# EDGAR Filing Document

**Accession Number:** 0000356173
**File Stem:** 0000356173-26-000046
**Filing Date:** 2026-5
**Character Count:** 570116
**Document Hash:** 93cf9fc85ee7b775598c501692db6717
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000356173-26-000046.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000356173-26-000046

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**EFFECTIVENESS DATE**: 20260521

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03320
- **FILM NUMBER:** 261006595

**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, Massachusetts 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;March 31, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Treasury Portfolio<br> **Treasury Portfolio Select Class : FTUXX** <br>|

---

This annual shareholder report contains information about Treasury Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Select Class  | $23  | 0.23% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $78378600533<br>|
| Number of Holdings | 160<br>|
| Total Advisory Fee | $101021121<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 65.4 |
| 8-30 | 6.5 |
| 31-60 | 10.4 |
| 61-90 | 3.6 |
| 91-180 | 12.7 |
| >180 | 5.8 |

---

U.S. Treasury Obligations 59.7 <br> Repurchase Agreements 44.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img695_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 59.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 44.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img695_20260331_1.jpg)<br>| ![](img128643_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> 1.9912815.101 911-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Treasury Portfolio<br> **Treasury Portfolio Institutional Class : FRBXX** <br>|

---

This annual shareholder report contains information about Treasury Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Institutional Class  | $14  | 0.14% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $78378600533<br>|
| Number of Holdings | 160<br>|
| Total Advisory Fee | $101021121<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 65.4 |
| 8-30 | 6.5 |
| 31-60 | 10.4 |
| 61-90 | 3.6 |
| 91-180 | 12.7 |
| >180 | 5.8 |

---

U.S. Treasury Obligations 59.7 <br> Repurchase Agreements 44.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img695_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 59.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 44.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img695_20260331_1.jpg)<br>| ![](img128644_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> 1.9912811.101 2644-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Treasury Portfolio<br> **Treasury Portfolio Class IV : FTVXX** <br>|

---

This annual shareholder report contains information about Treasury Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class IV  | $69  | 0.68% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $78378600533<br>|
| Number of Holdings | 160<br>|
| Total Advisory Fee | $101021121<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 65.4 |
| 8-30 | 6.5 |
| 31-60 | 10.4 |
| 61-90 | 3.6 |
| 91-180 | 12.7 |
| >180 | 5.8 |

---

U.S. Treasury Obligations 59.7 <br> Repurchase Agreements 44.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img695_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 59.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 44.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img695_20260331_1.jpg)<br>| ![](img128645_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> 1.9912810.101 2016-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Treasury Portfolio<br> **Treasury Portfolio Class III : FCSXX** <br>|

---

This annual shareholder report contains information about Treasury Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class III  | $44  | 0.43% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $78378600533<br>|
| Number of Holdings | 160<br>|
| Total Advisory Fee | $101021121<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 65.4 |
| 8-30 | 6.5 |
| 31-60 | 10.4 |
| 61-90 | 3.6 |
| 91-180 | 12.7 |
| >180 | 5.8 |

---

U.S. Treasury Obligations 59.7 <br> Repurchase Agreements 44.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img695_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 59.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 44.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img695_20260331_1.jpg)<br>| ![](img128646_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> 1.9912814.101 696-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Treasury Portfolio<br> **Treasury Portfolio Class II : FCEXX** <br>|

---

This annual shareholder report contains information about Treasury Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class II  | $34  | 0.33% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $78378600533<br>|
| Number of Holdings | 160<br>|
| Total Advisory Fee | $101021121<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 65.4 |
| 8-30 | 6.5 |
| 31-60 | 10.4 |
| 61-90 | 3.6 |
| 91-180 | 12.7 |
| >180 | 5.8 |

---

U.S. Treasury Obligations 59.7 <br> Repurchase Agreements 44.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img695_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 59.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 44.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img695_20260331_1.jpg)<br>| ![](img128647_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> 1.9912812.101 600-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Treasury Portfolio<br> **Treasury Portfolio Class I : FISXX** <br>|

---

This annual shareholder report contains information about Treasury Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $18  | 0.18% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $78378600533<br>|
| Number of Holdings | 160<br>|
| Total Advisory Fee | $101021121<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 65.4 |
| 8-30 | 6.5 |
| 31-60 | 10.4 |
| 61-90 | 3.6 |
| 91-180 | 12.7 |
| >180 | 5.8 |

---

U.S. Treasury Obligations 59.7 <br> Repurchase Agreements 44.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img695_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 59.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 44.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img695_20260331_1.jpg)<br>| ![](img128648_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> 1.9912813.101 695-TSRA-0526 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Treasury Only Portfolio<br> **Treasury Only Portfolio Select Class : FTYXX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Treasury Only Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Select Class  | $23  | 0.23% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $120079322501<br>|
| Number of Holdings | 62<br>|
| Total Advisory Fee | $153926978<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 21.6 |
| 8-30 | 13.0 |
| 31-60 | 27.3 |
| 61-90 | 18.4 |
| 91-180 | 20.3 |
| >180 | 1.3 |

---

U.S. Treasury Obligations 101.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img680_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 101.9&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (1.9)% |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-297-2952 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img680_20260331_1.jpg)<br>| ![](img128649_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> 1.9912809.101 906-TSRA-0526 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Treasury Only Portfolio<br> **Treasury Only Portfolio Institutional Class : FRSXX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Treasury Only Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Institutional Class  | $14  | 0.14% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $120079322501<br>|
| Number of Holdings | 62<br>|
| Total Advisory Fee | $153926978<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 21.6 |
| 8-30 | 13.0 |
| 31-60 | 27.3 |
| 61-90 | 18.4 |
| 91-180 | 20.3 |
| >180 | 1.3 |

---

U.S. Treasury Obligations 101.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img680_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 101.9&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (1.9)% |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-297-2952 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img680_20260331_1.jpg)<br>| ![](img128650_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> 1.9912805.101 2643-TSRA-0526 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Treasury Only Portfolio<br> **Treasury Only Portfolio Class IV : FOPXX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Treasury Only Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class IV  | $69  | 0.68% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $120079322501<br>|
| Number of Holdings | 62<br>|
| Total Advisory Fee | $153926978<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 21.6 |
| 8-30 | 13.0 |
| 31-60 | 27.3 |
| 61-90 | 18.4 |
| 91-180 | 20.3 |
| >180 | 1.3 |

---

U.S. Treasury Obligations 101.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img680_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 101.9&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (1.9)% |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-297-2952 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img680_20260331_1.jpg)<br>| ![](img128651_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> 1.9912804.101 2017-TSRA-0526 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Treasury Only Portfolio<br> **Treasury Only Portfolio Class III : FOIXX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Treasury Only Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class III  | $44  | 0.43% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $120079322501<br>|
| Number of Holdings | 62<br>|
| Total Advisory Fee | $153926978<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 21.6 |
| 8-30 | 13.0 |
| 31-60 | 27.3 |
| 61-90 | 18.4 |
| 91-180 | 20.3 |
| >180 | 1.3 |

---

U.S. Treasury Obligations 101.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img680_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 101.9&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (1.9)% |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-297-2952 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img680_20260331_1.jpg)<br>| ![](img128652_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> 1.9912807.101 543-TSRA-0526 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Treasury Only Portfolio<br> **Treasury Only Portfolio Class II : FOXXX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Treasury Only Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class II  | $34  | 0.33% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $120079322501<br>|
| Number of Holdings | 62<br>|
| Total Advisory Fee | $153926978<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 21.6 |
| 8-30 | 13.0 |
| 31-60 | 27.3 |
| 61-90 | 18.4 |
| 91-180 | 20.3 |
| >180 | 1.3 |

---

U.S. Treasury Obligations 101.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img680_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 101.9&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (1.9)% |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-297-2952 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img680_20260331_1.jpg)<br>| ![](img128653_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> 1.9912806.101 542-TSRA-0526 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Treasury Only Portfolio<br> **Treasury Only Portfolio Class I : FSIXX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Treasury Only Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $18  | 0.18% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $120079322501<br>|
| Number of Holdings | 62<br>|
| Total Advisory Fee | $153926978<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 21.6 |
| 8-30 | 13.0 |
| 31-60 | 27.3 |
| 61-90 | 18.4 |
| 91-180 | 20.3 |
| >180 | 1.3 |

---

U.S. Treasury Obligations 101.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img680_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 101.9&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (1.9)% |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-297-2952 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period. The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img680_20260331_1.jpg)<br>| ![](img128654_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> 1.9912808.101 680-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Tax-Exempt Portfolio<br> **Tax-Exempt Portfolio Select Class : FSXXX** <br>|

---

This annual shareholder report contains information about Tax-Exempt Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Select Class  | $23  | 0.23% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $11681898102<br>|
| Number of Holdings | 972<br>|
| Total Advisory Fee | $14733062<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 77.9 |
| 8-30 | 2.2 |
| 31-60 | 4.1 |
| 61-90 | 4.1 |
| 91-180 | 5.4 |
| >180 | 5.8 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 34.8 |
| Tender Option Bond | 26.7 |
| Municipal Securities | 11.1 |
| Commercial Paper | 8.6 |
| Net Other Assets (Liabilities) | 18.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img56_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 34.8 |
| Tender Option Bond - 26.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 18.8  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img56_20260331_1.jpg)<br>| ![](img128655_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> 1.9912781.101 938-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Tax-Exempt Portfolio<br> **Tax-Exempt Portfolio Class III : FETXX** <br>|

