSXX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class S  | $21  | 0.42% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $427263576826<br>|
| Number of Holdings | 672<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 57.3 |
| 8-30 | 10.9 |
| 31-60 | 7.3 |
| 61-90 | 11.0 |
| 91-180 | 11.9 |
| >180 | 3.4 |

---

Repurchase Agreements 39.0 <br> U.S. Treasury Obligations 36.1 <br> U.S. Government Agency - Debt 26.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img458_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 39.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 26.7&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.8)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img458_20251031_1.jpg)<br>| ![](img118715_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> 1.9915067.101 6461-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Government Money Market Fund<br> **Fidelity® Government Money Market Fund Class K6 : FNBXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Government Money Market Fund for the period May 1, 2025 to October 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 1-800-835-5092 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**  |
| Class K6  | $13  | 0.25% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $427263576826<br>|
| Number of Holdings | 672<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 57.3 |
| 8-30 | 10.9 |
| 31-60 | 7.3 |
| 61-90 | 11.0 |
| 91-180 | 11.9 |
| >180 | 3.4 |

---

Repurchase Agreements 39.0 <br> U.S. Treasury Obligations 36.1 <br> U.S. Government Agency - Debt 26.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img458_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 39.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 26.7&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.8)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img458_20251031_1.jpg)<br>| ![](img118716_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> 1.9915065.101 3067-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Government Money Market Fund<br> **Fidelity® Government Money Market Fund Capital Reserves Class : FZAXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Government Money Market Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.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**  |
| Capital Reserves Class  | $48  | 0.95% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $427263576826<br>|
| Number of Holdings | 672<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 57.3 |
| 8-30 | 10.9 |
| 31-60 | 7.3 |
| 61-90 | 11.0 |
| 91-180 | 11.9 |
| >180 | 3.4 |

---

Repurchase Agreements 39.0 <br> U.S. Treasury Obligations 36.1 <br> U.S. Government Agency - Debt 26.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img458_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 39.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 26.7&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.8)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img458_20251031_1.jpg)<br>| ![](img118717_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> 1.9915061.101 2739-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Government Money Market Fund<br> **Fidelity® Government Money Market Fund Advisor M Class : FZGXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Government Money Market Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.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**  |
| Advisor M Class  | $36  | 0.70% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $427263576826<br>|
| Number of Holdings | 672<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 57.3 |
| 8-30 | 10.9 |
| 31-60 | 7.3 |
| 61-90 | 11.0 |
| 91-180 | 11.9 |
| >180 | 3.4 |

---

Repurchase Agreements 39.0 <br> U.S. Treasury Obligations 36.1 <br> U.S. Government Agency - Debt 26.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img458_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 39.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 26.7&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.8)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img458_20251031_1.jpg)<br>| ![](img118718_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> 1.9915064.101 3018-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity Flex® Government Money Market Fund<br> **Fidelity Flex® Government Money Market Fund : FLGXX** <br>|

---

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

**What were your Fund costs for the last 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 Flex® Government Money Market Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $183353060<br>|
| Number of Holdings | 151<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 52.2 |
| 8-30 | 10.7 |
| 31-60 | 8.5 |
| 61-90 | 10.5 |
| 91-180 | 10.5 |
| >180 | 3.2 |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 33.2 |
| U.S. Government Agency - Debt | 32.7 |
| Repurchase Agreements | 29.7 |
| Net Other Assets (Liabilities) | 4.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2897_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 33.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 32.7&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 29.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - 4.4&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2897_20251031_1.jpg)<br>| ![](img118728_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> 1.9915086.101 2897-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Treasury Digital Fund<br> **Fidelity® Treasury Digital Fund Liquidity : FYHXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Treasury Digital Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-297-2952 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**  |
| Liquidity  | $9  | 0.18% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $330347651<br>|
| Number of Holdings | 12<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 8-30 | 47.4 |
| 31-60 | 40.6 |
| 61-90 | 12.0 |

---

U.S. Treasury Obligations 100.0 <br> Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img8398_20251031_AA.jpg) <br>|

---

U.S. Treasury Obligations - 100.0&nbsp;&nbsp;&nbsp;&nbsp; <br> Net Other Assets (Liabilities) - 0.0&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img8398_20251031_1.jpg)<br>| ![](img118735_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> 1.9917095.100 8398-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Treasury Only Money Market Fund<br> **Fidelity® Treasury Only Money Market Fund Class OUS : FYIXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Treasury Only Money Market Fund for the period May 1, 2025 to October 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 800-544-0275 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**  |
| Class OUS  | $19  | 0.37% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14755708656<br>|
| Number of Holdings | 52<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 24.7 |
| 8-30 | 22.9 |
| 31-60 | 20.2 |
| 61-90 | 18.4 |
| 91-180 | 17.5 |
| >180 | 0.1 |

---

U.S. Treasury Obligations 103.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img415_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 103.8&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (3.8)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img415_20251031_1.jpg)<br>| ![](img118736_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> 1.9918351.100 9003-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Treasury Digital Fund<br> **Fidelity® Treasury Digital Fund OnChain : FYOXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Treasury Digital Fund for the period August 4, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-297-2952 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**  |
| OnChain A | $5  | 0.20% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $330347651<br>|
| Number of Holdings | 12<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 8-30 | 47.4 |
| 31-60 | 40.6 |
| 61-90 | 12.0 |

---

U.S. Treasury Obligations 100.0 <br> Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img8398_20251031_AA.jpg) <br>|

---

U.S. Treasury Obligations - 100.0&nbsp;&nbsp;&nbsp;&nbsp; <br> Net Other Assets (Liabilities) - 0.0&nbsp;&nbsp;&nbsp;&nbsp; <br>

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|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img8398_20251031_1.jpg)<br>| ![](img118744_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> 1.9919695.100 9053-TSRS-1225 <br>|

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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® Treasury Only Money Market Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119033_1.jpg)

![](img119033_2.jpg)

**Contents**

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| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_TMM-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Treasury Only Money Market Fund](#Sub_Sec_Fund_415_TMM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements415_TMM-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TMM-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TMM-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TMM-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TMM-SANN)** |

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Treasury Only Money Market Fund**

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

Showing Percentage of Net Assets

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 103.8%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 103.8%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 103.8%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 103.8%** |
|  | Yield (%) (a) | Principal<br> Amount (b)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/13/2026  | 3.90 to 3.93 | 246000000 | 244074321 |
| US Treasury Bills 0% 1/15/2026  | 3.88 to 4.23 | 206000000 | 204304065 |
| US Treasury Bills 0% 1/2/2026  | 3.90 to 4.24 | 139000000 | 138036663 |
| US Treasury Bills 0% 1/20/2026  | 3.86 to 3.89 | 732000000 | 725786555 |
| US Treasury Bills 0% 1/22/2026  | 3.85 to 3.88 | 237000000 | 234942045 |
| US Treasury Bills 0% 1/27/2026  | 3.85 | 250000000 | 247701146 |
| US Treasury Bills 0% 1/29/2026  | 3.77 to 4.21 | 283000000 | 280235140 |
| US Treasury Bills 0% 1/6/2026  | 3.92 to 4.27 | 304000000 | 301806210 |
| US Treasury Bills 0% 1/8/2026  | 3.89 to 4.23 | 321000000 | 318612123 |
| US Treasury Bills 0% 11/12/2025  | 4.03 to 4.29 | 524024300 | 523354801 |
| US Treasury Bills 0% 11/13/2025  | 4.04 to 4.28 | 459000000 | 458369697 |
| US Treasury Bills 0% 11/18/2025  | 3.99 to 4.29 | 795000000 | 793475384 |
| US Treasury Bills 0% 11/20/2025  | 4.02 to 4.25 | 590000000 | 588718994 |
| US Treasury Bills 0% 11/25/2025  | 3.96 to 4.28 | 535000000 | 533549783 |
| US Treasury Bills 0% 11/28/2025  | 4.02 to 4.26 | 475000000 | 473539727 |
| US Treasury Bills 0% 11/4/2025  | 4.07 to 4.27 | 414000000 | 413856900 |
| US Treasury Bills 0% 11/6/2025  | 4.00 to 4.30 | 980000000 | 979435689 |
| US Treasury Bills 0% 12/11/2025  | 3.90 to 4.25 | 290000000 | 288677111 |
| US Treasury Bills 0% 12/16/2025  | 3.98 to 4.13 | 200000000 | 198998525 |
| US Treasury Bills 0% 12/18/2025  | 3.94 | 225000000 | 223852906 |
| US Treasury Bills 0% 12/2/2025  | 3.92 to 4.27 | 473000000 | 471370785 |
| US Treasury Bills 0% 12/23/2025  | 3.92 to 4.14 | 384000000 | 381798047 |
| US Treasury Bills 0% 12/26/2025  | 3.90 to 4.18 | 138249000 | 137430362 |
| US Treasury Bills 0% 12/30/2025  | 3.91 to 4.08 | 450000000 | 447168327 |
| US Treasury Bills 0% 12/4/2025  | 3.96 to 4.31 | 409000000 | 407483081 |
| US Treasury Bills 0% 12/9/2025  | 3.97 to 4.17 | 436000000 | 434152668 |
| US Treasury Bills 0% 2/10/2026  | 3.82 to 3.84 | 289000000 | 285936431 |
| US Treasury Bills 0% 2/12/2026  | 4.05 to 4.06 | 198000000 | 195750394 |
| US Treasury Bills 0% 2/17/2026  | 3.85 to 3.86 | 150000000 | 148288312 |
| US Treasury Bills 0% 2/19/2026  | 4.03 | 50000000 | 49397292 |
| US Treasury Bills 0% 2/24/2026  | 3.78 to 3.79 | 326000000 | 322109997 |
| US Treasury Bills 0% 2/3/2026  | 3.83 to 3.86 | 160000000 | 158411505 |
| US Treasury Bills 0% 2/5/2026  | 4.06 | 100000000 | 98938667 |
| US Treasury Bills 0% 3/12/2026  | 3.80 to 3.81 | 225000000 | 221942651 |
| US Treasury Bills 0% 3/19/2026  | 3.79 | 245000000 | 241510881 |
| US Treasury Bills 0% 3/26/2026  | 3.78 | 82000000 | 80776079 |
| US Treasury Bills 0% 3/3/2026  | 3.74 to 3.83 | 378000000 | 373362408 |
| US Treasury Bills 0% 3/5/2026  | 3.96 to 4.05 | 173000000 | 170664140 |
| US Treasury Bills 0% 4/2/2026  | 3.79 to 3.80 | 74000000 | 72838256 |
| US Treasury Bills 0% 4/23/2026  | 3.73 | 50000000 | 49120582 |
| US Treasury Bills 0% 4/9/2026  | 3.77 | 75000000 | 73776031 |
| US Treasury Notes 1.625% 5/15/2026  | 4.06 | 15000000 | 14810596 |
| US Treasury Notes 2.25% 3/31/2026  | 3.85 | 59000000 | 58619660 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.098%, 3.8635% 1/31/2027 (c)(d) | 3.86 to 3.87 | 379300000 | 379275847 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.15%, 3.9155% 4/30/2026 (c)(d) | 3.91 to 3.92 | 318000000 | 318028330 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.159%, 3.9245% 7/31/2027 (c)(d) | 3.92 to 3.93 | 300000000 | 299858835 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.16%, 3.9255% 4/30/2027 (c)(d) | 3.92 to 3.93 | 376000000 | 375980391 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.182%, 3.9475% 7/31/2026 (c)(d) | 3.94 to 3.95 | 392000000 | 392079635 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.19%, 3.9555% 10/31/2027 (c)(d) | 3.96 | 90000000 | 89993649 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.205%, 3.9705% 10/31/2026 (c)(d) | 3.96 to 3.97 | 140000000 | 140075429 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.245%, 4.0105% 1/31/2026 (c)(d) | 4.00 to 4.01 | 242000000 | 242060769 |
| US Treasury Notes 4.875% 4/30/2026  | 4.04 | 5500000 | 5522084 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $15,309,859,906) |  |  | **15309859906** |

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| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.8%**<br> (Cost $15,309,859,906)<br>| <br>**15309859906** |
| **NET OTHER ASSETS (LIABILITIES) - (3.8)%**  | **(554151250)** |
| **NET ASSETS - 100.0%** | **14755708656** |

---

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

**Legend**

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

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

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

(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

**Investment Valuation**

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in these securities. For more information on valuation inputs, refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

**Financial Statements (Unaudited)**

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| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $15,309,859,906)<br>|  | $15309859906 |
| Cash |  | 175610715 |
| Receivable for fund shares sold |  | 140932997 |
| Interest receivable |  | 474316 |
| **Total assets** |  | 15626877934 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $721545433 |  |
| Payable for fund shares redeemed | 136981763 |  |
| Distributions payable | 7677666 |  |
| Accrued management fee | 4964416 |  |
| **Total liabilities** |  | 871169278 |
| **Net Assets**  |  | $14755708656 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $14755663307 |
| Total accumulated earnings (loss) |  | 45349 |
| **Net Assets** |  | $14755708656 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Fidelity Treasury Only Money Market Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($10,543,655,316 ÷ 10,542,783,343 shares) |  | $1.00 |
| **Class OUS :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,212,053,340 ÷ 4,212,100,829 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $308272243 |
| **Expenses** |  |  |
| Management fee | $29019577 |  |
| Independent trustees' fees and expenses | 13729 |  |
| **Total expenses** |  | 29033306 |
| **Net Investment income (loss)** |  | 279238937 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 58011 |  |
| Total net realized gain (loss) |  | 58011 |
| **Net increase in net assets resulting from operations** |  | $279296948 |

---

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| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $279238937 | $330429367 |
| &nbsp;&nbsp;Net realized gain (loss) | 58011<br>| 28139<br>|
| **Net increase in net assets resulting from operations** | 279296948<br>| 330457506<br>|
| Distributions to shareholders | (279238540)<br>| (330427793)<br>|
| Share transactions - net increase (decrease) | 2261236573<br>| 7144926329<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2261294981<br>| 7144956042<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 12494413675 | 5349457633<br>|
| &nbsp;&nbsp;End of period | $14755708656 | $12494413675 |

---

**Financial Highlights** 

**Fidelity® Treasury Only Money Market Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .019  | .044  | .049  | .026  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .019  | .044  | .049  | .026  | - B | - B |
| Distributions from net investment income  | (.019)  | (.044)  | (.049)  | (.026)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.019)  | (.044)  | (.049)  | (.026)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.96% <br>| 4.54%  | 4.96%  | 2.62%  | .01%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .42% G | .42%  | .42%  | .42%  | .42%  | .42%  |
| Expenses net of fee waivers, if any  | .42% G<br>| .42%  | .42%  | .42%  | .11%  | .15%  |
| Expenses net of all reductions, if any  | .42% G | .42%  | .42%  | .42%  | .11%  | .15%  |
| Net investment income (loss)  | 3.86% G | 4.38%  | 4.87%  | 2.60%  | .01%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10543655 | $8924873 | $5349458 | $4146965 | $3400039 | $3804296 |

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

G*Annualized.*

**Fidelity® Treasury Only Money Market Fund Class OUS**<br>

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| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B | .020  | .010  |
| Net realized and unrealized gain (loss) C | -  | -  |
| Total from investment operations  | .020  | .010  |
| Distributions from net investment income  | (.020)  | (.010)  |
| Total distributions  | (.020)  | (.010)  |
| Net asset value, end of period  | $1.00 | $1.00 |
| **Total Return** D | 1.99% <br>| 1.01%  |
| **Ratios to Average Net Assets** B,E,F |  |  |
| Expenses before reductions  | .37% G | .37% G |
| Expenses net of fee waivers, if any  | .37% G<br>| .37% G |
| Expenses net of all reductions, if any  | .37% G | .37% G |
| Net investment income (loss)  | 3.91% G | 3.95% G |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $4212053 | $3569540 |

---

A*For the period January 28, 2025 (commencement of sale of shares) through April 30, 2025.*

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

G*Annualized.*

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

For the period ended October 31, 2025

**1. Organization.**

Fidelity Treasury Only Money Market Fund (the Fund) is a fund of Fidelity Hereford 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 Delaware statutory trust. The Fund offers Fidelity Treasury Only Money Market Fund and Class OUS shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class OUS shares are offered only to certain Stock Plan Services accounts. Class OUS commenced sale of shares on January 28, 2025.

**2. Significant Accounting Policies.**

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

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

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

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

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

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

**Investment Transactions and Income.** The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $- |
| **Gross unrealized depreciation** | <u>-</u> |
| **Net unrealized appreciation (depreciation)** | <u>$-</u> |
| **Tax cost** | <u>$15309859906</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 | $(26945) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(26945)</u> |

---

**New Accounting Pronouncement.** 

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

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which each class of the Fund pays a monthly management fee. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees. During the period, the management fee for each class of the Fund was as follows:

---

| | |
|:---|:---|
|  | **Annual % of Class-Level Average Net Assets** |
| **Fidelity Treasury Only Money Market Fund** | .42% |
| **Class OUS** | .37% |

---

**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. During the period, there were no interfund trades.

**4. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **October 31, 2025** | **Year ended**<br> **April 30, 2025** |
| **Fidelity Treasury Only Money Market Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Fidelity Treasury Only Money Market Fund | $198983429 | $300176978 |
| Class OUSA | &nbsp;&nbsp;&nbsp;&nbsp; <u>80255111</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>30250815</u> |
| Total  | <u>$279238540</u> | <u>$330427793</u> |

---

*A Distributions for Class OUS are for the period January 28, 2025 (commencement of sale of shares) through April 30, 2025.*

**5. Share Transactions.**

Share transactions for each class of shares at a $1.00 per share were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** |
| **Fidelity Treasury Only Money Market Fund** |  |  |  |  |
| **Fidelity Treasury Only Money Market Fund** |  |  |  |  |
| Shares sold | 11960141922 | 13609202132 | $11960141922 | $13609202132 |
| Reinvestment of distributions | 153868477 | 245802648 | 153868477 | 245802648 |
| Shares redeemed | <u>(10495296838)</u> | <u>(10279656266)</u> | <u>(10495296838)</u> | <u>(10279656268)</u> |
| Net increase (decrease) | <u>1618713561</u> | <u>3575348514</u> | <u>$1618713561</u> | <u>$3575348512</u> |
| **Class OUS**A |  |  |  |  |
| Shares sold | 10251292313 | 6481405963 | $10251292313 | $6481405963 |
| Reinvestment of distributions | 76855633 | 29235778 | 76855633 | 29235778 |
| Shares redeemed | <u>(9685624934)</u> | <u>(2941063924)</u> | <u>(9685624934)</u> | <u>(2941063924)</u> |
| Net increase (decrease) | <u>642523012</u> | <u>3569577817</u> | <u>$642523012</u> | <u>$3569577817</u> |

---

*A Share transactions for Class OUS are for the period January 28, 2025 (commencement of sale of shares) through April 30, 2025.*

**6. Other.**

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

**7. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Treasury Only Money Market Fund**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expenses of the retail class 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 Lipper's definition of retail and institutional money market funds creates challenges for comparisons because Lipper's retail category includes funds that have high investment minimums, unlike the fund, that would typically be considered institutional load. The Board considered that the fund has a unitary fee, which covers expenses for services beyond portfolio management. The Board also considered that Fidelity believes that management fee comparisons are particularly unhelpful in the context of the fund and that total expense comparisons are more useful. The Board also noted that the total expense ratio of the retail class of the fund ranked below the total peer group competitive median for 2024. The Board considered that Fidelity believes that, although the management fee and total expenses may rank above the median, the fees that the fund is charged are reasonable for the overall value of the nature and quality of the services the fund's shareholders receive.

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

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

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each 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.

![](img119033_4.jpg)<br>

1.538317.128 TMM-SANN-1225

**Fidelity® Series Treasury Bill Index Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119038_1.jpg)

![](img119038_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_XSB-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Treasury Bill Index Fund](#Sub_Sec_Fund_3224_XSB-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3224_XSB-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_XSB-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_XSB-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_XSB-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_XSB-SANN)** |

---

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

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

"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.© 2025 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Series Treasury Bill Index Fund**

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

Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 98.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 98.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 98.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 98.9%** |
|  | Yield (%) (a) | Principal<br> Amount (b)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/10/2026  | 3.79 | 60320000 | 59697016 |
| US Treasury Bills 0% 2/12/2026  | 3.77 to 3.91 | 95800000 | 94796432 |
| US Treasury Bills 0% 2/17/2026  | 3.79 | 81000000 | 80104671 |
| US Treasury Bills 0% 2/19/2026  | 3.77 to 3.91 | 161000000 | 159192952 |
| US Treasury Bills 0% 2/24/2026  | 3.80 | 83920000 | 82928285 |
| US Treasury Bills 0% 2/26/2026  | 3.77 to 3.92 | 97140000 | 95979757 |
| US Treasury Bills 0% 2/3/2026  | 3.79 | 66100000 | 65465307 |
| US Treasury Bills 0% 2/5/2026  | 3.79 to 3.92 | 95820000 | 94881388 |
| US Treasury Bills 0% 3/12/2026  | 3.76 to 3.80 | 97140000 | 95838336 |
| US Treasury Bills 0% 3/19/2026  | 3.77 to 3.79 | 160280000 | 158028036 |
| US Treasury Bills 0% 3/26/2026  | 3.79 | 96480000 | 95053964 |
| US Treasury Bills 0% 3/3/2026  | 3.81 | 69684000 | 68817330 |
| US Treasury Bills 0% 3/5/2026  | 3.77 to 3.79 | 97140000 | 95909353 |
| US Treasury Bills 0% 4/16/2026  | 3.77 | 145761000 | 143299801 |
| US Treasury Bills 0% 4/2/2026  | 3.77 | 74480000 | 73327060 |
| US Treasury Bills 0% 4/23/2026  | 3.76 | 84440000 | 82954262 |
| US Treasury Bills 0% 4/30/2026  | 3.76 | 93720000 | 92006024 |
| US Treasury Bills 0% 4/9/2026  | 3.77 | 86100000 | 84706050 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $1,722,693,686) |  |  | **1722986024** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c)<br>(Cost $25,351,172)<br>| 4.18 | 25346103 | **25351172** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $1,748,044,858)<br>| <br>**1748337196** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(6921936)** |
| **NET ASSETS - 100.0%** | **1741415260** |

---

**Legend**

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

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

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 6488484 | 179957850 | 161095279 | 230517 | 117 | - | 25351172 | 25346103 | 0.0% |
| Total | 6488484 | 179957850 | 161095279 | 230517 | 117 | - | 25351172 |  |  |

---

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 October 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>** |  |  |  |  |
|  **U.S. Treasury Obligations** | 1722986024 | - | 1722986024 | - |
|  **Money Market Funds** | 25351172 | 25351172 | - | - |
| **Total Investments in Securities:** | 1748337196 | 25351172 | 1722986024 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,722,693,686) | $1722986024 |  |
| Fidelity Central Funds (cost $25,351,172) | 25351172 |  |
| Total Investment in Securities (cost $1,748,044,858) |  | $1748337196 |
| Receivable for investments sold |  | 791408607 |
| Receivable for fund shares sold |  | 42135247 |
| Distributions receivable from Fidelity Central Funds |  | 60367 |
| **Total assets** |  | 2581941417 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $833319449 |  |
| Payable for fund shares redeemed | 7143085 |  |
| Distributions payable | 58714 |  |
| Other payables and accrued expenses | 4909 |  |
| **Total liabilities** |  | 840526157 |
| **Net Assets**  |  | $1741415260 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1748056397 |
| Total accumulated earnings (loss) |  | (6641137) |
| **Net Assets** |  | $1741415260 |
| **Net Asset Value**, offering price and redemption price per share ($1,741,415,260 ÷ 174,962,784 shares) |  | $9.95 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $35219972 |
| Income from Fidelity Central Funds  |  | 230517 |
| **Total income** |  | 35450489 |
| **Expenses** |  |  |
| Custodian fees and expenses | $7251 |  |
| Independent trustees' fees and expenses | 1873 |  |
| Total expenses before reductions | 9124 |  |
| Expense reductions | (49) |  |
| Total expenses after reductions |  | 9075 |
| **Net Investment income (loss)** |  | 35441414 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 576382 |  |
| Fidelity Central Funds | 117 |  |
| Total net realized gain (loss) |  | 576499 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 396012 |
| **Net gain (loss)** |  | 972511 |
| **Net increase (decrease) in net assets resulting from operations** |  | $36413925 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $35441414 | $67570437 |
| &nbsp;&nbsp;Net realized gain (loss) | 576499<br>| 1721474<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 396012 | 187541<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 36413925<br>| 69479452<br>|
| Distributions to shareholders | (35262390)<br>| (67569580)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 322589454 | 488980156 |
| Reinvestment of distributions | 35203720<br>| 67512314<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (219883471) | (288799551) |
| **Net increase (decrease) in net assets resulting from share transactions** | 137909703<br>| 267692919<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 139061238<br>| 269602791<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1602354022 | 1332751231<br>|
| &nbsp;&nbsp;End of period | $1741415260 | $1602354022 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 32435278 | 48820799 |
| Issued in reinvestment of distributions | 3539823<br>| 6789921<br>|
| &nbsp;&nbsp;Redeemed | (22105590) | (28695336) |
| &nbsp;&nbsp;Net increase (decrease) | 13869511 | 26915384 |

---

**Financial Highlights** 

**Fidelity® Series Treasury Bill Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.95 | $9.93 | $9.94 | $9.99 | $10.00 | $10.03 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .211  | .472  | .529  | .327  | .010  | .011  |
| Net realized and unrealized gain (loss)  | (.001)  | .023  | (.010)  | (.054)  | (.005)  | .002  |
| Total from investment operations  | .210  | .495  | .519  | .273  | .005  | .013  |
| Distributions from net investment income  | (.210)  | (.475)  | (.529)  | (.323)  | (.014)  | (.012)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.001)  | (.031)  |
| Total distributions  | (.210)  | (.475)  | (.529)  | (.323)  | (.015)  | (.043)  |
| Net asset value, end of period  | $9.95 | $9.95 | $9.93 | $9.94 | $9.99 | $10.00 |
| **Total Return** C,D | 2.13% <br>| 5.09%  | 5.35%  | 2.78%  | .05%  | .13%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions G | -% H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% H<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -% H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 4.21% H | 4.76%  | 5.32%  | 3.28%  | .10%  | .11%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1741415 | $1602354 | $1332751 | $1298124 | $1379010 | $3446278 |
| Portfolio turnover rate I | 0% H<br>| 0%  | 0%  | 0%  | 0%  | 0%  |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

G*Amount represents less than .005%.*

H*Annualized.*

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

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

For the period ended October 31, 2025

**1. Organization.**

Fidelity Series Treasury Bill Index Fund (the Fund) is a fund of Fidelity Hereford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

**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. U.S. government and government agency obligations 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 October 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

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** | $295628 |
| **Gross unrealized depreciation** | <u>(3290)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$292338</u> |
| **Tax cost** | <u>$1748044858</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 | $(7536311) |

---

**New Accounting Pronouncement.** 

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

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. During the period, there were no interfund trades.

**5. Committed Line of Credit.**

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

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

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

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

**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 $49.

**7. Other.**

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

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**8. Risk and Uncertainties.**

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

**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 Series Treasury Bill Index Fund**

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

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

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the fund's Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, 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.

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

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative 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 also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, collective investment trusts, and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies, collective investment trusts, and 529 plans.

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 considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, collective investment trusts, and 529 plans that invest in the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through August 31, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

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

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the lineup of the Fidelity funds; (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.

