# EDGAR Filing Document

**Accession Number:** 0000356173
**File Stem:** 0000356173-25-000051
**Filing Date:** 2025-11
**Character Count:** 561297
**Document Hash:** dcb8ee572add07bcd743edee0f21dcd3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000356173-25-000051.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0000356173-25-000051

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**EFFECTIVENESS DATE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fidelity Colchester Street Trust
- **CENTRAL INDEX KEY:** 0000356173

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03320
- **FILM NUMBER:** 251501617

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COLCHESTER STREET TRUST
- **DATE OF NAME CHANGE:** 19980324

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY INSTITUTIONAL CASH PORTFOLIOS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CASH INVESTMENT FUND
- **DATE OF NAME CHANGE:** 19850414

## Series and Classes Contracts Data

### Treasury Only Portfolio (Series ID: S000004818)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013037 | Class I             | FSIXX           |
| C000013074 | Class II            | FOXXX           |
| C000013075 | Class III           | FOIXX           |
| C000013076 | Select Class        | FTYXX           |
| C000056567 | Class IV            | FOPXX           |
| C000141702 | Institutional Class | FRSXX           |

### Treasury Portfolio (Series ID: S000004819)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013038 | Class I             | FISXX           |
| C000013077 | Class II            | FCEXX           |
| C000013078 | Class III           | FCSXX           |
| C000013079 | Select Class        | FTUXX           |
| C000056568 | Class IV            | FTVXX           |
| C000141703 | Institutional Class | FRBXX           |

### Government Portfolio (Series ID: S000004820)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013039 | Class I             | FIGXX           |
| C000013080 | Class II            | FCVXX           |
| C000013081 | Class III           | FCGXX           |
| C000013082 | Select Class        | FGEXX           |
| C000141704 | Institutional Class | FRGXX           |

### Money Market Portfolio (Series ID: S000004822)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013041 | Class I             | FMPXX           |
| C000013086 | Class II            | FCIXX           |
| C000013087 | Class III           | FCOXX           |
| C000013088 | Select Class        | FMYXX           |
| C000056571 | Institutional Class | FNSXX           |

### Tax-Exempt Portfolio (Series ID: S000004823)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013042 | Class I      | FTCXX           |
| C000013089 | Class II     | FEXXX           |
| C000013090 | Class III    | FETXX           |
| C000013091 | Select Class | FSXXX           |

?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>811-03320</u>

<u>Fidelity Colchester 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;March 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;September 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Treasury Portfolio<br> **Treasury Portfolio Select Class : FTUXX** <br>|

---

This semi-annual shareholder report contains information about Treasury Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Select Class  | $12  | 0.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $70641400145<br>|
| Number of Holdings | 155<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 56.8 |
| 8-30 | 12.7 |
| 31-60 | 8.1 |
| 61-90 | 6.6 |
| 91-180 | 15.4 |
| >180 | 4.4 |

---

U.S. Treasury Obligations 66.9 <br> Repurchase Agreements 37.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img695_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 66.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 37.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.0)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img695_20250930_1.jpg)<br>| ![](img116279_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> 1.9914616.101 911-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Treasury Portfolio<br> **Treasury Portfolio Institutional Class : FRBXX** <br>|

---

This semi-annual shareholder report contains information about Treasury Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Institutional Class  | $7  | 0.14% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $70641400145<br>|
| Number of Holdings | 155<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 56.8 |
| 8-30 | 12.7 |
| 31-60 | 8.1 |
| 61-90 | 6.6 |
| 91-180 | 15.4 |
| >180 | 4.4 |

---

U.S. Treasury Obligations 66.9 <br> Repurchase Agreements 37.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img695_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 66.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 37.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.0)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img695_20250930_1.jpg)<br>| ![](img116280_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> 1.9914612.101 2644-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Treasury Portfolio<br> **Treasury Portfolio Class IV : FTVXX** <br>|

---

This semi-annual shareholder report contains information about Treasury Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class IV  | $34  | 0.68% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $70641400145<br>|
| Number of Holdings | 155<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 56.8 |
| 8-30 | 12.7 |
| 31-60 | 8.1 |
| 61-90 | 6.6 |
| 91-180 | 15.4 |
| >180 | 4.4 |

---

U.S. Treasury Obligations 66.9 <br> Repurchase Agreements 37.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img695_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 66.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 37.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.0)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img695_20250930_1.jpg)<br>| ![](img116281_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> 1.9914611.101 2016-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Treasury Portfolio<br> **Treasury Portfolio Class III : FCSXX** <br>|

---

This semi-annual shareholder report contains information about Treasury Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class III  | $22  | 0.43% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $70641400145<br>|
| Number of Holdings | 155<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 56.8 |
| 8-30 | 12.7 |
| 31-60 | 8.1 |
| 61-90 | 6.6 |
| 91-180 | 15.4 |
| >180 | 4.4 |

---

U.S. Treasury Obligations 66.9 <br> Repurchase Agreements 37.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img695_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 66.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 37.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.0)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img695_20250930_1.jpg)<br>| ![](img116282_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> 1.9914615.101 696-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Treasury Portfolio<br> **Treasury Portfolio Class II : FCEXX** <br>|

---

This semi-annual shareholder report contains information about Treasury Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class II  | $17  | 0.33% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $70641400145<br>|
| Number of Holdings | 155<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 56.8 |
| 8-30 | 12.7 |
| 31-60 | 8.1 |
| 61-90 | 6.6 |
| 91-180 | 15.4 |
| >180 | 4.4 |

---

U.S. Treasury Obligations 66.9 <br> Repurchase Agreements 37.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img695_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 66.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 37.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.0)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img695_20250930_1.jpg)<br>| ![](img116283_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> 1.9914613.101 600-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Treasury Portfolio<br> **Treasury Portfolio Class I : FISXX** <br>|

---

This semi-annual shareholder report contains information about Treasury Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class I  | $9  | 0.18% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $70641400145<br>|
| Number of Holdings | 155<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 56.8 |
| 8-30 | 12.7 |
| 31-60 | 8.1 |
| 61-90 | 6.6 |
| 91-180 | 15.4 |
| >180 | 4.4 |

---

U.S. Treasury Obligations 66.9 <br> Repurchase Agreements 37.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img695_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 66.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 37.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.0)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img695_20250930_1.jpg)<br>| ![](img116284_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> 1.9914614.101 695-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Treasury Only Portfolio<br> **Treasury Only Portfolio Select Class : FTYXX** <br>|

---

This semi-annual shareholder report contains information about Treasury Only Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Select Class  | $12  | 0.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $109301940956<br>|
| Number of Holdings | 56<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 17.7 |
| 8-30 | 23.6 |
| 31-60 | 26.4 |
| 61-90 | 9.9 |
| 91-180 | 21.4 |
| >180 | 1.5 |

---

U.S. Treasury Obligations 100.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img680_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 100.5&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (0.5)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img680_20250930_1.jpg)<br>| ![](img116285_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> 1.9914610.101 906-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Treasury Only Portfolio<br> **Treasury Only Portfolio Institutional Class : FRSXX** <br>|

---

This semi-annual shareholder report contains information about Treasury Only Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Institutional Class  | $7  | 0.14% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $109301940956<br>|
| Number of Holdings | 56<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 17.7 |
| 8-30 | 23.6 |
| 31-60 | 26.4 |
| 61-90 | 9.9 |
| 91-180 | 21.4 |
| >180 | 1.5 |

---

U.S. Treasury Obligations 100.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img680_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 100.5&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (0.5)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img680_20250930_1.jpg)<br>| ![](img116286_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> 1.9914606.101 2643-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Treasury Only Portfolio<br> **Treasury Only Portfolio Class IV : FOPXX** <br>|

---

This semi-annual shareholder report contains information about Treasury Only Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class IV  | $34  | 0.68% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $109301940956<br>|
| Number of Holdings | 56<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 17.7 |
| 8-30 | 23.6 |
| 31-60 | 26.4 |
| 61-90 | 9.9 |
| 91-180 | 21.4 |
| >180 | 1.5 |

---

U.S. Treasury Obligations 100.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img680_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 100.5&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (0.5)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img680_20250930_1.jpg)<br>| ![](img116287_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> 1.9914605.101 2017-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Treasury Only Portfolio<br> **Treasury Only Portfolio Class III : FOIXX** <br>|

---

This semi-annual shareholder report contains information about Treasury Only Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class III  | $22  | 0.43% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $109301940956<br>|
| Number of Holdings | 56<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 17.7 |
| 8-30 | 23.6 |
| 31-60 | 26.4 |
| 61-90 | 9.9 |
| 91-180 | 21.4 |
| >180 | 1.5 |

---

U.S. Treasury Obligations 100.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img680_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 100.5&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (0.5)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img680_20250930_1.jpg)<br>| ![](img116288_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> 1.9914608.101 543-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Treasury Only Portfolio<br> **Treasury Only Portfolio Class II : FOXXX** <br>|

---

This semi-annual shareholder report contains information about Treasury Only Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class II  | $17  | 0.33% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $109301940956<br>|
| Number of Holdings | 56<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 17.7 |
| 8-30 | 23.6 |
| 31-60 | 26.4 |
| 61-90 | 9.9 |
| 91-180 | 21.4 |
| >180 | 1.5 |

---

U.S. Treasury Obligations 100.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img680_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 100.5&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (0.5)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img680_20250930_1.jpg)<br>| ![](img116289_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> 1.9914607.101 542-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Treasury Only Portfolio<br> **Treasury Only Portfolio Class I : FSIXX** <br>|

---

This semi-annual shareholder report contains information about Treasury Only Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class I  | $9  | 0.18% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $109301940956<br>|
| Number of Holdings | 56<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 17.7 |
| 8-30 | 23.6 |
| 31-60 | 26.4 |
| 61-90 | 9.9 |
| 91-180 | 21.4 |
| >180 | 1.5 |

---

U.S. Treasury Obligations 100.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img680_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 100.5&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (0.5)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img680_20250930_1.jpg)<br>| ![](img116290_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> 1.9914609.101 680-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Tax-Exempt Portfolio<br> **Tax-Exempt Portfolio Select Class : FSXXX** <br>|

---

This semi-annual shareholder report contains information about Tax-Exempt Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Select Class  | $12  | 0.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $10182040419<br>|
| Number of Holdings | 848<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 74.5 |
| 8-30 | 3.4 |
| 31-60 | 4.8 |
| 61-90 | 3.5 |
| 91-180 | 2.6 |
| >180 | 5.6 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 38.0 |
| Tender Option Bond | 28.7 |
| Municipal Securities | 9.7 |
| Commercial Paper | 6.3 |
| Net Other Assets (Liabilities) | 17.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img56_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 38.0 |
| Tender Option Bond - 28.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 17.3  |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img56_20250930_1.jpg)<br>| ![](img116291_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> 1.9914582.101 938-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Tax-Exempt Portfolio<br> **Tax-Exempt Portfolio Class III : FETXX** <br>|

---

This semi-annual shareholder report contains information about Tax-Exempt Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class III  | $22  | 0.43% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $10182040419<br>|
| Number of Holdings | 848<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 74.5 |
| 8-30 | 3.4 |
| 31-60 | 4.8 |
| 61-90 | 3.5 |
| 91-180 | 2.6 |
| >180 | 5.6 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 38.0 |
| Tender Option Bond | 28.7 |
| Municipal Securities | 9.7 |
| Commercial Paper | 6.3 |
| Net Other Assets (Liabilities) | 17.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img56_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 38.0 |
| Tender Option Bond - 28.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 17.3  |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img56_20250930_1.jpg)<br>| ![](img116292_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> 1.9914581.101 684-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Tax-Exempt Portfolio<br> **Tax-Exempt Portfolio Class II : FEXXX** <br>|

---

This semi-annual shareholder report contains information about Tax-Exempt Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class II  | $17  | 0.33% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $10182040419<br>|
| Number of Holdings | 848<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 74.5 |
| 8-30 | 3.4 |
| 31-60 | 4.8 |
| 61-90 | 3.5 |
| 91-180 | 2.6 |
| >180 | 5.6 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 38.0 |
| Tender Option Bond | 28.7 |
| Municipal Securities | 9.7 |
| Commercial Paper | 6.3 |
| Net Other Assets (Liabilities) | 17.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img56_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 38.0 |
| Tender Option Bond - 28.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 17.3  |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img56_20250930_1.jpg)<br>| ![](img116293_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> 1.9914579.101 544-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Tax-Exempt Portfolio<br> **Tax-Exempt Portfolio Class I : FTCXX** <br>|

---

This semi-annual shareholder report contains information about Tax-Exempt Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class I  | $9  | 0.18% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $10182040419<br>|
| Number of Holdings | 848<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 74.5 |
| 8-30 | 3.4 |
| 31-60 | 4.8 |
| 61-90 | 3.5 |
| 91-180 | 2.6 |
| >180 | 5.6 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 38.0 |
| Tender Option Bond | 28.7 |
| Municipal Securities | 9.7 |
| Commercial Paper | 6.3 |
| Net Other Assets (Liabilities) | 17.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img56_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 38.0 |
| Tender Option Bond - 28.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 17.3  |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img56_20250930_1.jpg)<br>| ![](img116294_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> 1.9914580.101 56-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Money Market Portfolio<br> **Money Market Portfolio Select Class : FMYXX** <br>|

---

This semi-annual shareholder report contains information about Money Market Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Select Class  | $12  | 0.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $158004660758<br>|
| Number of Holdings | 295<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 67.1 |
| 8-30 | 16.8 |
| 31-60 | 8.3 |
| 61-90 | 4.9 |
| 91-180 | 6.9 |
| >180 | 0.3 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 62.6 |
| U.S. Treasury Obligations | 21.6 |
| Commercial Paper | 12.5 |
| Certificates of Deposit | 6.0 |
| Non-Negotiable Time Deposit | 1.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img59_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 62.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 21.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Commercial Paper - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Certificates of Deposit - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Non-Negotiable Time Deposit - 1.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (4.3)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img59_20250930_1.jpg)<br>| ![](img116295_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> 1.9914592.101 931-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Money Market Portfolio<br> **Money Market Portfolio Institutional Class : FNSXX** <br>|

---

This semi-annual shareholder report contains information about Money Market Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Institutional Class  | $7  | 0.14% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $158004660758<br>|
| Number of Holdings | 295<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 67.1 |
| 8-30 | 16.8 |
| 31-60 | 8.3 |
| 61-90 | 4.9 |
| 91-180 | 6.9 |
| >180 | 0.3 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 62.6 |
| U.S. Treasury Obligations | 21.6 |
| Commercial Paper | 12.5 |
| Certificates of Deposit | 6.0 |
| Non-Negotiable Time Deposit | 1.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img59_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 62.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 21.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Commercial Paper - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Certificates of Deposit - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Non-Negotiable Time Deposit - 1.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (4.3)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img59_20250930_1.jpg)<br>| ![](img116296_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> 1.9914588.101 2013-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Money Market Portfolio<br> **Money Market Portfolio Class III : FCOXX** <br>|

---

This semi-annual shareholder report contains information about Money Market Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class III  | $22  | 0.43% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $158004660758<br>|
| Number of Holdings | 295<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 67.1 |
| 8-30 | 16.8 |
| 31-60 | 8.3 |
| 61-90 | 4.9 |
| 91-180 | 6.9 |
| >180 | 0.3 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 62.6 |
| U.S. Treasury Obligations | 21.6 |
| Commercial Paper | 12.5 |
| Certificates of Deposit | 6.0 |
| Non-Negotiable Time Deposit | 1.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img59_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 62.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 21.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Commercial Paper - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Certificates of Deposit - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Non-Negotiable Time Deposit - 1.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (4.3)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img59_20250930_1.jpg)<br>| ![](img116297_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> 1.9914591.101 659-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Money Market Portfolio<br> **Money Market Portfolio Class II : FCIXX** <br>|

---

This semi-annual shareholder report contains information about Money Market Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class II  | $17  | 0.33% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $158004660758<br>|
| Number of Holdings | 295<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 67.1 |
| 8-30 | 16.8 |
| 31-60 | 8.3 |
| 61-90 | 4.9 |
| 91-180 | 6.9 |
| >180 | 0.3 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 62.6 |
| U.S. Treasury Obligations | 21.6 |
| Commercial Paper | 12.5 |
| Certificates of Deposit | 6.0 |
| Non-Negotiable Time Deposit | 1.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img59_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 62.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 21.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Commercial Paper - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Certificates of Deposit - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Non-Negotiable Time Deposit - 1.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (4.3)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img59_20250930_1.jpg)<br>| ![](img116298_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> 1.9914589.101 541-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Money Market Portfolio<br> **Money Market Portfolio Class I : FMPXX** <br>|

---

This semi-annual shareholder report contains information about Money Market Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class I  | $9  | 0.18% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $158004660758<br>|
| Number of Holdings | 295<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 67.1 |
| 8-30 | 16.8 |
| 31-60 | 8.3 |
| 61-90 | 4.9 |
| 91-180 | 6.9 |
| >180 | 0.3 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 62.6 |
| U.S. Treasury Obligations | 21.6 |
| Commercial Paper | 12.5 |
| Certificates of Deposit | 6.0 |
| Non-Negotiable Time Deposit | 1.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img59_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 62.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 21.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Commercial Paper - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Certificates of Deposit - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Non-Negotiable Time Deposit - 1.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (4.3)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img59_20250930_1.jpg)<br>| ![](img116299_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> 1.9914590.101 59-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Government Portfolio<br> **Government Portfolio Select Class : FGEXX** <br>|

---

This semi-annual shareholder report contains information about Government Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Select Class  | $12  | 0.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $272773334988<br>|
| Number of Holdings | 687<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 66.5 |
| 8-30 | 7.6 |
| 31-60 | 8.5 |
| 61-90 | 3.1 |
| 91-180 | 12.4 |
| >180 | 5.2 |

---

Repurchase Agreements 49.8 <br> U.S. Treasury Obligations 29.2 <br> U.S. Government Agency - Debt 24.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img57_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 49.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 29.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 24.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (3.3)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img57_20250930_1.jpg)<br>| ![](img116300_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> 1.9914587.101 918-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Government Portfolio<br> **Government Portfolio Institutional Class : FRGXX** <br>|

---

This semi-annual shareholder report contains information about Government Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Institutional Class  | $7  | 0.14% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $272773334988<br>|
| Number of Holdings | 687<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 66.5 |
| 8-30 | 7.6 |
| 31-60 | 8.5 |
| 61-90 | 3.1 |
| 91-180 | 12.4 |
| >180 | 5.2 |

---

Repurchase Agreements 49.8 <br> U.S. Treasury Obligations 29.2 <br> U.S. Government Agency - Debt 24.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img57_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 49.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 29.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 24.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (3.3)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img57_20250930_1.jpg)<br>| ![](img116301_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> 1.9914583.101 2642-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Government Portfolio<br> **Government Portfolio Class III : FCGXX** <br>|

---

This semi-annual shareholder report contains information about Government Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class III  | $22  | 0.43% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $272773334988<br>|
| Number of Holdings | 687<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 66.5 |
| 8-30 | 7.6 |
| 31-60 | 8.5 |
| 61-90 | 3.1 |
| 91-180 | 12.4 |
| >180 | 5.2 |

---

Repurchase Agreements 49.8 <br> U.S. Treasury Obligations 29.2 <br> U.S. Government Agency - Debt 24.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img57_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 49.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 29.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 24.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (3.3)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img57_20250930_1.jpg)<br>| ![](img116302_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> 1.9914586.101 657-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Government Portfolio<br> **Government Portfolio Class II : FCVXX** <br>|

---

This semi-annual shareholder report contains information about Government Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class II  | $17  | 0.33% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $272773334988<br>|
| Number of Holdings | 687<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 66.5 |
| 8-30 | 7.6 |
| 31-60 | 8.5 |
| 61-90 | 3.1 |
| 91-180 | 12.4 |
| >180 | 5.2 |

---

Repurchase Agreements 49.8 <br> U.S. Treasury Obligations 29.2 <br> U.S. Government Agency - Debt 24.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img57_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 49.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 29.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 24.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (3.3)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img57_20250930_1.jpg)<br>| ![](img116303_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> 1.9914585.101 604-TSRS-1125 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF SEPTEMBER 30, 2025 |
| Government Portfolio<br> **Government Portfolio Class I : FIGXX** <br>|

---

This semi-annual shareholder report contains information about Government Portfolio for the period April 1, 2025 to September 30, 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 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**  |
| Class I  | $9  | 0.18% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $272773334988<br>|
| Number of Holdings | 687<br>|

---

**What did the Fund invest in?** (as of September 30, 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 | 66.5 |
| 8-30 | 7.6 |
| 31-60 | 8.5 |
| 61-90 | 3.1 |
| 91-180 | 12.4 |
| >180 | 5.2 |

---

Repurchase Agreements 49.8 <br> U.S. Treasury Obligations 29.2 <br> U.S. Government Agency - Debt 24.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img57_20250930_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 49.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 29.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 24.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (3.3)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img57_20250930_1.jpg)<br>| ![](img116304_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> 1.9914584.101 57-TSRS-1125 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

**Fidelity® Investments Money Market Funds**

**Treasury Only Portfolio**

**Treasury Portfolio**

**Government Portfolio**

**Money Market Portfolio**

**Tax-Exempt Portfolio**

**Semi-Annual Report**

**September 30, 2025**

![](img116872_1.jpg)

![](img116872_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_IMM-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Treasury Only Portfolio](#Sub_Sec_Fund_680_IMM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Treasury Portfolio](#Sub_Sec_Fund_695_IMM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Government Portfolio](#Sub_Sec_Fund_57_IMM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Money Market Portfolio](#Sub_Sec_Fund_59_IMM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Tax-Exempt Portfolio](#Sub_Sec_Fund_56_IMM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements680_IMM-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IMM-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IMM-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IMM-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IMM-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 Funds. This report is not authorized for distribution to prospective investors in the Funds 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 Funds nor Fidelity Distributors Corporation is a bank.*

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

**Treasury Only Portfolio**

**Schedule of Investments September 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 100.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 100.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 100.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 100.5%** |
|  | Yield (%) (a) | Principal<br> Amount (b)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/13/2026  | 3.90 to 3.93 | 3220000000 | 3184132423 |
| US Treasury Bills 0% 1/15/2026  | 4.21 | 700000000 | 691497917 |
| US Treasury Bills 0% 1/2/2026  | 3.90 to 4.20 | 1000000000 | 989570764 |
| US Treasury Bills 0% 1/20/2026  | 3.86 to 3.87 | 4532000000 | 4478692432 |
| US Treasury Bills 0% 1/22/2026  | 4.20 | 850000000 | 839020951 |
| US Treasury Bills 0% 1/27/2026  | 3.85 | 2500000000 | 2468820138 |
| US Treasury Bills 0% 1/29/2026  | 4.21 | 400000000 | 394506665 |
| US Treasury Bills 0% 1/6/2026  | 3.92 to 4.27 | 3028000000 | 2995764905 |
| US Treasury Bills 0% 1/8/2026  | 4.23 | 672000000 | 664340039 |
| US Treasury Bills 0% 10/14/2025  | 4.07 to 4.24 | 3254200800 | 3249321544 |
| US Treasury Bills 0% 10/16/2025  | 4.01 to 4.29 | 3651562500 | 3645147284 |
| US Treasury Bills 0% 10/2/2025  | 4.26 to 4.28 | 803358600 | 803263814 |
| US Treasury Bills 0% 10/21/2025  | 4.05 to 4.29 | 1760000000 | 1755939610 |
| US Treasury Bills 0% 10/23/2025  | 4.11 to 4.30 | 4545000000 | 4533339655 |
| US Treasury Bills 0% 10/28/2025  | 4.08 to 4.25 | 7362000000 | 7339156906 |
| US Treasury Bills 0% 10/30/2025  | 4.06 to 4.28 | 2600000000 | 2591287111 |
| US Treasury Bills 0% 10/7/2025  | 4.05 to 4.28 | 2721537500 | 2719638246 |
| US Treasury Bills 0% 10/9/2025  | 4.03 to 4.31 | 1483914200 | 1482519368 |
| US Treasury Bills 0% 11/12/2025  | 4.03 to 4.29 | 5050000000 | 5025695416 |
| US Treasury Bills 0% 11/13/2025  | 4.04 to 4.28 | 3185000000 | 3169327142 |
| US Treasury Bills 0% 11/18/2025  | 3.99 to 4.29 | 3600000000 | 3580402666 |
| US Treasury Bills 0% 11/20/2025  | 4.17 to 4.25 | 3124000000 | 3106027138 |
| US Treasury Bills 0% 11/25/2025  | 4.01 to 4.29 | 3083000000 | 3063362886 |
| US Treasury Bills 0% 11/28/2025  | 4.14 to 4.30 | 2817000000 | 2798073927 |
| US Treasury Bills 0% 11/4/2025  | 4.24 | 1250000000 | 1245059375 |
| US Treasury Bills 0% 11/6/2025  | 4.00 to 4.30 | 6800000000 | 6771981788 |
| US Treasury Bills 0% 12/11/2025  | 4.24 to 4.30 | 1900000000 | 1884364656 |
| US Treasury Bills 0% 12/16/2025  | 4.10 to 4.13 | 1000000000 | 991446157 |
| US Treasury Bills 0% 12/18/2025  | 3.94 | 1250000000 | 1239423958 |
| US Treasury Bills 0% 12/2/2025  | 4.27 | 2080000000 | 2064918844 |
| US Treasury Bills 0% 12/23/2025  | 4.10 to 4.14 | 785000000 | 777657107 |
| US Treasury Bills 0% 12/26/2025  | 3.90 | 1292500000 | 1280581715 |
| US Treasury Bills 0% 12/30/2025  | 4.07 to 4.08 | 1500000000 | 1484919377 |
| US Treasury Bills 0% 12/4/2025  | 4.09 to 4.31 | 1620000000 | 1608062933 |
| US Treasury Bills 0% 12/9/2025  | 4.16 | 1000000000 | 992132083 |
| US Treasury Bills 0% 2/12/2026  | 4.05 | 1150000000 | 1133006194 |
| US Treasury Bills 0% 2/19/2026  | 4.03 | 500000000 | 492274374 |
| US Treasury Bills 0% 2/5/2026  | 4.06 | 650000000 | 640873638 |
| US Treasury Bills 0% 3/12/2026  | 3.80 | 500000000 | 491607499 |
| US Treasury Bills 0% 3/19/2026  | 3.79 | 846000000 | 831244798 |
| US Treasury Bills 0% 3/26/2026  | 3.78 | 791000000 | 776670129 |
| US Treasury Bills 0% 3/5/2026  | 4.01 to 4.05 | 800000000 | 786441893 |
| US Treasury Bills 0% 4/2/2026  | 3.79 to 3.80 | 433000000 | 424858407 |
| US Treasury Notes 0.75% 4/30/2026  | 4.15 | 310000000 | 304081827 |
| US Treasury Notes 1.625% 5/15/2026  | 4.06 | 443000000 | 436517039 |
| US Treasury Notes 2.25% 3/31/2026  | 3.85 | 441000000 | 437569587 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.098%, 3.9965% 1/31/2027 (c)(d) | 4.00 | 3187000000 | 3186883778 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.15%, 4.0485% 4/30/2026 (c)(d) | 4.05 | 3043000000 | 3043272209 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.159%, 4.0575% 7/31/2027 (c)(d) | 4.06 | 1889000000 | 1887726466 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.16%, 4.0585% 4/30/2027 (c)(d) | 4.06 | 2108000000 | 2108045239 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.182%, 4.0805% 7/31/2026 (c)(d) | 4.08 to 4.09 | 2531000000 | 2530468877 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.205%, 4.1035% 10/31/2026 (c)(d) | 4.10 | 1686000000 | 1686907228 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.245%, 4.1435% 1/31/2026 (c)(d) | 4.14 to 4.15 | 1348000000 | 1348339303 |
| US Treasury Notes 4.875% 4/30/2026  | 4.04 | 44500000 | 44709459 |
| US Treasury Notes 5% 10/31/2025  | 4.27 | 150000000 | 150088364 |
| US Treasury Notes Inflation-Indexed 0.125% 10/15/2025  | 1.71 to 1.72 | 1245030000 | 1244278759 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $109,895,262,007) |  |  | **109895262007** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $109,895,262,007)<br>| <br>**109895262007** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(593321051)** |
| **NET ASSETS - 100.0%** | **109301940956** |

---

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.

**Treasury Only Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of September 30, 2025 (Unaudited)** | <br> **As of September 30, 2025 (Unaudited)** | <br> **As of September 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $109,895,262,007)<br>|  | $109895262007 |
| Cash |  | 424999994 |
| Receivable for fund shares sold |  | 592465499 |
| Interest receivable |  | 125707040 |
| Prepaid expenses |  | 112194 |
| Receivable from investment adviser for expense reductions |  | 3176548 |
| Other receivables |  | 921965 |
| **Total assets** |  | 111042645247 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $871454296 |  |
| Payable for fund shares redeemed | 727923386 |  |
| Distributions payable | 120224332 |  |
| Accrued management fee | 12645254 |  |
| Distribution and service plan fees payable | 1537806 |  |
| Other affiliated payables | 3928079 |  |
| Other payables and accrued expenses | 2991138 |  |
| **Total liabilities** |  | 1740704291 |
| **Net Assets**  |  | $109301940956 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $109301534070 |
| Total accumulated earnings (loss) |  | 406886 |
| **Net Assets** |  | $109301940956 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($28,894,786,967 ÷ 28,890,889,744 shares) |  | $1.00 |
| **Class II :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,389,942,821 ÷ 3,390,416,651 shares) |  | $1.00 |
| **Class III :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,025,924,070 ÷ 3,025,434,201 shares) |  | $1.00 |
| **Class IV :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($988,864,460 ÷ 988,820,729 shares) |  | $1.00 |
| **Select Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,625,289,771 ÷ 2,625,474,199 shares) |  | $1.00 |
| **Institutional Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($70,377,132,867 ÷ 70,377,963,120 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended September 30, 2025 (Unaudited)** | **Six months ended September 30, 2025 (Unaudited)** | **Six months ended September 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $2231898005 |
| **Expenses** |  |  |
| Management fee | $72250130 |  |
| Transfer agent fees | 21110732 |  |
| Distribution and service plan fees | 10001292 |  |
| Accounting fees and expenses | 1459399 |  |
| Custodian fees and expenses | 397202 |  |
| Independent trustees' fees and expenses | 117635 |  |
| Registration fees | 2206991 |  |
| Audit fees | 24899 |  |
| Legal | 22666 |  |
| Miscellaneous | 117334 |  |
| Total expenses before reductions | 107708280 |  |
| Expense reductions | (17545502) |  |
| Total expenses after reductions |  | 90162778 |
| **Net Investment income (loss)** |  | 2141735227 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 420176 |  |
| Total net realized gain (loss) |  | 420176 |
| **Net increase in net assets resulting from operations** |  | $2142155403 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **March 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2141735227 | $4061077879 |
| &nbsp;&nbsp;Net realized gain (loss) | 420176<br>| 369096<br>|
| **Net increase in net assets resulting from operations** | 2142155403<br>| 4061446975<br>|
| Distributions to shareholders | (2142820180)<br>| (4059937985)<br>|
| Share transactions - net increase (decrease) | 7871623143<br>| 28571883562<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 7870958366<br>| 28573392552<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 101430982590 | 72857590038<br>|
| &nbsp;&nbsp;End of period | $109301940956 | $101430982590 |

---

**Financial Highlights** 

**Treasury Only Portfolio Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .048  | .050  | .025  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .021  | .048  | .050  | .025  | - B | - B |
| Distributions from net investment income  | (.021)  | (.048)  | (.050)  | (.025)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.021)  | (.048)  | (.050)  | (.025)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.09% <br>| 4.88%  | 5.14%  | 2.50%  | .02%  | .04%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .21% G | .21%  | .21%  | .21%  | .21%  | .21%  |
| Expenses net of fee waivers, if any  | .18% G<br>| .18%  | .18%  | .18%  | .08%  | .15%  |
| Expenses net of all reductions, if any  | .18% G | .18%  | .18%  | .18%  | .08%  | .15%  |
| Net investment income (loss)  | 4.13% G | 4.73%  | 5.04%  | 2.53%  | .02%  | .05%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $28894787 | $26705193 | $18071175 | $14612028 | $12145689 | $10871418 |

---

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.*

**Treasury Only Portfolio Class II**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .049  | .023  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .020  | .046  | .049  | .023  | - B | - B |
| Distributions from net investment income  | (.020)  | (.046)  | (.049)  | (.023)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.020)  | (.046)  | (.049)  | (.023)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.01% <br>| 4.72%  | 4.98%  | 2.34%  | .01%  | .02%  |
| **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  | .33% G<br>| .33%  | .33%  | .33%  | .09%  | .16%  |
| Expenses net of all reductions, if any  | .33% G | .33%  | .33%  | .33%  | .09%  | .16%  |
| Net investment income (loss)  | 3.98% G | 4.58%  | 4.89%  | 2.38%  | .01%  | .03%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3389943 | $3217127 | $2725724 | $2196009 | $1126223 | $943214 |

---

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.*

**Treasury Only Portfolio Class III**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .045  | .048  | .022  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .019  | .045  | .048  | .022  | - B | - B |
| Distributions from net investment income  | (.019)  | (.045)  | (.048)  | (.022)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.019)  | (.045)  | (.048)  | (.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 | 1.96% <br>| 4.62%  | 4.87%  | 2.25%  | .01%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .46% G | .46%  | .46%  | .46%  | .46%  | .46%  |
| Expenses net of fee waivers, if any  | .43% G<br>| .43%  | .43%  | .43%  | .08%  | .17%  |
| Expenses net of all reductions, if any  | .43% G | .43%  | .43%  | .43%  | .08%  | .17%  |
| Net investment income (loss)  | 3.88% G | 4.48%  | 4.79%  | 2.28%  | .02%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3025924 | $3414227 | $2927914 | $2484121 | $1155413 | $1349490 |

---

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.*

**Treasury Only Portfolio Class IV**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .043  | .045  | .020  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .018  | .043  | .045  | .020  | - B | - B |
| Distributions from net investment income  | (.018)  | (.043)  | (.045)  | (.020)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.018)  | (.043)  | (.045)  | (.020)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.84% <br>| 4.35%  | 4.61%  | 2.02%  | .01%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .71% G | .71%  | .71%  | .71%  | .71%  | .71%  |
| Expenses net of fee waivers, if any  | .68% G<br>| .68%  | .68%  | .66%  | .08%  | .17%  |
| Expenses net of all reductions, if any  | .68% G | .68%  | .68%  | .66%  | .08%  | .17%  |
| Net investment income (loss)  | 3.63% G | 4.23%  | 4.54%  | 2.05%  | .01%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $988864 | $1206118 | $1377906 | $795014 | $196044 | $334038 |

---

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.*

**Treasury Only Portfolio Select Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .047  | .050  | .024  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .020  | .047  | .050  | .024  | - B | - B |
| Distributions from net investment income  | (.020)  | (.047)  | (.050)  | (.024)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.020)  | (.047)  | (.050)  | (.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 | 2.06% <br>| 4.82%  | 5.08%  | 2.45%  | .01%  | .03%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .26% G | .26%  | .26%  | .26%  | .26%  | .26%  |
| Expenses net of fee waivers, if any  | .23% G<br>| .23%  | .23%  | .23%  | .08%  | .16%  |
| Expenses net of all reductions, if any  | .23% G | .23%  | .23%  | .23%  | .08%  | .16%  |
| Net investment income (loss)  | 4.08% G | 4.68%  | 4.99%  | 2.49%  | .01%  | .03%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2625290 | $2505505 | $1961585 | $1271129 | $325479 | $263972 |

---

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.*

**Treasury Only Portfolio Institutional Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .048  | .051  | .025  | - B | .001  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .021  | .048  | .051  | .025  | - B | .001  |
| Distributions from net investment income  | (.021)  | (.048)  | (.051)  | (.025)  | - B | (.001)  |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.021)  | (.048)  | (.051)  | (.025)  | - B | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.11% <br>| 4.92%  | 5.18%  | 2.54%  | .02%  | .06%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .18% G | .18%  | .18%  | .18%  | .18%  | .18%  |
| Expenses net of fee waivers, if any  | .14% G<br>| .14%  | .14%  | .14%  | .07%  | .13%  |
| Expenses net of all reductions, if any  | .14% G | .14%  | .14%  | .14%  | .07%  | .13%  |
| Net investment income (loss)  | 4.17% G | 4.77%  | 5.08%  | 2.57%  | .02%  | .06%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $70377133 | $64382813 | $45793286 | $30257145 | $18931741 | $19119511 |

---

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

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.*

**Treasury Portfolio**

**Schedule of Investments September 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 37.1%** | &nbsp;&nbsp;**Repurchase Agreements - 37.1%** | &nbsp;&nbsp;**Repurchase Agreements - 37.1%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Fixed Income Clearing Corp - Credit Agricole 4.19%, dated 10/1/2025 due 10/2/2025 (b) | 1237143973 | 1237000000 |
| Investments in repurchase agreements in a joint trading account at 4.2%, dated 9/30/2025 due 10/1/2025 (Collateralized by U.S. Treasury Obligations)#  | 833108207 | 833011000 |
| Investments in repurchase agreements in a joint trading account at 4.21%, dated 9/30/2025 due 10/1/2025 (Collateralized by U.S. Treasury Obligations)#  | 28541337 | 28538000 |
| Lloyds Bank Corp Mrkts 4.19%, dated 10/1/2025 due 10/8/2025 (b) | 27021998 | 27000000 |
| Sumitomo Mitsui Banking Corp 4.2%, dated 10/1/2025 due 10/15/2025 (b) | 12019600 | 12000000 |
| Repurchase Agreements\*  | 24124814292 | 24104889900 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $26,242,438,900) |  | **26242438900** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 66.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 66.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 66.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 66.9%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/13/2026  | 3.89 to 3.90 | 1112968000 | 1100590680 |
| US Treasury Bills 0% 1/2/2026  | 3.90 to 4.24 | 1766000000 | 1747975964 |
| US Treasury Bills 0% 1/20/2026  | 3.86 to 4.23 | 840000000 | 830079854 |
| US Treasury Bills 0% 1/22/2026  | 4.21 | 103000000 | 101666365 |
| US Treasury Bills 0% 1/27/2026  | 3.85 to 3.88 | 1108000000 | 1094175407 |
| US Treasury Bills 0% 1/29/2026  | 4.22 | 83000000 | 81856675 |
| US Treasury Bills 0% 1/6/2026  | 4.01 to 4.02 | 303600000 | 300357064 |
| US Treasury Bills 0% 10/14/2025  | 4.21 | 710000000 | 708927013 |
| US Treasury Bills 0% 10/16/2025  | 4.21 to 4.29 | 2761000000 | 2756140062 |
| US Treasury Bills 0% 10/2/2025  | 4.26 to 4.27 | 725000000 | 724914519 |
| US Treasury Bills 0% 10/21/2025  | 4.22 to 4.29 | 993000000 | 990674749 |
| US Treasury Bills 0% 10/23/2025  | 4.29 to 4.30 | 995000000 | 992419406 |
| US Treasury Bills 0% 10/28/2025  | 4.17 to 4.25 | 1484000000 | 1479357468 |
| US Treasury Bills 0% 10/30/2025  | 4.28 | 65000000 | 64778119 |
| US Treasury Bills 0% 10/7/2025  | 4.19 to 4.26 | 1207000000 | 1206158559 |
| US Treasury Bills 0% 10/9/2025  | 4.23 to 4.30 | 1775000000 | 1773328889 |
| US Treasury Bills 0% 11/12/2025  | 4.26 to 4.29 | 537000000 | 534349782 |
| US Treasury Bills 0% 11/13/2025  | 4.04 to 4.19 | 1291000000 | 1284765556 |
| US Treasury Bills 0% 11/18/2025  | 4.29 | 817000000 | 812392120 |
| US Treasury Bills 0% 11/20/2025  | 4.17 to 4.31 | 1482000000 | 1473477854 |
| US Treasury Bills 0% 11/25/2025  | 4.29 to 4.39 | 62000000 | 61589302 |
| US Treasury Bills 0% 11/28/2025  | 4.25 to 4.30 | 392000000 | 389366551 |
| US Treasury Bills 0% 11/4/2025  | 4.24 to 4.27 | 767000000 | 763966819 |
| US Treasury Bills 0% 12/11/2025  | 4.24 to 4.30 | 498000000 | 493903599 |
| US Treasury Bills 0% 12/16/2025  | 4.10 to 4.16 | 1132000000 | 1122316718 |
| US Treasury Bills 0% 12/18/2025  | 4.24 to 4.25 | 439000000 | 435039379 |
| US Treasury Bills 0% 12/2/2025  | 4.27 to 4.28 | 275500000 | 273497465 |
| US Treasury Bills 0% 12/23/2025  | 4.10 to 4.14 | 831000000 | 823232133 |
| US Treasury Bills 0% 12/26/2025  | 4.13 to 4.18 | 152000000 | 150513703 |
| US Treasury Bills 0% 12/30/2025  | 4.07 to 4.08 | 711000000 | 703853837 |
| US Treasury Bills 0% 12/4/2025  | 4.30 to 4.31 | 103000000 | 102219657 |
| US Treasury Bills 0% 12/9/2025  | 4.16 to 4.17 | 898000000 | 890932095 |
| US Treasury Bills 0% 2/12/2026  | 4.05 to 4.06 | 402300000 | 396351364 |
| US Treasury Bills 0% 2/19/2026  | 4.03 | 725000000 | 713797843 |
| US Treasury Bills 0% 3/12/2026  | 3.81 to 3.82 | 443000000 | 435533562 |
| US Treasury Bills 0% 3/19/2026  | 3.79 to 4.12 | 839800000 | 824976965 |
| US Treasury Bills 0% 3/26/2026  | 3.78 | 89000000 | 87385738 |
| US Treasury Bills 0% 3/5/2026  | 4.02 to 4.05 | 108000000 | 106161803 |
| US Treasury Bills 0% 4/2/2026  | 3.80 | 118000000 | 115777831 |
| US Treasury Bills 0% 5/14/2026  | 4.09 to 4.11 | 658000000 | 641799375 |
| US Treasury Bills 0% 7/9/2026  | 4.07 to 4.11 | 270000000 | 261735657 |
| US Treasury Bills 0% 8/6/2026  | 3.91 to 4.12 | 203000000 | 196360534 |
| US Treasury Notes 0.25% 10/31/2025  | 4.45 | 10000000 | 9966555 |
| US Treasury Notes 0.375% 1/31/2026  | 4.21 to 4.28 | 178000000 | 175781070 |
| US Treasury Notes 0.375% 11/30/2025  | 4.44 to 4.45 | 81000000 | 80476641 |
| US Treasury Notes 0.375% 12/31/2025  | 4.04 to 4.28 | 1160000000 | 1149515199 |
| US Treasury Notes 0.5% 2/28/2026  | 4.13 to 4.17 | 324000000 | 319285850 |
| US Treasury Notes 0.625% 7/31/2026  | 3.74 to 4.11 | 217000000 | 211167623 |
| US Treasury Notes 0.75% 3/31/2026  | 4.10 to 4.16 | 300000000 | 295129278 |
| US Treasury Notes 0.75% 4/30/2026  | 3.80 to 4.07 | 59000000 | 57915164 |
| US Treasury Notes 0.75% 5/31/2026  | 3.81 | 43000000 | 42145416 |
| US Treasury Notes 0.75% 8/31/2026  | 3.92 to 4.16 | 167000000 | 162151284 |
| US Treasury Notes 0.875% 9/30/2026  | 3.85 | 33000000 | 32049562 |
| US Treasury Notes 1.375% 8/31/2026  | 3.93 | 17000000 | 16613814 |
| US Treasury Notes 1.625% 2/15/2026  | 4.15 | 310000000 | 307143655 |
| US Treasury Notes 1.625% 5/15/2026  | 4.03 to 4.07 | 173000000 | 170479850 |
| US Treasury Notes 1.875% 7/31/2026  | 4.01 | 7000000 | 6879832 |
| US Treasury Notes 2.125% 5/31/2026  | 4.02 | 7000000 | 6914700 |
| US Treasury Notes 2.25% 3/31/2026  | 4.13 | 17000000 | 16846294 |
| US Treasury Notes 2.5% 2/28/2026  | 4.13 | 17000000 | 16889448 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.098%, 3.9965% 1/31/2027 (d)(e) | 4.00 | 2193700000 | 2193761907 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.15%, 4.0485% 4/30/2026 (d)(e) | 4.05 | 2403000000 | 2402928085 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.159%, 4.0575% 7/31/2027 (d)(e) | 4.06 | 1492000000 | 1491357142 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.16%, 4.0585% 4/30/2027 (d)(e) | 4.06 | 1493000000 | 1493140199 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.182%, 4.0805% 7/31/2026 (d)(e) | 4.08 to 4.09 | 2013300000 | 2012231234 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.205%, 4.1035% 10/31/2026 (d)(e) | 4.10 | 1545100000 | 1545837616 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.245%, 4.1435% 1/31/2026 (d)(e) | 4.14 to 4.15 | 1181192000 | 1181479704 |
| US Treasury Notes 3.75% 8/31/2026  | 3.96 | 31000000 | 30940995 |
| US Treasury Notes 4% 2/15/2026  | 4.29 | 11000000 | 10988317 |
| US Treasury Notes 4.125% 6/15/2026  | 4.13 to 4.16 | 161000000 | 160987856 |
| US Treasury Notes 4.25% 1/31/2026  | 4.28 | 108000000 | 107988177 |
| US Treasury Notes 4.25% 12/31/2025  | 4.26 to 4.31 | 229000000 | 228975583 |
| US Treasury Notes 4.375% 7/31/2026  | 3.75 to 4.08 | 185000000 | 185783847 |
| US Treasury Notes 4.5% 3/31/2026  | 4.11 to 4.16 | 477000000 | 477873153 |
| US Treasury Notes 4.625% 2/28/2026  | 4.13 to 4.17 | 61000000 | 61117417 |
| US Treasury Notes 4.625% 3/15/2026  | 4.11 | 11000000 | 11024644 |
| US Treasury Notes 4.625% 6/30/2026  | 3.77 | 13000000 | 13081022 |
| US Treasury Notes 4.875% 11/30/2025  | 4.38 | 116000000 | 116090937 |
| US Treasury Notes 4.875% 4/30/2026  | 4.04 | 30000000 | 30141209 |
| US Treasury Notes 4.875% 5/31/2026  | 4.04 to 4.06 | 58000000 | 58305213 |
| US Treasury Notes 5% 10/31/2025  | 4.45 | 7000000 | 7003041 |
| US Treasury Notes Inflation-Indexed 0.125% 10/15/2025  | 0.93 to 1.72 | 270171510 | 270015590 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $47,217,102,158) |  |  | **47217102158** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.0%**<br> (Cost $73,459,541,058)<br>| <br>**73459541058** |
| **NET OTHER ASSETS (LIABILITIES) - (4.0)%**  | **(2818140913)** |
| **NET ASSETS - 100.0%** | **70641400145** |