---

This annual shareholder report contains information about Tax-Exempt Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class III  | $43  | 0.43% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $11681898102<br>|
| Number of Holdings | 972<br>|
| Total Advisory Fee | $14733062<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 77.9 |
| 8-30 | 2.2 |
| 31-60 | 4.1 |
| 61-90 | 4.1 |
| 91-180 | 5.4 |
| >180 | 5.8 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 34.8 |
| Tender Option Bond | 26.7 |
| Municipal Securities | 11.1 |
| Commercial Paper | 8.6 |
| Net Other Assets (Liabilities) | 18.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img56_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 34.8 |
| Tender Option Bond - 26.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 18.8  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img56_20260331_1.jpg)<br>| ![](img128656_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> 1.9912780.101 684-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Tax-Exempt Portfolio<br> **Tax-Exempt Portfolio Class II : FEXXX** <br>|

---

This annual shareholder report contains information about Tax-Exempt Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class II  | $34  | 0.33% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $11681898102<br>|
| Number of Holdings | 972<br>|
| Total Advisory Fee | $14733062<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 77.9 |
| 8-30 | 2.2 |
| 31-60 | 4.1 |
| 61-90 | 4.1 |
| 91-180 | 5.4 |
| >180 | 5.8 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 34.8 |
| Tender Option Bond | 26.7 |
| Municipal Securities | 11.1 |
| Commercial Paper | 8.6 |
| Net Other Assets (Liabilities) | 18.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img56_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 34.8 |
| Tender Option Bond - 26.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 18.8  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img56_20260331_1.jpg)<br>| ![](img128657_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> 1.9912778.101 544-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Tax-Exempt Portfolio<br> **Tax-Exempt Portfolio Class I : FTCXX** <br>|

---

This annual shareholder report contains information about Tax-Exempt Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $18  | 0.18% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $11681898102<br>|
| Number of Holdings | 972<br>|
| Total Advisory Fee | $14733062<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 77.9 |
| 8-30 | 2.2 |
| 31-60 | 4.1 |
| 61-90 | 4.1 |
| 91-180 | 5.4 |
| >180 | 5.8 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 34.8 |
| Tender Option Bond | 26.7 |
| Municipal Securities | 11.1 |
| Commercial Paper | 8.6 |
| Net Other Assets (Liabilities) | 18.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img56_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 34.8 |
| Tender Option Bond - 26.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 18.8  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img56_20260331_1.jpg)<br>| ![](img128658_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> 1.9912779.101 56-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Money Market Portfolio<br> **Money Market Portfolio Select Class : FMYXX** <br>|

---

This annual shareholder report contains information about Money Market Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Select Class  | $23  | 0.23% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $162779477840<br>|
| Number of Holdings | 274<br>|
| Total Advisory Fee | $220326433<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 56.0 |
| 8-30 | 9.2 |
| 31-60 | 11.9 |
| 61-90 | 11.9 |
| 91-180 | 14.4 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 54.4 |
| U.S. Treasury Obligations | 31.4 |
| Commercial Paper | 10.9 |
| Certificates of Deposit | 4.5 |
| Non-Negotiable Time Deposit | 2.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img59_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 54.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 31.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Commercial Paper - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Certificates of Deposit - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Non-Negotiable Time Deposit - 2.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (3.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img59_20260331_1.jpg)<br>| ![](img128659_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> 1.9912791.101 931-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Money Market Portfolio<br> **Money Market Portfolio Institutional Class : FNSXX** <br>|

---

This annual shareholder report contains information about Money Market Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Institutional Class  | $14  | 0.14% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $162779477840<br>|
| Number of Holdings | 274<br>|
| Total Advisory Fee | $220326433<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 56.0 |
| 8-30 | 9.2 |
| 31-60 | 11.9 |
| 61-90 | 11.9 |
| 91-180 | 14.4 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 54.4 |
| U.S. Treasury Obligations | 31.4 |
| Commercial Paper | 10.9 |
| Certificates of Deposit | 4.5 |
| Non-Negotiable Time Deposit | 2.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img59_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 54.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 31.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Commercial Paper - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Certificates of Deposit - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Non-Negotiable Time Deposit - 2.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (3.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img59_20260331_1.jpg)<br>| ![](img128660_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> 1.9912787.101 2013-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Money Market Portfolio<br> **Money Market Portfolio Class III : FCOXX** <br>|

---

This annual shareholder report contains information about Money Market Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class III  | $44  | 0.43% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $162779477840<br>|
| Number of Holdings | 274<br>|
| Total Advisory Fee | $220326433<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 56.0 |
| 8-30 | 9.2 |
| 31-60 | 11.9 |
| 61-90 | 11.9 |
| 91-180 | 14.4 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 54.4 |
| U.S. Treasury Obligations | 31.4 |
| Commercial Paper | 10.9 |
| Certificates of Deposit | 4.5 |
| Non-Negotiable Time Deposit | 2.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img59_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 54.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 31.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Commercial Paper - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Certificates of Deposit - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Non-Negotiable Time Deposit - 2.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (3.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img59_20260331_1.jpg)<br>| ![](img128661_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> 1.9912790.101 659-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Money Market Portfolio<br> **Money Market Portfolio Class II : FCIXX** <br>|

---

This annual shareholder report contains information about Money Market Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class II  | $34  | 0.33% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $162779477840<br>|
| Number of Holdings | 274<br>|
| Total Advisory Fee | $220326433<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 56.0 |
| 8-30 | 9.2 |
| 31-60 | 11.9 |
| 61-90 | 11.9 |
| 91-180 | 14.4 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 54.4 |
| U.S. Treasury Obligations | 31.4 |
| Commercial Paper | 10.9 |
| Certificates of Deposit | 4.5 |
| Non-Negotiable Time Deposit | 2.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img59_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 54.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 31.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Commercial Paper - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Certificates of Deposit - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Non-Negotiable Time Deposit - 2.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (3.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img59_20260331_1.jpg)<br>| ![](img128662_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> 1.9912788.101 541-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Money Market Portfolio<br> **Money Market Portfolio Class I : FMPXX** <br>|

---

This annual shareholder report contains information about Money Market Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $18  | 0.18% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $162779477840<br>|
| Number of Holdings | 274<br>|
| Total Advisory Fee | $220326433<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 56.0 |
| 8-30 | 9.2 |
| 31-60 | 11.9 |
| 61-90 | 11.9 |
| 91-180 | 14.4 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 54.4 |
| U.S. Treasury Obligations | 31.4 |
| Commercial Paper | 10.9 |
| Certificates of Deposit | 4.5 |
| Non-Negotiable Time Deposit | 2.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img59_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 54.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 31.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Commercial Paper - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Certificates of Deposit - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Non-Negotiable Time Deposit - 2.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (3.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img59_20260331_1.jpg)<br>| ![](img128663_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> 1.9912789.101 59-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Government Portfolio<br> **Government Portfolio Select Class : FGEXX** <br>|

---

This annual shareholder report contains information about Government Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Select Class  | $23  | 0.23% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $260226254308<br>|
| Number of Holdings | 701<br>|
| Total Advisory Fee | $353601081<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 64.8 |
| 8-30 | 6.7 |
| 31-60 | 10.8 |
| 61-90 | 4.1 |
| 91-180 | 11.1 |
| >180 | 4.7 |

---

Repurchase Agreements 47.6 <br> U.S. Treasury Obligations 28.0 <br> U.S. Government Agency - Debt 26.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img57_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 47.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 28.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 26.6&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (2.2)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img57_20260331_1.jpg)<br>| ![](img128664_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> 1.9912786.101 918-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Government Portfolio<br> **Government Portfolio Institutional Class : FRGXX** <br>|

---

This annual shareholder report contains information about Government Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Institutional Class  | $14  | 0.14% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $260226254308<br>|
| Number of Holdings | 701<br>|
| Total Advisory Fee | $353601081<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 64.8 |
| 8-30 | 6.7 |
| 31-60 | 10.8 |
| 61-90 | 4.1 |
| 91-180 | 11.1 |
| >180 | 4.7 |

---

Repurchase Agreements 47.6 <br> U.S. Treasury Obligations 28.0 <br> U.S. Government Agency - Debt 26.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img57_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 47.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 28.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 26.6&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (2.2)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img57_20260331_1.jpg)<br>| ![](img128665_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> 1.9912782.101 2642-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Government Portfolio<br> **Government Portfolio Class III : FCGXX** <br>|

---

This annual shareholder report contains information about Government Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class III  | $44  | 0.43% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $260226254308<br>|
| Number of Holdings | 701<br>|
| Total Advisory Fee | $353601081<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 64.8 |
| 8-30 | 6.7 |
| 31-60 | 10.8 |
| 61-90 | 4.1 |
| 91-180 | 11.1 |
| >180 | 4.7 |

---

Repurchase Agreements 47.6 <br> U.S. Treasury Obligations 28.0 <br> U.S. Government Agency - Debt 26.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img57_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 47.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 28.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 26.6&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (2.2)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img57_20260331_1.jpg)<br>| ![](img128666_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> 1.9912785.101 657-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Government Portfolio<br> **Government Portfolio Class II : FCVXX** <br>|

---

This annual shareholder report contains information about Government Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class II  | $34  | 0.33% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $260226254308<br>|
| Number of Holdings | 701<br>|
| Total Advisory Fee | $353601081<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 64.8 |
| 8-30 | 6.7 |
| 31-60 | 10.8 |
| 61-90 | 4.1 |
| 91-180 | 11.1 |
| >180 | 4.7 |

---

Repurchase Agreements 47.6 <br> U.S. Treasury Obligations 28.0 <br> U.S. Government Agency - Debt 26.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img57_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 47.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 28.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 26.6&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (2.2)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img57_20260331_1.jpg)<br>| ![](img128667_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> 1.9912784.101 604-TSRA-0526 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MARCH 31, 2026 |
| Government Portfolio<br> **Government Portfolio Class I : FIGXX** <br>|

---

This annual shareholder report contains information about Government Portfolio for the period April 1, 2025 to March 31, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $18  | 0.18% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $260226254308<br>|
| Number of Holdings | 701<br>|
| Total Advisory Fee | $353601081<br>|

---

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 64.8 |
| 8-30 | 6.7 |
| 31-60 | 10.8 |
| 61-90 | 4.1 |
| 91-180 | 11.1 |
| >180 | 4.7 |

---

Repurchase Agreements 47.6 <br> U.S. Treasury Obligations 28.0 <br> U.S. Government Agency - Debt 26.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img57_20260331_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 47.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 28.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 26.6&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (2.2)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img57_20260331_1.jpg)<br>| ![](img128668_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> 1.9912783.101 57-TSRA-0526 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, March 31, 2026, Fidelity Colchester Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Laura M. Bishop is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bishop is independent for purposes of Item 3 of Form N-CSR.