![](img119038_4.jpg)<br>

1.9891220.107 XSB-SANN-1225

**Fidelity® Money Market Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119042_1.jpg)

![](img119042_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SPM-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Money Market Fund](#Sub_Sec_Fund_454_SPM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements454_SPM-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SPM-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SPM-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SPM-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SPM-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Money Market Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 63.9%** | &nbsp;&nbsp;**Repurchase Agreements - 63.9%** | &nbsp;&nbsp;**Repurchase Agreements - 63.9%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Fixed Income Clearing Corp - Credit Agricole 4.16%, dated 11/3/2025 due 11/4/2025 (b) | 2355272133 | 2355000000 |
| Investments in repurchase agreements in a joint trading account at 4.16%, dated 10/31/2025 due 11/3/2025 (Collateralized by U.S. Government Obligations)#  | 4914350929 | 4912648000 |
| Repurchase Agreements\*  | 80254359899 | 80124948000 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $87,392,596,000) |  | **87392596000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Certificates of Deposit - 5.0%** | &nbsp;&nbsp;**Certificates of Deposit - 5.0%** | &nbsp;&nbsp;**Certificates of Deposit - 5.0%** | &nbsp;&nbsp;**Certificates of Deposit - 5.0%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Bank of America NA 3.98% 4/2/2026  | 3.98 | 226000000 | 226000000 |
| Bank of America NA 3.98% 4/6/2026  | 3.98 | 226500000 | 226500000 |
| Bank of America NA 4.09% 3/11/2026  | 4.09 | 226000000 | 226000000 |
| Bank of America NA 4.09% 3/6/2026  | 4.09 | 226000000 | 226000000 |
| Bank of Montreal/Chicago IL yankee 4.21% 3/4/2026  | 4.21 | 113000000 | 113000000 |
| Bank of Montreal/Chicago IL yankee U.S. SOFR Index + 0.2%, 4.24% 2/4/2026 (d)(e) | 4.24 | 90000000 | 90000000 |
| Bank of Nova Scotia/Houston yankee U.S. SOFR Index + 0.25%, 4.29% 1/28/2026 (d)(e) | 4.29 | 319000000 | 319000000 |
| Mitsubishi UFJ Trust & Banking Corp/NY yankee 4.01% 2/10/2026  | 4.01 | 226000000 | 226000000 |
| Mitsubishi UFJ Trust & Banking Corp/NY yankee 4.36% 12/8/2025  | 4.36 | 226000000 | 226000000 |
| Mitsubishi UFJ Trust & Banking Corp/NY yankee 4.36% 12/9/2025  | 4.36 | 227000000 | 227000000 |
| Mitsubishi UFJ Trust & Banking Corp/NY yankee U.S. SOFR Index + 0.18%, 4.22% 1/22/2026 (d)(e) | 4.22 | 226000000 | 226000000 |
| Mizuho Bank Ltd/New York NY yankee 3.98% 2/23/2026  | 3.98 | 225000000 | 225000000 |
| Mizuho Bank Ltd/New York NY yankee 3.98% 2/24/2026  | 3.98 | 115000000 | 115000000 |
| MUFG Bank Ltd/New York NY yankee 3.98% 2/17/2026  | 3.98 | 226000000 | 226000000 |
| MUFG Bank Ltd/New York NY yankee 3.98% 2/18/2026  | 3.98 | 226000000 | 226000000 |
| MUFG Bank Ltd/New York NY yankee 4.01% 2/11/2026  | 4.01 | 226000000 | 226000000 |
| MUFG Bank Ltd/New York NY yankee 4.04% 2/3/2026  | 4.04 | 227000000 | 227000000 |
| MUFG Bank Ltd/New York NY yankee 4.04% 2/4/2026  | 4.04 | 226500000 | 226500000 |
| MUFG Bank Ltd/New York NY yankee 4.44% 11/4/2025  | 4.44 | 229000000 | 229000000 |
| MUFG Bank Ltd/New York NY yankee 4.45% 11/20/2025  | 4.45 | 272000000 | 272000000 |
| State Street Bank & Trust Co U.S. SOFR Index + 0.16%, 4.2% 1/27/2026 (d)(e) | 4.20 | 153000000 | 152999999 |
| Sumitomo Mitsui Trust NY yankee 4.01% 1/28/2026  | 4.01 | 226000000 | 226000000 |
| Sumitomo Mitsui Trust NY yankee 4.01% 1/29/2026  | 4.01 | 226000000 | 226000000 |
| Sumitomo Mitsui Trust NY yankee 4.01% 2/2/2026  | 4.01 | 45000000 | 45000000 |
| Sumitomo Mitsui Trust NY yankee 4.01% 2/3/2026  | 4.01 | 90000000 | 90000000 |
| Sumitomo Mitsui Trust NY yankee 4.01% 2/5/2026  | 4.01 | 226000000 | 226000000 |
| Sumitomo Mitsui Trust NY yankee 4.06% 1/22/2026  | 4.06 | 227000000 | 227000000 |
| Sumitomo Mitsui Trust NY yankee 4.06% 12/29/2025  | 4.06 | 226000000 | 226000000 |
| Sumitomo Mitsui Trust NY yankee 4.06% 12/30/2025  | 4.06 | 227000000 | 227000000 |
| Sumitomo Mitsui Trust NY yankee 4.07% 1/20/2026  | 4.06 | 45000000 | 45000716 |
| Sumitomo Mitsui Trust NY yankee 4.12% 11/20/2025  | 4.12 | 221000000 | 221000000 |
| Sumitomo Mitsui Trust NY yankee 4.12% 11/21/2025  | 4.12 | 231000000 | 231000000 |
| Toronto-Dominion Bank/NY yankee 4.25% 2/18/2026  | 4.25 | 274000000 | 274000000 |
| Toronto-Dominion Bank/NY yankee U.S. SOFR Index + 0.22%, 4.26% 2/13/2026 (d)(e) | 4.26 | 90000000 | 90000000 |
| <br> **TOTAL CERTIFICATES OF DEPOSIT**<br> (Cost $6,811,000,715) |  |  | **6811000715** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 13.6%** | &nbsp;&nbsp;**Commercial Paper - 13.6%** | &nbsp;&nbsp;**Commercial Paper - 13.6%** | &nbsp;&nbsp;**Commercial Paper - 13.6%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Bank of Montreal U.S. SOFR Index + 0.17%, 4.21% 1/21/2026 (d)(e) | 4.21 | 315000000 | 315000000 |
| Bank of Montreal yankee 4.21% 1/21/2026  | 4.29 | 451000000 | 446727903 |
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 4.15% 11/25/2025 (f) | 4.18 | 225000000 | 224377500 |
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 4.18% 11/12/2025 (f) | 4.21 | 225000000 | 224712625 |
| Bedford Row Funding Corp 3.91% 5/1/2026 (Liquidity Facility Royal Bank Of Canada)  | 3.99 | 90000000 | 88230725 |
| Bedford Row Funding Corp 3.92% 5/4/2026 (Liquidity Facility Royal Bank Of Canada)  | 4.00 | 45000000 | 44098400 |
| Bedford Row Funding Corp 4.33% 1/9/2026 (Liquidity Facility Royal Bank Of Canada)  | 4.43 | 113000000 | 112062194 |
| Bedford Row Funding Corp 4.35% 11/20/2025 (Liquidity Facility Royal Bank Of Canada)  | 4.45 | 114000000 | 113738275 |
| Bedford Row Funding Corp 4.35% 12/3/2025 (Liquidity Facility Royal Bank Of Canada)  | 4.46 | 114000000 | 113559200 |
| Bedford Row Funding Corp U.S. SOFR Index + 0.21%, 4.25% 3/18/2026 (Liquidity Facility Royal Bank Of Canada) (d)(e) | 4.25 | 135000000 | 135000000 |
| Bedford Row Funding Corp yankee 3.98% 3/4/2026  | 4.06 | 90000000 | 88776150 |
| BofA Securities Inc 3.86% 4/28/2026  | 3.94 | 224000000 | 219724835 |
| BofA Securities Inc 3.88% 4/16/2026  | 3.96 | 113000000 | 110978304 |
| BofA Securities Inc 3.88% 4/17/2026  | 3.96 | 113000000 | 110966126 |
| BofA Securities Inc 4.2% 2/18/2026  | 4.29 | 225000000 | 222138750 |
| BofA Securities Inc 4.21% 1/15/2026  | 4.29 | 225000000 | 223026563 |
| BofA Securities Inc 4.37% 12/12/2025  | 4.45 | 113000000 | 112437605 |
| BofA Securities Inc 4.37% 12/15/2025  | 4.45 | 225000000 | 223798250 |
| Cabot Trail Funding LLC 3.94% 4/6/2026 (Liquidity Facility The Toronto Dominion Bank)  | 4.02 | 68000000 | 66839013 |
| Cabot Trail Funding LLC 4.1% 3/4/2026 (Liquidity Facility The Toronto Dominion Bank)  | 4.19 | 45000000 | 44369625 |
| Cabot Trail Funding LLC 4.1% 3/4/2026 (Liquidity Facility The Toronto Dominion Bank)  | 4.19 | 45000000 | 44369625 |
| Cabot Trail Funding LLC 4.19% 2/11/2026 (Liquidity Facility The Toronto Dominion Bank)  | 4.28 | 68000000 | 67192727 |
| Cabot Trail Funding LLC 4.33% 11/4/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.37 | 23000000 | 22991701 |
| Cabot Trail Funding LLC 4.33% 11/5/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.37 | 22000000 | 21989416 |
| Cabot Trail Funding LLC 4.33% 11/5/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.37 | 20000000 | 19990377 |
| Cabot Trail Funding LLC 4.33% 11/7/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.37 | 21000000 | 20984845 |
| Cabot Trail Funding LLC 4.36% 11/17/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.46 | 114000000 | 113779093 |
| Cabot Trail Funding LLC 4.36% 11/18/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.46 | 137000000 | 136717932 |
| Cabot Trail Funding LLC 4.36% 11/19/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.46 | 101000000 | 100779820 |
| Cabot Trail Funding LLC 4.36% 11/20/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.46 | 57000000 | 56868837 |
| Cabot Trail Funding LLC 4.36% 11/21/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.46 | 96000000 | 95767467 |
| Canadian Imperial Bank of Commerce U.S. SOFR Index + 0.22%, 4.26% 1/5/2026 (d)(e) | 4.26 | 115000000 | 115000000 |
| Cisco Systems Inc 3.94% 1/30/2026  | 3.98 | 80300000 | 79509045 |
| Cisco Systems Inc 3.94% 1/30/2026  | 3.98 | 57900000 | 57329685 |
| DNB Bank ASA yankee 3.85% 4/16/2026  | 3.93 | 329000000 | 323159336 |
| Federation des Caisses Desjardins du Quebec yankee 3.95% 3/25/2026  | 4.03 | 223000000 | 219476600 |
| Federation des Caisses Desjardins du Quebec yankee 3.95% 3/25/2026  | 4.03 | 93000000 | 91530600 |
| Federation des Caisses Desjardins du Quebec yankee 4.16% 2/19/2026  | 4.25 | 90000000 | 88856000 |
| Federation des Caisses Desjardins du Quebec yankee 4.35% 11/14/2025  | 4.45 | 47000000 | 46926171 |
| Federation des Caisses Desjardins du Quebec yankee 4.35% 11/14/2025  | 4.45 | 44000000 | 43930883 |
| Gotham Funding Corp yankee 4.05% 1/9/2026 (Liquidity Facility Mufg Bank Ltd)  | 4.09 | 113000000 | 112122837 |
| Gotham Funding Corp yankee 4.09% 1/12/2026 (Liquidity Facility Mufg Bank Ltd)  | 4.14 | 45000000 | 44631900 |
| Gotham Funding Corp yankee 4.09% 12/11/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 169000000 | 168231989 |
| Gotham Funding Corp yankee 4.09% 12/12/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 45000000 | 44790387 |
| Gotham Funding Corp yankee 4.28% 11/20/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.32 | 69000000 | 68844137 |
| Gotham Funding Corp yankee 4.28% 11/20/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.32 | 46000000 | 45896091 |
| Gotham Funding Corp yankee 4.28% 11/21/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.32 | 115000000 | 114726556 |
| Gotham Funding Corp yankee 4.28% 11/26/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.33 | 46000000 | 45863278 |
| Gotham Funding Corp yankee 4.4% 11/4/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.45 | 23000000 | 22991567 |
| Gotham Funding Corp yankee 4.4% 11/4/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.45 | 23000000 | 22991566 |
| ING US Funding LLC 3.94% 2/6/2026  | 3.98 | 180000000 | 178089100 |
| ING US Funding LLC 3.95% 2/6/2026  | 4.00 | 134000000 | 132573830 |
| ING US Funding LLC 4.09% 12/30/2025  | 4.13 | 113000000 | 112242555 |
| ING US Funding LLC U.S. SOFR Index + 0.15%, 4.19% 12/29/2025 (d)(e) | 4.19 | 113000000 | 113000000 |
| JPMorgan Securities LLC 4.05% 1/12/2026  | 4.10 | 135000000 | 133906500 |
| JPMorgan Securities LLC 4.05% 1/14/2026  | 4.10 | 225000000 | 223126875 |
| JPMorgan Securities LLC 4.06% 1/6/2026  | 4.11 | 225000000 | 223325250 |
| JPMorgan Securities LLC 4.06% 1/8/2026  | 4.11 | 203000000 | 201443215 |
| Liberty Street Funding LLC 3.99% 2/10/2026 (Liquidity Facility The Bank Of Nova Scotia)  | 4.05 | 79000000 | 78115661 |
| Liberty Street Funding LLC 3.99% 2/12/2026 (Liquidity Facility The Bank Of Nova Scotia)  | 4.05 | 79000000 | 78098149 |
| Liberty Street Funding LLC 4.25% 12/15/2025 (Liquidity Facility The Bank Of Nova Scotia)  | 4.31 | 90000000 | 89532500 |
| Lloyds Bank PLC yankee 4.245% 12/10/2025  | 4.30 | 115000000 | 114471144 |
| Lloyds Bank PLC yankee 4.245% 12/11/2025  | 4.30 | 65500000 | 65191058 |
| Lloyds Bank PLC yankee 4.245% 12/12/2025  | 4.30 | 69000000 | 68666414 |
| Lloyds Bank PLC yankee 4.245% 12/9/2025  | 4.30 | 109000000 | 108511589 |
| Mizuho Bank Ltd/Singapore yankee 3.985% 1/27/2026  | 4.03 | 224000000 | 221842786 |
| Mizuho Bank Ltd/Singapore yankee 4.305% 12/1/2025  | 4.35 | 225000000 | 224192813 |
| National Australia Bank Ltd U.S. SOFR Index + 0.22%, 4.49% 1/22/2026 (d)(e) | 4.49 | 91000000 | 91000000 |
| National Bank of Canada yankee 3.96% 3/19/2026  | 4.04 | 225000000 | 221584500 |
| Podium Funding Trust yankee 3.93% 4/1/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.01 | 90000000 | 88516425 |
| Podium Funding Trust yankee 3.98% 3/25/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.06 | 68000000 | 66917440 |
| Podium Funding Trust yankee 3.98% 3/26/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.06 | 67000000 | 65925953 |
| Podium Funding Trust yankee 4.1% 3/4/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.19 | 89500000 | 88246254 |
| Podium Funding Trust yankee 4.18% 2/18/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.27 | 113000000 | 111569859 |
| Podium Funding Trust yankee 4.34% 1/6/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.44 | 45000000 | 44641950 |
| Podium Funding Trust yankee 4.34% 1/9/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.44 | 90000000 | 89251350 |
| Podium Funding Trust yankee 4.36% 11/20/2025 (Liquidity Facility Bank Of Montreal Que)  | 4.46 | 68000000 | 67843524 |
| Podium Funding Trust yankee 4.36% 11/4/2025 (Liquidity Facility Bank Of Montreal Que)  | 4.45 | 114000000 | 113958581 |
| Royal Bank of Canada 3.835% 4/22/2026  | 3.91 | 674000000 | 661650448 |
| Royal Bank of Canada 3.95% 3/24/2026  | 4.03 | 451000000 | 443923685 |
| Royal Bank of Canada 3.95% 3/25/2026  | 4.03 | 440000000 | 433048000 |
| Royal Bank of Canada 3.95% 3/26/2026  | 4.03 | 225000000 | 221420311 |
| Royal Bank of Canada 3.96% 4/1/2026  | 4.04 | 452000000 | 444492280 |
| Royal Bank of Canada 4.04% 3/23/2026  | 4.13 | 900000000 | 885658000 |
| Royal Bank of Canada 4.15% 2/19/2026  | 4.24 | 440000000 | 434420555 |
| Royal Bank of Canada 4.15% 2/20/2026  | 4.24 | 461000000 | 455101121 |
| Royal Bank of Canada 4.33% 11/20/2025  | 4.43 | 342000000 | 341218435 |
| Royal Bank of Canada 4.33% 11/21/2025  | 4.43 | 342000000 | 341177299 |
| Royal Bank of Canada U.S. SOFR Index + 0.21%, 4.25% 1/5/2026 (d)(e) | 4.25 | 456000000 | 456000000 |
| Sumitomo Mitsui Trust Bank Ltd/Singapore yankee 3.975% 1/27/2026  | 4.02 | 219000000 | 216896231 |
| Sumitomo Mitsui Trust Bank Ltd/Singapore yankee 3.975% 1/28/2026  | 4.02 | 230000000 | 227765167 |
| Sumitomo Mitsui Trust NY yankee 4.3% 11/13/2025  | 4.35 | 225000000 | 224677500 |
| Sumitomo Mitsui Trust NY yankee 4.305% 11/5/2025  | 4.35 | 90000000 | 89956950 |
| Thunder Bay Funding LLC 3.92% 5/6/2026 (Liquidity Facility Royal Bank Of Canada)  | 4.00 | 45000000 | 44098400 |
| Toronto Dominion Bank U.S. SOFR Index + 0.22%, 4.49% 1/16/2026 (d)(e) | 4.49 | 228000000 | 228000000 |
| Toronto Dominion Bank U.S. SOFR Index + 0.22%, 4.49% 2/18/2026 (d)(e) | 4.49 | 225000000 | 225000000 |
| Toronto Dominion Bank U.S. SOFR Index + 0.22%, 4.49% 2/24/2026 (d)(e) | 4.49 | 225000000 | 225000000 |
| Toronto Dominion Bank U.S. SOFR Index + 0.22%, 4.49% 2/6/2026 (d)(e) | 4.49 | 451000000 | 451000000 |
| Toronto Dominion Bank U.S. SOFR Index + 0.22%, 4.53% 2/20/2026 (d)(e) | 4.53 | 451000000 | 451000000 |
| Toronto Dominion Bank yankee 3.85% 5/4/2026  | 3.93 | 528000000 | 517610133 |
| Toronto Dominion Bank yankee 4.16% 2/19/2026  | 4.25 | 135000000 | 133284000 |
| Toronto Dominion Bank yankee 4.16% 2/23/2026  | 4.25 | 135000000 | 133221600 |
| Toronto Dominion Bank yankee 4.235% 12/1/2025  | 4.28 | 220000000 | 219223583 |
| Toronto Dominion Bank yankee 4.235% 12/2/2025  | 4.28 | 231000000 | 230157588 |
| Victory Receivables Corp 3.98% 1/30/2026 (Liquidity Facility Mufg Bank Ltd)  | 4.02 | 108000000 | 106925400 |
| Victory Receivables Corp 4.05% 1/12/2026 (Liquidity Facility Mufg Bank Ltd)  | 4.09 | 49000000 | 48603100 |
| Victory Receivables Corp 4.08% 12/16/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.12 | 45000000 | 44770500 |
| Victory Receivables Corp 4.08% 12/17/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.12 | 59000000 | 58692413 |
| Victory Receivables Corp 4.09% 1/12/2026 (Liquidity Facility Mufg Bank Ltd)  | 4.14 | 91000000 | 90255620 |
| Victory Receivables Corp 4.09% 12/10/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 56000000 | 55751873 |
| Victory Receivables Corp 4.09% 12/10/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 33000000 | 32853782 |
| Victory Receivables Corp 4.09% 12/11/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 135000000 | 134386501 |
| Victory Receivables Corp 4.09% 12/11/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 31000000 | 30859122 |
| Victory Receivables Corp 4.09% 12/12/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 22000000 | 21897523 |
| Victory Receivables Corp 4.28% 11/20/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.32 | 28000000 | 27936751 |
| Victory Receivables Corp 4.28% 11/26/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.33 | 69000000 | 68794917 |
| <br> **TOTAL COMMERCIAL PAPER**<br> (Cost $18,571,316,574) |  |  | **18571316574** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 19.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 19.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 19.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 19.0%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/22/2026  | 3.85 | 1375000000 | 1363067291 |
| US Treasury Bills 0% 11/12/2025  | 4.04 to 4.05 | 2299800000 | 2296968012 |
| US Treasury Bills 0% 11/13/2025  | 4.04 | 1376000000 | 1374156160 |
| US Treasury Bills 0% 11/18/2025  | 4.04 to 4.05 | 1384000000 | 1381365893 |
| US Treasury Bills 0% 11/20/2025  | 4.02 | 2725000000 | 2719247223 |
| US Treasury Bills 0% 11/25/2025  | 3.96 to 4.29 | 5331000000 | 5316658432 |
| US Treasury Bills 0% 11/28/2025  | 4.03 | 2725000000 | 2716804562 |
| US Treasury Bills 0% 11/4/2025  | 4.07 | 533000000 | 532819890 |
| US Treasury Bills 0% 12/16/2025  | 3.98 | 1344200000 | 1337546210 |
| US Treasury Bills 0% 12/2/2025  | 3.99 to 4.28 | 1514400000 | 1509023617 |
| US Treasury Bills 0% 12/23/2025  | 3.92 | 1365000000 | 1357310500 |
| US Treasury Bills 0% 12/4/2025  | 3.96 | 1365000000 | 1360070074 |
| US Treasury Bills 0% 12/9/2025  | 3.98 | 1365000000 | 1359301503 |
| US Treasury Bills 0% 2/24/2026  | 3.78 | 1375000000 | 1358594531 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $25,982,933,898) |  |  | **25982933898** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.5%**<br> (Cost $138,757,847,187)<br>| <br>**138757847187** |
| **NET OTHER ASSETS (LIABILITIES) - (1.5)%**  | **(2039143027)** |
| **NET ASSETS - 100.0%** | **136718704160** |

---

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

**Legend**

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

(b) Represents a forward settling transaction and therefore no collateral securities had been allocated as of period end. The agreement contemplated the delivery of U.S. Treasury Obligations as collateral on settlement date.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

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

(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $449,090,125 or 0.3% of net assets.