---

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) 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 ($)** |
| BNP Paribas, SA | 4.29 | 8/28/2025 | 10/3/2025 | 205000000 | 205879450 | U.S. Treasuries (including strips) | 0.63 - 6.13 | 11/15/2027 - 5/15/2049 | 209999742 |
| BNP Paribas, SA | 4.29 | 8/29/2025 | 10/3/2025 | 268000000 | 269117783 | U.S. Treasuries (including strips) | 0.63 - 5.38 | 6/30/2026 - 5/15/2048 | 274919980 |
| Bank of Montreal | 4.20 | 9/25/2025 | 10/8/2025 | 26000000 | 26039386 | U.S. Treasuries (including strips) | 1.38 - 5.00 | 5/31/2027 - 2/15/2048 | 26796207 |
| Bank of Montreal | 4.19 | 9/24/2025 | 10/8/2025 | 23000000 | 23037477 | U.S. Treasuries (including strips) | 1.25 - 4.63 | 11/30/2026 - 11/15/2054 | 23540251 |
| Bank of Montreal | 4.18 | 9/30/2025 | 10/7/2025 | 11000000 | 11008941 | U.S. Treasuries (including strips) | 1.38 - 4.25 | 4/30/2027 - 8/15/2045 | 11221347 |
| Bank of Montreal | 4.19 | 9/26/2025 | 10/3/2025 | 16000000 | 16013036 | U.S. Treasuries (including strips) | 1.38 - 5.00 | 10/31/2025 - 11/15/2054 | 16489218 |
| Barclays Bank PLC | 4.20 | 9/30/2025 | 10/1/2025 | 1042000000 | 1042121567 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 10/14/2025 - 5/15/2055 | 1062964040 |
| BofA Securities, Inc. | 4.17 | 9/3/2025 | 12/3/2025 | 39000000 | 39411093 | U.S. Treasuries (including strips) | 2.38 - 6.00 | 2/15/2026 - 5/15/2051 | 39909072 |
| BofA Securities, Inc. | 4.27 | 8/27/2025 | 10/27/2025 | 72000000 | 72520940 | U.S. Treasuries (including strips) | 4.25 | 6/30/2029 | 73744886 |
| Canadian Imperial Bank of Commerce | 4.21 | 9/2/2025 | 11/3/2025 | 91000000 | 91659800 | U.S. Treasuries (including strips) | 0.75 - 4.88 | 1/31/2026 - 11/15/2054 | 93143519 |
| Canadian Imperial Bank of Commerce | 4.15 | 9/24/2025 | 10/23/2025 | 103000000 | 103343920 | U.S. Treasuries (including strips) | 1.13 - 4.13 | 5/31/2028 - 11/15/2031 | 105144733 |
| Canadian Imperial Bank of Commerce | 4.13 | 9/29/2025 | 10/17/2025 | 68000000 | 68140420 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 1/31/2026 - 2/15/2055 | 69403009 |
| Canadian Imperial Bank of Commerce | 4.17 | 9/15/2025 | 10/15/2025 | 18000000 | 18062550 | U.S. Treasuries (including strips) | 0.75 - 4.63 | 1/31/2026 - 11/15/2050 | 18394493 |
| Canadian Imperial Bank of Commerce | 4.29 | 8/26/2025 | 10/7/2025 | 81000000 | 81405405 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 12/26/2025 - 2/15/2055 | 82974496 |
| Citigroup Global Capital Markets Inc | 4.20(f) | 9/24/2025 | 11/25/2025 | 153000000 | 154106700 | U.S. Treasuries (including strips) | 0.00 - 3.88 | 10/28/2025 - 9/30/2032 | 156188262 |
| Fixed Income Clearing Corp - BNP | 4.20 | 9/30/2025 | 10/1/2025 | 861000000 | 861100450 | U.S. Treasuries (including strips) | 1.38 - 5.38 | 4/30/2026 - 8/15/2051 | 878322535 |
| Fixed Income Clearing Corp - BNP | 4.20 | 9/30/2025 | 10/1/2025 | 811000000 | 811094617 | U.S. Treasuries (including strips) | 0.75 - 5.00 | 11/15/2027 - 11/15/2053 | 827316526 |
| Fixed Income Clearing Corp - BNYM | 4.25 | 9/30/2025 | 10/1/2025 | 768000000 | 768090667 | U.S. Treasuries (including strips) | 1.75 - 3.63 | 1/15/2028 - 8/31/2029 | 783360031 |
| Fixed Income Clearing Corp - BNYM | 4.22 | 9/30/2025 | 10/1/2025 | 159000000 | 159018638 | U.S. Treasuries (including strips) | 3.88 | 4/30/2030 | 162180026 |
| Fixed Income Clearing Corp - BNYM | 4.20 | 9/30/2025 | 10/1/2025 | 1590000000 | 1590185500 | U.S. Treasuries (including strips) | 4.00 - 4.38 | 2/28/2030 - 1/31/2032 | 1621800038 |
| Fixed Income Clearing Corp - CIBC | 4.21 | 9/30/2025 | 10/1/2025 | 206000000 | 206024091 | U.S. Treasuries (including strips) | 4.13 | 8/15/2053 | 210096585 |
| Fixed Income Clearing Corp - CIBC | 4.21 | 9/30/2025 | 10/1/2025 | 37000000 | 37004327 | U.S. Treasuries (including strips) | 3.63 | 3/31/2028 | 37748101 |
| Fixed Income Clearing Corp - Citi | 4.21 | 9/30/2025 | 10/1/2025 | 710000000 | 710083031 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 10/15/2025 - 8/15/2054 | 724284751 |
| Fixed Income Clearing Corp - Credit Agricole | 4.27 | 9/30/2025 | 10/1/2025 | 1234000000 | 1234146366 | U.S. Treasuries (including strips) | 2.75 - 4.63 | 1/31/2027 - 5/15/2044 | 1272591828 |
| Fixed Income Clearing Corp - Credit Agricole | 4.21 | 9/30/2025 | 10/1/2025 | 291000000 | 291034031 | U.S. Treasuries (including strips) | 4.13 - 4.25 | 11/30/2029 - 1/31/2030 | 296731819 |
| Fixed Income Clearing Corp - Goldman | 4.20 | 9/30/2025 | 10/1/2025 | 796000000 | 796092867 | U.S. Treasuries (including strips) | 3.75 | 12/31/2028 | 812014785 |
| Fixed Income Clearing Corp - Goldman | 4.20 | 9/30/2025 | 10/1/2025 | 1241000000 | 1241144783 | U.S. Treasuries (including strips) | 1.38 - 4.00 | 1/31/2029 - 11/15/2048 | 1265967735 |
| Fixed Income Clearing Corp - ING | 4.21 | 9/30/2025 | 10/1/2025 | 265000000 | 265030990 | U.S. Treasuries (including strips) | 4.50 | 5/31/2029 | 270145364 |
| Fixed Income Clearing Corp - ING | 4.20 | 9/30/2025 | 10/1/2025 | 776000000 | 776090533 | U.S. Treasuries (including strips) | 1.88 - 4.25 | 4/30/2027 - 2/15/2054 | 791612430 |
| Fixed Income Clearing Corp - Mizuho | 4.20 | 9/30/2025 | 10/1/2025 | 406377000 | 406424411 | U.S. Treasuries (including strips) | 1.13 - 5.00 | 10/31/2025 - 2/15/2035 | 414552920 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.20 | 9/30/2025 | 10/1/2025 | 834000000 | 834097300 | U.S. Treasuries (including strips) | 0.63 - 3.88 | 12/31/2026 - 8/15/2032 | 850779247 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.20 | 9/30/2025 | 10/1/2025 | 635000000 | 635074083 | U.S. Treasuries (including strips) | 2.75 - 4.63 | 9/15/2026 - 2/29/2032 | 647775607 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.20 | 9/30/2025 | 10/1/2025 | 699000000 | 699081550 | U.S. Treasuries (including strips) | 0.50 - 4.25 | 11/30/2026 - 11/15/2032 | 713063189 |
| Fixed Income Clearing Corp - Natixis | 4.21 | 9/30/2025 | 10/1/2025 | 370000000 | 370043269 | U.S. Treasuries (including strips) | 3.50 - 4.00 | 4/30/2028 - 2/28/2030 | 377313689 |
| Fixed Income Clearing Corp - Natwest | 4.21 | 9/30/2025 | 10/1/2025 | 5000000 | 5000585 | U.S. Treasuries (including strips) | 4.63 | 6/15/2027 | 5100618 |
| Fixed Income Clearing Corp - Nomura | 4.21 | 9/30/2025 | 10/1/2025 | 495000000 | 495057888 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 11/6/2025 - 5/31/2031 | 504959131 |
| Fixed Income Clearing Corp - State Street Bank | 4.20 | 9/30/2025 | 10/1/2025 | 2040000000 | 2040238000 | U.S. Treasuries (including strips) | 1.38 - 4.88 | 9/30/2028 - 1/31/2032 | 2080800008 |
| HSBC Securities Inc (USA) | 4.19 | 9/30/2025 | 10/7/2025 | 104000000 | 104084731 | U.S. Treasuries (including strips) | 0.00 - 3.88 | 12/2/2025 - 2/15/2048 | 106092421 |
| ING Financial Markets LLC | 4.20 | 9/30/2025 | 10/7/2025 | 10000000 | 10008167 | U.S. Treasuries (including strips) | 0.00 | 11/12/2025 | 10201222 |
| JP Morgan Securities, LLC | 4.15(f) | 9/29/2025 | 10/29/2025 | 1485000000 | 1490135625 | U.S. Treasuries (including strips) | 3.75 | 8/15/2027 - 8/15/2041 | 1515050532 |
| JP Morgan Securities, LLC | 4.20 | 9/30/2025 | 10/1/2025 | 1491000000 | 1491173950 | U.S. Treasuries (including strips) | 3.88 - 4.13 | 10/31/2027 - 7/15/2028 | 1520997442 |
| JP Morgan Securities, LLC | 4.20 | 9/30/2025 | 10/1/2025 | 1481000000 | 1481172783 | U.S. Treasuries (including strips) | 0.50 - 4.00 | 4/30/2027 - 9/30/2029 | 1510796256 |
| Lloyds Bank Corp Mrkts | 4.19 | 9/26/2025 | 10/3/2025 | 42000000 | 42034218 | U.S. Treasuries (including strips) | 1.38 - 5.38 | 11/15/2025 - 2/15/2043 | 42864940 |
| Lloyds Bank Corp Mrkts | 4.20 | 9/25/2025 | 10/2/2025 | 42000000 | 42034300 | U.S. Treasuries (including strips) | 1.88 - 3.50 | 1/31/2028 - 2/15/2032 | 42870072 |
| Lloyds Bank Corp Mrkts | 4.20 | 9/24/2025 | 10/1/2025 | 41000000 | 41033483 | U.S. Treasuries (including strips) | 0.38 - 4.63 | 11/15/2025 - 8/15/2051 | 41882496 |
| Lloyds Bank PLC | 4.09 | 9/26/2025 | 12/19/2025 | 17000000 | 17162237 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/30/2027 - 2/15/2033 | 17349930 |
| Lloyds Bank PLC | 4.26 | 8/28/2025 | 11/28/2025 | 34000000 | 34370146 | U.S. Treasuries (including strips) | 0.50 - 6.75 | 4/30/2026 - 8/15/2034 | 34819529 |
| Lloyds Bank PLC | 4.28 | 8/26/2025 | 11/26/2025 | 35000000 | 35382822 | U.S. Treasuries (including strips) | 0.50 - 4.50 | 4/30/2027 - 2/15/2034 | 35852831 |
| Lloyds Bank PLC | 4.13 | 9/26/2025 | 11/26/2025 | 33000000 | 33230936 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 3/15/2026 - 8/15/2034 | 33679308 |
| Lloyds Bank PLC | 4.13 | 9/24/2025 | 11/24/2025 | 17000000 | 17118967 | U.S. Treasuries (including strips) | 0.63 - 6.75 | 3/15/2026 - 2/15/2034 | 17353993 |
| Lloyds Bank PLC | 4.29 | 8/20/2025 | 11/20/2025 | 17000000 | 17186376 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/30/2027 - 2/15/2034 | 17426878 |
| Lloyds Bank PLC | 4.32 | 8/7/2025 | 11/7/2025 | 33000000 | 33364320 | U.S. Treasuries (including strips) | 0.50 - 4.50 | 4/30/2027 - 11/15/2033 | 33882217 |
| MUFG Securities (Canada), Ltd. | 4.17 | 9/18/2025 | 12/4/2025 | 49000000 | 49437039 | U.S. Treasuries (including strips) | 0.50 - 4.88 | 10/31/2025 - 5/15/2050 | 50070174 |
| MUFG Securities (Canada), Ltd. | 4.15 | 9/18/2025 | 10/30/2025 | 26000000 | 26125883 | U.S. Treasuries (including strips) | 0.75 - 4.63 | 3/15/2026 - 2/15/2054 | 26559754 |
| MUFG Securities EMEA PLC | 4.26 | 8/7/2025 | 11/7/2025 | 163000000 | 164774526 | U.S. Treasuries (including strips) | 2.88 - 3.88 | 6/30/2029 - 5/15/2032 | 167277942 |
| MUFG Securities EMEA PLC | 4.32 | 8/27/2025 | 10/6/2025 | 108000000 | 108518400 | U.S. Treasuries (including strips) | 3.13 - 4.00 | 12/15/2027 - 5/15/2033 | 110583439 |
| MUFG Securities EMEA PLC | 4.22 | 9/30/2025 | 10/1/2025 | 132000000 | 132015473 | U.S. Treasuries (including strips) | 1.25 | 8/15/2031 | 134609814 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 4.17 | 9/18/2025 | 12/4/2025 | 49000000 | 49437039 | U.S. Treasuries (including strips) | 1.25 - 4.25 | 5/15/2028 - 2/15/2044 | 50055316 |
| Mizuho Securities U.S.A., Inc. | 4.19 | 9/24/2025 | 10/1/2025 | 38000000 | 38030959 | U.S. Treasuries (including strips) | 4.38 | 12/31/2029 | 38791673 |
| NatWest Market Securities Inc | 4.18 | 9/30/2025 | 10/7/2025 | 101000000 | 101082091 | U.S. Treasuries (including strips) | 1.88 - 4.00 | 2/28/2029 - 2/28/2030 | 103032000 |
| Norinchukin Bank | 4.20 | 9/30/2025 | 10/7/2025 | 34000000 | 34027767 | U.S. Treasuries (including strips) | 4.13 | 11/30/2031 | 34680058 |
| Prudential Insurance Co. of America | 4.21 | 9/30/2025 | 10/1/2025 | 176512900 | 176533542 | U.S. Treasuries (including strips) | 0.10 - 6.63 | 1/31/2027 - 2/15/2045 | 180009891 |
| RBC Dominion Securities | 4.24 | 8/28/2025 | 10/31/2025 | 27000000 | 27203520 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 11/6/2025 - 8/15/2055 | 27668428 |
| RBC Dominion Securities | 4.14 | 9/18/2025 | 10/30/2025 | 153000000 | 153738990 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 10/2/2025 - 8/15/2055 | 156306242 |
| Royal Bank of Canada | 4.17 | 9/30/2025 | 10/7/2025 | 173000000 | 173140274 | U.S. Treasuries (including strips) | 0.75 - 4.25 | 1/31/2026 - 8/15/2053 | 176574606 |
| SMBC Nikko Securities America Inc | 4.21 | 9/30/2025 | 10/1/2025 | 326000000 | 326038124 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 11/30/2025 - 5/15/2055 | 332599211 |
| Societe Generale | 4.19 | 9/26/2025 | 10/3/2025 | 210000000 | 210171092 | U.S. Treasuries (including strips) | 4.13 - 4.50 | 11/15/2032 - 11/15/2033 | 214324789 |
| Sumitomo Mitsui Banking Corp | 4.30 | 9/17/2025 | 10/1/2025 | 12000000 | 12020067 | U.S. Treasuries (including strips) | 4.38 - 4.50 | 8/31/2028 - 11/15/2033 | 12391796 |
| **Total Repurchase Agreements** |  |  |  | 24104889900 | 24124814292 |  |  |  | 24610005418 |

---

**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 ($)** |
| **$28,538,000 due 10/01/2025 at 4.21%** |  |
| HSBC Securities Inc. (U.S.A.) | 28538000 |
|  | 28538000 |
| **$833,011,000 due 10/01/2025 at 4.20%** |  |
| HSBC Securities Inc. (U.S.A.) | 80719000 |
| Sumitomo Mitsui Banking Corp/New York | 752292000 |
|  | 833011000 |

---

**Treasury Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of September 30, 2025 (Unaudited)** | <br> **As of September 30, 2025 (Unaudited)** | <br> **As of September 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $26,242,438,900) - See accompanying schedule:<br>Unaffiliated issuers (cost $73,459,541,058)<br>|  | $73459541058 |
| Cash |  | 305000008 |
| Receivable for fund shares sold |  | 172343216 |
| Interest receivable |  | 115578288 |
| Prepaid expenses |  | 76782 |
| Receivable from investment adviser for expense reductions |  | 2015354 |
| Other receivables |  | 638414 |
| **Total assets** |  | 74055193120 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2971271445 |  |
| Payable for fund shares redeemed | 316253370 |  |
| Distributions payable | 112397323 |  |
| Accrued management fee | 8122292 |  |
| Distribution and service plan fees payable | 1477427 |  |
| Other affiliated payables | 2810366 |  |
| Other payables and accrued expenses | 1460752 |  |
| **Total liabilities** |  | 3413792975 |
| **Net Assets**  |  | $70641400145 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $70640974953 |
| Total accumulated earnings (loss) |  | 425192 |
| **Net Assets** |  | $70641400145 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($29,012,388,556 ÷ 29,004,653,210 shares) |  | $1.00 |
| **Class II :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($817,342,857 ÷ 816,838,853 shares) |  | $1.00 |
| **Class III :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,520,149,440 ÷ 4,520,028,930 shares) |  | $1.00 |
| **Class IV :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,086,431,680 ÷ 1,086,192,896 shares) |  | $1.00 |
| **Select Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($287,155,811 ÷ 287,104,498 shares) |  | $1.00 |
| **Institutional Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($34,917,931,801 ÷ 34,921,576,732 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended September 30, 2025 (Unaudited)** | **Six months ended September 30, 2025 (Unaudited)** | **Six months ended September 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $1517504875 |
| **Expenses** |  |  |
| Management fee | $48700807 |  |
| Transfer agent fees | 15662477 |  |
| Distribution and service plan fees | 8870640 |  |
| Accounting fees and expenses | 1139801 |  |
| Custodian fees and expenses | 182274 |  |
| Independent trustees' fees and expenses | 80172 |  |
| Registration fees | 902751 |  |
| Audit fees | 27182 |  |
| Legal | 15532 |  |
| Miscellaneous | 91038 |  |
| Total expenses before reductions | 75672674 |  |
| Expense reductions | (10768629) |  |
| Total expenses after reductions |  | 64904045 |
| **Net Investment income (loss)** |  | 1452600830 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 356779 |  |
| Total net realized gain (loss) |  | 356779 |
| **Net increase in net assets resulting from operations** |  | $1452957609 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **March 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1452600830 | $3122498472 |
| &nbsp;&nbsp;Net realized gain (loss) | 356779<br>| 6486<br>|
| **Net increase in net assets resulting from operations** | 1452957609<br>| 3122504958<br>|
| Distributions to shareholders | (1452853017)<br>| (3122073631)<br>|
| Share transactions - net increase (decrease) | 3373584749<br>| 6067245689<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3373689341<br>| 6067677016<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 67267710804 | 61200033788<br>|
| &nbsp;&nbsp;End of period | $70641400145 | $67267710804 |

---

**Financial Highlights** 

**Treasury Portfolio Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .048  | .051  | .026  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .021  | .048  | .051  | .026  | - B | - B |
| Distributions from net investment income  | (.021)  | (.048)  | (.051)  | (.026)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.021)  | (.048)  | (.051)  | (.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 | 2.11% <br>| 4.89%  | 5.25%  | 2.62%  | .02%  | .05%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .21% G | .21%  | .21%  | .21%  | .21%  | .21%  |
| Expenses net of fee waivers, if any  | .18% G<br>| .18%  | .18%  | .18%  | .08%  | .15%  |
| Expenses net of all reductions, if any  | .18% G | .18%  | .18%  | .18%  | .08%  | .15%  |
| Net investment income (loss)  | 4.16% G | 4.77%  | 5.13%  | 2.96%  | .01%  | .06%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $29012389 | $26227443 | $22862069 | $22833975 | $9401930 | $10411054 |

---

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.*

**Treasury Portfolio Class II**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .024  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .020  | .046  | .050  | .024  | - B | - B |
| Distributions from net investment income  | (.020)  | (.046)  | (.050)  | (.024)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.020)  | (.046)  | (.050)  | (.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 | 2.03% <br>| 4.73%  | 5.09%  | 2.46%  | .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  | .33% G<br>| .33%  | .33%  | .33%  | .08%  | .19%  |
| Expenses net of all reductions, if any  | .33% G | .33%  | .33%  | .33%  | .08%  | .19%  |
| Net investment income (loss)  | 4.01% G | 4.62%  | 4.98%  | 2.81%  | .01%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $817343 | $723884 | $764718 | $513108 | $410771 | $647665 |

---

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.*

**Treasury Portfolio Class III**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .023  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .020  | .045  | .049  | .023  | - B | - B |
| Distributions from net investment income  | (.020)  | (.045)  | (.049)  | (.023)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.020)  | (.045)  | (.049)  | (.023)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.98% <br>| 4.62%  | 4.99%  | 2.37%  | .01%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .46% G | .46%  | .46%  | .46%  | .46%  | .46%  |
| Expenses net of fee waivers, if any  | .43% G<br>| .43%  | .43%  | .42%  | .08%  | .19%  |
| Expenses net of all reductions, if any  | .43% G | .43%  | .43%  | .42%  | .08%  | .19%  |
| Net investment income (loss)  | 3.91% G | 4.52%  | 4.88%  | 2.71%  | .01%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4520149 | $5054022 | $3988907 | $3040858 | $2611756 | $2309281 |

---

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.*

**Treasury Portfolio Class IV**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .043  | .046  | .021  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .018  | .043  | .046  | .021  | - B | - B |
| Distributions from net investment income  | (.018)  | (.043)  | (.046)  | (.021)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.018)  | (.043)  | (.046)  | (.021)  | - 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>| 4.37%  | 4.73%  | 2.14%  | .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  | .68% G<br>| .68%  | .68%  | .65%  | .08%  | .19%  |
| Expenses net of all reductions, if any  | .68% G | .68%  | .68%  | .65%  | .08%  | .19%  |
| Net investment income (loss)  | 3.66% G | 4.27%  | 4.63%  | 2.49%  | .01%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1086432 | $900615 | $870579 | $975132 | $1146144 | $987923 |

---

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.*

**Treasury Portfolio Select Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .047  | .051  | .025  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .021  | .047  | .051  | .025  | - B | - B |
| Distributions from net investment income  | (.021)  | (.047)  | (.051)  | (.025)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.021)  | (.047)  | (.051)  | (.025)  | - 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>| 4.83%  | 5.20%  | 2.56%  | .01%  | .03%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .26% G | .26%  | .26%  | .26%  | .26%  | .26%  |
| Expenses net of fee waivers, if any  | .23% G<br>| .23%  | .23%  | .23%  | .08%  | .17%  |
| Expenses net of all reductions, if any  | .23% G | .23%  | .23%  | .23%  | .08%  | .17%  |
| Net investment income (loss)  | 4.11% G | 4.72%  | 5.08%  | 2.91%  | .01%  | .03%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $287156 | $298604 | $258761 | $213589 | $254112 | $197900 |

---

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.*

**Treasury Portfolio Institutional Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .048  | .052  | .026  | - B | .001  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .021  | .048  | .052  | .026  | - B | .001  |
| Distributions from net investment income  | (.021)  | (.048)  | (.052)  | (.026)  | - B | (.001)  |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.021)  | (.048)  | (.052)  | (.026)  | - B | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.13% <br>| 4.93%  | 5.29%  | 2.66%  | .02%  | .07%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .18% G | .18%  | .18%  | .18%  | .18%  | .18%  |
| Expenses net of fee waivers, if any  | .14% G<br>| .14%  | .14%  | .14%  | .07%  | .13%  |
| Expenses net of all reductions, if any  | .14% G | .14%  | .14%  | .14%  | .07%  | .13%  |
| Net investment income (loss)  | 4.20% G | 4.81%  | 5.17%  | 3.00%  | .02%  | .07%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $34917932 | $34063143 | $32455000 | $31934376 | $10195079 | $12538863 |

---

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.*

**Government Portfolio**

**Schedule of Investments September 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 49.8%** | &nbsp;&nbsp;**Repurchase Agreements - 49.8%** | &nbsp;&nbsp;**Repurchase Agreements - 49.8%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Fixed Income Clearing Corp - Credit Agricole 4.19%, dated 10/1/2025 due 10/2/2025 (b) | 4780556339 | 4780000000 |
| Investments in repurchase agreements in a joint trading account at 4.21%, dated 9/30/2025 due 10/1/2025 (Collateralized by U.S. Government Obligations)#  | 8972024171 | 8970975000 |
| Investments in repurchase agreements in a joint trading account at 4.21%, dated 9/30/2025 due 10/1/2025 (Collateralized by U.S. Government Obligations)#  | 2718584599 | 2718267000 |
| Lloyds Bank Corp Mrkts 4.19%, dated 10/1/2025 due 10/8/2025 (b) | 102083102 | 102000000 |
| Sumitomo Mitsui Banking Corp 4.2%, dated 10/1/2025 due 10/15/2025 (b) | 46075133 | 46000000 |
| Repurchase Agreements\*  | 119352198130 | 119146255650 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $135,763,497,650) |  | **135763497650** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Debt - 24.3%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 24.3%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 24.3%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 24.3%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Fannie Mae 0.65% 12/17/2025  | 4.31 | 46000000 | 45653296 |
| Fannie Mae 0.65% 12/17/2025  | 4.31 | 10000000 | 9924629 |
| Fannie Mae U.S. SOFR Index + 0.1%, 4.23% 6/18/2026 (d)(e) | 4.23 | 319000000 | 319000000 |
| Fannie Mae U.S. SOFR Index + 0.135%, 4.265% 8/21/2026 (d)(e) | 4.26 to 4.27 | 80000000 | 80013968 |
| Fannie Mae U.S. SOFR Index + 0.14%, 4.27% 10/23/2026 (d)(e) | 4.27 | 346873000 | 346879935 |
| Fannie Mae U.S. SOFR Index + 0.14%, 4.27% 9/11/2026 (d)(e) | 4.27 | 611000000 | 611000000 |
| Federal Farm Credit Banks Funding Corp 0% 10/28/2025  | 4.21 | 56000000 | 55824440 |
| Federal Farm Credit Banks Funding Corp 0% 12/30/2025  | 4.10 | 29000000 | 28707100 |
| Federal Farm Credit Banks Funding Corp 4.75% 3/9/2026  | 4.20 | 18000000 | 18041565 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0%, 4.13% 12/24/2025 (d)(e) | 4.13 | 18000000 | 18000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.005%, 4.135% 12/3/2025 (d)(e) | 4.13 | 40000000 | 40000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.01%, 4.21% 4/2/2026 (d)(e) | 4.21 | 15000000 | 15000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.015%, 4.145% 3/27/2026 (d)(e) | 4.15 | 14000000 | 14000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.015%, 4.145% 4/9/2026 (d)(e) | 4.15 | 11000000 | 10999999 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.15% 1/13/2026 (d)(e) | 4.15 | 13000000 | 13000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.15% 1/15/2026 (d)(e) | 4.15 | 34000000 | 34000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.15% 10/9/2025 (d)(e) | 4.15 | 30000000 | 30000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.15% 3/26/2026 (d)(e) | 4.15 | 38000000 | 38000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.025%, 4.155% 3/2/2026 (d)(e) | 4.16 | 14000000 | 14000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.035%, 4.165% 6/9/2026 (d)(e) | 4.16 | 50000000 | 50000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.17% 2/11/2026 (d)(e) | 4.17 | 53000000 | 52991819 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.17% 4/28/2026 (d)(e) | 4.17 | 18000000 | 18000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.17% 5/28/2026 (d)(e) | 4.17 | 15000000 | 15000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.17% 6/2/2026 (d)(e) | 4.17 | 19000000 | 19000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.17% 6/4/2026 (d)(e) | 4.17 | 32000000 | 32000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.17% 6/9/2026 (d)(e) | 4.17 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.17% 7/14/2026 (d)(e) | 4.17 | 44000000 | 44000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.17% 7/9/2026 (d)(e) | 4.17 | 121000000 | 121000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 4.175% 6/18/2026 (d)(e) | 4.17 | 94000000 | 94000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 4.285% 10/2/2026 (d)(e) | 4.29 | 85000000 | 85000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.18% 1/15/2026 (d)(e) | 4.18 | 26000000 | 26000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.18% 5/14/2026 (d)(e) | 4.18 | 16000000 | 16000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.18% 8/18/2026 (d)(e) | 4.18 | 14000000 | 14000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.18% 8/28/2026 (d)(e) | 4.18 | 50000000 | 50000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.25% 10/2/2026 (d)(e) | 4.25 | 15000000 | 15000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.29% 7/2/2026 (d)(e) | 4.29 | 75000000 | 75000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.185% 11/18/2025 (d)(e) | 4.19 | 80000000 | 80000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.185% 11/25/2025 (d)(e) | 4.19 | 36000000 | 36000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.185% 12/2/2025 (d)(e) | 4.19 | 39000000 | 39000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.185% 12/30/2025 (d)(e) | 4.18 to 4.19 | 53000000 | 53001545 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.185% 2/13/2026 (d)(e) | 4.19 | 47000000 | 47000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.185% 7/21/2026 (d)(e) | 4.19 | 40000000 | 40000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.185% 7/30/2026 (d)(e) | 4.19 | 29000000 | 29000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.185% 9/17/2026 (d)(e) | 4.19 | 15000000 | 15000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.19% 10/5/2026 (d)(e) | 4.19 | 21000000 | 21000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.19% 9/22/2026 (d)(e) | 4.19 | 41000000 | 41000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.19% 9/4/2026 (d)(e) | 4.19 | 52000000 | 52000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.19% 9/4/2026 (d)(e) | 4.19 | 16000000 | 16000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.195% 11/13/2026 (d)(e) | 4.20 | 28000000 | 28000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.195% 11/27/2026 (d)(e) | 4.20 | 71000000 | 71000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.195% 3/23/2026 (d)(e) | 4.20 | 28000000 | 28000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.195% 9/10/2026 (d)(e) | 4.20 | 35000000 | 35000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.195% 9/18/2026 (d)(e) | 4.20 | 25000000 | 25000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.2% 10/21/2026 (d)(e) | 4.20 | 35000000 | 35000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.2% 11/17/2025 (d)(e) | 4.20 | 38000000 | 38000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.2% 12/17/2025 (d)(e) | 4.20 | 88500000 | 88500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.2% 5/28/2026 (d)(e) | 4.20 | 38000000 | 38000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.2% 8/12/2026 (d)(e) | 4.20 | 17000000 | 17000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.2% 9/9/2026 (d)(e) | 4.20 | 140000000 | 140000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.205% 10/9/2025 (d)(e) | 4.20 | 68000000 | 68000768 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.205% 11/26/2025 (d)(e) | 4.21 | 36000000 | 35999544 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.205% 4/1/2027 (d)(e) | 4.21 | 43000000 | 42996778 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.315% 4/2/2027 (d)(e) | 4.31 | 42000000 | 42000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.21% 1/28/2026 (d)(e) | 4.21 | 77000000 | 77000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.21% 1/8/2026 (d)(e) | 4.21 | 63000000 | 62997703 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.21% 10/21/2025 (d)(e) | 4.21 | 60000000 | 59999683 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.21% 11/16/2026 (d)(e) | 4.21 | 18000000 | 18000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.21% 12/12/2025 (d)(e) | 4.21 | 45000000 | 45000357 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.21% 12/22/2026 (d)(e) | 4.21 | 95000000 | 95000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.21% 2/10/2026 (d)(e) | 4.21 | 58000000 | 58000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.21% 2/17/2026 (d)(e) | 4.21 | 63000000 | 63001679 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.21% 3/11/2027 (d)(e) | 4.21 | 41000000 | 41000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.21% 3/11/2027 (d)(e) | 4.21 | 27000000 | 26991655 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.21% 3/4/2026 (d)(e) | 4.21 | 90000000 | 89999861 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.21% 4/9/2027 (d)(e) | 4.21 | 172000000 | 171923886 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.215% 11/13/2025 (d)(e) | 4.21 | 41000000 | 41000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.215% 12/29/2025 (d)(e) | 4.21 | 59000000 | 59003193 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.215% 12/29/2026 (d)(e) | 4.22 | 38000000 | 37997322 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.215% 3/20/2026 (d)(e) | 4.21 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.215% 3/25/2027 (d)(e) | 4.21 | 19000000 | 19000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.215% 3/26/2027 (d)(e) | 4.21 | 17000000 | 17000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.215% 4/8/2027 (d)(e) | 4.21 | 212000000 | 212000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.22% 1/12/2027 (d)(e) | 4.22 | 21000000 | 21000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.22% 1/19/2027 (d)(e) | 4.22 | 28000000 | 28000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.22% 1/23/2026 (d)(e) | 4.22 | 151000000 | 151026611 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.22% 12/24/2026 (d)(e) | 4.22 | 130000000 | 130000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.22% 2/12/2026 (d)(e) | 4.22 | 143000000 | 143029883 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.22% 2/19/2027 (d)(e) | 4.22 | 16000000 | 16000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.22% 2/2/2026 (d)(e) | 4.22 | 64500000 | 64498931 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.22% 2/24/2027 (d)(e) | 4.22 | 17000000 | 17000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.22% 2/9/2026 (d)(e) | 4.22 | 34000000 | 34000841 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.22% 5/14/2026 (d)(e) | 4.22 | 28000000 | 28006539 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.22% 5/21/2026 (d)(e) | 4.22 | 46000000 | 46007313 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.22% 5/28/2026 (d)(e) | 4.22 | 170000000 | 170054761 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.22% 7/28/2026 (d)(e) | 4.22 | 26000000 | 26004883 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.225% 12/12/2025 (d)(e) | 4.22 to 4.23 | 134000000 | 134002219 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.225% 12/26/2025 (d)(e) | 4.22 | 28000000 | 28000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.225% 2/25/2027 (d)(e) | 4.22 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.225% 4/17/2026 (d)(e) | 4.23 | 67000000 | 66996531 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.225% 5/5/2026 (d)(e) | 4.23 | 73000000 | 72997927 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.225% 6/17/2027 (d)(e) | 4.23 | 28000000 | 27990262 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.225% 6/3/2026 (d)(e) | 4.22 | 38138000 | 38146207 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 1/12/2027 (d)(e) | 4.23 | 88000000 | 88003628 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 1/15/2026 (d)(e) | 4.23 | 23000000 | 23000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 1/8/2027 (d)(e) | 4.23 | 87000000 | 87000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 2/25/2026 (d)(e) | 4.23 | 222000000 | 222034938 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 2/9/2027 (d)(e) | 4.23 | 19000000 | 19000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 4/15/2026 (d)(e) | 4.23 | 62000000 | 61999955 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 4/6/2027 (d)(e) | 4.23 | 21000000 | 21000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 4/8/2026 (d)(e) | 4.23 | 81000000 | 81025523 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 5/13/2026 (d)(e) | 4.23 | 252000000 | 252000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 5/20/2026 (d)(e) | 4.23 | 26000000 | 26000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 5/27/2027 (d)(e) | 4.23 | 95760000 | 95746604 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 6/18/2026 (d)(e) | 4.23 | 124000000 | 124022838 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 6/23/2027 (d)(e) | 4.23 | 45000000 | 45000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 6/24/2026 (d)(e) | 4.23 | 115000000 | 115021769 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 6/29/2027 (d)(e) | 4.23 | 39000000 | 39000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 6/5/2026 (d)(e) | 4.23 | 39000000 | 38998739 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.23% 7/1/2026 (d)(e) | 4.23 | 42000000 | 42011334 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.235% 1/8/2026 (d)(e) | 4.23 | 85000000 | 85000376 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.235% 2/23/2026 (d)(e) | 4.24 | 107000000 | 107000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.235% 3/18/2026 (d)(e) | 4.23 | 127000000 | 127001316 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.235% 4/16/2027 (d)(e) | 4.24 | 46000000 | 46000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.235% 4/21/2027 (d)(e) | 4.24 | 20000000 | 19999383 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.235% 4/24/2026 (d)(e) | 4.24 | 31000000 | 31000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.235% 5/14/2027 (d)(e) | 4.24 | 28000000 | 27997208 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.235% 6/12/2026 (d)(e) | 4.24 | 107000000 | 107000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.24% 3/11/2026 (d)(e) | 4.24 | 80000000 | 80000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.24% 4/16/2026 (d)(e) | 4.24 | 24013000 | 24014244 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.24% 4/21/2026 (d)(e) | 4.24 | 50000000 | 50001492 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.24% 5/13/2027 (d)(e) | 4.24 | 82000000 | 81998207 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.24% 6/24/2026 (d)(e) | 4.24 | 41000000 | 41000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.24% 6/24/2027 (d)(e) | 4.24 | 88000000 | 88000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.24% 7/21/2027 (d)(e) | 4.24 | 105840000 | 105818443 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.245% 2/10/2027 (d)(e) | 4.24 | 91000000 | 91020494 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.245% 5/20/2027 (d)(e) | 4.25 | 20000000 | 20000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.245% 5/27/2027 (d)(e) | 4.25 | 51000000 | 51000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.245% 5/6/2027 (d)(e) | 4.24 to 4.25 | 152433000 | 152437487 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.245% 6/16/2026 (d)(e) | 4.25 | 61000000 | 61000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.245% 6/7/2027 (d)(e) | 4.25 | 103000000 | 103000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.245% 7/8/2026 (d)(e) | 4.25 | 125500000 | 125500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.25% 2/18/2027 (d)(e) | 4.25 | 124000000 | 124000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.25% 5/26/2026 (d)(e) | 4.25 | 74000000 | 74001723 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.25% 5/28/2027 (d)(e) | 4.25 | 22000000 | 22000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.25% 5/8/2026 (d)(e) | 4.25 | 64000000 | 64001196 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.25% 6/16/2027 (d)(e) | 4.25 | 35000000 | 35000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.25% 6/9/2027 (d)(e) | 4.25 | 9000000 | 8999999 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.25% 7/10/2026 (d)(e) | 4.25 | 62000000 | 62000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.25% 7/23/2026 (d)(e) | 4.25 | 70000000 | 70000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.25% 9/14/2026 (d)(e) | 4.25 | 57886000 | 57878756 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.255% 10/21/2025 (d)(e) | 4.26 | 24000000 | 23999934 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.255% 10/6/2026 (d)(e) | 4.25 | 61000000 | 61017686 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.255% 3/23/2027 (d)(e) | 4.25 | 51000000 | 51000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.255% 3/5/2026 (d)(e) | 4.25 | 36000000 | 36001974 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.255% 4/29/2027 (d)(e) | 4.25 | 283000000 | 283054964 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.255% 7/16/2026 (d)(e) | 4.25 | 14000000 | 14000165 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.255% 7/21/2026 (d)(e) | 4.25 | 25000000 | 25000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.255% 8/18/2027 (d)(e) | 4.25 | 121000000 | 121000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.255% 8/27/2026 (d)(e) | 4.25 | 62000000 | 62000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.255% 9/8/2026 (d)(e) | 4.25 | 21000000 | 21000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.26% 1/27/2027 (d)(e) | 4.26 | 95000000 | 95017885 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.26% 2/20/2026 (d)(e) | 4.26 | 64000000 | 64006847 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.26% 2/3/2027 (d)(e) | 4.26 | 69000000 | 69014565 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.26% 4/23/2027 (d)(e) | 4.26 | 107385000 | 107422480 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.26% 5/5/2027 (d)(e) | 4.26 | 152000000 | 152001904 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.26% 6/24/2026 (d)(e) | 4.26 | 98000000 | 98000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.26% 6/26/2026 (d)(e) | 4.26 | 51000000 | 51000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.26% 7/23/2026 (d)(e) | 4.26 | 20000000 | 20012323 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.26% 7/29/2026 (d)(e) | 4.26 | 69000000 | 69000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.26% 7/29/2027 (d)(e) | 4.26 | 144000000 | 144000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.26% 8/12/2026 (d)(e) | 4.26 | 87000000 | 87000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.26% 8/28/2026 (d)(e) | 4.26 | 44000000 | 44000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.26% 8/6/2026 (d)(e) | 4.26 | 88000000 | 88000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.37% 7/2/2026 (d)(e) | 4.37 | 135000000 | 135003508 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.265% 1/8/2027 (d)(e) | 4.27 | 60000000 | 59999665 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.265% 10/15/2026 (d)(e) | 4.26 | 75000000 | 75047760 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.265% 11/18/2026 (d)(e) | 4.26 to 4.27 | 227000000 | 227135342 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.265% 11/23/2026 (d)(e) | 4.26 | 97000000 | 97000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.265% 12/18/2026 (d)(e) | 4.26 | 62000000 | 62013232 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.265% 2/10/2027 (d)(e) | 4.26 | 215000000 | 215000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.265% 8/19/2026 (d)(e) | 4.26 | 162000000 | 162000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.265% 8/4/2027 (d)(e) | 4.26 | 172000000 | 172000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.265% 9/15/2027 (d)(e) | 4.26 | 57000000 | 57000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.335% 10/1/2027 (d)(e) | 4.34 | 78000000 | 78000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.27% 1/30/2026 (d)(e) | 4.27 | 35000000 | 35000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.27% 10/23/2026 (d)(e) | 4.27 | 130500000 | 130522728 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.27% 11/25/2026 (d)(e) | 4.27 | 71000000 | 71014495 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.27% 11/4/2026 (d)(e) | 4.27 | 44000000 | 44000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.27% 12/2/2026 (d)(e) | 4.27 | 53000000 | 53000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.27% 12/30/2026 (d)(e) | 4.27 | 61000000 | 61000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.27% 8/12/2027 (d)(e) | 4.27 | 154000000 | 154000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.27% 8/26/2026 (d)(e) | 4.26 to 4.27 | 103000000 | 103007455 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.27% 9/3/2026 (d)(e) | 4.27 | 101000000 | 101000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.27% 9/4/2026 (d)(e) | 4.27 | 44000000 | 44000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.27% 9/9/2026 (d)(e) | 4.27 | 26000000 | 26000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.275% 1/12/2026 (d)(e) | 4.27 to 4.28 | 214000000 | 214011131 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.275% 1/21/2027 (d)(e) | 4.28 | 71000000 | 71000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.275% 1/8/2027 (d)(e) | 4.28 | 139000000 | 139000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.275% 12/16/2026 (d)(e) | 4.28 | 64000000 | 64000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.28% 11/27/2026 (d)(e) | 4.28 | 120000000 | 120000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.28% 12/15/2025 (d)(e) | 4.28 | 103000000 | 102999969 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.28% 12/23/2026 (d)(e) | 4.28 | 73000000 | 73000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.28% 12/4/2026 (d)(e) | 4.28 | 43000000 | 43000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.28% 9/10/2027 (d)(e) | 4.28 | 103000000 | 103000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.35% 10/1/2027 (d)(e) | 4.35 | 102000000 | 102000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.285% 10/6/2025 (d)(e) | 4.29 | 29000000 | 28999981 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.285% 11/14/2025 (d)(e) | 4.28 | 110000000 | 110000969 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.285% 11/28/2025 (d)(e) | 4.28 to 4.29 | 162200000 | 162200986 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.285% 12/1/2025 (d)(e) | 4.28 to 4.29 | 125505000 | 125505339 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.285% 9/24/2027 (d)(e) | 4.29 | 228000000 | 228000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.29% 10/17/2025 (d)(e) | 4.29 | 36000000 | 36000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.29% 10/27/2025 (d)(e) | 4.29 | 54000000 | 54000225 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.29% 10/6/2025 (d)(e) | 4.29 | 42000000 | 42000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.29% 11/3/2025 (d)(e) | 4.29 | 82000000 | 82000584 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.185%, 4.315% 5/10/2027 (d)(e) | 4.31 | 12000000 | 12015573 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.23%, 4.36% 6/28/2027 (d)(e) | 4.35 | 69000000 | 69125913 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.24%, 4.37% 7/19/2027 (d)(e) | 4.36 | 28000000 | 28053132 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.255%, 4.385% 9/13/2027 (d)(e) | 4.38 | 71000000 | 71159793 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.27%, 4.4% 11/24/2026 (d)(e) | 4.38 | 57000000 | 57132529 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.28%, 4.41% 11/20/2026 (d)(e) | 4.39 | 10000000 | 10023562 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index -0.005%, 4.125% 11/26/2025 (d)(e) | 4.12 | 53000000 | 53000000 |
| Federal Home Loan Bank 3.84% 3/9/2026  | 3.86 | 70000000 | 69995349 |
| Federal Home Loan Bank 3.85% 3/6/2026  | 3.86 | 495000000 | 494988148 |
| Federal Home Loan Bank 3.85% 3/6/2026  | 3.86 | 56000000 | 55998659 |
| Federal Home Loan Bank 3.85% 3/9/2026  | 3.85 | 142000000 | 141998603 |
| Federal Home Loan Bank 4.16% 6/9/2026  | 4.16 | 444000000 | 444000000 |
| Federal Home Loan Bank 4.2% 1/15/2026  | 4.28 | 130000000 | 129975113 |
| Federal Home Loan Bank 4.21% 1/2/2026  | 4.28 | 260000000 | 259958711 |
| Federal Home Loan Bank 4.21% 1/5/2026  | 4.29 | 260000000 | 259952544 |
| Federal Home Loan Bank 4.3% 6/2/2026  | 4.33 | 1001000000 | 1000832193 |
| Federal Home Loan Bank 4.35% 3/6/2026  | 4.35 | 490000000 | 490000000 |
| Federal Home Loan Bank 4.35% 6/5/2026  | 4.38 | 498000000 | 497898793 |
| Federal Home Loan Bank 4.35% 6/5/2026  | 4.38 | 249000000 | 248948618 |
| Federal Home Loan Bank 4.4% 3/17/2026  | 4.40 | 297857143 | 297857143 |
| Federal Home Loan Bank Discount Notes 0% 1/14/2026  | 3.90 | 171000000 | 169077319 |
| Federal Home Loan Bank Discount Notes 0% 1/16/2026  | 3.89 to 4.06 | 723000000 | 714551633 |
| Federal Home Loan Bank Discount Notes 0% 1/2/2026  | 4.03 | 165000000 | 163304378 |
| Federal Home Loan Bank Discount Notes 0% 1/21/2026  | 3.90 | 73000000 | 72125622 |
| Federal Home Loan Bank Discount Notes 0% 1/26/2026  | 3.87 | 316000000 | 312076860 |
| Federal Home Loan Bank Discount Notes 0% 1/30/2026  | 4.05 to 4.23 | 200325000 | 197610853 |
| Federal Home Loan Bank Discount Notes 0% 1/7/2026  | 3.96 | 142000000 | 140490500 |
| Federal Home Loan Bank Discount Notes 0% 1/9/2026  | 3.92 | 7000000 | 6924749 |
| Federal Home Loan Bank Discount Notes 0% 10/1/2025  | 4.28 to 4.31 | 216000000 | 216000000 |
| Federal Home Loan Bank Discount Notes 0% 10/10/2025  | 4.24 to 4.33 | 283000000 | 282701198 |
| Federal Home Loan Bank Discount Notes 0% 10/14/2025  | 4.30 | 262000000 | 261597430 |
| Federal Home Loan Bank Discount Notes 0% 10/15/2025  | 4.25 to 4.34 | 93000000 | 92846642 |
| Federal Home Loan Bank Discount Notes 0% 10/2/2025  | 4.30 | 103000000 | 102987797 |
| Federal Home Loan Bank Discount Notes 0% 10/22/2025  | 4.31 | 383000000 | 382048245 |
| Federal Home Loan Bank Discount Notes 0% 10/24/2025  | 4.31 | 372000000 | 370987540 |
| Federal Home Loan Bank Discount Notes 0% 10/29/2025  | 4.31 | 41000000 | 40863994 |
| Federal Home Loan Bank Discount Notes 0% 10/31/2025  | 4.32 | 163000000 | 162420127 |
| Federal Home Loan Bank Discount Notes 0% 10/8/2025  | 4.28 | 30000000 | 29975220 |
| Federal Home Loan Bank Discount Notes 0% 11/12/2025  | 4.20 | 267000000 | 265705717 |
| Federal Home Loan Bank Discount Notes 0% 11/13/2025  | 4.22 | 219000000 | 217918353 |
| Federal Home Loan Bank Discount Notes 0% 11/14/2025  | 4.19 | 317000000 | 315392106 |
| Federal Home Loan Bank Discount Notes 0% 11/19/2025  | 4.20 | 82000000 | 81535698 |
| Federal Home Loan Bank Discount Notes 0% 11/26/2025  | 4.16 | 368000000 | 365644964 |
| Federal Home Loan Bank Discount Notes 0% 11/28/2025  | 4.27 to 4.30 | 141000000 | 140045908 |
| Federal Home Loan Bank Discount Notes 0% 11/5/2025  | 4.21 to 4.22 | 94000000 | 93618257 |
| Federal Home Loan Bank Discount Notes 0% 11/7/2025  | 4.21 | 347000000 | 345512816 |
| Federal Home Loan Bank Discount Notes 0% 12/17/2025  | 4.14 | 19000000 | 18833990 |
| Federal Home Loan Bank Discount Notes 0% 12/26/2025  | 4.09 | 123000000 | 121814382 |
| Federal Home Loan Bank Discount Notes 0% 12/3/2025  | 4.11 | 73000000 | 72480824 |
| Federal Home Loan Bank Discount Notes 0% 12/31/2025  | 4.07 | 128000000 | 126699307 |
| Federal Home Loan Bank Discount Notes 0% 12/5/2025  | 4.09 | 125500000 | 124583414 |
| Federal Home Loan Bank Discount Notes 0% 2/18/2026  | 4.03 to 4.05 | 44000000 | 43322011 |
| Federal Home Loan Bank Discount Notes 0% 2/20/2026  | 4.07 | 177000000 | 174214315 |
| Federal Home Loan Bank Discount Notes 0% 2/24/2026  | 3.82 | 172000000 | 169380679 |
| Federal Home Loan Bank Discount Notes 0% 2/25/2026  | 4.01 | 323000000 | 317813517 |
| Federal Home Loan Bank Discount Notes 0% 2/26/2026  | 3.82 | 287000000 | 282569517 |
| Federal Home Loan Bank Discount Notes 0% 2/27/2026  | 4.01 | 191000000 | 187893226 |
| Federal Home Loan Bank Discount Notes 0% 2/9/2026  | 4.05 | 139000000 | 136991952 |
| Federal Home Loan Bank Discount Notes 0% 3/11/2026  | 3.84 | 110000000 | 108145369 |
| Federal Home Loan Bank Discount Notes 0% 3/13/2026  | 3.80 to 3.81 | 524000000 | 515135698 |
| Federal Home Loan Bank Discount Notes 0% 3/18/2026  | 3.80 to 3.81 | 660000000 | 648525899 |
| Federal Home Loan Bank Discount Notes 0% 3/20/2026  | 3.81 | 349000000 | 342845735 |
| Federal Home Loan Bank Discount Notes 0% 3/24/2026  | 3.79 | 42000000 | 41245855 |
| Federal Home Loan Bank Discount Notes 0% 3/25/2026  | 3.81 | 158000000 | 155131313 |
| Federal Home Loan Bank Discount Notes 0% 3/31/2026  | 3.77 | 143000000 | 140339803 |
| Federal Home Loan Bank Discount Notes 0% 3/4/2026  | 3.98 | 43000000 | 42282065 |
| Federal Home Loan Bank Discount Notes 0% 3/5/2026  | 3.85 | 9400000 | 9247014 |
| Federal Home Loan Bank Discount Notes 0% 3/6/2026  | 4.00 | 141000000 | 138607935 |
| Federal Home Loan Bank Discount Notes 0% 4/2/2026  | 3.78 | 143000000 | 140310408 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.13% 10/14/2025 (d)(e) | 4.13 | 121000000 | 120999895 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.13% 10/22/2025 (d)(e) | 4.13 | 64000000 | 64000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.13% 11/25/2025 (d)(e) | 4.13 | 126000000 | 126000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.13% 12/16/2025 (d)(e) | 4.13 | 362000000 | 362000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.13% 12/17/2025 (d)(e) | 4.13 | 250000000 | 250000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.13% 12/17/2025 (d)(e) | 4.13 | 137000000 | 137000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.13% 12/2/2025 (d)(e) | 4.13 | 252000000 | 252000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.13% 12/4/2025 (d)(e) | 4.13 | 213000000 | 213000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.13% 12/5/2025 (d)(e) | 4.13 | 67000000 | 66999434 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.13% 12/8/2025 (d)(e) | 4.13 | 226000000 | 226000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 1/12/2026 (d)(e) | 4.13 | 500000000 | 500000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 1/15/2026 (d)(e) | 4.13 | 644000000 | 644000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 1/20/2026 (d)(e) | 4.13 | 516000000 | 516000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 1/20/2026 (d)(e) | 4.13 | 52000000 | 52000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 1/26/2026 (d)(e) | 4.13 | 262000000 | 262000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 1/26/2026 (d)(e) | 4.13 | 66000000 | 66000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 1/27/2026 (d)(e) | 4.13 | 266000000 | 266000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 1/27/2026 (d)(e) | 4.13 | 133000000 | 133000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 1/27/2026 (d)(e) | 4.13 | 92000000 | 92000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 1/27/2026 (d)(e) | 4.13 | 53000000 | 53000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 1/30/2026 (d)(e) | 4.13 | 267000000 | 267000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 1/9/2026 (d)(e) | 4.13 | 13000000 | 13000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 10/2/2025 (d)(e) | 4.13 | 185000000 | 185000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 11/12/2025 (d)(e) | 4.13 | 295000000 | 295000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 12/29/2025 (d)(e) | 4.13 | 247000000 | 247000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 2/2/2026 (d)(e) | 4.13 | 667000000 | 667000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 2/2/2026 (d)(e) | 4.13 | 133000000 | 133000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 2/3/2026 (d)(e) | 4.13 | 134000000 | 134000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 2/3/2026 (d)(e) | 4.13 | 60000000 | 60000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 2/4/2026 (d)(e) | 4.13 | 268000000 | 268000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.135% 2/5/2026 (d)(e) | 4.13 | 201000000 | 201000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 1/26/2026 (d)(e) | 4.14 | 24000000 | 24000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 10/14/2025 (d)(e) | 4.14 | 49000000 | 49000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 10/23/2025 (d)(e) | 4.14 | 184000000 | 184000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 10/8/2025 (d)(e) | 4.14 | 244000000 | 244000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 12/30/2025 (d)(e) | 4.14 | 255000000 | 255000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 12/4/2025 (d)(e) | 4.14 | 26000000 | 26000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 2/17/2026 (d)(e) | 4.14 | 39000000 | 39000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 2/18/2026 (d)(e) | 4.14 | 103000000 | 103000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 2/24/2026 (d)(e) | 4.14 | 199000000 | 199000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 2/25/2026 (d)(e) | 4.14 | 66000000 | 66000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 2/25/2026 (d)(e) | 4.14 | 40000000 | 40000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 2/26/2026 (d)(e) | 4.14 | 263000000 | 263000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 3/3/2026 (d)(e) | 4.14 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 3/4/2026 (d)(e) | 4.14 | 134000000 | 134000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 3/5/2026 (d)(e) | 4.14 | 201000000 | 201000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.14% 3/9/2026 (d)(e) | 4.14 | 266000000 | 266000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.145% 1/29/2026 (d)(e) | 4.15 | 254000000 | 254000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.145% 10/3/2025 (d)(e) | 4.15 | 201000000 | 201000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.145% 2/2/2026 (d)(e) | 4.15 | 509000000 | 509000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.145% 4/6/2026 (d)(e) | 4.15 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.145% 4/8/2026 (d)(e) | 4.15 | 134000000 | 134000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.145% 4/9/2026 (d)(e) | 4.15 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.15% 10/15/2025 (d)(e) | 4.15 | 242000000 | 242000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.15% 10/22/2025 (d)(e) | 4.15 | 186000000 | 186000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.15% 10/24/2025 (d)(e) | 4.15 | 241000000 | 241000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.15% 10/28/2025 (d)(e) | 4.15 | 126000000 | 126000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.15% 10/8/2025 (d)(e) | 4.15 | 46000000 | 46000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.15% 11/3/2025 (d)(e) | 4.15 | 187000000 | 187000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.15% 11/4/2025 (d)(e) | 4.15 | 60000000 | 60000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.15% 12/16/2025 (d)(e) | 4.15 | 49000000 | 49000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.15% 2/23/2026 (d)(e) | 4.15 | 252000000 | 252000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.15% 3/2/2026 (d)(e) | 4.15 | 247000000 | 247000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.15% 4/13/2026 (d)(e) | 4.15 | 407000000 | 407000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.15% 4/15/2026 (d)(e) | 4.15 | 271000000 | 271000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.155% 1/5/2026 (d)(e) | 4.16 | 63000000 | 63000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.155% 11/17/2025 (d)(e) | 4.16 | 329000000 | 329000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.155% 11/21/2025 (d)(e) | 4.16 | 37000000 | 37000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.155% 11/24/2025 (d)(e) | 4.16 | 210000000 | 210000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.155% 11/25/2025 (d)(e) | 4.16 | 125000000 | 125000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.155% 12/4/2025 (d)(e) | 4.16 | 249000000 | 249000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.155% 2/12/2026 (d)(e) | 4.16 | 201000000 | 201000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.155% 2/19/2026 (d)(e) | 4.16 | 91000000 | 91000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.155% 2/20/2026 (d)(e) | 4.16 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.16% 10/20/2025 (d)(e) | 4.16 | 249000000 | 249000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.16% 10/21/2025 (d)(e) | 4.16 | 249000000 | 249000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.16% 12/30/2025 (d)(e) | 4.16 | 185000000 | 185000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.165% 3/17/2026 (d)(e) | 4.16 | 269000000 | 269000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.165% 3/19/2026 (d)(e) | 4.16 | 270000000 | 270000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.165% 3/23/2026 (d)(e) | 4.16 | 269000000 | 269000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.165% 3/24/2026 (d)(e) | 4.16 | 198000000 | 198000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.165% 3/24/2026 (d)(e) | 4.16 | 69000000 | 69000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.165% 3/26/2026 (d)(e) | 4.16 | 264000000 | 264000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.165% 3/27/2026 (d)(e) | 4.16 | 66000000 | 66000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 4.165% 3/30/2026 (d)(e) | 4.16 | 261000000 | 261000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.17% 4/20/2026 (d)(e) | 4.17 | 263000000 | 263000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.17% 4/21/2026 (d)(e) | 4.17 | 263000000 | 263000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.17% 4/23/2026 (d)(e) | 4.17 | 198000000 | 198000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.17% 4/24/2026 (d)(e) | 4.17 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.17% 4/29/2026 (d)(e) | 4.17 | 27000000 | 27000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.17% 4/30/2026 (d)(e) | 4.17 | 27000000 | 27000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.045%, 4.175% 2/5/2026 (d)(e) | 4.17 | 190000000 | 190000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.05%, 4.18% 5/14/2026 (d)(e) | 4.18 | 27000000 | 27000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.065%, 4.195% 8/10/2026 (d)(e) | 4.20 | 184000000 | 184000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.065%, 4.195% 8/12/2026 (d)(e) | 4.20 | 349000000 | 349000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 4.2% 11/28/2025 (d)(e) | 4.20 | 129500000 | 129500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 4.2% 12/23/2026 (d)(e) | 4.20 | 54000000 | 54000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 4.2% 12/24/2026 (d)(e) | 4.20 | 92000000 | 92000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 4.2% 12/30/2026 (d)(e) | 4.20 | 106000000 | 106000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 4.205% 11/18/2026 (d)(e) | 4.21 | 206000000 | 206000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 4.205% 11/27/2026 (d)(e) | 4.21 | 32000000 | 32000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 4.21% 11/13/2026 (d)(e) | 4.21 | 51000000 | 51004915 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 4.21% 12/11/2026 (d)(e) | 4.21 | 210000000 | 210000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 4.21% 12/8/2026 (d)(e) | 4.21 | 69500000 | 69500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 4.21% 2/27/2026 (d)(e) | 4.21 | 130000000 | 130000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.085%, 4.325% 1/2/2026 (d)(e) | 4.32 to 4.33 | 127970000 | 127972850 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.22% 1/12/2026 (d)(e) | 4.22 | 126000000 | 126000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.22% 1/16/2026 (d)(e) | 4.22 | 63000000 | 63000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.22% 3/1/2027 (d)(e) | 4.22 | 52000000 | 52000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.22% 5/13/2026 (d)(e) | 4.22 | 61000000 | 61000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.225% 12/23/2025 (d)(e) | 4.22 | 221000000 | 221000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.225% 2/12/2027 (d)(e) | 4.22 | 142000000 | 142000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.225% 2/25/2027 (d)(e) | 4.23 | 37000000 | 36996466 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.225% 4/14/2027 (d)(e) | 4.23 | 54000000 | 53990301 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.225% 6/11/2027 (d)(e) | 4.23 | 54000000 | 53994783 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.23% 10/16/2025 (d)(e) | 4.23 | 70000000 | 70000893 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.23% 4/17/2026 (d)(e) | 4.23 | 50000000 | 49999893 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.23% 6/10/2027 (d)(e) | 4.23 | 126000000 | 126000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.23% 6/22/2026 (d)(e) | 4.23 | 62000000 | 62000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.23% 6/24/2026 (d)(e) | 4.23 | 79000000 | 79000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.23% 6/25/2026 (d)(e) | 4.23 | 75000000 | 75000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.23% 6/26/2026 (d)(e) | 4.23 | 125000000 | 125000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.23% 6/7/2027 (d)(e) | 4.23 | 39000000 | 39000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.105%, 4.235% 2/18/2027 (d)(e) | 4.23 | 20000000 | 20000733 |
| Federal Home Loan Bank U.S. SOFR Index + 0.105%, 4.235% 2/20/2026 (d)(e) | 4.24 | 1000000 | 999999 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.24% 4/10/2026 (d)(e) | 4.24 | 59000000 | 59013970 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.24% 4/15/2026 (d)(e) | 4.24 | 70000000 | 70016312 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.24% 4/24/2026 (d)(e) | 4.24 | 64000000 | 64000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.24% 4/7/2026 (d)(e) | 4.24 | 62000000 | 62002856 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.24% 7/15/2027 (d)(e) | 4.24 | 13620000 | 13617230 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.24% 7/19/2027 (d)(e) | 4.24 | 68000000 | 67986098 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.24% 7/21/2027 (d)(e) | 4.24 | 27000000 | 26994502 |
| Federal Home Loan Bank U.S. SOFR Index + 0.115%, 4.245% 7/30/2027 (d)(e) | 4.25 | 405000000 | 405000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 4.25% 12/19/2025 (d)(e) | 4.25 | 63000000 | 63011561 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 4.25% 6/21/2027 (d)(e) | 4.25 | 158000000 | 158000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 4.25% 6/22/2027 (d)(e) | 4.25 | 142000000 | 142000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.125%, 4.255% 10/16/2025 (d)(e) | 4.25 | 240000000 | 240000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.26% 10/3/2025 (d)(e) | 4.26 | 237000000 | 237000717 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.26% 2/12/2026 (d)(e) | 4.26 | 63000000 | 63006135 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.26% 2/20/2026 (d)(e) | 4.26 | 59000000 | 59007102 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.26% 2/5/2027 (d)(e) | 4.26 | 69500000 | 69500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.26% 2/9/2026 (d)(e) | 4.26 | 80000000 | 80006064 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.26% 4/16/2027 (d)(e) | 4.26 | 68000000 | 68023383 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.26% 4/23/2027 (d)(e) | 4.26 | 55000000 | 55017096 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.26% 6/24/2027 (d)(e) | 4.26 | 157000000 | 157000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.26% 6/30/2027 (d)(e) | 4.26 | 106000000 | 106000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.26% 9/10/2027 (d)(e) | 4.26 | 140000000 | 140000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.26% 9/7/2027 (d)(e) | 4.26 | 68000000 | 68000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.26% 9/8/2027 (d)(e) | 4.26 | 42000000 | 42000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.135%, 4.265% 1/6/2027 (d)(e) | 4.26 | 24000000 | 24020460 |
| Federal Home Loan Bank U.S. SOFR Index + 0.135%, 4.265% 11/12/2025 (d)(e) | 4.26 | 239500000 | 239500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.135%, 4.265% 11/14/2025 (d)(e) | 4.26 | 211000000 | 211000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.27% 1/16/2026 (d)(e) | 4.27 | 63000000 | 63008003 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.27% 10/29/2026 (d)(e) | 4.27 | 36000000 | 36007126 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.27% 7/22/2026 (d)(e) | 4.27 | 3750000 | 3749999 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.27% 8/21/2026 (d)(e) | 4.27 | 269000000 | 269000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.27% 9/10/2026 (d)(e) | 4.27 | 68000000 | 68000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.27% 9/4/2026 (d)(e) | 4.27 | 206000000 | 206000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.275% 10/10/2025 (d)(e) | 4.28 | 123000000 | 123000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.275% 9/25/2026 (d)(e) | 4.28 | 557000000 | 557000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.385% 1/2/2026 (d)(e) | 4.38 | 110030000 | 110030950 |
| Federal Home Loan Bank U.S. SOFR Index + 0.15%, 4.28% 12/8/2025 (d)(e) | 4.28 | 252000000 | 251999769 |
| Federal Home Loan Bank U.S. SOFR Index + 0.15%, 4.28% 12/8/2025 (d)(e) | 4.28 | 72550000 | 72549909 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.285% 11/14/2025 (d)(e) | 4.28 | 61000000 | 61000530 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.285% 11/17/2025 (d)(e) | 4.28 | 383000000 | 383002272 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.285% 12/11/2025 (d)(e) | 4.29 | 123000000 | 123000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.285% 12/8/2025 (d)(e) | 4.28 | 99355000 | 99355709 |
| Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.29% 10/14/2025 (d)(e) | 4.29 | 355000000 | 355000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.29% 10/20/2025 (d)(e) | 4.29 | 132000000 | 132000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.19%, 4.32% 12/18/2026 (d)(e) | 4.32 | 297000000 | 297000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.19%, 4.32% 12/22/2026 (d)(e) | 4.32 | 343000000 | 343000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.125% 10/22/2025 (d)(e) | 4.12 | 252000000 | 252000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.125% 10/28/2025 (d)(e) | 4.12 | 201000000 | 201000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.125% 11/10/2025 (d)(e) | 4.12 | 500000000 | 500000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.125% 11/10/2025 (d)(e) | 4.12 | 124000000 | 124000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.125% 11/3/2025 (d)(e) | 4.12 | 141000000 | 141000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.125% 11/3/2025 (d)(e) | 4.12 | 127000000 | 127000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.125% 11/4/2025 (d)(e) | 4.12 | 188000000 | 188000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.125% 11/7/2025 (d)(e) | 4.12 | 256000000 | 256000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.125% 11/7/2025 (d)(e) | 4.12 | 49000000 | 49000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.12% 10/10/2025 (d)(e) | 4.12 | 247000000 | 247000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.12% 10/14/2025 (d)(e) | 4.12 | 375000000 | 375000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.12% 10/3/2025 (d)(e) | 4.12 | 259000000 | 258999942 |
| Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.12% 10/6/2025 (d)(e) | 4.12 | 128000000 | 128000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.12% 10/7/2025 (d)(e) | 4.12 | 512000000 | 512000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.12% 10/8/2025 (d)(e) | 4.12 | 128000000 | 128000000 |
| Freddie Mac 0.64% 11/24/2025  | 4.36 | 45000000 | 44759439 |
| Freddie Mac Discount Notes 0% 1/2/2026  | 4.02 | 419000000 | 414702806 |
| Freddie Mac Discount Notes 0% 10/22/2025  | 4.32 | 33545000 | 33461445 |
| Freddie Mac U.S. SOFR Index + 0.08%, 4.21% 11/5/2026 (d)(e) | 4.21 | 625000000 | 625000000 |
| Freddie Mac U.S. SOFR Index + 0.09%, 4.22% 1/26/2026 (d)(e) | 4.22 | 1142528000 | 1142538392 |
| Freddie Mac U.S. SOFR Index + 0.1%, 4.23% 2/9/2026 (d)(e) | 4.23 | 96000000 | 96001609 |
| Freddie Mac U.S. SOFR Index + 0.11%, 4.24% 3/5/2026 (d)(e) | 4.24 | 431000000 | 431000000 |
| Freddie Mac U.S. SOFR Index + 0.11%, 4.24% 5/7/2026 (d)(e) | 4.24 | 232000000 | 232000000 |
| Freddie Mac U.S. SOFR Index + 0.115%, 4.355% 4/2/2026 (d)(e) | 4.35 | 711000000 | 711004062 |
| Freddie Mac U.S. SOFR Index + 0.14%, 4.27% 10/16/2026 (d)(e) | 4.27 | 615000000 | 615000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 4.27% 10/29/2026 (d)(e) | 4.27 | 420000000 | 420000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 4.27% 9/23/2026 (d)(e) | 4.27 | 843000000 | 843000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 4.27% 9/4/2026 (d)(e) | 4.27 | 282000000 | 282000000 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - DEBT**<br> (Cost $66,339,911,521) |  |  | **66339911521** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 29.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 29.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 29.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 29.2%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/13/2026  | 3.89 to 3.90 | 3101100000 | 3066614220 |
| US Treasury Bills 0% 1/2/2026  | 3.90 to 4.24 | 1580000000 | 1564216911 |
| US Treasury Bills 0% 1/20/2026  | 3.86 to 4.23 | 3614000000 | 3571348236 |
| US Treasury Bills 0% 1/27/2026  | 3.85 to 3.88 | 3004000000 | 2966512424 |
| US Treasury Bills 0% 1/29/2026  | 4.22 | 285000000 | 281074125 |
| US Treasury Bills 0% 1/6/2026  | 4.01 to 4.27 | 856971500 | 847763456 |
| US Treasury Bills 0% 1/8/2026  | 4.23 | 1941800000 | 1919665907 |
| US Treasury Bills 0% 10/14/2025  | 4.22 | 141000000 | 140786353 |
| US Treasury Bills 0% 10/16/2025  | 4.21 to 4.29 | 6532000000 | 6520559917 |
| US Treasury Bills 0% 10/2/2025  | 4.26 to 4.27 | 4000000000 | 3999528382 |
| US Treasury Bills 0% 10/21/2025  | 4.22 to 4.29 | 3434000000 | 3425960905 |
| US Treasury Bills 0% 10/23/2025  | 4.29 to 4.30 | 1565500000 | 1561441391 |
| US Treasury Bills 0% 10/28/2025  | 4.17 to 4.25 | 1365000000 | 1360752459 |
| US Treasury Bills 0% 10/7/2025  | 4.19 to 4.26 | 1372000000 | 1371039857 |
| US Treasury Bills 0% 10/9/2025  | 4.23 to 4.30 | 3157000000 | 3154021685 |
| US Treasury Bills 0% 11/12/2025  | 4.26 to 4.29 | 3136000000 | 3120523394 |
| US Treasury Bills 0% 11/13/2025  | 4.04 to 4.19 | 5152000000 | 5127195919 |
| US Treasury Bills 0% 11/18/2025  | 4.29 | 2859100000 | 2842974675 |
| US Treasury Bills 0% 11/20/2025  | 4.17 to 4.31 | 4137000000 | 4113199120 |
| US Treasury Bills 0% 11/25/2025  | 4.29 to 4.39 | 123000000 | 122188072 |
| US Treasury Bills 0% 11/28/2025  | 4.29 to 4.30 | 189000000 | 187707877 |
| US Treasury Bills 0% 11/4/2025  | 4.27 | 230000000 | 229085386 |
| US Treasury Bills 0% 12/11/2025  | 4.25 to 4.30 | 888000000 | 880688552 |
| US Treasury Bills 0% 12/16/2025  | 4.10 to 4.16 | 589700000 | 584641213 |
| US Treasury Bills 0% 12/18/2025  | 4.24 to 4.25 | 1271637500 | 1260182846 |
| US Treasury Bills 0% 12/2/2025  | 4.27 to 4.28 | 928500000 | 921750702 |
| US Treasury Bills 0% 12/23/2025  | 4.14 | 442000000 | 437841873 |
| US Treasury Bills 0% 12/26/2025  | 4.13 to 4.18 | 218000000 | 215860740 |
| US Treasury Bills 0% 12/30/2025  | 4.07 to 4.08 | 2291500000 | 2268472322 |
| US Treasury Bills 0% 12/4/2025  | 4.30 to 4.31 | 177000000 | 175659017 |
| US Treasury Bills 0% 12/9/2025  | 4.17 | 723000000 | 717300514 |
| US Treasury Bills 0% 2/12/2026  | 4.05 to 4.06 | 1435700000 | 1414470867 |
| US Treasury Bills 0% 3/12/2026  | 3.81 | 294000000 | 289055288 |
| US Treasury Bills 0% 3/19/2026  | 3.79 to 4.12 | 1704600000 | 1674680362 |
| US Treasury Bills 0% 3/26/2026  | 3.78 | 1569300000 | 1540865970 |
| US Treasury Bills 0% 3/5/2026  | 4.02 to 4.05 | 392000000 | 385328093 |
| US Treasury Bills 0% 4/2/2026  | 3.80 | 456000000 | 447412635 |
| US Treasury Bills 0% 5/14/2026  | 4.09 | 686000000 | 669150125 |
| US Treasury Bills 0% 7/9/2026  | 4.07 to 4.11 | 2422000000 | 2347790280 |
| US Treasury Bills 0% 8/6/2026  | 3.91 to 4.12 | 705000000 | 681945231 |
| US Treasury Notes 0.25% 10/31/2025  | 4.45 | 32000000 | 31892975 |
| US Treasury Notes 0.375% 1/31/2026  | 4.21 to 4.28 | 175000000 | 172801745 |
| US Treasury Notes 0.375% 11/30/2025  | 4.43 to 4.45 | 351000000 | 348733971 |
| US Treasury Notes 0.375% 12/31/2025  | 4.26 to 4.28 | 912000000 | 903440494 |
| US Treasury Notes 0.5% 2/28/2026  | 4.13 to 4.17 | 589000000 | 580427271 |
| US Treasury Notes 0.625% 7/31/2026  | 3.74 to 4.11 | 776000000 | 755196965 |
| US Treasury Notes 0.75% 3/31/2026  | 4.10 to 4.16 | 502000000 | 493818728 |
| US Treasury Notes 0.75% 4/30/2026  | 3.80 to 4.16 | 267000000 | 262061135 |
| US Treasury Notes 0.75% 5/31/2026  | 3.81 | 165000000 | 161720770 |
| US Treasury Notes 0.75% 8/31/2026  | 3.92 to 4.16 | 501000000 | 486395189 |
| US Treasury Notes 0.875% 9/30/2026  | 3.85 | 124000000 | 120428657 |
| US Treasury Notes 1.375% 8/31/2026  | 3.93 | 61000000 | 59614273 |
| US Treasury Notes 1.625% 2/15/2026  | 4.15 | 56000000 | 55484181 |
| US Treasury Notes 1.625% 5/15/2026  | 4.03 to 4.07 | 569000000 | 560711179 |
| US Treasury Notes 1.875% 7/31/2026  | 4.01 | 23000000 | 22605162 |
| US Treasury Notes 2.125% 5/31/2026  | 4.02 | 22000000 | 21731916 |
| US Treasury Notes 2.25% 3/31/2026  | 4.13 | 56000000 | 55493674 |
| US Treasury Notes 2.5% 2/28/2026  | 4.13 | 55000000 | 54642331 |
| US Treasury Notes 2.625% 12/31/2025  | 4.29 | 103000000 | 102585025 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.159%, 4.0575% 7/31/2027 (d)(e) | 4.06 | 29000000 | 28988403 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.16%, 4.0585% 4/30/2027 (d)(e) | 4.06 | 394000000 | 394000000 |
| US Treasury Notes 3.75% 4/15/2026  | 4.18 | 157000000 | 156649751 |
| US Treasury Notes 3.75% 8/31/2026  | 3.96 | 109000000 | 108792530 |
| US Treasury Notes 4% 2/15/2026  | 4.29 | 33000000 | 32964952 |
| US Treasury Notes 4.125% 6/15/2026  | 4.13 to 4.16 | 533000000 | 532959238 |
| US Treasury Notes 4.25% 1/31/2026  | 4.28 | 333000000 | 332963547 |
| US Treasury Notes 4.25% 12/31/2025  | 4.26 to 4.31 | 903000000 | 902903677 |
| US Treasury Notes 4.375% 7/31/2026  | 3.75 to 4.08 | 708000000 | 711060584 |
| US Treasury Notes 4.5% 3/31/2026  | 4.11 to 4.16 | 606000000 | 607077754 |
| US Treasury Notes 4.625% 2/28/2026  | 4.13 to 4.17 | 203000000 | 203390557 |
| US Treasury Notes 4.625% 3/15/2026  | 4.11 | 35705000 | 35784993 |
| US Treasury Notes 4.625% 6/30/2026  | 3.77 to 4.20 | 117000000 | 117522285 |
| US Treasury Notes 4.875% 4/30/2026  | 4.04 to 4.07 | 419000000 | 420909067 |
| US Treasury Notes 4.875% 5/31/2026  | 4.04 to 4.06 | 190000000 | 190999736 |
| US Treasury Notes 5% 10/31/2025  | 4.45 | 21000000 | 21009123 |
| US Treasury Notes Inflation-Indexed 0.125% 10/15/2025  | 0.93 to 1.72 | 1218884370 | 1218188570 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $79,673,207,709) |  |  | **79673207709** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.3%**<br> (Cost $281,776,616,880)<br>| <br>**281776616880** |
| **NET OTHER ASSETS (LIABILITIES) - (3.3)%**  | **(9003281892)** |
| **NET ASSETS - 100.0%** | **272773334988** |