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Government Portfolio, Money Market Portfolio, Tax-Exempt Portfolio, Treasury Only Portfolio and Treasury Portfolio (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>March 31, 2026 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Government Portfolio | &nbsp;&nbsp;$40500 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300 | &nbsp;&nbsp;$200 |
| &nbsp;&nbsp;Money Market Portfolio | &nbsp;&nbsp;$38600 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300 | &nbsp;&nbsp;$200 |
| &nbsp;&nbsp;Tax-Exempt Portfolio | &nbsp;&nbsp;$32200 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300 | &nbsp;&nbsp;$200 |
| &nbsp;&nbsp;Treasury Only Portfolio | &nbsp;&nbsp;$33500 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300 | &nbsp;&nbsp;$200 |
| &nbsp;&nbsp;Treasury Portfolio | &nbsp;&nbsp;$39400 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300 | &nbsp;&nbsp;$200 |

---

**<u>March 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Government Portfolio | &nbsp;&nbsp;$43000 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5800 | &nbsp;&nbsp;$800 |
| &nbsp;&nbsp;Money Market Portfolio | &nbsp;&nbsp;$40300 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5800 | &nbsp;&nbsp;$800 |
| &nbsp;&nbsp;Tax-Exempt Portfolio | &nbsp;&nbsp;$32300 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5600 | &nbsp;&nbsp;$700 |
| &nbsp;&nbsp;Treasury Only Portfolio | &nbsp;&nbsp;$34300 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5800 | &nbsp;&nbsp;$700 |
| &nbsp;&nbsp;Treasury Portfolio | &nbsp;&nbsp;$40200 | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5800 | &nbsp;&nbsp;$800 |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>March 31, 2026</u><sup>A</sup>** | &nbsp;&nbsp;**<u>March 31, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$154800 | &nbsp;&nbsp;$250000 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$1520400 | &nbsp;&nbsp;$2444500 |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>March 31, 2026</u><sup>A</sup>** | &nbsp;&nbsp;**<u>March 31, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$4200100 | &nbsp;&nbsp;$3043400 |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

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**

**Annual Report**

**March 31, 2026**

![](img128333_1.jpg)

![](img128333_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_IMM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Treasury Only Portfolio](#Sub_Sec_Fund_680_IMM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Treasury Portfolio](#Sub_Sec_Fund_695_IMM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Government Portfolio](#Sub_Sec_Fund_57_IMM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Money Market Portfolio](#Sub_Sec_Fund_59_IMM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Tax-Exempt Portfolio](#Sub_Sec_Fund_56_IMM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements680_IMM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IMM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_IMM-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IMM-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IMM-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IMM-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IMM-ANN)** |

---

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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the 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 (Annual Report)**

**Treasury Only Portfolio**

**Schedule of Investments March 31, 2026**

Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 101.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 101.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 101.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 101.9%** |
|  | Yield (%) (a) | Principal<br> Amount (b)<br>| Value ($)<br>|
| US Treasury Bills 0% 10/1/2026  | 3.67 | 750000000 | 736331042 |
| US Treasury Bills 0% 2/18/2027  | 3.56 | 500000000 | 484546245 |
| US Treasury Bills 0% 4/14/2026  | 3.60 to 3.65 | 3400000000 | 3395544973 |
| US Treasury Bills 0% 4/16/2026  | 3.60 to 3.75 | 1400000000 | 1397893542 |
| US Treasury Bills 0% 4/2/2026  | 3.62 to 3.81 | 2333344700 | 2333106348 |
| US Treasury Bills 0% 4/21/2026  | 3.58 to 3.65 | 3124436700 | 3118247844 |
| US Treasury Bills 0% 4/23/2026  | 3.62 to 3.65 | 1324000000 | 1321080661 |
| US Treasury Bills 0% 4/28/2026  | 3.60 | 1624000000 | 1619670010 |
| US Treasury Bills 0% 4/30/2026  | 3.71 | 300000000 | 299120333 |
| US Treasury Bills 0% 4/7/2026  | 3.61 to 3.77 | 2510381200 | 2508854339 |
| US Treasury Bills 0% 4/9/2026  | 3.57 to 3.77 | 750000000 | 749388967 |
| US Treasury Bills 0% 5/12/2026  | 3.55 to 3.65 | 5894596900 | 5870599164 |
| US Treasury Bills 0% 5/14/2026  | 3.56 to 3.76 | 2709000000 | 2697322466 |
| US Treasury Bills 0% 5/19/2026  | 3.59 to 3.66 | 6400000000 | 6369383000 |
| US Treasury Bills 0% 5/21/2026  | 3.62 to 3.78 | 3637843100 | 3619539432 |
| US Treasury Bills 0% 5/26/2026  | 3.61 to 3.65 | 4290000000 | 4266507941 |
| US Treasury Bills 0% 5/28/2026  | 3.62 to 3.74 | 2350000000 | 2336547207 |
| US Treasury Bills 0% 5/5/2026  | 3.58 to 3.65 | 4750000000 | 4734011263 |
| US Treasury Bills 0% 5/7/2026  | 3.63 to 3.77 | 2083000000 | 2075373035 |
| US Treasury Bills 0% 6/11/2026  | 3.64 to 3.65 | 3675000000 | 3648899611 |
| US Treasury Bills 0% 6/16/2026  | 3.58 to 3.64 | 1810000000 | 1796292491 |
| US Treasury Bills 0% 6/18/2026  | 3.56 to 3.64 | 2877000000 | 2854653291 |
| US Treasury Bills 0% 6/2/2026  | 3.62 to 3.63 | 2350218300 | 2335700769 |
| US Treasury Bills 0% 6/23/2026  | 3.64 | 2700000000 | 2677621124 |
| US Treasury Bills 0% 6/25/2026  | 3.55 to 3.67 | 2100000000 | 2081976457 |
| US Treasury Bills 0% 6/30/2026  | 3.63 to 3.64 | 2750000000 | 2725316624 |
| US Treasury Bills 0% 6/4/2026  | 3.64 | 4500000000 | 4471119999 |
| US Treasury Bills 0% 6/9/2026  | 3.63 to 3.64 | 2350000000 | 2333824051 |
| US Treasury Bills 0% 7/14/2026  | 3.64 | 712000000 | 704595200 |
| US Treasury Bills 0% 7/16/2026  | 3.54 to 3.55 | 2150000000 | 2127917550 |
| US Treasury Bills 0% 7/2/2026  | 3.56 to 3.65 | 2280000000 | 2259268507 |
| US Treasury Bills 0% 7/21/2026  | 3.65 | 900000000 | 889982246 |
| US Treasury Bills 0% 7/23/2026  | 3.58 | 1250000000 | 1236188889 |
| US Treasury Bills 0% 7/28/2026  | 3.66 to 3.68 | 3088000000 | 3051218741 |
| US Treasury Bills 0% 7/7/2026  | 3.63 | 2900000000 | 2871948138 |
| US Treasury Bills 0% 7/9/2026  | 3.54 | 800000000 | 792355000 |
| US Treasury Bills 0% 8/13/2026  | 3.56 | 600000000 | 592183333 |
| US Treasury Bills 0% 8/20/2026  | 3.56 | 1800000000 | 1775324999 |
| US Treasury Bills 0% 8/6/2026  | 3.59 | 1200000000 | 1185077500 |
| US Treasury Bills 0% 9/10/2026  | 3.60 | 750000000 | 738069375 |
| US Treasury Bills 0% 9/24/2026  | 3.70 | 600000000 | 589352000 |
| US Treasury Bills 0% 9/3/2026  | 3.60 | 1400000000 | 1378691806 |
| US Treasury Notes 0.75% 4/30/2026  | 3.63 to 4.15 | 1761000000 | 1756880968 |
| US Treasury Notes 0.875% 6/30/2026  | 3.72 | 460000000 | 456788649 |
| US Treasury Notes 1.25% 12/31/2026  | 3.64 | 25000000 | 24564868 |
| US Treasury Notes 1.625% 5/15/2026  | 4.06 | 443000000 | 441737831 |
| US Treasury Notes 1.875% 6/30/2026  | 3.69 | 200000000 | 199116793 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.098%, 3.7514% 1/31/2027 (c)(d) | 3.75 to 3.76 | 2384000000 | 2383870952 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.099%, 3.7524% 1/31/2028 (c)(d) | 3.75 | 2064000000 | 2063968429 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.15%, 3.8034% 4/30/2026 (c)(d) | 3.80 | 3043000000 | 3043037413 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.159%, 3.8124% 7/31/2027 (c)(d) | 3.81 to 3.82 | 2149000000 | 2148217875 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.16%, 3.8134% 4/30/2027 (c)(d) | 3.81 to 3.82 | 2393000000 | 2392928782 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.182%, 3.8354% 7/31/2026 (c)(d) | 3.83 to 3.84 | 3904000000 | 3904511335 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.19%, 3.8434% 10/31/2027 (c)(d) | 3.84 | 3272000000 | 3273639974 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.205%, 3.8584% 10/31/2026 (c)(d) | 3.85 to 3.86 | 1890000000 | 1890535542 |
| US Treasury Notes 4.25% 11/30/2026  | 3.58 | 123000000 | 123531191 |
| US Treasury Notes 4.25% 12/31/2026  | 3.56 to 3.64 | 197000000 | 197924800 |
| US Treasury Notes 4.5% 7/15/2026  | 3.63 | 29000000 | 29071660 |
| US Treasury Notes 4.625% 10/15/2026  | 3.64 | 190000000 | 190985943 |
| US Treasury Notes 4.625% 6/30/2026  | 3.69 to 3.74 | 764000000 | 765679657 |
| US Treasury Notes 4.875% 4/30/2026  | 3.65 to 4.04 | 811500000 | 812262456 |
| US Treasury Notes Inflation-Indexed 0.125% 4/15/2026  | -1.20 to -1.19 | 1240240000 | 1240869911 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $122,390,770,542) |  |  | **122390770542** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.9%**<br> (Cost $122,390,770,542)<br>| <br>**122390770542** |
| **NET OTHER ASSETS (LIABILITIES) - (1.9)%**  | **(2311448041)** |
| **NET ASSETS - 100.0%** | **120079322501** |