(g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and / or subject to caps or floors. Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. The maturity amount is based on the rate at period end.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** |
| **Counterparty** | **Lending Rate (%)** | **Settlement Date** | **Maturity Date** | **Repurchase Agreement**<br> **Value ($)** | **Repurchase Agreement Proceeds ($)** | **Collateralized By** | **Collateral Coupon (%)** | **Collateral Maturity Date** | **Collateral Value Received ($)** |
| ABN AMRO Bank NV | 4.18 | 10/31/2025 | 11/3/2025 | 192000000 | 192066880 | Agency Mortgage-Backed Securities | 3.00 - 7.00 | 12/1/2026 - 8/1/2055 | 195908218 |
| ABN AMRO Bank NV | 4.17 | 10/31/2025 | 11/3/2025 | 176000000 | 176061160 | U.S. Treasuries (including strips) | 1.00 - 4.63 | 7/31/2028 - 5/15/2035 | 179582425 |
| BMO Capital Markets Corp | 4.16 | 10/31/2025 | 11/3/2025 | 27000000 | 27009360 | U.S. Treasuries (including strips) | 4.00 - 4.25 | 1/31/2031 - 8/15/2035 | 27549552 |
| BMO Chicago Branch | 4.09 | 10/22/2025 | 11/10/2025 | 248000000 | 248535336 | Agency Mortgage-Backed Securities | 4.50 - 5.50 | 7/1/2052 - 9/1/2055 | 253304870 |
| BMO Chicago Branch | 4.09 | 10/24/2025 | 11/7/2025 | 27000000 | 27042945 | Agency Mortgage-Backed Securities | 5.91 - 7.24 | 1/20/2068 - 2/20/2075 | 27571289 |
| BNP Paribas Prime Brokerage, Inc. | 4.16 | 10/31/2025 | 11/3/2025 | 547000000 | 547189627 | Equities | N/A |  | 590964797 |
| Bank of Montreal | 4.02 | 10/24/2025 | 11/24/2025 | 55000000 | 55190392 | Agency Mortgage-Backed Securities | 3.50 - 6.98 | 12/1/2029 - 2/20/2069 | 56165609 |
| Bank of Montreal | 4.01 | 10/29/2025 | 11/12/2025 | 96000000 | 96149707 | U.S. Treasuries (including strips) | 1.38 - 4.63 | 11/30/2026 - 11/15/2054 | 98288576 |
| Bank of Montreal | 4.02 | 10/30/2025 | 11/6/2025 | 20000000 | 20015633 | U.S. Treasuries (including strips) | 1.25 - 4.63 | 4/30/2026 - 8/15/2045 | 20409146 |
| Bank of Nova Scotia Toronto Branch | 4.14 | 10/31/2025 | 11/3/2025 | 593000000 | 593204585 | Corporate Debt Securities | 1.25 - 6.50 | 3/2/2026 - 9/15/2054 | 622865359 |
| Barclays Bank PLC | 4.05(g) | 10/10/2025 | 11/12/2025 | 221000000 | 221820463 | Agency Mortgage-Backed Securities | 1.50 - 6.50 | 11/25/2027 - 5/16/2065 | 219409036 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 3.50 - 5.18 | 8/1/2051 - 10/25/2065 | 6723941 |
|  |  |  |  |  |  |  |  |  | 226132977 |
| Barclays Bank PLC | 4.17 | 10/31/2025 | 11/3/2025 | 414000000 | 414143865 | Agency Mortgage-Backed Securities | 2.00 - 14.02 | 9/25/2027 - 10/20/2055 | 377114655 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 3.00 - 5.18 | 8/1/2051 - 6/1/2063 | 47002562 |
|  |  |  |  |  |  |  |  |  | 424117217 |
| Barclays Bank PLC | 4.15 | 10/31/2025 | 11/3/2025 | 4705000000 | 4706627146 | U.S. Treasuries (including strips) | 0.00 - 6.75 | 11/28/2025 - 5/15/2045 | 4800759753 |
| BofA Securities, Inc. | 3.87 | 10/27/2025 | 1/27/2026 | 136000000 | 137345040 | U.S. Treasuries (including strips) | 1.63 | 5/15/2031 | 138824414 |
| BofA Securities, Inc. | 4.06(g) | 10/10/2025 | 1/9/2026 | 55000000 | 55564453 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 1/1/2029 - 9/1/2055 | 56257766 |
| BofA Securities, Inc. | 4.17 | 9/3/2025 | 12/3/2025 | 75000000 | 75790563 | U.S. Treasuries (including strips) | 3.88 | 11/30/2029 | 77040578 |
| BofA Securities, Inc. | 4.02 | 10/24/2025 | 11/24/2025 | 25000000 | 25086542 | U.S. Treasuries (including strips) | 0.38 | 7/31/2027 | 25528545 |
| BofA Securities, Inc. | 4.26 | 8/7/2025 | 11/7/2025 | 56000000 | 56609654 | Agency Mortgage-Backed Securities | 3.00 - 6.50 | 5/1/2038 - 10/20/2055 | 57714810 |
| Canadian Imperial Bank of Commerce | 4.06 | 10/15/2025 | 11/17/2025 | 35000000 | 35130258 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 11/12/2025 - 8/15/2055 | 35998031 |
| Canadian Imperial Bank of Commerce | 4.07 | 10/14/2025 | 11/13/2025 | 110000000 | 110373083 | Agency Mortgage-Backed Securities | 1.50 - 8.00 | 9/1/2029 - 7/1/2055 | 81684560 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.00 | 11/15/2026 - 2/15/2034 | 30769977 |
|  |  |  |  |  |  |  |  |  | 112454537 |
| Canadian Imperial Bank of Commerce | 4.10 | 10/7/2025 | 11/7/2025 | 150000000 | 150529583 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 11/12/2025 - 11/15/2054 | 153488722 |
| Canadian Imperial Bank of Commerce | 4.21 | 9/2/2025 | 11/3/2025 | 172000000 | 173247095 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 11/28/2025 - 8/15/2055 | 177529891 |
| Canadian Imperial Bank of Commerce | 4.16 | 10/31/2025 | 11/3/2025 | 55000000 | 55019067 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 10/1/2029 - 7/20/2074 | 47287114 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.63 | 6/11/2026 - 5/15/2044 | 8832334 |
|  |  |  |  |  |  |  |  |  | 56119448 |
| Canadian Imperial Bank of Commerce | 4.13 | 10/1/2025 | 11/3/2025 | 25000000 | 25094646 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 11/12/2025 - 5/15/2054 | 25639126 |
| Citibank NA | 4.02 | 10/30/2025 | 11/6/2025 | 165000000 | 165128975 | Agency Mortgage-Backed Securities | 2.60 - 7.00 | 8/1/2030 - 9/15/2064 | 168375174 |
| Citigroup Global Capital Markets Inc | 4.27(g) | 10/29/2025 | 12/30/2025 | 1253000000 | 1262214423 | Equities | N/A |  | 1354061350 |
| Citigroup Global Capital Markets Inc | 4.22(g) | 10/6/2025 | 12/8/2025 | 463000000 | 466419255 | Equities | N/A |  | 501762924 |
| Citigroup Global Capital Markets Inc | 4.02 | 10/30/2025 | 11/6/2025 | 248000000 | 248193853 | Agency Mortgage-Backed Securities | 4.50 - 7.50 | 9/1/2054 | 252960728 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 3.00 | 11/15/2044 | 112332 |
|  |  |  |  |  |  |  |  |  | 253073060 |
| Fixed Income Clearing Corp - BNP | 4.15 | 10/31/2025 | 11/3/2025 | 2006000000 | 2006693742 | U.S. Treasuries (including strips) | 0.38 - 4.88 | 4/30/2026 - 8/15/2055 | 2046827617 |
| Fixed Income Clearing Corp - BNP | 4.15 | 10/31/2025 | 11/3/2025 | 2472000000 | 2472854900 | U.S. Treasuries (including strips) | 0.63 - 5.00 | 7/31/2026 - 8/15/2055 | 2522311998 |
| Fixed Income Clearing Corp - BNYM | 4.15 | 10/31/2025 | 11/3/2025 | 3027000000 | 3028046837 | U.S. Treasuries (including strips) | 2.13 - 4.13 | 4/15/2029 - 7/31/2031 | 3087540055 |
| Fixed Income Clearing Corp - BONY | 4.16 | 10/31/2025 | 11/3/2025 | 696000000 | 696241280 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 10/1/2036 - 9/1/2055 | 709920039 |
| Fixed Income Clearing Corp - CIBC | 4.16 | 10/31/2025 | 11/3/2025 | 302000000 | 302104693 | U.S. Treasuries (including strips) | 0.63 | 8/15/2030 | 308186448 |
| Fixed Income Clearing Corp - CIBC | 4.16 | 10/31/2025 | 11/3/2025 | 40000000 | 40013867 | U.S. Treasuries (including strips) | 3.63 | 3/31/2028 | 40802413 |
| Fixed Income Clearing Corp - Citi | 4.16 | 10/31/2025 | 11/3/2025 | 1715000000 | 1715594533 | U.S. Treasuries (including strips) | 0.00 - 6.63 | 12/15/2025 - 8/15/2052 | 1749906458 |
| Fixed Income Clearing Corp - Credit Agricole | 4.15 | 10/31/2025 | 11/3/2025 | 2533000000 | 2533875996 | U.S. Treasuries (including strips) | 1.88 - 4.88 | 5/31/2026 - 11/15/2034 | 2583616589 |
| Fixed Income Clearing Corp - Credit Agricole | 4.07 | 10/31/2025 | 11/3/2025 | 2359000000 | 2359800094 | U.S. Treasuries (including strips) | 1.25 - 4.63 | 12/31/2027 - 5/15/2043 | 2427619690 |
| Fixed Income Clearing Corp - Goldman | 4.02 | 10/30/2025 | 11/6/2025 | 248000000 | 248193853 | U.S. Treasuries (including strips) | 0.38 - 5.00 | 11/30/2025 - 2/15/2054 | 253044785 |
| Fixed Income Clearing Corp - Goldman | 4.16 | 10/31/2025 | 11/3/2025 | 1877000000 | 1877650693 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 11/1/2027 - 9/1/2062 | 1915203708 |
| Fixed Income Clearing Corp - Goldman | 4.15 | 10/31/2025 | 11/3/2025 | 2084000000 | 2084720717 | U.S. Treasuries (including strips) | 2.25 - 3.88 | 4/30/2026 - 5/15/2043 | 2126415150 |
| Fixed Income Clearing Corp - Goldman | 4.15 | 10/31/2025 | 11/3/2025 | 5107946000 | 5109712498 | U.S. Treasuries (including strips) | 1.13 - 4.63 | 10/31/2026 - 11/15/2044 | 5211906771 |
| Fixed Income Clearing Corp - ING | 4.16 | 10/31/2025 | 11/3/2025 | 276000000 | 276095680 | Agency Mortgage-Backed Securities | 3.00 - 5.00 | 3/1/2052 - 3/1/2053 | 281617594 |
| Fixed Income Clearing Corp - ING | 4.16 | 10/31/2025 | 11/3/2025 | 705000000 | 705244400 | U.S. Treasuries (including strips) | 3.88 | 5/31/2027 - 10/15/2027 | 719366128 |
| Fixed Income Clearing Corp - ING | 4.15 | 10/31/2025 | 11/3/2025 | 5527000000 | 5528911421 | U.S. Treasuries (including strips) | 0.38 - 4.88 | 11/30/2025 - 2/15/2043 | 5639489701 |
| Fixed Income Clearing Corp - Mizuho | 4.17 | 10/31/2025 | 11/3/2025 | 604000000 | 604209890 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 11/1/2027 - 6/1/2056 | 616236398 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 2.38 - 3.88 | 3/15/2028 - 2/15/2042 | 57690 |
|  |  |  |  |  |  |  |  |  | 616294088 |
| Fixed Income Clearing Corp - Mizuho | 4.16 | 10/31/2025 | 11/3/2025 | 865000000 | 865299867 | U.S. Treasuries (including strips) | 0.50 - 4.13 | 2/15/2026 - 2/15/2031 | 882605865 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.16 | 10/31/2025 | 11/3/2025 | 662000000 | 662229493 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 9/1/2040 - 11/1/2055 | 675573338 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.16 | 10/31/2025 | 11/3/2025 | 1325000000 | 1325459333 | Agency Mortgage-Backed Securities | 1.50 - 8.00 | 3/1/2026 - 10/1/2055 | 1349963396 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.88 - 4.88 | 11/15/2030 - 5/15/2046 | 2005125 |
|  |  |  |  |  |  |  |  |  | 1351968521 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.16 | 10/31/2025 | 11/3/2025 | 1325000000 | 1325459333 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 11/20/2030 - 10/20/2055 | 1320245187 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 2.00 - 4.88 | 12/15/2027 - 8/15/2051 | 31723334 |
|  |  |  |  |  |  |  |  |  | 1351968521 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.16 | 10/31/2025 | 11/3/2025 | 552000000 | 552191360 | Agency Mortgage-Backed Securities | 1.50 - 8.50 | 11/25/2025 - 1/1/2055 | 561934496 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.88 | 11/6/2025 - 8/15/2045 | 1300692 |
|  |  |  |  |  |  |  |  |  | 563235188 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.15 | 10/31/2025 | 11/3/2025 | 6440000000 | 6442227167 | U.S. Treasuries (including strips) | 0.00 - 5.50 | 11/28/2025 - 11/15/2034 | 6571071782 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.15 | 10/31/2025 | 11/3/2025 | 4290000000 | 4291483625 | U.S. Treasuries (including strips) | 0.00 - 4.25 | 1/22/2026 - 2/15/2033 | 4377313356 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.15 | 10/31/2025 | 11/3/2025 | 894947000 | 895256503 | U.S. Treasuries (including strips) | 0.63 - 4.13 | 2/28/2027 - 11/15/2032 | 913161707 |
| Fixed Income Clearing Corp - Natixis | 4.18 | 10/31/2025 | 11/3/2025 | 703000000 | 703244878 | U.S. Treasuries (including strips) | 3.50 - 4.63 | 6/30/2026 - 4/30/2028 | 717061210 |
| Fixed Income Clearing Corp - Natwest | 4.16 | 10/31/2025 | 11/3/2025 | 10000000 | 10003467 | U.S. Treasuries (including strips) | 3.38 | 9/15/2028 | 10203619 |
| Fixed Income Clearing Corp - Nomura | 4.16 | 10/31/2025 | 11/3/2025 | 943000000 | 943326907 | U.S. Treasuries (including strips) | 1.00 - 4.38 | 11/30/2025 - 11/30/2031 | 962193482 |
| Fixed Income Clearing Corp - State Street Bank | 4.16 | 10/31/2025 | 11/3/2025 | 607000000 | 607210427 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 5/1/2027 - 11/1/2055 | 613452825 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 | 12/11/2025 | 5901810 |
|  |  |  |  |  |  |  |  |  | 619354635 |
| Fixed Income Clearing Corp - State Street Bank | 4.15 | 10/31/2025 | 11/3/2025 | 2691000000 | 2691930638 | U.S. Treasuries (including strips) | 2.75 - 4.25 | 2/15/2028 - 3/15/2028 | 2744880702 |
| Goldman Sachs & Co LLC | 4.05 | 10/29/2025 | 11/5/2025 | 275000000 | 275216563 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 11/1/2030 - 10/15/2057 | 279501017 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 3.77 | 1/27/2027 | 1156765 |
|  |  |  |  |  |  |  |  |  | 280657782 |
| HSBC Securities Inc (USA) | 4.12 | 10/28/2025 | 11/4/2025 | 198000000 | 198158620 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 11/4/2025 - 8/15/2045 | 202098766 |
| HSBC Securities, Inc. (U.S.A.) | 4.15 | 10/31/2025 | 11/3/2025 | 91000000 | 91031471 | Corporate Debt Securities | 2.50 - 10.88 | 1/15/2029 - 4/4/2079 | 97443068 |
| ING Financial Markets LLC | 4.15 | 10/28/2025 | 11/4/2025 | 20000000 | 20016139 | U.S. Treasuries (including strips) | 0.00 | 1/15/2029 - 4/4/2079 | 20414194 |
| ING Financial Markets LLC | 4.22 | 10/31/2025 | 11/3/2025 | 46000000 | 46016177 | Equities | N/A |  | 49697472 |
| JP Morgan Securities LLC | 4.37(g) | 10/29/2025 | 2/26/2026 | 456000000 | 462642400 | Private Label Collateralized Mortgage Obligations | 0.06 - 6.45 | 9/15/2036 - 10/25/2070 | 203080998 |
|  |  |  |  |  |  | Asset-Backed Securities | 2.00 - 9.08 | 10/20/2029 - 4/25/2066 | 276016258 |
|  |  |  |  |  |  |  |  |  | 479097256 |
| JP Morgan Securities LLC | 4.42(g) | 10/16/2025 | 2/13/2026 | 229000000 | 232373933 | Equities | N/A |  | 247891378 |
| JP Morgan Securities LLC | 4.30(g) | 10/9/2025 | 2/6/2026 | 343000000 | 347916333 | Private Label Collateralized Mortgage Obligations | 0.00 - 7.28 | 12/15/2031 - 8/25/2070 | 316296416 |
|  |  |  |  |  |  | Asset-Backed Securities | 3.99 - 12.31 | 3/27/2028 - 11/25/2067 | 44981255 |
|  |  |  |  |  |  |  |  |  | 361277671 |
| JP Morgan Securities LLC | 4.17(g) | 10/28/2025 | 11/28/2025 | 228000000 | 228818710 | Equities | N/A |  | 246416199 |
| JP Morgan Securities LLC | 4.17(g) | 10/30/2025 | 11/28/2025 | 912000000 | 915063560 | Equities | N/A |  | 985423205 |
| JP Morgan Securities LLC | 4.19(g) | 10/22/2025 | 11/21/2025 | 228000000 | 228796100 | Corporate Debt Securities | 0.00 - 12.00 | 1/5/2026 - 3/15/2043 | 246544498 |
| JP Morgan Securities LLC | 4.17(g) | 10/17/2025 | 11/17/2025 | 1142000000 | 1146100732 | Equities | N/A |  | 1235904491 |
| JP Morgan Securities LLC | 4.17(g) | 10/8/2025 | 11/3/2025 | 687000000 | 689069015 | Equities | N/A |  | 744306655 |
| JP Morgan Securities, LLC | 4.06(g) | 10/23/2025 | 11/24/2025 | 2832000000 | 2842220373 | U.S. Treasuries (including strips) | 3.75 - 3.88 | 6/30/2027 - 8/31/2032 | 2892359987 |
| JP Morgan Securities, LLC | 4.07(g) | 10/14/2025 | 11/13/2025 | 1651000000 | 1656599642 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 4/1/2028 - 6/1/2056 | 1687988675 |
| Lloyds Bank Corp Mrkts | 4.10 | 10/31/2025 | 11/7/2025 | 131000000 | 131104436 | U.S. Treasuries (including strips) | 0.38 - 4.63 | 3/31/2026 - 8/15/2035 | 133665677 |
| Lloyds Bank Corp Mrkts | 4.04 | 10/30/2025 | 11/6/2025 | 81000000 | 81063630 | U.S. Treasuries (including strips) | 1.38 - 4.63 | 5/15/2027 - 2/15/2054 | 82679292 |
| Lloyds Bank Corp Mrkts | 4.05 | 10/29/2025 | 11/5/2025 | 81000000 | 81063788 | U.S. Treasuries (including strips) | 0.38 - 4.63 | 11/15/2026 - 2/15/2054 | 82666479 |
| MUFG Securities (Canada), Ltd. | 4.02 | 10/30/2025 | 11/6/2025 | 50000000 | 50039083 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 4/30/2026 - 8/15/2053 | 51032194 |
| MUFG Securities EMEA PLC | 4.26 | 8/7/2025 | 11/7/2025 | 308000000 | 311353094 | U.S. Treasuries (including strips) | 1.13 - 4.38 | 10/31/2026 - 11/15/2043 | 317212969 |
| MUFG Securities EMEA PLC | 4.13 | 10/6/2025 | 11/6/2025 | 201000000 | 201714834 | U.S. Treasuries (including strips) | 0.63 - 4.25 | 11/30/2029 - 2/15/2043 | 205534020 |
| MUFG Securities EMEA PLC | 4.16 | 10/31/2025 | 11/3/2025 | 176055000 | 176116032 | U.S. Treasuries (including strips) | 3.50 | 9/30/2027 | 179588856 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 4.39 | 10/31/2025 | 11/3/2025 | 9000000 | 9003293 | Equities | N/A |  | 9691186 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 4.10 | 10/31/2025 | 11/3/2025 | 57000000 | 57019475 | Equities | N/A |  | 61582085 |
| Mizuho Bank, Ltd. | 4.16 | 10/31/2025 | 11/3/2025 | 50000000 | 50017333 | U.S. Treasuries (including strips) | 1.63 | 5/15/2031 | 50974389 |
| Mizuho Securities U.S.A., Inc. | 4.47(g) | 9/23/2025 | 12/23/2025 | 92000000 | 93039523 | Private Label Collateralized Mortgage Obligations | 3.27 - 9.88 | 10/25/2028 - 8/25/2070 | 105360737 |
| Mizuho Securities U.S.A., Inc. | 4.47(g) | 9/18/2025 | 12/17/2025 | 527000000 | 532889225 | Corporate Debt Securities | 2.90 - 13.25 | 5/23/2026 - 12/31/2079 | 290297074 |
|  |  |  |  |  |  | Private Label Collateralized Mortgage Obligations | 0.13 - 9.53 | 1/25/2029 - 10/25/2070 | 286358408 |
|  |  |  |  |  |  | Asset-Backed Securities | 4.56 | 7/17/2028 | 4475977 |
|  |  |  |  |  |  |  |  |  | 581131459 |
| NatWest Market Securities Inc | 4.11 | 10/28/2025 | 11/4/2025 | 193000000 | 193154239 | U.S. Treasuries (including strips) | 3.50 - 4.25 | 9/30/2027 - 5/15/2035 | 196994865 |
| NatWest Markets Securities Inc | 4.20 | 10/31/2025 | 11/3/2025 | 46000000 | 46016100 | Agency Mortgage-Backed Securities | 1.51 | 12/1/2030 | 2622307 |
|  |  |  |  |  |  | Corporate Debt Securities | 2.55 - 5.23 | 3/4/2027 - 10/23/2036 | 11377919 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 3.75 | 8/31/2031 | 11185913 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 0.00 | 7/15/2029 - 4/15/2030 | 22075393 |
|  |  |  |  |  |  |  |  |  | 47261532 |
| RBC Financial Group | 3.99 | 10/23/2025 | 12/11/2025 | 220000000 | 221194783 | Agency Mortgage-Backed Securities | 6.00 - 6.50 | 11/1/2053 - 10/20/2055 | 36940013 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 4.13 | 11/30/2025 - 8/15/2052 | 188636823 |
|  |  |  |  |  |  |  |  |  | 225576836 |
| RBC Financial Group | 4.12 | 9/19/2025 | 11/14/2025 | 142000000 | 142910062 | Agency Mortgage-Backed Securities | 0.85 - 6.50 | 7/1/2028 - 10/1/2055 | 4380088 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 6.63 | 1/2/2026 - 2/15/2055 | 71277647 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 5.00 - 6.50 | 5/20/2036 - 9/20/2055 | 49878704 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 2.00 - 6.50 | 1/1/2039 - 10/1/2055 | 20734097 |
|  |  |  |  |  |  |  |  |  | 146270536 |
| RBC Financial Group | 4.23 | 8/14/2025 | 11/12/2025 | 67000000 | 67708525 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 8/20/2029 - 10/1/2055 | 6915325 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.01 | 12/18/2025 - 8/15/2050 | 62456065 |
|  |  |  |  |  |  |  |  |  | 69371390 |
| Royal Bank of Canada | 4.22(g) | 10/14/2025 | 12/10/2025 | 229000000 | 230530102 | Equities | N/A |  | 247927797 |
| Royal Bank of Canada | 4.22(g) | 10/14/2025 | 12/10/2025 | 594000000 | 597968910 | Equities | N/A |  | 643096538 |
| SMBC Nikko Securities America Inc | 4.16 | 10/31/2025 | 11/3/2025 | 447000000 | 447154960 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 2/17/2026 - 11/15/2044 | 456098095 |
| SMBC Nikko Securities America Inc | 4.16 | 10/31/2025 | 11/3/2025 | 133000000 | 133046107 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 9/1/2030 - 1/1/2057 | 135455357 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.63 - 4.25 | 2/15/2026 - 5/15/2035 | 251724 |
|  |  |  |  |  |  |  |  |  | 135707081 |
| Societe Generale | 4.10 | 10/31/2025 | 11/7/2025 | 397000000 | 397316497 | U.S. Treasuries (including strips) | 1.88 - 3.38 | 11/15/2048 - 2/15/2051 | 409049719 |
| TD Securities (U.S.A.) | 4.17 | 10/31/2025 | 11/3/2025 | 137000000 | 137047608 | Corporate Debt Securities | 2.87 - 6.13 | 12/15/2025 - 6/15/2033 | 143900392 |
| TD Securities (U.S.A.) | 4.16 | 10/31/2025 | 11/3/2025 | 170000000 | 170058933 | Agency Mortgage-Backed Securities | 2.50 - 7.00 | 4/1/2036 - 11/1/2055 | 173460112 |
| Truist Securities Inc | 4.25 | 10/31/2025 | 11/3/2025 | 23000000 | 23008146 | Corporate Debt Securities | 6.93 | 3/30/2067 | 71372 |
|  |  |  |  |  |  | Other Instrument (municipal debt) | 2.54 - 5.25 | 8/1/2029 - 2/1/2054 | 24425842 |
|  |  |  |  |  |  |  |  |  | 24497214 |
| US Bancorp Inv | 4.19 | 10/31/2025 | 11/3/2025 | 163000000 | 163056914 | U.S. Treasuries (including strips) | 0.00 - 2.88 | 11/30/2025 - 8/31/2028 | 166318077 |
| US Bancorp Inv | 4.16 | 10/31/2025 | 11/3/2025 | 226000000 | 226078347 | Corporate Debt Securities | 2.85 - 11.88 | 11/15/2025 - 4/1/2056 | 243772413 |
| US Bancorp Inv | 4.16 | 10/31/2025 | 11/3/2025 | 205000000 | 205071067 | Corporate Debt Securities | 0.70 - 8.63 | 11/7/2025 - 12/31/2079 | 212165331 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 4.25 | 3/15/2027 | 3069090 |
|  |  |  |  |  |  |  |  |  | 215234421 |
| US Bancorp Inv | 4.16 | 10/31/2025 | 11/3/2025 | 73000000 | 73025307 | Asset-Backed Securities | 2.49 - 6.97 | 8/17/2026 - 7/13/2049 | 76677189 |
| Wells Fargo Bank NA | 4.13 | 10/28/2025 | 11/4/2025 | 386000000 | 386309979 | Agency Collateralized Mortgage Obligation | 4.55 - 5.58 | 2/25/2037 - 9/25/2055 | 18247004 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 1.25 - 5.50 | 4/25/2033 - 8/15/2057 | 379606664 |
|  |  |  |  |  |  |  |  |  | 397853668 |
| Wells Fargo Securities, LLC | 4.52(g) | 10/30/2025 | 2/27/2026 | 114000000 | 115717600 | Corporate Debt Securities | 0.00 - 11.00 | 11/1/2025 - 12/31/2079 | 123182689 |
| Wells Fargo Securities, LLC | 4.52(g) | 10/27/2025 | 2/24/2026 | 69000000 | 70039600 | Equities | N/A |  | 74588513 |
| Wells Fargo Securities, LLC | 4.42(g) | 10/27/2025 | 2/24/2026 | 114000000 | 115679600 | Money Market | 0.00 - 4.50 | 2/6/2026 - 5/4/2026 | 117524113 |
| Wells Fargo Securities, LLC | 4.52(g) | 10/20/2025 | 2/17/2026 | 206000000 | 209103733 | Equities | N/A |  | 222822829 |
| Wells Fargo Securities, LLC | 4.42(g) | 10/20/2025 | 2/17/2026 | 274000000 | 278036933 | Other Instrument (international debt) | 0.75 - 6.06 | 4/20/2026 - 9/11/2054 | 192807567 |
|  |  |  |  |  |  | Equities | N/A |  | 92302009 |
|  |  |  |  |  |  |  |  |  | 285109576 |
| Wells Fargo Securities, LLC | 4.52(g) | 10/17/2025 | 2/13/2026 | 137000000 | 139046932 | Equities | N/A |  | 148289923 |
| Wells Fargo Securities, LLC | 4.42(g) | 10/17/2025 | 2/13/2026 | 411000000 | 417004939 | Other Instrument (international debt) | 0.75 - 4.76 | 6/15/2026 - 1/12/2033 | 420135313 |
| Wells Fargo Securities, LLC | 4.42(g) | 10/10/2025 | 2/6/2026 | 183000000 | 185673731 | Equities | N/A |  | 198249786 |
| Wells Fargo Securities, LLC | 4.52(g) | 10/6/2025 | 2/3/2026 | 183000000 | 185757200 | Equities | N/A |  | 197541293 |
| Wells Fargo Securities, LLC | 4.20 | 10/31/2025 | 11/3/2025 | 69000000 | 69024150 | Equities | N/A |  | 74546085 |
| Wells Fargo Securities, LLC | 4.20 | 10/31/2025 | 11/3/2025 | 182000000 | 182063700 | Equities | N/A |  | 196616397 |
| **Total Repurchase Agreements** |  |  |  | 80124948000 | 80254359899 |  |  |  | 82414464354 |

---

**Investment Valuation**

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in these securities. For more information on valuation inputs, refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| <br> **Other Information** | <br> **Other Information** |
| # Additional information on each counterparty to the repurchase agreement is as follows: | # Additional information on each counterparty to the repurchase agreement is as follows: |
| **Repurchase Agreement / Counterparty** | **Value ($)** |
| **$4,912,648,000 due 11/03/2025 at 4.16%** |  |
| Bank of America NA | 396922000 |
| Bny Mellon Capital Market LLC | 294188000 |
| Citigroup Global Capital Markets Inc | 55136000 |
| HSBC Securities Inc (USA) | 198489000 |
| JPMorgan Securities LLC | 147159000 |
| MUFG Securities (Canada) Ltd. | 303247000 |
| Rbc Dominion Securities Inc | 606495000 |
| Sumitomo Mitsui Banking Corp | 1510701000 |
| Sumitomo Mitsui Banking Corp/New York | 419033000 |
| Wells Fargo Bank NA | 496152000 |
| Wells Fargo Securities LLC | 485126000 |
|  | 4912648000 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $87,392,596,000) - See accompanying schedule:<br>Unaffiliated issuers (cost $138,757,847,187)<br>|  | $138757847187 |
| Cash |  | 550153409 |
| Receivable for fund shares sold |  | 604325245 |
| Interest receivable |  | 89172106 |
| Prepaid expenses |  | 128931 |
| Receivable from investment adviser for expense reductions |  | 4937548 |
| Other receivables |  | 772586 |
| **Total assets** |  | 140007337012 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2620412049 |  |
| Payable for fund shares redeemed | 567456963 |  |
| Distributions payable | 58063447 |  |
| Accrued management fee | 28393960 |  |
| Other affiliated payables | 12445425 |  |
| Other payables and accrued expenses | 1861008 |  |
| **Total liabilities** |  | 3288632852 |
| **Net Assets**  |  | $136718704160 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $136718464430 |
| Total accumulated earnings (loss) |  | 239730 |
| **Net Assets** |  | $136718704160 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Fidelity Money Market Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($12,666,327,717 ÷ 12,665,731,673 shares) |  | $1.00 |
| **Premium Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($124,052,376,443 ÷ 124,049,807,417 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest (including $605,642 from affiliated interfund lending)  |  | $2961161863 |
| **Expenses** |  |  |
| Management fee | $167322633 |  |
| Transfer agent fees | 71292721 |  |
| Accounting fees and expenses | 1751152 |  |
| Custodian fees and expenses | 306139 |  |
| Independent trustees' fees and expenses | 152375 |  |
| Registration fees | 1716275 |  |
| Audit fees | 26972 |  |
| Legal | 37689 |  |
| Miscellaneous | 162815 |  |
| Total expenses before reductions | 242768771 |  |
| Expense reductions | (32376779) |  |
| Total expenses after reductions |  | 210391992 |
| **Net Investment income (loss)** |  | 2750769871 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 5379 |  |
| Total net realized gain (loss) |  | 5379 |
| **Net increase in net assets resulting from operations** |  | $2750775250 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2750769871 | $5457142835 |
| &nbsp;&nbsp;Net realized gain (loss) | 5379<br>| 26309<br>|
| **Net increase in net assets resulting from operations** | 2750775250<br>| 5457169144<br>|
| Distributions to shareholders | (2750719229)<br>| (5457175143)<br>|
| Share transactions - net increase (decrease) | 6588758879<br>| 21738003685<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 6588814900<br>| 21737997686<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 130129889260 | 108391891574<br>|
| &nbsp;&nbsp;End of period | $136718704160 | $130129889260 |

---

**Financial Highlights** 

**Fidelity® Money Market Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .020  | .045  | .050  | .029  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .020  | .045  | .050  | .029  | - B | - B |
| Distributions from net investment income  | (.020)  | (.045)  | (.050)  | (.029)  | - B | - B |
| Total distributions  | (.020)  | (.045)  | (.050)  | (.029)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.02% <br>| 4.62%  | 5.12%  | 2.94%  | .01%  | .02%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .42% G | .42%  | .42%  | .42%  | .42%  | .42%  |
| Expenses net of fee waivers, if any  | .42% G<br>| .42%  | .42%  | .42%  | .18%  | .25%  |
| Expenses net of all reductions, if any  | .42% G | .42%  | .42%  | .42%  | .18%  | .25%  |
| Net investment income (loss)  | 3.97% G | 4.51%  | 5.01%  | 3.31%  | .01%  | .03%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $12666328 | $13189233 | $11290926 | $8226176 | $3683276 | $4430334 |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

G*Annualized.*

**Fidelity® Money Market Fund Premium Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .021  | .046  | .051  | .030  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .021  | .046  | .051  | .030  | - B | - B |
| Distributions from net investment income  | (.021)  | (.046)  | (.051)  | (.030)  | - B | - B |
| Total distributions  | (.021)  | (.046)  | (.051)  | (.030)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.08% <br>| 4.75%  | 5.25%  | 3.07%  | .02%  | .05%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .35% G | .36%  | .36%  | .36%  | .36%  | .36%  |
| Expenses net of fee waivers, if any  | .30% G<br>| .30%  | .30%  | .30%  | .17%  | .23%  |
| Expenses net of all reductions, if any  | .30% G | .30%  | .30%  | .30%  | .17%  | .23%  |
| Net investment income (loss)  | 4.09% G | 4.63%  | 5.13%  | 3.43%  | .02%  | .05%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $124052376 | $116940657 | $97100966 | $71215872 | $27695104 | $35059794 |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

G*Annualized.*

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

For the period ended October 31, 2025

**1. Organization.**

Fidelity Money Market Fund (the Fund) is a fund of Fidelity Hereford 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 Delaware statutory trust. The Fund offers Fidelity Money Market Fund and Premium Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Shares of the Fund are only available for purchase by retail shareholders.