---

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) 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 | 4.21 | 9/30/2025 | 10/1/2025 | 390000000 | 390045608 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 9/1/2028 - 9/1/2055 | 314593770 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.63 - 4.88 | 12/15/2026 - 11/15/2033 | 83252844 |
|  |  |  |  |  |  |  |  |  | 397846614 |
| BMO Capital Markets Corp | 4.21 | 9/30/2025 | 10/1/2025 | 55000000 | 55006432 | U.S. Treasuries (including strips) | 4.63 | 2/15/2035 | 2095704 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 1.50 - 6.50 | 5/15/2027 - 10/20/2069 | 54540391 |
|  |  |  |  |  |  |  |  |  | 56636095 |
| BMO Chicago Branch | 4.18 | 9/10/2025 | 10/22/2025 | 497000000 | 499423703 | Agency Mortgage-Backed Securities | 2.50 - 6.50 | 8/1/2048 - 9/1/2055 | 508176090 |
| BMO Chicago Branch | 4.16 | 9/17/2025 | 10/17/2025 | 55000000 | 55190667 | Agency Mortgage-Backed Securities | 5.50 - 6.00 | 8/20/2053 - 9/20/2055 | 56190758 |
| BMO Chicago Branch | 4.21 | 9/11/2025 | 10/10/2025 | 221000000 | 221749497 | Agency Mortgage-Backed Securities | 3.00 - 7.50 | 4/20/2036 - 8/20/2075 | 225947233 |
| BMO Chicago Branch | 4.21 | 9/30/2025 | 10/1/2025 | 112000000 | 112013098 | Agency Mortgage-Backed Securities | 2.50 - 8.00 | 1/20/2050 - 9/20/2055 | 114253360 |
| BNP Paribas, SA | 4.15 | 9/18/2025 | 10/20/2025 | 1170000000 | 1174316000 | Agency Mortgage-Backed Securities | 1.50 - 8.00 | 10/25/2025 - 9/1/2055 | 1154616196 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 | 11/15/2035 - 8/15/2053 | 16851354 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 1.73 - 4.10 | 5/16/2028 - 3/24/2042 | 23884498 |
|  |  |  |  |  |  |  |  |  | 1195352048 |
| BNP Paribas, SA | 4.29 | 8/28/2025 | 10/3/2025 | 769000000 | 772299010 | U.S. Treasuries (including strips) | 0.63 - 5.00 | 1/31/2026 - 11/15/2050 | 787558099 |
| BNP Paribas, SA | 4.29 | 8/29/2025 | 10/3/2025 | 1022000000 | 1026262592 | U.S. Treasuries (including strips) | 0.38 - 6.63 | 9/30/2026 - 5/15/2053 | 1046539429 |
| Bank of Montreal | 4.20 | 9/25/2025 | 10/8/2025 | 101000000 | 101153001 | U.S. Treasuries (including strips) | 1.25 - 4.63 | 10/31/2025 - 11/15/2054 | 103191935 |
| Bank of Montreal | 4.19 | 9/24/2025 | 10/8/2025 | 92000000 | 92149909 | U.S. Treasuries (including strips) | 1.38 - 5.00 | 4/30/2027 - 5/15/2051 | 93917530 |
| Bank of Montreal | 4.18 | 9/30/2025 | 10/7/2025 | 41000000 | 41033324 | U.S. Treasuries (including strips) | 1.38 - 4.63 | 12/31/2026 - 5/15/2051 | 41824859 |
| Bank of Montreal | 4.19 | 9/26/2025 | 10/3/2025 | 61000000 | 61049698 | U.S. Treasuries (including strips) | 1.25 - 4.63 | 10/31/2025 - 5/15/2054 | 62256259 |
| Barclays Bank PLC | 4.16 | 9/19/2025 | 10/30/2025 | 222000000 | 223051787 | Agency Mortgage-Backed Securities | 2.00 - 5.00 | 2/20/2050 - 8/20/2055 | 226754007 |
| Barclays Bank PLC | 4.14(f) | 9/10/2025 | 10/10/2025 | 442000000 | 443524900 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 9/20/2026 - 8/20/2055 | 404882960 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 6.50 | 5/25/2055 | 19864977 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 4.50 - 6.50 | 9/25/2045 - 5/1/2055 | 27707633 |
|  |  |  |  |  |  |  |  |  | 452455570 |
| Barclays Bank PLC | 4.14(f) | 9/4/2025 | 10/3/2025 | 433000000 | 434444055 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 5/20/2047 - 8/20/2055 | 429344757 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 5.00 | 9/25/2055 | 15537360 |
|  |  |  |  |  |  |  |  |  | 444882117 |
| Barclays Bank PLC | 4.22 | 9/30/2025 | 10/1/2025 | 168000000 | 168019693 | Agency Mortgage-Backed Securities | 2.50 - 6.50 | 5/20/2047 - 5/16/2065 | 171628687 |
| Barclays Bank PLC | 4.20 | 9/30/2025 | 10/1/2025 | 4028000000 | 4028469933 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 10/14/2025 - 2/15/2049 | 4109039426 |
| BofA Securities, Inc. | 4.19(f) | 8/5/2025 | 12/5/2025 | 206000000 | 208925085 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 1/1/2026 - 6/15/2060 | 211577299 |
| BofA Securities, Inc. | 4.17 | 9/3/2025 | 12/3/2025 | 145000000 | 146528421 | U.S. Treasuries (including strips) | 3.88 | 7/31/2030 | 148379753 |
| BofA Securities, Inc. | 4.19(f) | 8/1/2025 | 12/1/2025 | 822000000 | 833671944 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 11/15/2028 - 9/20/2055 | 844668445 |
| BofA Securities, Inc. | 4.26 | 8/7/2025 | 11/7/2025 | 104000000 | 105132214 | Agency Mortgage-Backed Securities | 2.50 - 7.00 | 1/1/2028 - 8/20/2055 | 106770404 |
| BofA Securities, Inc. | 4.27 | 8/27/2025 | 10/27/2025 | 269000000 | 270946290 | U.S. Treasuries (including strips) | 3.63 - 4.00 | 8/31/2029 - 3/31/2030 | 275519077 |
| BofA Securities, Inc. | 4.15(f) | 7/11/2025 | 10/10/2025 | 101000000 | 102059518 | Agency Mortgage-Backed Securities | 3.00 - 7.00 | 11/1/2034 - 7/1/2055 | 104039183 |
| Canadian Imperial Bank of Commerce | 4.21 | 9/2/2025 | 11/3/2025 | 341000000 | 343472440 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 11/6/2025 - 2/15/2055 | 349570760 |
| Canadian Imperial Bank of Commerce | 4.19 | 9/18/2025 | 10/30/2025 | 14000000 | 14068436 | Agency Mortgage-Backed Securities | 3.50 | 1/1/2048 | 67637 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.75 - 4.13 | 1/31/2028 - 8/15/2053 | 170228 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 1.90 - 7.50 | 4/20/2038 - 11/20/2072 | 282702 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 4.06 - 7.00 | 7/1/2029 - 10/25/2054 | 14121181 |
|  |  |  |  |  |  |  |  |  | 14641748 |
| Canadian Imperial Bank of Commerce | 4.15 | 9/18/2025 | 10/30/2025 | 111000000 | 111537425 | Agency Mortgage-Backed Securities | 2.00 - 8.00 | 2/1/2049 - 8/20/2064 | 113206782 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.88 - 4.50 | 8/31/2027 - 11/15/2048 | 182917 |
|  |  |  |  |  |  |  |  |  | 113389699 |
| Canadian Imperial Bank of Commerce | 4.15 | 9/24/2025 | 10/23/2025 | 409000000 | 410365662 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 10/30/2025 - 2/15/2055 | 417554382 |
| Canadian Imperial Bank of Commerce | 4.13 | 9/29/2025 | 10/17/2025 | 266000000 | 266549290 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 11/6/2025 - 5/15/2054 | 271989966 |
| Canadian Imperial Bank of Commerce | 4.17 | 9/15/2025 | 10/15/2025 | 71000000 | 71246725 | U.S. Treasuries (including strips) | 0.38 - 4.63 | 1/31/2026 - 2/15/2055 | 72666647 |
| Canadian Imperial Bank of Commerce | 4.18 | 9/15/2025 | 10/14/2025 | 221000000 | 221744156 | Agency Mortgage-Backed Securities | 1.33 - 8.00 | 10/1/2027 - 8/20/2064 | 139316576 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.63 | 1/13/2026 - 2/15/2055 | 86527639 |
|  |  |  |  |  |  |  |  |  | 225844215 |
| Canadian Imperial Bank of Commerce | 4.29 | 8/26/2025 | 10/7/2025 | 294000000 | 295471470 | U.S. Treasuries (including strips) | 0.50 - 4.88 | 1/31/2026 - 11/15/2054 | 301166521 |
| Citibank NA | 4.19 | 9/24/2025 | 10/1/2025 | 335000000 | 335272932 | Agency Mortgage-Backed Securities | 2.00 - 8.50 | 1/1/2027 - 7/20/2075 | 338030768 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.63 | 5/15/2026 | 3947625 |
|  |  |  |  |  |  |  |  |  | 341978393 |
| Citigroup Global Capital Markets Inc | 4.21(f) | 9/24/2025 | 11/25/2025 | 1032000000 | 1039482574 | Agency Mortgage-Backed Securities | 4.00 - 7.75 | 2/20/2055 - 5/20/2055 | 1052640621 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.25 | 11/30/2026 | 866105 |
|  |  |  |  |  |  |  |  |  | 1053506726 |
| Citigroup Global Capital Markets Inc | 4.20(f) | 9/24/2025 | 11/25/2025 | 604500000 | 608872550 | U.S. Treasuries (including strips) | 0.00 - 3.50 | 3/26/2026 - 9/30/2027 | 617096523 |
| Citigroup Global Capital Markets Inc | 4.21(f) | 9/17/2025 | 11/18/2025 | 585000000 | 589241575 | Agency Mortgage-Backed Securities | 2.60 - 8.00 | 12/1/2025 - 11/20/2072 | 595849845 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.25 | 11/30/2026 | 1839215 |
|  |  |  |  |  |  |  |  |  | 597689060 |
| Citigroup Global Capital Markets Inc | 4.21(f) | 9/4/2025 | 11/5/2025 | 570000000 | 574132816 | Agency Mortgage-Backed Securities | 4.00 - 7.00 | 2/20/2055 - 3/20/2055 | 581400866 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.25 | 11/30/2026 | 1906485 |
|  |  |  |  |  |  |  |  |  | 583307351 |
| Citigroup Global Capital Markets Inc | 4.19 | 9/24/2025 | 10/1/2025 | 502000000 | 502408991 | U.S. Treasuries (including strips) | 3.63 - 3.75 | 6/30/2027 - 8/31/2027 | 512457253 |
| Credit AG | 4.21 | 9/30/2025 | 10/1/2025 | 44000000 | 44005146 | U.S. Treasuries (including strips) | 1.63 | 8/15/2029 | 44885267 |
| Fixed Income Clearing Corp - BNP | 4.20 | 9/30/2025 | 10/1/2025 | 3135000000 | 3135365750 | U.S. Treasuries (including strips) | 1.13 - 4.63 | 7/31/2027 - 2/15/2055 | 3198073070 |
| Fixed Income Clearing Corp - BNP | 4.20 | 9/30/2025 | 10/1/2025 | 3327000000 | 3327388150 | U.S. Treasuries (including strips) | 1.63 - 4.63 | 1/31/2026 - 2/15/2053 | 3393935929 |
| Fixed Income Clearing Corp - BNYM | 4.25 | 9/30/2025 | 10/1/2025 | 2968000000 | 2968350389 | U.S. Treasuries (including strips) | 1.50 - 4.63 | 8/15/2026 - 2/15/2035 | 3027360079 |
| Fixed Income Clearing Corp - BNYM | 4.22 | 9/30/2025 | 10/1/2025 | 614000000 | 614071974 | U.S. Treasuries (including strips) | 3.63 | 8/31/2029 | 626280080 |
| Fixed Income Clearing Corp - BNYM | 4.20 | 9/30/2025 | 10/1/2025 | 6141000000 | 6141716450 | U.S. Treasuries (including strips) | 0.50 - 4.13 | 1/15/2028 - 8/15/2040 | 6263820022 |
| Fixed Income Clearing Corp - BONY | 4.26 | 9/30/2025 | 10/1/2025 | 2105000000 | 2105249092 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 4/1/2035 - 6/1/2064 | 2147100000 |
| Fixed Income Clearing Corp - BONY | 4.21 | 9/30/2025 | 10/1/2025 | 1411000000 | 1411165009 | Agency Mortgage-Backed Securities | 2.50 - 7.00 | 4/1/2029 - 5/1/2055 | 1439220000 |
| Fixed Income Clearing Corp - CIBC | 4.21 | 9/30/2025 | 10/1/2025 | 143000000 | 143016723 | U.S. Treasuries (including strips) | 1.13 | 2/15/2031 | 145926277 |
| Fixed Income Clearing Corp - CIBC | 4.21 | 9/30/2025 | 10/1/2025 | 796000000 | 796093088 | U.S. Treasuries (including strips) | 4.25 - 4.63 | 11/15/2034 - 11/15/2044 | 811880618 |
| Fixed Income Clearing Corp - Citi | 4.21 | 9/30/2025 | 10/1/2025 | 2743000000 | 2743320779 | U.S. Treasuries (including strips) | 0.00 - 5.38 | 12/18/2025 - 5/15/2055 | 2798187202 |
| Fixed Income Clearing Corp - Credit Agricole | 4.27 | 9/30/2025 | 10/1/2025 | 4797000000 | 4797568978 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 10/31/2026 - 11/15/2051 | 4934440603 |
| Fixed Income Clearing Corp - Credit Agricole | 4.21 | 9/30/2025 | 10/1/2025 | 1126000000 | 1126131679 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 2/28/2026 - 11/15/2052 | 1148000240 |
| Fixed Income Clearing Corp - Goldman | 4.21 | 9/30/2025 | 10/1/2025 | 3806000000 | 3806445091 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 1/1/2027 - 6/1/2064 | 3882573993 |
| Fixed Income Clearing Corp - Goldman | 4.20 | 9/30/2025 | 10/1/2025 | 2307380000 | 2307649194 | U.S. Treasuries (including strips) | 0.00 - 6.63 | 10/15/2025 - 8/15/2055 | 2353802184 |
| Fixed Income Clearing Corp - Goldman | 4.20 | 9/30/2025 | 10/1/2025 | 3075000000 | 3075358750 | U.S. Treasuries (including strips) | 2.00 - 4.63 | 6/15/2027 - 2/15/2043 | 3136865958 |
| Fixed Income Clearing Corp - ING | 4.21 | 9/30/2025 | 10/1/2025 | 559000000 | 559065372 | Agency Mortgage-Backed Securities | 4.00 - 6.50 | 5/1/2052 - 10/1/2053 | 570246680 |
| Fixed Income Clearing Corp - ING | 4.21 | 9/30/2025 | 10/1/2025 | 1022000000 | 1022119517 | U.S. Treasuries (including strips) | 3.50 | 4/30/2030 | 1042716357 |
| Fixed Income Clearing Corp - ING | 4.20 | 9/30/2025 | 10/1/2025 | 2999000000 | 2999349883 | U.S. Treasuries (including strips) | 3.88 - 4.63 | 6/15/2027 - 11/15/2032 | 3059336942 |
| Fixed Income Clearing Corp - Mizuho | 4.21 | 9/30/2025 | 10/1/2025 | 1226000000 | 1226143374 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 3/1/2028 - 3/15/2060 | 1187884041 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.88 - 4.63 | 4/30/2027 - 5/15/2052 | 62782249 |
|  |  |  |  |  |  |  |  |  | 1250666290 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.21 | 9/30/2025 | 10/1/2025 | 1119000000 | 1119130861 | Agency Mortgage-Backed Securities | 1.50 - 8.00 | 1/1/2026 - 9/1/2057 | 1141380139 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.88 - 2.38 | 2/15/2042 - 2/15/2051 | 133349 |
|  |  |  |  |  |  |  |  |  | 1141513488 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.21 | 9/30/2025 | 10/1/2025 | 2686000000 | 2686314113 | Agency Mortgage-Backed Securities | 1.50 - 8.50 | 3/20/2027 - 9/20/2065 | 2739720145 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 4.75 | 11/15/2043 - 8/15/2055 | 320581 |
|  |  |  |  |  |  |  |  |  | 2740040726 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.21 | 9/30/2025 | 10/1/2025 | 2463000000 | 2463288034 | Agency Mortgage-Backed Securities | 1.50 - 9.00 | 12/1/2025 - 10/1/2055 | 2512260099 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 2.25 - 4.75 | 11/15/2043 - 8/15/2046 | 293698 |
|  |  |  |  |  |  |  |  |  | 2512553797 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.21 | 9/30/2025 | 10/1/2025 | 2239000000 | 2239261839 | Agency Mortgage-Backed Securities | 1.50 - 8.00 | 3/1/2026 - 10/1/2055 | 2283780100 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.88 - 4.63 | 2/15/2040 - 2/15/2051 | 266984 |
|  |  |  |  |  |  |  |  |  | 2284047084 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.20 | 9/30/2025 | 10/1/2025 | 3223000000 | 3223376017 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 3/19/2026 - 2/15/2035 | 3287843593 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.20 | 9/30/2025 | 10/1/2025 | 2455000000 | 2455286417 | U.S. Treasuries (including strips) | 1.38 - 4.38 | 8/15/2026 - 5/15/2034 | 2504392146 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.20 | 9/30/2025 | 10/1/2025 | 2700752000 | 2701067088 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 1/6/2026 - 2/15/2035 | 2755088434 |
| Fixed Income Clearing Corp - Natixis | 4.21 | 9/30/2025 | 10/1/2025 | 1428000000 | 1428166997 | U.S. Treasuries (including strips) | 2.38 - 3.88 | 5/15/2027 - 8/15/2033 | 1456239516 |
| Fixed Income Clearing Corp - Natwest | 4.21 | 9/30/2025 | 10/1/2025 | 20000000 | 20002339 | U.S. Treasuries (including strips) | 3.50 | 9/30/2027 | 20402477 |
| Fixed Income Clearing Corp - Nomura | 4.21 | 9/30/2025 | 10/1/2025 | 1914000000 | 1914223832 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 11/30/2025 - 7/31/2031 | 1952508385 |
| Fixed Income Clearing Corp - State Street Bank | 4.21 | 9/30/2025 | 10/1/2025 | 1231000000 | 1231143959 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 10/1/2027 - 9/1/2055 | 1256852391 |
| Fixed Income Clearing Corp - State Street Bank | 4.20 | 9/30/2025 | 10/1/2025 | 7882000000 | 7882919567 | U.S. Treasuries (including strips) | 0.38 - 4.13 | 9/30/2027 - 11/30/2027 | 8039640150 |
| Goldman Sachs & Co LLC | 4.25(f) | 9/30/2025 | 10/30/2025 | 557000000 | 558972708 | Agency Mortgage-Backed Securities | 2.00 - 8.50 | 4/15/2030 - 7/15/2066 | 568205336 |
| Goldman Sachs & Co LLC | 4.14(f) | 9/29/2025 | 10/29/2025 | 559000000 | 560928550 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 6/20/2028 - 6/15/2060 | 570311617 |
| HSBC Securities Inc (USA) | 4.19 | 9/30/2025 | 10/7/2025 | 401000000 | 401326704 | U.S. Treasuries (including strips) | 2.13 - 4.38 | 5/31/2026 - 11/30/2028 | 409067656 |
| ING Financial Markets LLC | 4.20 | 9/18/2025 | 10/30/2025 | 585000000 | 587866500 | Agency Mortgage-Backed Securities | 3.00 - 6.50 | 5/1/2045 - 7/1/2055 | 597604995 |
| ING Financial Markets LLC | 4.20 | 9/30/2025 | 10/7/2025 | 41000000 | 41033483 | U.S. Treasuries (including strips) | 0.00 - 3.38 | 2/5/2026 - 11/15/2048 | 42134027 |
| JP Morgan Securities, LLC | 4.15(f) | 9/29/2025 | 10/29/2025 | 5773000000 | 5792964958 | U.S. Treasuries (including strips) | 1.38 - 4.63 | 5/31/2027 - 11/15/2040 | 5889822552 |
| JP Morgan Securities, LLC | 4.16(f) | 9/19/2025 | 10/20/2025 | 3342000000 | 3353971787 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 1/20/2028 - 9/1/2061 | 3413587758 |
| Lloyds Bank Corp Mrkts | 4.19 | 9/26/2025 | 10/3/2025 | 163000000 | 163132800 | U.S. Treasuries (including strips) | 0.38 - 4.63 | 11/15/2025 - 2/15/2054 | 166384298 |
| Lloyds Bank Corp Mrkts | 4.20 | 9/25/2025 | 10/2/2025 | 163000000 | 163133117 | U.S. Treasuries (including strips) | 1.38 - 4.50 | 2/15/2027 - 10/31/2028 | 166376474 |
| Lloyds Bank Corp Mrkts | 4.20 | 9/24/2025 | 10/1/2025 | 164000000 | 164133933 | U.S. Treasuries (including strips) | 0.38 - 5.38 | 11/15/2025 - 2/15/2054 | 167556983 |
| Lloyds Bank PLC | 4.09 | 9/26/2025 | 12/19/2025 | 65000000 | 65620316 | U.S. Treasuries (including strips) | 0.50 - 4.38 | 9/30/2026 - 2/15/2033 | 66337712 |
| Lloyds Bank PLC | 4.26 | 8/28/2025 | 11/28/2025 | 128000000 | 129393494 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/30/2027 - 2/15/2034 | 131085344 |
| Lloyds Bank PLC | 4.28 | 8/26/2025 | 11/26/2025 | 126000000 | 127378160 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/30/2027 - 11/15/2033 | 129070155 |
| Lloyds Bank PLC | 4.13 | 9/26/2025 | 11/26/2025 | 131000000 | 131916745 | U.S. Treasuries (including strips) | 0.88 - 4.38 | 11/15/2027 - 8/15/2034 | 133696646 |
| Lloyds Bank PLC | 4.13 | 9/24/2025 | 11/24/2025 | 66000000 | 66461872 | U.S. Treasuries (including strips) | 0.50 - 3.38 | 4/30/2027 - 5/15/2033 | 67374080 |
| Lloyds Bank PLC | 4.29 | 8/20/2025 | 11/20/2025 | 62000000 | 62679726 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/30/2027 - 2/15/2034 | 63556557 |
| Lloyds Bank PLC | 4.32 | 8/7/2025 | 11/7/2025 | 116000000 | 117280640 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/30/2027 - 2/15/2034 | 119100994 |
| Lloyds Bank PLC | 4.41 | 7/31/2025 | 10/6/2025 | 68000000 | 68558110 | U.S. Treasuries (including strips) | 0.50 - 6.00 | 2/15/2026 - 8/15/2034 | 69886839 |
| MUFG Securities (Canada), Ltd. | 4.19 | 9/18/2025 | 12/4/2025 | 205000000 | 206837198 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 8/26/2026 - 6/1/2056 | 209416380 |
| MUFG Securities (Canada), Ltd. | 4.17 | 9/18/2025 | 12/4/2025 | 196000000 | 197748156 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 10/31/2025 - 5/15/2055 | 200392879 |
| MUFG Securities (Canada), Ltd. | 4.15 | 9/18/2025 | 10/30/2025 | 101000000 | 101489009 | U.S. Treasuries (including strips) | 0.50 - 4.88 | 10/31/2025 - 5/15/2053 | 103186280 |
| MUFG Securities EMEA PLC | 4.26 | 8/7/2025 | 11/7/2025 | 569000000 | 575194514 | U.S. Treasuries (including strips) | 1.13 - 4.00 | 7/31/2027 - 8/15/2034 | 583997559 |
| MUFG Securities EMEA PLC | 4.32 | 8/27/2025 | 10/6/2025 | 394000000 | 395891200 | U.S. Treasuries (including strips) | 1.13 - 4.00 | 12/15/2027 - 8/15/2034 | 403410555 |
| MUFG Securities EMEA PLC | 4.22 | 9/30/2025 | 10/1/2025 | 512000000 | 512060018 | U.S. Treasuries (including strips) | 3.75 - 3.88 | 4/30/2030 - 8/31/2031 | 522249999 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 4.19 | 9/18/2025 | 12/4/2025 | 790000000 | 797079936 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 11/1/2025 - 9/1/2055 | 807019220 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 4.17 | 9/18/2025 | 12/4/2025 | 196000000 | 197748156 | U.S. Treasuries (including strips) | 1.88 - 5.50 | 7/15/2026 - 2/15/2045 | 200221048 |
| Mizuho Securities U.S.A., Inc. | 4.19 | 9/24/2025 | 10/1/2025 | 151000000 | 151123023 | U.S. Treasuries (including strips) | 3.63 - 4.63 | 6/15/2027 - 8/31/2027 | 154145507 |
| NatWest Market Securities Inc | 4.18 | 9/30/2025 | 10/7/2025 | 391000000 | 391317796 | U.S. Treasuries (including strips) | 2.00 - 4.38 | 11/15/2026 - 8/15/2033 | 398866365 |
| Norinchukin Bank | 4.20 | 9/30/2025 | 10/7/2025 | 131000000 | 131106983 | U.S. Treasuries (including strips) | 4.13 | 11/30/2031 | 133620091 |
| Prudential Insurance Co. of America | 4.21 | 9/30/2025 | 10/1/2025 | 705623650 | 705706169 | U.S. Treasuries (including strips) | 0.10 - 5.50 | 7/31/2026 - 5/15/2045 | 719712415 |
| RBC Dominion Securities | 4.25 | 8/28/2025 | 10/31/2025 | 217000000 | 218639556 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 11/15/2032 - 9/1/2055 | 136921928 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 4.50 | 1/31/2026 - 2/15/2047 | 85383375 |
|  |  |  |  |  |  |  |  |  | 222305303 |
| RBC Dominion Securities | 4.24 | 8/28/2025 | 10/31/2025 | 99000000 | 99746240 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 1/31/2026 - 2/15/2055 | 101392756 |
| RBC Dominion Securities | 4.14 | 9/18/2025 | 10/30/2025 | 609000000 | 611941470 | U.S. Treasuries (including strips) | 0.00 - 5.38 | 10/31/2025 - 8/15/2055 | 622108720 |
| RBC Financial Group | 4.12 | 9/19/2025 | 11/14/2025 | 287000000 | 288839351 | Agency Mortgage-Backed Securities | 0.85 - 6.50 | 5/25/2030 - 9/1/2055 | 191362884 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 4.75 | 10/15/2025 - 2/15/2051 | 96675048 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 4.50 - 6.50 | 2/20/2053 - 9/20/2055 | 797694 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 5.18 - 6.50 | 9/25/2052 - 10/1/2055 | 4881504 |
|  |  |  |  |  |  |  |  |  | 293717130 |
| RBC Financial Group | 4.23 | 8/14/2025 | 11/12/2025 | 128000000 | 129353600 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 1/1/2035 - 10/1/2055 | 29767885 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 4.05 | 2/15/2026 - 2/15/2051 | 101626228 |
|  |  |  |  |  |  |  |  |  | 131394113 |
| RBC Financial Group | 4.25 | 8/28/2025 | 10/31/2025 | 1086000000 | 1094205333 | Agency Mortgage-Backed Securities | 3.50 - 6.50 | 6/1/2032 - 10/1/2055 | 22356939 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 4.50 | 3/31/2026 - 11/15/2033 | 1024667379 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 5.49 - 6.50 | 4/20/2054 - 9/20/2055 | 66229100 |
|  |  |  |  |  |  |  |  |  | 1113253418 |
| RBC Financial Group | 4.16 | 9/17/2025 | 10/23/2025 | 886000000 | 889685760 | Agency Mortgage-Backed Securities | 0.85 - 7.00 | 5/25/2030 - 9/20/2055 | 121378606 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 4.10 | 10/31/2025 - 2/15/2055 | 665707499 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 5.18 - 6.50 | 9/25/2052 - 10/1/2055 | 122792458 |
|  |  |  |  |  |  |  |  |  | 909878563 |
| Royal Bank of Canada | 4.17 | 9/30/2025 | 10/7/2025 | 669000000 | 669542448 | U.S. Treasuries (including strips) | 1.50 - 4.50 | 4/30/2026 - 8/15/2053 | 682551022 |
| SMBC Nikko Securities America Inc | 4.21 | 9/30/2025 | 10/1/2025 | 1259000000 | 1259147233 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 10/9/2025 - 8/15/2055 | 1284389521 |
| SMBC Nikko Securities America Inc | 4.21 | 9/30/2025 | 10/1/2025 | 269000000 | 269031458 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 1/1/2027 - 10/1/2062 | 259464236 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 5.38 | 10/31/2025 - 2/15/2055 | 14951924 |
|  |  |  |  |  |  |  |  |  | 274416160 |
| Societe Generale | 4.19 | 9/26/2025 | 10/3/2025 | 813000000 | 813662369 | U.S. Treasuries (including strips) | 2.50 - 4.00 | 3/31/2027 - 6/30/2028 | 829742911 |
| Societe Generale | 4.18 | 9/24/2025 | 10/1/2025 | 224000000 | 224182062 | Agency Mortgage-Backed Securities | 2.00 - 5.63 | 1/20/2026 - 5/20/2055 | 228665704 |
| Sumitomo Mitsui Banking Corp | 4.30 | 9/17/2025 | 10/1/2025 | 46000000 | 46076922 | U.S. Treasuries (including strips) | 1.63 - 4.38 | 8/31/2028 - 8/15/2033 | 47210583 |
| TD Securities (U.S.A.) | 4.22 | 9/30/2025 | 10/1/2025 | 435000000 | 435050992 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 2/1/2042 - 5/1/2055 | 443752012 |
| Wells Fargo Bank NA | 4.18 | 9/30/2025 | 10/7/2025 | 781000000 | 781634779 | U.S. Treasuries (including strips) | 0.63 - 4.13 | 11/30/2027 - 11/30/2031 | 796712539 |
| Wells Fargo Securities, LLC | 4.20 | 9/3/2025 | 12/3/2025 | 371000000 | 374938783 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 6/1/2026 - 10/1/2055 | 379656172 |
| Wells Fargo Securities, LLC | 4.28 | 8/20/2025 | 11/20/2025 | 562000000 | 568147032 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 11/1/2030 - 9/1/2055 | 576102379 |
| Wells Fargo Securities, LLC | 4.28 | 8/21/2025 | 11/19/2025 | 284000000 | 287038800 | Agency Mortgage-Backed Securities | 1.50 - 6.50 | 12/1/2037 - 10/1/2055 | 291092029 |
| Wells Fargo Securities, LLC | 4.28 | 8/19/2025 | 11/18/2025 | 279000000 | 282018470 | Agency Collateralized Mortgage Obligation | 2.97 - 5.71 | 2/25/2027 - 8/25/2055 | 288839100 |
| Wells Fargo Securities, LLC | 4.28 | 8/18/2025 | 11/17/2025 | 559000000 | 565047759 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 10/1/2030 - 10/1/2055 | 573162675 |
| Wells Fargo Securities, LLC | 4.28 | 8/12/2025 | 11/10/2025 | 281000000 | 284006700 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 12/1/2027 - 1/1/2059 | 288323797 |
| Wells Fargo Securities, LLC | 4.17 | 9/8/2025 | 11/7/2025 | 145000000 | 146007750 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 10/1/2028 - 9/1/2055 | 148294030 |
| Wells Fargo Securities, LLC | 4.29 | 8/8/2025 | 10/30/2025 | 834000000 | 842248955 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 12/1/2025 - 6/1/2057 | 856154126 |
| Wells Fargo Securities, LLC | 4.19 | 9/18/2025 | 10/30/2025 | 585000000 | 587859675 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 5/1/2026 - 10/1/2055 | 597602841 |
| **Total Repurchase Agreements** |  |  |  | 119146255650 | 119352198130 |  |  |  | 121672819424 |