---

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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $122,390,770,542)<br>|  | $122390770542 |
| Cash |  | 440000049 |
| Receivable for investments sold |  | 947438886 |
| Receivable for fund shares sold |  | 516429228 |
| Interest receivable |  | 178307021 |
| Prepaid expenses |  | 37398 |
| Receivable from investment adviser for expense reductions |  | 3032308 |
| Other receivables |  | 935955 |
| **Total assets** |  | 124476951387 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3607807627 |  |
| Payable for fund shares redeemed | 651289299 |  |
| Distributions payable | 114457027 |  |
| Accrued management fee | 14077275 |  |
| Distribution and service plan fees payable | 1577679 |  |
| Other affiliated payables | 4351285 |  |
| Other payables and accrued expenses | 4068694 |  |
| **Total liabilities** |  | 4397628886 |
| **Net Assets**  |  | $120079322501 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $120079654752 |
| Total accumulated earnings (loss) |  | (332251) |
| **Net Assets** |  | $120079322501 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($31,803,020,651 ÷ 31,798,828,675 shares) |  | $1.00 |
| **Class II :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,886,252,644 ÷ 3,886,800,820 shares) |  | $1.00 |
| **Class III :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,929,501,677 ÷ 2,929,068,578 shares) |  | $1.00 |
| **Class IV :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($943,217,527 ÷ 943,179,725 shares) |  | $1.00 |
| **Select Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,786,085,781 ÷ 2,786,295,614 shares) |  | $1.00 |
| **Institutional Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($77,731,244,221 ÷ 77,732,351,584 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended March 31, 2026** | <br> **Year ended March 31, 2026** | <br> **Year ended March 31, 2026** |
| **Investment Income** |  |  |
| Interest  |  | $4478022154 |
| **Expenses** |  |  |
| Management fee | $153926978 |  |
| Transfer agent fees | 44761074 |  |
| Distribution and service plan fees | 19630838 |  |
| Accounting fees and expenses | 3047733 |  |
| Custodian fees and expenses | 848082 |  |
| Independent trustees' fees and expenses | 251243 |  |
| Registration fees | 3798156 |  |
| Audit fees | 49953 |  |
| Legal | 40942 |  |
| Miscellaneous | 192348 |  |
| Total expenses before reductions | 226547347 |  |
| Expense reductions | (37146526) |  |
| Total expenses after reductions |  | 189400821 |
| **Net Investment income (loss)** |  | 4288621333 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 200582 |  |
| Total net realized gain (loss) |  | 200582 |
| **Net increase in net assets resulting from operations** |  | $4288821915 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **March 31, 2026** | **Year ended**<br> **March 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4288621333 | $4061077879 |
| &nbsp;&nbsp;Net realized gain (loss) | 200582<br>| 369096<br>|
| **Net increase in net assets resulting from operations** | 4288821915<br>| 4061446975<br>|
| Distributions to shareholders | (4289631497)<br>| (4059937985)<br>|
| Share transactions - net increase (decrease) | 18649149493<br>| 28571883562<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 18648339911<br>| 28573392552<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 101430982590 | 72857590038<br>|
| &nbsp;&nbsp;End of period | $120079322501 | $101430982590 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .039  | .048  | .050  | .025  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .039  | .048  | .050  | .025  | - B |
| Distributions from net investment income  | (.039)  | (.048)  | (.050)  | (.025)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.039)  | (.048)  | (.050)  | (.025)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 3.98% <br>| 4.88%  | 5.14%  | 2.50%  | .02%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .21%  | .21%  | .21%  | .21%  | .21%  |
| Expenses net of fee waivers, if any  | .18% <br>| .18%  | .18%  | .18%  | .08%  |
| Expenses net of all reductions, if any  | .18%  | .18%  | .18%  | .18%  | .08%  |
| Net investment income (loss)  | 3.90%  | 4.73%  | 5.04%  | 2.53%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $31803021 | $26705193 | $18071175 | $14612028 | $12145689 |

---

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*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.*

E*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.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .038  | .046  | .049  | .023  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .038  | .046  | .049  | .023  | - B |
| Distributions from net investment income  | (.038)  | (.046)  | (.049)  | (.023)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.038)  | (.046)  | (.049)  | (.023)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 3.83% <br>| 4.72%  | 4.98%  | 2.34%  | .01%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .36%  | .36%  | .36%  | .36%  | .36%  |
| Expenses net of fee waivers, if any  | .33% <br>| .33%  | .33%  | .33%  | .09%  |
| Expenses net of all reductions, if any  | .33%  | .33%  | .33%  | .33%  | .09%  |
| Net investment income (loss)  | 3.74%  | 4.58%  | 4.89%  | 2.38%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3886253 | $3217127 | $2725724 | $2196009 | $1126223 |

---

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*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.*

E*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.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .037  | .045  | .048  | .022  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .037  | .045  | .048  | .022  | - B |
| Distributions from net investment income  | (.037)  | (.045)  | (.048)  | (.022)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.037)  | (.045)  | (.048)  | (.022)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 3.73% <br>| 4.62%  | 4.87%  | 2.25%  | .01%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .46%  | .46%  | .46%  | .46%  | .46%  |
| Expenses net of fee waivers, if any  | .43% <br>| .43%  | .43%  | .43%  | .08%  |
| Expenses net of all reductions, if any  | .43%  | .43%  | .43%  | .43%  | .08%  |
| Net investment income (loss)  | 3.64%  | 4.48%  | 4.79%  | 2.28%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2929502 | $3414227 | $2927914 | $2484121 | $1155413 |

---

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*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.*

E*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.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .034  | .043  | .045  | .020  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .034  | .043  | .045  | .020  | - B |
| Distributions from net investment income  | (.034)  | (.043)  | (.045)  | (.020)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.034)  | (.043)  | (.045)  | (.020)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 3.47% <br>| 4.35%  | 4.61%  | 2.02%  | .01%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .71%  | .71%  | .71%  | .71%  | .71%  |
| Expenses net of fee waivers, if any  | .68% <br>| .68%  | .68%  | .66%  | .08%  |
| Expenses net of all reductions, if any  | .68%  | .68%  | .68%  | .66%  | .08%  |
| Net investment income (loss)  | 3.39%  | 4.23%  | 4.54%  | 2.05%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $943218 | $1206118 | $1377906 | $795014 | $196044 |

---

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*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.*

E*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.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .039  | .047  | .050  | .024  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .039  | .047  | .050  | .024  | - B |
| Distributions from net investment income  | (.039)  | (.047)  | (.050)  | (.024)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.039)  | (.047)  | (.050)  | (.024)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 3.93% <br>| 4.82%  | 5.08%  | 2.45%  | .01%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .26%  | .26%  | .26%  | .26%  | .26%  |
| Expenses net of fee waivers, if any  | .23% <br>| .23%  | .23%  | .23%  | .08%  |
| Expenses net of all reductions, if any  | .23%  | .23%  | .23%  | .23%  | .08%  |
| Net investment income (loss)  | 3.85%  | 4.68%  | 4.99%  | 2.49%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2786086 | $2505505 | $1961585 | $1271129 | $325479 |

---

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*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.*

E*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.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .040  | .048  | .051  | .025  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .040  | .048  | .051  | .025  | - B |
| Distributions from net investment income  | (.040)  | (.048)  | (.051)  | (.025)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.040)  | (.048)  | (.051)  | (.025)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 4.02% <br>| 4.92%  | 5.18%  | 2.54%  | .02%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .18%  | .18%  | .18%  | .18%  | .18%  |
| Expenses net of fee waivers, if any  | .14% <br>| .14%  | .14%  | .14%  | .07%  |
| Expenses net of all reductions, if any  | .14%  | .14%  | .14%  | .14%  | .07%  |
| Net investment income (loss)  | 3.94%  | 4.77%  | 5.08%  | 2.57%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $77731244 | $64382813 | $45793286 | $30257145 | $18931741 |

---

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*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.*