**2. Significant Accounting Policies.**

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

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

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

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

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

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

**Investment Transactions and Income.** The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Money Market Fund** | $772585 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $- |
| **Gross unrealized depreciation** | <u>-</u> |
| **Net unrealized appreciation (depreciation)** | <u>$-</u> |
| **Tax cost** | <u>$138757847187</u> |

---

**Repurchase Agreements.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, funds and other registered investment companies having management contracts with Fidelity Management and Research Company LLC, or its affiliates are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Funds may also invest directly with institutions in repurchase agreements. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The collateral balance is monitored on a daily basis to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

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

**New Accounting Pronouncement.** 

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

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .25% of the Fund's average net assets. Under the expense contract, total expenses of Fidelity Money Market Fund are limited to an annual rate of .42% of the class' average net assets, with certain exceptions.

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives asset-based fees with respect to each account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Premium Class pays a transfer agent fee equal to an annual rate of .10% of class-level average net assets.

Under the expense contract, Fidelity Money Market Fund will pay a portion of the transfer agent fee at an annual rate of up to .17% of class-level average net assets.

For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Class-Level Average Net AssetsA** |
| **Fidelity Money Market Fund** | 10837472 | .17 |
| **Premium Class** | <u>60455249</u> | .10 |
|  | <u>71292721</u> |  |

---

*A Annualized*

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets** |
| **Fidelity Money Market Fund** | -A |

---

*A Amount represents less than .005%.*

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** |
| **Fidelity Money Market Fund** | Lender | 18309530 | 4.51% |

---

**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. During the period, there were no interfund trades.

**4. Expense Reductions.**

The investment adviser contractually agreed to reimburse Premium Class to the extent annual operating expenses exceeded .30% of the average net assets. This reimbursement will remain in place through August 31, 2026. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period, this reimbursement reduced Premium Class' expenses by $32,376,779.

**5. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **October 31, 2025** | **Year ended**<br> **April 30, 2025** |
| **Fidelity Money Market Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Fidelity Money Market Fund | $259068364 | $543076507 |
| Premium Class | <u>2491650865</u> | <u>4914098636</u> |
| Total  | <u>$2750719229</u> | <u>$5457175143</u> |

---

**6. Share Transactions.**

Share transactions for each class of shares at a $1.00 per share were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** |
| **Fidelity Money Market Fund** |  |  |  |  |
| **Fidelity Money Market Fund** |  |  |  |  |
| Shares sold | 6734720843 | 14795560309 | $6734720841 | $14795560309 |
| Reinvestment of distributions | 224500409 | 471109976 | 224500409 | 471109976 |
| Shares redeemed | <u>(7482080763)</u> | <u>(13368315563)</u> | <u>(7482080762)</u> | <u>(13368315563)</u> |
| Net increase (decrease) | <u>(522859511)</u> | <u>1898354722</u> | <u>$(522859512)</u> | <u>$1898354722</u> |
| **Premium Class** |  |  |  |  |
| Shares sold | 64354933832 | 117177492850 | $64354933829 | $117177492848 |
| Reinvestment of distributions | 2165901557 | 4259212488 | 2165901557 | 4259212488 |
| Shares redeemed | <u>(59409216995)</u> | <u>(101597056373)</u> | <u>(59409216995)</u> | <u>(101597056373)</u> |
| Net increase (decrease) | <u>7111618394</u> | <u>19839648965</u> | <u>$7111618391</u> | <u>$19839648963</u> |

---

**7. Other.**

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

**8. Risk and Uncertainties.**

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

**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 Money Market Fund**

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

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

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

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

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, 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 Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

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

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

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio of Premium Class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

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

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and 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 Premium Class 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 Lipper's definition of retail and institutional money market funds creates challenges for comparisons because Lipper's retail category includes funds that have high investment minimums, unlike the fund, that would typically be considered institutional load. The Board considered that the fund has a flat fee, which covers expenses for services beyond portfolio management. The Board also considered that Fidelity believes that management fee comparisons are particularly unhelpful in the context of the fund and that total expense comparisons are more useful. The Board also noted that the total expense ratio of Premium Class of the fund ranked below the total peer group competitive median for 2024. The Board considered that Fidelity believes that, although the management fee and total expenses may rank above the median, the fees that the fund is charged are reasonable for the overall value of the nature and quality of the services the fund's shareholders receive.

<u>Other Contractual Expenses</u>. The Board further considered that current contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of the retail class of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.42%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board and by a vote of a majority of the outstanding voting securities of the class. The Board further considered that FMR has contractually agreed to reimburse Premium Class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.30% through August 31, 2026.

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

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

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

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

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

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

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

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

![](img119042_4.jpg)<br>

1.538241.128 SPM-SANN-1225

**Fidelity® Government Money Market Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119051_1.jpg)

![](img119051_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SPU-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Government Money Market Fund](#Sub_Sec_Fund_458_SPU-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements458_SPU-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SPU-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SPU-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SPU-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SPU-SANN)** |