---

**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 ($)** |
| **$2,718,267,000 due 10/01/2025 at 4.21%** |  |
| HSBC Securities Inc (USA) | 243138000 |
| JPMorgan Securities LLC | 444657000 |
| MUFG Securities (Canada) Ltd. | 599644000 |
| Sumitomo Mitsui Banking Corp | 395821000 |
| Sumitomo Mitsui Banking Corp/New York | 1035007000 |
|  | 2718267000 |
| **$8,970,975,000 due 10/01/2025 at 4.21%** |  |
| Bank of America NA | 804918000 |
| HSBC Securities Inc (USA) | 234768000 |
| Rbc Dominion Securities Inc | 2235882000 |
| Sumitomo Mitsui Banking Corp | 2408660000 |
| Sumitomo Mitsui Banking Corp/New York | 1296812000 |
| Wells Fargo Bank NA | 1006147000 |
| Wells Fargo Securities LLC | 983788000 |
|  | 8970975000 |

---

**Government Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of September 30, 2025 (Unaudited)** | <br> **As of September 30, 2025 (Unaudited)** | <br> **As of September 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $135,763,497,650) - See accompanying schedule:<br>Unaffiliated issuers (cost $281,776,616,880)<br>|  | $281776616880 |
| Cash |  | 952000732 |
| Receivable for fund shares sold |  | 567798288 |
| Interest receivable |  | 504283429 |
| Prepaid expenses |  | 259334 |
| Receivable from investment adviser for expense reductions |  | 9210824 |
| Other receivables |  | 2252291 |
| **Total assets** |  | 283812421778 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9680191964 |  |
| Payable for fund shares redeemed | 925870470 |  |
| Distributions payable | 381873237 |  |
| Accrued management fee | 31695659 |  |
| Distribution and service plan fees payable | 1688602 |  |
| Other affiliated payables | 8959159 |  |
| Other payables and accrued expenses | 8807699 |  |
| **Total liabilities** |  | 11039086790 |
| **Net Assets**  |  | $272773334988 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $272773287119 |
| Total accumulated earnings (loss) |  | 47869 |
| **Net Assets** |  | $272773334988 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($56,870,290,526 ÷ 56,855,880,417 shares) |  | $1.00 |
| **Class II :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,901,560,477 ÷ 1,900,644,343 shares) |  | $1.00 |
| **Class III :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,103,802,218 ÷ 7,100,430,186 shares) |  | $1.00 |
| **Select Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($197,392,999 ÷ 197,370,356 shares) |  | $1.00 |
| **Institutional Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($206,700,288,768 ÷ 206,708,412,738 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended September 30, 2025 (Unaudited)** | **Six months ended September 30, 2025 (Unaudited)** | **Six months ended September 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $5278189565 |
| **Expenses** |  |  |
| Management fee | $168565969 |  |
| Transfer agent fees | 45201957 |  |
| Distribution and service plan fees | 9925107 |  |
| Accounting fees and expenses | 2766542 |  |
| Custodian fees and expenses | 489474 |  |
| Independent trustees' fees and expenses | 267747 |  |
| Registration fees | 7077854 |  |
| Audit fees | 32840 |  |
| Legal | 50887 |  |
| Miscellaneous | 291635 |  |
| Total expenses before reductions | 234670012 |  |
| Expense reductions | (43103858) |  |
| Total expenses after reductions |  | 191566154 |
| **Net Investment income (loss)** |  | 5086623411 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 262514 |  |
| Total net realized gain (loss) |  | 262514 |
| **Net increase in net assets resulting from operations** |  | $5086885925 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **March 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5086623411 | $10080917215 |
| &nbsp;&nbsp;Net realized gain (loss) | 262514<br>| 575839<br>|
| **Net increase in net assets resulting from operations** | 5086885925<br>| 10081493054<br>|
| Distributions to shareholders | (5097720284)<br>| (10069673682)<br>|
| Share transactions - net increase (decrease) | 47669054693<br>| 26286919974<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 47658220334<br>| 26298739346<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 225115114654 | 198816375308<br>|
| &nbsp;&nbsp;End of period | $272773334988 | $225115114654 |

---

**Financial Highlights** 

**Government Portfolio Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .048  | .051  | .025  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .021  | .048  | .051  | .025  | - B | - B |
| Distributions from net investment income  | (.021)  | (.048)  | (.051)  | (.025)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.021)  | (.048)  | (.051)  | (.025)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.12% <br>| 4.91%  | 5.26%  | 2.57%  | .02%  | .04%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .21% G | .21%  | .21%  | .21%  | .20%  | .20%  |
| Expenses net of fee waivers, if any  | .18% G<br>| .18%  | .18%  | .18%  | .08%  | .15%  |
| Expenses net of all reductions, if any  | .18% G | .18%  | .18%  | .18%  | .08%  | .15%  |
| Net investment income (loss)  | 4.19% G | 4.79%  | 5.14%  | 2.61%  | .01%  | .05%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $56870291 | $53167650 | $42265971 | $44904989 | $30836096 | $33508140 |

---

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.*

**Government Portfolio Class II**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .047  | .050  | .024  | - B | - B |
| Net realized and unrealized gain (loss)  | - B | (.001) C | - B | - B | - B | - B |
| Total from investment operations  | .020  | .046  | .050  | .024  | - B | - B |
| Distributions from net investment income  | (.020)  | (.046)  | (.050)  | (.024)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.020)  | (.046)  | (.050)  | (.024)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** D,E | 2.04% <br>| 4.75%  | 5.10%  | 2.41%  | .01%  | .01%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .36% H | .36%  | .36%  | .36%  | .35%  | .35%  |
| Expenses net of fee waivers, if any  | .33% H<br>| .33%  | .33%  | .33%  | .08%  | .17%  |
| Expenses net of all reductions, if any  | .33% H | .33%  | .33%  | .33%  | .08%  | .17%  |
| Net investment income (loss)  | 4.04% H | 4.64%  | 4.99%  | 2.46%  | .01%  | .03%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1901560 | $1384543 | $1317113 | $942328 | $959467 | $1365564 |

---

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*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

D*Total returns 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.*

**Government Portfolio Class III**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .049  | .023  | - B | - B |
| Net realized and unrealized gain (loss)  | - B | (.001) C | - B | - B | - B | - B |
| Total from investment operations  | .020  | .045  | .049  | .023  | - B | - B |
| Distributions from net investment income  | (.020)  | (.045)  | (.049)  | (.023)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.020)  | (.045)  | (.049)  | (.023)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** D,E | 1.99% <br>| 4.65%  | 5.00%  | 2.32%  | .01%  | .01%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .46% H | .46%  | .46%  | .46%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .43% H<br>| .43%  | .43%  | .42%  | .08%  | .19%  |
| Expenses net of all reductions, if any  | .43% H | .43%  | .43%  | .42%  | .08%  | .19%  |
| Net investment income (loss)  | 3.94% H | 4.54%  | 4.89%  | 2.37%  | .01%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7103802 | $6841746 | $5714437 | $4188981 | $3764164 | $3233933 |

---

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*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

D*Total returns 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.*

**Government Portfolio Select Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .048  | .051  | .025  | - B | - B |
| Net realized and unrealized gain (loss)  | - B | (.001) C | - B | - B | - B | - B |
| Total from investment operations  | .021  | .047  | .051  | .025  | - B | - B |
| Distributions from net investment income  | (.021)  | (.047)  | (.051)  | (.025)  | - B | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.021)  | (.047)  | (.051)  | (.025)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** D,E | 2.09% <br>| 4.85%  | 5.21%  | 2.51%  | .01%  | .03%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .26% H | .26%  | .26%  | .26%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .23% H<br>| .23%  | .23%  | .23%  | .08%  | .17%  |
| Expenses net of all reductions, if any  | .23% H | .23%  | .23%  | .23%  | .08%  | .17%  |
| Net investment income (loss)  | 4.14% H | 4.74%  | 5.09%  | 2.56%  | .02%  | .03%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $197393 | $255424 | $217340 | $218451 | $292713 | $367246 |

---

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*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

D*Total returns 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.*

**Government Portfolio Institutional Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .048  | .052  | .026  | - B | .001  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .021  | .048  | .052  | .026  | - B | .001  |
| Distributions from net investment income  | (.021)  | (.048)  | (.052)  | (.026)  | - B | (.001)  |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | -  |
| Total distributions  | (.021)  | (.048)  | (.052)  | (.026)  | - B | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.14% <br>| 4.95%  | 5.30%  | 2.61%  | .02%  | .07%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .18% G | .18%  | .18%  | .18%  | .17%  | .17%  |
| Expenses net of fee waivers, if any  | .14% G<br>| .14%  | .14%  | .14%  | .07%  | .13%  |
| Expenses net of all reductions, if any  | .14% G | .14%  | .14%  | .14%  | .07%  | .13%  |
| Net investment income (loss)  | 4.23% G | 4.83%  | 5.18%  | 2.65%  | .02%  | .07%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $206700289 | $163465752 | $149301514 | $121893333 | $91880707 | $92805026 |

---

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.*

**Money Market Portfolio**

**Schedule of Investments September 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 62.6%** | &nbsp;&nbsp;**Repurchase Agreements - 62.6%** | &nbsp;&nbsp;**Repurchase Agreements - 62.6%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Citigroup Global Capital Markets Inc 4.44%, dated 10/1/2025 due 12/2/2025 (b)(c) | 1473154248 | 1462000000 |
| Fixed Income Clearing Corp - Credit Agricole 4.19%, dated 10/1/2025 due 10/2/2025 (c) | 2731317858 | 2731000000 |
| Investments in repurchase agreements in a joint trading account at 4.21%, dated 9/30/2025 due 10/1/2025 (Collateralized by U.S. Government Obligations)#  | 6640396504 | 6639620000 |
| Investments in repurchase agreements in a joint trading account at 4.21%, dated 9/30/2025 due 10/1/2025 (Collateralized by U.S. Government Obligations)#  | 238005830 | 237978000 |
| Lloyds Bank Corp Mrkts 4.19%, dated 10/1/2025 due 10/8/2025 (c) | 59048069 | 59000000 |
| Repurchase Agreements\*  | 87881253830 | 87747830503 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $98,877,428,503) |  | **98877428503** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Certificates of Deposit - 6.0%** | &nbsp;&nbsp;**Certificates of Deposit - 6.0%** | &nbsp;&nbsp;**Certificates of Deposit - 6.0%** | &nbsp;&nbsp;**Certificates of Deposit - 6.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Bank of America NA 4.09% 3/11/2026  | 4.09 | 263000000 | 263000000 |
| Bank of America NA 4.09% 3/6/2026  | 4.09 | 264000000 | 264000000 |
| Bank of Montreal/Chicago IL yankee 4.21% 3/4/2026  | 4.21 | 133000000 | 133000000 |
| Bank of Montreal/Chicago IL yankee U.S. SOFR Index + 0.2%, 4.33% 2/4/2026 (e)(f) | 4.33 | 105000000 | 105000000 |
| Bank of Nova Scotia/Houston yankee U.S. SOFR Index + 0.25%, 4.38% 1/28/2026 (e)(f) | 4.38 | 368000000 | 368000000 |
| Landesbank Baden-Wuerttemberg/New York NY yankee 4.14% 10/6/2025  | 4.14 | 265000000 | 265000000 |
| Mitsubishi UFJ Trust & Banking Corp/NY yankee 4.36% 12/8/2025  | 4.36 | 264000000 | 264000000 |
| Mitsubishi UFJ Trust & Banking Corp/NY yankee 4.36% 12/9/2025  | 4.36 | 264000000 | 264000000 |
| Mitsubishi UFJ Trust & Banking Corp/NY yankee 4.46% 10/10/2025  | 4.46 | 262000000 | 262000000 |
| Mitsubishi UFJ Trust & Banking Corp/NY yankee 4.46% 10/14/2025  | 4.46 | 265000000 | 265000000 |
| Mitsubishi UFJ Trust & Banking Corp/NY yankee U.S. SOFR Index + 0.18%, 4.31% 1/22/2026 (e)(f) | 4.31 | 263000000 | 263000000 |
| Mizuho Bank Ltd/New York NY yankee 4.13% 10/1/2025  | 4.13 | 1063000000 | 1063000000 |
| Mizuho Bank Ltd/New York NY yankee 4.13% 10/6/2025  | 4.13 | 1039000000 | 1039000000 |
| MUFG Bank Ltd/New York NY yankee 4.44% 11/4/2025  | 4.44 | 266000000 | 266000000 |
| MUFG Bank Ltd/New York NY yankee 4.45% 10/14/2025  | 4.45 | 266000000 | 266000000 |
| MUFG Bank Ltd/New York NY yankee 4.45% 10/16/2025  | 4.45 | 263000000 | 263000000 |
| MUFG Bank Ltd/New York NY yankee 4.45% 10/24/2025  | 4.45 | 316000000 | 316000000 |
| MUFG Bank Ltd/New York NY yankee 4.45% 10/27/2025  | 4.45 | 315500000 | 315500000 |
| MUFG Bank Ltd/New York NY yankee 4.45% 11/20/2025  | 4.45 | 316000000 | 316000000 |
| State Street Bank & Trust Co U.S. SOFR Index + 0.16%, 4.29% 1/27/2026 (e)(f) | 4.29 | 180000000 | 180000000 |
| Sumitomo Mitsui Banking Corp/New York yankee 4.46% 10/16/2025  | 4.46 | 264500000 | 264500000 |
| Sumitomo Mitsui Banking Corp/New York yankee 4.46% 10/20/2025  | 4.46 | 262000000 | 262000000 |
| Sumitomo Mitsui Trust NY yankee 4.12% 11/20/2025  | 4.12 | 258000000 | 258000000 |
| Sumitomo Mitsui Trust NY yankee 4.12% 11/21/2025  | 4.12 | 269000000 | 269000000 |
| Sumitomo Mitsui Trust NY yankee 4.44% 10/22/2025  | 4.44 | 153000000 | 153000000 |
| Sumitomo Mitsui Trust NY yankee 4.44% 10/23/2025  | 4.44 | 269000000 | 269000000 |
| Sumitomo Mitsui Trust NY yankee 4.45% 10/10/2025  | 4.45 | 158000000 | 158000000 |
| Sumitomo Mitsui Trust NY yankee 4.45% 10/16/2025  | 4.45 | 261000000 | 261000000 |
| Sumitomo Mitsui Trust NY yankee 4.45% 10/17/2025  | 4.45 | 161000000 | 161000000 |
| Sumitomo Mitsui Trust NY yankee 4.45% 10/2/2025  | 4.45 | 263000000 | 263000000 |
| Toronto-Dominion Bank/NY yankee 4.25% 2/18/2026  | 4.25 | 319000000 | 319000000 |
| Toronto-Dominion Bank/NY yankee U.S. SOFR Index + 0.22%, 4.35% 2/13/2026 (e)(f) | 4.35 | 105000000 | 105000000 |
| <br> **TOTAL CERTIFICATES OF DEPOSIT**<br> (Cost $9,483,000,000) |  |  | **9483000000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 12.5%** | &nbsp;&nbsp;**Commercial Paper - 12.5%** | &nbsp;&nbsp;**Commercial Paper - 12.5%** | &nbsp;&nbsp;**Commercial Paper - 12.5%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Australia & New Zealand Banking Group Ltd U.S. SOFR Index + 0.2%, 4.33% 10/2/2025 (e)(f) | 4.33 | 526000000 | 526000000 |
| Australia & New Zealand Banking Group Ltd yankee U.S. SOFR Index + 0.2%, 4.33% 10/1/2025 (e)(f) | 4.33 | 525000000 | 525000000 |
| Bank of Montreal U.S. SOFR Index + 0.17%, 4.3% 1/21/2026 (e)(f) | 4.30 | 367000000 | 367000000 |
| Bank of Montreal yankee 4.21% 1/21/2026  | 4.29 | 525000000 | 518123667 |
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 4.15% 11/25/2025 (g) | 4.18 | 262000000 | 260338847 |
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 4.18% 11/12/2025 (g) | 4.21 | 263000000 | 261717437 |
| Bedford Row Funding Corp 4.33% 1/9/2026 (Liquidity Facility Royal Bank Of Canada)  | 4.43 | 131000000 | 129424361 |
| Bedford Row Funding Corp 4.35% 11/20/2025 (Liquidity Facility Royal Bank Of Canada)  | 4.45 | 130000000 | 129214583 |
| Bedford Row Funding Corp 4.35% 12/3/2025 (Liquidity Facility Royal Bank Of Canada)  | 4.46 | 130000000 | 129010375 |
| Bedford Row Funding Corp U.S. SOFR Index + 0.2%, 4.33% 10/3/2025 (Liquidity Facility Royal Bank Of Canada) (e)(f) | 4.33 | 106000000 | 106000000 |
| Bedford Row Funding Corp U.S. SOFR Index + 0.21%, 4.34% 3/18/2026 (Liquidity Facility Royal Bank Of Canada) (e)(f) | 4.34 | 158000000 | 158000000 |
| Bedford Row Funding Corp yankee 3.98% 3/4/2026  | 4.06 | 105000000 | 103212317 |
| BofA Securities Inc 4.2% 2/18/2026  | 4.29 | 263000000 | 258704333 |
| BofA Securities Inc 4.21% 1/15/2026  | 4.29 | 263000000 | 259739823 |
| BofA Securities Inc 4.37% 12/12/2025  | 4.45 | 131000000 | 129855060 |
| BofA Securities Inc 4.37% 12/15/2025  | 4.45 | 262000000 | 259614708 |
| Cabot Trail Funding LLC 4.1% 3/4/2026 (Liquidity Facility The Toronto Dominion Bank)  | 4.19 | 53000000 | 52070439 |
| Cabot Trail Funding LLC 4.1% 3/4/2026 (Liquidity Facility The Toronto Dominion Bank)  | 4.19 | 53000000 | 52070439 |
| Cabot Trail Funding LLC 4.19% 2/11/2026 (Liquidity Facility The Toronto Dominion Bank)  | 4.28 | 79000000 | 77777102 |
| Cabot Trail Funding LLC 4.33% 11/4/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.37 | 27000000 | 26889585 |
| Cabot Trail Funding LLC 4.33% 11/5/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.37 | 26000000 | 25890547 |
| Cabot Trail Funding LLC 4.33% 11/5/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.37 | 23000000 | 22903176 |
| Cabot Trail Funding LLC 4.33% 11/7/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.37 | 24000000 | 23893193 |
| Cabot Trail Funding LLC 4.36% 11/17/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.46 | 130000000 | 129260011 |
| Cabot Trail Funding LLC 4.36% 11/18/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.46 | 156000000 | 155093121 |
| Cabot Trail Funding LLC 4.36% 11/19/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.46 | 115000000 | 114317539 |
| Cabot Trail Funding LLC 4.36% 11/20/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.46 | 65000000 | 64606389 |
| Cabot Trail Funding LLC 4.36% 11/21/2025 (Liquidity Facility The Toronto Dominion Bank)  | 4.46 | 109000000 | 108326743 |
| Canadian Imperial Bank of Commerce U.S. SOFR Index + 0.22%, 4.35% 1/5/2026 (e)(f) | 4.35 | 132000000 | 132000000 |
| Federation des Caisses Desjardins du Quebec yankee 3.95% 3/25/2026  | 4.03 | 259000000 | 254026840 |
| Federation des Caisses Desjardins du Quebec yankee 3.95% 3/25/2026  | 4.03 | 107000000 | 104945451 |
| Federation des Caisses Desjardins du Quebec yankee 4.16% 2/19/2026  | 4.25 | 105000000 | 103289200 |
| Federation des Caisses Desjardins du Quebec yankee 4.35% 11/14/2025  | 4.45 | 53000000 | 52718217 |
| Federation des Caisses Desjardins du Quebec yankee 4.35% 11/14/2025  | 4.45 | 51000000 | 50728849 |
| Federation des Caisses Desjardins du Quebec yankee 4.395% 10/16/2025  | 4.44 | 261000000 | 260522044 |
| Federation des Caisses Desjardins du Quebec yankee 4.395% 10/16/2025  | 4.44 | 54000000 | 53901113 |
| Gotham Funding Corp yankee 4.09% 1/12/2026 (Liquidity Facility Mufg Bank Ltd)  | 4.14 | 53000000 | 52379797 |
| Gotham Funding Corp yankee 4.09% 12/11/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 196000000 | 194418988 |
| Gotham Funding Corp yankee 4.09% 12/12/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 52000000 | 51574640 |
| Gotham Funding Corp yankee 4.28% 11/20/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.32 | 81000000 | 80518500 |
| Gotham Funding Corp yankee 4.28% 11/20/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.32 | 54000000 | 53679000 |
| Gotham Funding Corp yankee 4.28% 11/21/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.32 | 135000000 | 134181450 |
| Gotham Funding Corp yankee 4.28% 11/26/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.33 | 54000000 | 53640480 |
| Gotham Funding Corp yankee 4.4% 10/31/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.45 | 52000000 | 51809333 |
| Gotham Funding Corp yankee 4.4% 10/7/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.45 | 105000000 | 104923000 |
| Gotham Funding Corp yankee 4.4% 11/4/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.45 | 27000000 | 26887800 |
| Gotham Funding Corp yankee 4.4% 11/4/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.45 | 27000000 | 26887800 |
| ING US Funding LLC 4.09% 12/30/2025  | 4.13 | 131000000 | 129660525 |
| ING US Funding LLC U.S. SOFR Index + 0.15%, 4.28% 12/29/2025 (e)(f) | 4.28 | 131000000 | 131000000 |
| JPMorgan Securities LLC 4.05% 1/12/2026  | 4.10 | 157000000 | 155180762 |
| JPMorgan Securities LLC 4.05% 1/14/2026  | 4.10 | 261000000 | 257916938 |
| JPMorgan Securities LLC 4.06% 1/6/2026  | 4.11 | 262000000 | 259133865 |
| JPMorgan Securities LLC 4.06% 1/8/2026  | 4.11 | 236000000 | 233365060 |
| Liberty Street Funding LLC 4.25% 12/15/2025 (Liquidity Facility The Bank Of Nova Scotia)  | 4.31 | 105000000 | 104070312 |
| Liberty Street Funding LLC 4.4% 10/14/2025 (Liquidity Facility The Bank Of Nova Scotia)  | 4.46 | 91000000 | 90855411 |
| Liberty Street Funding LLC 4.4% 10/17/2025 (Liquidity Facility The Bank Of Nova Scotia)  | 4.47 | 38000000 | 37925689 |
| Liberty Street Funding LLC 4.4% 10/20/2025 (Liquidity Facility The Bank Of Nova Scotia)  | 4.47 | 91000000 | 90788678 |
| Liberty Street Funding LLC 4.4% 10/3/2025 (Liquidity Facility The Bank Of Nova Scotia)  | 4.45 | 50000000 | 49987778 |
| Liberty Street Funding LLC 4.4% 10/6/2025 (Liquidity Facility The Bank Of Nova Scotia)  | 4.45 | 50000000 | 49969444 |
| Liberty Street Funding LLC 4.4% 10/6/2025 (Liquidity Facility The Bank Of Nova Scotia)  | 4.45 | 31000000 | 30981056 |
| Lloyds Bank PLC yankee 4.245% 12/10/2025  | 4.30 | 135000000 | 133885687 |
| Lloyds Bank PLC yankee 4.245% 12/11/2025  | 4.30 | 77000000 | 76355350 |
| Lloyds Bank PLC yankee 4.245% 12/12/2025  | 4.30 | 81000000 | 80312310 |
| Lloyds Bank PLC yankee 4.245% 12/9/2025  | 4.30 | 128000000 | 126958560 |
| Mizuho Bank Ltd/Singapore yankee 4.305% 12/1/2025  | 4.35 | 263000000 | 261081525 |
| National Australia Bank Ltd U.S. SOFR Index + 0.19%, 4.32% 10/14/2025 (e)(f) | 4.32 | 158000000 | 158000000 |
| National Australia Bank Ltd U.S. SOFR Index + 0.22%, 4.35% 1/22/2026 (e)(f) | 4.35 | 104000000 | 104000000 |
| National Bank of Canada yankee 3.96% 3/19/2026  | 4.04 | 263000000 | 258110830 |
| National Bank of Canada yankee 4.3% 10/30/2025  | 4.34 | 242000000 | 241161739 |
| Podium Funding Trust yankee 3.98% 3/25/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.06 | 79000000 | 77471569 |
| Podium Funding Trust yankee 3.98% 3/26/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.06 | 78000000 | 76482293 |
| Podium Funding Trust yankee 4.1% 3/4/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.19 | 105000000 | 103158417 |
| Podium Funding Trust yankee 4.18% 2/18/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.27 | 132000000 | 129854267 |
| Podium Funding Trust yankee 4.34% 1/6/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.44 | 52000000 | 51391918 |
| Podium Funding Trust yankee 4.34% 1/9/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.44 | 104000000 | 102746222 |
| Podium Funding Trust yankee 4.36% 11/20/2025 (Liquidity Facility Bank Of Montreal Que)  | 4.46 | 77000000 | 76533722 |
| Podium Funding Trust yankee 4.36% 11/4/2025 (Liquidity Facility Bank Of Montreal Que)  | 4.45 | 129500000 | 128966748 |
| Royal Bank of Canada 3.95% 3/24/2026  | 4.03 | 524000000 | 513995966 |
| Royal Bank of Canada 3.95% 3/25/2026  | 4.03 | 510000000 | 500207291 |
| Royal Bank of Canada 3.95% 3/26/2026  | 4.03 | 262000000 | 256940489 |
| Royal Bank of Canada 3.96% 4/1/2026  | 4.04 | 523000000 | 512529539 |
| Royal Bank of Canada 4.04% 3/23/2026  | 4.13 | 1052000000 | 1031576005 |
| Royal Bank of Canada 4.15% 2/19/2026  | 4.24 | 514000000 | 505645358 |
| Royal Bank of Canada 4.15% 2/20/2026  | 4.24 | 539000000 | 530176869 |
| Royal Bank of Canada 4.33% 11/20/2025  | 4.43 | 390000000 | 387654583 |
| Royal Bank of Canada 4.33% 11/21/2025  | 4.43 | 390000000 | 387607675 |
| Royal Bank of Canada U.S. SOFR Index + 0.21%, 4.34% 1/5/2026 (e)(f) | 4.34 | 520000000 | 520000000 |
| Sumitomo Mitsui Trust NY yankee 4.3% 11/13/2025  | 4.35 | 263000000 | 261649203 |
| Sumitomo Mitsui Trust NY yankee 4.305% 11/5/2025  | 4.35 | 105000000 | 104560531 |
| Sumitomo Mitsui Trust NY yankee 4.395% 10/22/2025  | 4.45 | 157000000 | 156597491 |
| Toronto Dominion Bank 4.38% 2/18/2026 (e) | 4.38 | 263000000 | 263000000 |
| Toronto Dominion Bank U.S. SOFR Index + 0.22%, 4.38% 1/16/2026 (e)(f) | 4.38 | 261000000 | 261000000 |
| Toronto Dominion Bank U.S. SOFR Index + 0.22%, 4.38% 2/20/2026 (e)(f) | 4.38 | 526000000 | 526000000 |
| Toronto Dominion Bank U.S. SOFR Index + 0.22%, 4.38% 2/24/2026 (e)(f) | 4.38 | 263000000 | 263000000 |
| Toronto Dominion Bank U.S. SOFR Index + 0.22%, 4.38% 2/6/2026 (e)(f) | 4.38 | 525000000 | 525000000 |
| Toronto Dominion Bank yankee 4.16% 2/19/2026  | 4.25 | 157000000 | 154441946 |
| Toronto Dominion Bank yankee 4.16% 2/23/2026  | 4.25 | 158000000 | 155352622 |
| Toronto Dominion Bank yankee 4.235% 12/1/2025  | 4.28 | 256000000 | 254162951 |
| Toronto Dominion Bank yankee 4.235% 12/2/2025  | 4.28 | 269000000 | 267038019 |
| Victory Receivables Corp 4.08% 12/16/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.12 | 52000000 | 51552107 |
| Victory Receivables Corp 4.08% 12/17/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.12 | 68000000 | 67406587 |
| Victory Receivables Corp 4.09% 1/12/2026 (Liquidity Facility Mufg Bank Ltd)  | 4.14 | 106000000 | 104759594 |
| Victory Receivables Corp 4.09% 12/10/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 66000000 | 65475117 |
| Victory Receivables Corp 4.09% 12/10/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 39000000 | 38689842 |
| Victory Receivables Corp 4.09% 12/11/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 157000000 | 155733577 |
| Victory Receivables Corp 4.09% 12/11/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 36000000 | 35709610 |
| Victory Receivables Corp 4.09% 12/12/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.13 | 25000000 | 24795499 |
| Victory Receivables Corp 4.28% 11/20/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.32 | 32000000 | 31809777 |
| Victory Receivables Corp 4.28% 11/26/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.33 | 81000000 | 80460720 |
| Victory Receivables Corp 4.4% 10/31/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.45 | 52000000 | 51809333 |
| Victory Receivables Corp 4.4% 10/8/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.45 | 78000000 | 77933267 |
| Victory Receivables Corp 4.4% 10/8/2025 (Liquidity Facility Mufg Bank Ltd)  | 4.45 | 52000000 | 51955511 |
| <br> **TOTAL COMMERCIAL PAPER**<br> (Cost $19,800,620,051) |  |  | **19800620051** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Time Deposits - 1.6%** | &nbsp;&nbsp;**Time Deposits - 1.6%** | &nbsp;&nbsp;**Time Deposits - 1.6%** | &nbsp;&nbsp;**Time Deposits - 1.6%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| ING Bank NV 4.13% 10/1/2025  | 4.13 | 1063000000 | 1063000000 |
| ING Bank NV 4.13% 10/6/2025  | 4.13 | 531000000 | 531000000 |
| Royal Bank of Canada Toronto 4.21% 10/1/2025  | 4.21 | 432734000 | 432734000 |
| Royal Bank of Canada Toronto 4.22% 10/1/2025  | 4.22 | 523000000 | 523000000 |
| <br> **TOTAL TIME DEPOSITS**<br> (Cost $2,549,734,000) |  |  | **2549734000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 21.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 21.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 21.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 21.6%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 10/14/2025  | 4.21 | 1570000000 | 1567627338 |
| US Treasury Bills 0% 10/16/2025  | 4.21 to 4.29 | 4244000000 | 4236529518 |
| US Treasury Bills 0% 10/2/2025  | 4.26 to 4.27 | 1575000000 | 1574814300 |
| US Treasury Bills 0% 10/21/2025  | 4.05 to 4.25 | 4389000000 | 4378975010 |
| US Treasury Bills 0% 10/23/2025  | 4.29 to 4.30 | 1550000000 | 1545980090 |
| US Treasury Bills 0% 10/28/2025  | 4.09 to 4.17 | 4800000000 | 4785233998 |
| US Treasury Bills 0% 10/30/2025  | 4.28 to 4.29 | 1077000000 | 1073321733 |
| US Treasury Bills 0% 10/7/2025  | 4.19 | 496000000 | 495654866 |
| US Treasury Bills 0% 10/9/2025  | 4.23 to 4.31 | 4107000000 | 4103131540 |
| US Treasury Bills 0% 11/12/2025  | 4.30 | 262000000 | 260705501 |
| US Treasury Bills 0% 11/13/2025  | 4.04 | 3150000000 | 3135226500 |
| US Treasury Bills 0% 11/18/2025  | 4.29 | 1292400000 | 1285110864 |
| US Treasury Bills 0% 11/25/2025  | 4.03 to 4.29 | 3265000000 | 3244473999 |
| US Treasury Bills 0% 12/2/2025  | 4.27 to 4.28 | 1496800000 | 1485936458 |
| US Treasury Notes Inflation-Indexed 0.125% 10/15/2025  | 0.93 to 1.72 | 939321972 | 938779292 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $34,111,501,007) |  |  | **34111501007** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.3%**<br> (Cost $164,822,283,561)<br>| <br>**164822283561** |
| **NET OTHER ASSETS (LIABILITIES) - (4.3)%**  | **(6817622803)** |
| **NET ASSETS - 100.0%** | **158004660758** |

---

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) 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.

(c) 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.

(d) 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.

(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.