E*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.*

**Treasury Portfolio**

**Schedule of Investments March 31, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 44.7%** | &nbsp;&nbsp;**Repurchase Agreements - 44.7%** | &nbsp;&nbsp;**Repurchase Agreements - 44.7%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Fixed Income Clearing Corp - Credit Agricole 3.67%, dated 4/1/2026 due 4/2/2026 (b) | 790080536 | 790000000 |
| Fixed Income Clearing Corp - Credit Agricole 3.67%, dated 4/1/2026 due 4/2/2026 (b) | 415042307 | 415000000 |
| Investments in repurchase agreements in a joint trading account at 3.66%, dated 3/31/2026 due 4/1/2026 (Collateralized by U.S. Treasury Obligations)#  | 1064470210 | 1064362000 |
| Investments in repurchase agreements in a joint trading account at 3.66%, dated 3/31/2026 due 4/1/2026 (Collateralized by U.S. Treasury Obligations)#  | 652873397 | 652807000 |
| Repurchase Agreements\*  | 32125046035 | 32106398050 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $35,028,567,050) |  | **35028567050** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 59.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 59.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 59.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 59.7%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/21/2027  | 3.51 to 3.52 | 814000000 | 791380793 |
| US Treasury Bills 0% 10/1/2026  | 3.67 | 800000000 | 785419778 |
| US Treasury Bills 0% 10/29/2026  | 3.69 | 186000000 | 182119681 |
| US Treasury Bills 0% 12/24/2026  | 3.50 to 3.53 | 173000000 | 168651534 |
| US Treasury Bills 0% 2/18/2027  | 3.57 | 72000000 | 69771300 |
| US Treasury Bills 0% 3/18/2027  | 3.68 | 35000000 | 33788562 |
| US Treasury Bills 0% 4/14/2026  | 3.65 | 377000000 | 376505816 |
| US Treasury Bills 0% 4/2/2026  | 3.60 to 3.81 | 334000000 | 333965636 |
| US Treasury Bills 0% 4/21/2026  | 3.58 to 3.61 | 457000000 | 456096253 |
| US Treasury Bills 0% 4/23/2026  | 3.62 to 3.73 | 2395000000 | 2389680553 |
| US Treasury Bills 0% 4/28/2026  | 3.60 to 3.65 | 1052000000 | 1049181104 |
| US Treasury Bills 0% 4/9/2026  | 3.62 to 3.77 | 114000000 | 113906267 |
| US Treasury Bills 0% 5/12/2026  | 3.55 to 3.65 | 1156000000 | 1151322947 |
| US Treasury Bills 0% 5/14/2026  | 3.56 to 4.11 | 1434300000 | 1427847735 |
| US Treasury Bills 0% 5/19/2026  | 3.60 to 3.66 | 852000000 | 847901440 |
| US Treasury Bills 0% 5/21/2026  | 3.62 to 3.78 | 510000000 | 507397995 |
| US Treasury Bills 0% 5/26/2026  | 3.62 to 3.65 | 1122800000 | 1116624823 |
| US Treasury Bills 0% 5/28/2026  | 3.65 to 3.74 | 444000000 | 441425373 |
| US Treasury Bills 0% 5/5/2026  | 3.58 to 3.65 | 1153000000 | 1149077561 |
| US Treasury Bills 0% 5/7/2026  | 3.63 to 3.77 | 767000000 | 764193210 |
| US Treasury Bills 0% 6/11/2026  | 3.64 | 800000000 | 794312111 |
| US Treasury Bills 0% 6/18/2026  | 3.64 | 790000000 | 783820883 |
| US Treasury Bills 0% 6/25/2026  | 3.67 | 169000000 | 167549534 |
| US Treasury Bills 0% 6/4/2026  | 3.64 | 800000000 | 794865778 |
| US Treasury Bills 0% 7/14/2026  | 3.64 | 472000000 | 467091200 |
| US Treasury Bills 0% 7/16/2026  | 3.55 | 374000000 | 370156734 |
| US Treasury Bills 0% 7/2/2026  | 3.54 to 3.68 | 2169000000 | 2149280739 |
| US Treasury Bills 0% 7/21/2026  | 3.65 | 400000000 | 395547666 |
| US Treasury Bills 0% 7/28/2026  | 3.66 to 3.68 | 987000000 | 975247688 |
| US Treasury Bills 0% 7/7/2026  | 3.64 | 142000000 | 140622600 |
| US Treasury Bills 0% 7/9/2026  | 3.54 to 4.11 | 772000000 | 764289751 |
| US Treasury Bills 0% 8/20/2026  | 3.56 | 382000000 | 376763418 |
| US Treasury Bills 0% 8/6/2026  | 3.91 to 4.12 | 203000000 | 200271158 |
| US Treasury Bills 0% 9/17/2026  | 3.64 to 3.69 | 258000000 | 253665338 |
| US Treasury Bills 0% 9/24/2026  | 3.70 | 1201000000 | 1179686252 |
| US Treasury Bills 0% 9/3/2026  | 3.60 | 1580000000 | 1555952181 |
| US Treasury Notes 0.625% 3/31/2027  | 3.61 | 36000000 | 34956948 |
| US Treasury Notes 0.625% 7/31/2026  | 3.74 to 4.11 | 217000000 | 214670899 |
| US Treasury Notes 0.75% 4/30/2026  | 3.80 to 4.07 | 59000000 | 58850899 |
| US Treasury Notes 0.75% 5/31/2026  | 3.81 | 54000000 | 53733389 |
| US Treasury Notes 0.75% 8/31/2026  | 3.92 to 4.16 | 167000000 | 164793399 |
| US Treasury Notes 0.875% 9/30/2026  | 3.85 | 33000000 | 32524781 |
| US Treasury Notes 1.125% 10/31/2026  | 3.64 | 46000000 | 45343924 |
| US Treasury Notes 1.125% 2/28/2027  | 3.61 | 18000000 | 17602117 |
| US Treasury Notes 1.375% 8/31/2026  | 3.93 | 17000000 | 16824251 |
| US Treasury Notes 1.5% 1/31/2027  | 3.56 to 3.59 | 149000000 | 146493998 |
| US Treasury Notes 1.625% 5/15/2026  | 4.03 to 4.07 | 173000000 | 172509351 |
| US Treasury Notes 1.625% 9/30/2026  | 3.68 | 54000000 | 53459454 |
| US Treasury Notes 1.875% 2/28/2027  | 3.57 to 3.78 | 143000000 | 140782539 |
| US Treasury Notes 1.875% 7/31/2026  | 4.01 | 7000000 | 6952011 |
| US Treasury Notes 2.125% 5/31/2026  | 4.02 | 7000000 | 6978851 |
| US Treasury Notes 2.25% 2/15/2027  | 3.59 | 52000000 | 51407812 |
| US Treasury Notes 2.5% 3/31/2027  | 3.58 to 3.61 | 370000000 | 366071155 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.098%, 3.7514% 1/31/2027 (d)(e) | 3.75 to 3.76 | 2234700000 | 2234707528 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.099%, 3.7524% 1/31/2028 (d)(e) | 3.75 | 2192000000 | 2191850116 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.15%, 3.8034% 4/30/2026 (d)(e) | 3.80 to 3.81 | 2403000000 | 2402990116 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.159%, 3.8124% 7/31/2027 (d)(e) | 3.81 to 3.82 | 1671000000 | 1670633222 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.16%, 3.8134% 4/30/2027 (d)(e) | 3.81 to 3.82 | 1889000000 | 1888962414 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.182%, 3.8354% 7/31/2026 (d)(e) | 3.84 | 2013300000 | 2012873199 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.19%, 3.8434% 10/31/2027 (d)(e) | 3.84 | 2497000000 | 2497922894 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.205%, 3.8584% 10/31/2026 (d)(e) | 3.85 to 3.86 | 1545100000 | 1545497753 |
| US Treasury Notes 3.75% 8/31/2026  | 3.60 to 3.96 | 317000000 | 317144767 |
| US Treasury Notes 3.875% 3/31/2027  | 3.58 to 3.61 | 278000000 | 278742997 |
| US Treasury Notes 4.125% 1/31/2027  | 3.57 to 3.59 | 413000000 | 414823578 |
| US Treasury Notes 4.125% 10/31/2026  | 3.63 to 3.83 | 606000000 | 607609711 |
| US Treasury Notes 4.125% 2/15/2027  | 3.71 | 9000000 | 9031999 |
| US Treasury Notes 4.125% 2/28/2027  | 3.58 to 3.84 | 209000000 | 209821963 |
| US Treasury Notes 4.125% 6/15/2026  | 4.13 to 4.16 | 161000000 | 160996456 |
| US Treasury Notes 4.25% 11/30/2026  | 3.58 | 77000000 | 77332534 |
| US Treasury Notes 4.25% 12/31/2026  | 3.56 | 115000000 | 115580227 |
| US Treasury Notes 4.375% 12/15/2026  | 3.57 | 17000000 | 17094746 |
| US Treasury Notes 4.375% 7/31/2026  | 3.56 to 4.08 | 247000000 | 247478097 |
| US Treasury Notes 4.375% 8/15/2026  | 3.79 | 66000000 | 66141996 |
| US Treasury Notes 4.5% 7/15/2026  | 3.63 to 3.74 | 38000000 | 38087801 |
| US Treasury Notes 4.625% 6/30/2026  | 3.77 | 13000000 | 13026809 |
| US Treasury Notes 4.875% 4/30/2026  | 3.70 to 4.04 | 47000000 | 47035169 |
| US Treasury Notes 4.875% 5/31/2026  | 3.83 to 4.06 | 73000000 | 73101118 |
| US Treasury Notes Inflation-Indexed 0.125% 4/15/2026  | -1.26 to -1.19 | 545705600 | 545985554 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $46,793,809,934) |  |  | **46793809934** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.4%**<br> (Cost $81,822,376,984)<br>| <br>**81822376984** |
| **NET OTHER ASSETS (LIABILITIES) - (4.4)%**  | **(3443776451)** |
| **NET ASSETS - 100.0%** | **78378600533** |