---

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

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Fidelity® Government Money Market Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 39.0%** | &nbsp;&nbsp;**Repurchase Agreements - 39.0%** | &nbsp;&nbsp;**Repurchase Agreements - 39.0%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Fixed Income Clearing Corp - Credit Agricole 4.16%, dated 11/3/2025 due 11/4/2025 (b) | 7364850951 | 7364000000 |
| Investments in repurchase agreements in a joint trading account at 4.15%, dated 10/31/2025 due 11/3/2025 (Collateralized by U.S. Government Obligations)#  | 48748853 | 48732000 |
| Investments in repurchase agreements in a joint trading account at 4.16%, dated 10/31/2025 due 11/3/2025 (Collateralized by U.S. Government Obligations)#  | 14905892584 | 14900727000 |
| Repurchase Agreements\*  | 144664866770 | 144382178000 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $166,695,637,000) |  | **166695637000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Debt - 26.7%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 26.7%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 26.7%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 26.7%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Fannie Mae 0.56% 11/17/2025  | 4.39 | 10000000 | 9983688 |
| Fannie Mae 0.65% 11/18/2025  | 4.39 | 10000000 | 9983078 |
| Fannie Mae 0.65% 12/17/2025  | 4.31 | 81000000 | 80635285 |
| Fannie Mae 0.65% 12/17/2025  | 4.31 | 17500000 | 17421204 |
| Fannie Mae U.S. SOFR Index + 0.1%, 4.14% 6/18/2026 (d)(e) | 4.14 | 549000000 | 549000000 |
| Fannie Mae U.S. SOFR Index + 0.135%, 4.175% 8/21/2026 (d)(e) | 4.17 to 4.18 | 128000000 | 128022304 |
| Fannie Mae U.S. SOFR Index + 0.14%, 4.18% 10/23/2026 (d)(e) | 4.18 | 579000000 | 579011525 |
| Fannie Mae U.S. SOFR Index + 0.14%, 4.18% 9/11/2026 (d)(e) | 4.18 | 923000000 | 923000000 |
| Federal Farm Credit Banks Funding Corp 0% 12/30/2025  | 4.10 | 44000000 | 43708671 |
| Federal Farm Credit Banks Funding Corp 0% 12/5/2025  | 4.25 | 30000000 | 29881850 |
| Federal Farm Credit Banks Funding Corp 4.75% 3/9/2026  | 4.20 | 31000000 | 31057627 |
| Federal Farm Credit Banks Funding Corp Federal Reserve Index -3.04%, 3.96% 5/28/2026 (d)(e) | 3.96 | 39006000 | 39000483 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0%, 4.04% 12/24/2025 (d)(e) | 4.04 | 31000000 | 31000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.005%, 4.045% 4/2/2026 (d)(e) | 4.04 | 29000000 | 29000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.01%, 4.05% 4/2/2026 (d)(e) | 4.05 | 24000000 | 24000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.015%, 4.055% 3/27/2026 (d)(e) | 4.06 | 24000000 | 24000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.015%, 4.055% 4/9/2026 (d)(e) | 4.06 | 19000000 | 19000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.06% 1/13/2026 (d)(e) | 4.06 | 22000000 | 22000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.06% 1/15/2026 (d)(e) | 4.06 | 57000000 | 57000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.06% 3/19/2026 (d)(e) | 4.06 | 25000000 | 25000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.06% 3/26/2026 (d)(e) | 4.06 | 66000000 | 66000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.06% 4/30/2026 (d)(e) | 4.06 | 23000000 | 23000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.025%, 4.065% 3/2/2026 (d)(e) | 4.07 | 22000000 | 22000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.03%, 4.07% 7/28/2026 (d)(e) | 4.07 | 33000000 | 33000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.03%, 4.07% 7/6/2026 (d)(e) | 4.07 | 45000000 | 45000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.08% 10/20/2026 (d)(e) | 4.08 | 31000000 | 31000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.08% 2/11/2026 (d)(e) | 4.08 | 95501000 | 95489695 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.08% 4/28/2026 (d)(e) | 4.08 | 33000000 | 33000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.08% 5/28/2026 (d)(e) | 4.08 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.08% 6/2/2026 (d)(e) | 4.08 | 34000000 | 34000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.08% 6/4/2026 (d)(e) | 4.08 | 56000000 | 56000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.08% 6/9/2026 (d)(e) | 4.08 | 42000000 | 42000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.08% 7/14/2026 (d)(e) | 4.08 | 75000000 | 75000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.08% 7/9/2026 (d)(e) | 4.08 | 207000000 | 207000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 4.085% 10/2/2026 (d)(e) | 4.08 | 148000000 | 148000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 4.085% 10/27/2026 (d)(e) | 4.08 | 177000000 | 177000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 4.085% 6/18/2026 (d)(e) | 4.08 | 163000000 | 163000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.09% 1/15/2026 (d)(e) | 4.09 | 46000000 | 46000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.09% 10/2/2026 (d)(e) | 4.09 | 23000000 | 23000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.09% 7/2/2026 (d)(e) | 4.09 | 127000000 | 127000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.09% 8/18/2026 (d)(e) | 4.09 | 24000000 | 24000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.09% 8/28/2026 (d)(e) | 4.09 | 90000000 | 90000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.095% 11/18/2025 (d)(e) | 4.10 | 142000000 | 142000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.095% 11/25/2025 (d)(e) | 4.10 | 65000000 | 65000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.095% 12/2/2025 (d)(e) | 4.10 | 70000000 | 70000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.095% 12/30/2025 (d)(e) | 4.09 to 4.10 | 96000000 | 96001823 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.095% 2/13/2026 (d)(e) | 4.10 | 85000000 | 85000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.095% 5/8/2026 (d)(e) | 4.10 | 45000000 | 45000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.095% 7/21/2026 (d)(e) | 4.10 | 72000000 | 72000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.095% 7/30/2026 (d)(e) | 4.10 | 49000000 | 49000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.095% 9/17/2026 (d)(e) | 4.10 | 26000000 | 26000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.1% 10/5/2026 (d)(e) | 4.10 | 38000000 | 38000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.1% 9/22/2026 (d)(e) | 4.10 | 62000000 | 62000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.1% 9/4/2026 (d)(e) | 4.10 | 80000000 | 80000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.1% 9/4/2026 (d)(e) | 4.10 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.985% 3/5/2027 (d)(e) | 0.00 | 71000000 | 71000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.105% 11/13/2026 (d)(e) | 4.11 | 49000000 | 49000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.105% 11/27/2026 (d)(e) | 4.11 | 125000000 | 125000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.105% 3/23/2026 (d)(e) | 4.10 to 4.11 | 76000000 | 76002763 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.105% 9/10/2026 (d)(e) | 4.11 | 55000000 | 55000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.105% 9/18/2026 (d)(e) | 4.11 | 40000000 | 40000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.11% 10/21/2026 (d)(e) | 4.11 | 59000000 | 59000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.11% 11/17/2025 (d)(e) | 4.11 | 71400000 | 71400162 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.11% 12/17/2025 (d)(e) | 4.11 | 148000000 | 148000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.11% 5/22/2026 (d)(e) | 4.11 | 25000000 | 25004007 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.11% 5/28/2026 (d)(e) | 4.11 | 69000000 | 69000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.11% 8/12/2026 (d)(e) | 4.11 | 31000000 | 31000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.11% 9/9/2026 (d)(e) | 4.11 | 221000000 | 221000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.115% 11/26/2025 (d)(e) | 4.11 to 4.12 | 103000000 | 102999863 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.115% 4/1/2027 (d)(e) | 4.12 | 75000000 | 74994699 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.115% 4/2/2027 (d)(e) | 4.12 | 77000000 | 77000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 1/28/2026 (d)(e) | 4.12 | 126000000 | 126000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 1/8/2026 (d)(e) | 4.12 | 107000000 | 106997320 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 11/16/2026 (d)(e) | 4.12 | 28000000 | 28000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 12/12/2025 (d)(e) | 4.12 | 73000000 | 73000355 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 12/22/2026 (d)(e) | 4.12 | 154000000 | 154000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 2/10/2026 (d)(e) | 4.12 | 97500000 | 97500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 2/17/2026 (d)(e) | 4.12 | 110000000 | 110002448 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 3/11/2027 (d)(e) | 4.12 | 72000000 | 72000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 3/11/2027 (d)(e) | 4.12 | 45000000 | 44986911 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 3/4/2026 (d)(e) | 4.12 | 148500000 | 148499934 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 4/9/2027 (d)(e) | 4.12 | 290000000 | 289878711 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.125% 11/13/2025 (d)(e) | 4.12 | 62000000 | 62000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.125% 12/29/2025 (d)(e) | 4.12 | 105080000 | 105083706 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.125% 12/29/2026 (d)(e) | 4.13 | 61000000 | 60995994 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.125% 3/20/2026 (d)(e) | 4.12 | 48000000 | 48000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.125% 3/25/2027 (d)(e) | 4.12 | 34000000 | 34000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.125% 3/26/2027 (d)(e) | 4.12 | 31000000 | 31000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.125% 4/8/2027 (d)(e) | 4.12 | 376000000 | 376000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.125% 8/7/2026 (d)(e) | 4.12 | 28750000 | 28754726 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 1/12/2027 (d)(e) | 4.13 | 32000000 | 32000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 1/19/2027 (d)(e) | 4.13 | 49000000 | 49000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 1/23/2026 (d)(e) | 4.13 | 260000000 | 260033455 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 12/24/2026 (d)(e) | 4.13 | 229000000 | 229000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 2/12/2026 (d)(e) | 4.13 | 259000000 | 259037509 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 2/19/2027 (d)(e) | 4.13 | 26000000 | 26000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 2/2/2026 (d)(e) | 4.13 | 75000000 | 75000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 2/24/2027 (d)(e) | 4.13 | 30000000 | 30000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 2/9/2026 (d)(e) | 4.13 | 61000000 | 61001152 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 5/14/2026 (d)(e) | 4.13 | 48000000 | 48009562 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 5/21/2026 (d)(e) | 4.13 | 92000000 | 92013791 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 5/28/2026 (d)(e) | 4.13 | 302000000 | 302084663 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 7/28/2026 (d)(e) | 4.13 | 42000000 | 42007072 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 7/30/2026 (d)(e) | 4.13 | 30000000 | 30000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.135% 12/12/2025 (d)(e) | 4.13 to 4.14 | 215000000 | 215002036 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.135% 12/26/2025 (d)(e) | 4.13 | 41000000 | 41000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.135% 2/25/2027 (d)(e) | 4.13 | 50000000 | 50000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.135% 4/17/2026 (d)(e) | 4.14 | 122000000 | 121994647 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.135% 5/5/2026 (d)(e) | 4.14 | 123000000 | 122997008 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.135% 6/17/2027 (d)(e) | 4.14 | 75000000 | 74975207 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.135% 6/3/2026 (d)(e) | 4.13 | 68000000 | 68012781 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 1/12/2027 (d)(e) | 4.14 | 187000000 | 187009966 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 1/15/2026 (d)(e) | 4.14 | 37000000 | 37000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 1/8/2027 (d)(e) | 4.14 | 151000000 | 151000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 2/25/2026 (d)(e) | 4.14 | 368000000 | 368046222 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 2/9/2027 (d)(e) | 4.14 | 35000000 | 35000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 4/15/2026 (d)(e) | 4.14 | 110000000 | 109999932 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 4/6/2027 (d)(e) | 4.14 | 31000000 | 31000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 4/8/2026 (d)(e) | 4.14 | 144000000 | 144037932 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 5/13/2026 (d)(e) | 4.14 | 421000000 | 421000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 5/20/2026 (d)(e) | 4.14 | 44000000 | 44000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 5/27/2027 (d)(e) | 4.14 | 155000000 | 154980519 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 6/18/2026 (d)(e) | 4.14 | 215000000 | 215035363 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 6/23/2027 (d)(e) | 4.14 | 78000000 | 78000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 6/24/2026 (d)(e) | 4.14 | 201000000 | 201034154 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 6/29/2027 (d)(e) | 4.14 | 67000000 | 67000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 6/5/2026 (d)(e) | 4.14 | 65000000 | 64998163 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 7/1/2026 (d)(e) | 4.14 | 66000000 | 66015788 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 7/9/2027 (d)(e) | 4.14 | 41000000 | 40986409 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.145% 1/8/2026 (d)(e) | 4.14 | 138000000 | 138000420 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.145% 3/18/2026 (d)(e) | 4.14 | 213000000 | 213001799 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.145% 4/16/2027 (d)(e) | 4.15 | 78000000 | 78000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.145% 4/21/2027 (d)(e) | 4.15 | 31258000 | 31257088 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.145% 4/24/2026 (d)(e) | 4.15 | 53000000 | 53000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.145% 5/14/2027 (d)(e) | 4.15 | 97000000 | 96990313 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.145% 6/12/2026 (d)(e) | 4.15 | 178000000 | 178000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.145% 7/2/2026 (d)(e) | 4.14 | 50000000 | 50017175 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.03% 8/5/2027 (d)(e)(f) | 4.11 | 35000000 | 35000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.15% 3/11/2026 (d)(e) | 4.15 | 124000000 | 124000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.15% 4/16/2026 (d)(e) | 4.15 | 43000000 | 43001876 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.15% 4/21/2026 (d)(e) | 4.15 | 85000000 | 85002231 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.15% 5/13/2027 (d)(e) | 4.15 | 129000000 | 128997328 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.15% 6/24/2026 (d)(e) | 4.15 | 70000000 | 70000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.15% 6/24/2027 (d)(e) | 4.15 | 152000000 | 152000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.15% 7/21/2027 (d)(e) | 4.15 | 168000000 | 167967395 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.155% 2/10/2027 (d)(e) | 4.15 | 150775000 | 150806676 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.155% 5/20/2027 (d)(e) | 4.16 | 34000000 | 34000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.155% 5/27/2027 (d)(e) | 4.16 | 91000000 | 91000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.155% 5/6/2027 (d)(e) | 4.15 to 4.16 | 247000000 | 247007906 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.155% 6/16/2026 (d)(e) | 4.16 | 109000000 | 109000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.155% 6/7/2027 (d)(e) | 4.16 | 170000000 | 170000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.155% 7/8/2026 (d)(e) | 4.16 | 212000000 | 212000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.16% 2/18/2027 (d)(e) | 4.16 | 198000000 | 198000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.16% 5/26/2026 (d)(e) | 4.16 | 90000000 | 90000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.16% 5/28/2027 (d)(e) | 4.16 | 35000000 | 35000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.16% 5/8/2026 (d)(e) | 4.16 | 108000000 | 108001785 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.16% 6/9/2027 (d)(e) | 4.16 | 15000000 | 15000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.16% 7/10/2026 (d)(e) | 4.16 | 104000000 | 104000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.16% 7/23/2026 (d)(e) | 4.16 | 117000000 | 117000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.045% 11/3/2027 (d)(e) | 4.13 | 219000000 | 219000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.165% 10/6/2026 (d)(e) | 4.16 | 48000000 | 48000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.165% 3/23/2027 (d)(e) | 4.16 | 77000000 | 77000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.165% 3/5/2026 (d)(e) | 4.16 | 56000000 | 56002457 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.165% 4/29/2027 (d)(e) | 4.16 | 480000000 | 480085928 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.165% 7/16/2026 (d)(e) | 4.16 | 24000000 | 24000201 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.165% 7/21/2026 (d)(e) | 4.16 | 41000000 | 41000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.165% 8/18/2027 (d)(e) | 4.16 | 193000000 | 193000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.165% 8/27/2026 (d)(e) | 4.16 | 111000000 | 111000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.165% 9/8/2026 (d)(e) | 4.16 | 37000000 | 37000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 1/27/2027 (d)(e) | 4.17 | 169000000 | 169029774 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 10/15/2027 (d)(e) | 4.17 | 158000000 | 158000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 10/22/2027 (d)(e) | 4.17 | 141000000 | 141000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 2/20/2026 (d)(e) | 4.17 | 105500000 | 105508811 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 2/3/2027 (d)(e) | 4.17 | 91000000 | 91014209 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 4/23/2027 (d)(e) | 4.17 | 170000000 | 170056102 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 5/5/2027 (d)(e) | 4.17 | 271000000 | 271003037 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 6/24/2026 (d)(e) | 4.17 | 150000000 | 150000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 6/26/2026 (d)(e) | 4.17 | 76000000 | 76000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 7/2/2026 (d)(e) | 4.17 | 221000000 | 221005481 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 7/29/2026 (d)(e) | 4.17 | 114000000 | 114000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 7/29/2027 (d)(e) | 4.17 | 243000000 | 243000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 8/12/2026 (d)(e) | 4.17 | 144000000 | 144000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 8/28/2026 (d)(e) | 4.17 | 73000000 | 73000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 8/6/2026 (d)(e) | 4.17 | 146000000 | 146000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.175% 1/14/2027 (d)(e) | 4.17 | 20000000 | 20010264 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.175% 1/8/2027 (d)(e) | 4.18 | 110000000 | 109999427 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.175% 10/1/2027 (d)(e) | 4.17 | 117000000 | 117000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.175% 10/15/2026 (d)(e) | 4.17 | 120000000 | 120070166 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.175% 11/18/2026 (d)(e) | 4.17 to 4.18 | 366000000 | 366199016 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.175% 11/23/2026 (d)(e) | 4.17 | 176000000 | 176000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.175% 12/18/2026 (d)(e) | 4.17 | 142000000 | 142039768 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.175% 2/10/2027 (d)(e) | 4.17 | 380000000 | 380000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.175% 8/19/2026 (d)(e) | 4.17 | 258000000 | 258000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.175% 8/4/2027 (d)(e) | 4.35 | 288000000 | 288000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.175% 9/15/2027 (d)(e) | 4.17 | 86000000 | 86000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.18% 1/30/2026 (d)(e) | 4.18 | 59000000 | 59000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.18% 10/23/2026 (d)(e) | 4.18 | 221000000 | 221036837 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.18% 10/29/2027 (d)(e) | 4.18 | 61000000 | 61000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.18% 11/25/2026 (d)(e) | 4.18 | 125000000 | 125023753 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.18% 11/4/2026 (d)(e) | 4.36 | 73000000 | 73000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.18% 12/2/2026 (d)(e) | 4.18 | 97000000 | 97000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.18% 12/30/2026 (d)(e) | 4.18 | 113200000 | 113203088 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.18% 8/12/2027 (d)(e) | 4.18 | 256000000 | 256000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.18% 8/26/2026 (d)(e) | 4.18 | 144000000 | 144000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.18% 9/3/2026 (d)(e) | 4.18 | 157000000 | 157000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.18% 9/4/2026 (d)(e) | 4.18 | 67000000 | 67000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.18% 9/9/2026 (d)(e) | 4.18 | 40000000 | 40000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.185% 1/12/2026 (d)(e) | 4.18 to 4.19 | 364000000 | 364013105 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.185% 1/21/2027 (d)(e) | 4.19 | 129000000 | 129000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.185% 1/8/2027 (d)(e) | 4.19 | 252000000 | 252000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.185% 12/16/2026 (d)(e) | 4.19 | 113000000 | 113000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.19% 10/1/2027 (d)(e) | 4.19 | 156000000 | 156000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.19% 10/14/2027 (d)(e) | 4.19 | 169000000 | 169000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.19% 10/22/2027 (d)(e) | 4.19 | 102000000 | 102000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.19% 11/27/2026 (d)(e) | 4.19 | 216000000 | 216000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.19% 12/15/2025 (d)(e) | 4.19 | 168500000 | 168499970 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.19% 12/23/2026 (d)(e) | 4.19 | 132000000 | 132000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.19% 12/4/2026 (d)(e) | 4.19 | 76000000 | 76000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.19% 9/10/2027 (d)(e) | 4.19 | 160000000 | 160000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.195% 11/14/2025 (d)(e) | 4.19 | 177111000 | 177111461 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.195% 11/28/2025 (d)(e) | 4.19 to 4.20 | 272000000 | 272000767 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.195% 12/1/2025 (d)(e) | 4.19 to 4.20 | 213156000 | 213156848 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.195% 9/24/2027 (d)(e) | 4.20 | 347000000 | 347000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.43% 11/3/2025 (d)(e) | 4.43 | 130925000 | 130925059 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.185%, 4.225% 5/10/2027 (d)(e) | 4.22 | 22000000 | 22027040 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.2%, 4.24% 3/29/2027 (d)(e) | 4.23 | 50000000 | 50084652 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.23%, 4.27% 6/28/2027 (d)(e) | 4.26 | 110000000 | 110190932 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.24%, 4.28% 7/19/2027 (d)(e) | 4.27 | 63000000 | 63117436 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.255%, 4.295% 9/13/2027 (d)(e) | 4.29 | 107000000 | 107230330 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.27%, 4.31% 11/24/2026 (d)(e) | 4.30 | 101000000 | 101217457 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.28%, 4.32% 11/20/2026 (d)(e) | 4.30 | 18000000 | 18039246 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.33%, 4.37% 12/29/2025 (d)(e) | 4.36 | 30000000 | 30012252 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index -0.005%, 4.035% 11/26/2025 (d)(e) | 4.03 | 92000000 | 92000000 |
| Federal Home Loan Bank 3.84% 3/9/2026  | 3.86 | 109000000 | 108994170 |
| Federal Home Loan Bank 3.85% 3/6/2026  | 3.86 | 766000000 | 765985304 |
| Federal Home Loan Bank 3.85% 3/6/2026  | 3.86 | 87000000 | 86998331 |
| Federal Home Loan Bank 3.85% 3/9/2026  | 3.85 | 219000000 | 218998265 |
| Federal Home Loan Bank 4.16% 6/9/2026  | 4.16 | 793000000 | 793000000 |
| Federal Home Loan Bank 4.2% 1/15/2026  | 4.28 | 230000000 | 229968846 |
| Federal Home Loan Bank 4.21% 1/2/2026  | 4.28 | 459000000 | 458951406 |
| Federal Home Loan Bank 4.21% 1/5/2026  | 4.29 | 459000000 | 458943275 |
| Federal Home Loan Bank 4.3% 6/2/2026  | 4.33 | 1790000000 | 1789738059 |
| Federal Home Loan Bank 4.35% 3/6/2026  | 4.35 | 881000000 | 881000000 |
| Federal Home Loan Bank 4.35% 6/5/2026  | 4.38 | 898000000 | 897840406 |
| Federal Home Loan Bank 4.35% 6/5/2026  | 4.38 | 449000000 | 448918975 |
| Federal Home Loan Bank 4.4% 3/17/2026  | 4.40 | 534000001 | 534000001 |
| Federal Home Loan Bank Discount Notes 0% 1/14/2026  | 3.90 | 261000000 | 258931792 |
| Federal Home Loan Bank Discount Notes 0% 1/16/2026  | 3.89 to 4.06 | 1130000000 | 1120616605 |
| Federal Home Loan Bank Discount Notes 0% 1/2/2026  | 3.91 to 4.03 | 561000000 | 557209983 |
| Federal Home Loan Bank Discount Notes 0% 1/21/2026  | 3.86 to 3.90 | 1128000000 | 1118297482 |
| Federal Home Loan Bank Discount Notes 0% 1/26/2026  | 3.87 | 478000000 | 473637984 |
| Federal Home Loan Bank Discount Notes 0% 1/28/2026  | 3.81 | 494000000 | 489447515 |
| Federal Home Loan Bank Discount Notes 0% 1/30/2026  | 3.86 to 4.23 | 1237000000 | 1225015382 |
| Federal Home Loan Bank Discount Notes 0% 1/7/2026  | 3.90 to 3.96 | 450000000 | 446746368 |
| Federal Home Loan Bank Discount Notes 0% 1/9/2026  | 3.91 to 3.92 | 544000000 | 539959772 |
| Federal Home Loan Bank Discount Notes 0% 11/12/2025  | 4.20 | 428000000 | 427456618 |
| Federal Home Loan Bank Discount Notes 0% 11/13/2025  | 4.22 | 391000000 | 390461072 |
| Federal Home Loan Bank Discount Notes 0% 11/14/2025  | 4.19 | 506000000 | 505241703 |
| Federal Home Loan Bank Discount Notes 0% 11/19/2025  | 4.20 | 132000000 | 131725440 |
| Federal Home Loan Bank Discount Notes 0% 11/26/2025  | 4.16 | 583000000 | 581334401 |
| Federal Home Loan Bank Discount Notes 0% 11/28/2025  | 4.27 to 4.30 | 268000000 | 267156457 |
| Federal Home Loan Bank Discount Notes 0% 11/5/2025  | 4.21 to 4.22 | 155000000 | 154928061 |
| Federal Home Loan Bank Discount Notes 0% 11/7/2025  | 4.21 | 571000000 | 570603155 |
| Federal Home Loan Bank Discount Notes 0% 12/17/2025  | 4.14 | 30000000 | 29843407 |
| Federal Home Loan Bank Discount Notes 0% 12/26/2025  | 4.09 | 191000000 | 189822565 |
| Federal Home Loan Bank Discount Notes 0% 12/29/2025  | 3.93 | 437000000 | 434257703 |
| Federal Home Loan Bank Discount Notes 0% 12/3/2025  | 4.11 | 113000000 | 112591794 |
| Federal Home Loan Bank Discount Notes 0% 12/31/2025  | 4.07 | 197000000 | 195680100 |
| Federal Home Loan Bank Discount Notes 0% 12/5/2025  | 4.09 | 198000000 | 197243585 |
| Federal Home Loan Bank Discount Notes 0% 2/18/2026  | 4.03 to 4.05 | 72000000 | 71136236 |
| Federal Home Loan Bank Discount Notes 0% 2/20/2026  | 4.07 | 281000000 | 277542997 |
| Federal Home Loan Bank Discount Notes 0% 2/24/2026  | 3.82 | 260000000 | 256881264 |
| Federal Home Loan Bank Discount Notes 0% 2/25/2026  | 3.78 to 4.01 | 1054000000 | 1040988831 |
| Federal Home Loan Bank Discount Notes 0% 2/26/2026  | 3.82 | 435000000 | 429691369 |
| Federal Home Loan Bank Discount Notes 0% 2/27/2026  | 3.84 to 4.01 | 624000000 | 616104325 |
| Federal Home Loan Bank Discount Notes 0% 2/4/2026  | 3.86 | 862000000 | 853333308 |
| Federal Home Loan Bank Discount Notes 0% 2/6/2026  | 3.86 | 263000000 | 260300086 |
| Federal Home Loan Bank Discount Notes 0% 2/9/2026  | 4.05 | 226000000 | 223507722 |
| Federal Home Loan Bank Discount Notes 0% 3/11/2026  | 3.84 | 168000000 | 165712867 |
| Federal Home Loan Bank Discount Notes 0% 3/13/2026  | 3.80 to 3.81 | 800000000 | 789040480 |
| Federal Home Loan Bank Discount Notes 0% 3/18/2026  | 3.80 to 3.81 | 1006000000 | 991737904 |
| Federal Home Loan Bank Discount Notes 0% 3/20/2026  | 3.81 | 532000000 | 524329416 |
| Federal Home Loan Bank Discount Notes 0% 3/24/2026  | 3.79 | 63500000 | 62562943 |
| Federal Home Loan Bank Discount Notes 0% 3/25/2026  | 3.81 | 239000000 | 235429340 |
| Federal Home Loan Bank Discount Notes 0% 3/31/2026  | 3.77 | 218000000 | 214639167 |
| Federal Home Loan Bank Discount Notes 0% 3/4/2026  | 3.98 | 66000000 | 65119873 |
| Federal Home Loan Bank Discount Notes 0% 3/6/2026  | 4.00 | 225000000 | 221941406 |
| Federal Home Loan Bank Discount Notes 0% 4/2/2026  | 3.78 | 218000000 | 214594356 |
| Federal Home Loan Bank Discount Notes 0% 4/8/2026  | 3.79 | 85000000 | 83612606 |
| Federal Home Loan Bank Discount Notes 0% 5/1/2026  | 3.79 | 335000000 | 328734383 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.04% 11/20/2025 (d)(e) | 4.04 | 32690000 | 32689578 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.04% 11/25/2025 (d)(e) | 4.04 | 222000000 | 222000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.04% 12/16/2025 (d)(e) | 4.04 | 647000000 | 647000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.04% 12/17/2025 (d)(e) | 4.04 | 446000000 | 446000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.04% 12/17/2025 (d)(e) | 4.04 | 246000000 | 246000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.04% 12/2/2025 (d)(e) | 4.04 | 444000000 | 444000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.04% 12/4/2025 (d)(e) | 4.04 | 378000000 | 378000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.04% 12/5/2025 (d)(e) | 4.04 | 114000000 | 113999497 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.04% 12/8/2025 (d)(e) | 4.04 | 401000000 | 401000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 1/12/2026 (d)(e) | 4.04 | 892000000 | 892000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 1/15/2026 (d)(e) | 4.04 | 1125000000 | 1125000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 1/20/2026 (d)(e) | 4.04 | 906000000 | 906000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 1/20/2026 (d)(e) | 4.04 | 90000000 | 90000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 1/26/2026 (d)(e) | 4.04 | 464000000 | 464000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 1/26/2026 (d)(e) | 4.04 | 115000000 | 115000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 1/27/2026 (d)(e) | 4.04 | 460000000 | 460000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 1/27/2026 (d)(e) | 4.04 | 230000000 | 230000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 1/27/2026 (d)(e) | 4.04 | 162000000 | 162000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 1/27/2026 (d)(e) | 4.04 | 92000000 | 92000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 1/30/2026 (d)(e) | 4.04 | 458000000 | 458000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 1/9/2026 (d)(e) | 4.04 | 22000000 | 22000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 11/12/2025 (d)(e) | 4.04 | 520000000 | 520000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 12/29/2025 (d)(e) | 4.04 | 435000000 | 435000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 2/2/2026 (d)(e) | 4.04 | 1147000000 | 1147000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 2/2/2026 (d)(e) | 4.04 | 230000000 | 230000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 2/3/2026 (d)(e) | 4.04 | 229000000 | 229000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 2/3/2026 (d)(e) | 4.04 | 103000000 | 103000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 2/4/2026 (d)(e) | 4.22 | 460000000 | 460000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 2/5/2026 (d)(e) | 4.04 | 345000000 | 345000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 5/11/2026 (d)(e) | 4.04 | 346000000 | 346000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 5/12/2026 (d)(e) | 4.04 | 336000000 | 336000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 5/14/2026 (d)(e) | 4.04 | 337000000 | 337000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 5/15/2026 (d)(e) | 4.04 | 442000000 | 442000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 5/18/2026 (d)(e) | 4.04 | 172000000 | 172000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 5/19/2026 (d)(e) | 4.04 | 331000000 | 331000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.045% 5/22/2026 (d)(e) | 4.04 | 331000000 | 331000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 1/26/2026 (d)(e) | 4.05 | 42000000 | 42000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 11/19/2025 (d)(e) | 4.05 | 19600000 | 19599852 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 12/30/2025 (d)(e) | 4.05 | 452000000 | 452000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 12/4/2025 (d)(e) | 4.05 | 46000000 | 46000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 2/17/2026 (d)(e) | 4.05 | 70000000 | 70000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 2/18/2026 (d)(e) | 4.05 | 180000000 | 180000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 2/24/2026 (d)(e) | 4.05 | 344000000 | 344000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 2/25/2026 (d)(e) | 4.05 | 115000000 | 115000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 2/25/2026 (d)(e) | 4.05 | 69000000 | 69000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 2/26/2026 (d)(e) | 4.05 | 465000000 | 465000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 3/3/2026 (d)(e) | 4.05 | 114000000 | 114000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 3/4/2026 (d)(e) | 4.05 | 230000000 | 230000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 3/5/2026 (d)(e) | 4.05 | 345000000 | 345000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 3/9/2026 (d)(e) | 4.05 | 460000000 | 460000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 5/7/2026 (d)(e) | 4.05 | 226000000 | 226000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 6/10/2026 (d)(e) | 4.05 | 220000000 | 220000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 6/15/2026 (d)(e) | 4.05 | 442000000 | 442000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 6/15/2026 (d)(e) | 4.05 | 110000000 | 110000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.05% 6/15/2026 (d)(e) | 4.05 | 110000000 | 110000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.055% 1/29/2026 (d)(e) | 4.06 | 451000000 | 451000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.055% 2/2/2026 (d)(e) | 4.06 | 904000000 | 904000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.055% 4/6/2026 (d)(e) | 4.06 | 114000000 | 114000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.055% 4/8/2026 (d)(e) | 4.06 | 229000000 | 229000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.055% 4/9/2026 (d)(e) | 4.06 | 115000000 | 115000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.055% 7/15/2026 (d)(e) | 4.06 | 249000000 | 249000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.06% 11/4/2025 (d)(e) | 4.06 | 109000000 | 109000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.06% 12/16/2025 (d)(e) | 4.06 | 88000000 | 88000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.06% 2/23/2026 (d)(e) | 4.06 | 451000000 | 451000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.06% 3/2/2026 (d)(e) | 4.06 | 441000000 | 441000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.06% 4/13/2026 (d)(e) | 4.06 | 688000000 | 688000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.06% 4/15/2026 (d)(e) | 4.06 | 460000000 | 460000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.06% 5/26/2026 (d)(e) | 4.06 | 222000000 | 222000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.06% 5/28/2026 (d)(e) | 4.06 | 395000000 | 395000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.29% 11/3/2025 (d)(e) | 4.29 | 337000000 | 337000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.065% 1/5/2026 (d)(e) | 4.07 | 112000000 | 112000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.065% 11/17/2025 (d)(e) | 4.07 | 589000000 | 589000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.065% 11/21/2025 (d)(e) | 4.07 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.065% 11/24/2025 (d)(e) | 4.07 | 380000000 | 380000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.065% 11/25/2025 (d)(e) | 4.07 | 223000000 | 223000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.065% 12/4/2025 (d)(e) | 4.07 | 446000000 | 446000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.065% 2/12/2026 (d)(e) | 4.07 | 344000000 | 344000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.065% 2/19/2026 (d)(e) | 4.07 | 156000000 | 156000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.065% 2/20/2026 (d)(e) | 4.07 | 114000000 | 114000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.065% 6/2/2026 (d)(e) | 4.07 | 889000000 | 889000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.065% 6/22/2026 (d)(e) | 4.07 | 442000000 | 442000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.065% 6/24/2026 (d)(e) | 4.07 | 271000000 | 271000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.07% 12/30/2025 (d)(e) | 4.07 | 336000000 | 336000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.07% 6/29/2026 (d)(e) | 4.07 | 667000000 | 667000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.07% 6/29/2026 (d)(e) | 4.07 | 221000000 | 221000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.07% 7/21/2026 (d)(e) | 4.07 | 884000000 | 884000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.07% 7/23/2026 (d)(e) | 4.07 | 443000000 | 443000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.075% 1/22/2026 (d)(e) | 4.08 | 50000000 | 49999446 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.075% 3/17/2026 (d)(e) | 4.07 | 458000000 | 458000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.075% 3/19/2026 (d)(e) | 4.07 | 458000000 | 458000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.075% 3/23/2026 (d)(e) | 4.07 | 458000000 | 458000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.075% 3/24/2026 (d)(e) | 4.07 | 335000000 | 335000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.075% 3/24/2026 (d)(e) | 4.07 | 115000000 | 115000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.075% 3/26/2026 (d)(e) | 4.07 | 445000000 | 445000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.075% 3/27/2026 (d)(e) | 4.07 | 111000000 | 111000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.075% 3/30/2026 (d)(e) | 4.07 | 441000000 | 441000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.08% 10/14/2026 (d)(e) | 4.08 | 44000000 | 44000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.08% 4/20/2026 (d)(e) | 4.08 | 447000000 | 447000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.08% 4/21/2026 (d)(e) | 4.08 | 447000000 | 447000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.08% 4/23/2026 (d)(e) | 4.08 | 333000000 | 333000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.08% 4/24/2026 (d)(e) | 4.08 | 115000000 | 115000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.08% 4/29/2026 (d)(e) | 4.08 | 45000000 | 45000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.08% 4/30/2026 (d)(e) | 4.08 | 45000000 | 45000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.045%, 4.085% 10/2/2026 (d)(e) | 4.08 | 46000000 | 46000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.045%, 4.085% 10/6/2026 (d)(e) | 4.08 | 53000000 | 53000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.045%, 4.085% 2/5/2026 (d)(e) | 4.08 | 338500000 | 338500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.05%, 4.09% 5/14/2026 (d)(e) | 4.09 | 76000000 | 76000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.06%, 3.98% 2/5/2027 (d)(e) | 4.06 | 22000000 | 22000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.065%, 4.105% 8/10/2026 (d)(e) | 4.11 | 307000000 | 307000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.065%, 4.105% 8/12/2026 (d)(e) | 4.11 | 584000000 | 584000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 4.11% 11/28/2025 (d)(e) | 4.11 | 210000000 | 210000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 4.11% 12/23/2026 (d)(e) | 4.11 | 92000000 | 92000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 4.11% 12/24/2026 (d)(e) | 4.11 | 162000000 | 162000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 4.11% 12/30/2026 (d)(e) | 4.11 | 184000000 | 184000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 4.115% 11/18/2026 (d)(e) | 4.12 | 328000000 | 328000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 4.115% 11/27/2026 (d)(e) | 4.12 | 57000000 | 57000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 4.12% 11/13/2026 (d)(e) | 4.12 | 90000000 | 90008015 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 4.12% 12/11/2026 (d)(e) | 4.12 | 331000000 | 331000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 4.12% 12/8/2026 (d)(e) | 4.12 | 110000000 | 110000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 4.12% 2/27/2026 (d)(e) | 4.12 | 210000000 | 210000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.085%, 4.125% 1/2/2026 (d)(e) | 4.12 | 207000000 | 207004088 |
| Federal Home Loan Bank U.S. SOFR Index + 0.085%, 4.125% 6/24/2026 (d)(e) | 4.12 | 25000000 | 25005972 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.13% 1/12/2026 (d)(e) | 4.13 | 213000000 | 213000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.13% 1/16/2026 (d)(e) | 4.13 | 104000000 | 104000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.13% 3/1/2027 (d)(e) | 4.13 | 94000000 | 94000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.13% 5/13/2026 (d)(e) | 4.13 | 109000000 | 109000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.135% 12/23/2025 (d)(e) | 4.13 | 332000000 | 332000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.135% 2/12/2027 (d)(e) | 4.13 | 219000000 | 219000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.135% 2/25/2027 (d)(e) | 4.14 | 57000000 | 56994885 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.135% 4/14/2027 (d)(e) | 4.14 | 86000000 | 85985409 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.135% 6/11/2027 (d)(e) | 4.14 | 92000000 | 91991557 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.14% 4/17/2026 (d)(e) | 4.14 | 88495000 | 88494840 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.14% 6/10/2027 (d)(e) | 4.14 | 225000000 | 225000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.14% 6/22/2026 (d)(e) | 4.14 | 106000000 | 106000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.14% 6/24/2026 (d)(e) | 4.14 | 134000000 | 134000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.14% 6/25/2026 (d)(e) | 4.14 | 128000000 | 128000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.14% 6/26/2026 (d)(e) | 4.14 | 213000000 | 213000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.14% 6/7/2027 (d)(e) | 4.14 | 70000000 | 70000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.105%, 4.145% 2/18/2027 (d)(e) | 4.14 | 30000000 | 30001032 |
| Federal Home Loan Bank U.S. SOFR Index + 0.105%, 4.145% 2/20/2026 (d)(e) | 4.15 | 207000000 | 207000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.15% 4/10/2026 (d)(e) | 4.15 | 106000000 | 106021025 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.15% 4/15/2026 (d)(e) | 4.15 | 126000000 | 126024718 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.15% 4/24/2026 (d)(e) | 4.15 | 107000000 | 107000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.15% 4/7/2026 (d)(e) | 4.15 | 110000000 | 110004232 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.15% 7/15/2027 (d)(e) | 4.15 | 22000000 | 21995739 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.15% 7/19/2027 (d)(e) | 4.15 | 109000000 | 108978769 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.15% 7/21/2027 (d)(e) | 4.15 | 43960000 | 43951470 |
| Federal Home Loan Bank U.S. SOFR Index + 0.115%, 4.155% 7/30/2027 (d)(e) | 4.16 | 689000000 | 689000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 4.16% 12/19/2025 (d)(e) | 4.16 | 111000000 | 111012376 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 4.16% 6/21/2027 (d)(e) | 4.16 | 242000000 | 242000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 4.16% 6/22/2027 (d)(e) | 4.16 | 217000000 | 217000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 10/20/2027 (d)(e) | 4.17 | 25000000 | 25000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 2/12/2026 (d)(e) | 4.17 | 107000000 | 107008009 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 2/20/2026 (d)(e) | 4.17 | 100000000 | 100009410 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 2/5/2027 (d)(e) | 4.17 | 127000000 | 127000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 2/9/2026 (d)(e) | 4.17 | 125000000 | 125007233 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 4/16/2027 (d)(e) | 4.17 | 107000000 | 107034764 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 4/23/2027 (d)(e) | 4.17 | 85650000 | 85675201 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 6/24/2027 (d)(e) | 4.17 | 276000000 | 276000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 6/30/2027 (d)(e) | 4.17 | 185000000 | 185000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 9/10/2027 (d)(e) | 4.17 | 221000000 | 221000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 9/7/2027 (d)(e) | 4.17 | 108000000 | 108000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 9/8/2027 (d)(e) | 4.17 | 66000000 | 66000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.135%, 4.175% 1/6/2027 (d)(e) | 4.17 | 41000000 | 41032607 |
| Federal Home Loan Bank U.S. SOFR Index + 0.135%, 4.175% 11/12/2025 (d)(e) | 4.17 | 410000000 | 410000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.135%, 4.175% 11/14/2025 (d)(e) | 4.17 | 360000000 | 360000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.18% 1/16/2026 (d)(e) | 4.18 | 107000000 | 107009654 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.18% 10/29/2026 (d)(e) | 4.18 | 65125000 | 65136874 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.18% 7/22/2026 (d)(e) | 4.18 | 6666667 | 6666666 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.18% 8/21/2026 (d)(e) | 4.18 | 418000000 | 418000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.18% 9/10/2026 (d)(e) | 4.18 | 104000000 | 104000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.18% 9/4/2026 (d)(e) | 4.18 | 311000000 | 311000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.185% 1/2/2026 (d)(e) | 4.18 | 187000000 | 187001077 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.185% 9/25/2026 (d)(e) | 4.19 | 827000000 | 827000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.15%, 4.19% 12/8/2025 (d)(e) | 4.19 | 406000000 | 405999797 |
| Federal Home Loan Bank U.S. SOFR Index + 0.15%, 4.19% 12/8/2025 (d)(e) | 4.19 | 117000000 | 116999920 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.195% 11/14/2025 (d)(e) | 4.19 | 100100000 | 100100257 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.195% 11/17/2025 (d)(e) | 4.19 | 621000000 | 621001254 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.195% 12/11/2025 (d)(e) | 4.20 | 202000000 | 202000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.195% 12/8/2025 (d)(e) | 4.19 | 164000000 | 164000637 |
| Federal Home Loan Bank U.S. SOFR Index + 0.19%, 4.23% 12/18/2026 (d)(e) | 4.23 | 536500000 | 536500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.19%, 4.23% 12/22/2026 (d)(e) | 4.23 | 620000000 | 620000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.035% 11/10/2025 (d)(e) | 4.03 | 892000000 | 892000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.035% 11/10/2025 (d)(e) | 4.03 | 224000000 | 224000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.035% 11/4/2025 (d)(e) | 4.03 | 333000000 | 333000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.035% 11/7/2025 (d)(e) | 4.03 | 444000000 | 444000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.035% 11/7/2025 (d)(e) | 4.03 | 89000000 | 89000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.265% 11/3/2025 (d)(e) | 4.26 | 243000000 | 243000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.265% 11/3/2025 (d)(e) | 4.26 | 219000000 | 219000000 |
| Freddie Mac 0.64% 11/24/2025  | 4.36 | 79000000 | 78820125 |
| Freddie Mac Discount Notes 0% 1/2/2026  | 4.02 | 661000000 | 656480595 |
| Freddie Mac U.S. SOFR Index + 0.08%, 4.12% 11/5/2026 (d)(e) | 4.12 | 1119000000 | 1119000000 |
| Freddie Mac U.S. SOFR Index + 0.09%, 4.13% 1/26/2026 (d)(e) | 4.13 | 1910000000 | 1910013662 |
| Freddie Mac U.S. SOFR Index + 0.1%, 4.14% 2/9/2026 (d)(e) | 4.14 | 127000000 | 127002955 |
| Freddie Mac U.S. SOFR Index + 0.11%, 4.15% 3/5/2026 (d)(e) | 4.15 | 666000000 | 666000000 |
| Freddie Mac U.S. SOFR Index + 0.11%, 4.15% 5/7/2026 (d)(e) | 4.15 | 390000000 | 390000000 |
| Freddie Mac U.S. SOFR Index + 0.115%, 4.155% 4/2/2026 (d)(e) | 4.15 to 4.16 | 1124000000 | 1124006185 |
| Freddie Mac U.S. SOFR Index + 0.14%, 4.18% 10/16/2026 (d)(e) | 4.18 | 1004000000 | 1004000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 4.18% 10/29/2026 (d)(e) | 4.18 | 707000000 | 707000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 4.18% 9/23/2026 (d)(e) | 4.18 | 1253000000 | 1253000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 4.18% 9/4/2026 (d)(e) | 4.18 | 436000000 | 436000000 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - DEBT**<br> (Cost $114,032,835,272) |  |  | **114032835272** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 36.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 36.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 36.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 36.1%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/13/2026  | 3.89 to 3.90 | 4375400000 | 4341245246 |
| US Treasury Bills 0% 1/15/2026  | 3.88 to 3.92 | 5452000000 | 5408273210 |
| US Treasury Bills 0% 1/2/2026  | 3.90 to 4.24 | 2493000000 | 2476230469 |
| US Treasury Bills 0% 1/20/2026  | 3.86 to 4.23 | 4898000000 | 4856309031 |
| US Treasury Bills 0% 1/22/2026  | 3.85 to 3.88 | 4510000000 | 4470842616 |
| US Treasury Bills 0% 1/27/2026  | 3.85 to 3.88 | 4638000000 | 4595327043 |
| US Treasury Bills 0% 1/29/2026  | 3.89 to 4.22 | 1188000000 | 1176337663 |
| US Treasury Bills 0% 1/6/2026  | 4.01 to 4.27 | 1367900000 | 1357899480 |
| US Treasury Bills 0% 1/8/2026  | 3.89 to 4.23 | 5791748100 | 5747897711 |
| US Treasury Bills 0% 10/29/2026  | 3.69 | 297000000 | 286427987 |
| US Treasury Bills 0% 11/12/2025  | 4.04 to 4.29 | 8851500000 | 8840289486 |
| US Treasury Bills 0% 11/13/2025  | 4.04 to 4.19 | 8021000000 | 8010085331 |
| US Treasury Bills 0% 11/18/2025  | 4.04 to 4.29 | 9121500000 | 9103701506 |
| US Treasury Bills 0% 11/20/2025  | 4.17 to 4.31 | 6897000000 | 6881920012 |
| US Treasury Bills 0% 11/25/2025  | 3.96 to 4.39 | 2267000000 | 2260985679 |
| US Treasury Bills 0% 11/28/2025  | 4.03 to 4.30 | 4549000000 | 4535262140 |
| US Treasury Bills 0% 11/4/2025  | 4.27 | 393000000 | 392862106 |
| US Treasury Bills 0% 12/11/2025  | 4.25 to 4.30 | 1541000000 | 1533852805 |
| US Treasury Bills 0% 12/16/2025  | 3.98 to 4.16 | 5105000000 | 5079608622 |
| US Treasury Bills 0% 12/18/2025  | 4.24 to 4.25 | 2105000000 | 2093574303 |
| US Treasury Bills 0% 12/2/2025  | 3.99 to 4.28 | 1725956400 | 1719782190 |
| US Treasury Bills 0% 12/23/2025  | 3.92 to 4.14 | 1121000000 | 1114504174 |
| US Treasury Bills 0% 12/26/2025  | 4.13 to 4.18 | 353000000 | 350784514 |
| US Treasury Bills 0% 12/30/2025  | 4.07 to 4.08 | 3636015600 | 3612062212 |
| US Treasury Bills 0% 12/4/2025  | 4.30 to 4.31 | 294000000 | 292851509 |
| US Treasury Bills 0% 12/9/2025  | 3.98 to 4.17 | 5439849500 | 5416945919 |
| US Treasury Bills 0% 2/10/2026  | 3.82 to 3.84 | 6098300000 | 6033670289 |
| US Treasury Bills 0% 2/12/2026  | 4.05 to 4.06 | 2298700000 | 2272573366 |
| US Treasury Bills 0% 2/17/2026  | 3.86 | 4224000000 | 4175719679 |
| US Treasury Bills 0% 2/24/2026  | 3.78 to 3.79 | 2904000000 | 2869339207 |
| US Treasury Bills 0% 2/3/2026  | 3.83 to 3.85 | 5598000000 | 5542606258 |
| US Treasury Bills 0% 3/19/2026  | 3.79 to 4.12 | 2890800000 | 2849311883 |
| US Treasury Bills 0% 3/26/2026  | 3.78 to 3.81 | 2676592000 | 2636604542 |
| US Treasury Bills 0% 3/3/2026  | 3.76 to 3.83 | 1714000000 | 1692612596 |
| US Treasury Bills 0% 3/5/2026  | 4.02 to 4.05 | 625000000 | 616489896 |
| US Treasury Bills 0% 4/2/2026  | 3.77 to 3.80 | 1095000000 | 1077817156 |
| US Treasury Bills 0% 4/23/2026  | 3.73 | 4250000000 | 4175249582 |
| US Treasury Bills 0% 4/9/2026  | 3.77 | 683000000 | 671838641 |
| US Treasury Bills 0% 5/14/2026  | 4.09 | 914674000 | 895302728 |
| US Treasury Bills 0% 7/9/2026  | 4.07 to 4.11 | 3570000000 | 3472680752 |
| US Treasury Bills 0% 8/6/2026  | 3.91 to 4.12 | 1171000000 | 1136545414 |
| US Treasury Notes 0.375% 1/31/2026  | 4.21 to 4.28 | 302000000 | 299168302 |
| US Treasury Notes 0.375% 11/30/2025  | 4.44 to 4.45 | 451000000 | 449591561 |
| US Treasury Notes 0.375% 12/31/2025  | 4.26 to 4.28 | 1644000000 | 1633826615 |
| US Treasury Notes 0.5% 2/28/2026  | 4.13 to 4.17 | 1029000000 | 1017120609 |
| US Treasury Notes 0.625% 7/31/2026  | 3.74 to 4.11 | 1278000000 | 1247171504 |
| US Treasury Notes 0.75% 3/31/2026  | 4.10 to 4.16 | 888000000 | 876006560 |
| US Treasury Notes 0.75% 4/30/2026  | 3.80 to 4.16 | 438000000 | 431077054 |
| US Treasury Notes 0.75% 5/31/2026  | 3.81 | 254000000 | 249598657 |
| US Treasury Notes 0.75% 8/31/2026  | 3.92 to 4.16 | 946000000 | 921085263 |
| US Treasury Notes 0.875% 9/30/2026  | 3.85 | 197000000 | 191809384 |
| US Treasury Notes 1.125% 10/31/2026  | 3.64 | 269000000 | 262443521 |
| US Treasury Notes 1.375% 8/31/2026  | 3.93 | 98000000 | 95980378 |
| US Treasury Notes 1.625% 2/15/2026  | 4.15 | 98000000 | 97301573 |
| US Treasury Notes 1.625% 5/15/2026  | 4.03 to 4.07 | 1011000000 | 998292926 |
| US Treasury Notes 1.875% 7/31/2026  | 4.01 | 40000000 | 39383578 |
| US Treasury Notes 2.125% 5/31/2026  | 4.02 | 40000000 | 39575013 |
| US Treasury Notes 2.25% 3/31/2026  | 4.13 | 98000000 | 97265688 |
| US Treasury Notes 2.5% 2/28/2026  | 4.13 | 98000000 | 97494407 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.19%, 3.9555% 10/31/2027 (d)(e) | 3.96 | 1600000000 | 1600000000 |
| US Treasury Notes 3.75% 4/15/2026  | 4.18 | 280000000 | 279474149 |
| US Treasury Notes 3.75% 8/31/2026  | 3.96 | 177000000 | 176694369 |
| US Treasury Notes 4% 2/15/2026  | 4.29 | 60000000 | 59950696 |
| US Treasury Notes 4.125% 10/31/2026  | 3.64 | 135000000 | 135641641 |
| US Treasury Notes 4.125% 6/15/2026  | 4.13 to 4.16 | 945000000 | 944936749 |
| US Treasury Notes 4.25% 1/31/2026  | 4.28 | 610000000 | 609950191 |
| US Treasury Notes 4.25% 12/31/2025  | 4.26 to 4.31 | 1302000000 | 1301907990 |
| US Treasury Notes 4.375% 7/31/2026  | 3.75 to 4.08 | 1112000000 | 1116245841 |
| US Treasury Notes 4.5% 3/31/2026  | 4.11 to 4.16 | 1065000000 | 1066569564 |
| US Treasury Notes 4.625% 2/28/2026  | 4.13 to 4.17 | 355000000 | 355542113 |
| US Treasury Notes 4.625% 3/15/2026  | 4.11 | 63000000 | 63114627 |
| US Treasury Notes 4.625% 6/30/2026  | 3.77 to 4.20 | 194000000 | 194746301 |
| US Treasury Notes 4.875% 4/30/2026  | 4.04 to 4.07 | 752500000 | 755425137 |
| US Treasury Notes 4.875% 5/31/2026  | 4.04 to 4.06 | 339000000 | 340555305 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $154,119,172,219) |  |  | **154119172219** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.8%**<br> (Cost $434,847,644,491)<br>| <br>**434847644491** |
| **NET OTHER ASSETS (LIABILITIES) - (1.8)%**  | **(7584067665)** |
| **NET ASSETS - 100.0%** | **427263576826** |