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $522,056,284 or 0.3% of net assets.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* 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 | 4.21 | 9/30/2025 | 10/1/2025 | 223000000 | 223026079 | Agency Mortgage-Backed Securities | 3.00 - 7.00 | 12/1/2026 - 8/1/2055 | 194356142 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.00 - 4.50 | 7/31/2028 - 11/15/2033 | 33130476 |
|  |  |  |  |  |  |  |  |  | 227486618 |
| BMO Capital Markets Corp | 4.21 | 9/30/2025 | 10/1/2025 | 32000000 | 32003742 | U.S. Treasuries (including strips) | 4.63 | 2/15/2035 | 1143425 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 0.01 - 5.50 | 9/25/2027 - 8/20/2055 | 28807921 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 0.13 - 6.50 | 2/15/2026 - 8/25/2055 | 2990506 |
|  |  |  |  |  |  |  |  |  | 32941852 |
| BMO Chicago Branch | 4.18 | 9/10/2025 | 10/22/2025 | 291000000 | 292419110 | Agency Mortgage-Backed Securities | 4.63 - 7.36 | 10/20/2025 - 8/20/2075 | 297543746 |
| BMO Chicago Branch | 4.16 | 9/17/2025 | 10/17/2025 | 32000000 | 32110933 | Agency Mortgage-Backed Securities | 5.00 - 6.50 | 2/20/2054 - 9/20/2055 | 32692805 |
| BMO Chicago Branch | 4.21 | 9/11/2025 | 10/10/2025 | 129000000 | 129437489 | Agency Mortgage-Backed Securities | 2.50 - 7.00 | 6/15/2050 - 9/20/2055 | 131887752 |
| BMO Chicago Branch | 4.21 | 9/30/2025 | 10/1/2025 | 64000000 | 64007484 | Agency Mortgage-Backed Securities | 5.50 - 6.50 | 7/20/2055 - 9/20/2055 | 65287635 |
| BNP Paribas Prime Brokerage, Inc. | 4.34 | 9/30/2025 | 10/1/2025 | 638000000 | 638076914 | Equities | N/A |  | 689123073 |
| Bank of Montreal | 4.20 | 9/25/2025 | 10/8/2025 | 59000000 | 59089377 | U.S. Treasuries (including strips) | 1.25 - 4.63 | 10/31/2025 - 8/15/2053 | 60530513 |
| Bank of Montreal | 4.19 | 9/24/2025 | 10/8/2025 | 53000000 | 53086361 | U.S. Treasuries (including strips) | 1.25 - 4.13 | 11/30/2026 - 8/15/2053 | 54455465 |
| Bank of Montreal | 4.18 | 9/30/2025 | 10/7/2025 | 23000000 | 23018694 | U.S. Treasuries (including strips) | 1.38 - 4.38 | 12/31/2026 - 8/15/2041 | 23462725 |
| Bank of Montreal | 4.19 | 9/26/2025 | 10/3/2025 | 35000000 | 35028515 | U.S. Treasuries (including strips) | 1.38 - 4.25 | 12/31/2026 - 2/15/2048 | 35882807 |
| Bank of Nova Scotia Toronto Branch | 4.23 | 9/30/2025 | 10/1/2025 | 691000000 | 691081193 | Corporate Debt Securities | 1.99 - 7.96 | 3/2/2026 - 12/31/2079 | 725635343 |
| Barclays Bank PLC | 4.16 | 9/19/2025 | 10/30/2025 | 129000000 | 129611173 | Agency Mortgage-Backed Securities | 2.00 - 5.50 | 1/20/2051 - 11/20/2054 | 131762584 |
| Barclays Bank PLC | 4.14(b) | 9/10/2025 | 10/10/2025 | 259000000 | 259893550 | Agency Mortgage-Backed Securities | 3.00 - 5.50 | 11/20/2049 - 4/20/2055 | 264836402 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 4.50 - 5.00 | 9/25/2045 - 4/1/2055 | 1934 |
|  |  |  |  |  |  |  |  |  | 264838336 |
| Barclays Bank PLC | 4.14(b) | 9/4/2025 | 10/3/2025 | 260000000 | 260867100 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 5/20/2047 - 6/20/2055 | 266630421 |
| Barclays Bank PLC | 4.22 | 9/30/2025 | 10/1/2025 | 96000000 | 96011253 | Agency Mortgage-Backed Securities | 2.50 - 6.50 | 5/20/2051 - 8/20/2055 | 80800182 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 4.50 | 9/25/2045 | 17299269 |
|  |  |  |  |  |  |  |  |  | 98099451 |
| Barclays Bank PLC | 4.20 | 9/30/2025 | 10/1/2025 | 2301000000 | 2301268450 | U.S. Treasuries (including strips) | 0.00 - 6.25 | 10/14/2025 - 2/15/2035 | 2347293850 |
| BofA Securities, Inc. | 4.17 | 9/3/2025 | 12/3/2025 | 87000000 | 87917053 | U.S. Treasuries (including strips) | 3.63 - 3.88 | 8/31/2029 - 7/31/2030 | 89027868 |
| BofA Securities, Inc. | 4.26 | 8/7/2025 | 11/7/2025 | 65000000 | 65707634 | Agency Mortgage-Backed Securities | 3.00 - 7.00 | 8/1/2042 - 9/1/2055 | 57898236 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 3.30 | 3/23/2032 | 8833266 |
|  |  |  |  |  |  |  |  |  | 66731502 |
| BofA Securities, Inc. | 4.27 | 8/27/2025 | 10/27/2025 | 160000000 | 161157645 | U.S. Treasuries (including strips) | 4.13 | 8/31/2030 | 163877599 |
| BofA Securities, Inc. | 4.15(b) | 7/11/2025 | 10/10/2025 | 65000000 | 65681868 | Agency Mortgage-Backed Securities | 2.50 - 6.51 | 3/1/2030 - 6/15/2060 | 66955910 |
| Canadian Imperial Bank of Commerce | 4.21 | 9/2/2025 | 11/3/2025 | 201000000 | 202457361 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 11/6/2025 - 8/15/2055 | 205842660 |
| Canadian Imperial Bank of Commerce | 4.15 | 9/18/2025 | 10/30/2025 | 64000000 | 64309867 | Agency Mortgage-Backed Securities | 1.29 - 7.00 | 2/1/2028 - 3/1/2055 | 62292210 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 3.88 | 3/31/2027 - 2/15/2050 | 3085691 |
|  |  |  |  |  |  |  |  |  | 65377901 |
| Canadian Imperial Bank of Commerce | 4.15 | 9/24/2025 | 10/23/2025 | 234000000 | 234781333 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 10/16/2025 - 8/15/2055 | 238963322 |
| Canadian Imperial Bank of Commerce | 4.13 | 9/29/2025 | 10/17/2025 | 152000000 | 152313880 | U.S. Treasuries (including strips) | 0.38 - 4.75 | 1/31/2026 - 5/15/2055 | 156028701 |
| Canadian Imperial Bank of Commerce | 4.17 | 9/15/2025 | 10/15/2025 | 41000000 | 41142475 | U.S. Treasuries (including strips) | 0.88 - 4.63 | 1/31/2026 - 11/15/2054 | 41898348 |
| Canadian Imperial Bank of Commerce | 4.18 | 9/15/2025 | 10/14/2025 | 129000000 | 129434372 | Agency Mortgage-Backed Securities | 1.33 - 8.00 | 1/1/2029 - 4/20/2075 | 93285732 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.38 | 4/15/2026 - 2/15/2054 | 38612591 |
|  |  |  |  |  |  |  |  |  | 131898323 |
| Canadian Imperial Bank of Commerce | 4.29 | 8/26/2025 | 10/7/2025 | 178000000 | 178890890 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 12/2/2025 - 2/15/2055 | 182340632 |
| Citibank NA | 4.19 | 9/24/2025 | 10/1/2025 | 191000000 | 191155612 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 1/1/2027 - 7/15/2064 | 120836324 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.63 | 5/15/2026 | 74133679 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 8.88 | 4/15/2030 | 8723 |
|  |  |  |  |  |  |  |  |  | 194978726 |
| Citigroup Global Capital Markets Inc | 4.43(b) | 9/3/2025 | 10/1/2025 | 1467000000 | 1472054630 | Equities | N/A |  | 790188 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 5.00 | 5/15/2043 - 5/15/2055 | 1512349375 |
|  |  |  |  |  |  |  |  |  | 1513139563 |
| Citigroup Global Capital Markets Inc | 4.19 | 9/24/2025 | 10/1/2025 | 287000000 | 287233825 | U.S. Treasuries (including strips) | 4.25 | 11/30/2026 - 12/31/2026 | 292978566 |
| Credit AG | 4.21 | 9/30/2025 | 10/1/2025 | 25000000 | 25002924 | U.S. Treasuries (including strips) | 4.63 | 9/30/2028 | 25503042 |
| Fixed Income Clearing Corp - BNP | 4.20 | 9/30/2025 | 10/1/2025 | 1901000000 | 1901221783 | U.S. Treasuries (including strips) | 0.63 - 5.38 | 10/31/2026 - 2/15/2055 | 1939246276 |
| Fixed Income Clearing Corp - BNP | 4.20 | 9/30/2025 | 10/1/2025 | 1791000000 | 1791208950 | U.S. Treasuries (including strips) | 1.63 - 4.75 | 11/30/2030 - 5/15/2054 | 1827033145 |
| Fixed Income Clearing Corp - BNYM | 4.25 | 9/30/2025 | 10/1/2025 | 1696000000 | 1696200222 | U.S. Treasuries (including strips) | 3.88 - 4.25 | 2/28/2027 - 6/30/2031 | 1729920045 |
| Fixed Income Clearing Corp - BNYM | 4.22 | 9/30/2025 | 10/1/2025 | 351000000 | 351041145 | U.S. Treasuries (including strips) | 3.88 | 4/30/2030 | 358020088 |
| Fixed Income Clearing Corp - BNYM | 4.20 | 9/30/2025 | 10/1/2025 | 3509000000 | 3509409383 | U.S. Treasuries (including strips) | 4.00 - 4.50 | 7/31/2029 - 2/15/2034 | 3579180032 |
| Fixed Income Clearing Corp - BONY | 4.26 | 9/30/2025 | 10/1/2025 | 1202000000 | 1202142237 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 9/1/2040 - 9/1/2055 | 1226040001 |
| Fixed Income Clearing Corp - BONY | 4.21 | 9/30/2025 | 10/1/2025 | 806000000 | 806094257 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 9/1/2034 - 9/1/2055 | 822120000 |
| Fixed Income Clearing Corp - CIBC | 4.21 | 9/30/2025 | 10/1/2025 | 455000000 | 455053210 | U.S. Treasuries (including strips) | 4.13 - 4.25 | 11/15/2032 - 11/15/2034 | 464147613 |
| Fixed Income Clearing Corp - CIBC | 4.21 | 9/30/2025 | 10/1/2025 | 82000000 | 82009589 | U.S. Treasuries (including strips) | 1.13 | 2/15/2031 | 83677595 |
| Fixed Income Clearing Corp - Citi | 4.21 | 9/30/2025 | 10/1/2025 | 1567000000 | 1567183252 | U.S. Treasuries (including strips) | 0.38 - 5.25 | 11/30/2025 - 8/15/2050 | 1598526987 |
| Fixed Income Clearing Corp - Credit Agricole | 4.27 | 9/30/2025 | 10/1/2025 | 2732000000 | 2732324046 | U.S. Treasuries (including strips) | 2.25 - 4.38 | 5/31/2030 - 8/15/2043 | 2822935954 |
| Fixed Income Clearing Corp - Credit Agricole | 4.21 | 9/30/2025 | 10/1/2025 | 643000000 | 643075195 | U.S. Treasuries (including strips) | 2.88 - 4.63 | 5/15/2027 - 5/31/2032 | 655614424 |
| Fixed Income Clearing Corp - Goldman | 4.21 | 9/30/2025 | 10/1/2025 | 2174000000 | 2174254237 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 3/1/2027 - 10/1/2055 | 2217739323 |
| Fixed Income Clearing Corp - Goldman | 4.20 | 9/30/2025 | 10/1/2025 | 1757000000 | 1757204983 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 1/15/2026 - 2/15/2053 | 1792349128 |
| Fixed Income Clearing Corp - Goldman | 4.20 | 9/30/2025 | 10/1/2025 | 2740000000 | 2740319667 | U.S. Treasuries (including strips) | 1.13 - 4.13 | 11/30/2027 - 11/30/2031 | 2795126134 |
| Fixed Income Clearing Corp - ING | 4.21 | 9/30/2025 | 10/1/2025 | 319000000 | 319037305 | Agency Mortgage-Backed Securities | 4.50 - 6.00 | 7/1/2052 - 8/1/2053 | 325418051 |
| Fixed Income Clearing Corp - ING | 4.21 | 9/30/2025 | 10/1/2025 | 584000000 | 584068296 | U.S. Treasuries (including strips) | 3.75 | 4/30/2027 | 595464653 |
| Fixed Income Clearing Corp - ING | 4.20 | 9/30/2025 | 10/1/2025 | 1713000000 | 1713199850 | U.S. Treasuries (including strips) | 0.00 - 4.13 | 12/26/2025 - 9/30/2031 | 1747463936 |
| Fixed Income Clearing Corp - Mizuho | 4.21 | 9/30/2025 | 10/1/2025 | 700000000 | 700081861 | Agency Mortgage-Backed Securities | 2.00 - 8.50 | 7/1/2027 - 12/1/2062 | 714083499 |
| Fixed Income Clearing Corp - Mizuho | 4.20 | 9/30/2025 | 10/1/2025 | 3320000000 | 3320387333 | U.S. Treasuries (including strips) | 0.00 - 6.50 | 10/9/2025 - 8/15/2055 | 3386795120 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.21 | 9/30/2025 | 10/1/2025 | 1407000000 | 1407164541 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 1/1/2026 - 10/1/2055 | 1435140135 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 2.25 - 4.63 | 3/15/2026 - 8/15/2046 | 167697 |
|  |  |  |  |  |  |  |  |  | 1435307832 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.21 | 9/30/2025 | 10/1/2025 | 1279000000 | 1279149572 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 10/25/2025 - 8/1/2058 | 1304580131 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.88 - 2.38 | 2/15/2042 - 2/15/2051 | 152459 |
|  |  |  |  |  |  |  |  |  | 1304732590 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.21 | 9/30/2025 | 10/1/2025 | 1535000000 | 1535179510 | Agency Mortgage-Backed Securities | 2.00 - 8.50 | 4/20/2027 - 9/20/2065 | 1565700129 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 4.75 | 11/15/2043 | 184493 |
|  |  |  |  |  |  |  |  |  | 1565884622 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.21 | 9/30/2025 | 10/1/2025 | 640000000 | 640074844 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 11/1/2025 - 10/1/2055 | 652800084 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.88 - 4.00 | 4/30/2032 - 2/15/2051 | 76285 |
|  |  |  |  |  |  |  |  |  | 652876369 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.20 | 9/30/2025 | 10/1/2025 | 1842000000 | 1842214900 | U.S. Treasuries (including strips) | 0.00 - 4.38 | 2/19/2026 - 4/30/2032 | 1879059205 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.20 | 9/30/2025 | 10/1/2025 | 1403000000 | 1403163683 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 12/23/2025 - 5/15/2031 | 1431226971 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.20 | 9/30/2025 | 10/1/2025 | 1543000000 | 1543180017 | U.S. Treasuries (including strips) | 1.75 - 5.50 | 12/31/2026 - 11/15/2034 | 1574043634 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.20 | 9/30/2025 | 10/1/2025 | 2253000000 | 2253262850 | U.S. Treasuries (including strips) | 0.00 - 4.50 | 1/22/2026 - 8/15/2028 | 2298328107 |
| Fixed Income Clearing Corp - Natixis | 4.21 | 9/30/2025 | 10/1/2025 | 816000000 | 816095427 | U.S. Treasuries (including strips) | 1.50 - 4.00 | 11/30/2028 - 1/31/2031 | 832093679 |
| Fixed Income Clearing Corp - Natwest | 4.21 | 9/30/2025 | 10/1/2025 | 11000000 | 11001286 | U.S. Treasuries (including strips) | 3.50 | 9/30/2027 | 11221402 |
| Fixed Income Clearing Corp - Nomura | 4.21 | 9/30/2025 | 10/1/2025 | 1093000000 | 1093127820 | U.S. Treasuries (including strips) | 0.00 - 4.25 | 10/31/2025 - 10/31/2031 | 1114990436 |
| Fixed Income Clearing Corp - State Street Bank | 4.21 | 9/30/2025 | 10/1/2025 | 704000000 | 704082329 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 5/1/2027 - 10/1/2055 | 719183977 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 4.63 | 2/15/2035 | 2040044 |
|  |  |  |  |  |  |  |  |  | 721224021 |
| Fixed Income Clearing Corp - State Street Bank | 4.20 | 9/30/2025 | 10/1/2025 | 4503000000 | 4503525350 | U.S. Treasuries (including strips) | 1.25 - 3.88 | 3/15/2028 - 5/15/2028 | 4593060000 |
| Goldman Sachs & Co LLC | 4.25(b) | 9/30/2025 | 10/30/2025 | 319000000 | 320129792 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 7/1/2029 - 8/20/2065 | 325417420 |
| Goldman Sachs & Co LLC | 4.14(b) | 9/29/2025 | 10/29/2025 | 319000000 | 320100550 | Agency Mortgage-Backed Securities | 3.50 - 6.50 | 8/15/2033 - 10/15/2057 | 325455109 |
| HSBC Securities Inc (USA) | 4.19 | 9/30/2025 | 10/7/2025 | 229000000 | 229186571 | U.S. Treasuries (including strips) | 1.00 - 4.38 | 1/15/2026 - 8/15/2045 | 233607201 |
| HSBC Securities, Inc. (U.S.A.) | 4.32 | 9/30/2025 | 10/1/2025 | 106000000 | 106012720 | Corporate Debt Securities | 3.88 - 13.75 | 4/15/2026 - 12/31/2079 | 114493739 |
| ING Financial Markets LLC | 4.20 | 9/30/2025 | 10/7/2025 | 23000000 | 23018783 | U.S. Treasuries (including strips) | 0.00 | 7/9/2026 | 23462755 |
| ING Financial Markets LLC | 4.30 | 9/30/2025 | 10/1/2025 | 53000000 | 53006331 | Equities | N/A |  | 57246838 |
| JP Morgan Securities LLC | 4.49(b) | 9/29/2025 | 1/29/2026 | 532000000 | 540094971 | Private Label Collateralized Mortgage Obligations | 0.00 - 7.69 | 8/15/2034 - 7/25/2069 | 257650873 |
|  |  |  |  |  |  | Asset-Backed Securities | 1.39 - 7.49 | 10/15/2026 - 8/25/2070 | 301088468 |
|  |  |  |  |  |  |  |  |  | 558739341 |
| JP Morgan Securities LLC | 4.49(b) | 9/8/2025 | 1/6/2026 | 400000000 | 405986667 | Private Label Collateralized Mortgage Obligations | 0.00 - 9.15 | 5/15/2031 - 6/25/2070 | 186717879 |
|  |  |  |  |  |  | Asset-Backed Securities | 1.66 - 8.58 | 11/1/2029 - 10/25/2069 | 234517272 |
|  |  |  |  |  |  |  |  |  | 421235151 |
| JP Morgan Securities LLC | 4.34(b) | 9/23/2025 | 10/23/2025 | 1330000000 | 1334810167 | Equities | N/A |  | 1437785332 |
| JP Morgan Securities LLC | 4.34(b) | 9/9/2025 | 10/14/2025 | 800000000 | 803375555 | Equities | N/A |  | 866348168 |
| JP Morgan Securities, LLC | 4.15(b) | 9/29/2025 | 10/29/2025 | 3288000000 | 3299371000 | U.S. Treasuries (including strips) | 2.88 - 3.88 | 10/15/2027 - 4/30/2029 | 3354536056 |
| JP Morgan Securities, LLC | 4.16(b) | 9/19/2025 | 10/20/2025 | 1921000000 | 1927881449 | Agency Mortgage-Backed Securities | 2.00 - 7.24 | 1/1/2028 - 9/1/2055 | 1962149038 |
| JP Morgan Securities, LLC | 4.20 | 9/30/2025 | 10/1/2025 | 3292000000 | 3292384067 | U.S. Treasuries (including strips) | 0.50 - 4.13 | 4/30/2027 - 2/28/2030 | 3358231768 |
| JP Morgan Securities, LLC | 4.20 | 9/30/2025 | 10/1/2025 | 3269830503 | 3270211983 | U.S. Treasuries (including strips) | 1.25 - 4.13 | 12/31/2026 - 2/29/2032 | 3335616248 |
| JP Morgan Securities, LLC | 4.20 | 9/30/2025 | 10/1/2025 | 3203000000 | 3203373683 | U.S. Treasuries (including strips) | 2.00 - 4.13 | 10/31/2026 - 5/31/2030 | 3267441172 |
| Lloyds Bank Corp Mrkts | 4.19 | 9/26/2025 | 10/3/2025 | 94000000 | 94076584 | U.S. Treasuries (including strips) | 1.38 - 5.38 | 11/15/2025 - 11/15/2050 | 95955811 |
| Lloyds Bank Corp Mrkts | 4.20 | 9/25/2025 | 10/2/2025 | 94000000 | 94076767 | U.S. Treasuries (including strips) | 1.38 - 4.50 | 10/31/2026 - 5/15/2033 | 95947158 |
| Lloyds Bank Corp Mrkts | 4.20 | 9/24/2025 | 10/1/2025 | 94000000 | 94076767 | U.S. Treasuries (including strips) | 0.38 - 5.38 | 11/15/2025 - 2/15/2054 | 96141572 |
| MUFG Securities (Canada), Ltd. | 4.15 | 9/18/2025 | 10/30/2025 | 59000000 | 59285658 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 2/26/2026 - 5/15/2053 | 60277629 |
| MUFG Securities EMEA PLC | 4.26 | 8/7/2025 | 11/7/2025 | 359000000 | 362908314 | U.S. Treasuries (including strips) | 1.25 - 4.88 | 12/31/2027 - 7/31/2030 | 368398882 |
| MUFG Securities EMEA PLC | 4.32 | 8/27/2025 | 10/6/2025 | 238000000 | 239142400 | U.S. Treasuries (including strips) | 0.50 - 4.00 | 10/31/2026 - 5/15/2033 | 243770559 |
| MUFG Securities EMEA PLC | 4.22 | 9/30/2025 | 10/1/2025 | 292000000 | 292034229 | U.S. Treasuries (including strips) | 1.13 - 3.75 | 10/31/2026 - 8/31/2031 | 297800576 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 4.61 | 9/30/2025 | 10/1/2025 | 10000000 | 10001281 | Equities | N/A |  | 10734797 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 4.32 | 9/30/2025 | 10/1/2025 | 67000000 | 67008040 | Equities | N/A | 12/30/1899 | 72416326 |
| Mizuho Securities U.S.A., Inc. | 4.69(b) | 9/23/2025 | 12/23/2025 | 106000000 | 107256659 | Private Label Collateralized Mortgage Obligations | 0.00 - 14.62 | 1/25/2027 - 8/25/2070 | 120384654 |
| Mizuho Securities U.S.A., Inc. | 4.69(b) | 9/18/2025 | 12/17/2025 | 612000000 | 619175700 | Corporate Debt Securities | 1.32 - 10.00 | 11/19/2025 | 383002904 |
|  |  |  |  |  |  | Private Label Collateralized Mortgage Obligations | 0.00 - 8.28 | 4/17/2034 - 9/25/2070 | 262160116 |
|  |  |  |  |  |  |  |  |  | 645163020 |
| Mizuho Securities U.S.A., Inc. | 4.19 | 9/24/2025 | 10/1/2025 | 86000000 | 86070066 | U.S. Treasuries (including strips) | 1.38 - 3.88 | 11/15/2031 - 8/15/2033 | 87791525 |
| NatWest Market Securities Inc | 4.18 | 9/30/2025 | 10/7/2025 | 224000000 | 224182062 | U.S. Treasuries (including strips) | 3.50 - 4.13 | 11/30/2027 - 5/31/2032 | 228506536 |
| NatWest Markets Securities Inc | 4.32 | 9/30/2025 | 10/1/2025 | 53000000 | 53006360 | Corporate Debt Securities | 2.50 - 6.09 | 6/28/2027 - 4/6/2041 | 53408724 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 4.63 | 6/15/2027 | 2183729 |
|  |  |  |  |  |  |  |  |  | 55592453 |
| RBC Dominion Securities | 4.25 | 8/28/2025 | 10/31/2025 | 130000000 | 130982222 | Agency Mortgage-Backed Securities | 3.00 - 6.50 | 12/20/2050 - 8/20/2055 | 89720580 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.25 | 12/18/2025 - 8/15/2044 | 43757593 |
|  |  |  |  |  |  |  |  |  | 133478173 |
| RBC Dominion Securities | 4.24 | 8/28/2025 | 10/31/2025 | 59000000 | 59444729 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 10/31/2025 - 8/15/2055 | 60421070 |
| RBC Dominion Securities | 4.14 | 9/18/2025 | 10/30/2025 | 353000000 | 354704990 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 1/8/2026 - 8/15/2052 | 360598332 |
| RBC Financial Group | 4.12 | 9/19/2025 | 11/14/2025 | 165000000 | 166057466 | Agency Mortgage-Backed Securities | 0.85 - 6.50 | 9/1/2029 - 9/1/2063 | 165565029 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.88 - 4.05 | 4/30/2026 - 2/15/2053 | 477920 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 5.49 - 6.50 | 4/20/2055 - 9/20/2055 | 114168 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 3.00 - 6.50 | 11/1/2036 - 9/1/2055 | 2473061 |
|  |  |  |  |  |  |  |  |  | 168630178 |
| RBC Financial Group | 4.23 | 8/14/2025 | 11/12/2025 | 78000000 | 78824850 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 8/1/2030 - 9/20/2055 | 22763032 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 5.00 | 10/15/2025 - 2/15/2049 | 57251269 |
|  |  |  |  |  |  |  |  |  | 80014301 |
| RBC Financial Group | 4.25 | 8/28/2025 | 10/31/2025 | 648000000 | 652896000 | Agency Mortgage-Backed Securities | 2.50 - 6.50 | 2/1/2046 - 10/1/2055 | 23920059 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 6.75 | 10/31/2025 - 8/15/2054 | 642589438 |
|  |  |  |  |  |  |  |  |  | 666509497 |
| RBC Financial Group | 4.16 | 9/17/2025 | 10/23/2025 | 512000000 | 514129920 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 5/25/2030 - 10/1/2055 | 9811043 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 4.88 | 11/15/2025 - 2/15/2045 | 514239188 |
|  |  |  |  |  |  |  |  |  | 524050231 |
| Royal Bank of Canada | 4.44(b) | 9/16/2025 | 11/14/2025 | 692000000 | 697035454 | Equities | N/A |  | 748756799 |
| Royal Bank of Canada | 4.44(b) | 9/17/2025 | 11/14/2025 | 267000000 | 268909940 | Equities | N/A |  | 288861461 |
| Royal Bank of Canada | 4.17 | 9/30/2025 | 10/7/2025 | 382000000 | 382309738 | U.S. Treasuries (including strips) | 0.38 - 4.63 | 11/15/2026 - 8/15/2053 | 389685145 |
| SMBC Nikko Securities America Inc | 4.21 | 9/30/2025 | 10/1/2025 | 153000000 | 153017893 | Agency Mortgage-Backed Securities | 3.00 - 6.00 | 5/1/2047 - 9/1/2054 | 156078251 |
| SMBC Nikko Securities America Inc | 4.21 | 9/30/2025 | 10/1/2025 | 719000000 | 719084083 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 10/28/2025 - 8/15/2050 | 733465774 |
| Societe Generale | 4.19 | 9/26/2025 | 10/3/2025 | 470000000 | 470382919 | U.S. Treasuries (including strips) | 3.38 - 4.75 | 9/30/2032 - 11/15/2043 | 479679051 |
| Societe Generale | 4.18 | 9/24/2025 | 10/1/2025 | 128000000 | 128104036 | Agency Mortgage-Backed Securities | 6.00 | 6/20/2055 | 130666117 |
| TD Securities (U.S.A.) | 4.24 | 9/30/2025 | 10/1/2025 | 159000000 | 159018727 | Corporate Debt Securities | 3.30 - 7.47 | 7/15/2026 - 9/2/2051 | 166969944 |
| TD Securities (U.S.A.) | 4.22 | 9/30/2025 | 10/1/2025 | 248000000 | 248029071 | Agency Mortgage-Backed Securities | 2.00 - 6.00 | 10/1/2040 - 9/1/2055 | 252989653 |
| Truist Securities Inc | 4.40 | 9/30/2025 | 10/1/2025 | 26000000 | 26003178 | Other Instrument (municipal debt) | 2.95 - 5.25 | 5/1/2029 - 6/30/2055 | 27519971 |
| US Bancorp Inv | 4.34 | 9/30/2025 | 10/1/2025 | 184000000 | 184022182 | Corporate Debt Securities | 3.00 - 11.75 | 11/15/2025 | 198744051 |
| US Bancorp Inv | 4.29 | 9/30/2025 | 10/1/2025 | 85000000 | 85010129 | Asset-Backed Securities | 1.91 - 6.97 | 9/21/2026 - 6/21/2039 | 89261256 |
| US Bancorp Inv | 4.24 | 9/30/2025 | 10/1/2025 | 186000000 | 186021907 | Corporate Debt Securities | 0.75 - 8.75 | 10/3/2025 - 11/1/2066 | 195323165 |
| US Bancorp Inv | 4.21 | 9/30/2025 | 10/1/2025 | 191000000 | 191022336 | U.S. Treasuries (including strips) | 0.00 - 2.75 | 12/31/2025 - 7/15/2034 | 194879043 |
| Wells Fargo Bank NA | 4.18 | 9/30/2025 | 10/7/2025 | 446000000 | 446362499 | U.S. Treasuries (including strips) | 4.25 | 2/28/2029 - 2/28/2031 | 454972886 |
| Wells Fargo Securities, LLC | 4.74(b) | 9/24/2025 | 1/22/2026 | 80000000 | 81264000 | Equities | N/A |  | 86481853 |
| Wells Fargo Securities, LLC | 4.64(b) | 9/24/2025 | 1/22/2026 | 133000000 | 135057066 | Money Market | 0.00 | 10/21/2025 - 7/13/2026 | 137113596 |
| Wells Fargo Securities, LLC | 4.74(b) | 9/18/2025 | 1/16/2026 | 160000000 | 162528000 | Equities | N/A |  | 173097042 |
| Wells Fargo Securities, LLC | 4.64(b) | 9/18/2025 | 1/16/2026 | 479000000 | 486408534 | Equities | N/A |  | 518189691 |
| Wells Fargo Securities, LLC | 4.74(b) | 9/19/2025 | 1/15/2026 | 240000000 | 243728800 | Equities | N/A |  | 259132783 |
| Wells Fargo Securities, LLC | 4.64(b) | 9/19/2025 | 1/15/2026 | 319000000 | 323851636 | Equities | N/A |  | 345052498 |
| Wells Fargo Securities, LLC | 4.64(b) | 9/10/2025 | 1/8/2026 | 213000000 | 216294400 | Money Market | 0.00 | 3/6/2026 | 521 |
|  |  |  |  |  |  | Other Instrument (international debt) | 3.63 - 6.06 | 12/30/2026 - 2/10/2055 | 157279259 |
|  |  |  |  |  |  | Equities | N/A |  | 64144732 |
|  |  |  |  |  |  |  |  |  | 221424512 |
| Wells Fargo Securities, LLC | 4.74(b) | 9/4/2025 | 1/2/2026 | 213000000 | 216365400 | Equities | N/A |  | 230882308 |
| Wells Fargo Securities, LLC | 4.74(b) | 9/2/2025 | 12/30/2025 | 133000000 | 135083889 | Corporate Debt Securities | 3.13 - 14.00 | 11/1/2025 - 12/31/2079 | 144204585 |
| Wells Fargo Securities, LLC | 4.34 | 9/30/2025 | 10/1/2025 | 106000000 | 106012779 | Equities | N/A |  | 114494842 |
| Wells Fargo Securities, LLC | 4.29 | 9/30/2025 | 10/1/2025 | 186000000 | 186022165 | Equities | N/A |  | 200903939 |
| **Total Repurchase Agreements** |  |  |  | 87747830503 | 87881253830 |  |  |  | 90069227343 |

---

**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 ($)** |
| **$237,978,000 due 10/01/2025 at 4.21%** |  |
| MUFG Securities (Canada) Ltd. | 11825000 |
| Sumitomo Mitsui Banking Corp | 226153000 |
|  | 237978000 |
| **$6,639,620,000 due 10/01/2025 at 4.21%** |  |
| Bank of America NA | 459891000 |
| Bny Mellon Capital Market LLC | 329071000 |
| HSBC Securities Inc. (U.S.A.) | 312310000 |
| JPMorgan Securities LLC | 255495000 |
| MUFG Securities (Canada) Ltd. | 351305000 |
| Rbc Dominion Securities Inc | 1277474000 |
| Sumitomo Mitsui Banking Corp | 1775689000 |
| Sumitomo Mitsui Banking Corp/New York | 741433000 |
| Wells Fargo Bank NA | 574863000 |
| Wells Fargo Securities LLC | 562089000 |
|  | 6639620000 |

---

**Money Market Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of September 30, 2025 (Unaudited)** | <br> **As of September 30, 2025 (Unaudited)** | <br> **As of September 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $98,877,428,503) - See accompanying schedule:<br>Unaffiliated issuers (cost $164,822,283,561)<br>|  | $164822283561 |
| Cash |  | 629000348 |
| Receivable for fund shares sold |  | 575216464 |
| Interest receivable |  | 135384354 |
| Distributions receivable from Fidelity Central Funds |  | 2528 |
| Receivable for interfund loans |  | 5216000 |
| Prepaid expenses |  | 167962 |
| Receivable from investment adviser for expense reductions |  | 4387425 |
| Receivable from affiliate |  | 637 |
| Other receivables |  | 1463325 |
| **Total assets** |  | 166173122604 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $7387226500 |  |
| Payable for fund shares redeemed | 704221373 |  |
| Distributions payable | 48913246 |  |
| Accrued management fee | 18418145 |  |
| Distribution and service plan fees payable | 34856 |  |
| Other affiliated payables | 6080149 |  |
| Other payables and accrued expenses | 3567577 |  |
| **Total liabilities** |  | 8168461846 |
| **Net Assets**  |  | $158004660758 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $158003567093 |
| Total accumulated earnings (loss) |  | 1093665 |
| **Net Assets** |  | $158004660758 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($72,082,925,132 ÷ 72,075,120,260 shares) |  | $1.00 |
| **Class II :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($78,803,710 ÷ 78,802,274 shares) |  | $1.00 |
| **Class III :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($116,917,554 ÷ 116,962,372 shares) |  | $1.00 |
| **Select Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($57,426,392 ÷ 57,424,312 shares) |  | $1.00 |
| **Institutional Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($85,668,587,970 ÷ 85,654,076,494 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended September 30, 2025 (Unaudited)** | **Six months ended September 30, 2025 (Unaudited)** | **Six months ended September 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest (including $623,538 from affiliated interfund lending)  |  | $3392152984 |
| **Expenses** |  |  |
| Management fee | $107014859 |  |
| Transfer agent fees | 33304392 |  |
| Distribution and service plan fees | 143464 |  |
| Accounting fees and expenses | 1931206 |  |
| Custodian fees and expenses | 363232 |  |
| Independent trustees' fees and expenses | 174190 |  |
| Registration fees | 3172675 |  |
| Audit fees | 29415 |  |
| Legal | 34230 |  |
| Miscellaneous | 188896 |  |
| Total expenses before reductions | 146356559 |  |
| Expense reductions | (24729460) |  |
| Total expenses after reductions |  | 121627099 |
| **Net Investment income (loss)** |  | 3270525885 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 24128 |  |
| Total net realized gain (loss) |  | 24128 |
| **Net increase in net assets resulting from operations** |  | $3270550013 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **March 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3270525885 | $6586163432 |
| &nbsp;&nbsp;Net realized gain (loss) | 24128<br>| 31606<br>|
| **Net increase in net assets resulting from operations** | 3270550013<br>| 6586195038<br>|
| Distributions to shareholders | (3270756921)<br>| (6585351666)<br>|
| Share transactions - net increase (decrease) | 8183517039<br>| 22421419509<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 8183310131<br>| 22422262881<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 149821350627 | 127399087746<br>|
| &nbsp;&nbsp;End of period | $158004660758 | $149821350627 |

---

**Financial Highlights** 

**Money Market Portfolio Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .048  | .052  | .028  | - B | .002  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .021  | .048  | .052  | .028  | - B | .002  |
| Distributions from net investment income  | (.021)  | (.048)  | (.052)  | (.028)  | - B | (.002)  |
| Total distributions  | (.021)  | (.048)  | (.052)  | (.028)  | - B | (.002)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.15% <br>| 4.96%  | 5.33%  | 2.81%  | .02%  | .15%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .21% G | .21%  | .21%  | .21%  | .21%  | .21%  |
| Expenses net of fee waivers, if any  | .18% G<br>| .18%  | .18%  | .18%  | .16%  | .18%  |
| Expenses net of all reductions, if any  | .18% G | .18%  | .18%  | .18%  | .16%  | .18%  |
| Net investment income (loss)  | 4.24% G | 4.83%  | 5.22%  | 3.25%  | .02%  | .16%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $72082925 | $66451051 | $55980005 | $42431573 | $16745267 | $21936583 |

---

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.*

**Money Market Portfolio Class II**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .047  | .051  | .026  | - B | .001  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .021  | .047  | .051  | .026  | - B | .001  |
| Distributions from net investment income  | (.021)  | (.047)  | (.051)  | (.026)  | - B | (.001)  |
| Total distributions  | (.021)  | (.047)  | (.051)  | (.026)  | - B | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.07% <br>| 4.80%  | 5.18%  | 2.65%  | .01%  | .09%  |
| **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  | .33% G<br>| .33%  | .33%  | .33%  | .16%  | .26%  |
| Expenses net of all reductions, if any  | .33% G | .33%  | .33%  | .33%  | .16%  | .26%  |
| Net investment income (loss)  | 4.09% G | 4.68%  | 5.07%  | 3.10%  | .01%  | .08%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $78804 | $78896 | $85590 | $80507 | $89652 | $179435 |

---

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.*

**Money Market Portfolio Class III**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .025  | - B | .001  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .020  | .046  | .050  | .025  | - B | .001  |
| Distributions from net investment income  | (.020)  | (.046)  | (.050)  | (.025)  | - B | (.001)  |
| Total distributions  | (.020)  | (.046)  | (.050)  | (.025)  | - B | (.001)  |
| 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>| 4.70%  | 5.07%  | 2.55%  | .01%  | .06%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .46% G | .46%  | .46%  | .46%  | .46%  | .46%  |
| Expenses net of fee waivers, if any  | .43% G<br>| .43%  | .43%  | .43%  | .17%  | .27%  |
| Expenses net of all reductions, if any  | .43% G | .43%  | .43%  | .43%  | .17%  | .27%  |
| Net investment income (loss)  | 3.99% G | 4.58%  | 4.97%  | 3.00%  | .01%  | .07%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $116918 | $22854 | $18091 | $31354 | $8783 | $12886 |

---

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.*

**Money Market Portfolio Select Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .048  | .052  | .027  | - B | .001  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .021  | .048  | .052  | .027  | - B | .001  |
| Distributions from net investment income  | (.021)  | (.048)  | (.052)  | (.027)  | - B | (.001)  |
| Total distributions  | (.021)  | (.048)  | (.052)  | (.027)  | - B | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.12% <br>| 4.91%  | 5.28%  | 2.76%  | .02%  | .12%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .26% G | .26%  | .26%  | .26%  | .26%  | .26%  |
| Expenses net of fee waivers, if any  | .23% G<br>| .23%  | .23%  | .23%  | .16%  | .21%  |
| Expenses net of all reductions, if any  | .23% G | .23%  | .23%  | .23%  | .16%  | .21%  |
| Net investment income (loss)  | 4.19% G | 4.78%  | 5.17%  | 3.20%  | .02%  | .13%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $57426 | $44983 | $52831 | $40260 | $14773 | $26064 |

---

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.*

**Money Market Portfolio Institutional Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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  | .049  | .052  | .028  | - B | .002  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .021  | .049  | .052  | .028  | - B | .002  |
| Distributions from net investment income  | (.021)  | (.049)  | (.052)  | (.028)  | - B | (.002)  |
| Total distributions  | (.021)  | (.049)  | (.052)  | (.028)  | - B | (.002)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.17% <br>| 5.00%  | 5.38%  | 2.85%  | .04%  | .19%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .18% G | .18%  | .18%  | .18%  | .18%  | .18%  |
| Expenses net of fee waivers, if any  | .14% G<br>| .14%  | .14%  | .14%  | .14%  | .14%  |
| Expenses net of all reductions, if any  | .14% G | .14%  | .14%  | .14%  | .14%  | .14%  |
| Net investment income (loss)  | 4.28% G | 4.87%  | 5.26%  | 3.29%  | .04%  | .20%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $85668588 | $83223567 | $71262571 | $54946001 | $22108020 | $28836863 |