---

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 ($)** |
| BMO Capital Markets Corp | 3.66 | 3/2026 | 4/2026 | 28000000 | 28045547 | U.S. Treasuries (including strips) | 1.38 - 2.75 | 8/2047 - 8/2050 | 28842959 |
| BNP Paribas, SA | 3.67 | 3/2026 | 4/2026 | 292000000 | 292952569 | U.S. Treasuries (including strips) | 0.38 - 5.00 | 4/2027 - 8/2055 | 298675083 |
| Bank of Montreal | 3.68 | 3/2026 | 4/2026 | 52000000 | 52074418 | U.S. Treasuries (including strips) | 1.38 - 4.75 | 11/2027 - 5/2055 | 53564815 |
| Barclays Bank PLC | 3.67 | 3/2026 | 4/2026 | 57000000 | 57162703 | U.S. Treasuries (including strips) | 0.00 - 6.38 | 5/2026 - 2/2045 | 58234896 |
| BofA Securities, Inc. | 3.64(f) | 2/2026 | 6/2026 | 40000000 | 40485333 | U.S. Treasuries (including strips) | 2.25 - 3.75 | 9/2029 - 8/2049 | 41036845 |
| BofA Securities, Inc. | 3.64(f) | 1/2026 | 6/2026 | 74000000 | 74935278 | U.S. Treasuries (including strips) | 3.00 - 3.75 | 1/2027 - 2/2049 | 75971998 |
| BofA Securities, Inc. | 3.64(f) | 1/2026 | 6/2026 | 13000000 | 13169563 | U.S. Treasuries (including strips) | 0.50 - 1.38 | 4/2027 - 11/2040 | 13351855 |
| Canadian Imperial Bank of Commerce | 3.67 | 3/2026 | 4/2026 | 95000000 | 95406758 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 4/2026 - 11/2052 | 97067168 |
| Canadian Imperial Bank of Commerce | 3.67 | 3/2026 | 4/2026 | 137000000 | 137293294 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 4/2026 - 2/2056 | 139924071 |
| Canadian Imperial Bank of Commerce | 3.67 | 3/2026 | 4/2026 | 17000000 | 17050259 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 4/2026 - 8/2055 | 17400598 |
| Canadian Imperial Bank of Commerce | 3.67 | 3/2026 | 4/2026 | 68000000 | 68214899 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 4/2026 - 8/2055 | 69503861 |
| Canadian Imperial Bank of Commerce | 3.68 | 3/2026 | 4/2026 | 40000000 | 40057244 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 8/2055 | 40842404 |
| Citigroup Global Capital Markets Inc | 3.68(f) | 3/2026 | 5/2026 | 165000000 | 166045734 | U.S. Treasuries (including strips) | 0.00 - 4.25 | 10/2026 - 2/2041 | 168662282 |
| FICC JP Morgan SEC GC Repo (Gov) | 3.67 | 3/2026 | 4/2026 | 501000000 | 501051074 | U.S. Treasuries (including strips) | 1.13 - 3.88 | 2/2028 - 2/2043 | 511072157 |
| FICC JP Morgan SEC GC Repo (Gov) | 3.67 | 3/2026 | 4/2026 | 139000000 | 139014170 | U.S. Treasuries (including strips) | 4.13 | 8/2053 | 141794472 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.70 | 3/2026 | 4/2026 | 64000000 | 64190756 | U.S. Treasuries (including strips) | 2.75 | 8/2032 | 65286787 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.70 | 3/2026 | 4/2026 | 248000000 | 248560756 | U.S. Treasuries (including strips) | 4.00 - 4.25 | 12/2027 - 11/2034 | 252986075 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.66 | 3/2026 | 4/2026 | 56000000 | 56039853 | U.S. Treasuries (including strips) | 2.75 | 8/2032 | 57125857 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.66 | 3/2026 | 4/2026 | 17000000 | 17012098 | U.S. Treasuries (including strips) | 3.75 | 5/2028 | 17341825 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.67 | 3/2026 | 4/2026 | 14000000 | 14008563 | U.S. Treasuries (including strips) | 3.75 | 5/2028 | 14281461 |
| Fixed Income Clearing Corp - BNP | 3.66 | 3/2026 | 4/2026 | 3544449000 | 3544809352 | U.S. Treasuries (including strips) | 1.38 - 5.00 | 10/2027 - 5/2055 | 3615705540 |
| Fixed Income Clearing Corp - BNP | 3.66 | 3/2026 | 4/2026 | 1001000000 | 1001101768 | U.S. Treasuries (including strips) | 1.25 - 4.75 | 4/2027 - 2/2056 | 1021123882 |
| Fixed Income Clearing Corp - BNP | 3.66 | 3/2026 | 4/2026 | 1102000000 | 1102112037 | U.S. Treasuries (including strips) | 1.00 - 4.75 | 5/2027 - 8/2055 | 1124154303 |
| Fixed Income Clearing Corp - BNYM | 3.68 | 3/2026 | 4/2026 | 170000000 | 170017378 | U.S. Treasuries (including strips) | 3.88 | 2/2043 | 173400023 |
| Fixed Income Clearing Corp - BNYM | 3.66 | 3/2026 | 4/2026 | 1472000000 | 1472149653 | U.S. Treasuries (including strips) | 1.75 - 3.75 | 1/2028 - 12/2028 | 1501440024 |
| Fixed Income Clearing Corp - Barclays | 3.66 | 3/2026 | 4/2026 | 43000000 | 43030602 | U.S. Treasuries (including strips) | 0.88 - 5.00 | 4/2026 - 2/2049 | 43864461 |
| Fixed Income Clearing Corp - Barclays | 3.66 | 3/2026 | 4/2026 | 114000000 | 114081130 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 8/2032 | 116291879 |
| Fixed Income Clearing Corp - Barclays | 3.68 | 3/2026 | 4/2026 | 849000000 | 849086787 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 2/2036 | 866068539 |
| Fixed Income Clearing Corp - Barclays | 3.68 | 3/2026 | 4/2026 | 566000000 | 566057858 | U.S. Treasuries (including strips) | 2.00 - 4.88 | 11/2041 - 8/2049 | 577379033 |
| Fixed Income Clearing Corp - CIBC | 3.67 | 3/2026 | 4/2026 | 552000000 | 552056273 | U.S. Treasuries (including strips) | 4.00 - 4.63 | 2/2030 - 2/2055 | 563860037 |
| Fixed Income Clearing Corp - Citi | 3.67 | 3/2026 | 4/2026 | 1112000000 | 1112113362 | U.S. Treasuries (including strips) | 0.00 - 6.25 | 5/2026 - 11/2054 | 1134355636 |
| Fixed Income Clearing Corp - Credit Agricole | 3.70 | 3/2026 | 4/2026 | 796000000 | 796081811 | U.S. Treasuries (including strips) | 0.00 - 6.25 | 5/2026 - 11/2052 | 812003448 |
| Fixed Income Clearing Corp - Credit Agricole | 3.70 | 3/2026 | 4/2026 | 418000000 | 418042961 | U.S. Treasuries (including strips) | 4.13 | 3/2029 | 426296829 |
| Fixed Income Clearing Corp - Goldman | 3.66 | 3/2026 | 4/2026 | 1462000000 | 1462148637 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 6/2026 - 5/2053 | 1491391631 |
| Fixed Income Clearing Corp - ING | 3.67 | 3/2026 | 4/2026 | 113000000 | 113011520 | U.S. Treasuries (including strips) | 3.88 | 9/2032 | 115064683 |
| Fixed Income Clearing Corp - ING | 3.66 | 3/2026 | 4/2026 | 736000000 | 736074827 | U.S. Treasuries (including strips) | 1.13 - 4.88 | 4/2028 - 11/2054 | 750796324 |
| Fixed Income Clearing Corp - Mizuho | 3.66 | 3/2026 | 4/2026 | 3710882000 | 3711259273 | U.S. Treasuries (including strips) | 0.50 - 5.00 | 6/2026 - 5/2045 | 3785484480 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.66 | 3/2026 | 4/2026 | 916000000 | 916093127 | U.S. Treasuries (including strips) | 0.00 - 4.13 | 4/2026 - 2/2033 | 934415074 |
| Fixed Income Clearing Corp - Natixis | 3.67 | 3/2026 | 4/2026 | 396000000 | 396040370 | U.S. Treasuries (including strips) | 1.63 - 3.75 | 1/2031 - 5/2031 | 404114340 |
| Fixed Income Clearing Corp - Natwest | 3.67 | 3/2026 | 4/2026 | 5000000 | 5000510 | U.S. Treasuries (including strips) | 3.88 | 8/2034 | 5100523 |
| Fixed Income Clearing Corp - Nomura | 3.67 | 3/2026 | 4/2026 | 493000000 | 493050259 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 5/2026 - 8/2034 | 502911316 |
| Fixed Income Clearing Corp - Northern Trust | 3.67 | 3/2026 | 4/2026 | 56000000 | 56005709 | U.S. Treasuries (including strips) | 3.50 - 4.50 | 11/2028 - 5/2029 | 57177475 |
| Fixed Income Clearing Corp - Northern Trust | 3.66 | 3/2026 | 4/2026 | 735000000 | 735074725 | U.S. Treasuries (including strips) | 3.50 - 4.13 | 9/2027 - 10/2027 | 749966111 |
| Fixed Income Clearing Corp - State Street Bank | 3.66 | 3/2026 | 4/2026 | 1528000000 | 1528155347 | U.S. Treasuries (including strips) | 1.25 - 4.25 | 6/2031 - 8/2031 | 1558358408 |
| JP Morgan Securities, LLC | 3.64(f) | 3/2026 | 4/2026 | 840000000 | 842632933 | U.S. Treasuries (including strips) | 3.88 | 6/2030 | 857840146 |
| JP Morgan Securities, LLC | 3.66 | 3/2026 | 4/2026 | 1377548000 | 1377688051 | U.S. Treasuries (including strips) | 3.50 | 10/2028 | 1405241837 |
| JP Morgan Securities, LLC | 3.66 | 3/2026 | 4/2026 | 1575000000 | 1575160125 | U.S. Treasuries (including strips) | 3.50 - 4.38 | 12/2028 - 7/2032 | 1606663392 |
| JP Morgan Securities, LLC | 3.66 | 3/2026 | 4/2026 | 2115227000 | 2115442048 | U.S. Treasuries (including strips) | 0.63 - 4.38 | 5/2030 - 11/2034 | 2157750932 |
| Lloyds Bank Corp Mrkts | 3.66 | 3/2026 | 4/2026 | 62000000 | 62044123 | U.S. Treasuries (including strips) | 0.63 - 4.50 | 2/2027 - 11/2033 | 63246524 |
| Lloyds Bank PLC | 3.73 | 3/2026 | 6/2026 | 36000000 | 36365540 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 8/2027 - 8/2034 | 36765747 |
| Lloyds Bank PLC | 3.73 | 3/2026 | 6/2026 | 18000000 | 18184635 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 8/2027 - 2/2033 | 18386696 |
| Lloyds Bank PLC | 3.73 | 3/2026 | 6/2026 | 36000000 | 36369270 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 6/2027 - 8/2034 | 36780925 |
| Lloyds Bank PLC | 3.72 | 2/2026 | 5/2026 | 36000000 | 36345960 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 5/2027 - 2/2034 | 36852850 |
| Lloyds Bank PLC | 3.72 | 2/2026 | 5/2026 | 36000000 | 36345960 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/2027 - 8/2034 | 36860456 |
| Lloyds Bank PLC | 3.72 | 2/2026 | 5/2026 | 36000000 | 36331080 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 6/2027 - 2/2034 | 36849092 |
| Lloyds Bank PLC | 3.73 | 2/2026 | 5/2026 | 36000000 | 36331970 | U.S. Treasuries (including strips) | 0.50 - 4.25 | 6/2027 - 3/2033 | 36872190 |
| Lloyds Bank PLC | 3.71 | 2/2026 | 5/2026 | 35000000 | 35375122 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 8/2027 - 2/2034 | 35906081 |
| Lloyds Bank PLC | 3.70 | 2/2026 | 5/2026 | 35000000 | 35348930 | U.S. Treasuries (including strips) | 0.88 - 4.38 | 7/2027 - 3/2033 | 35898216 |
| Lloyds Bank PLC | 3.72 | 2/2026 | 5/2026 | 36000000 | 36342240 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 6/2027 - 8/2034 | 36940094 |
| Lloyds Bank PLC | 3.72 | 1/2026 | 4/2026 | 18000000 | 18169260 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/2027 - 3/2033 | 18483366 |
| Lloyds Bank PLC | 3.72 | 1/2026 | 4/2026 | 35000000 | 35325500 | U.S. Treasuries (including strips) | 0.63 - 4.63 | 5/2027 - 8/2034 | 35950864 |
| Lloyds Bank PLC | 3.71 | 1/2026 | 4/2026 | 35000000 | 35324625 | U.S. Treasuries (including strips) | 0.63 - 4.63 | 6/2028 - 2/2034 | 35957609 |
| MUFG Securities (Canada), Ltd. | 3.70 | 3/2026 | 6/2026 | 36000000 | 36281200 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 11/2055 | 36785520 |
| MUFG Securities EMEA PLC | 3.67 | 3/2026 | 4/2026 | 72000000 | 72227540 | U.S. Treasuries (including strips) | 0.50 - 4.38 | 10/2026 - 6/2030 | 73793558 |
| MUFG Securities EMEA PLC | 3.67 | 3/2026 | 4/2026 | 85000000 | 85268624 | U.S. Treasuries (including strips) | 3.13 - 4.63 | 7/2027 - 2/2035 | 86949368 |
| MUFG Securities EMEA PLC | 3.67 | 3/2026 | 4/2026 | 99000000 | 99010093 | U.S. Treasuries (including strips) | 3.50 | 3/2029 | 100993621 |
| Mizuho Bank, Ltd. | 3.67 | 3/2026 | 4/2026 | 57000000 | 57005811 | U.S. Treasuries (including strips) | 1.63 | 5/2031 | 58180038 |
| NatWest Market Securities Inc | 3.66 | 3/2026 | 4/2026 | 97000000 | 97069032 | U.S. Treasuries (including strips) | 3.50 - 3.75 | 8/2027 - 11/2028 | 98950120 |
| Norinchukin Bank | 3.66 | 3/2026 | 4/2026 | 36000000 | 36025620 | U.S. Treasuries (including strips) | 3.88 | 8/2032 | 36720006 |
| Norinchukin Bank | 3.68 | 3/2026 | 4/2026 | 36000000 | 36025760 | U.S. Treasuries (including strips) | 4.13 - 4.75 | 5/2032 - 2/2037 | 36738794 |
| Prudential Insurance Co. of America | 3.68 | 3/2026 | 4/2026 | 223292050 | 223314875 | U.S. Treasuries (including strips) | 0.00 - 6.63 | 6/2026 - 2/2045 | 227716573 |
| RBC Dominion Securities | 3.67 | 3/2026 | 4/2026 | 172000000 | 172736446 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 5/2055 | 175984916 |
| RBC Dominion Securities | 3.67 | 2/2026 | 4/2026 | 196000000 | 197238829 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 6/2026 - 2/2055 | 200633347 |
| RBC Dominion Securities | 3.66 | 3/2026 | 4/2026 | 113000000 | 113080418 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 5/2026 - 8/2053 | 115271785 |
| Royal Bank of Canada | 3.66 | 3/2026 | 4/2026 | 113000000 | 113080418 | U.S. Treasuries (including strips) | 1.50 - 4.25 | 2/2030 - 8/2035 | 115271780 |
| SMBC Nikko Securities America Inc | 3.67 | 3/2026 | 4/2026 | 209000000 | 209021306 | U.S. Treasuries (including strips) | 0.50 - 4.50 | 11/2026 - 8/2039 | 213201738 |
| Societe Generale | 3.66 | 3/2026 | 4/2026 | 144000000 | 144087840 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 12/2026 - 6/2031 | 146954664 |
| Sumitomo Mitsui Banking Corp | 3.70 | 3/2026 | 4/2026 | 13000000 | 13018706 | U.S. Treasuries (including strips) | 4.38 - 4.50 | 8/2028 - 2/2036 | 13343639 |
| **Total Repurchase Agreements** |  |  |  | 32106398050 | 32125046035 |  |  |  | 32760427952 |