---

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

**Legend**

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

(b) Represents a forward settling transaction and therefore no collateral securities had been allocated as of period end. The agreement contemplated the delivery of U.S. Treasury Obligations as collateral on settlement date.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

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

(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

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

(g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and / or subject to caps or floors. Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. The maturity amount is based on the rate at period end.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** |
| **Counterparty** | **Lending Rate (%)** | **Settlement Date** | **Maturity Date** | **Repurchase Agreement**<br> **Value ($)** | **Repurchase Agreement Proceeds ($)** | **Collateralized By** | **Collateral Coupon (%)** | **Collateral Maturity Date** | **Collateral Value Received ($)** |
| ABN AMRO Bank NV | 4.18 | 10/31/2025 | 11/3/2025 | 601000000 | 601209348 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 3/1/2033 - 6/1/2055 | 613233535 |
| ABN AMRO Bank NV | 4.17 | 10/31/2025 | 11/3/2025 | 550000000 | 550191125 | U.S. Treasuries (including strips) | 3.63 - 3.88 | 5/31/2028 - 2/15/2053 | 561245529 |
| BMO Capital Markets Corp | 4.16 | 10/31/2025 | 11/3/2025 | 86000000 | 86029813 | U.S. Treasuries (including strips) | 4.00 - 4.25 | 1/31/2031 - 8/15/2035 | 87750435 |
| BMO Chicago Branch | 4.09 | 10/22/2025 | 11/10/2025 | 773000000 | 774668606 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 11/1/2031 - 11/1/2055 | 789534934 |
| BMO Chicago Branch | 4.10 | 10/10/2025 | 11/7/2025 | 450000000 | 451435000 | Agency Mortgage-Backed Securities | 1.50 - 6.00 | 8/1/2034 - 3/1/2063 | 460254601 |
| BMO Chicago Branch | 4.09 | 10/24/2025 | 11/7/2025 | 85000000 | 85135197 | Agency Mortgage-Backed Securities | 4.63 - 7.25 | 11/20/2025 - 8/20/2075 | 86798501 |
| BNP Paribas, SA | 4.04(g) | 10/20/2025 | 11/20/2025 | 1803000000 | 1809272437 | Agency Mortgage-Backed Securities | 1.22 - 7.50 | 8/1/2028 - 5/20/2065 | 1835816341 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 | 2/15/2036 - 11/15/2051 | 6304063 |
|  |  |  |  |  |  |  |  |  | 1842120404 |
| BNP Paribas, SA | 4.13 | 10/3/2025 | 11/3/2025 | 2766000000 | 2775836972 | U.S. Treasuries (including strips) | 0.00 - 5.25 | 7/15/2026 - 2/15/2055 | 2831353827 |
| Bank of Montreal | 4.02 | 10/24/2025 | 11/24/2025 | 172000000 | 172595407 | Agency Mortgage-Backed Securities | 4.83 - 6.00 | 12/1/2029 - 6/25/2055 | 175045696 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 4.69 - 6.50 | 5/20/2055 - 2/20/2069 | 596291 |
|  |  |  |  |  |  |  |  |  | 175641987 |
| Bank of Montreal | 4.01 | 10/29/2025 | 11/12/2025 | 300000000 | 300467833 | U.S. Treasuries (including strips) | 1.25 - 4.63 | 4/30/2026 - 11/15/2054 | 306818532 |
| Bank of Montreal | 4.10 | 10/10/2025 | 11/7/2025 | 120000000 | 120382667 | U.S. Treasuries (including strips) | 1.25 - 5.00 | 4/30/2026 - 11/15/2054 | 123654654 |
| Bank of Montreal | 4.02 | 10/30/2025 | 11/6/2025 | 63000000 | 63049245 | U.S. Treasuries (including strips) | 1.25 - 4.63 | 11/30/2026 - 11/15/2054 | 64292300 |
| Barclays Bank PLC | 4.05(g) | 10/10/2025 | 11/12/2025 | 682000000 | 684531925 | Agency Mortgage-Backed Securities | 1.20 - 6.50 | 10/15/2032 - 3/15/2067 | 370471210 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 4.00 - 5.63 | 8/25/2036 - 9/25/2055 | 62384140 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 1.50 - 10.31 | 1/27/2031 - 10/25/2055 | 267310732 |
|  |  |  |  |  |  |  |  |  | 700166082 |
| Barclays Bank PLC | 4.17 | 10/31/2025 | 11/3/2025 | 1294000000 | 1294449665 | Agency Mortgage-Backed Securities | 1.00 - 6.00 | 10/1/2040 - 5/16/2065 | 1321709349 |
| Barclays Bank PLC | 4.15 | 10/31/2025 | 11/3/2025 | 762404000 | 762667665 | U.S. Treasuries (including strips) | 0.00 - 4.50 | 11/6/2025 - 11/15/2054 | 777921095 |
| BofA Securities, Inc. | 3.87 | 10/27/2025 | 1/27/2026 | 424000000 | 428193360 | U.S. Treasuries (including strips) | 3.63 - 3.96 | 10/31/2027 - 9/30/2031 | 432805511 |
| BofA Securities, Inc. | 4.06(g) | 10/10/2025 | 1/9/2026 | 170000000 | 171744672 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 1/1/2028 - 10/1/2055 | 173887639 |
| BofA Securities, Inc. | 4.10(g) | 8/5/2025 | 12/5/2025 | 341000000 | 345738005 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 5/1/2030 - 8/20/2065 | 351588533 |
| BofA Securities, Inc. | 4.17 | 9/3/2025 | 12/3/2025 | 230000000 | 232424392 | U.S. Treasuries (including strips) | 1.25 | 6/30/2028 - 8/15/2031 | 236257674 |
| BofA Securities, Inc. | 4.10(g) | 8/1/2025 | 12/1/2025 | 1366000000 | 1384979811 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 10/1/2030 - 3/15/2059 | 1409103219 |
| BofA Securities, Inc. | 4.02 | 10/24/2025 | 11/24/2025 | 76000000 | 76263087 | U.S. Treasuries (including strips) | 0.63 - 3.96 | 10/31/2027 - 11/15/2031 | 77606570 |
| BofA Securities, Inc. | 4.26 | 8/7/2025 | 11/7/2025 | 171000000 | 172861620 | Agency Mortgage-Backed Securities | 2.50 - 7.00 | 8/1/2027 - 10/20/2055 | 176236294 |
| Canadian Imperial Bank of Commerce | 4.04 | 10/30/2025 | 12/11/2025 | 22000000 | 22103693 | Agency Mortgage-Backed Securities | 1.39 - 7.50 | 4/1/2028 - 3/20/2075 | 22656108 |
| Canadian Imperial Bank of Commerce | 4.06 | 10/15/2025 | 11/17/2025 | 108000000 | 108401940 | U.S. Treasuries (including strips) | 0.38 - 4.75 | 12/31/2025 - 2/15/2055 | 110396059 |
| Canadian Imperial Bank of Commerce | 4.07 | 10/14/2025 | 11/13/2025 | 342000000 | 343159950 | Agency Mortgage-Backed Securities | 2.00 - 8.00 | 4/1/2028 - 4/20/2075 | 278710696 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.75 | 11/15/2026 - 8/15/2054 | 71166810 |
|  |  |  |  |  |  |  |  |  | 349877506 |
| Canadian Imperial Bank of Commerce | 4.10 | 10/7/2025 | 11/7/2025 | 466000000 | 467645239 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 1/31/2026 - 2/15/2055 | 477159813 |
| Canadian Imperial Bank of Commerce | 4.21 | 9/2/2025 | 11/3/2025 | 524000000 | 527799291 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 11/28/2025 - 2/15/2055 | 539176728 |
| Canadian Imperial Bank of Commerce | 4.16 | 10/31/2025 | 11/3/2025 | 172000000 | 172059627 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 10/1/2029 - 8/20/2064 | 165451435 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.88 | 6/30/2026 - 8/15/2045 | 10088554 |
|  |  |  |  |  |  |  |  |  | 175539989 |
| Canadian Imperial Bank of Commerce | 4.13 | 10/1/2025 | 11/3/2025 | 76000000 | 76287723 | U.S. Treasuries (including strips) | 0.00 - 4.25 | 11/12/2025 - 5/15/2043 | 77813507 |
| Citibank NA | 4.02 | 10/30/2025 | 11/6/2025 | 516000000 | 516403340 | Agency Mortgage-Backed Securities | 2.48 - 7.50 | 7/20/2028 - 11/1/2055 | 526555090 |
| Citigroup Global Capital Markets Inc | 4.35(g) | 10/31/2025 | 12/31/2025 | 907000000 | 913685346 | Agency Mortgage-Backed Securities | 3.38 - 7.50 | 9/1/2055 - 10/1/2055 | 925140640 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 3.00 | 11/15/2044 | 317068 |
|  |  |  |  |  |  |  |  |  | 925457708 |
| Citigroup Global Capital Markets Inc | 4.12(g) | 10/22/2025 | 12/23/2025 | 1580000000 | 1591210978 | Agency Mortgage-Backed Securities | 3.50 - 7.50 | 10/1/2054 - 10/1/2055 | 1613897874 |
| Citigroup Global Capital Markets Inc | 4.11(g) | 10/22/2025 | 12/23/2025 | 921000000 | 927519145 | U.S. Treasuries (including strips) | 0.00 - 3.96 | 9/3/2026 - 11/15/2044 | 940756362 |
| Citigroup Global Capital Markets Inc | 4.12(g) | 10/15/2025 | 12/16/2025 | 900000000 | 906386000 | Agency Mortgage-Backed Securities | 3.50 - 6.50 | 1/1/2030 - 11/1/2055 | 918000599 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 3.00 | 11/15/2044 | 2080467 |
|  |  |  |  |  |  |  |  |  | 920081066 |
| Citigroup Global Capital Markets Inc | 4.02 | 10/30/2025 | 11/6/2025 | 773000000 | 773604228 | Agency Mortgage-Backed Securities | 2.50 - 7.00 | 7/20/2047 - 10/20/2055 | 788812179 |
| Fixed Income Clearing Corp - BNP | 4.15 | 10/31/2025 | 11/3/2025 | 6272000000 | 6274169067 | U.S. Treasuries (including strips) | 0.63 - 4.88 | 10/31/2027 - 2/15/2055 | 6399652450 |
| Fixed Income Clearing Corp - BNP | 4.15 | 10/31/2025 | 11/3/2025 | 7729000000 | 7731672946 | U.S. Treasuries (including strips) | 0.38 - 6.75 | 11/30/2025 - 2/15/2055 | 7886306408 |
| Fixed Income Clearing Corp - BNYM | 4.15 | 10/31/2025 | 11/3/2025 | 9463000000 | 9466272621 | U.S. Treasuries (including strips) | 0.63 - 4.63 | 11/30/2026 - 2/15/2034 | 9652260007 |
| Fixed Income Clearing Corp - BONY | 4.16 | 10/31/2025 | 11/3/2025 | 2174000000 | 2174753653 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 3/1/2033 - 10/1/2055 | 2217480000 |
| Fixed Income Clearing Corp - CIBC | 4.16 | 10/31/2025 | 11/3/2025 | 126000000 | 126043680 | U.S. Treasuries (including strips) | 3.63 | 3/31/2028 | 128527449 |
| Fixed Income Clearing Corp - CIBC | 4.16 | 10/31/2025 | 11/3/2025 | 944000000 | 944327253 | U.S. Treasuries (including strips) | 0.63 - 4.13 | 8/15/2030 - 8/15/2053 | 964032078 |
| Fixed Income Clearing Corp - Citi | 4.16 | 10/31/2025 | 11/3/2025 | 5362000000 | 5363858827 | U.S. Treasuries (including strips) | 0.00 - 6.38 | 11/30/2025 - 2/15/2054 | 5471136006 |
| Fixed Income Clearing Corp - Credit Agricole | 4.07 | 10/31/2025 | 11/3/2025 | 7358000000 | 7360495588 | U.S. Treasuries (including strips) | 1.38 - 4.63 | 6/30/2027 - 5/15/2052 | 7589395006 |
| Fixed Income Clearing Corp - Goldman | 4.02 | 10/30/2025 | 11/6/2025 | 775000000 | 775605792 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/30/2026 - 8/15/2054 | 790764820 |
| Fixed Income Clearing Corp - Goldman | 4.16 | 10/31/2025 | 11/3/2025 | 5868000000 | 5870034240 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 4/1/2027 - 10/1/2055 | 5987434926 |
| Fixed Income Clearing Corp - Goldman | 4.15 | 10/31/2025 | 11/3/2025 | 6514000000 | 6516252758 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 11/25/2025 - 11/15/2052 | 6646577853 |
| Fixed Income Clearing Corp - ING | 4.16 | 10/31/2025 | 11/3/2025 | 2205000000 | 2205764400 | U.S. Treasuries (including strips) | 2.63 - 4.63 | 5/31/2027 - 4/30/2032 | 2248725705 |
| Fixed Income Clearing Corp - ING | 4.16 | 10/31/2025 | 11/3/2025 | 862000000 | 862298827 | Agency Mortgage-Backed Securities | 5.00 - 5.50 | 12/1/2052 - 12/1/2054 | 879544804 |
| Fixed Income Clearing Corp - Mizuho | 4.17 | 10/31/2025 | 11/3/2025 | 1890000000 | 1890656775 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 1/1/2026 - 9/15/2060 | 1606915018 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.63 | 12/23/2025 - 5/15/2052 | 321554893 |
|  |  |  |  |  |  |  |  |  | 1928469911 |
| Fixed Income Clearing Corp - Mizuho | 4.16 | 10/31/2025 | 11/3/2025 | 2706000000 | 2706938080 | U.S. Treasuries (including strips) | 0.00 - 6.50 | 12/11/2025 - 5/15/2034 | 2761076891 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.16 | 10/31/2025 | 11/3/2025 | 1726000000 | 1726598347 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 11/25/2025 - 11/1/2055 | 1761130314 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.16 | 10/31/2025 | 11/3/2025 | 2071000000 | 2071717947 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 6/1/2026 - 10/1/2055 | 2110096417 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 4.88 | 8/15/2045 | 3055890 |
|  |  |  |  |  |  |  |  |  | 2113152307 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.16 | 10/31/2025 | 11/3/2025 | 4142000000 | 4143435893 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 5/20/2031 - 9/20/2065 | 4214830385 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.13 - 4.88 | 2/28/2029 - 2/15/2053 | 11474227 |
|  |  |  |  |  |  |  |  |  | 4226304612 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.16 | 10/31/2025 | 11/3/2025 | 4142000000 | 4143435893 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 11/1/2026 - 11/1/2055 | 4214867789 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 3.75 - 4.88 | 4/30/2027 - 8/15/2045 | 11436823 |
|  |  |  |  |  |  |  |  |  | 4226304612 |
| Fixed Income Clearing Corp - Natixis | 4.18 | 10/31/2025 | 11/3/2025 | 2199000000 | 2199765985 | U.S. Treasuries (including strips) | 2.38 - 4.38 | 5/15/2027 - 2/28/2030 | 2243059207 |
| Fixed Income Clearing Corp - Natwest | 4.16 | 10/31/2025 | 11/3/2025 | 30000000 | 30010400 | U.S. Treasuries (including strips) | 1.25 - 3.50 | 10/31/2027 - 6/30/2028 | 30610703 |
| Fixed Income Clearing Corp - Nomura | 4.16 | 10/31/2025 | 11/3/2025 | 2949000000 | 2950022320 | U.S. Treasuries (including strips) | 0.00 - 6.13 | 11/25/2025 - 12/31/2031 | 3009022771 |
| Fixed Income Clearing Corp - State Street Bank | 4.16 | 10/31/2025 | 11/3/2025 | 1899000000 | 1899658320 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 1/1/2027 - 10/1/2055 | 1932187375 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.13 | 12/11/2025 - 8/15/2053 | 5464112 |
|  |  |  |  |  |  |  |  |  | 1937651487 |
| Fixed Income Clearing Corp - State Street Bank | 4.15 | 10/31/2025 | 11/3/2025 | 8414274000 | 8417183936 | U.S. Treasuries (including strips) | 0.38 - 4.38 | 7/15/2027 - 10/31/2027 | 8582510507 |
| Goldman Sachs & Co LLC | 4.05 | 10/29/2025 | 11/5/2025 | 859000000 | 859676463 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 9/1/2027 - 5/20/2072 | 876672851 |
| HSBC Securities Inc (USA) | 4.12 | 10/28/2025 | 11/4/2025 | 618000000 | 618495087 | U.S. Treasuries (including strips) | 1.25 - 4.63 | 2/28/2026 - 5/15/2041 | 630792902 |
| ING Financial Markets LLC | 4.05 | 10/30/2025 | 12/11/2025 | 908000000 | 912290300 | Agency Mortgage-Backed Securities | 1.50 - 8.50 | 3/1/2026 - 9/1/2061 | 926576773 |
| ING Financial Markets LLC | 4.15 | 10/28/2025 | 11/4/2025 | 62000000 | 62050031 | U.S. Treasuries (including strips) | 3.63 | 5/15/2053 | 63904231 |
| JP Morgan Securities, LLC | 4.06(g) | 10/23/2025 | 11/24/2025 | 8803000000 | 8834769049 | U.S. Treasuries (including strips) | 0.88 - 4.63 | 3/31/2027 - 9/30/2032 | 8990623037 |
| JP Morgan Securities, LLC | 4.07(g) | 10/14/2025 | 11/13/2025 | 5117000000 | 5134355158 | Agency Mortgage-Backed Securities | 1.50 - 8.00 | 4/1/2027 - 9/1/2062 | 5231640246 |
| Lloyds Bank Corp Mrkts | 4.10 | 10/31/2025 | 11/7/2025 | 410000000 | 410326861 | U.S. Treasuries (including strips) | 0.38 - 4.88 | 11/30/2025 - 8/15/2055 | 418368928 |
| Lloyds Bank Corp Mrkts | 4.04 | 10/30/2025 | 11/6/2025 | 252000000 | 252197960 | U.S. Treasuries (including strips) | 0.38 - 4.88 | 3/31/2026 - 8/15/2055 | 257158525 |
| Lloyds Bank Corp Mrkts | 4.05 | 10/29/2025 | 11/5/2025 | 252000000 | 252198450 | U.S. Treasuries (including strips) | 0.38 - 4.75 | 11/15/2026 - 8/15/2055 | 257338569 |
| Lloyds Bank PLC | 4.09 | 9/26/2025 | 12/19/2025 | 99000000 | 99944790 | U.S. Treasuries (including strips) | 0.50 - 4.13 | 4/30/2027 - 2/15/2033 | 101416022 |
| Lloyds Bank PLC | 4.09 | 10/6/2025 | 12/8/2025 | 100000000 | 100715750 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/30/2027 - 8/15/2034 | 102324498 |
| Lloyds Bank PLC | 4.26 | 8/28/2025 | 11/28/2025 | 200000000 | 202177334 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/30/2027 - 8/15/2034 | 205617445 |
| Lloyds Bank PLC | 4.28 | 8/26/2025 | 11/26/2025 | 200000000 | 202187556 | U.S. Treasuries (including strips) | 0.50 - 4.38 | 4/30/2027 - 8/15/2034 | 205673514 |
| Lloyds Bank PLC | 4.13 | 9/26/2025 | 11/26/2025 | 199000000 | 200392613 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/30/2027 - 8/15/2034 | 203864960 |
| Lloyds Bank PLC | 4.13 | 9/24/2025 | 11/24/2025 | 99000000 | 99692808 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/30/2027 - 8/15/2034 | 101443396 |
| Lloyds Bank PLC | 4.29 | 8/20/2025 | 11/20/2025 | 100000000 | 101096334 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/30/2027 - 5/15/2034 | 102911647 |
| Lloyds Bank PLC | 4.32 | 8/7/2025 | 11/7/2025 | 191000000 | 193108640 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/30/2027 - 5/15/2034 | 196877380 |
| MUFG Securities (Canada), Ltd. | 4.01 | 10/30/2025 | 1/12/2026 | 227000000 | 228871111 | Agency Mortgage-Backed Securities | 1.50 - 6.53 | 12/1/2027 - 6/1/2055 | 231643067 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 | 4/30/2026 | 98 |
|  |  |  |  |  |  |  |  |  | 231643165 |
| MUFG Securities (Canada), Ltd. | 4.02 | 10/30/2025 | 11/6/2025 | 157000000 | 157122722 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 3/15/2026 - 2/15/2053 | 160211531 |
| MUFG Securities EMEA PLC | 4.26 | 8/7/2025 | 11/7/2025 | 940000000 | 950233466 | U.S. Treasuries (including strips) | 0.63 - 4.88 | 5/31/2026 - 5/15/2050 | 968406426 |
| MUFG Securities EMEA PLC | 4.13 | 10/6/2025 | 11/6/2025 | 624000000 | 626219187 | U.S. Treasuries (including strips) | 0.63 - 4.25 | 5/15/2028 - 2/15/2043 | 638101767 |
| MUFG Securities EMEA PLC | 4.16 | 10/31/2025 | 11/3/2025 | 552000000 | 552191360 | U.S. Treasuries (including strips) | 0.00 - 4.13 | 12/11/2025 - 10/31/2031 | 563080575 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 4.01 | 10/30/2025 | 1/12/2026 | 908000000 | 915484442 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 1/1/2026 - 11/1/2055 | 926572656 |
| Mizuho Bank, Ltd. | 4.16 | 10/31/2025 | 11/3/2025 | 158000000 | 158054773 | U.S. Treasuries (including strips) | 1.63 | 5/15/2031 | 161077339 |
| NatWest Market Securities Inc | 4.11 | 10/28/2025 | 11/4/2025 | 602000000 | 602481098 | U.S. Treasuries (including strips) | 1.13 - 6.75 | 8/15/2026 - 11/15/2054 | 616905703 |
| Norinchukin Bank | 4.02 | 10/30/2025 | 11/6/2025 | 202000000 | 202157897 | U.S. Treasuries (including strips) | 4.13 | 11/30/2031 | 206063016 |
| Norinchukin Bank | 4.13 | 10/28/2025 | 11/4/2025 | 201000000 | 201161414 | U.S. Treasuries (including strips) | 4.13 | 11/30/2031 | 205090594 |
| RBC Financial Group | 3.99 | 10/23/2025 | 12/11/2025 | 685000000 | 688720121 | Agency Mortgage-Backed Securities | 6.50 | 10/1/2055 | 851761 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 5.38 | 11/4/2025 - 11/15/2054 | 662700247 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 5.53 | 2/25/2054 | 37128063 |
|  |  |  |  |  |  |  |  |  | 700680071 |
| RBC Financial Group | 4.12 | 9/19/2025 | 11/14/2025 | 435000000 | 437787866 | Agency Mortgage-Backed Securities | 0.85 - 6.50 | 5/25/2030 - 7/1/2056 | 257695262 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 4.88 | 1/31/2026 - 2/15/2055 | 177649009 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 5.03 - 6.50 | 3/20/2051 - 9/20/2055 | 1258542 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 4.00 - 6.50 | 1/1/2039 - 10/1/2055 | 9813036 |
|  |  |  |  |  |  |  |  |  | 446415849 |
| RBC Financial Group | 4.23 | 8/14/2025 | 11/12/2025 | 204000000 | 206157300 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 7/1/2036 - 10/1/2055 | 32166578 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.88 | 11/30/2025 - 2/15/2055 | 177916453 |
|  |  |  |  |  |  |  |  |  | 210083031 |
| SMBC Nikko Securities America Inc | 4.16 | 10/31/2025 | 11/3/2025 | 414000000 | 414143520 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 1/1/2027 - 8/1/2056 | 421960628 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 3.75 - 4.00 | 2/28/2030 - 10/31/2032 | 465764 |
|  |  |  |  |  |  |  |  |  | 422426392 |
| SMBC Nikko Securities America Inc | 4.16 | 10/31/2025 | 11/3/2025 | 1397000000 | 1397484293 | U.S. Treasuries (including strips) | 0.00 - 4.50 | 1/6/2026 - 5/15/2050 | 1425434080 |
| Societe Generale | 4.10 | 10/31/2025 | 11/7/2025 | 1241000000 | 1241989353 | U.S. Treasuries (including strips) | 2.00 - 4.38 | 11/15/2026 - 2/15/2033 | 1266252502 |
| Sumitomo Mitsui Banking Corp | 4.06 | 10/29/2025 | 11/12/2025 | 72000000 | 72113680 | U.S. Treasuries (including strips) | 1.63 - 4.50 | 8/31/2028 - 2/15/2036 | 73524331 |
| TD Securities (U.S.A.) | 4.16 | 10/31/2025 | 11/3/2025 | 533000000 | 533184773 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 10/1/2040 - 4/1/2055 | 543733158 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 4.00 - 6.00 | 10/12/2027 - 1/23/2040 | 115311 |
|  |  |  |  |  |  |  |  |  | 543848469 |
| US Bancorp Inv | 4.19 | 10/31/2025 | 11/3/2025 | 509000000 | 509177726 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 11/30/2025 - 8/15/2055 | 519422188 |
| Wells Fargo Bank NA | 4.13 | 10/28/2025 | 11/4/2025 | 1203000000 | 1203966076 | U.S. Treasuries (including strips) | 4.25 | 11/15/2034 | 1227904629 |
| Wells Fargo Securities, LLC | 4.04 | 10/30/2025 | 12/11/2025 | 2271000000 | 2281703980 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 6/1/2026 - 11/1/2055 | 2317459815 |
| Wells Fargo Securities, LLC | 4.20 | 9/3/2025 | 12/3/2025 | 586000000 | 592221367 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 4/1/2031 - 11/1/2055 | 601973774 |
| Wells Fargo Securities, LLC | 4.28 | 8/20/2025 | 11/20/2025 | 902000000 | 911865876 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 5/1/2027 - 11/1/2055 | 928243691 |
| Wells Fargo Securities, LLC | 4.28 | 8/21/2025 | 11/19/2025 | 449000000 | 453804300 | Agency Mortgage-Backed Securities | 1.50 - 6.50 | 8/1/2035 - 10/1/2055 | 462009206 |
| Wells Fargo Securities, LLC | 4.28 | 8/19/2025 | 11/18/2025 | 451500000 | 456384728 | Agency Mortgage-Backed Securities | 1.50 - 6.50 | 1/1/2030 - 11/1/2055 | 464691145 |
| Wells Fargo Securities, LLC | 4.28 | 8/18/2025 | 11/17/2025 | 903000000 | 912769457 | Agency Mortgage-Backed Securities | 1.50 - 6.50 | 9/1/2026 - 11/1/2055 | 929491793 |
| Wells Fargo Securities, LLC | 4.28 | 8/12/2025 | 11/10/2025 | 450000000 | 454815000 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 1/1/2027 - 11/1/2055 | 463529310 |
| Wells Fargo Securities, LLC | 4.17 | 9/8/2025 | 11/7/2025 | 224000000 | 225556800 | Agency Mortgage-Backed Securities | 1.50 - 6.50 | 8/1/2026 - 10/1/2055 | 229962074 |
| **Total Repurchase Agreements** |  |  |  | 144382178000 | 144664866770 |  |  |  | 147533002074 |