---

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.*

**Tax-Exempt Portfolio**

**Schedule of Investments September 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 9.7%** | &nbsp;&nbsp;**Municipal Securities - 9.7%** | &nbsp;&nbsp;**Municipal Securities - 9.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Arizona - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) 5% 1/1/2026  | 425000 | 427233 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 D, 5% tender 1/1/2046 (b) | 825000 | 836161 |
|  |  | 1263394 |
| TOTAL ARIZONA |  | 1263394 |
| Colorado - 0.1%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Colorado Health Facilities Authority 5% tender 11/15/2048 (b) | 1825000 | 1829220 |
| General Obligations - 0.1% |  |  |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2025  | 7800000 | 7831984 |
| Health Care - 0.0% |  |  |
| Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2019 A, 5% 1/1/2026  | 555000 | 558019 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022B, 5% tender 5/15/2062 (b) | 1545000 | 1573274 |
|  |  | 2131293 |
| Transportation - 0.0% |  |  |
| Denver CO City & Cnty Arpt 5% 11/15/2025  | 2820000 | 2826476 |
| TOTAL COLORADO |  | 14618973 |
| Connecticut - 0.4%  |  |  |
| General Obligations - 0.4% |  |  |
| Connecticut St Gen. Oblig. 5% 11/15/2025  | 1575000 | 1578976 |
| Connecticut St Gen. Oblig. Series 2024 A, 5% 1/15/2026  | 455000 | 457493 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2026  | 2300000 | 2317552 |
| Danbury CT BAN 4% 2/23/2026  | 635000 | 637252 |
| Ledyard CT BAN 3.75% 8/11/2026  | 6000000 | 6045133 |
| Middlefield Conn BAN 4% 10/14/2026 (c) | 7000000 | 7098700 |
| Milford CT BAN 4% 10/28/2025  | 6355000 | 6359563 |
| New London CT BAN 4% 3/12/2026  | 1000000 | 1005964 |
| Stratford CT Gen. Oblig. BAN 4% 1/28/2026  | 11200000 | 11233283 |
|  |  | 36733916 |
| Housing - 0.0% |  |  |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2025 SUB C 1, 3.3% 5/15/2026  | 425000 | 425000 |
| Special Tax - 0.0% |  |  |
| Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2025  | 280000 | 280000 |
| TOTAL CONNECTICUT |  | 37438916 |
| District Of Columbia - 0.2%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 6.5% 10/1/2041 (Pre-refunded to 10/1/2026 at 100) (d) | 500000 | 519627 |
| General Obligations - 0.0% |  |  |
| District Columbia Gen. Oblig. Series E, 5% 6/1/2026  | 3335000 | 3378256 |
| Special Tax - 0.2% |  |  |
| District Columbia Income Tax Rev 5% 6/1/2026  | 13700000 | 13879528 |
| TOTAL DISTRICT OF COLUMBIA |  | 17777411 |
| Florida - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Florida St Dept Mgmt Svcs Ctfs Partn (Florida St Proj.) Series 2018 A, 5% 11/1/2025  | 675000 | 675945 |
| Georgia - 0.5%  |  |  |
| General Obligations - 0.5% |  |  |
| Cobb Cnty GA Schl Dist TAN Series 2025, 4% 12/15/2025  | 2130000 | 2132191 |
| Fulton CO GA TAN Series 2025, 4% 12/30/2025  | 50000000 | 50120459 |
|  |  | 52252650 |
| TOTAL GEORGIA |  | 52252650 |
| Hawaii - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Honolulu HI City & Cnty Gen. Oblig. Series 2025 E, 5% 7/1/2026  | 1430000 | 1454943 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2025 F, 5% 7/1/2026  | 720000 | 733046 |
|  |  | 2187989 |
| TOTAL HAWAII |  | 2187989 |
| Idaho - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Idaho Health Facilities Authority (Trinity Health Proj.) Series 2013ID, 3% tender 12/1/2048 (b) | 4600000 | 4600000 |
| Idaho Health Facs Auth Rev (Trinity Health Proj.) 5% 12/1/2025  | 1065000 | 1065000 |
|  |  | 5665000 |
| TOTAL IDAHO |  | 5665000 |
| Illinois - 0.9%  |  |  |
| General Obligations - 0.9% |  |  |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2025  | 1525000 | 1526663 |
| Cook Cnty IL Gen. Oblig. Series 2022 A, 5% 11/15/2025  | 4510000 | 4519152 |
| Illinois St Gen. Oblig. 5% 2/1/2026  | 10405000 | 10466742 |
| Illinois St Gen. Oblig. 5% 3/1/2026  | 6145000 | 6194548 |
| Illinois St Gen. Oblig. Series 2016, 5% 1/1/2026  | 1405000 | 1410488 |
| Illinois St Gen. Oblig. Series 2017 A, 5% 12/1/2025  | 435000 | 436106 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2025  | 44175000 | 44243496 |
| Illinois St Gen. Oblig. Series 2018 A, 5% 10/1/2025  | 2475000 | 2475000 |
| Illinois St Gen. Oblig. Series 2018B, 5% 10/1/2025  | 4915000 | 4915000 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2026  | 225000 | 226085 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 A, 5% 12/1/2025  | 2375000 | 2382462 |
| Illinois St Gen. Oblig. Series JUNE 2016, 5% 6/1/2026  | 520000 | 527656 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2026  | 1850000 | 1864338 |
| Illinois St Gen. Oblig. Series MAY 2020, 5.5% 5/1/2026  | 800000 | 809915 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 5% 10/1/2025  | 350000 | 350000 |
| Illinois St Gen. Oblig. Series OCTOBER 2024, 5% 2/1/2026  | 5225000 | 5260537 |
|  |  | 87608188 |
| Health Care - 0.0% |  |  |
| Illinois Fin Auth Rev (Advocate Health Care Network Proj.) SIFMA Municipal Swap Index + 0.3%, 3.19% tender 4/1/2051 (b)(e) | 600000 | 599999 |
| Special Tax - 0.0% |  |  |
| Illinois St Sales Tax Rev 5% 6/15/2026  | 1250000 | 1264669 |
| Transportation - 0.0% |  |  |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 C, 5% 1/1/2026  | 690000 | 693204 |
| TOTAL ILLINOIS |  | 90166060 |
| Indiana - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Indiana St Fin Auth Rev (Indianapolis-Marion Cnty Ind Pub Libr Proj.) Series 2025A, 5% 2/1/2026 (Indiana St Guaranteed)  | 3800000 | 3823255 |
| Kentucky - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2026  | 125000 | 126723 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series B, 5% 11/1/2025  | 400000 | 400561 |
|  |  | 527284 |
| TOTAL KENTUCKY |  | 527284 |
| Maryland - 0.1%  |  |  |
| General Obligations - 0.0% |  |  |
| State of Maryland Gen. Oblig. Series 2017, 5% 3/15/2026  | 150000 | 151549 |
| State of Maryland Gen. Oblig. Series 2018 A, 5% 3/15/2026  | 615000 | 619530 |
|  |  | 771079 |
| Health Care - 0.1% |  |  |
| Montgomery Cnty MD Rev (Trinity Health Proj.) Series 2013 MD, 2.9% tender 12/1/2041 (b) | 10150000 | 10150000 |
| TOTAL MARYLAND |  | 10921079 |
| Massachusetts - 0.7%  |  |  |
| General Obligations - 0.7% |  |  |
| Bourne MA Gen. Oblig. BAN 4% 1/29/2026  | 3832556 | 3843181 |
| Hopkinton MA BAN 4% 6/10/2026  | 35000000 | 35234395 |
| Lenox MA Gen. Oblig. BAN 4% 1/22/2026  | 11700000 | 11734085 |
| Randolph MA Gen. Oblig. BAN 5% 10/24/2025  | 20619810 | 20646108 |
|  |  | 71457769 |
| TOTAL MASSACHUSETTS |  | 71457769 |
| Michigan - 0.1%  |  |  |
| General Obligations - 0.0% |  |  |
| Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2026 (State of Michigan Guaranteed)  | 125000 | 126406 |
| Health Care - 0.1% |  |  |
| Kent MI Hosp Fin Auth (Corewell Health Proj.) SIFMA Municipal Swap Index + 0.25%, 3.14% tender 1/15/2047 (b)(e) | 2715000 | 2715000 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2026  | 4430000 | 4475720 |
| Michigan Fin Auth Rev (Trinity Health Proj.) 5% 12/1/2025  | 300000 | 300000 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2013MI 1, 2.9% tender 12/1/2034 (b) | 6250000 | 6250000 |
|  |  | 13740720 |
| TOTAL MICHIGAN |  | 13867126 |
| Missouri - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2020, 5% 11/15/2025  | 525000 | 526205 |
| Nevada - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Clark Cnty NV School Dist Series 2015 C, 5% 6/15/2026  | 175000 | 175845 |
| Clark Cnty NV School Dist Series 2020 B, 5% 6/15/2026  | 1400000 | 1418808 |
| Clark Cnty NV School Dist Series 2025A, 5% 6/15/2026  | 2900000 | 2938357 |
|  |  | 4533010 |
| TOTAL NEVADA |  | 4533010 |
| New Jersey - 2.9%  |  |  |
| General Obligations - 2.9% |  |  |
| Borough of Waldwick NJ Gen. Oblig. BAN 4% 10/10/2025  | 5600000 | 5600895 |
| Burlington Cnty N J Gen. Oblig. BAN Series 2025A, 4% 6/17/2026  | 24100000 | 24252542 |
| Cedar Grove Twp NJ Gen. Oblig. BAN Series 2025, 4% 6/24/2026  | 7518000 | 7564204 |
| Essex Cnty NJ Impt Auth Lease Gen. Oblig. RAN Series 2025, 5% 3/17/2026  | 10180000 | 10271293 |
| Freehold Township NJ Gen. Oblig. BAN Series 2024, 4% 10/21/2025  | 12432500 | 12439112 |
| Hoboken NJ BAN 4% 3/10/2026  | 1800000 | 1804110 |
| Hudson Cnty NJ BAN 4% 2/26/2026  | 190000 | 190341 |
| Hudson Cnty NJ Impt Auth Lease Rev RAN Series B 1, 4% 6/24/2026  | 14300000 | 14401156 |
| Jefferson Twp NJ Gen. Oblig. BAN 4% 6/12/2026  | 8404417 | 8454890 |
| Lakewood NJ Tan Gen. Oblig. BAN Series 2024, 4% 12/18/2025  | 9926000 | 9944492 |
| Logan Twp NJ Gen. Oblig. BAN Series 2024, 4% 10/16/2025  | 10300000 | 10304521 |
| Montville Township Morris Cnty NJ Gen. Oblig. BAN 4% 11/4/2025  | 6100000 | 6104792 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2023 RRR, 5% 3/1/2026  | 17825000 | 17931338 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2026  | 1310000 | 1327055 |
| New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2017 B, 5% 6/15/2026  | 2900000 | 2937756 |
| New Jersey St Gen. Oblig. 5% 6/1/2026  | 6910000 | 6997673 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2025  | 100000 | 100340 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2025  | 15200000 | 15245145 |
| North Brunswick Twp NJ Gen. Oblig. BAN Series 2025A, 4% 7/6/2026  | 41225000 | 41532924 |
| Scotch Plains Twp NJ Gen. Oblig. BAN 3.75% 8/25/2026  | 3000000 | 3019087 |
| Scotch Plains Twp NJ Gen. Oblig. BAN 4% 1/16/2026  | 5700000 | 5710494 |
| Stafford Twp NJ Gen. Oblig. BAN Series 2024A, 4% 10/21/2025  | 20400000 | 20410843 |
| Upper Saddle River NJ BAN 4% 3/20/2026  | 5500000 | 5520339 |
| Vernon Twp NJ Ban Gen. Oblig. BAN 3.75% 8/21/2026  | 5900000 | 5950959 |
| Wayne Twp NJ BAN 4% 10/30/2025  | 6780000 | 6784764 |
| West Caldwell Twp NJ Gen. Oblig. BAN 3.75% 9/2/2026  | 7200000 | 7274233 |
| West Milford Township NJ Gen. Oblig. BAN 3.75% 9/11/2026  | 9400000 | 9494269 |
| Wood-Ridge Boro NJ BAN 4% 5/14/2026  | 12900000 | 12961638 |
| Woodcliff Lake NJ Gen. Oblig. BAN 3.75% 9/18/2026  | 5550000 | 5596833 |
|  |  | 280128038 |
| Transportation - 0.0% |  |  |
| New Jersey Turnpike Authority Series 2005 D 4, 5.25% 1/1/2026  | 1500000 | 1508199 |
| TOTAL NEW JERSEY |  | 281636237 |
| New York - 1.6%  |  |  |
| General Obligations - 1.6% |  |  |
| Burnt Hills Ballston Lake NY Cent Sch Dist BAN Series 2025, 4% 6/18/2026  | 21565487 | 21692068 |
| Depew NY Un Free Sch Dist BAN Series 2024, 4% 10/30/2025  | 16500000 | 16512716 |
| Eastchester NY Un Free Sch Dis BAN Series 2025, 4% 1/23/2026  | 11834000 | 11870961 |
| New Paltz Town N Y Gen. Oblig. BAN Series 2024 D, 4% 10/3/2025  | 4877140 | 4877376 |
| Newburgh N Y Enlarged City Schdist BAN Series 2025, 4% 6/24/2026  | 56500000 | 56859049 |
| Niagara-Wheatfield NY Csd BAN 4% 6/25/2026  | 8700000 | 8752440 |
| South Colonie NY Cent Sch Dist BAN Series 2025A, 4% 7/9/2026  | 43517062 | 43828967 |
|  |  | 164393577 |
| TOTAL NEW YORK |  | 164393577 |
| North Carolina - 0.1%  |  |  |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| North Carolina Cap Fac Fin Agy Rev Series 2015 B, 5% 10/1/2055 (Pre-refunded to 10/1/2025 at 100)  | 5700000 | 5700000 |
| General Obligations - 0.0% |  |  |
| Wake Cnty Ltd Oblig (Wake Cnty NC Proj.) 5% 5/1/2026  | 4000000 | 4041285 |
| TOTAL NORTH CAROLINA |  | 9741285 |
| Ohio - 0.6%  |  |  |
| General Obligations - 0.5% |  |  |
| Blue Ash OH Gen. Oblig. BAN Series 2025, 3.75% 3/24/2026  | 7825000 | 7849575 |
| City of Columbus OH Gen. Oblig. Series 2023 A, 5% 8/15/2026  | 525000 | 536144 |
| Cuyahoga Cnty OH Gen. Oblig. BAN 4.25% 5/4/2026  | 6900000 | 6942990 |
| Delaware OH BAN 3.75% 4/16/2026  | 2900000 | 2909244 |
| Hamilton OH Gen. Oblig. BAN Series 2024, 4% 12/17/2025  | 3825000 | 3832868 |
| Huber Heights OH Gen. Oblig. BAN Series 2025, 5% 6/25/2026  | 9100000 | 9214744 |
| Lakewood OH Gen. Oblig. BAN 4% 4/9/2026  | 5350000 | 5374295 |
| Monroe OH Loc Sch Dist BAN 4.125% 12/3/2025  | 2600000 | 2602667 |
| Monroe OH Loc Sch Dist BAN Series 2025, 3.875% 12/4/2025  | 2900000 | 2903340 |
| New Albany Ohio Gen. Oblig. BAN 3.75% 6/4/2026  | 3600000 | 3626238 |
| Springfield OH BAN 3.625% 3/25/2026  | 3280000 | 3288768 |
|  |  | 49080873 |
| Health Care - 0.1% |  |  |
| Franklin Cnty OH Rev (Trinity Health Proj.) Series 2013OH, 3% tender 12/1/2046 (b) | 8345000 | 8345000 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2026  | 560000 | 562608 |
|  |  | 8907608 |
| TOTAL OHIO |  | 57988481 |
| Oregon - 0.1%  |  |  |
| Special Tax - 0.1% |  |  |
| Oregon St Dept Admin Lottery 5% 4/1/2026  | 11400000 | 11498019 |
| Pennsylvania - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Pennsylvania St Gen. Oblig. 5% 9/1/2026  | 255000 | 260479 |
| Pennsylvania St Gen. Oblig. Series 2017, 5% 1/1/2026  | 730000 | 733433 |
| Pennsylvania St Gen. Oblig. Series 2025 A, 5% 8/15/2026  | 525000 | 535734 |
|  |  | 1529646 |
| TOTAL PENNSYLVANIA |  | 1529646 |
| Rhode Island - 0.2%  |  |  |
| General Obligations - 0.2% |  |  |
| Barrington RI BAN 4% 5/28/2026  | 7700000 | 7743479 |
| South Kingston RI BAN Series 2025 I, 4% 6/25/2026  | 8025000 | 8080804 |
|  |  | 15824283 |
| TOTAL RHODE ISLAND |  | 15824283 |
| South Carolina - 0.5%  |  |  |
| General Obligations - 0.5% |  |  |
| Charleston County School District BAN 5% 5/7/2026  | 15000000 | 15165027 |
| Charleston Edl Excellence Fing Corp SC Installment Pur Rev (Charleston County School District Proj.) 5% 12/1/2025  | 575000 | 576931 |
| Clover SC Sch Dist No 2 York Cnty BAN Series 2024, 5% 10/1/2025  | 1350000 | 1350000 |
| Richland Cnty SC Sch Dist #1 BAN Series 2025, 4% 3/2/2026  | 12300000 | 12345986 |
| York Cnty SC Sch Dist No 4 Fort Mill BAN 4% 10/7/2026 (c) | 24550000 | 24914077 |
|  |  | 54352021 |
| TOTAL SOUTH CAROLINA |  | 54352021 |
| Tennessee - 0.0%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Tennessee St Sch Bd Auth Series 2015B, 5% 11/1/2034 (Pre-refunded to 11/1/2025 at 100)  | 3400000 | 3405494 |
| Texas - 0.4%  |  |  |
| General Obligations - 0.4% |  |  |
| Arlington Tex Indpt Sch Dist 5% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 325000 | 327794 |
| Dallas TX ISD Series 2021 A, 4% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 2260000 | 2269566 |
| Del Valle Tex Indpt Sch Dist 5% 6/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1016984 |
| Fort Worth Tex Indpt Sch Dist 5% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 260000 | 261799 |
| Houston TX Indpt Sch Dist 5% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 2000000 | 2012424 |
| Texas State Gen. Oblig. Series 2024, 5% 10/1/2025  | 14460000 | 14460000 |
| Travis Cnty TX Gen. Oblig. Series 2025, 5% 3/1/2026  | 8800000 | 8870051 |
| Williamson Cnty Tex Gen. Oblig. Series 2025, 5% 2/15/2026  | 1675000 | 1687110 |
|  |  | 30905728 |
| Health Care - 0.0% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 5% 12/1/2025  | 3510000 | 3521272 |
| Special Tax - 0.0% |  |  |
| Texas Transn Commn St Hwy Fund Rev Series 2015, 5% 10/1/2025  | 430000 | 430000 |
| Water & Sewer - 0.0% |  |  |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2025  | 2170000 | 2175077 |
| Texas Wtr Dev Brd Series 2018 B, 5% 10/15/2025  | 1100000 | 1100771 |
|  |  | 3275848 |
| TOTAL TEXAS |  | 38132848 |
| Virginia - 0.0%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Hampton Rds VA Transn Accountability Commn Rev Series 2021 A, 5% 7/1/2026  | 425000 | 432478 |
| General Obligations - 0.0% |  |  |
| County of Loudoun VA Gen. Oblig. Series 2025A, 5% 12/1/2025  | 2500000 | 2508189 |
| TOTAL VIRGINIA |  | 2940667 |
| Washington - 0.0%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Pierce Cnty WA Sch Dst No 10 Tacoma Series 2015, 5% 12/1/2039 (Pre-refunded to 12/1/2025 at 100)  | 325000 | 326163 |
| General Obligations - 0.0% |  |  |
| State of Washington Gen. Oblig. Series 2024 C, 5% 2/1/2026  | 300000 | 301928 |
| Water & Sewer - 0.0% |  |  |
| Seattle WA Wtr Sys Rev Series 2025, 5% 5/1/2026  | 1840000 | 1866107 |
| TOTAL WASHINGTON |  | 2494198 |
| Wisconsin - 0.2%  |  |  |
| General Obligations - 0.2% |  |  |
| Madison WI Met Sch Dist TRAN Series 2025, 5% 9/1/2026 (c) | 13500000 | 13779450 |
| Wisconsin St Gen. Oblig. Series 2016 2, 5% 11/1/2025  | 300000 | 300451 |
| Wisconsin St Gen. Oblig. Series 2024 1, 5% 5/1/2026  | 1310000 | 1324575 |
| Wisconsin St Gen. Oblig. Series 2025 2, 5% 5/1/2026  | 365000 | 370176 |
|  |  | 15774652 |
| Health Care - 0.0% |  |  |
| Wisconsin Health & Educational Facilities Authority (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b) | 560000 | 570377 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2019 A, 5% 11/15/2025  | 575000 | 576389 |
|  |  | 1146766 |
| Special Tax - 0.0% |  |  |
| Wisconsin St Gen. Oblig. Series 2024 2, 5% 5/1/2026  | 855000 | 866936 |
| TOTAL WISCONSIN |  | 17788354 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $989,427,176) |  | <br> **989427176** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tender Option Bond - 28.7%** | &nbsp;&nbsp;**Tender Option Bond - 28.7%** | &nbsp;&nbsp;**Tender Option Bond - 28.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 1.6%  |  |  |
| Alabama Infirmary Health Rev Participating VRDN Series 5065, 2.92% 2/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 58385000 | 58385000 |
| Alabama Southeast Energy Participating VRDN Series 2023 XM1139, 2.94% 11/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 5900000 | 5900000 |
| Alabama Southeast Energy Participating VRDN Series 2024 XL0542, 2.94% 7/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3080000 | 3080000 |
| Alabama Southeast Energy Participating VRDN Series 2025 XF1887, 2.94% 11/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2000000 | 2000000 |
| Alabama Southeast Energy Participating VRDN Series 2025 ZF1799, 2.92% 1/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 1875000 | 1875000 |
| Alabama Spl Cre Fac Fin A Birm Participating VRDN 2.92% 11/15/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 1965000 | 1965000 |
| Black Belt Energy Gas District Participating VRDN 2.92% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 8950000 | 8950000 |
| Black Belt Energy Gas District Participating VRDN 2.94% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2000000 | 2000000 |
| Black Belt Energy Gas District Participating VRDN 2.94% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 970000 | 970000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 XM1144, 2.94% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 6250000 | 6250000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 ZL0487, 2.92% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2125000 | 2125000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 ZL0508, 2.94% 2/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 8590000 | 8590000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 ZL0509, 2.94% 2/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2335000 | 2335000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 ZL0518, 2.94% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3335000 | 3335000 |
| Black Belt Energy Gas District Participating VRDN Series 2024 XM1190, 2.94% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 1800000 | 1800000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XF8002, 2.92% 5/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 29250000 | 29250000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XL0702, 2.94% 10/1/2035 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 7900000 | 7900000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XM1233, 2.94% 3/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 1800000 | 1800000 |
| Jefferson County Swr Rev Participating VRDN Series 2024 XL0531, 2.93% 10/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(f) | 1700000 | 1700000 |
| Southeast Alabama Gas Supply District Participating VRDN Series 2024 XF1694, 2.94% 6/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 1250000 | 1250000 |
| Southeast Energy Auth Participating VRDN 2.92% 1/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 2340000 | 2340000 |
| Southeast Energy Auth Participating VRDN Series 2023 XM1135, 2.92% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 4000000 | 4000000 |
| Southeast Energy Auth Participating VRDN Series 2025 XF1801, 2.93% 1/1/2056 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 2500000 | 2500000 |
| TOTAL ALABAMA |  | 160300000 |
| Alabama,Arizona - 0.0%  |  |  |
| Jefferson County AL Board Ed Participating VRDN Series 2023 YX1319, 2.93% 2/1/2046 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2025000 | 2025000 |
| Alaska - 0.1%  |  |  |
| Alaska Ind Dev & Exp Auth Participating VRDN 2.92% 10/1/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 8950000 | 8950000 |
| Alaska Multi Fam Hsg Auth Chenana Apts Participating VRDN 3.12% 11/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 1500000 | 1500000 |
| Anchorage AK Solid Waste Rev Participating VRDN Series 2023 XG0518, 3.01% 11/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 4300000 | 4300000 |
| TOTAL ALASKA |  | 14750000 |
| Arizona - 0.5%  |  |  |
| Arizona Health Facs Auth Rev Participating VRDN Series 3384, 2.92% 1/1/2037 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 8900000 | 8900000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2024 MIZ9180, 3.12% 7/11/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 3200000 | 3200000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9211, 3.12% 5/13/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 1035000 | 1035000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9213, 3.12% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 2485000 | 2485000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9215, 3.12% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 1500000 | 1500000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9216, 3.12% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 1520000 | 1520000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9219, 3.12% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 1300000 | 1300000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9220, 3.12% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 995000 | 995000 |
| Arizona Ind Dev Auth Participating VRDN 3.12% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 6000000 | 6000000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9187, 3.12% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 4600000 | 4600000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9192, 3.12% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 10700000 | 10700000 |
| Black Belt Energy Gas District Participating VRDN Series 2022 MIZ9101, 3.09% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f) | 1200000 | 1200000 |
| Mesa AZ Util Sys Rev Participating VRDN 2.94% 7/1/2046 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 2850000 | 2850000 |
| Salt Verde Finl Corp Sr Gas Rev Participating VRDN Series 2018 XF2537, 2.93% 12/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(f) | 1200000 | 1200000 |
| TOTAL ARIZONA |  | 47485000 |
| California - 0.4%  |  |  |
| California Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9231, 3.1% 9/9/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 10325000 | 10325000 |
| California St Univ Rev Participating VRDN 2.91% 11/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(f) | 3750000 | 3750000 |
| California St Univ Rev Participating VRDN 2.91% 11/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(f) | 8075000 | 8075000 |
| River Islands Pub Fing Auth Participating VRDN 3.12% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 7600000 | 7600000 |
| San Marcos Unified School District Series 2025 MS0062, 3.07% tender 8/1/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 3350000 | 3350000 |
| Univ CA Regts Med Ctr Pooled Rev Participating VRDN 2.91% 5/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2685000 | 2685000 |
| TOTAL CALIFORNIA |  | 35785000 |
| Colorado - 0.7%  |  |  |
| Black Belt Energy Gas District Participating VRDN Series 2019 XG0251, 2.94% 8/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(f) | 720000 | 720000 |
| Black Belt Energy Gas District Participating VRDN Series 2020 XM0829, 2.92% 8/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4400000 | 4400000 |
| Colorado Ctfs of Prtn Participating VRDN 2.92% 12/15/2040 (Liquidity Facility Barclays Bank PLC) (b)(f) | 8720000 | 8720000 |
| Colorado Health Facilities Authority Participating VRDN Series 2023 XF1619, 2.92% 5/15/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 6800000 | 6800000 |
| Colorado Health Facilities Authority Participating VRDN Series 2023 XL0436, 2.92% 5/15/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 3710000 | 3710000 |
| Colorado Health Facilities Authority Participating VRDN Series 2023 XM1124, 2.92% 11/15/2048 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2345000 | 2345000 |
| Colorado Health Facilities Authority Participating VRDN Series 2025 XF1990, 2.92% 5/15/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 3360000 | 3360000 |
| Colorado Health Facilities Authority Series 2025 MS0043, 3.01% tender 11/15/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 4600000 | 4600000 |
| Colorado Springs Colo Utils Participating VRDN Series 2025 YX1433, 2.92% 11/15/2050 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4115000 | 4115000 |
| CommonSpirit Health CO Participating VRDN 2.92% 11/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(f) | 3905000 | 3905000 |
| Denver CO City & Cnty Brd Wtr Participating VRDN Series 2025 XF8032, 2.92% 9/15/2055 (Liquidity Facility Bank of America, N.A.) (b)(f) | 2670000 | 2670000 |
| Denver CO City & Cnty Brd Wtr Series 2025 MS0064E, 3.06% tender 9/15/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 5250000 | 5250000 |
| Denver CO Cty & Cnty Sch Dis 1 Participating VRDN Series 2025 XG0603, 2.92% 12/1/2049 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 5000000 | 5000000 |
| Regional Transn Dist CO Sales Participating VRDN Series 2025 CF7024, 2.92% 11/1/2033 (Liquidity Facility Citibank NA) (b)(f) | 15700000 | 15700000 |
| TOTAL COLORADO |  | 71295000 |
| Connecticut - 0.5%  |  |  |
| Connecticut Gen. Oblig. Participating VRDN Series 2017 014, 2.93% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(f) | 24775000 | 24775000 |
| Connecticut Gen. Oblig. Participating VRDN Series 2017 016, 2.93% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(f) | 21800000 | 21800000 |
| TOTAL CONNECTICUT |  | 46575000 |
| Delaware - 0.0%  |  |  |
| Delaware Multi Fam Hsg Chritina Village Participating VRDN 3.12% 5/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 2800000 | 2800000 |
| District Of Columbia - 0.4%  |  |  |
| Black Belt Energy Gas District Participating VRDN Series 2019 XF0853, 2.93% 10/1/2044 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 9475000 | 9475000 |
| Black Belt Energy Gas District Participating VRDN Series 2019 XG0267, 2.94% 10/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(f) | 1715000 | 1715000 |
| District Columbia Gen. Oblig. Participating VRDN 2.92% 6/1/2040 (Liquidity Facility Citibank NA) (b)(f) | 12360000 | 12360000 |
| District Columbia Income Tax Rev Participating VRDN Series 2025 XF1998, 2.92% 6/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(f) | 5335000 | 5335000 |
| District Columbia Income Tax Rev Participating VRDN Series 2025 ZF3379, 2.92% 6/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 3270000 | 3270000 |
| Metropolitan Washington Arpts Auth Dulles Toll Road Rev Participating VRDN Series 2020 XF0919, 2.92% 10/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 1355000 | 1355000 |
| Washington DC Gen. Oblig. Participating VRDN 2.92% 6/1/2042 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2965000 | 2965000 |
| TOTAL DISTRICT OF COLUMBIA |  | 36475000 |
| Florida - 2.9%  |  |  |
| Black Belt Energy Gas District Participating VRDN Series 2019 XG0252, 2.94% 7/1/2034 (Liquidity Facility Bank of America, N.A.) (b)(f) | 7400000 | 7400000 |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN Series 2023 XF1641, 2.99% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 10700000 | 10700000 |
| Cape Coral Wtr & Swr Rev Participating VRDN Series 2023 YX1317, 2.93% 10/1/2039 (Liquidity Facility Barclays Bank PLC) (b)(f) | 5200000 | 5200000 |
| County of Broward FL Tourist Development Tax Revenue Participating VRDN 2.97% 9/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 4000000 | 4000000 |
| County of Broward FL Tourist Development Tax Revenue Participating VRDN Series 2023 XL0429, 3% 9/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 2315000 | 2315000 |
| Florida Baptist Health Series 2025 BAML5066, 3.04% tender 8/15/2055 (Liquidity Facility Bank of America NA) (b)(f)(g) | 9905000 | 9905000 |
| Florida Hsg Fin Corp Rev Participating VRDN 2.92% 7/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(f) | 10330000 | 10330000 |
| Florida St Dept Transn Tpk Rev Participating VRDN 2.92% 7/1/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 3750000 | 3750000 |
| Florida St Dept Transn Tpk Rev Participating VRDN Series 2023 XF3100, 2.92% 7/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4265000 | 4265000 |
| Gainesville FL Utils Sys Rev Participating VRDN Series 2023 YX1284, 2.92% 10/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(f) | 7815000 | 7815000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2024 XF3239, 2.92% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 12050000 | 12050000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XG0617, 2.92% 11/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(f) | 3700000 | 3700000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XL0669, 3.58% 11/15/2054 (Liquidity Facility Bank of America, N.A.) (b)(f) | 3800000 | 3800000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1229, 2.92% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 6700000 | 6700000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1246, 2.92% 11/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 5245000 | 5245000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1282, 2.92% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 5185000 | 5185000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1314, 2.92% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 7535000 | 7535000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 ZF3394, 2.92% 11/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 3170000 | 3170000 |
| Jacksonville Fla Spl Rev Series 2025 MS0068E, 3.09% tender 10/1/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 9700000 | 9700000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN Series 2025 XM1247, 2.91% 10/1/2054 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4435000 | 4435000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN Series 2025 ZF3393, 2.92% 10/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 5530000 | 5530000 |
| JEA FL Wtr & Swr Sys Rev Series 2025 MS0033, 3.01% tender 10/1/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 6445000 | 6445000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN 2.92% 3/15/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2800000 | 2800000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN Series 2025 CF7023, 2.94% 3/15/2047 (Liquidity Facility Citibank NA) (b)(f) | 13000000 | 13000000 |
| Miami-Dade Cnty FL Wtr & Swr Rev Participating VRDN Series 2023 XM1122, 2.92% 10/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(f) | 13900000 | 13900000 |
| Miami-Dade Cnty FL Wtr & Swr Rev Participating VRDN Series 2025 XM1296, 3.85% 10/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 6375000 | 6375000 |
| Miami-Dade County Wtr & Swr Rev Participating VRDN 2.92% 10/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(f) | 6000000 | 6000000 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev Participating VRDN Series 2022 XG0370, 2.99% 8/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(f) | 12255000 | 12255000 |
| Pasco County FL Hosp Rev Participating VRDN Series 2023 XM1155, 2.92% 7/1/2030 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 10685000 | 10685000 |
| South Broward Hosp Dist FL Rev Participating VRDN Series 2021 XG0345, 2.92% 5/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 200000 | 200000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN 2.96% 8/15/2036 (Liquidity Facility Barclays Bank PLC) (b)(f) | 7435000 | 7435000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN Series 2018 XG0173, 2.99% 8/15/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 5600000 | 5600000 |
| Tallahassee Health Facs Rev Memorial Hlth Participating VRDN Series 2023 XG0485, 2.92% 12/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2595000 | 2595000 |
| Tampa Bay Water Participating VRDN Series 2023 ZL0485, 2.92% 10/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 2500000 | 2500000 |
| Tampa Bay Water Participating VRDN Series 2025 ZF1961, 2.92% 10/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(f) | 4670000 | 4670000 |
| Tampa Bay Water Series 2025 MS0066E, 3.07% tender 10/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 7770000 | 7770000 |
| Tampa Bay Water Series 2025 MS0075E, 3.06% tender 10/1/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 5100000 | 5100000 |
| Tampa FL Health Sys Rev Participating VRDN 2.92% 11/15/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 5250000 | 5250000 |
| Tampa FL Health Sys Rev Participating VRDN Series 2023 XF3146, 2.94% 11/15/2046 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 6930000 | 6930000 |
| Tampa FL Hosp Rev Participating VRDN Series 2025 XG0613, 2.92% 8/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 4800000 | 4800000 |
| UF Health Shands Hospital Participating VRDN Series 5094, 2.92% 12/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 33755000 | 33755000 |
| Wildwood FL Util Dist Participating VRDN Series 2025 XM1210, 2.92% 10/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3590000 | 3590000 |
| TOTAL FLORIDA |  | 294385000 |
| Georgia - 1.4%  |  |  |
| Black Belt Energy Gas District Participating VRDN 2.93% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 30695000 | 30695000 |
| Black Belt Energy Gas District Participating VRDN Series 2019 XF0751, 2.92% 5/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 38225000 | 38225000 |
| Black Belt Energy Gas District Participating VRDN Series 2019 XG0254, 2.94% 1/1/2063 (Liquidity Facility Bank of America, N.A.) (b)(f) | 5305000 | 5305000 |
| Brookhaven Development Authority Participating VRDN Series 2019 XG0244, 2.92% 7/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(f) | 170000 | 170000 |
| Burke County Indl Dev Auth Poll Cont Rev Participating VRDN 2.94% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 15400000 | 15400000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XF3106, 2.93% 7/1/2063 (Liquidity Facility Barclays Bank PLC) (b)(f) | 8085000 | 8085000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XG0470, 2.94% 1/1/2059 (Liquidity Facility Bank of America, N.A.) (b)(f) | 8150000 | 8150000 |
| Georgia St Gen. Oblig. Participating VRDN 2.91% 7/1/2037 (Liquidity Facility Citibank NA) (b)(f) | 9375000 | 9375000 |
| Georgia St Gen. Oblig. Participating VRDN Series 2024 CF7007, 2.92% 7/1/2041 (Liquidity Facility Citibank NA) (b)(f) | 3500000 | 3500000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XF1601, 2.92% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 6800000 | 6800000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XM1134, 2.92% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 4000000 | 4000000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XM1136, 2.92% 12/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2700000 | 2700000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 ZF1655, 2.92% 9/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3105000 | 3105000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 ZF1659, 2.92% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2110000 | 2110000 |
| Main Street Natural Gas Inc Participating VRDN Series 2024 XM1187, 2.94% 6/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 1800000 | 1800000 |
| TOTAL GEORGIA |  | 139420000 |
| Idaho - 0.1%  |  |  |
| Idaho Hsg & Fin Assn Participating VRDN Series 2024 XG0565, 2.92% 1/1/2054 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4320000 | 4320000 |
| St Lukes Hlth ID Participating VRDN 2.92% 3/1/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 3750000 | 3750000 |
| TOTAL IDAHO |  | 8070000 |
| Illinois - 2.0%  |  |  |
| Black Belt Energy Gas District Participating VRDN 2.92% 5/15/2050 (Liquidity Facility Barclays Bank PLC) (b)(f) | 5135000 | 5135000 |
| Black Belt Energy Gas District Participating VRDN 2.94% 11/1/2029 (Liquidity Facility Bank of America, N.A.) (b)(f) | 10100000 | 10100000 |
| Black Belt Energy Gas District Participating VRDN 2.94% 5/1/2039 (Liquidity Facility Bank of America, N.A.) (b)(f) | 4500000 | 4500000 |
| Black Belt Energy Gas District Participating VRDN Series 2015 XF1045, 2.93% 6/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2120000 | 2120000 |
| Black Belt Energy Gas District Participating VRDN Series 2018 XF0711, 2.92% 5/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 9900000 | 9900000 |
| Black Belt Energy Gas District Participating VRDN Series 2019 XM0759, 2.94% 11/1/2025 (Liquidity Facility Bank of America, N.A.) (b)(f) | 1600000 | 1600000 |
| Black Belt Energy Gas District Participating VRDN Series 2019 XF0736, 2.92% 1/1/2059 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 4750000 | 4750000 |
| Black Belt Energy Gas District Participating VRDN Series 2020 XL0145, 2.93% 12/1/2057 (Liquidity Facility Barclays Bank PLC) (b)(f) | 8685000 | 8685000 |
| Black Belt Energy Gas District Participating VRDN Series 2022 XL0260, 2.92% 3/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4800000 | 4800000 |
| Chicago Board of Ed Participating VRDN Series 2018 XG0217, 2.92% 4/1/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 5625000 | 5625000 |
| Chicago Board of Ed Participating VRDN Series 2023 XG0469, 2.95% 4/1/2048 (Liquidity Facility Bank of America, N.A.) (b)(f) | 3260000 | 3260000 |
| Chicago Gen. Oblig. Participating VRDN Series 2025 XL0691, 2.92% 1/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4575000 | 4575000 |
| Chicago IL Gen. Oblig. Participating VRDN 2.92% 1/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2750000 | 2750000 |
| IL Met Pier & Exp Auth Participating VRDN Series 2025 XF1962, 2.92% 6/15/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 4000000 | 4000000 |
| IL Met Pier & Exp Auth Participating VRDN Series 2025 XF8081, 2.92% 6/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 25900000 | 25900000 |
| Illinois Fin Auth Participating VRDN Series 2023 YX1326, 2.93% 11/15/2039 (Liquidity Facility Barclays Bank PLC) (b)(f) | 3395000 | 3395000 |
| Illinois Fin Auth Rev Participating VRDN Series 2018 017, 3.19% 8/15/2030 (Liquidity Facility Barclays Bank PLC) (b)(f) | 16300000 | 16300000 |
| Illinois Fin Auth Rev Participating VRDN Series 2023 XF1540, 2.92% 12/1/2046 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2500000 | 2500000 |
| Illinois Finance Authority Rev Participating VRDN 2.92% 8/15/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 2700000 | 2700000 |
| Illinois Gen. Oblig. Participating VRDN Series 2023 XF3111, 2.92% 5/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(f) | 5700000 | 5700000 |
| Illinois Gen. Oblig. Participating VRDN Series 2024 YX1338, 2.92% 5/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(f) | 3960000 | 3960000 |
| Illinois Gen. Oblig. Participating VRDN Series 2025 XF8078, 2.92% 9/1/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 13500000 | 13500000 |
| Illinois Housing Development Authority Participating VRDN 2.92% 10/1/2043 (Liquidity Facility Citibank NA) (b)(f) | 2355000 | 2355000 |
| Illinois Housing Development Authority Participating VRDN 2.92% 4/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 11655000 | 11655000 |
| Illinois Hsg Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9224, 3.12% 8/18/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 26500000 | 26500000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN 2.92% 1/1/2045 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 10300000 | 10300000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN 2.95% 1/1/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 1310000 | 1310000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN Series 2015 XF077, 2.95% 1/1/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 5030000 | 5030000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN Series 2022 ZF1388, 2.95% 1/1/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 2000000 | 2000000 |
| Regional Transn Auth IL Participating VRDN 2.95% 6/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 2510000 | 2510000 |
| TOTAL ILLINOIS |  | 207415000 |
| Indiana - 0.1%  |  |  |
| Indiana Fin Auth Health Facilities Rev Participating VRDN Series 2023 XF1569, 2.92% 8/15/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 6095000 | 6095000 |
| Indiana Fin Auth Health Sys Rev Participating VRDN 2.92% 10/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 5785000 | 5785000 |
| TOTAL INDIANA |  | 11880000 |
| Iowa - 0.3%  |  |  |
| Iowa Fin Auth Rev Participating VRDN Series 2024 003, 3.14% 3/1/2027 (Liquidity Facility Barclays Bank PLC) (b)(f) | 13700000 | 13700000 |
| Iowa Fin Auth Single Family Mtg Rev Participating VRDN Series 2023 XG0522, 2.92% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 4250000 | 4250000 |
| Polk Co IA Gen. Oblig. Participating VRDN Series 2025 XL0666, 2.92% 6/1/2045 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 4355000 | 4355000 |
| State of Iowa Board of Regents Participating VRDN 2.92% 9/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(f) | 4025000 | 4025000 |
| TOTAL IOWA |  | 26330000 |
| Kansas - 0.0%  |  |  |
| Wyandotte Cnty KS Participating VRDN Series 2025 ZF1819, 2.92% 9/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 1875000 | 1875000 |
| Kentucky - 0.3%  |  |  |
| Black Belt Energy Gas District Participating VRDN Series 2020 MIZ9021, 2.99% 5/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f) | 4400000 | 4400000 |
| Covington City KY Participating VRDN Series 2024 XL0569, 2.94% 12/1/2054 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 2185000 | 2185000 |
| Jefferson County Board of Education/Ky Participating VRDN Series 2024 XM1182, 2.92% 9/1/2040 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 4000000 | 4000000 |
| Kentucky Comm Network Rev Participating VRDN 2.94% 9/1/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3000000 | 3000000 |
| Kentucky Econ Dev Fin Auth Hosp Rev Participating VRDN Series 2023 XF3181, 2.93% 6/1/2041 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2200000 | 2200000 |
| Kentucky Gas Supply Rev Participating VRDN Series 2025 XM1237, 2.94% 6/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2000000 | 2000000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1188, 2.94% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 1800000 | 1800000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1189, 2.94% 8/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 1800000 | 1800000 |
| Kentucky Pub Energy Participating VRDN 2.93% 4/1/2054 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 4760000 | 4760000 |
| Kentucky Pub Energy Participating VRDN 2.94% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 1205000 | 1205000 |
| Louisville & Jefferson KY Swr Sys Rev Series 2025 MS0063E, 3.06% tender 5/15/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 5615000 | 5615000 |
| TOTAL KENTUCKY |  | 32965000 |
| Louisiana - 0.2%  |  |  |
| LA Pub Facs Auth Rev Ochsner Clinic Participating VRDN Series 2023 YX1295, 2.92% 5/15/2046 (Liquidity Facility Barclays Bank PLC) (b)(f) | 14205000 | 14205000 |
| LA Pub Facs Auth Rev Ochsner Clinic Participating VRDN Series 2025 XF1971, 2.92% 5/15/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2750000 | 2750000 |
| TOTAL LOUISIANA |  | 16955000 |
| Maryland - 0.2%  |  |  |
| Montgomery Cnty MD Rev Participating VRDN Series 2018 XG0215, 2.93% 12/1/2044 (Liquidity Facility Bank of America, N.A.) (b)(f) | 6760000 | 6760000 |
| State of Maryland Gen. Oblig. Participating VRDN Series 2025 CF7049, 2.92% 3/15/2035 (Liquidity Facility Citibank NA) (b)(f) | 10400000 | 10400000 |
| TOTAL MARYLAND |  | 17160000 |
| Michigan - 0.4%  |  |  |
| Black Belt Energy Gas District Participating VRDN Series 2019 XF0782, 2.92% 2/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 1945000 | 1945000 |
| Bronson MI Hlth Rev Participating VRDN Series 2025 XL0615, 2.92% 5/15/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3175000 | 3175000 |
| Holly MI Area Sch Dist Participating VRDN Series 2023 XG0486, 2.94% 5/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 6755000 | 6755000 |
| Michigan Fin Auth Rev Participating VRDN 2.92% 12/1/2040 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 4800000 | 4800000 |
| Michigan Fin Auth Rev Participating VRDN Series 2025 XF3362, 2.92% 11/1/2044 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 3555000 | 3555000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN 2.92% 12/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 3650000 | 3650000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN 2.92% 6/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 2495000 | 2495000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN 3.69% 6/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(f) | 1405000 | 1405000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN Series 2023 XF1581, 2.93% 12/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 2400000 | 2400000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN Series 2023 XL0467, 2.92% 6/1/2054 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4000000 | 4000000 |
| Michigan St Bldg Auth Rev Participating VRDN Series 2025 XF3421, 3.88% 10/15/2050 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4000000 | 4000000 |
| Michigan St Hosp Fin Auth Rev Participating VRDN 2.92% 11/15/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 2500000 | 2500000 |
| Michigan St Univ Revs Participating VRDN Series 2024 XM1171, 2.92% 8/15/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2500000 | 2500000 |
| TOTAL MICHIGAN |  | 43180000 |
| Michigan,New York - 0.0%  |  |  |
| Eastern MI University Rev Participating VRDN Series 2025 001, 3.14% 3/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4800000 | 4800000 |
| Minnesota - 0.2%  |  |  |
| Duluth Econ Dev Auth Health Care Facs Rev Participating VRDN Series 2023 XG0523, 2.93% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4900000 | 4900000 |
| Minnesota St Gen. Oblig. Participating VRDN Series 2024 CF7001, 2.91% 9/1/2041 (Liquidity Facility Citibank NA) (b)(f) | 10200000 | 10200000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN 3.12% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 7415000 | 7415000 |
| TOTAL MINNESOTA |  | 22515000 |
| Mississippi - 0.1%  |  |  |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9202, 3.12% 12/4/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 3500000 | 3500000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9205, 3.12% 7/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 2150000 | 2150000 |
| Mississippi Home Corp Single Family Mtg Rev Participating VRDN Series 2025 XX1388, 2.92% 12/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(f) | 3250000 | 3250000 |
| TOTAL MISSISSIPPI |  | 8900000 |
| Missouri - 1.3%  |  |  |
| Black Belt Energy Gas District Participating VRDN Series 2022 XG0361, 2.93% 9/1/2046 (Liquidity Facility Barclays Bank PLC) (b)(f) | 6090000 | 6090000 |
| Black Belt Energy Gas District Participating VRDN Series 2022 YX1193, 2.93% 9/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(f) | 9115000 | 9115000 |
| Kansas City MO Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9207, 3.12% 1/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 2595000 | 2595000 |
| Missouri Health & Edl Facilities Auth Rev Participating VRDN Series C 16, 2.94% 3/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 32500000 | 32500000 |
| Missouri Health & Edl Facs Rev Participating VRDN Series C 23, 2.93% 6/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 19800000 | 19800000 |
| Missouri Hlth & Edl Facs Rev Participating VRDN Series 2025 XF1841, 2.92% 4/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 2665000 | 2665000 |
| Missouri Hlth Facs Auth Rev Participating VRDN Series 5066, 2.92% 6/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 23000000 | 23000000 |
| Missouri St Hsg Dev Commn Single Family Mtg Rev Participating VRDN Series 2025 XF1885, 2.92% 11/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 5600000 | 5600000 |
| Montana Hlth Facs Auth Rev Mercy Hlth Participating VRDN 2.92% 6/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3445000 | 3445000 |
| Montana Hlth Facs Auth Rev Participating VRDN 2.92% 11/15/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 16500000 | 16500000 |
| St Louis Cnty MO Spl Oblig Participating VRDN Series 2022 XG0382, 2.92% 12/1/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 6000000 | 6000000 |
| St Louis MO Lafayette Apts Participating VRDN Series 2025 MIZ9212, 3.12% 5/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 2985000 | 2985000 |
| TOTAL MISSOURI |  | 130295000 |
| Nebraska - 0.1%  |  |  |
| Black Belt Energy Gas District Participating VRDN Series 2022 ZL0301, 2.94% 5/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 480000 | 480000 |
| Nebraska Invt Fin Auth Sfh Rev Participating VRDN Series 2024 XF1774, 2.92% 9/1/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 2450000 | 2450000 |
| Nebraska Invt Fin Auth Sfh Rev Participating VRDN Series 2024 YX1334, 2.92% 9/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(f) | 1540000 | 1540000 |
| Nebraska Invt Fin Auth Single Family Hsg Rev Participating VRDN Series 2025 XF1972, 2.92% 9/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 4810000 | 4810000 |
| TOTAL NEBRASKA |  | 9280000 |
| Nevada - 0.4%  |  |  |
| Clark Cnty NV Gen. Oblig. Participating VRDN Series 2023 ZL0480, 2.92% 5/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 3275000 | 3275000 |
| Clark Cnty NV School Dist Participating VRDN Series 2023 XF1473, 3.01% 6/15/2042 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 3730000 | 3730000 |
| Clark Cnty NV Wtr Reclamation Dist Gen. Oblig. Participating VRDN Series 2025 XG0627, 2.92% 7/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(f) | 5135000 | 5135000 |
| Las Vegas Valley NV Gen. Oblig. Participating VRDN 2.92% 6/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(f) | 11235000 | 11235000 |
| Las Vegas Valley NV Gen. Oblig. Participating VRDN Series 2023 ZF3155, 2.92% 6/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 4750000 | 4750000 |
| Las Vegas Valley NV Gen. Oblig. Participating VRDN Series 2025 XF1954, 2.92% 6/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(f) | 2900000 | 2900000 |
| Las Vegas Valley NV Gen. Oblig. Participating VRDN Series 2025 ZF3413, 2.92% 6/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 2500000 | 2500000 |
| Las Vegas Valley NV Gen. Oblig. Series 2025 MS0057E, 3.06% tender 6/1/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 3200000 | 3200000 |
| TOTAL NEVADA |  | 36725000 |
| New Hampshire,New York - 0.4%  |  |  |
| Nat'l Fin Auth NH Novant Hlth Participating VRDN Series E 157, 2.92% 11/1/2064 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 39900000 | 39900000 |
| New Jersey - 0.6%  |  |  |
| Black Belt Energy Gas District Participating VRDN 2.92% 6/15/2044 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2725000 | 2725000 |
| Black Belt Energy Gas District Participating VRDN 2.92% 6/15/2046 (Liquidity Facility Barclays Bank PLC) (b)(f) | 5800000 | 5800000 |
| New Jersey Trans Trust Fund Auth Participating VRDN 2.93% 6/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 12470000 | 12470000 |
| New Jersey Trans Trust Fund Auth Participating VRDN Series 2018 XG0205, 2.92% 12/15/2034 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4645000 | 4645000 |
| New Jersey Trans Trust Fund Auth Participating VRDN Series 2023 XF1557, 2.92% 6/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 3435000 | 3435000 |
| New Jersey Turnpike Authority Participating VRDN 2.92% 1/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(f) | 1300000 | 1300000 |
| New Jersey Turnpike Authority Participating VRDN Series 2025 XF3423, 2.92% 1/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(f) | 7875000 | 7875000 |
| New Jersey Turnpike Authority Participating VRDN Series 2025 XM1278, 2.92% 1/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 5335000 | 5335000 |
| New Jersey Turnpike Authority Series 2025 MS0081E, 3.09% tender 1/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 15000000 | 15000000 |
| TOTAL NEW JERSEY |  | 58585000 |
| New Mexico - 0.1%  |  |  |
| Bernalillo NM Multi Fam Hsg St Anthony's Pl Participating VRDN Series 2025 MIZ9210, 3.12% 4/29/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 6500000 | 6500000 |
| New York - 1.3%  |  |  |
| Black Belt Energy Gas District Participating VRDN 2.92% 11/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(f) | 33205000 | 33205000 |
| Black Belt Energy Gas District Participating VRDN Series 2020 XF2878, 2.92% 11/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2400000 | 2400000 |
| City of New York NY Gen. Oblig. Participating VRDN Series 2022 XF1327, 2.92% 8/1/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 4000000 | 4000000 |
| City of New York NY Gen. Oblig. Participating VRDN Series 2025 ZF3405, 2.91% 8/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 4030000 | 4030000 |
| City of New York NY Gen. Oblig. Series 2025 MS0074E, 3.06% tender 8/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 3295000 | 3295000 |
| New York City Gen Oblig Participating VRDN Series E 88, 2.92% 6/1/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2000000 | 2000000 |
| New York City Gen. Oblig. Participating VRDN 2.92% 9/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 14400000 | 14400000 |
| New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Participating VRDN 2.92% 6/15/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 22800000 | 22800000 |
| New York City Participating VRDN 2.92% 10/1/2039 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 8200000 | 8200000 |
| New York City Transitional Finance Authority Participating VRDN Series 2025 YX1419, 2.92% 5/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2015000 | 2015000 |
| New York City Transitional Finance Authority Participating VRDN Series 2025 ZF3373, 2.91% 11/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 3530000 | 3530000 |
| New York Dorm Auth Royal Charter Prop Participating VRDN Series 2025 MIZ9208, 3.12% 3/16/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 16885000 | 16885000 |
| New York NY City Transitional Fin Auth Rev Participating VRDN Series 2022 YX1183, 2.92% 2/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(f) | 3265000 | 3265000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2023 XF3160, 2.91% 6/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 7500000 | 7500000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2025 XF3456, 2.92% 6/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 3500000 | 3500000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2025 ZF3429, 2.91% 6/15/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 6165000 | 6165000 |
| TOTAL NEW YORK |  | 137190000 |
| North Carolina - 0.8%  |  |  |
| Charlotte NC Arpt Rev Participating VRDN Series 2025 XF8043, 2.92% 7/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(f) | 4320000 | 4320000 |
| Charlotte NC Arpt Rev Participating VRDN Series 2025 YX1402, 2.92% 7/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(f) | 5060000 | 5060000 |
| NC Hsg Fin Agy Homeownership Rev Participating VRDN Series 2023 YX1316, 2.92% 1/1/2048 (Liquidity Facility Barclays Bank PLC) (b)(f) | 10695000 | 10695000 |
| Raleigh NC Hsg Auth Multi Fam Rev Participating VRDN Series 2025 MIZ9228, 3.12% 8/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 4490000 | 4490000 |
| UNC Hosp Rev Participating VRDN Series 5093, 2.73% 7/1/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 57100000 | 57100000 |
| TOTAL NORTH CAROLINA |  | 81665000 |
| North Dakota - 0.2%  |  |  |
| North Dakota Housing Finance Agency Participating VRDN 2.92% 7/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 10400000 | 10400000 |
| North Dakota St Hsg Fin Agy Participating VRDN Series 2024 XG0559, 2.92% 1/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 13185000 | 13185000 |
| TOTAL NORTH DAKOTA |  | 23585000 |
| Ohio - 0.8%  |  |  |
| Allen Cnty OH Hosp Facs Rev Participating VRDN Series 2017 XF2516, 2.98% 8/1/2047 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 3600000 | 3600000 |
| Allen OH Bon Secours Mercy Hlth Participating VRDN Series E 164, 2.92% 11/1/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 4000000 | 4000000 |
| Black Belt Energy Gas District Participating VRDN Series 2020 MIZ9020, 2.99% 5/1/2039 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f) | 3575000 | 3575000 |
| Black Belt Energy Gas District Participating VRDN Series C 18, 2.93% 1/15/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2100000 | 2100000 |
| Black Belt Energy Gas District Participating VRDN Series E 132, 2.92% 8/1/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 18485000 | 18485000 |
| Black Belt Energy Gas District Participating VRDN Series E 134, 2.92% 6/1/2034 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 7715000 | 7715000 |
| Brunswick OH City Sch Dist Participating VRDN 2.92% 12/1/2060 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2750000 | 2750000 |
| Cuyahoga OH Metro Hlth Participating VRDN Series 2023 BAML5043, 2.96% 2/15/2047 (Liquidity Facility Bank of America, N.A.) (b)(f) | 2900000 | 2900000 |
| Franklin Cnty OH Hosp Facs Rev Participating VRDN 2.92% 5/15/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2810000 | 2810000 |
| Hamilton County Healthcare Facilities Rev Participating VRDN Series 2024 XM1184, 2.92% 6/1/2038 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3105000 | 3105000 |
| Hamilton OH Hosp Rev Participating VRDN Series 2023 XG0525, 2.92% 8/15/2042 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 6775000 | 6775000 |
| Ohio Housing Finance Agency Participating VRDN Series 2024 XF1762, 2.92% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 8575000 | 8575000 |
| Ohio Housing Finance Agency Participating VRDN Series 2025 XF1824, 2.92% 9/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 4145000 | 4145000 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Participating VRDN Series 2023 XF3145, 2.92% 9/1/2054 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 2880000 | 2880000 |
| Port of Grt Cincinnati OH Participating VRDN Series 2024 XL0553, 2.92% 12/1/2058 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 305000 | 305000 |
| University Cincinnati OH Gen Participating VRDN 2.92% 6/1/2045 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 3700000 | 3700000 |
| University Cincinnati OH Gen Participating VRDN Series 2024 XF1711, 2.92% 6/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3945000 | 3945000 |
| TOTAL OHIO |  | 81365000 |
| Oklahoma - 0.4%  |  |  |
| Black Belt Energy Gas District Participating VRDN Series E 140, 2.92% 8/15/2035 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 12475000 | 12475000 |
| Oklahoma City Okla Wtr Utils Tr Util Sys Rev Participating VRDN Series 2024 XM1163, 2.92% 7/1/2064 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 3800000 | 3800000 |