---

**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 ($)** |
| **$1,064,362,000 due 04/01/2026 at 3.66%** |  |
| Sumitomo Mitsui Banking Corp/New York | 1064362000 |
|  | 1064362000 |
| **$652,807,000 due 04/01/2026 at 3.66%** |  |
| MUFG Securities (Canada) Ltd. | 100924000 |
| Sumitomo Mitsui Banking Corp/New York | 551883000 |
|  | 652807000 |

---

**Treasury Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $35,028,567,050) - See accompanying schedule:<br>Unaffiliated issuers (cost $81,822,376,984)<br>|  | $81822376984 |
| Cash |  | 414833169 |
| Receivable for fund shares sold |  | 334831730 |
| Interest receivable |  | 141729996 |
| Prepaid expenses |  | 25594 |
| Receivable from investment adviser for expense reductions |  | 2027464 |
| Other receivables |  | 637249 |
| **Total assets** |  | 82716462186 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3971664330 |  |
| Payable for fund shares redeemed | 236311623 |  |
| Distributions payable | 113713645 |  |
| Accrued management fee | 9300795 |  |
| Distribution and service plan fees payable | 1453244 |  |
| Other affiliated payables | 3125846 |  |
| Other payables and accrued expenses | 2292170 |  |
| **Total liabilities** |  | 4337861653 |
| **Net Assets**  |  | $78378600533 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $78378681868 |
| Total accumulated earnings (loss) |  | (81335) |
| **Net Assets** |  | $78378600533 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($30,941,297,418 ÷ 30,933,071,006 shares) |  | $1.00 |
| **Class II :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($642,243,233 ÷ 641,848,424 shares) |  | $1.00 |
| **Class III :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,404,094,228 ÷ 4,403,998,074 shares) |  | $1.00 |
| **Class IV :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,087,181,327 ÷ 1,086,934,622 shares) |  | $1.00 |
| **Select Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($294,133,127 ÷ 294,079,804 shares) |  | $1.00 |
| **Institutional Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($41,009,651,200 ÷ 41,013,748,704 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended March 31, 2026** | <br> **Year ended March 31, 2026** | <br> **Year ended March 31, 2026** |
| **Investment Income** |  |  |
| Interest  |  | $2962340555 |
| **Expenses** |  |  |
| Management fee | $101021121 |  |
| Transfer agent fees | 32210813 |  |
| Distribution and service plan fees | 17611727 |  |
| Accounting fees and expenses | 2329725 |  |
| Custodian fees and expenses | 418633 |  |
| Independent trustees' fees and expenses | 165288 |  |
| Registration fees | 2142516 |  |
| Audit fees | 54468 |  |
| Legal | 27351 |  |
| Miscellaneous | 142364 |  |
| Total expenses before reductions | 156124006 |  |
| Expense reductions | (23156231) |  |
| Total expenses after reductions |  | 132967775 |
| **Net Investment income (loss)** |  | 2829372780 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 319611 |  |
| Total net realized gain (loss) |  | 319611 |
| **Net increase in net assets resulting from operations** |  | $2829692391 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **March 31, 2026** | **Year ended**<br> **March 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2829372780 | $3122498472 |
| &nbsp;&nbsp;Net realized gain (loss) | 319611<br>| 6486<br>|
| **Net increase in net assets resulting from operations** | 2829692391<br>| 3122504958<br>|
| Distributions to shareholders | (2829672924)<br>| (3122073631)<br>|
| Share transactions - net increase (decrease) | 11110870262<br>| 6067245689<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 11110889729<br>| 6067677016<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 67267710804 | 61200033788<br>|
| &nbsp;&nbsp;End of period | $78378600533 | $67267710804 |