---

**Investment Valuation**

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in these securities. For more information on valuation inputs, refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| <br> **Other Information** | <br> **Other Information** |
| # Additional information on each counterparty to the repurchase agreement is as follows: | # Additional information on each counterparty to the repurchase agreement is as follows: |
| **Repurchase Agreement / Counterparty** | **Value ($)** |
| **$14,900,727,000 due 11/03/2025 at 4.16%** |  |
| Bank of America NA | 1240984000 |
| Bny Mellon Capital Market LLC | 919785000 |
| Citigroup Global Capital Markets Inc | 172384000 |
| HSBC Securities Inc (USA) | 620581000 |
| JPMorgan Securities LLC | 1322000 |
| MUFG Securities (Canada) Ltd. | 948110000 |
| Rbc Dominion Securities Inc | 1896220000 |
| Sumitomo Mitsui Banking Corp | 4723238000 |
| Sumitomo Mitsui Banking Corp/New York | 1310115000 |
| Wells Fargo Bank NA | 1551230000 |
| Wells Fargo Securities LLC | 1516758000 |
|  | 14900727000 |
| **$48,732,000 due 11/03/2025 at 4.15%** |  |
| JPMorgan Securities LLC | 48732000 |
|  | 48732000 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $166,695,637,000) - See accompanying schedule:<br>Unaffiliated issuers (cost $434,847,644,491)<br>|  | $434847644491 |
| Cash |  | 1688387453 |
| Receivable for fund shares sold |  | 2411181944 |
| Interest receivable |  | 813587086 |
| Prepaid expenses |  | 393077 |
| Receivable from investment adviser for expense reductions |  | 389102 |
| Other receivables |  | 3193796 |
| **Total assets** |  | 439764776949 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $9809480237 |  |
| Delayed delivery | 35000000 |  |
| Payable for fund shares redeemed | 2300889827 |  |
| Distributions payable | 197033197 |  |
| Accrued management fee | 88140163 |  |
| Distribution and service plan fees payable | 3538102 |  |
| Other affiliated payables | 59428142 |  |
| Other payables and accrued expenses | 7690455 |  |
| **Total liabilities** |  | 12501200123 |
| **Net Assets**  |  | $427263576826 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $427263095869 |
| Total accumulated earnings (loss) |  | 480957 |
| **Net Assets** |  | $427263576826 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Capital Reserves Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,928,933,237 ÷ 3,927,789,451 shares) |  | $1.00 |
| **Daily Money Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($9,421,909,962 ÷ 9,419,546,452 shares) |  | $1.00 |
| **Advisor M Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($216,897,428 ÷ 216,911,668 shares) |  | $1.00 |
| **Fidelity Government Money Market Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($394,231,084,676 ÷ 394,226,911,708 shares) |  | $1.00 |
| **Class S :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($153,665,859 ÷ 153,668,750 shares) |  | $1.00 |
| **Premium Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($14,480,524,571 ÷ 14,477,146,692 shares) |  | $1.00 |
| **Class K6 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,830,561,093 ÷ 4,830,773,611 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $8954149918 |
| **Expenses** |  |  |
| Management fee | $512343171 |  |
| Transfer agent fees | 333391894 |  |
| Distribution and service plan fees | 20746385 |  |
| Accounting fees and expenses | 4373308 |  |
| Custodian fees and expenses | 827941 |  |
| Independent trustees' fees and expenses | 468039 |  |
| Registration fees | 9779894 |  |
| Audit fees | 37142 |  |
| Legal | 845861 |  |
| Miscellaneous | 493337 |  |
| Total expenses before reductions | 883306972 |  |
| Expense reductions | (2957537) |  |
| Total expenses after reductions |  | 880349435 |
| **Net Investment income (loss)** |  | 8073800483 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 319338 |  |
| Total net realized gain (loss) |  | 319338 |
| **Net increase in net assets resulting from operations** |  | $8074119821 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $8073800483 | $16026971230 |
| &nbsp;&nbsp;Net realized gain (loss) | 319338<br>| 700323<br>|
| **Net increase in net assets resulting from operations** | 8074119821<br>| 16027671553<br>|
| Distributions to shareholders | (8073856449)<br>| (16025941241)<br>|
| Share transactions - net increase (decrease) | 29734918209<br>| 73298904610<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 29735181581<br>| 73300634922<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 397528395245 | 324227760323<br>|
| &nbsp;&nbsp;End of period | $427263576826 | $397528395245 |

---

**Financial Highlights** 

**Fidelity® Government Money Market Fund Capital Reserves Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .017  | .039  | .044  | .022  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .017  | .039  | .044  | .022  | - B | - B |
| Distributions from net investment income  | (.017)  | (.039)  | (.044)  | (.022)  | - B | - B |
| Total distributions  | (.017)  | (.039)  | (.044)  | (.022)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.72% <br>| 4.02%  | 4.49%  | 2.20%  | .01%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .95% G | .96%  | .96%  | .96%  | .96%  | .96%  |
| Expenses net of fee waivers, if any  | .95% G<br>| .95%  | .95%  | .92%  | .10%  | .15%  |
| Expenses net of all reductions, if any  | .95% G | .95%  | .95%  | .92%  | .10%  | .15%  |
| Net investment income (loss)  | 3.38% G | 3.92%  | 4.41%  | 2.18%  | .01%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3928933 | $3884046 | $4287977 | $5294932 | $7465539 | $7539252 |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

G*Annualized.*

**Fidelity® Government Money Market Fund Daily Money Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .018  | .042  | .047  | .024  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .018  | .042  | .047  | .024  | - B | - B |
| Distributions from net investment income  | (.018)  | (.042)  | (.047)  | (.024)  | - B | - B |
| Total distributions  | (.018)  | (.042)  | (.047)  | (.024)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.85% <br>| 4.28%  | 4.75%  | 2.43%  | .01%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .70% G | .71%  | .71%  | .71%  | .71%  | .71%  |
| Expenses net of fee waivers, if any  | .70% G<br>| .70%  | .70%  | .70%  | .10%  | .15%  |
| Expenses net of all reductions, if any  | .70% G | .70%  | .70%  | .70%  | .10%  | .15%  |
| Net investment income (loss)  | 3.63% G | 4.17%  | 4.66%  | 2.40%  | .01%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9421910 | $8828741 | $8045975 | $7151812 | $7389338 | $7356206 |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

G*Annualized.*

**Fidelity® Government Money Market Fund Advisor M Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .018  | .042  | .047  | .024  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .018  | .042  | .047  | .024  | - B | - B |
| Distributions from net investment income  | (.018)  | (.042)  | (.047)  | (.024)  | - B | - B |
| Total distributions  | (.018)  | (.042)  | (.047)  | (.024)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.85% <br>| 4.28%  | 4.75%  | 2.43%  | .01%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .70% G | .71%  | .71%  | .71%  | .71%  | .71%  |
| Expenses net of fee waivers, if any  | .70% G<br>| .70%  | .70%  | .70%  | .10%  | .15%  |
| Expenses net of all reductions, if any  | .70% G | .70%  | .70%  | .70%  | .10%  | .15%  |
| Net investment income (loss)  | 3.63% G | 4.17%  | 4.66%  | 2.40%  | .01%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $216897 | $230274 | $182081 | $172227 | $148512 | $124205 |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

G*Annualized.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .020  | .045  | .049  | .027  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .020  | .045  | .049  | .027  | - B | - B |
| Distributions from net investment income  | (.020)  | (.045)  | (.049)  | (.027)  | - B | - B |
| Total distributions  | (.020)  | (.045)  | (.049)  | (.027)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.99% <br>| 4.57%  | 5.05%  | 2.72%  | .01%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .42% G | .42%  | .42%  | .42%  | .42%  | .42%  |
| Expenses net of fee waivers, if any  | .42% G<br>| .42%  | .42%  | .42%  | .10%  | .15%  |
| Expenses net of all reductions, if any  | .42% G | .42%  | .42%  | .42%  | .10%  | .15%  |
| Net investment income (loss)  | 3.91% G | 4.45%  | 4.94%  | 2.68%  | .01%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $394231085 | $366312998 | $297752603 | $236784703 | $230027515 | $200115905 |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

G*Annualized.*

**Fidelity® Government Money Market Fund Class S**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B | .020  | .045  | .049  | .027  | - C |
| Net realized and unrealized gain (loss) C | -  | -  | -  | -  | -  |
| Total from investment operations  | .020  | .045  | .049  | .027  | - C |
| Distributions from net investment income  | (.020)  | (.045)  | (.049)  | (.027)  | - C |
| Total distributions  | (.020)  | (.045)  | (.049)  | (.027)  | - C |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** D,E | 1.99% <br>| 4.57%  | 5.05%  | 2.72%  | -% F |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .45% I | .46%  | .46%  | .46%  | .46% I |
| Expenses net of fee waivers, if any  | .42% I<br>| .42%  | .42%  | .42%  | .14% I |
| Expenses net of all reductions, if any  | .42% I | .42%  | .42%  | .42%  | .14% I |
| Net investment income (loss)  | 3.91% I | 4.45%  | 4.94%  | 2.68%  | .01% I |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $153666 | $97972 | $108217 | $116643 | $100 |

---

A*For the period December 2, 2021 (commencement of sale of shares) through April 30, 2022.*

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

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

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

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

F*Amount represents less than .005%.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

I*Annualized.*

**Fidelity® Government Money Market Fund Premium Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .020  | .046  | .050  | .028  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .020  | .046  | .050  | .028  | - B | - B |
| Distributions from net investment income  | (.020)  | (.046)  | (.050)  | (.028)  | - B | - B |
| Total distributions  | (.020)  | (.046)  | (.050)  | (.028)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.04% <br>| 4.67%  | 5.15%  | 2.82%  | .01%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .36% G | .36%  | .36%  | .36%  | .36%  | .36%  |
| Expenses net of fee waivers, if any  | .32% G<br>| .32%  | .32%  | .32%  | .09%  | .15%  |
| Expenses net of all reductions, if any  | .32% G | .32%  | .32%  | .32%  | .09%  | .15%  |
| Net investment income (loss)  | 4.01% G | 4.55%  | 5.04%  | 2.78%  | .01%  | -% H |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14480525 | $13457452 | $10394158 | $7609041 | $4352205 | $4713643 |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

G*Annualized.*

H*Amount represents less than .005%.*

**Fidelity® Government Money Market Fund Class K6**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .021  | .046  | .051  | .029  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .021  | .046  | .051  | .029  | - B | - B |
| Distributions from net investment income  | (.021)  | (.046)  | (.051)  | (.029)  | - B | - B |
| Total distributions  | (.021)  | (.046)  | (.051)  | (.029)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.08% <br>| 4.75%  | 5.22%  | 2.89%  | .02%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .27% G | .27%  | .27%  | .27%  | .27%  | .27%  |
| Expenses net of fee waivers, if any  | .25% G<br>| .25%  | .25%  | .25%  | .09%  | .14%  |
| Expenses net of all reductions, if any  | .25% G | .25%  | .25%  | .25%  | .09%  | .14%  |
| Net investment income (loss)  | 4.08% G | 4.62%  | 5.11%  | 2.85%  | .02%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4830561 | $4716911 | $3456750 | $2779806 | $2174050 | $1660582 |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

G*Annualized.*

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

For the period ended October 31, 2025

**1. Organization.**

Fidelity Government Money Market Fund (the Fund) is a fund of Fidelity Hereford 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 Delaware statutory trust. The Fund offers Capital Reserves Class, Daily Money Class, Advisor M Class, Fidelity Government Money Market Fund, Class S, Premium Class and Class K6 shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class S shares are offered only to the Fidelity FDIC-Insured Deposit Sweep Program.

**2. Significant Accounting Policies.**

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

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

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

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

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

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

**Investment Transactions and Income.** The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Government Money Market Fund** | $3193534 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $- |
| **Gross unrealized depreciation** | <u>-</u> |
| **Net unrealized appreciation (depreciation)** | <u>$-</u> |
| **Tax cost** | <u>$434847644491</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 | $- |
| Long-term | <u>(649774)</u> |
| **Total capital loss carryforward** | <u>$(649774)</u> |

---

**Repurchase Agreements.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, funds and other registered investment companies having management contracts with Fidelity Management and Research Company LLC, or its affiliates are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by cash or government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The collateral balance is monitored on a daily basis to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

**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.

**New Accounting Pronouncement.** 

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

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .25% of the Fund's average net assets. Under the expense contract, total expenses of Fidelity Government Money Market Fund are limited to an annual rate of .42% of the class' average net assets, with certain exceptions.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Capital Reserves Class**  | .25% | .25% | 9419264 | 960442 |
| **Daily Money Class** | - % | .25% | 11047777 | 366112 |
| **Advisor M Class** | - % | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>279344</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2325</u> |
|  |  |  | <u>20746385</u> | <u>1328879</u> |

---

**Sales Load.** FDC receives the proceeds of contingent deferred sales charges for Daily Money Class shares purchased by exchange from Class A or Class M shares of a Fidelity fund that were subject to these charges. In addition, FDC receives deferred sales charges for Advisor M Class shares purchased by exchange from Class M shares of a Fidelity fund that were subject to these charges.

For the period, sales charge amounts retained by FDC were as follows:

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Daily Money Class**  | 8711 |
| **Advisor M Class** | 2 |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives asset-based fees with respect to each account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Each class pays a transfer agent fee equal to an annual rate of .20% of class-level average net assets, with the exception of Premium Class and Class K6 which pays .10% and .01% of class-level average net assets, respectively.

Under the expense contract, Fidelity Government Money Market Fund will pay a portion of the transfer agent fee at an annual rate of up to .17% of class-level average net assets.

For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Class-Level Average Net AssetsA** |
| **Capital Reserves Class** | 3767706 | .20 |
| **Daily Money Class** | 8838221 | .20 |
| **Advisor M Class** | 223475 | .20 |
| **Fidelity Government Money Market Fund** | 313184219 | .16 |
| **Class S** | 114946 | .20 |
| **Premium Class** | 7023397 | .10 |
| **Class K6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>239930</u> | .01 |
|  | <u>333391894</u> |  |

---

*A Annualized*

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets** |
| **Fidelity Government Money Market Fund** | -A |

---

*A Amount represents less than .005%*

**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. During the period, there were no interfund trades.

**4. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** | **Expiration Date** |
| **Capital Reserves Class** | .95% | 6007 | August 31, 2026 |
| **Daily Money Class** | .70% | 89844 | August 31, 2026 |
| **Advisor M Class** | .70% | 1980 | August 31, 2026 |
| **Class S** | .42% | 18903 | August 31, 2026 |
| **Premium Class** | .32% | 2465239 | August 31, 2026 |
| **Class K6** | .25% | <u>375564</u> | August 31, 2026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2957537</u> |  |

---

**5. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **October 31, 2025** | **Year ended**<br> **April 30, 2025** |
| **Fidelity Government Money Market Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Capital Reserves Class | $64262887 | $158016170 |
| Daily Money Class | 161897466 | 356917449 |
| Advisor M Class | 4097235 | 8031565 |
| Fidelity Government Money Market Fund | 7458270882 | 14782319185 |
| Class S | 2282200 | 5749688 |
| Premium Class | 284248412 | 532064124 |
| Class K6 | &nbsp;&nbsp;&nbsp;&nbsp; <u>98797367</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>182843060</u> |
| Total  | <u>$8073856449</u> | <u>$16025941241</u> |

---

**6. Share Transactions.**

Share transactions for each class of shares at a $1.00 per share were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** |
| **Fidelity Government Money Market Fund** |  |  |  |  |
| **Capital Reserves Class** |  |  |  |  |
| Shares sold | 8634991956 | 18454832381 | $8634991956 | $18454832381 |
| Reinvestment of distributions | 40330483 | 99479480 | 40330483 | 99479480 |
| Shares redeemed | <u>(8630433359)</u> | <u>(18958157684)</u> | <u>(8630433359)</u> | <u>(18958157684)</u> |
| Net increase (decrease) | <u>44889080</u> | <u>(403845823)</u> | <u>$44889080</u> | <u>$(403845823)</u> |
| **Daily Money Class** |  |  |  |  |
| Shares sold | 17970756493 | 36003268978 | $17970756493 | $36003268978 |
| Reinvestment of distributions | 112405222 | 248435633 | 112405222 | 248435633 |
| Shares redeemed | <u>(17490141672)</u> | <u>(35469160646)</u> | <u>(17490141672)</u> | <u>(35469160646)</u> |
| Net increase (decrease) | <u>593020043</u> | <u>782543965</u> | <u>$593020043</u> | <u>$782543965</u> |
| **Advisor M Class** |  |  |  |  |
| Shares sold | 86205583 | 201132042 | $86205583 | $201132042 |
| Reinvestment of distributions | 4001869 | 7821036 | 4001869 | 7821036 |
| Shares redeemed | <u>(103584017)</u> | <u>(160756898)</u> | <u>(103584017)</u> | <u>(160756898)</u> |
| Net increase (decrease) | <u>(13376565)</u> | <u>48196180</u> | <u>$(13376565)</u> | <u>$48196180</u> |
| **Fidelity Government Money Market Fund** |  |  |  |  |
| Shares sold | 744639893085 | 1370270391893 | $744639893085 | $1370270391893 |
| Reinvestment of distributions | 6385768278 | 12435342663 | 6385768278 | 12435342663 |
| Shares redeemed | <u>(723107485301)</u> | <u>(1314146305500)</u> | <u>(723107485301)</u> | <u>(1314146305500)</u> |
| Net increase (decrease) | <u>27918176062</u> | <u>68559429056</u> | <u>$27918176062</u> | <u>$68559429056</u> |
| **Class S** |  |  |  |  |
| Shares sold | 615437932 | 1279893801 | $615437932 | $1279893801 |
| Reinvestment of distributions | 1847092 | 4745973 | 1847092 | 4745973 |
| Shares redeemed | <u>(561590975)</u> | <u>(1294884332)</u> | <u>(561590975)</u> | <u>(1294884332)</u> |
| Net increase (decrease) | <u>55694049</u> | <u>(10244558)</u> | <u>$55694049</u> | <u>$(10244558)</u> |
| **Premium Class** |  |  |  |  |
| Shares sold | 9490744035 | 15694035976 | $9490744035 | $15694035976 |
| Reinvestment of distributions | 245235265 | 467292883 | 245235265 | 467292883 |
| Shares redeemed | <u>(8713123772)</u> | <u>(13098754645)</u> | <u>(8713123772)</u> | <u>(13098754645)</u> |
| Net increase (decrease) | <u>1022855528</u> | <u>3062574214</u> | <u>$1022855528</u> | <u>$3062574214</u> |
| **Class K6** |  |  |  |  |
| Shares sold | 1813221605 | 3818432334 | $1813018746 | $3818432334 |
| Reinvestment of distributions | 98793244 | 182815441 | 98793244 | 182815441 |
| Shares redeemed | <u>(1798354837)</u> | <u>(2740996197)</u> | <u>(1798151978)</u> | <u>(2740996197)</u> |
| Net increase (decrease) | <u>113660012</u> | <u>1260251578</u> | <u>$113660012</u> | <u>$1260251578</u> |

---

**7. Other.**

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

**8. Risk and Uncertainties.**

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

**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 Government Money Market Fund**

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

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

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

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

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. 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 Fidelity's approach to recruiting, managing, training, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

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

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

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

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

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and 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 retail class 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 Lipper's definition of retail and institutional money market funds creates challenges for comparisons because Lipper's retail category includes funds that have high investment minimums, unlike the fund, that would typically be considered institutional load. The Board considered that the fund has a flat fee, which covers expenses for services beyond portfolio management. The Board also considered that Fidelity believes that management fee comparisons are particularly unhelpful in the context of the fund and that total expense comparisons are more useful. The Board also noted that the total expense ratio of the retail class of the fund ranked below the total peer group competitive median for 2024. The Board considered that Fidelity believes that, although the management fee and total expenses may rank above the median, the fees that the fund is charged are reasonable for the overall value of the nature and quality of the services the fund's shareholders receive.

<u>Other Contractual Arrangements</u>. The Board further considered that current contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of the retail class of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.42%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board and by a vote of a majority of the outstanding voting securities of the class. The Board further considered that FMR has contractually agreed to reimburse Capital Reserves Class, Daily Money Class, Advisor M Class, Class K6, Class S, and Premium Class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 0.95%, 0.70%, 0.70%, 0.25%, 0.42%, and 0.32% through August 31, 2026.

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

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

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

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

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

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

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

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

![](img119051_4.jpg)<br>

1.538283.128 SPU-SANN-1225

**Fidelity Flex® Funds**

**Fidelity Flex® Government Money Market Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119056_1.jpg)

![](img119056_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_ZGY-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® Government Money Market Fund](#Sub_Sec_Fund_2897_ZGY-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2897_ZGY-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ZGY-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ZGY-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ZGY-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ZGY-SANN)** |

---

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

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Fidelity Flex® Government Money Market Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 29.7%** | &nbsp;&nbsp;**Repurchase Agreements - 29.7%** | &nbsp;&nbsp;**Repurchase Agreements - 29.7%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Fixed Income Clearing Corp - Credit Agricole 4.16%, dated 11/3/2025 due 11/4/2025 (b) | 3000347 | 3000000 |
| Investments in repurchase agreements in a joint trading account at 4.16%, dated 10/31/2025 due 11/3/2025 (Collateralized by U.S. Government Obligations)#  | 2000693 | 2000000 |
| Repurchase Agreements\*  | 49578894 | 49445000 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $54,445,000) |  | **54445000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Debt - 32.7%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 32.7%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 32.7%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 32.7%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Federal Farm Credit Banks Funding Corp Federal Reserve Index -3.04%, 3.96% 6/12/2026 (d)(e) | 3.96 | 500000 | 499925 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.06% 4/30/2026 (d)(e) | 4.06 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.08% 10/20/2026 (d)(e) | 4.08 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.08% 4/28/2026 (d)(e) | 4.08 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.08% 5/28/2026 (d)(e) | 4.08 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.08% 7/14/2026 (d)(e) | 4.08 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.095% 11/25/2025 (d)(e) | 4.10 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.095% 2/13/2026 (d)(e) | 4.10 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.1% 9/22/2026 (d)(e) | 4.10 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.1% 9/4/2026 (d)(e) | 4.10 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.985% 3/5/2027 (d)(e) | 0.00 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.105% 11/13/2026 (d)(e) | 4.11 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.11% 10/21/2026 (d)(e) | 4.11 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.11% 11/17/2025 (d)(e) | 4.11 | 500000 | 500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.11% 12/17/2025 (d)(e) | 4.11 | 500000 | 500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.11% 5/28/2026 (d)(e) | 4.11 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.11% 8/12/2026 (d)(e) | 4.11 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.115% 4/1/2027 (d)(e) | 4.12 | 1000000 | 999929 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 12/22/2026 (d)(e) | 4.12 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 2/10/2026 (d)(e) | 4.12 | 500000 | 500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.12% 3/4/2026 (d)(e) | 4.12 | 500000 | 499992 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.125% 4/8/2027 (d)(e) | 4.12 | 500000 | 500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 1/19/2027 (d)(e) | 4.13 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 1/23/2026 (d)(e) | 4.13 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 12/24/2026 (d)(e) | 4.13 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 2/2/2026 (d)(e) | 4.13 | 500000 | 500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.13% 5/14/2026 (d)(e) | 4.13 | 1000000 | 1000150 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 1/8/2027 (d)(e) | 4.14 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 3/25/2027 (d)(e) | 4.14 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.14% 6/18/2026 (d)(e) | 4.14 | 250000 | 250000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.155% 7/8/2026 (d)(e) | 4.16 | 500000 | 500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.165% 10/6/2026 (d)(e) | 4.16 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.17% 2/20/2026 (d)(e) | 4.17 | 500000 | 500065 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.175% 2/10/2027 (d)(e) | 4.18 | 500000 | 500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.18% 10/23/2026 (d)(e) | 4.18 | 500000 | 500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.185% 1/8/2027 (d)(e) | 4.19 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.19% 12/15/2025 (d)(e) | 4.19 | 500000 | 500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.195% 11/28/2025 (d)(e) | 4.19 | 171000 | 171009 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.185%, 4.225% 5/10/2027 (d)(e) | 4.22 | 1000000 | 1001230 |
| Federal Home Loan Bank 3.85% 3/9/2026  | 3.85 | 1000000 | 999992 |
| Federal Home Loan Bank 4.35% 3/6/2026  | 4.35 | 1000000 | 1000001 |
| Federal Home Loan Bank 4.4% 3/17/2026  | 4.40 | 428571 | 428571 |
| Federal Home Loan Bank Discount Notes 0% 1/2/2026  | 3.91 to 4.03 | 2500000 | 2483228 |
| Federal Home Loan Bank Discount Notes 0% 1/28/2026  | 3.81 | 1000000 | 990784 |
| Federal Home Loan Bank Discount Notes 0% 1/7/2026  | 3.96 | 1000000 | 992732 |
| Federal Home Loan Bank Discount Notes 0% 1/9/2026  | 3.91 | 1000000 | 992573 |
| Federal Home Loan Bank Discount Notes 0% 11/19/2025  | 4.20 | 1000000 | 997920 |
| Federal Home Loan Bank Discount Notes 0% 11/5/2025  | 4.22 | 1000000 | 999536 |
| Federal Home Loan Bank Discount Notes 0% 11/7/2025  | 4.21 | 1000000 | 999305 |
| Federal Home Loan Bank Discount Notes 0% 12/5/2025  | 4.09 | 500000 | 498090 |
| Federal Home Loan Bank Discount Notes 0% 2/25/2026  | 3.78 | 1000000 | 987965 |
| Federal Home Loan Bank Discount Notes 0% 2/27/2026  | 4.01 | 1000000 | 987118 |
| Federal Home Loan Bank Discount Notes 0% 2/6/2026  | 3.86 | 1000000 | 989734 |
| Federal Home Loan Bank Discount Notes 0% 2/9/2026  | 4.05 | 1000000 | 988972 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.065% 11/24/2025 (d)(e) | 4.07 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.075% 3/26/2026 (d)(e) | 4.07 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.045%, 4.085% 10/2/2026 (d)(e) | 4.08 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.045%, 4.085% 2/5/2026 (d)(e) | 4.09 | 500000 | 500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 4.11% 11/28/2025 (d)(e) | 4.11 | 500000 | 500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 4.115% 4/5/2027 (d)(e) | 4.12 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 4.12% 12/8/2026 (d)(e) | 4.12 | 500000 | 500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.13% 5/13/2026 (d)(e) | 4.13 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 2/5/2027 (d)(e) | 4.17 | 500000 | 500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.17% 6/24/2027 (d)(e) | 4.17 | 500000 | 500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.135%, 4.175% 11/12/2025 (d)(e) | 4.18 | 500000 | 500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.15%, 4.19% 12/8/2025 (d)(e) | 4.19 | 550000 | 550038 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.195% 11/14/2025 (d)(e) | 4.19 | 125000 | 125003 |
| Federal Home Loan Bank U.S. SOFR Index + 0.19%, 4.23% 12/18/2026 (d)(e) | 4.23 | 500000 | 500000 |
| Freddie Mac 0.64% 11/24/2025  | 4.36 | 1000000 | 997723 |
| Freddie Mac U.S. SOFR Index + 0.09%, 4.13% 1/26/2026 (d)(e) | 4.13 | 1000000 | 1000064 |
| Freddie Mac U.S. SOFR Index + 0.11%, 4.15% 5/7/2026 (d)(e) | 4.15 | 1000000 | 1000000 |
| Freddie Mac U.S. SOFR Index + 0.115%, 4.155% 4/2/2026 (d)(e) | 4.16 | 500000 | 500000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 4.18% 10/16/2026 (d)(e) | 4.18 | 500000 | 500000 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - DEBT**<br> (Cost $59,931,649) |  |  | **59931649** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 33.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 33.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 33.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 33.2%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/13/2026  | 3.90 | 800000 | 793754 |
| US Treasury Bills 0% 1/15/2026  | 3.88 to 3.92 | 4000000 | 3967831 |
| US Treasury Bills 0% 1/2/2026  | 3.90 | 1000000 | 993352 |
| US Treasury Bills 0% 1/20/2026  | 3.87 | 1000000 | 991511 |
| US Treasury Bills 0% 1/27/2026  | 3.85 to 3.88 | 3000000 | 2972347 |
| US Treasury Bills 0% 1/6/2026  | 4.02 | 500000 | 496365 |
| US Treasury Bills 0% 1/8/2026  | 3.89 to 4.23 | 2400000 | 2382101 |
| US Treasury Bills 0% 11/12/2025  | 4.04 to 4.29 | 1700000 | 1697846 |
| US Treasury Bills 0% 11/13/2025  | 4.19 | 2000000 | 1997233 |
| US Treasury Bills 0% 11/18/2025  | 4.04 to 4.29 | 2900000 | 2894391 |
| US Treasury Bills 0% 11/20/2025  | 4.17 to 4.31 | 5000000 | 4988953 |
| US Treasury Bills 0% 11/25/2025  | 3.96 | 2000000 | 1994740 |
| US Treasury Bills 0% 11/28/2025  | 4.03 to 4.29 | 3000000 | 2990806 |
| US Treasury Bills 0% 12/11/2025  | 4.25 | 1000000 | 995382 |
| US Treasury Bills 0% 12/16/2025  | 3.98 to 4.16 | 3000000 | 2984975 |
| US Treasury Bills 0% 12/18/2025  | 4.25 | 1000000 | 994507 |
| US Treasury Bills 0% 12/2/2025  | 3.98 to 4.28 | 3000000 | 2989546 |
| US Treasury Bills 0% 12/23/2025  | 3.92 to 4.14 | 2000000 | 1988475 |
| US Treasury Bills 0% 12/30/2025  | 4.07 | 600000 | 596047 |
| US Treasury Bills 0% 12/9/2025  | 3.98 | 1000000 | 995825 |
| US Treasury Bills 0% 2/10/2026  | 3.82 to 3.84 | 1500000 | 1484071 |
| US Treasury Bills 0% 2/12/2026  | 4.05 | 900000 | 889777 |
| US Treasury Bills 0% 2/17/2026  | 3.86 | 1000000 | 988570 |
| US Treasury Bills 0% 2/24/2026  | 3.79 | 1000000 | 988053 |
| US Treasury Bills 0% 2/3/2026  | 3.83 to 3.85 | 6000000 | 5940624 |
| US Treasury Bills 0% 3/3/2026  | 3.83 | 1000000 | 987505 |
| US Treasury Bills 0% 5/14/2026  | 4.09 | 500000 | 489411 |
| US Treasury Bills 0% 7/9/2026  | 4.07 to 4.09 | 2000000 | 1945587 |
| US Treasury Bills 0% 8/6/2026  | 3.91 | 1000000 | 970964 |
| US Treasury Notes 0.5% 2/28/2026  | 4.13 to 4.17 | 2000000 | 1976748 |
| US Treasury Notes 0.625% 7/31/2026  | 4.06 | 1000000 | 975162 |
| US Treasury Notes 0.75% 4/30/2026  | 4.16 | 1000000 | 983692 |
| US Treasury Notes 4.25% 1/31/2026  | 4.28 | 1000000 | 999918 |
| US Treasury Notes 4.875% 4/30/2026  | 4.04 | 500000 | 502008 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $60,828,077) |  |  | **60828077** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 95.6%**<br> (Cost $175,204,726)<br>| <br>**175204726** |
| **NET OTHER ASSETS (LIABILITIES) - 4.4%**  | **8148334** |
| **NET ASSETS - 100.0%** | **183353060** |