| Oklahoma St Wtr Res Brd Rev Fd Participating VRDN Series 2025 XF3434, 2.94% 4/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 3995000 | 3995000 |
| Oklahoma St Wtr Res Brd Rev Fd Series 2025 MS0054E, 3.06% tender 4/1/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 9700000 | 9700000 |
| Oklahoma St Wtr Res Brd Rev Fd Series 2025 MS0060E, 3.07% tender 4/1/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 7725000 | 7725000 |
| TOTAL OKLAHOMA |  | 37695000 |
| Oregon - 0.5%  |  |  |
| Multinomah OR Adventist Health Participating VRDN 2.92% 3/1/2040 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 7580000 | 7580000 |
| Multnomah Cnty OR Sch Dist No 1 Portland Participating VRDN 2.92% 6/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 15710000 | 15710000 |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN 3.12% 1/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 1405000 | 1405000 |
| Oregon Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9230, 3.12% 9/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f) | 1100000 | 1100000 |
| Oregon St Facs Auth Rev Participating VRDN Series 2025 003, 3.19% 8/1/2026 (Liquidity Facility Barclays Bank PLC) (b)(f) | 5100000 | 5100000 |
| Port of Morrow Series 2024 MS0026, 3.09% tender 10/1/2026 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 13350000 | 13350000 |
| Washington Clark County SD23 Series 2025 MS0080E, 3.07% tender 6/15/2046 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 3725000 | 3725000 |
| Washington Cnty OR Sch Dist 48j Beaverton Participating VRDN 2.92% 6/15/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 3995000 | 3995000 |
| TOTAL OREGON |  | 51965000 |
| Pennsylvania - 1.9%  |  |  |
| Black Belt Energy Gas District Participating VRDN 2.93% 11/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(f) | 9375000 | 9375000 |
| Black Belt Energy Gas District Participating VRDN Series 2022 XM1008, 2.92% 12/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 835000 | 835000 |
| Black Belt Energy Gas District Participating VRDN Series 2022 YX1185, 2.92% 2/15/2039 (Liquidity Facility Barclays Bank PLC) (b)(f) | 6550000 | 6550000 |
| Black Belt Energy Gas District Participating VRDN Series 2022 YX1186, 2.92% 2/15/2040 (Liquidity Facility Barclays Bank PLC) (b)(f) | 8000000 | 8000000 |
| Commonwealth Fing Auth Tobacco Participating VRDN Series 2018 XX1080, 2.93% 6/1/2035 (Liquidity Facility Barclays Bank PLC) (b)(f) | 1800000 | 1800000 |
| Geisinger Auth PA Hlth Sys Rev Participating VRDN Series 2023 XG0468, 2.92% 6/1/2041 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 6760000 | 6760000 |
| Geisinger Auth PA Hlth Sys Rev Participating VRDN Series 2025 XF3360, 2.92% 4/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 2935000 | 2935000 |
| Lehigh County Gen Purp Hosp Rev Participating VRDN Series 2023 BAML5039, 2.97% 7/1/2043 (Liquidity Facility Bank of America, N.A.) (b)(f)(g) | 11320000 | 11320000 |
| Pennsylvania Higher Educational Facilities Authority Participating VRDN 2.92% 8/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(f) | 3325000 | 3325000 |
| Pennsylvania St Univ Participating VRDN Series 2025 XF1966, 2.92% 9/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(f) | 3000000 | 3000000 |
| Pennsylvania St Univ Participating VRDN Series 2025 XF1968, 2.92% 9/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(f) | 3600000 | 3600000 |
| Pennsylvania Tpk Commission Tpk Rev Participating VRDN Series 2017 XX1044, 2.92% 12/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(f) | 6365000 | 6365000 |
| Pennsylvania Turnpike Commission Participating VRDN Series 2025 XG0626, 2.92% 12/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2600000 | 2600000 |
| Pennsylvania Turnpike Commission Participating VRDN Series 2025 XL0697, 2.92% 12/1/2055 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 3375000 | 3375000 |
| Philadelphia PA Gas Works Rev Participating VRDN Series 2024 ZF1772, 2.92% 8/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3585000 | 3585000 |
| Philadelphia PA Wtr & Wastewtr Rev Participating VRDN Series 2025 XM1300, 2.92% 9/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 1600000 | 1600000 |
| Philadelphia PA Wtr & Wste Rev Participating VRDN Series 2023 XF1606, 2.93% 9/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 2400000 | 2400000 |
| Southcentral PA Gen Auth Rev Participating VRDN Series 2019 XL0104, 2.92% 6/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 8120000 | 8120000 |
| Southcentral PA Gen Auth Rev Participating VRDN Series 2023 ZL0512, 2.92% 6/1/2039 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 3335000 | 3335000 |
| Southeastern PA Transn Auth Rev Participating VRDN 2.92% 6/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 6230000 | 6230000 |
| Southeastern PA Transn Auth Rev Participating VRDN 2.92% 6/1/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 4000000 | 4000000 |
| Southeastern PA Transn Auth Rev Participating VRDN 2.94% 6/1/2047 (Liquidity Facility Bank of America, N.A.) (b)(f) | 6100000 | 6100000 |
| Southeastern PA Transn Auth Rev Participating VRDN Series 2025 XG0625, 2.92% 6/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 4000000 | 4000000 |
| Thomas Jefferson University Participating VRDN Series 2024 XF1769, 2.92% 11/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 7650000 | 7650000 |
| Thomas Jefferson University Participating VRDN Series 2025 XF1939, 2.92% 11/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 6855000 | 6855000 |
| Thomas Jefferson University Participating VRDN Series 5077, 2.92% 11/1/2064 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 58500000 | 58500000 |
| UPMC Hlth Rev PA Participating VRDN Series 2023 XF1525, 2.92% 5/15/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2860000 | 2860000 |
| Westmoreland Cnty PA Participating VRDN Series 2017 YX1075, 2.93% 8/15/2036 (Liquidity Facility Barclays Bank PLC) (b)(f) | 11190000 | 11190000 |
| TOTAL PENNSYLVANIA |  | 196265000 |
| South Carolina - 1.3%  |  |  |
| Black Belt Energy Gas District Participating VRDN 2.92% 12/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(f) | 8165000 | 8165000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 XG0539, 2.92% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2000000 | 2000000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 XM1143, 2.94% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3000000 | 3000000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 ZF1653, 2.94% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2730000 | 2730000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 ZF1671, 2.92% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2500000 | 2500000 |
| Prism Health SC Participating VRDN 2.92% 5/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 71600000 | 71600000 |
| South Carolina Bon Secours Mercy Hlth Participating VRDN 2.92% 11/1/2046 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 15295000 | 15295000 |
| South Carolina Patriots Energy Grp Participating VRDN Series 2023 ZF1670, 2.92% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 7055000 | 7055000 |
| South Carolina Patriots Energy Grp Participating VRDN Series 2023 ZL0515, 2.92% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2830000 | 2830000 |
| South Carolina Patriots Energy Grp Participating VRDN Series 2023 ZL0525, 2.92% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 6665000 | 6665000 |
| South Carolina Prisma Hlth Participating VRDN Series 2023 XF1531, 2.93% 5/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 4635000 | 4635000 |
| South Carolina Pub Svc Auth Rev Participating VRDN Series 2023 XF1548, 2.92% 12/1/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3000000 | 3000000 |
| TOTAL SOUTH CAROLINA |  | 129475000 |
| South Dakota - 0.0%  |  |  |
| South Dakota St Hlth & Edl Fac Participating VRDN 2.93% 7/1/2046 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 5625000 | 5625000 |
| Tennessee - 0.4%  |  |  |
| Greeneville Health & Edl Facilities Board Participating VRDN Series 2018 XF2576, 2.93% 7/1/2040 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4300000 | 4300000 |
| Greeneville Health & Edl Facilities Board Participating VRDN Series 2018 XG0194, 2.93% 7/1/2040 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 1945000 | 1945000 |
| Metro Gov Nashville & Davidson Cnty Wtr & Swr Rev Participating VRDN Series 2025 XF1969, 2.92% 7/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(f) | 6000000 | 6000000 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Participating VRDN Series 2025 CF7031, 2.92% 1/1/2042 (Liquidity Facility Citibank NA) (b)(f) | 7900000 | 7900000 |
| Metropolitan Govt Nashville & Davidson County Sports Auth Rev Participating VRDN Series 2023 XG0517, 2.92% 7/1/2056 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 4300000 | 4300000 |
| Shelby Cnty TN Baptist Mem Hlth Care Corp Participating VRDN Series 2025 BAML5067, 2.94% 9/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(f)(g) | 13600000 | 13600000 |
| Tennessee Energy Acquisition Corp Participating VRDN Series 2023 ZF1658, 2.94% 5/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2470000 | 2470000 |
| TOTAL TENNESSEE |  | 40515000 |
| Texas - 3.3%  |  |  |
| Aledo TX Indpt Sch Dist Participating VRDN Series 2023 XF3142, 2.92% 2/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4165000 | 4165000 |
| Allen TX Indpt Sch Dist Participating VRDN Series 2025 XF1807, 2.92% 2/15/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3100000 | 3100000 |
| Alvin Tex Indpt Sch Dist Participating VRDN 2.92% 2/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2935000 | 2935000 |
| Austin TX Cmnty College Dist Gen. Oblig. Participating VRDN Series 2025 XL0686, 2.92% 8/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3750000 | 3750000 |
| Austin TX Elec Util Sys Rev Participating VRDN Series 2023 XG0534, 2.92% 11/15/2053 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 5330000 | 5330000 |
| Austin TX Elec Util Sys Rev Participating VRDN Series 5095, 2.92% 11/15/2045 (Liquidity Facility JP Morgan Securities LLC) (b)(f) | 6930000 | 6930000 |
| Black Belt Energy Gas District Participating VRDN Series E 149, 2.92% 10/1/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 10200000 | 10200000 |
| Black Belt Energy Gas District Participating VRDN Series E 150, 2.92% 7/1/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 4000000 | 4000000 |
| Board of Regents of the University of Texas System Participating VRDN Series 2023 XL0500, 2.92% 8/15/2049 (Liquidity Facility UBS AG) (b)(f) | 4340000 | 4340000 |
| Canton Tex Indpt Sch Dist Participating VRDN 2.92% 2/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 2665000 | 2665000 |
| Canutillo Tex Indpt Sch Dist Participating VRDN Series 2025 XL0655, 2.92% 2/15/2060 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2875000 | 2875000 |
| City of El Paso TX Water & Sewer Revenue Participating VRDN Series 2025 XL0593, 2.92% 3/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 4995000 | 4995000 |
| City of El Paso TX Water & Sewer Revenue Participating VRDN Series 2025 ZF3369, 2.92% 3/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 2500000 | 2500000 |
| Collin County Hsg Fin Corp Multi Fam Participating VRDN 3.12% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 4600000 | 4600000 |
| Crowley Independent School District Participating VRDN 2.92% 2/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(f) | 2000000 | 2000000 |
| Crowley Independent School District Participating VRDN Series 2024 XF3238, 2.91% 2/1/2054 (Liquidity Facility UBS AG) (b)(f) | 8725000 | 8725000 |
| Crowley Independent School District Participating VRDN Series 2025 ZF3359, 2.92% 2/1/2053 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 3330000 | 3330000 |
| Denton Independent School District Participating VRDN 2.91% 8/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 2800000 | 2800000 |
| Denton Independent School District Participating VRDN Series 2023 XF3128, 2.91% 8/15/2053 (Liquidity Facility UBS AG) (b)(f) | 7225000 | 7225000 |
| Ector Cnty TX Gen. Oblig. Participating VRDN 2.93% 2/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 3800000 | 3800000 |
| Forney TX Indpt Sch Dis Participating VRDN Series 2025 XF3432, 2.92% 8/15/2050 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2000000 | 2000000 |
| Frenship TX Indpt Sch Dist Series 2025 MS0056E, 3.06% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 2270000 | 2270000 |
| Harris Cnty TX Flood Ctl Dist Gen. Oblig. Participating VRDN 2.92% 10/1/2046 (Liquidity Facility Citibank NA) (b)(f) | 7400000 | 7400000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0030, 3.01% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 19055000 | 19055000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0067E, 3.09% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 2550000 | 2550000 |
| Harris Cnty TX Health Facs Rev Participating VRDN Series 2016 ZF0312, 2.92% 7/1/2027 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 4460000 | 4460000 |
| Hays TX Cons Indpt Schl Dist Participating VRDN Series 2025 XF8029, 2.92% 2/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 4000000 | 4000000 |
| Houston TX Util Sys Rev Participating VRDN Series 2025 XL0693, 2.92% 11/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 6400000 | 6400000 |
| Jefferson TX Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9214, 3.12% 6/11/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 2200000 | 2200000 |
| Lamar TX Isd Participating VRDN Series 2025 XF3446, 2.94% 2/15/2058 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 10000000 | 10000000 |
| Lamar TX Isd Participating VRDN Series 2025 XX1391, 2.92% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4970000 | 4970000 |
| Los Angeles CA Multi Fam Mtg Rev Participating VRDN Series 2024 MIZ9195, 2.99% 7/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f) | 22300000 | 22300000 |
| Lubbock TX Indpt Sch Dist Participating VRDN Series 2025 XF1996, 2.92% 2/15/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 1995000 | 1995000 |
| Mansfield TX Indpt Sch Dist Participating VRDN Series 2025 XF3449, 2.92% 2/15/2055 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 3750000 | 3750000 |
| Mansfield TX Indpt Sch Dist Series 2025 MS0058E, 3.06% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 2265000 | 2265000 |
| Medina Valley Tex Indpt Sch Dist Participating VRDN 2.92% 2/15/2045 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 2700000 | 2700000 |
| Mesquite Independent School District Participating VRDN Series 2025 XF1997, 2.92% 8/15/2049 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 2650000 | 2650000 |
| Midlothian TX Indpt Sch Dist Participating VRDN Series 5081, 2.92% 2/15/2045 (Liquidity Facility JP Morgan Securities LLC) (b)(f) | 2930000 | 2930000 |
| New Braunfels TX Isd Participating VRDN 2.92% 2/1/2045 (Liquidity Facility Bank of America, N.A.) (b)(f) | 3750000 | 3750000 |
| North Ft Bend Wtr Auth Tex Wtrsys Rev Participating VRDN 2.92% 12/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 7620000 | 7620000 |
| North Ft Bend Wtr Auth Tex Wtrsys Rev Participating VRDN Series 2023 XL0422, 3% 12/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 2200000 | 2200000 |
| Northwest Tex Indpt Sch Dist Participating VRDN Series 2023 XF1576, 2.92% 2/15/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2675000 | 2675000 |
| Northwest Tex Indpt Sch Dist Participating VRDN Series 2025 XF1975, 2.92% 2/15/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 11050000 | 11050000 |
| Northwest Tex Indpt Sch Dist Participating VRDN Series 2025 XF3424, 2.92% 2/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2250000 | 2250000 |
| Northwest Tex Indpt Sch Dist Participating VRDN Series 2025 XM1283, 2.92% 2/15/2055 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 4815000 | 4815000 |
| Northwest Tex Indpt Sch Dist Participating VRDN Series 5079, 2.92% 2/15/2046 (Liquidity Facility JP Morgan Securities LLC) (b)(f) | 1780000 | 1780000 |
| Princeton TX Indpt Sch Dist Participating VRDN Series 2023 XF3192, 2.91% 2/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 9375000 | 9375000 |
| Prosper Tex Indpt Sch Dist Participating VRDN Series 2025 XF3417, 2.92% 2/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2665000 | 2665000 |
| Prosper Tex Indpt Sch Dist Series 2025 MS0071E, 3.09% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 8885000 | 8885000 |
| Red Oak TX Indpt Sch Dist Participating VRDN Series 2023 XG0512, 2.92% 2/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(f) | 3385000 | 3385000 |
| Royse City TX Indpt Sch Dist Participating VRDN Series 2025 YX1434, 2.92% 2/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(f) | 3160000 | 3160000 |
| San Angelo Tex Indpt Sch Dist Participating VRDN Series 2025 XF8048, 2.92% 2/15/2055 (Liquidity Facility Bank of America, N.A.) (b)(f) | 3000000 | 3000000 |
| San Antonio TX Gen. Oblig. Participating VRDN 2.92% 8/1/2039 (Liquidity Facility Citibank NA) (b)(f) | 7500000 | 7500000 |
| San Antonio TX Wtr Rev Participating VRDN 2.92% 5/15/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 4300000 | 4300000 |
| San Antonio TX Wtr Rev Participating VRDN Series 2025 XG0616, 2.92% 5/15/2052 (Liquidity Facility Bank of America, N.A.) (b)(f) | 1600000 | 1600000 |
| Sherman TX Indpt Sch Dist Participating VRDN Series 2025 XF3437, 2.92% 2/15/2053 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 2665000 | 2665000 |
| Spring Tex Indpt Sch Dist Participating VRDN Series 2025 YX1412, 2.92% 8/15/2048 (Liquidity Facility Barclays Bank PLC) (b)(f) | 3040000 | 3040000 |
| Tarrant Cnty TX Christus Hlth Participating VRDN Series 2025 XF1893, 2.92% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 3520000 | 3520000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev Participating VRDN 2.92% 11/15/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2000000 | 2000000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev Participating VRDN 2.92% 11/15/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 2745000 | 2745000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev Participating VRDN Series 2023 ZF1668, 2.92% 11/15/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 2260000 | 2260000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev Participating VRDN Series 2025 XF3378, 2.92% 11/15/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 4400000 | 4400000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev Participating VRDN 2.92% 11/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 2000000 | 2000000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev Participating VRDN Series 2025 XL0672, 2.92% 11/15/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 3250000 | 3250000 |
| Terrell TX Indpt Sch Dist Participating VRDN 2.92% 8/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(f) | 2200000 | 2200000 |
| Terrell TX Indpt Sch Dist Participating VRDN Series 2025 ZF8063, 2.92% 8/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(f) | 2800000 | 2800000 |
| Texas Gas Acq & Sply Rev Participating VRDN Series 2025 XM1232, 2.94% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 2000000 | 2000000 |
| Texas Wtr Dev Brd Participating VRDN 2.91% 10/15/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 9380000 | 9380000 |
| Texas Wtr Dev Brd Participating VRDN Series 2023 ZF3201, 2.91% 10/15/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 2890000 | 2890000 |
| Texas Wtr Dev Brd Participating VRDN Series 2025 XF1853, 2.92% 10/15/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 4130000 | 4130000 |
| Texas Wtr Dev Brd Series 2025 MS0037, 3.06% tender 10/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 5200000 | 5200000 |
| Van Alstyne Tex Indpt Sch Dist Participating VRDN 2.92% 2/15/2055 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 2500000 | 2500000 |
| Waxahachie TX Indpt Sch Dist Participating VRDN Series 2023 XF1553, 2.93% 2/15/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 4560000 | 4560000 |
| TOTAL TEXAS |  | 335710000 |
| Utah - 0.0%  |  |  |
| Utah Cnty Utah Hosp Rev Participating VRDN Series 2022 XM1003, 2.92% 5/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 2435000 | 2435000 |
| Virginia - 0.6%  |  |  |
| Black Belt Energy Gas District Participating VRDN 2.93% 11/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 5000000 | 5000000 |
| Black Belt Energy Gas District Participating VRDN 2.93% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(f) | 4200000 | 4200000 |
| Black Belt Energy Gas District Participating VRDN Series 2020 MIZ9025, 2.99% 11/1/2035 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f) | 31740000 | 31740000 |
| Hampton Roads Transportation Accountability Commission Participating VRDN 2.92% 7/1/2060 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 5000000 | 5000000 |
| Hampton Roads Transportation Accountability Commission Participating VRDN 2.92% 7/1/2060 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 3365000 | 3365000 |
| University VA Univ Revs Participating VRDN 2.92% 4/1/2039 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 3375000 | 3375000 |
| Williamsburg VA Educ Dev Auth Participating VRDN 2.92% 7/1/2063 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 9860000 | 9860000 |
| TOTAL VIRGINIA |  | 62540000 |
| Washington - 1.5%  |  |  |
| Black Belt Energy Gas District Participating VRDN 2.93% 8/15/2043 (Liquidity Facility Barclays Bank PLC) (b)(f) | 1300000 | 1300000 |
| Black Belt Energy Gas District Participating VRDN Series 2020 XG0287, 2.93% 7/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2100000 | 2100000 |
| Black Belt Energy Gas District Participating VRDN Series 2022 XX1238, 2.93% 7/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(f) | 19715000 | 19715000 |
| Black Belt Energy Gas District Participating VRDN Series E 153, 2.92% 8/15/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 20940000 | 20940000 |
| Clark Cnty WA Sch Dist 114 Evergreen Participating VRDN Series 2025 CF7040, 2.92% 12/1/2036 (Liquidity Facility Citibank NA) (b)(f) | 29900000 | 29900000 |
| Everett WA Wtr & Swr Rev Participating VRDN 2.92% 12/1/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 3885000 | 3885000 |
| State of Washington Gen. Oblig. 3.01% tender 2/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 31585000 | 31585000 |
| State of Washington Gen. Oblig. Participating VRDN 2.91% 2/1/2045 (Liquidity Facility Citibank NA) (b)(f) | 5300000 | 5300000 |
| State of Washington Gen. Oblig. Participating VRDN 2.92% 2/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(f) | 1250000 | 1250000 |
| State of Washington Gen. Oblig. Participating VRDN Series 2023 ZF3173, 2.92% 2/1/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 5000000 | 5000000 |
| State of Washington Gen. Oblig. Participating VRDN Series 2023 ZL0490, 2.92% 8/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 1665000 | 1665000 |
| State of Washington Gen. Oblig. Participating VRDN Series 2023 ZL0491, 2.92% 8/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 1665000 | 1665000 |
| State of Washington Gen. Oblig. Participating VRDN Series 2024 CF7002, 2.91% 8/1/2041 (Liquidity Facility Citibank NA) (b)(f) | 3200000 | 3200000 |
| State of Washington Series 2025 MS0036, 3.06% tender 6/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 9355000 | 9355000 |
| Washington Health Care Facilities Auth Rev Participating VRDN Series 2023 XG0475, 2.93% 9/1/2055 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 5290000 | 5290000 |
| Washington Health Care Facs Auth Rev Participating VRDN Series 2015 XF0150 1, 2.94% 10/1/2042 (Liquidity Facility Bank of America, N.A.) (b)(f) | 3165000 | 3165000 |
| Washington Health Care Facs Auth Rev Participating VRDN Series 2023 XF1514, 2.93% 10/1/2044 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 4015000 | 4015000 |
| Washington Multi Care Hlth Auth Participating VRDN Series 2023 XG0481, 2.93% 8/15/2045 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 3905000 | 3905000 |
| TOTAL WASHINGTON |  | 153235000 |
| West Virginia - 0.0%  |  |  |
| West Virginia Hosp Fin Auth Hosp Rev Participating VRDN Series 2023 XF1537, 2.93% 6/1/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 5525000 | 5525000 |
| Wisconsin - 0.4%  |  |  |
| Black Belt Energy Gas District Participating VRDN Series 2019 XF0741, 2.92% 2/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 9535000 | 9535000 |
| Univ of Wis Hosp & Clinics Auth Participating VRDN Series 2022 XL0296, 2.92% 4/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 4000000 | 4000000 |
| Univ of Wis Hosp & Clinics Auth Series 2025 MS0044, 2.99% tender 4/1/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(f)(g) | 4440000 | 4440000 |
| Wisconsin Health & Edl Facilities Auth Rev Participating VRDN 2.92% 8/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(f) | 8000000 | 8000000 |
| Wisconsin Health & Educational Facilities Authority Participating VRDN Series 2023 XL0483, 2.92% 4/1/2048 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2250000 | 2250000 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev Participating VRDN Series 2024 XF1696, 2.92% 9/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 4440000 | 4440000 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev Participating VRDN Series 2024 XL0554, 2.92% 3/1/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 12900000 | 12900000 |
| TOTAL WISCONSIN |  | 45565000 |
| <br> **TOTAL TENDER OPTION BOND**<br> (Cost $2,924,980,000) |  | <br> **2924980000** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Variable Rate Demand Note - 38.0%** | &nbsp;&nbsp;**Variable Rate Demand Note - 38.0%** | &nbsp;&nbsp;**Variable Rate Demand Note - 38.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 1.3%  |  |  |
| Columbia AL Indl Dev Brd Pcr (Alabama Power & Light Proj.) Series 2014A, 3.5% 12/1/2037 VRDN (b) | 26020000 | 26020000 |
| Columbia AL Indl Dev Brd Pcr (Alabama Power & Light Proj.) Series 2014B, 3.5% 12/1/2037 VRDN (b) | 10000000 | 10000000 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3.5% 6/1/2034 VRDN (b) | 15990000 | 15990000 |
| Mobile Downtown Redevelopment Authority (Austal Usa Llc Proj.) 2.9% 5/1/2041, LOC Bank of America NA VRDN (b)(h) | 40770000 | 40770000 |
| Mobile Downtown Redevelopment Authority (Austal Usa Llc Proj.) 2.9% 5/1/2041, LOC Bank of America NA VRDN (b)(h) | 39870000 | 39870000 |
| TOTAL ALABAMA |  | 132650000 |
| Alaska - 1.3%  |  |  |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 2.92% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (b) | 55600000 | 55600000 |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 3.2% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (b) | 60200000 | 60200000 |
| Valdez Alaska Marine Term Rev (Exxon Pipeline Co Proj.) 3.5% 12/1/2033 (Exxon Mobil Corp Guaranteed) VRDN (b) | 16160000 | 16160000 |
| TOTAL ALASKA |  | 131960000 |
| Arizona - 1.5%  |  |  |
| Arizona St Indl Dev Auth Multifamily Hsg Rev (Glendale Leased Housing Associates I Lllp Proj.) Series 2023A, 2.92% 4/1/2042, LOC Barclays Bank PLC VRDN (b) | 20115000 | 20115000 |
| Arizona St Indl Dev Auth Multifamily Hsg Rev (Glendale Leased Housing Associates I Lllp Proj.) Series 2023A, 2.92% 4/1/2042, LOC Barclays Bank PLC VRDN (b) | 15780000 | 15780000 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024C, 2.9% 12/1/2054, LOC Royal Bank of Canada VRDN (b) | 34350000 | 34350000 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2023B, 2.9% 1/1/2048 VRDN (b) | 52640000 | 52640000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3.09% 5/1/2029 VRDN (b) | 1700000 | 1700000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3.1% 5/1/2029 VRDN (b) | 14500000 | 14500000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) Series 2009 A, 3.1% 5/1/2029 VRDN (b) | 13900000 | 13900000 |
| TOTAL ARIZONA |  | 152985000 |
| Colorado - 2.0%  |  |  |
| Colorado Edl & Cultural Fac Auth Rev (Clyfford Still Museum Proj.) 3.1% 12/1/2038, LOC Wells Fargo Bank NA VRDN (b) | 690000 | 690000 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) 2.9% 5/15/2064 VRDN (b) | 60100000 | 60100000 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) 3.75% 5/15/2064 VRDN (b) | 9650000 | 9650000 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022 E, 3.7% 5/15/2062 VRDN (b) | 4715000 | 4715000 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022F, 2.9% 5/15/2062 VRDN (b) | 109000000 | 109000000 |
| Mesa Cnty Colo Rev (Leitner-Poma Of America Inc Proj.) 3.1% 3/1/2029, LOC Wells Fargo Bank NA VRDN (b) | 2185000 | 2185000 |
| University of Colorado Hospital Authority Series 2025 A, 2.9% 11/15/2045 VRDN (b) | 14500000 | 14500000 |
| TOTAL COLORADO |  | 200840000 |
| Connecticut - 2.3%  |  |  |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series SUB B 6, 2.89% 5/15/2034 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 13335000 | 13335000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2014 C 2, 2.89% 11/15/2034 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 11980000 | 11980000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2016 A, 2.89% 11/15/2045 (Liquidity Facility Royal Bank of Canada) VRDN (b) | 30300000 | 30300000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2018 E 2, 2.89% 11/15/2048 (Liquidity Facility Bank of America NA) VRDN (b) | 28925000 | 28925000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2019 B 3, 2.89% 11/15/2044 (Liquidity Facility Bank of America NA) VRDN (b) | 14320000 | 14320000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series C 3, 2.89% 11/15/2045 (Liquidity Facility Royal Bank of Canada) VRDN (b) | 7550000 | 7550000 |
| Connecticut St Gen. Oblig. Series 2016 C, 2.9% 5/15/2034 (Liquidity Facility Bank of America NA) VRDN (b) | 115270000 | 115270000 |
| Connecticut St Health & Edl Facs Auth Revenue (Gaylord Hospital Inc Proj.) 2.91% 7/1/2037, LOC Bank of America NA VRDN (b) | 8365000 | 8365000 |
| TOTAL CONNECTICUT |  | 230045000 |
| Delaware - 0.1%  |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 3.05% 10/1/2028 VRDN (b) | 9700000 | 9700000 |
| District Of Columbia - 0.4%  |  |  |
| District Columbia Rev (Aarp Foundation (The) Proj.) 2.95% 10/1/2034, LOC Bank of America NA VRDN (b) | 15665000 | 15665000 |
| District Columbia Rev (The Pew Charitable Trust Proj.) 2.92% 4/1/2038, LOC PNC Bank NA VRDN (b) | 24065000 | 24065000 |
| TOTAL DISTRICT OF COLUMBIA |  | 39730000 |
| Florida - 1.1%  |  |  |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series 2ND, 3.25% 4/1/2039 VRDN (b) | 25100000 | 25100000 |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series FIRST 2009, 2.8% 4/1/2039 VRDN (b) | 23700000 | 23700000 |
| FL Pcr Power And Light (Florida Pwr & Lt Co Proj.) 2.8% 5/1/2029 VRDN (b) | 16400000 | 16400000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) 3.65% 11/15/2054 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 1070000 | 1070000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) 3.7% 11/15/2054 (Liquidity Facility PNC Bank NA) VRDN (b) | 4310000 | 4310000 |
| Martin Cnty Fla Rev (Florida Pwr & Lt Co Proj.) 3.03% 7/1/2052 VRDN (b) | 27300000 | 27300000 |
| Orange Cnty FL Health Facs (Orlando Health Proj.) 2.8% 10/1/2026, LOC TD Bank NA VRDN (b) | 2110000 | 2110000 |
| Palm Beach Cnty FL Rev (Raymond F Kravis Center For The Performing Arts Inc Proj.) 2.92% 7/1/2032, LOC Northern Trust CO Chicago VRDN (b) | 14235000 | 14235000 |
| TOTAL FLORIDA |  | 114225000 |
| Georgia - 0.6%  |  |  |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2018, 3.8% 11/1/2052 VRDN (b) | 38660000 | 38660000 |
| Coweta Cnty GA Dev Au Poll Ctl (Georgia Power Co Proj.) 4% 6/1/2032 VRDN (b) | 6400000 | 6400000 |
| Effingham Cnty GA Indl Dev Auth Pollution Ctl Rev (Georgia Power Co Proj.) 4% 2/1/2038 VRDN (b) | 1900000 | 1900000 |
| Monroe Cnty GA Dev Auth Pcr (Florida Pwr & Lt Co Proj.) Series 2010 1, 2.95% 6/1/2049 VRDN (b) | 5600000 | 5600000 |
| Monroe Cnty GA Dev Auth Pcr (Florida Pwr & Lt Co Proj.) Series FIRST 2002, 3.05% 9/1/2037 VRDN (b) | 9900000 | 9900000 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) 4% 4/1/2032 VRDN (b) | 2900000 | 2900000 |
| TOTAL GEORGIA |  | 65360000 |
| Hawaii - 0.1%  |  |  |
| Hawaii St Hsg Fin & Dev Corp Multifamily Rev (Allied Pacific Group Proj.) 2.92% 12/1/2041, LOC Freddie Mac Non Gold Pool VRDN (b) | 7340000 | 7340000 |
| Illinois - 1.3%  |  |  |
| Illinois Dev Fin Auth Rev (Glenwood School For Boys, Il Proj.) 3.09% 2/1/2033, LOC Northern Trust CO Chicago VRDN (b) | 4600000 | 4600000 |
| Illinois Fin Auth Rev (Chicago Symphony Orchestra Proj.) 2.92% 5/1/2048, LOC PNC Bank NA VRDN (b) | 38050000 | 38050000 |
| Illinois Fin Auth Rev (Little Co Mary Sis Hltcr Sy,Il Proj.) 2.95% 8/15/2035, LOC TD Bank NA VRDN (b) | 24055000 | 24055000 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2018 C, 3.6% 11/15/2037, LOC PNC Bank NA VRDN (b) | 24600000 | 24600000 |
| Illinois Fin Auth Rev (The Latin School Of Chicago Proj.) 3.1% 8/1/2035, LOC JPMorgan Chase Bank NA VRDN (b) | 3230000 | 3230000 |
| Illinois Fin Auth Rev (University Of Chicago Hosps,Il Proj.) 2.91% 8/1/2043, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 5000000 | 5000000 |
| Illinois Fin Auth Rev (University Of Chicago Medical Center/The Proj.) 2.89% 8/1/2044, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 30075000 | 30075000 |
| Illinois Fin Auth Rev (Various Capital Projects) 2.9% 2/1/2035, LOC Northern Trust CO Chicago VRDN (b) | 3800000 | 3800000 |
| Illinois Finance Authority Rev (Northwestern Memorial Hosp,Il Proj.) Series 2021 B, 3.65% 7/15/2055 (Liquidity Facility Royal Bank of Canada) VRDN (b) | 2135000 | 2135000 |
| TOTAL ILLINOIS |  | 135545000 |
| Indiana - 2.0%  |  |  |
| Indiana Fin Auth Health Fac Rev (Baptist Health Obligated Group Proj.) Series 2025C, 2.92% 8/15/2045, LOC Truist Bank VRDN (b) | 24025000 | 24025000 |
| Indiana Fin Auth Hosp Rev (Parkview Health System Proj.) 3.9% 11/1/2039, LOC TD Bank NA VRDN (b) | 5900000 | 5900000 |
| Indiana Hlth Fac Fing Auth Rev (Ascension Health Credit Group Proj.) 2.9% 11/15/2039 VRDN (b) | 37400000 | 37400000 |
| Indiana St Dev Fin Auth Econom Ic Dev Rev (Archer Daniels Midland Co Proj.) 2.9% 12/1/2047 VRDN (b) | 19640000 | 19640000 |
| Indiana St Fin Auth Environmental Rev (Arcelormittal Sa Luxembourg Proj.) 3.1% 6/1/2035, LOC Cooperatieve Rabobank UA/NY VRDN (b) | 13000000 | 13000000 |
| Indiana St Fin Auth Environmental Rev (Duke Energy Ind Inc Proj.) 2.97% 12/1/2039, LOC Mizuho Bank Ltd VRDN (b) | 17670000 | 17670000 |
| Indiana St Fin Auth Rev (Ascension Health Credit Group Proj.) 2.9% 11/15/2036 VRDN (b) | 53625000 | 53625000 |
| Indiana St Fin Auth Rev (Trinity Health Proj.) 3.2% 12/1/2034 VRDN (b) | 34960000 | 34960000 |
| TOTAL INDIANA |  | 206220000 |
| Iowa - 1.6%  |  |  |
| Iowa Fin Auth Economic Dev Rev (Cargill Inc Proj.) 2.92% 6/1/2036 VRDN (b) | 23300000 | 23300000 |
| Iowa Fin Auth Economic Dev Rev (Cargill Inc Proj.) 2.92% 6/1/2039 VRDN (b) | 30100000 | 30100000 |
| Iowa Fin Auth Health Facs Rev (Unitypoint Health Proj.) Series 2013B 2, 3.85% 2/15/2039, LOC TD Bank NA VRDN (b) | 3830000 | 3830000 |
| Iowa Fin Auth Midwestern Disaster Area Rev (Archer Daniels Midland Co Proj.) 2.9% 12/1/2045 VRDN (b) | 37020000 | 37020000 |
| Iowa Fin Auth Midwestern Disaster Area Rev (Archer Daniels Midland Co Proj.) 2.9% 12/1/2051 VRDN (b) | 43000000 | 43000000 |
| Iowa Fin Auth Pollutn Ctl Fac Rev (Midamerican Energy Co Proj.) Series 2016A, 2.95% 9/1/2036 VRDN (b) | 11515000 | 11515000 |
| Iowa Finance Authority (Cargill Inc Proj.) Series 2012A, 2.92% 6/1/2039 VRDN (b) | 14800000 | 14800000 |
| TOTAL IOWA |  | 163565000 |
| Kansas - 0.5%  |  |  |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 3.05% 9/1/2035 VRDN (b) | 12500000 | 12500000 |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 3.05% 9/1/2035 VRDN (b) | 7600000 | 7600000 |
| LA Cygne KS Pollution Ctl Rev (Evergy Kansas South Proj.) 2.85% 4/15/2027 VRDN (b) | 1300000 | 1300000 |
| St Marys Kans Pollutn Ctl Rev (Evergy Kansas Central Proj.) 2.85% 4/15/2032 VRDN (b) | 14300000 | 14300000 |
| St Marys Kans Pollutn Ctl Rev (Evergy Kansas South Proj.) 2.85% 4/15/2032 VRDN (b) | 3000000 | 3000000 |
| Wamego Kansas Pcr (Evergy Kansas Central Proj.) 2.85% 4/15/2032 VRDN (b) | 9500000 | 9500000 |
| Wamego Kansas Pcr (Evergy Kansas South Proj.) 2.85% 4/15/2032 VRDN (b) | 3500000 | 3500000 |
| TOTAL KANSAS |  | 51700000 |
| Kentucky - 0.7%  |  |  |
| Kentucky Bond Development Corp (Baptist Health Obligated Group Proj.) Series 2025 B, 3.9% 8/15/2055, LOC Truist Bank VRDN (b) | 50400000 | 50400000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023C, 3.9% 10/1/2053, LOC Truist Bank VRDN (b) | 14100000 | 14100000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023D, 3.9% 10/1/2053, LOC Truist Bank VRDN (b) | 9400000 | 9400000 |
| TOTAL KENTUCKY |  | 73900000 |
| Louisiana - 2.0%  |  |  |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 3.3% 12/1/2043 VRDN (b) | 34800000 | 34800000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 3.3% 8/1/2050 VRDN (b) | 73600000 | 73600000 |
| Louisiana Pub Facs Auth Rev (Anf Partners #1 Proj.) 2.91% 4/1/2036, LOC Freddie Mac Non Gold Pool VRDN (b) | 6800000 | 6800000 |
| Louisiana St Gas & Fuel Tax Rv 3.9% 5/1/2043, LOC Toronto-Dominion Bank/NY VRDN (b) | 16390000 | 16390000 |
| Louisiana St Gas & Fuel Tax Rv 3.9% 5/1/2043, LOC Toronto-Dominion Bank/NY VRDN (b) | 1550000 | 1550000 |
| Louisiana St Offshore Term Auth Deepwtr Prot Rev (Loop Inc La Proj.) Series 2013 B, 3.25% 9/1/2033, LOC JPMorgan Chase Bank NA VRDN (b) | 14820000 | 14820000 |
| St James Parish LA Rev (Nucor Corp Proj.) 3.05% 11/1/2040 VRDN (b) | 3785000 | 3785000 |
| St James Parish LA Rev (Nucor Corp Proj.) 3.13% 11/1/2040 VRDN (b) | 56625000 | 56625000 |
| TOTAL LOUISIANA |  | 208370000 |
| Michigan - 0.8%  |  |  |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) 2.91% 7/1/2041, LOC JPMorgan Chase Bank NA VRDN (b) | 15465000 | 15465000 |
| Grand Valley MI St Univ Rev 2.95% 12/1/2031, LOC TD Bank NA VRDN (b) | 16315000 | 16315000 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Michigan St Hsg Dev Auth Mfrev Proj.) Series 2022 B, 2.87% 4/1/2062, LOC Bank of America NA VRDN (b) | 46170000 | 46170000 |
| Michigan St Strategic Fd Ltd Oblig Rev (Kroger Co Proj.) 2.93% 1/1/2026, LOC Bank of Nova Scotia NY Brh VRDN (b) | 7660000 | 7660000 |
| TOTAL MICHIGAN |  | 85610000 |
| Minnesota - 0.7%  |  |  |
| Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2018 B, 3.2% 11/15/2048, LOC JPMorgan Chase Bank NA VRDN (b) | 17050000 | 17050000 |
| Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2018 C, 3.55% 11/15/2048, LOC Bank of America NA VRDN (b) | 53450000 | 53450000 |
| TOTAL MINNESOTA |  | 70500000 |
| Mississippi - 0.7%  |  |  |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Corp New Proj.) 3.5% 11/1/2035 VRDN (b) | 14710000 | 14710000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Corp New Proj.) 3.5% 11/1/2035 VRDN (b) | 1640000 | 1640000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Corp New Proj.) 3.55% 11/1/2035 VRDN (b) | 8805000 | 8805000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Corp New Proj.) 3.55% 11/1/2035 VRDN (b) | 1865000 | 1865000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Usa Inc Proj.) 3.5% 12/1/2030 (Chevron Corp Guaranteed) VRDN (b) | 38500000 | 38500000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Usa Inc Proj.) 3.5% 12/1/2030 (Chevron Corp Guaranteed) VRDN (b) | 1610000 | 1610000 |
| Mississippi Business Fin Corp Port Fac Rev (Chevron Usa Inc Proj.) Series 2023, 3.5% 6/1/2043 (Chevron Corp Guaranteed) VRDN (b) | 2850000 | 2850000 |
| TOTAL MISSISSIPPI |  | 69980000 |
| Nevada - 0.4%  |  |  |
| Clark Cnty NV Arpt Rev 2.87% 7/1/2040, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 12785000 | 12785000 |
| Clark Cnty NV Indl Dev Rev (Southwest Gas Corp Proj.) 2.9% 12/1/2039, LOC Bank of America NA VRDN (b) | 26025000 | 26025000 |
| TOTAL NEVADA |  | 38810000 |
| New Hampshire - 0.2%  |  |  |
| National Fin Auth NH Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 C, 2.92% 11/1/2064, LOC Truist Bank VRDN (b) | 23800000 | 23800000 |
| New Jersey,New York - 0.1%  |  |  |
| Port Auth NY & NJ 2.94% 1/19/2027 VRDN (b)(e)(g) | 7300000 | 7300000 |
| New York - 4.8%  |  |  |
| City of New York NY Gen. Oblig. Series 2013 A 3, 3.7% 10/1/2040 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 18400000 | 18400000 |
| City of New York NY Gen. Oblig. Series 2013 SUB A 2, 3.7% 10/1/2038 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 14075000 | 14075000 |
| City of New York NY Gen. Oblig. Series 2013A5, 2.92% 10/1/2042 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 29570000 | 29570000 |
| City of New York NY Gen. Oblig. Series 2014 D 4, 3.9% 8/1/2040, LOC TD Bank NA VRDN (b) | 7300000 | 7300000 |
| City of New York NY Gen. Oblig. Series 2014 D 5, 2.92% 8/1/2041, LOC PNC Bank NA VRDN (b) | 29370000 | 29370000 |
| City of New York NY Gen. Oblig. Series 2014 I 2, 3.7% 3/1/2040 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 5185000 | 5185000 |
| Metropolitan Transn Auth NY Rv Series 2015 E 1, 3.85% 11/15/2045, LOC Barclays Bank PLC VRDN (b) | 3000000 | 3000000 |
| Metropolitan Transn Auth NY Rv Series 2015 E 3, 3.5% 11/15/2050, LOC Bank of America NA VRDN (b) | 21370000 | 21370000 |
| Metropolitan Transn Auth NY Rv Series SUB 2002D 2B, 3.8% 11/1/2032, LOC Truist Bank VRDN (b) | 10900000 | 10900000 |
| New York City Transitional Finance Authority (New York N Y City Transitional Fin Auth Rev Proj.) Series FISCAL 2026 A 2, 3.5% 5/1/2055 (Liquidity Facility Bank of America NA) VRDN (b) | 68505000 | 68505000 |
| New York NY City Transitional Fin Auth Rev 3.7% 8/1/2045 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 2760000 | 2760000 |
| New York NY City Transitional Fin Auth Rev Series A-3, 3.61% 8/1/2043 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 7466000 | 7466000 |
| New York NY City Transitional Fin Auth Rev Series D 3, 3.52% 2/1/2044 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 2000000 | 2000000 |
| New York NY City Transitional Fin Auth Rev Series D 4, 2.92% 2/1/2044 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 74175000 | 74175000 |
| New York NY Cty Hsg Dev Corp Multifamily Rev (Rockrose Development Proj.) 2.85% 4/15/2036, LOC Fannie Mae VRDN (b) | 26700000 | 26700000 |
| New York NY Cty Muni Wtr Fin Auth 3.65% 6/15/2039 (Liquidity Facility UBS AG/Stamford CT) VRDN (b) | 13800000 | 13800000 |
| New York NY Cty Muni Wtr Fin Auth 3.7% 6/15/2044 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 2200000 | 2200000 |
| New York NY Cty Muni Wtr Fin Auth Series 2013 AA 1, 2.92% 6/15/2046 (Liquidity Facility PNC Bank NA) VRDN (b) | 10665000 | 10665000 |
| New York NY Cty Muni Wtr Fin Auth Series 2014AA 4, 3.7% 6/15/2049 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 13650000 | 13650000 |
| New York NY Cty Muni Wtr Fin Auth Series 2015 BB 3, 2.9% 6/15/2050 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 17355000 | 17355000 |
| New York NY Cty Muni Wtr Fin Auth Series 2016 AA 1, 3.5% 6/15/2048 (Liquidity Facility Bank of America NA) VRDN (b) | 24435000 | 24435000 |
| New York NY Cty Muni Wtr Fin Auth Series 2016 AA 2, 2.92% 6/15/2048 (Liquidity Facility PNC Bank NA) VRDN (b) | 32580000 | 32580000 |
| New York NY Cty Muni Wtr Fin Auth Series AA 2, 3.7% 6/15/2050 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 12990000 | 12990000 |
| New York NY Cty Muni Wtr Fin Auth Series BB 1A, 3.7% 6/15/2049 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 6600000 | 6600000 |
| New York NY Cty Muni Wtr Fin Auth Series DD 2, 3.7% 6/15/2043 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 4830000 | 4830000 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2023 CC, 3.85% 6/15/2053 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 2600000 | 2600000 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2025 SUB EE 2, 3.59% 6/15/2055 (Liquidity Facility Bank of New York Mellon) VRDN (b) | 7800000 | 7800000 |
| New York St Hsg Fin Agy Rev (Silverstein Properties Inc Proj.) 2.85% 5/15/2041, LOC Fannie Mae VRDN (b) | 13250000 | 13250000 |
| Triborough Brdg & Tunl NY Revs Series 2005B 4A, 3.9% 1/1/2032, LOC TD Bank NA VRDN (b) | 2000000 | 2000000 |
| TOTAL NEW YORK |  | 485531000 |
| North Carolina - 0.6%  |  |  |
| Durham Cnty NC Indl Facs & Pollution Ctl Fing Auth Rev (Research Triangle Institute Proj.) Series 2007, 2.95% 9/1/2037, LOC TD Bank NA VRDN (b) | 19780000 | 19780000 |
| Lower Cape Fear N C Wtr & Swr Auth Spl Fac Rev (Smithfield Foods Proj.) 2.97% 12/1/2034, LOC Cooperatieve Rabobank UA/NY VRDN (b) | 7035000 | 7035000 |
| North Carolina Med Care Commn Health Care Facs Rev (Firsthealth Of Carolinas Proj.) Series 2017C, 3.9% 10/1/2039, LOC Truist Bank VRDN (b) | 8000000 | 8000000 |
| Person Cnty N C Indl Facs & Pollution Ctl Fing Auth Recovery Zone Fac Rev (Certainteed Gypsum Nc Inc Proj.) 2.95% 11/1/2035, LOC Credit Industriel et Commercial/New York VRDN (b) | 21590000 | 21590000 |
| TOTAL NORTH CAROLINA |  | 56405000 |
| Ohio - 0.8%  |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Healthcare System Proj.) 3.9% 6/1/2034, LOC Truist Bank VRDN (b) | 3125000 | 3125000 |
| Cuyahoga Cnty OH Hlth Care Fac (The A.M. Mcgregor Home Proj.) Series 2014, 2.94% 5/1/2049, LOC Northern Trust CO Chicago VRDN (b) | 4300000 | 4300000 |
| Franklin Cnty OH Hosp Facs Rev (Nationwide Children'S Hospital Proj.) Series 2013B, 3.15% 5/1/2029 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 6905000 | 6905000 |
| Hamilton Cnty OH Hosp Facs Rev (Childrens Hosp Med Ctr Cinn,Oh Proj.) Series 2018AA, 2.89% 5/15/2037 VRDN (b) | 23495000 | 23495000 |
| Montgomery Cnty OH Hosp Rev (Premier Health Partners Proj.) Series 2019 B, 2.92% 11/15/2045, LOC PNC Bank NA VRDN (b) | 42270000 | 42270000 |
| Ohio St Spl Oblig (Ohio St Proj.) Series 2022 B, 2.9% 12/1/2041 VRDN (b) | 3775000 | 3775000 |
| TOTAL OHIO |  | 83870000 |
| Oregon - 0.0%  |  |  |
| Oregon St Facs Auth Rev (Peacehealth (Hlth Sys),Wa Proj.) Series 2018 B, 3.7% 8/1/2034, LOC TD Bank NA VRDN (b) | 1695000 | 1695000 |
| Pennsylvania - 1.2%  |  |  |
| Allegheny Cnty PA Ida Rev (Watson Institute Proj.) 2.92% 8/1/2040, LOC PNC Bank NA VRDN (b) | 2300000 | 2300000 |
| Lancaster PA Indl Dev Auth Rev (Willow Valley Retirement Communities Proj.) 3.02% 12/1/2039, LOC PNC Bank NA VRDN (b) | 7400000 | 7400000 |
| Montgomery Co PA Rdv Ath Mlfml (Kbf Associates Proj.) 2.92% 8/15/2031, LOC Fannie Mae VRDN (b) | 6775000 | 6775000 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) 3.9% 11/1/2061, LOC Truist Bank VRDN (b) | 34840000 | 34840000 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) Series 2024 D3, 3.9% 11/1/2061, LOC Truist Bank VRDN (b) | 10700000 | 10700000 |
| Pennsylvania St Higher Edl Rev (Susquehanna University Proj.) 2.92% 5/1/2031, LOC PNC Bank NA VRDN (b) | 2000000 | 2000000 |
| Philadelphia PA Auth For Indl Dev Hosp Rev (Childrens Hosp Of Phil, Pa Proj.) Series 2024B2, 3.7% 7/1/2054 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 28300000 | 28300000 |
| Philadelphia PA Gen. Oblig. 2.92% 8/1/2031, LOC Truist Bank VRDN (b) | 25500000 | 25500000 |
| TOTAL PENNSYLVANIA |  | 117815000 |
| Rhode Island - 0.0%  |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (New England Institute Of Technology Proj.) 2.99% 3/1/2034, LOC TD Bank NA VRDN (b) | 1495000 | 1495000 |
| Tennessee - 0.0%  |  |  |
| Industrial Dev Brd Blount Cnty & Cities Alcoa & Maryville Tenn (Alcoa Tn Proj.) 3.15% 6/1/2036, LOC Truist Bank VRDN (b) | 1210000 | 1210000 |
| Montgomery Cnty TN Pub Bldg Au 3.05% 9/1/2029, LOC Bank of America NA VRDN (b) | 1000000 | 1000000 |
| TOTAL TENNESSEE |  | 2210000 |
| Texas - 7.3%  |  |  |
| Harris Cnty TX Health Facs Rev (Methodist Healthcare Sys, Tx Proj.) 3.7% 12/1/2041 VRDN (b) | 66685000 | 66685000 |
| Harris Cnty TX Health Facs Rev (Methodist Healthcare Sys, Tx Proj.) 3.7% 12/1/2041 VRDN (b) | 5085000 | 5085000 |
| Harris Cnty TX Hosp Dist Rev 2.93% 2/15/2042, LOC JPMorgan Chase Bank NA VRDN (b) | 24480000 | 24480000 |
| Houston TX Util Sys Rev 3.22% 5/15/2034 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 36640000 | 36640000 |
| Houston TX Util Sys Rev 3.22% 5/15/2034, LOC Royal Bank of Canada/New York NY VRDN (b) | 48900000 | 48900000 |
| Houston TX Util Sys Rev 3.22% 5/15/2034, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 28240000 | 28240000 |
| Houston TX Util Sys Rev 3.22% 5/15/2034, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 7700000 | 7700000 |
| Houston TX Util Sys Rev Series 2012 A, 3.22% 5/15/2034 (Liquidity Facility TD Bank NA) VRDN (b) | 51545000 | 51545000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Capital Ventures Inc Proj.) 3.55% 11/1/2029 (Exxon Mobil Corp Guaranteed) VRDN (b) | 10590000 | 10590000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 3.55% 11/1/2038 (Exxon Mobil Corp Guaranteed) VRDN (b) | 1665000 | 1665000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 3.55% 11/1/2051 (Exxon Mobil Corp Guaranteed) VRDN (b) | 1375000 | 1375000 |
| Port Arthur TX Navigation Dist Exempt Fac Rev (Total Petrochemicals &Refining Sa/Nv Proj.) 2.91% 3/1/2040 (TotalEnergies SE Guaranteed) VRDN (b) | 44800000 | 44800000 |
| Port Arthur TX Navigation Dist Exempt Fac Rev (Total Petrochemicals &Refining Sa/Nv Proj.) 2.92% 3/1/2039 (TotalEnergies SE Guaranteed) VRDN (b) | 700000 | 700000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 2.91% 12/1/2040 (TotalEnergies SE Guaranteed) VRDN (b) | 46440000 | 46440000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 2.92% 9/1/2042 (TotalEnergies SE Guaranteed) VRDN (b) | 4100000 | 4100000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 3.2% 3/1/2042 (TotalEnergies SE Guaranteed) VRDN (b) | 105500000 | 105500000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) Series 2012 B, 2.92% 12/1/2042 (TotalEnergies SE Guaranteed) VRDN (b) | 4200000 | 4200000 |
| Texas State Gen. Oblig. 2.9% 12/1/2041 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 14270000 | 14270000 |
| Texas State Gen. Oblig. 2.9% 12/1/2042 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 12085000 | 12085000 |
| Texas State Gen. Oblig. 2.9% 12/1/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 35425000 | 35425000 |
| Texas State Gen. Oblig. 2.9% 6/1/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 7770000 | 7770000 |
| Texas State Gen. Oblig. 2.9% 6/1/2044 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 35580000 | 35580000 |
| Texas State Gen. Oblig. 2.9% 6/1/2045 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 12915000 | 12915000 |
| Texas State Gen. Oblig. 3.22% 6/1/2050 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 95310000 | 95310000 |
| Texas State Gen. Oblig. Series 2017, 2.9% 12/1/2047 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 32000000 | 32000000 |
| TOTAL TEXAS |  | 734000000 |
| Virginia - 0.3%  |  |  |
| Fairfax Cnty VA Indl Dev Auth (Inova Health System Proj.) Series 2016 C, 2.93% 5/15/2042 VRDN (b) | 18130000 | 18130000 |
| Fairfax Cnty VA Indl Dev Auth Health Care Rev (Inova Health System Proj.) Series 2018 C, 2.93% 5/15/2033 VRDN (b) | 7065000 | 7065000 |
| Norfolk VA Economic Dev Auth Hosp Facs Rev (Sentara Hlth Sys Obl Group Proj.) 2.85% 11/1/2034 VRDN (b) | 1000000 | 1000000 |
| TOTAL VIRGINIA |  | 26195000 |
| Washington - 0.3%  |  |  |
| Port Vancouver Wash Rev (United Grain Corp Of Oregon Proj.) 2.96% 10/1/2029, LOC Bank of America NA VRDN (b) | 14700000 | 14700000 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev (Bitter Lake Village Associates Lp Proj.) 2.92% 12/15/2044, LOC Fannie Mae VRDN (b) | 3600000 | 3600000 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev (Bitter Lake Village Associates Lp Proj.) 2.92% 12/15/2044, LOC Fannie Mae VRDN (b) | 200000 | 200000 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev (Reserve At Renton Partners Llp Proj.) Series 2014, 2.73% 8/1/2049, LOC Federal Home Loan Bank of San Francisco VRDN (b) | 14500000 | 14500000 |
| TOTAL WASHINGTON |  | 33000000 |
| West Virginia - 0.0%  |  |  |
| West VI St Hosp Fin Auth Rev (Charleston Area Med Ctr Proj.) 3% 9/1/2037, LOC Truist Bank VRDN (b) | 450000 | 450000 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2018 D, 2.92% 6/1/2041, LOC PNC Bank NA VRDN (b) | 2360000 | 2360000 |
| TOTAL WEST VIRGINIA |  | 2810000 |
| Wisconsin - 1.0%  |  |  |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2018 B, 3.65% 4/1/2048 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 2100000 | 2100000 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (Wi Home Ownership Proj.) Series 2017D, 2.9% 9/1/2037 (Liquidity Facility Royal Bank of Canada) VRDN (b) | 4395000 | 4395000 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (Wi Home Ownership Proj.) Series 2019 B, 2.9% 3/1/2043 (Liquidity Facility Federal Home Loan Bank of Chicago) VRDN (b) | 5100000 | 5100000 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (Wi Home Ownership Proj.) Series 2021B, 2.9% 3/1/2041 (Liquidity Facility Federal Home Loan Bank of Chicago) VRDN (b) | 24725000 | 24725000 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (Wi Home Ownership Proj.) Series 2022B, 2.9% 9/1/2047 (Liquidity Facility Federal Home Loan Bank of Chicago) VRDN (b) | 22500000 | 22500000 |
| Wisconsin Hsg & Eda Hsg Rev (Wi Home Ownership Proj.) Series 2023F, 2.89% 5/1/2061 (Liquidity Facility Federal Home Loan Bank of Chicago) VRDN (b) | 7200000 | 7200000 |
| Wisconsin St Health & Edl Facs Auth Rev (Froedtert Thedacare Proj.) Series 2025 C, 2.88% 4/1/2055 VRDN (b) | 40200000 | 40200000 |
| TOTAL WISCONSIN |  | 106220000 |
| <br> **TOTAL VARIABLE RATE DEMAND NOTE**<br> (Cost $3,871,381,000) |  | <br> **3871381000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 6.3%** | &nbsp;&nbsp;**Commercial Paper - 6.3%** | &nbsp;&nbsp;**Commercial Paper - 6.3%** | &nbsp;&nbsp;**Commercial Paper - 6.3%** |
|  | Yield (%) (i) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Austin TX Util Sys Rev 2.65% 12/3/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.65 | 16750000 | 16750000 |
| Austin TX Util Sys Rev 2.7% 12/3/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.70 | 39450000 | 39450000 |
| Austin TX Util Sys Rev 2.7% 12/3/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.70 | 23900000 | 23900000 |
| Austin TX Util Sys Rev 3% 10/7/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 3.00 | 12750000 | 12750000 |
| Board of Regents of the University of Texas System 2.66% 12/18/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.66 | 18000000 | 18000000 |
| Board of Regents of the University of Texas System 2.67% 11/24/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.67 | 17900000 | 17900000 |
| Board of Regents of the University of Texas System 2.71% 3/3/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.71 | 10600000 | 10600000 |
| Board of Regents of the University of Texas System 2.74% 2/5/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.74 | 15500000 | 15500000 |
| Board of Regents of the University of Texas System 2.77% 1/22/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.77 | 10600000 | 10600000 |
| Board of Regents of the University of Texas System 2.8% 11/10/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.80 | 5300000 | 5300000 |
| Board of Regents of the University of Texas System 2.8% 12/15/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.80 | 17800000 | 17800000 |
| Board of Regents of the University of Texas System 2.8% 12/29/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.80 | 7700000 | 7700000 |
| Board of Regents of the University of Texas System 2.9% 11/25/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.90 | 17900000 | 17900000 |
| Board of Regents of the University of Texas System 2.9% 12/9/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.90 | 10700000 | 10700000 |
| Board of Regents of the University of Texas System 3.02% 10/22/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 3.02 | 5200000 | 5200000 |
| Board of Regents of the University of Texas System 3.02% 11/19/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 3.02 | 14300000 | 14300000 |
| Board of Regents of the University of Texas System 3.03% 11/5/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 3.03 | 14300000 | 14300000 |
| Board of Regents of the University of Texas System 3.03% 12/3/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 3.03 | 14300000 | 14300000 |
| Board of Regents of the University of Texas System 3.03% 12/4/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 3.03 | 2900000 | 2900000 |
| Dallas TX Rapid Transit Sales Tax Rev 3.05% 4/20/2026 CP  | 3.05 | 20900000 | 20900000 |
| Harris Cnty TX 2.62% 12/5/2025 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.62 | 2260000 | 2260000 |
| Harris Cnty TX 2.7% 12/4/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.70 | 4680000 | 4680000 |
| Harris Cnty TX 2.7% 12/4/2025 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.70 | 2600000 | 2600000 |
| Harris Cnty TX 2.9% 12/4/2025 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.90 | 2280000 | 2280000 |
| Harris Cnty TX 2.95% 12/4/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.95 | 4300000 | 4300000 |
| Harris Cnty TX 2.95% 12/4/2025 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.95 | 2430000 | 2430000 |
| Harris Cnty TX 3.02% 12/4/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 3.02 | 8915000 | 8915000 |
| Maricopa Cnty AZ Ida Rev 2.62% 11/12/2025 CP  | 2.62 | 6500000 | 6500000 |
| Maricopa Cnty AZ Ida Rev 2.8% 12/3/2025 CP  | 2.80 | 35500000 | 35500000 |
| Michigan St Bldg Auth Rev 2.95% 10/23/2025, LOC JPMorgan Chase Bank NA CP  | 2.95 | 10800000 | 10800000 |
| Nebraska Pub Pwr Dist Rev 3.05% 10/9/2025, LOC Bank of America NA CP  | 3.05 | 36600000 | 36600000 |
| Omaha Public Power District 3% 10/21/2025 CP  | 3.00 | 7200000 | 7200000 |
| Omaha Public Power District 3% 10/8/2025 CP  | 3.00 | 5000000 | 5000000 |
| Texas A&M Univ Revs 2.6% 1/28/2026 CP  | 2.60 | 25200000 | 25200000 |
| University CA Revs 2.8% 12/11/2025 CP  | 2.80 | 11300000 | 11300000 |
| University TX Perm Univ Fd 2.8% 12/1/2025 CP  | 2.80 | 17800000 | 17800000 |
| University TX Perm Univ Fd 2.85% 11/17/2025 CP  | 2.85 | 17800000 | 17800000 |
| University TX Perm Univ Fd 2.85% 11/5/2025 CP  | 2.85 | 17800000 | 17800000 |
| University TX Perm Univ Fd 2.95% 10/20/2025 CP  | 2.95 | 17900000 | 17900000 |
| University TX Perm Univ Fd 2.98% 10/8/2025 CP  | 2.98 | 8500000 | 8500000 |
| University TX Perm Univ Fd 3% 10/22/2025 CP  | 3.00 | 7200000 | 7200000 |
| University TX Perm Univ Fd 3% 11/18/2025 CP  | 3.00 | 5600000 | 5600000 |
| University TX Perm Univ Fd 3% 11/20/2025 CP  | 3.00 | 5600000 | 5600000 |
| University TX Perm Univ Fd 3.05% 10/1/2025 CP  | 3.05 | 5000000 | 5000000 |
| University TX Perm Univ Fd 3.3% 10/2/2025 CP  | 3.30 | 11500000 | 11500000 |
| Wisconsin St 2.75% 6/16/2026 CP  | 2.75 | 27012000 | 27012000 |
| Wisconsin St 2.8% 6/6/2026 CP  | 2.80 | 8188000 | 8188000 |
| Wisconsin St 2.9% 5/4/2026 CP  | 2.90 | 8300000 | 8300000 |
| Wisconsin St 2.95% 5/11/2026 CP  | 2.95 | 17600000 | 17600000 |
| <br> **TOTAL COMMERCIAL PAPER**<br> (Cost $638,115,000) |  |  | **638115000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 11.7%** | &nbsp;&nbsp;**Money Market Funds - 11.7%** | &nbsp;&nbsp;**Money Market Funds - 11.7%** | &nbsp;&nbsp;**Money Market Funds - 11.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Tax-Free Cash Central Fund (j)(k)<br>(Cost $1,187,825,641)<br>| 3.25 | 1187392655 | **1187825641** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 94.4%**<br> (Cost $9,611,728,817)<br>| <br>**9611728817** |
| **NET OTHER ASSETS (LIABILITIES) - 5.6%**  | **570311602** |
| **NET ASSETS - 100.0%** | **10182040419** |

---

**Security Type Abbreviations**

---

| | | |
|:---|:---|:---|
| BAN | - | BOND ANTICIPATION NOTE |
| RAN | - | REVENUE ANTICIPATION NOTE |
| TAN | - | TAX ANTICIPATION NOTE |
| TRAN | - | TAX AND REVENUE ANTICIPATION NOTE |
| VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |

---

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

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

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

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

(g) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $368,340,000 or 3.6% of net assets.

(h) 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 $80,640,000 or 0.8% of net assets.

(i) 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.

(j) 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.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Cost ($)<br>|
| Alaska Multi Fam Hsg Auth Chenana Apts Participating VRDN 3.12% 11/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 11/21/2024 | 1500000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2024 MIZ9180, 3.12% 7/11/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 7/11/2024 | 3200000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9211, 3.12% 5/13/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 5/14/2025 | 1035000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9213, 3.12% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/3/2025 | 2485000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9215, 3.12% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/2025 | 1500000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9216, 3.12% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/2025 | 1520000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9219, 3.12% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/1/2025 | 1300000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9220, 3.12% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/1/2025 | 995000 |
| Arizona Ind Dev Auth Participating VRDN 3.12% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/2024 - 6/18/2025 | 6000000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9187, 3.12% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/2024 - 10/10/2024 | 4600000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9192, 3.12% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 10/10/2024 | 10700000 |
| Bernalillo NM Multi Fam Hsg St Anthony's Pl Participating VRDN Series 2025 MIZ9210, 3.12% 4/29/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 4/30/2025 | 6500000 |
| California Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9231, 3.1% 9/9/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 9/10/2025 | 10325000 |
| City of New York NY Gen. Oblig. Series 2025 MS0074E, 3.06% tender 8/1/2053 (Liquidity Facility Morgan Stanley Bank NA) | 8/21/2025 | 3295000 |
| Collin County Hsg Fin Corp Multi Fam Participating VRDN 3.12% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/2024 | 4600000 |
| Colorado Health Facilities Authority Series 2025 MS0043, 3.01% tender 11/15/2050 (Liquidity Facility Morgan Stanley Bank NA) | 5/21/2025 | 4600000 |
| Delaware Multi Fam Hsg Chritina Village Participating VRDN 3.12% 5/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 10/10/2024 | 2800000 |
| Denver CO City & Cnty Brd Wtr Series 2025 MS0064E, 3.06% tender 9/15/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/19/2025 | 5250000 |
| Florida Baptist Health Series 2025 BAML5066, 3.04% tender 8/15/2055 (Liquidity Facility Bank of America NA) | 4/1/2025 | 9905000 |
| Frenship TX Indpt Sch Dist Series 2025 MS0056E, 3.06% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 2270000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0030, 3.01% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) | 3/19/2025 - 8/29/2025 | 19055000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0067E, 3.09% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 2550000 |
| Illinois Hsg Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9224, 3.12% 8/18/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/19/2025 | 26500000 |
| Jacksonville Fla Spl Rev Series 2025 MS0068E, 3.09% tender 10/1/2054 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 9700000 |
| JEA FL Wtr & Swr Sys Rev Series 2025 MS0033, 3.01% tender 10/1/2055 (Liquidity Facility Morgan Stanley Bank NA) | 3/21/2025 - 6/9/2025 | 6445000 |
| Jefferson TX Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9214, 3.12% 6/11/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/12/2025 | 2200000 |
| Kansas City MO Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9207, 3.12% 1/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 1/23/2025 | 2595000 |
| Las Vegas Valley NV Gen. Oblig. Series 2025 MS0057E, 3.06% tender 6/1/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 3200000 |
| Lehigh County Gen Purp Hosp Rev Participating VRDN Series 2023 BAML5039, 2.97% 7/1/2043 (Liquidity Facility Bank of America, N.A.) | 5/4/2023 - 5/24/2024 | 11320000 |
| Louisville & Jefferson KY Swr Sys Rev Series 2025 MS0063E, 3.06% tender 5/15/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/19/2025 | 5615000 |
| Mansfield TX Indpt Sch Dist Series 2025 MS0058E, 3.06% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 2265000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9202, 3.12% 12/4/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 12/4/2024 | 3500000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9205, 3.12% 7/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 12/12/2024 | 2150000 |
| New Jersey Turnpike Authority Series 2025 MS0081E, 3.09% tender 1/1/2050 (Liquidity Facility Morgan Stanley Bank NA) | 8/21/2025 | 15000000 |
| New York Dorm Auth Royal Charter Prop Participating VRDN Series 2025 MIZ9208, 3.12% 3/16/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 3/17/2025 | 16885000 |
| Oklahoma St Wtr Res Brd Rev Fd Series 2025 MS0054E, 3.06% tender 4/1/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 9700000 |
| Oklahoma St Wtr Res Brd Rev Fd Series 2025 MS0060E, 3.07% tender 4/1/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 7725000 |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN 3.12% 1/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 1/2/2025 | 1405000 |
| Port Auth NY & NJ 2.94% 1/19/2027 VRDN | 7/15/2020 | 7300000 |
| Port of Morrow Series 2024 MS0026, 3.09% tender 10/1/2026 (Liquidity Facility Morgan Stanley Bank NA) | 10/10/2024 | 13350000 |
| Prosper Tex Indpt Sch Dist Series 2025 MS0071E, 3.09% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 8885000 |
| Raleigh NC Hsg Auth Multi Fam Rev Participating VRDN Series 2025 MIZ9228, 3.12% 8/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/19/2025 | 4490000 |
| River Islands Pub Fing Auth Participating VRDN 3.12% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 10/10/2024 | 7600000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN 3.12% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/2024 - 10/10/2024 | 7415000 |
| San Marcos Unified School District Series 2025 MS0062, 3.07% tender 8/1/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 3350000 |
| Shelby Cnty TN Baptist Mem Hlth Care Corp Participating VRDN Series 2025 BAML5067, 2.94% 9/1/2055 (Liquidity Facility Bank of America, N.A.) | 9/18/2025 | 13600000 |
| St Louis MO Lafayette Apts Participating VRDN Series 2025 MIZ9212, 3.12% 5/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 5/22/2025 | 2985000 |
| State of Washington Gen. Oblig. 3.01% tender 2/1/2048 (Liquidity Facility Morgan Stanley Bank NA) | 4/11/2025 | 31585000 |
| State of Washington Series 2025 MS0036, 3.06% tender 6/1/2050 (Liquidity Facility Morgan Stanley Bank NA) | 4/3/2025 - 9/16/2025 | 9355000 |
| Tampa Bay Water Series 2025 MS0066E, 3.07% tender 10/1/2049 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 7770000 |
| Tampa Bay Water Series 2025 MS0075E, 3.06% tender 10/1/2054 (Liquidity Facility Morgan Stanley Bank NA) | 8/21/2025 | 5100000 |
| Texas Wtr Dev Brd Series 2025 MS0037, 3.06% tender 10/15/2053 (Liquidity Facility Morgan Stanley Bank NA) | 4/7/2025 - 9/16/2025 | 5200000 |
| Univ of Wis Hosp & Clinics Auth Series 2025 MS0044, 2.99% tender 4/1/2051 (Liquidity Facility Morgan Stanley Bank NA) | 5/21/2025 - 8/29/2025 | 4440000 |
| Washington Clark County SD23 Series 2025 MS0080E, 3.07% tender 6/15/2046 (Liquidity Facility Morgan Stanley Bank NA) | 8/21/2025 | 3725000 |

---

**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 Tax-Free Cash Central Fund | 1430787333 | 2944411018 | 3187372710 | 15277541 | - | - | 1187825641 | 1187392655 | 70.1% |
| Total | 1430787333 | 2944411018 | 3187372710 | 15277541 | - | - | 1187825641 |  |  |

---

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**

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.

**Tax-Exempt Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of September 30, 2025 (Unaudited)** | <br> **As of September 30, 2025 (Unaudited)** | <br> **As of September 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,423,903,176) | $8423903176 |  |
| Fidelity Central Funds (cost $1,187,825,641) | 1187825641 |  |
| Total Investment in Securities (cost $9,611,728,817) |  | $9611728817 |
| Cash |  | 1689816 |
| Receivable for investments sold |  | 555485000 |
| Receivable for fund shares sold |  | 70649460 |
| Interest receivable |  | 46391705 |
| Distributions receivable from Fidelity Central Funds |  | 2394694 |
| Prepaid expenses |  | 10726 |
| Receivable from investment adviser for expense reductions |  | 325794 |
| Other receivables |  | 1481 |
| **Total assets** |  | 10288677493 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $3351568 |  |
| Delayed delivery | 45792227 |  |
| Payable for fund shares redeemed | 51582500 |  |
| Distributions payable | 4174242 |  |
| Accrued management fee | 1139142 |  |
| Distribution and service plan fees payable | 4220 |  |
| Other affiliated payables | 554887 |  |
| Other payables and accrued expenses | 38288 |  |
| **Total liabilities** |  | 106637074 |
| **Net Assets**  |  | $10182040419 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $10181377627 |
| Total accumulated earnings (loss) |  | 662792 |
| **Net Assets** |  | $10182040419 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($10,135,058,390 ÷ 10,129,987,623 shares) |  | $1.00 |
| **Class II :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,270,216 ÷ 1,269,318 shares) |  | $1.00 |
| **Class III :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($12,148,219 ÷ 12,144,340 shares) |  | $1.00 |
| **Select Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($33,563,594 ÷ 33,544,229 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended September 30, 2025 (Unaudited)** | **Six months ended September 30, 2025 (Unaudited)** | **Six months ended September 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $124937525 |
| Income from Fidelity Central Funds  |  | 15277541 |
| **Total income** |  | 140215066 |
| **Expenses** |  |  |
| Management fee | $7073579 |  |
| Transfer agent fees | 3031534 |  |
| Distribution and service plan fees | 28235 |  |
| Accounting fees and expenses | 408226 |  |
| Custodian fees and expenses | 36538 |  |
| Independent trustees' fees and expenses | 11702 |  |
| Registration fees | 237573 |  |
| Audit fees | 21229 |  |
| Legal | 2348 |  |
| Miscellaneous | 13000 |  |
| Total expenses before reductions | 10863964 |  |
| Expense reductions | (1694026) |  |
| Total expenses after reductions |  | 9169938 |
| **Net Investment income (loss)** |  | 131045128 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 19424 |  |
| Total net realized gain (loss) |  | 19424 |
| **Net increase in net assets resulting from operations** |  | $131064552 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **March 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $131045128 | $289778754 |
| &nbsp;&nbsp;Net realized gain (loss) | 19424<br>| (27075)<br>|
| **Net increase in net assets resulting from operations** | 131064552<br>| 289751679<br>|
| Distributions to shareholders | (131029903)<br>| (289748051)<br>|
| Share transactions - net increase (decrease) | (84012577)<br>| 1712936513<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (83977928)<br>| 1712940141<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 10266018347 | 8553078206<br>|
| &nbsp;&nbsp;End of period | $10182040419 | $10266018347 |

---

**Financial Highlights** 

**Tax-Exempt Portfolio Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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 | .013  | .031  | .033  | .017  | - B | .001  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .013  | .031  | .033  | .017  | - B | .001  |
| Distributions from net investment income  | (.013)  | (.031)  | (.033)  | (.017)  | - B | (.001)  |
| Total distributions  | (.013)  | (.031)  | (.033)  | (.017)  | - B | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.30% <br>| 3.10%  | 3.33%  | 1.72%  | .03%  | .12%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .21% G | .21%  | .22%  | .22%  | .22%  | .22%  |
| Expenses net of fee waivers, if any  | .18% G<br>| .18%  | .18%  | .18%  | .10%  | .17%  |
| Expenses net of all reductions, if any  | .18% G | .18%  | .18%  | .18%  | .10%  | .17%  |
| Net investment income (loss)  | 2.58% G | 3.04%  | 3.28%  | 1.73%  | .03%  | .13%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10135058 | $10215154 | $8509328 | $6275122 | $4456840 | $4748272 |

---

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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

G*Annualized.*

**Tax-Exempt Portfolio Class II**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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 | .012  | .029  | .031  | .016  | - B | .001  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .012  | .029  | .031  | .016  | - B | .001  |
| Distributions from net investment income  | (.012)  | (.029)  | (.031)  | (.016)  | - B | (.001)  |
| Total distributions  | (.012)  | (.029)  | (.031)  | (.016)  | - B | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.23% <br>| 2.95%  | 3.17%  | 1.57%  | .02%  | .06%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .36% G | .36%  | .37%  | .37%  | .37%  | .37%  |
| Expenses net of fee waivers, if any  | .33% G<br>| .33%  | .33%  | .33%  | .11%  | .21%  |
| Expenses net of all reductions, if any  | .33% G | .33%  | .33%  | .33%  | .11%  | .21%  |
| Net investment income (loss)  | 2.43% G | 2.89%  | 3.13%  | 1.58%  | .01%  | .08%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1270 | $10205 | $14805 | $17089 | $394 | $394 |

---

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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

G*Annualized.*

**Tax-Exempt Portfolio Class III**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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 | .012  | .028  | .030  | .015  | - B | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .012  | .028  | .030  | .015  | - B | - B |
| Distributions from net investment income  | (.012)  | (.028)  | (.030)  | (.015)  | - B | - B |
| Total distributions  | (.012)  | (.028)  | (.030)  | (.015)  | - B | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.18% <br>| 2.85%  | 3.07%  | 1.46%  | .01%  | .05%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .46% G | .46%  | .47%  | .47%  | .48%  | .46%  |
| Expenses net of fee waivers, if any  | .43% G<br>| .43%  | .43%  | .43%  | .13%  | .23%  |
| Expenses net of all reductions, if any  | .43% G | .43%  | .43%  | .43%  | .13%  | .23%  |
| Net investment income (loss)  | 2.33% G | 2.79%  | 3.04%  | 1.48%  | (.01)%  | .07%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $12148 | $11909 | $3971 | $5624 | $6669 | $1655 |

---

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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

G*Annualized.*

**Tax-Exempt Portfolio Select Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **September 30, 2025**<br> **(Unaudited)**  | **Years ended March 31, 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 | .013  | .030  | .032  | .017  | - B | .001  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .013  | .030  | .032  | .017  | - B | .001  |
| Distributions from net investment income  | (.013)  | (.030)  | (.032)  | (.017)  | - B | (.001)  |
| Total distributions  | (.013)  | (.030)  | (.032)  | (.017)  | - B | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.28% <br>| 3.05%  | 3.28%  | 1.67%  | .02%  | .09%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .26% G | .26%  | .27%  | .27%  | .27%  | .27%  |
| Expenses net of fee waivers, if any  | .23% G<br>| .23%  | .23%  | .23%  | .10%  | .19%  |
| Expenses net of all reductions, if any  | .23% G | .23%  | .23%  | .23%  | .10%  | .19%  |
| Net investment income (loss)  | 2.53% G | 2.99%  | 3.23%  | 1.68%  | .03%  | .11%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $33564 | $28750 | $24974 | $14545 | $1072 | $2576 |

---

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. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

G*Annualized.*

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

For the period ended September 30, 2025

**1. Organization.**

Treasury Only Portfolio, Treasury Portfolio, Government Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (the Funds) are funds of Fidelity Colchester Street Trust (the Trust). Each Fund 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. Each Fund offers Class I, Class II, Class III and Select Class shares. Treasury Only Portfolio and Treasury Portfolio also offer Class IV and Institutional Class shares. Government Portfolio and Money Market Portfolio also offer Institutional Class shares. Shares of Money Market Portfolio and Tax-Exempt Portfolio are only available for purchase by retail shareholders. All classes have equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Each Fund except Tax-Exempt Portfolio offers conversion privileges from Class I to Institutional Class for eligible shareholders.

**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.**

Each 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. Each Fund operates as a single operating segment. Each 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. Each 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 each Fund:

**Investment Valuation.** Each 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.

Investments in 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.

**Investment Transactions and Income.** Security transactions, including the Funds' investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. 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. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations.

**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.

---

| | |
|:---|:---|
| **Treasury Only Portfolio** | $921965 |
| **Treasury Portfolio** | 638414 |
| **Government Portfolio** | 2252291 |
| **Money Market Portfolio** | 1463325 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, each 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. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Treasury Only Portfolio** | 109895262007 | - | - | - |
| **Treasury Portfolio** | 73459541058 | - | - | - |
| **Government Portfolio** | 281776616880 | - | - | - |
| **Money Market Portfolio** | 164822283561 | - | - | - |
| **Tax-Exempt Portfolio** | 9611728817 | - | - | - |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds 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 ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Treasury Portfolio** | - | (75941) | (75941) |
| **Government Portfolio** | - | (641931) | (641931) |
| **Tax-Exempt Portfolio** | (24226) | - | (24226) |

---

**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. For Treasury Only Portfolio, Treasury Portfolio and Government Portfolio, repurchase agreements may be collateralized by cash or government securities. For Money Market Portfolio and Tax-Exempt Portfolio, repurchase agreements may be collateralized by government or non-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.

**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.

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of.14% of average net assets.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Funds have adopted separate Distribution and Service Plans for each class of shares. Class II, Class III and Select Class of each Fund pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a Service fee based on an annual percentage of each class' average net assets. Class IV of Treasury Only Portfolio and Treasury Portfolio pays FDC separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. FDC may pay financial intermediaries for selling shares of the Funds 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** |
| **Class II** | .00% | .15% |
| **Class III** | .00% | .25% |
| **Class IV** | .25% | .25% |
| **Select Class** | .00% | .05% |

---

---

| | | |
|:---|:---|:---|
|  | **Total Fees ($)** | **Retained by FDC ($)** |
| **Treasury Only Portfolio:** |  |  |
| **Class II**  | 2604232 | - |
| **Class III**  | 4066403 | - |
| **Class IV**  | 2720962 | - |
| **Select Class**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>609695</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> |
|  | <u>10001292</u> | <u>-</u> |
| **Treasury Portfolio:** |  |  |
| **Class II**  | 606730 | - |
| **Class III**  | 5906074 | - |
| **Class IV**  | 2299430 | - |
| **Select Class**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>58406</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> |
|  | <u>8870640</u> | <u>-</u> |
| **Government Portfolio:** |  |  |
| **Class II**  | 1264711 | - |
| **Class III**  | 8605598 | - |
| **Select Class**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>54798</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> |
|  | <u>9925107</u> | <u>-</u> |
| **Money Market Portfolio:** |  |  |
| **Class II**  | 62769 | 3076 |
| **Class III**  | 67058 | - |
| **Select Class**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>13637</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> |
|  | <u>143464</u> | <u>3076</u> |
| **Tax-Exempt Portfolio:** |  |  |
| **Class II**  | 3600 | 68 |
| **Class III**  | 15043 | - |
| **Select Class**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9592</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;<u>39</u> |
|  | <u>28235</u> | <u>107</u> |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. FIIOC receives asset-based fees with respect to each account. FIIOC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. Each class, with the exception of Institutional Class, pays a transfer agent fee equal to an annual rate of .06% of class-level average net assets. Institutional Class pays a transfer agent fee equal to an annual rate of .03% of class-level average net assets. For the period, transfer agent fees for each class were as follows:

---

| | |
|:---|:---|
| **Treasury Only Portfolio** |  |
| **Class I** | $8181343 |
| **Class II** | 1041693 |
| **Class III** | 975937 |
| **Class IV** | 326515 |
| **Select Class** | 731634 |
| **Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9853610</u> |
|  | <u>$21110732</u> |
| **Treasury Portfolio** |  |
| **Class I** | $8447010 |
| **Class II** | 242692 |
| **Class III** | 1417458 |
| **Class IV** | 275932 |
| **Select Class** | 70087 |
| **Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5209298</u> |
|  | <u>$15662477</u> |
| **Government Portfolio** |  |
| **Class I** | $15524371 |
| **Class II** | 505884 |
| **Class III** | 2065344 |
| **Select Class** | 65757 |
| **Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; <u>27040601</u> |
|  | <u>$45201957</u> |
| **Money Market Portfolio** |  |
| **Class I** | $20687705 |
| **Class II** | 25108 |
| **Class III** | 16094 |
| **Select Class** | 16365 |
| **Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp; <u>12559120</u> |
|  | <u>$33304392</u> |
| **Tax-Exempt Portfolio** |  |
| **Class I** | $3014973 |
| **Class II** | 1440 |
| **Class III** | 3610 |
| **Select Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11511</u> |
|  | <u>$3031534</u> |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each 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** |
| **Treasury Only Portfolio** | -A |
| **Treasury Portfolio** | -A |
| **Government Portfolio** | -A |
| **Money Market Portfolio** | -A |
| **Tax-Exempt Portfolio** | .01 |

---

*A Amount represents less than .005%.*

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each 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 each 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, Treasury Only Portfolio, Treasury Portfolio, Government Portfolio and Tax-Exempt Portfolio had no interfund loans outstanding. Any open loans at period end are presented as Receivable for interfund loans in the Statement of Assets and Liabilities, and any accrued interest is included in Other affiliated receivables. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** |
| **Money Market Portfolio** | Lender | 17252540 | 4.57% |

---

**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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Treasury Only Portfolio** | - | - | - |
| **Treasury Portfolio** | - | - | - |
| **Government Portfolio** | - | - | - |
| **Money Market Portfolio** | - | - | - |
| **Tax-Exempt Portfolio** | 113265000 | 59942797 | (1240) |

---

**5. Expense Reductions.** 

The investment adviser contractually agreed to reimburse funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through July 31, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes of each applicable Fund were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Treasury Only Portfolio** |  |  |
| Class I | .18% | 3766671 |
| Class II | .33% | 472604 |
| Class III | .43% | 436999 |
| Class IV | .68% | 138901 |
| Select Class  | .23% | 333708 |
| Institutional Class | .14% | 12396619 |
| **Treasury Portfolio** |  |  |
| Class I | .18% | 3653203 |
| Class II | .33% | 103457 |
| Class III | .43% | 592486 |
| Class IV | .68% | 109107 |
| Select Class | .23% | 30109 |
| Institutional Class | .14% | 6280267 |
| **Government Portfolio** |  |  |
| Class I | .18% | 7278657 |
| Class II | .33% | 235449 |
| Class III | .43% | 919125 |
| Select Class | .23% | 30327 |
| Institutional Class | .14% | 34640300 |
| **Money Market Portfolio** |  |  |
| Class I | .18% | 9238016 |
| Class II | .33% | 10955 |
| Class III | .43% | 7169 |
| Select Class | .23% | 7258 |
| Institutional Class | .14% | 15466062 |
| **Tax-Exempt Portfolio** |  |  |
| Class I | .18% | 1682619 |
| Class II | .33% | 804 |
| Class III | .43% | 1945 |
| Select Class | .23% | 6281 |

---

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's or class' expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)**  |
| **Tax-Exempt Portfolio** | 2377 |

---

**6. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **September 30, 2025** | **Year ended**<br> **March 31, 2025**  |
| **Treasury Only Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class I | $565244117 | $1019044803 |
| Class II | 69322877 | 126040183 |
| Class III | 63342364 | 150838591 |
| Class IV | 19851867 | 56450918 |
| Select Class | 49978659 | 101629267 |
| Institutional Class | <u>1375080296</u> | <u>2605934223</u> |
| Total  | <u>$2142820180</u> | <u>$4059937985</u> |
| **Treasury Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class I | $588930406 | $1188576846 |
| Class II | 16280508 | 33504089 |
| Class III | 92829141 | 200638261 |
| Class IV | 16918315 | 36943587 |
| Select Class | 4822311 | 13145603 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; <u>733072336</u> | <u>1649265245</u> |
| Total  | <u>$1452853017</u> | <u>$3122073631</u> |
| **Government Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class I | $1098242989 | $2236625600 |
| Class II | 34123290 | 67763801 |
| Class III | 136273764 | 281936677 |
| Select Class | 4551095 | 10368906 |
| Institutional Class | <u>3824529146</u> | <u>7472978698</u> |
| Total  | <u>$5097720284</u> | <u>$10069673682</u> |
| **Money Market Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class I | $1467739318 | $2863051260 |
| Class II | 1718783 | 4434009 |
| Class III | 1071445 | 892012 |
| Select Class | 1148150 | 2150474 |
| Institutional Class | <u>1799079225</u> | <u>3714823911</u> |
| Total  | <u>$3270756921</u> | <u>$6585351666</u> |
| **Tax-Exempt Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class I | $130351159 | $288287059 |
| Class II | 62230 | 362204 |
| Class III | 140958 | 264343 |
| Select Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>475556</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>834445</u> |
| Total  | <u>$131029903</u> | <u>$289748051</u> |

---

**7. Share Transactions.**

Share Transactions may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **September 30, 2025**  | **Year ended**<br> **March 31, 2025**  | **Six months ended** <br> **September 30, 2025**  | **Year ended**<br> **March 31, 2025**  |
| **Treasury Only Portfolio** |  |  |  |  |
| **Class I** |  |  |  |  |
| Shares sold | 28914988132 | 50922794921 | $28914988132 | $50922794921 |
| Reinvestment of distributions | 310659541 | 575457234 | 310659541 | 575457234 |
| Shares redeemed | <u>(27036145879)</u> | <u>(42865643744)</u> | <u>(27036145879)</u> | <u>(42865643744)</u> |
| Net increase (decrease) | <u>2189501794</u> | <u>8632608411</u> | <u>$2189501794</u> | <u>$8632608411</u> |
| **Class II** |  |  |  |  |
| Shares sold | 5975393456 | 9702559249 | $5975393456 | $9702559249 |
| Reinvestment of distributions | 12238706 | 12691493 | 12238706 | 12691493 |
| Shares redeemed | <u>(5814788443)</u> | <u>(9223753974)</u> | <u>(5814788443)</u> | <u>(9223753974)</u> |
| Net increase (decrease) | <u>172843719</u> | <u>491496768</u> | <u>$172843719</u> | <u>$491496768</u> |
| **Class III** |  |  |  |  |
| Shares sold | 4728223345 | 6846823240 | $4728223345 | $6846823240 |
| Reinvestment of distributions | 12088521 | 33011749 | 12088521 | 33011749 |
| Shares redeemed | <u>(5128525302)</u> | <u>(6393596720)</u> | <u>(5128525302)</u> | <u>(6393596720)</u> |
| Net increase (decrease) | <u>(388213436)</u> | <u>486238269</u> | <u>$(388213436)</u> | <u>$486238269</u> |
| **Class IV** |  |  |  |  |
| Shares sold | 1671757014 | 4377066958 | $1671757014 | $4377066958 |
| Reinvestment of distributions | 19819236 | 56363977 | 19819236 | 56363977 |
| Shares redeemed | <u>(1908800211)</u> | <u>(4605206149)</u> | <u>(1908800211)</u> | <u>(4605206149)</u> |
| Net increase (decrease) | <u>(217223961)</u> | <u>(171775214)</u> | <u>$(217223961)</u> | <u>$(171775214)</u> |
| **Select Class** |  |  |  |  |
| Shares sold | 1851485789 | 3340496250 | $1851485789 | $3340496250 |
| Reinvestment of distributions | 42000317 | 69899146 | 42000317 | 69899146 |
| Shares redeemed | <u>(1773664465)</u> | <u>(2866440293)</u> | <u>(1773664465)</u> | <u>(2866440293)</u> |
| Net increase (decrease) | <u>119821641</u> | <u>543955103</u> | <u>$119821641</u> | <u>$543955103</u> |
| **Institutional Class** |  |  |  |  |
| Shares sold | 68804630619 | 133886861875 | $68804630619 | $133886861922 |
| Reinvestment of distributions | 1016487897 | 1820791076 | 1016487897 | 1820791076 |
| Shares redeemed | <u>(63826225130)</u> | <u>(117118292774)</u> | <u>(63826225130)</u> | <u>(117118292773)</u> |
| Net increase (decrease) | <u>5994893386</u> | <u>18589360177</u> | <u>$5994893386</u> | <u>$18589360225</u> |
| **Treasury Portfolio** |  |  |  |  |
| **Class I** |  |  |  |  |
| Shares sold | 56489307361 | 102230349767 | $56489307361 | $102230349767 |
| Reinvestment of distributions | 202316451 | 406047922 | 202316451 | 406047922 |
| Shares redeemed | <u>(53907121559)</u> | <u>(99271784037)</u> | <u>(53907121559)</u> | <u>(99271784037)</u> |
| Net increase (decrease) | <u>2784502253</u> | <u>3364613652</u> | <u>$2784502253</u> | <u>$3364613652</u> |
| **Class II** |  |  |  |  |
| Shares sold | 743725532 | 1170445319 | $743725532 | $1170445319 |
| Reinvestment of distributions | 6357739 | 14936625 | 6357739 | 14936625 |
| Shares redeemed | <u>(656682369)</u> | <u>(1226193758)</u> | <u>(656682369)</u> | <u>(1226193758)</u> |
| Net increase (decrease) | <u>93400902</u> | <u>(40811814)</u> | <u>$93400902</u> | <u>$(40811814)</u> |
| **Class III** |  |  |  |  |
| Shares sold | 6144084627 | 12939975380 | $6144084627 | $12939976380 |
| Reinvestment of distributions | 15363782 | 28583081 | 15363782 | 28583081 |
| Shares redeemed | <u>(6693280973)</u> | <u>(11903492375)</u> | <u>(6693280973)</u> | <u>(11903492375)</u> |
| Net increase (decrease) | <u>(533832564)</u> | <u>1065066086</u> | <u>$(533832564)</u> | <u>$1065067086</u> |
| **Class IV** |  |  |  |  |
| Shares sold | 600045269 | 1632022673 | $600045269 | $1632022673 |
| Reinvestment of distributions | 102711 | 270322 | 102711 | 270322 |
| Shares redeemed | <u>(414371742)</u> | <u>(1602251181)</u> | <u>(414371742)</u> | <u>(1602251181)</u> |
| Net increase (decrease) | <u>185776238</u> | <u>30041814</u> | <u>$185776238</u> | <u>$30041814</u> |
| **Select Class** |  |  |  |  |
| Shares sold | 650946260 | 1467826659 | $650946260 | $1467826659 |
| Reinvestment of distributions | 956190 | 4068725 | 956190 | 4068725 |
| Shares redeemed | <u>(663350755)</u> | <u>(1432057170)</u> | <u>(663350755)</u> | <u>(1432057170)</u> |
| Net increase (decrease) | <u>(11448305)</u> | <u>39838214</u> | <u>$(11448305)</u> | <u>$39838214</u> |
| **Institutional Class** |  |  |  |  |
| Shares sold | 66634801090 | 136174310445 | $66634801090 | $136174310438 |
| Reinvestment of distributions | 500662936 | 1115628129 | 500662936 | 1115628129 |
| Shares redeemed | <u>(66280277801)</u> | <u>(135681441830)</u> | <u>(66280277801)</u> | <u>(135681441830)</u> |
| Net increase (decrease) | <u>855186225</u> | <u>1608496744</u> | <u>$855186225</u> | <u>$1608496737</u> |
| **Government Portfolio** |  |  |  |  |
| **Class I** |  |  |  |  |
| Shares sold | 172439430253 | 359922157618 | $172439431698 | $359922157617 |
| Reinvestment of distributions | 406507369 | 834768220 | 406507369 | 834768221 |
| Shares redeemed | <u>(169134040165)</u> | <u>(349867503003)</u> | <u>(169134040165)</u> | <u>(349867503003)</u> |
| Net increase (decrease) | <u>3711897457</u> | <u>10889422835</u> | <u>$3711898902</u> | <u>$10889422835</u> |
| **Class II** |  |  |  |  |
| Shares sold | 2961376212 | 3513518446 | $2961376212 | $3513518446 |
| Reinvestment of distributions | 2748134 | 3516237 | 2748134 | 3516237 |
| Shares redeemed | <u>(2447352630)</u> | <u>(3449624852)</u> | <u>(2447352630)</u> | <u>(3449624852)</u> |
| Net increase (decrease) | <u>516771716</u> | <u>67409831</u> | <u>$516771716</u> | <u>$67409831</u> |
| **Class III** |  |  |  |  |
| Shares sold | 10288525565 | 17391930763 | $10288525565 | $17391930763 |
| Reinvestment of distributions | 41170683 | 81942598 | 41170683 | 81942598 |
| Shares redeemed | <u>(10067741111)</u> | <u>(16347070382)</u> | <u>(10067741111)</u> | <u>(16347070382)</u> |
| Net increase (decrease) | <u>261955137</u> | <u>1126802979</u> | <u>$261955137</u> | <u>$1126802979</u> |
| **Select Class** |  |  |  |  |
| Shares sold | 117924931 | 538605087 | $117924931 | $538605087 |
| Reinvestment of distributions | 2476672 | 7353745 | 2476672 | 7353745 |
| Shares redeemed | <u>(178425967)</u> | <u>(507878044)</u> | <u>(178425967)</u> | <u>(507878044)</u> |
| Net increase (decrease) | <u>(58024364)</u> | <u>38080788</u> | <u>$(58024364)</u> | <u>$38080788</u> |
| **Institutional Class** |  |  |  |  |
| Shares sold | 481586381056 | 770537657060 | $481586381056 | $770537657060 |
| Reinvestment of distributions | 2519831818 | 4992507729 | 2519831818 | 4992507729 |
| Shares redeemed | <u>(440869759571)</u> | <u>(761364961248)</u> | <u>(440869759572)</u> | <u>(761364961248)</u> |
| Net increase (decrease) | <u>43236453303</u> | <u>14165203541</u> | <u>$43236453302</u> | <u>$14165203541</u> |
| **Money Market Portfolio** |  |  |  |  |
| **Class I** |  |  |  |  |
| Shares sold | 44143605043 | 72286546683 | $44143605043 | $72286546683 |
| Reinvestment of distributions | 1281413026 | 2488933459 | 1281413026 | 2488933459 |
| Shares redeemed | <u>(39793403035)</u> | <u>(64304155419)</u> | <u>(39793403035)</u> | <u>(64304155419)</u> |
| Net increase (decrease) | <u>5631615034</u> | <u>10471324723</u> | <u>$5631615034</u> | <u>$10471324723</u> |
| **Class II** |  |  |  |  |
| Shares sold | 17139156 | 135738644 | $17139156 | $135738644 |
| Reinvestment of distributions | 1503828 | 4206875 | 1503828 | 4206875 |
| Shares redeemed | <u>(18734758)</u> | <u>(146637375)</u> | <u>(18734758)</u> | <u>(146637375)</u> |
| Net increase (decrease) | <u>(91774)</u> | <u>(6691856)</u> | <u>$(91774)</u> | <u>$(6691856)</u> |
| **Class III** |  |  |  |  |
| Shares sold | 116442017 | 13787298 | $116442017 | $13787298 |
| Reinvestment of distributions | 999139 | 644304 | 999139 | 644304 |
| Shares redeemed | <u>(23341457)</u> | <u>(9666763)</u> | <u>(23341457)</u> | <u>(9666763)</u> |
| Net increase (decrease) | <u>94099699</u> | <u>4764839</u> | <u>$94099699</u> | <u>$4764839</u> |
| **Select Class** |  |  |  |  |
| Shares sold | 43238347 | 58704442 | $43238347 | $58704442 |
| Reinvestment of distributions | 973810 | 1741392 | 973810 | 1741392 |
| Shares redeemed | <u>(31768702)</u> | <u>(68291844)</u> | <u>(31768702)</u> | <u>(68291844)</u> |
| Net increase (decrease) | <u>12443455</u> | <u>(7846010)</u> | <u>$12443455</u> | <u>$(7846010)</u> |
| **Institutional Class** |  |  |  |  |
| Shares sold | 44093486059 | 86851174853 | $44093486058 | $86851175844 |
| Reinvestment of distributions | 1698084297 | 3513834074 | 1698084297 | 3513834074 |
| Shares redeemed | <u>(43346119729)</u> | <u>(78405142110)</u> | <u>(43346119730)</u> | <u>(78405142105)</u> |
| Net increase (decrease) | <u>2445450627</u> | <u>11959866817</u> | <u>$2445450625</u> | <u>$11959867813</u> |
| **Tax-Exempt Portfolio** |  |  |  |  |
| **Class I** |  |  |  |  |
| Shares sold | 9929636372 | 19293323458 | $9929636372 | $19293322303 |
| Reinvestment of distributions | 104615404 | 229762763 | 104615404 | 229762763 |
| Shares redeemed | <u>(10114382214)</u> | <u>(17817263754)</u> | <u>(10114382214)</u> | <u>(17817263753)</u> |
| Net increase (decrease) | <u>(80130438)</u> | <u>1705822467</u> | <u>$(80130438)</u> | <u>$1705821313</u> |
| **Class II** |  |  |  |  |
| Shares sold | 2630549 | 366623 | $2630549 | $366623 |
| Reinvestment of distributions | 57805 | 362204 | 57805 | 362204 |
| Shares redeemed | <u>(11619756)</u> | <u>(5325959)</u> | <u>(11619756)</u> | <u>(5325959)</u> |
| Net increase (decrease) | <u>(8931402)</u> | <u>(4597132)</u> | <u>$(8931402)</u> | <u>$(4597132)</u> |
| **Class III** |  |  |  |  |
| Shares sold | 846677 | 14690909 | $846677 | $14690909 |
| Reinvestment of distributions | 95511 | 626 | 95511 | 626 |
| Shares redeemed | <u>(703582)</u> | <u>(6755621)</u> | <u>(703582)</u> | <u>(6755621)</u> |
| Net increase (decrease) | <u>238606</u> | <u>7935914</u> | <u>$238606</u> | <u>$7935914</u> |
| **Select Class** |  |  |  |  |
| Shares sold | 115887327 | 49411137 | $115887327 | $49411137 |
| Reinvestment of distributions | 448803 | 775280 | 448803 | 775280 |
| Shares redeemed | <u>(111525473)</u> | <u>(46409999)</u> | <u>(111525473)</u> | <u>(46409999)</u> |
| Net increase (decrease) | <u>4810657</u> | <u>3776418</u> | <u>$4810657</u> | <u>$3776418</u> |

---

**8. Other.**

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

**9. Risk and Uncertainties.**

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

**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**

**Government Portfolio**

**Money Market Portfolio** 

**Tax Exempt Portfolio** 

**Treasury Portfolio** 

**Treasury Only Portfolio** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each 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 each fund's Advisory Contracts, including the services and support provided to each 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 each 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 each 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 each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each 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 each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each 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 each fund's shareholders have chosen to invest in that 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 each 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 the Investment Advisers' staffing as it relates to the funds, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of each 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 each 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 the Investment Advisers' 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 each 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, each fund's compliance policies and procedures, including with respect to liquidity risk management.

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

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

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

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

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each 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 each fund's management fee and total expense ratio of a representative 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 each fund.

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

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

The Board also considered that the total expenses for certain classes of certain funds ranked in the 3rd or 4th quartile of the total peer group.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse each class of each fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed the following rates, as applicable: Class I: 0.18%; Class II: 0.33%; Class III: 0.43%; Class IV: 0.68%; Institutional Class: 0.14%; and Select Class: 0.23%, each through July 31, 2026.

Based on its review, the Board concluded that each 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 each 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 each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the funds and all the Fidelity funds.

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

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

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each 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 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 each fund's Advisory Contracts should be renewed through September 30, 2026.

![](img116872_4.jpg)<br>

1.537280.128 IMM-SANN-1125

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 Colchester 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 Colchester 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 Colchester 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; November 20, 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; November 20, 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; November 20, 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 Colchester 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:

November 20, 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 Colchester 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:

November 20, 2025

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

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## Exhibit 99.906

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

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

In connection with the attached Report of Fidelity Colchester 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: November 20, 2025

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

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Dated: November 20, 2025

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

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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>