---

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

**Legend**

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

(b) Represents a forward settling transaction and therefore no collateral securities had been allocated as of period end. The agreement contemplated the delivery of U.S. Treasury Obligations as collateral on settlement date.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

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

(f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and / or subject to caps or floors. Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. The maturity amount is based on the rate at period end.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** |
| **Counterparty** | **Lending Rate (%)** | **Settlement Date** | **Maturity Date** | **Repurchase Agreement**<br> **Value ($)** | **Repurchase Agreement Proceeds ($)** | **Collateralized By** | **Collateral Coupon (%)** | **Collateral Maturity Date** | **Collateral Value Received ($)** |
| ABN AMRO Bank NV | 4.18 | 10/31/2025 | 11/3/2025 | 1000000 | 1000348 | Agency Mortgage-Backed Securities | 5.50 - 6.50 | 5/1/2055 - 6/1/2055 | 1020356 |
| ABN AMRO Bank NV | 4.17 | 10/31/2025 | 11/3/2025 | 1000000 | 1000347 | U.S. Treasuries (including strips) | 1.00 - 4.25 | 10/31/2027 - 5/15/2035 | 1020362 |
| BMO Chicago Branch | 4.09 | 10/24/2025 | 11/7/2025 | 1000000 | 1001591 | Agency Mortgage-Backed Securities | 5.76 - 5.78 | 4/20/2072 - 5/20/2072 | 1021159 |
| BNP Paribas, SA | 4.04(f) | 10/20/2025 | 11/20/2025 | 1000000 | 1003479 | Agency Mortgage-Backed Securities | 3.00 - 6.39 | 9/1/2037 - 9/20/2055 | 26812 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 | 8/15/2035 - 8/15/2051 | 993431 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 2.22 - 4.10 | 8/12/2036 - 12/28/2038 | 11066 |
|  |  |  |  |  |  |  |  |  | 1031309 |
| Bank of Montreal | 4.02 | 10/24/2025 | 11/24/2025 | 1000000 | 1003462 | Agency Mortgage-Backed Securities | 5.14 - 7.08 | 3/20/2066 - 10/20/2067 | 1020208 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 5.00 | 6/25/2055 | 957 |
|  |  |  |  |  |  |  |  |  | 1021165 |
| Barclays Bank PLC | 4.05(f) | 10/10/2025 | 11/12/2025 | 1000000 | 1003713 | Agency Mortgage-Backed Securities | 2.00 - 6.00 | 4/20/2051 - 5/16/2065 | 1016778 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 4.50 - 5.18 | 6/1/2026 - 6/25/2054 | 1106 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 2.50 - 6.00 | 12/1/2027 - 2/25/2055 | 5070 |
|  |  |  |  |  |  |  |  |  | 1022954 |
| Barclays Bank PLC | 4.17 | 10/31/2025 | 11/3/2025 | 1000000 | 1000347 | Agency Mortgage-Backed Securities | 3.00 - 6.00 | 2/1/2042 - 4/15/2060 | 1015727 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 2.50 - 3.00 | 3/15/2044 - 10/1/2050 | 4672 |
|  |  |  |  |  |  |  |  |  | 1020399 |
| BofA Securities, Inc. | 3.87 | 10/27/2025 | 1/27/2026 | 1000000 | 1009890 | U.S. Treasuries (including strips) | 1.00 - 4.63 | 6/30/2028 - 9/30/2030 | 1020791 |
| BofA Securities, Inc. | 4.10(f) | 8/5/2025 | 12/5/2025 | 1000000 | 1013895 | Agency Mortgage-Backed Securities | 2.50 - 7.00 | 2/1/2028 - 7/1/2054 | 1031051 |
| BofA Securities, Inc. | 4.10(f) | 8/1/2025 | 12/1/2025 | 500000 | 506947 | Agency Mortgage-Backed Securities | 1.50 - 3.50 | 8/1/2028 - 1/1/2052 | 515777 |
| Canadian Imperial Bank of Commerce | 4.21 | 9/2/2025 | 11/3/2025 | 1000000 | 1007250 | U.S. Treasuries (including strips) | 0.38 - 4.75 | 1/31/2026 - 8/15/2055 | 1027483 |
| Citigroup Global Capital Markets Inc | 4.35(f) | 10/31/2025 | 12/31/2025 | 1000000 | 1007371 | Agency Mortgage-Backed Securities | 4.20 - 4.93 | 10/1/2028 - 11/1/2031 | 1020351 |
| Citigroup Global Capital Markets Inc | 4.12(f) | 10/22/2025 | 12/23/2025 | 1000000 | 1007095 | Agency Mortgage-Backed Securities | 4.20 - 4.93 | 10/1/2028 - 11/1/2031 | 1020912 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 3.00 | 11/15/2044 | 562 |
|  |  |  |  |  |  |  |  |  | 1021474 |
| Citigroup Global Capital Markets Inc | 4.11(f) | 10/22/2025 | 12/23/2025 | 500000 | 503539 | U.S. Treasuries (including strips) | 0.00 - 3.96 | 10/29/2026 - 8/15/2041 | 510770 |
| Fixed Income Clearing Corp - Citi | 4.16 | 10/31/2025 | 11/3/2025 | 2000000 | 2000693 | U.S. Treasuries (including strips) | 0.63 - 4.75 | 11/30/2025 - 2/15/2045 | 2040798 |
| Fixed Income Clearing Corp - Credit Agricole | 4.07 | 10/31/2025 | 11/3/2025 | 3000000 | 3001018 | U.S. Treasuries (including strips) | 3.88 | 7/31/2030 | 3088554 |
| Fixed Income Clearing Corp - Goldman | 4.02 | 10/30/2025 | 11/6/2025 | 1000000 | 1000782 | U.S. Treasuries (including strips) | 4.75 | 2/15/2045 | 1020344 |
| Fixed Income Clearing Corp - Goldman | 4.16 | 10/31/2025 | 11/3/2025 | 2000000 | 2000693 | Agency Mortgage-Backed Securities | 3.00 - 5.00 | 7/1/2032 - 7/1/2052 | 2040708 |
| Fixed Income Clearing Corp - ING | 4.16 | 10/31/2025 | 11/3/2025 | 1000000 | 1000347 | U.S. Treasuries (including strips) | 4.13 | 11/30/2031 | 1064257 |
| Fixed Income Clearing Corp - Mizuho | 4.17 | 10/31/2025 | 11/3/2025 | 1000000 | 1000347 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 8/1/2031 - 2/1/2054 | 1019842 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.63 - 4.63 | 11/30/2027 - 9/30/2030 | 512 |
|  |  |  |  |  |  |  |  |  | 1020354 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.16 | 10/31/2025 | 11/3/2025 | 2000000 | 2000693 | Agency Mortgage-Backed Securities | 2.50 - 7.00 | 7/15/2031 - 8/20/2055 | 1653832 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 3.63 | 11/28/2025 - 8/15/2051 | 386875 |
|  |  |  |  |  |  |  |  |  | 2040707 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.16 | 10/31/2025 | 11/3/2025 | 2000000 | 2000693 | Agency Mortgage-Backed Securities | 5.00 | 8/1/2055 | 2030331 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.25 - 4.63 | 5/31/2028 - 5/15/2045 | 10377 |
|  |  |  |  |  |  |  |  |  | 2040708 |
| Fixed Income Clearing Corp - Natixis | 4.18 | 10/31/2025 | 11/3/2025 | 1000000 | 1000348 | U.S. Treasuries (including strips) | 4.38 | 12/31/2029 | 1019973 |
| Fixed Income Clearing Corp - Nomura | 4.16 | 10/31/2025 | 11/3/2025 | 1000000 | 1000347 | U.S. Treasuries (including strips) | 0.00 - 4.13 | 1/27/2026 - 5/31/2032 | 1020378 |
| Goldman Sachs & Co LLC | 4.05 | 10/29/2025 | 11/5/2025 | 1000000 | 1000788 | Agency Mortgage-Backed Securities | 3.00 - 6.50 | 10/1/2033 - 3/1/2055 | 1020574 |
| HSBC Securities Inc (USA) | 4.12 | 10/28/2025 | 11/4/2025 | 1000000 | 1000801 | U.S. Treasuries (including strips) | 0.00 - 3.75 | 2/10/2026 - 11/15/2040 | 1020708 |
| ING Financial Markets LLC | 4.05 | 10/30/2025 | 12/11/2025 | 500000 | 502363 | Agency Mortgage-Backed Securities | 4.50 | 8/1/2052 | 510230 |
| ING Financial Markets LLC | 4.15 | 10/28/2025 | 11/4/2025 | 1000000 | 1000807 | U.S. Treasuries (including strips) | 0.00 | 2/19/2026 | 1020741 |
| JP Morgan Securities, LLC | 4.06(f) | 10/23/2025 | 11/24/2025 | 4000000 | 4014436 | U.S. Treasuries (including strips) | 0.38 - 3.96 | 7/31/2027 - 8/15/2050 | 4085303 |
| JP Morgan Securities, LLC | 4.07(f) | 10/14/2025 | 11/13/2025 | 2000000 | 2006783 | Agency Mortgage-Backed Securities | 2.50 - 7.00 | 10/20/2031 - 2/20/2065 | 2044809 |
| Lloyds Bank Corp Mrkts | 4.10 | 10/31/2025 | 11/7/2025 | 1000000 | 1000797 | U.S. Treasuries (including strips) | 1.63 - 4.25 | 5/31/2029 - 2/15/2054 | 1020371 |
| Lloyds Bank Corp Mrkts | 4.04 | 10/30/2025 | 11/6/2025 | 1000000 | 1000786 | U.S. Treasuries (including strips) | 3.38 - 3.88 | 7/15/2028 - 5/15/2033 | 1020533 |
| Lloyds Bank Corp Mrkts | 4.05 | 10/29/2025 | 11/5/2025 | 1000000 | 1000788 | U.S. Treasuries (including strips) | 1.13 - 4.63 | 11/15/2026 - 2/15/2031 | 1020597 |
| Lloyds Bank PLC | 4.32 | 8/7/2025 | 11/7/2025 | 1000000 | 1011040 | U.S. Treasuries (including strips) | 0.50 - 4.38 | 4/30/2027 - 5/15/2034 | 1030790 |
| MUFG Securities EMEA PLC | 4.16 | 10/31/2025 | 11/3/2025 | 945000 | 945328 | U.S. Treasuries (including strips) | 3.50 | 9/30/2027 | 963939 |
| Norinchukin Bank | 4.13 | 10/28/2025 | 11/4/2025 | 1000000 | 1000803 | U.S. Treasuries (including strips) | 4.13 | 11/30/2031 | 1020391 |
| RBC Financial Group | 3.99 | 10/23/2025 | 12/11/2025 | 1000000 | 1005431 | U.S. Treasuries (including strips) | 0.38 - 4.25 | 3/15/2027 - 7/15/2028 | 589150 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 5.63 | 1/25/2055 | 872 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 4.09 - 4.88 | 10/1/2029 - 8/25/2052 | 435501 |
|  |  |  |  |  |  |  |  |  | 1025523 |
| Societe Generale | 4.10 | 10/31/2025 | 11/7/2025 | 1000000 | 1000797 | U.S. Treasuries (including strips) | 4.50 | 11/15/2054 | 1030419 |
| US Bancorp Inv | 4.19 | 10/31/2025 | 11/3/2025 | 1000000 | 1000349 | U.S. Treasuries (including strips) | 3.50 - 4.75 | 3/15/2027 - 8/15/2055 | 1020362 |
| Wells Fargo Bank NA | 4.13 | 10/28/2025 | 11/4/2025 | 1000000 | 1000803 | U.S. Treasuries (including strips) | 4.25 | 2/28/2029 | 1020787 |
| Wells Fargo Securities, LLC | 4.28 | 8/19/2025 | 11/18/2025 | 500000 | 505409 | Agency Collateralized Mortgage Obligation | 2.90 | 6/25/2027 | 519654 |
| Wells Fargo Securities, LLC | 4.28 | 8/12/2025 | 11/10/2025 | 500000 | 505350 | Agency Collateralized Mortgage Obligation | 2.90 - 4.31 | 6/25/2027 - 3/25/2036 | 520083 |
| **Total Repurchase Agreements** |  |  |  | 49445000 | 49578894 |  |  |  | 50617996 |

---

**Investment Valuation**

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in these securities. For more information on valuation inputs, refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| <br> **Other Information** | <br> **Other Information** |
| # Additional information on each counterparty to the repurchase agreement is as follows: | # Additional information on each counterparty to the repurchase agreement is as follows: |
| **Repurchase Agreement / Counterparty** | **Value ($)** |
| **$2,000,000 due 11/03/2025 at 4.16%** |  |
| Bank of America NA | 515000 |
| Sumitomo Mitsui Banking Corp | 211000 |
| Wells Fargo Bank NA | 644000 |
| Wells Fargo Securities LLC | 630000 |
|  | 2000000 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $54,445,000) - See accompanying schedule:<br>Unaffiliated issuers (cost $175,204,726)<br>|  | $175204726 |
| Cash |  | 1001094 |
| Receivable for fund shares sold |  | 18960755 |
| Interest receivable |  | 342878 |
| **Total assets** |  | 195509453 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $4987505 |  |
| Payable for fund shares redeemed | 6958605 |  |
| Distributions payable | 210283 |  |
| **Total liabilities** |  | 12156393 |
| **Net Assets**  |  | $183353060 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $183371980 |
| Total accumulated earnings (loss) |  | (18920) |
| **Net Assets** |  | $183353060 |
| **Net Asset Value**, offering price and redemption price per share ($183,353,060 ÷ 183,365,999 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $3468171 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $181 |  |
| Proxy fee | 85 |  |
| **Total expenses** |  | 266 |
| **Net Investment income (loss)** |  | 3467905 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2789 |  |
| Total net realized gain (loss) |  | 2789 |
| **Net increase in net assets resulting from operations** |  | $3470694 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3467905 | $6991823 |
| &nbsp;&nbsp;Net realized gain (loss) | 2789<br>| 8809<br>|
| **Net increase in net assets resulting from operations** | 3470694<br>| 7000632<br>|
| Distributions to shareholders | (3478757)<br>| (7003203)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3459964372 | 6427842115 |
| Reinvestment of distributions | 2358324<br>| 4669314<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3430908111) | (6417747960) |
| **Net increase (decrease) in net assets and shares resulting from share transactions** | 31414585<br>| 14763469<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 31406522<br>| 14760898<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 151946538 | 137185640<br>|
| &nbsp;&nbsp;End of period | $183353060 | $151946538 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3459966648 | 6427838064 |
| Issued in reinvestment of distributions | 2358324<br>| 4669314<br>|
| &nbsp;&nbsp;Redeemed | (3430908111) | (6417747960) |
| &nbsp;&nbsp;Net increase (decrease) | 31416861 | 14759418 |

---

**Financial Highlights** 

**Fidelity Flex® Government Money Market Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .022  | .049  | .054  | .031  | .001  | .002  |
| Net realized and unrealized gain (loss)  | - B | - B | - B | - B | - B | (.001)  |
| Total from investment operations  | .022  | .049  | .054  | .031  | .001  | .001  |
| Distributions from net investment income  | (.022)  | (.049)  | (.054)  | (.031)  | (.001)  | (.001)  |
| Total distributions  | (.022)  | (.049)  | (.054)  | (.031)  | (.001)  | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.21% <br>| 5.01%  | 5.49%  | 3.17%  | .10%  | .15%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | -% G,H | -% H | .12%  | -% H | -% H | -% H |
| Expenses net of fee waivers, if any H | -% G<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -% G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 4.34% G | 4.86%  | 5.36%  | 3.15%  | .10%  | .14%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $183353 | $151947 | $137186 | $100188 | $116405 | $98979 |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

G*Annualized.*

H*Amount represents less than .005%.*

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

For the period ended October 31, 2025

**1. Organization.**

Fidelity Flex Government Money Market Fund (the Fund) is a fund of Fidelity Hereford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.

**2. Significant Accounting Policies.**

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

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

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

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

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

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

**Investment Transactions and Income.** The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $- |
| **Gross unrealized depreciation** | <u>-</u> |
| **Net unrealized appreciation (depreciation)** | <u>$-</u> |
| **Tax cost** | <u>$175204726</u> |

---

**Repurchase Agreements.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, funds and other registered investment companies having management contracts with Fidelity Management and Research Company LLC, or its affiliates are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by cash or government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The collateral balance is monitored on a daily basis to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

**New Accounting Pronouncement.** 

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

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. During the period, there were no interfund trades.

**4. 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.

**5. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Flex Government Money Market Fund**

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

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

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable. The Board's decision to renew the fund's Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

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

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

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

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

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

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

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the lineup of the Fidelity funds; (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.

![](img119056_4.jpg)<br>

1.9881598.108 ZGY-SANN-1225

**Fidelity® Treasury Digital Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119062_1.jpg)

![](img119062_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_TDL-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Treasury Digital Fund](#Sub_Sec_Fund_8398_TDL-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements8398_TDL-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TDL-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TDL-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TDL-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TDL-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 1-877-297-2952 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Fidelity® Treasury Digital Fund**

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

Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 100.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 100.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 100.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 100.0%** |
|  | Yield (%) (a) | Principal<br> Amount (b)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/15/2026  | 3.88 | 15000000 | 14879844 |
| US Treasury Bills 0% 1/8/2026  | 3.89 | 25000000 | 24818194 |
| US Treasury Bills 0% 11/12/2025  | 4.04 | 25000000 | 24969215 |
| US Treasury Bills 0% 11/18/2025  | 4.04 to 4.29 | 28000000 | 27944821 |
| US Treasury Bills 0% 11/20/2025  | 4.02 | 4000000 | 3991556 |
| US Treasury Bills 0% 11/25/2025  | 3.96 to 4.28 | 60000000 | 59839417 |
| US Treasury Bills 0% 11/28/2025  | 4.03 | 40000000 | 39879700 |
| US Treasury Bills 0% 12/11/2025  | 3.91 | 18453100 | 18373342 |
| US Treasury Bills 0% 12/16/2025  | 3.98 | 10000000 | 9950500 |
| US Treasury Bills 0% 12/23/2025  | 3.90 to 3.92 | 51250000 | 50961299 |
| US Treasury Bills 0% 12/4/2025  | 3.96 | 40000000 | 39855533 |
| US Treasury Bills 0% 12/9/2025  | 3.98 | 15000000 | 14937379 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $330,400,800) |  |  | **330400800** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $330,400,800)<br>| <br>**330400800** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(53149)** |
| **NET ASSETS - 100.0%** | **330347651** |

---

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

**Legend**

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

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

**Investment Valuation**

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in these securities. For more information on valuation inputs, refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $330,400,800)<br>|  | $330400800 |
| Cash |  | 7 |
| Receivable from investment adviser for expense reductions |  | 14280 |
| **Total assets** |  | 330415087 |
| **Liabilities** |  |  |
| Accrued management fee | $67436 |  |
| **Total liabilities** |  | 67436 |
| **Net Assets**  |  | $330347651 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $330344995 |
| Total accumulated earnings (loss) |  | 2656 |
| **Net Assets** |  | $330347651 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Liquidity Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($96,850,125 ÷ 96,849,141 shares) |  | $1.00 |
| **OnChain Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($233,497,526 ÷ 233,495,854 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $5021872 |
| **Expenses** |  |  |
| Management fee | $291615 |  |
| Independent trustees' fees and expenses | 207 |  |
| Interest | 4964 |  |
| Total expenses before reductions | 296786 |  |
| Expense reductions | (72948) |  |
| Total expenses after reductions |  | 223838 |
| **Net Investment income (loss)** |  | 4798034 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1745 |  |
| Total net realized gain (loss) |  | 1745 |
| **Net increase in net assets resulting from operations** |  | $4799779 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **For the period December 23, 2024 (commencement of operations) through April 30, 2025**  |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4798034 | $684721 |
| &nbsp;&nbsp;Net realized gain (loss) | 1745<br>| -<br>|
| **Net increase in net assets resulting from operations** | 4799779<br>| 684721<br>|
| Distributions to shareholders | (4797124)<br>| (684720)<br>|
| Share transactions - net increase (decrease) | 229484313<br>| -<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 229486968<br>| 100860683<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 100860683 | -<br>|
| &nbsp;&nbsp;End of period | $330347651 | $100860683 |

---

**Financial Highlights** 

**Fidelity® Treasury Digital Fund Liquidity**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B | .021  | .015  |
| Net realized and unrealized gain (loss)  | - C | -  |
| Total from investment operations  | .021  | .015  |
| Distributions from net investment income  | (.021)  | (.015)  |
| Total distributions  | (.021)  | (.015)  |
| Net asset value, end of period  | $1.00 | $1.00 |
| **Total Return** D,E | 2.08% <br>| 1.47%  |
| **Ratios to Average Net Assets** B,F,G |  |  |
| Expenses before reductions  | .25% H | .26% H |
| Expenses net of fee waivers, if any  | .18% H<br>| .18% H |
| Expenses net of all reductions, if any  | .18% H | .18% H |
| Net investment income (loss)  | 4.11% H | 4.13% H |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $96850 | $100861 |

---

A*For the period December 23, 2024 (commencement of operations) through April 30, 2025.*

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

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

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

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

F*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.*

G*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.*

H*Annualized.*

**Fidelity® Treasury Digital Fund OnChain**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $1.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B | .010  |
| Net realized and unrealized gain (loss)  | - C |
| Total from investment operations  | .010  |
| Distributions from net investment income  | (.010)  |
| Total distributions  | (.010)  |
| Net asset value, end of period  | $1.00 |
| **Total Return** D,E | .99% <br>|
| **Ratios to Average Net Assets** B,F,G |  |
| Expenses before reductions  | .26% H |
| Expenses net of fee waivers, if any  | .20% H<br>|
| Expenses net of all reductions, if any  | .20% H |
| Net investment income (loss)  | 4.00% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $233498 |

---

A*For the period August 4, 2025 (commencement of sale of shares) through October 31, 2025.*

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

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

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

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

F*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.*

G*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.*

H*Annualized.*

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

For the period ended October 31, 2025

**1. Organization.**

Fidelity Treasury Digital Fund (the Fund) is a fund of Fidelity Hereford 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 Delaware statutory trust. The Fund offers Liquidity Class and OnChain Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. OnChain Class commenced sale of shares on August 4, 2025.

**2. Significant Accounting Policies.**

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

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

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

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

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

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

**Investment Transactions and Income.** The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $- |
| **Gross unrealized depreciation** | <u>-</u> |
| **Net unrealized appreciation (depreciation)** | <u>$-</u> |
| **Tax cost** | <u>$330400800</u> |

---

**New Accounting Pronouncement.** 

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

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which each class of the Fund pays a monthly management fee. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as interest expense. During the period, the management fee for each class of the Fund was as follows:

---

| | |
|:---|:---|
|  | **Annual % of Class-Level Average Net Assets** |
| **Liquidity Class** | .25% |
| **OnChain Class** | .25% |

---

**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. During the period, there were no interfund trades.

**Bank Borrowings.**

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity Treasury Digital Fund** | 38850000 | 4.60% | 4964 |

---

**5. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through August 31, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Liquidity Class** | .18% | 53774 |
| **OnChain Class** | .20% | <u>18716</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>72490</u> |

---

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $458.

**Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **October 31, 2025 A** | **Year ended**<br> **April 30, 2025 B** |
| **Fidelity Treasury Digital Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Liquidity Class | $3388377 | $684720 |
| OnChain Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1408747</u> | &nbsp;&nbsp;&nbsp;&nbsp;&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>-</u> |
| Total  | <u>$4797124</u> | <u>$684720</u> |

---

*A Distributions for Class OnChain are for the period August 4, 2025 (commencement of sale of shares) through October 31, 2025.*

*B For the period December 23, 2024 (commencement of operations) through April 30, 2025.*

**Share Transactions.**

Transactions for each class of shares at a $1.00 per share were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025 B**  | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025 B**  |
| **Fidelity Treasury Digital Fund** |  |  |  |  |
| **Liquidity Class** |  |  |  |  |
| Shares sold | 313459496 | 100175962 | $313459496 | $100175962 |
| Reinvestment of distributions | 3388269 | 684720 | 3388269 | 684720 |
| Shares redeemed | <u>(320859306)</u> | <u>-</u> | <u>(320859306)</u> | <u>-</u> |
| Net increase (decrease) | <u>(4011541)</u> | <u>100860682</u> | <u>$(4011541)</u> | <u>$100860682</u> |
| **OnChain Class** A |  |  |  |  |
| Shares sold | 234579656 | - | $234579656 | $- |
| Reinvestment of distributions | 1408747 | - | 1408747 | - |
| Shares redeemed | <u>(2492549)</u> | <u>-</u> | <u>(2492549)</u> | <u>-</u> |
| Net increase (decrease) | <u>233495854</u> | <u>-</u> | <u>$233495854</u> | <u>$-</u> |

---

*A Share transactions for Class OnChain are for the period August 4, 2025 (commencement of sale of shares) through October 31, 2025.*

*B For the period December 23, 2024 (commencement of operations) through April 30, 2025.*

**6. Other.**

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

At the end of the period, certain otherwise unaffiliated shareholders were owners of record of more than 50% of the outstanding shares as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number ofUnaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| Fidelity Treasury Digital Fund | 1 | 98% |

---

**7. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img119062_4.jpg)<br>

1.9917093.100 TDL-SANN-1225

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 Hereford 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 Hereford 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 Hereford 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; December 22, 2025 |

---

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

---

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

---

---

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

---

## Ex-99.Cert

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

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

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Hereford 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:

December 22, 2025

---

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

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Hereford 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:

December 22, 2025

---

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

---

## Exhibit 99.906

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

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

In connection with the attached Report of Fidelity Hereford 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: December 22, 2025

---

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

---

Dated: December 22, 2025

---

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

---

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

<br>