---

**Financial Highlights** 

**Treasury Portfolio Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .039  | .048  | .051  | .026  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .039  | .048  | .051  | .026  | - B |
| Distributions from net investment income  | (.039)  | (.048)  | (.051)  | (.026)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.039)  | (.048)  | (.051)  | (.026)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 4.01% <br>| 4.89%  | 5.25%  | 2.62%  | .02%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .21%  | .21%  | .21%  | .21%  | .21%  |
| Expenses net of fee waivers, if any  | .18% <br>| .18%  | .18%  | .18%  | .08%  |
| Expenses net of all reductions, if any  | .18%  | .18%  | .18%  | .18%  | .08%  |
| Net investment income (loss)  | 3.92%  | 4.77%  | 5.13%  | 2.96%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $30941297 | $26227443 | $22862069 | $22833975 | $9401930 |

---

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*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.*

E*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.*

**Treasury Portfolio Class II**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .038  | .046  | .050  | .024  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .038  | .046  | .050  | .024  | - B |
| Distributions from net investment income  | (.038)  | (.046)  | (.050)  | (.024)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.038)  | (.046)  | (.050)  | (.024)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 3.85% <br>| 4.73%  | 5.09%  | 2.46%  | .01%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .36%  | .36%  | .36%  | .36%  | .36%  |
| Expenses net of fee waivers, if any  | .33% <br>| .33%  | .33%  | .33%  | .08%  |
| Expenses net of all reductions, if any  | .33%  | .33%  | .33%  | .33%  | .08%  |
| Net investment income (loss)  | 3.77%  | 4.62%  | 4.98%  | 2.81%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $642243 | $723884 | $764718 | $513108 | $410771 |

---

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*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.*

E*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.*

**Treasury Portfolio Class III**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .037  | .045  | .049  | .023  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .037  | .045  | .049  | .023  | - B |
| Distributions from net investment income  | (.037)  | (.045)  | (.049)  | (.023)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.037)  | (.045)  | (.049)  | (.023)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 3.75% <br>| 4.62%  | 4.99%  | 2.37%  | .01%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .46%  | .46%  | .46%  | .46%  | .46%  |
| Expenses net of fee waivers, if any  | .43% <br>| .43%  | .43%  | .42%  | .08%  |
| Expenses net of all reductions, if any  | .43%  | .43%  | .43%  | .42%  | .08%  |
| Net investment income (loss)  | 3.67%  | 4.52%  | 4.88%  | 2.71%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4404094 | $5054022 | $3988907 | $3040858 | $2611756 |

---

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*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.*

E*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.*

**Treasury Portfolio Class IV**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .034  | .043  | .046  | .021  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .034  | .043  | .046  | .021  | - B |
| Distributions from net investment income  | (.034)  | (.043)  | (.046)  | (.021)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.034)  | (.043)  | (.046)  | (.021)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 3.49% <br>| 4.37%  | 4.73%  | 2.14%  | .01%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .71%  | .71%  | .71%  | .71%  | .71%  |
| Expenses net of fee waivers, if any  | .68% <br>| .68%  | .68%  | .65%  | .08%  |
| Expenses net of all reductions, if any  | .68%  | .68%  | .68%  | .65%  | .08%  |
| Net investment income (loss)  | 3.42%  | 4.27%  | 4.63%  | 2.49%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1087181 | $900615 | $870579 | $975132 | $1146144 |

---

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*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.*

E*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.*

**Treasury Portfolio Select Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .039  | .047  | .051  | .025  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .039  | .047  | .051  | .025  | - B |
| Distributions from net investment income  | (.039)  | (.047)  | (.051)  | (.025)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.039)  | (.047)  | (.051)  | (.025)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 3.95% <br>| 4.83%  | 5.20%  | 2.56%  | .01%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .26%  | .26%  | .26%  | .26%  | .26%  |
| Expenses net of fee waivers, if any  | .23% <br>| .23%  | .23%  | .23%  | .08%  |
| Expenses net of all reductions, if any  | .23%  | .23%  | .23%  | .23%  | .08%  |
| Net investment income (loss)  | 3.87%  | 4.72%  | 5.08%  | 2.91%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $294133 | $298604 | $258761 | $213589 | $254112 |

---

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*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.*

E*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.*

**Treasury Portfolio Institutional Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .040  | .048  | .052  | .026  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .040  | .048  | .052  | .026  | - B |
| Distributions from net investment income  | (.040)  | (.048)  | (.052)  | (.026)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.040)  | (.048)  | (.052)  | (.026)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 4.05% <br>| 4.93%  | 5.29%  | 2.66%  | .02%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .18%  | .18%  | .18%  | .18%  | .18%  |
| Expenses net of fee waivers, if any  | .14% <br>| .14%  | .14%  | .14%  | .07%  |
| Expenses net of all reductions, if any  | .14%  | .14%  | .14%  | .14%  | .07%  |
| Net investment income (loss)  | 3.96%  | 4.81%  | 5.17%  | 3.00%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $41009651 | $34063143 | $32455000 | $31934376 | $10195079 |

---

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*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.*

E*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.*

**Government Portfolio**

**Schedule of Investments March 31, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 47.6%** | &nbsp;&nbsp;**Repurchase Agreements - 47.6%** | &nbsp;&nbsp;**Repurchase Agreements - 47.6%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Fixed Income Clearing Corp - Credit Agricole 3.67%, dated 4/1/2026 due 4/2/2026 (b) | 2640269133 | 2640000000 |
| Fixed Income Clearing Corp - Credit Agricole 3.67%, dated 4/1/2026 due 4/2/2026 (b) | 1386141295 | 1386000000 |
| Investments in repurchase agreements in a joint trading account at 3.67%, dated 3/31/2026 due 4/1/2026 (Collateralized by U.S. Government Obligations)#  | 6806929017 | 6806235000 |
| Investments in repurchase agreements in a joint trading account at 3.67%, dated 3/31/2026 due 4/1/2026 (Collateralized by U.S. Government Obligations)#  | 2194655598 | 2194432000 |
| Repurchase Agreements\*  | 111107981399 | 110939325550 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $123,965,992,550) |  | **123965992550** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Debt - 26.6%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 26.6%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 26.6%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 26.6%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Fannie Mae Discount Notes 0% 5/8/2026  | 3.58 | 135000000 | 134508824 |
| Fannie Mae U.S. SOFR Index + 0.1%, 3.73% 6/18/2026 (d)(e) | 3.73 | 319000000 | 319000000 |
| Fannie Mae U.S. SOFR Index + 0.12%, 3.75% 7/29/2026 (d)(e) | 3.75 | 12000000 | 12003329 |
| Fannie Mae U.S. SOFR Index + 0.135%, 3.765% 8/21/2026 (d)(e) | 3.76 to 3.77 | 80000000 | 80006122 |
| Fannie Mae U.S. SOFR Index + 0.14%, 3.77% 10/23/2026 (d)(e) | 3.77 | 346873000 | 346876674 |
| Fannie Mae U.S. SOFR Index + 0.14%, 3.77% 9/11/2026 (d)(e) | 3.77 | 611000000 | 611000000 |
| Federal Farm Credit Banks Funding Corp 4.75% 7/8/2026  | 3.63 | 13000000 | 13038536 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.005%, 3.635% 4/2/2026 (d)(e) | 3.63 | 19000000 | 19000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.005%, 3.635% 6/23/2026 (d)(e) | 3.63 | 23000000 | 23000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.005%, 3.635% 8/4/2026 (d)(e) | 3.63 | 9000000 | 8999999 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.01%, 3.64% 4/2/2026 (d)(e) | 3.64 | 15000000 | 15000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.015%, 3.645% 4/9/2026 (d)(e) | 3.65 | 11000000 | 11000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.015%, 3.645% 8/20/2026 (d)(e) | 3.65 | 26000000 | 26000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.015%, 3.645% 9/29/2026 (d)(e) | 3.65 | 17000000 | 17000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 3.65% 10/6/2026 (d)(e) | 3.65 | 74000000 | 74000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 3.65% 11/4/2026 (d)(e) | 3.65 | 15000000 | 15000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 3.65% 4/30/2026 (d)(e) | 3.65 | 14000000 | 14000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 3.65% 5/7/2026 (d)(e) | 3.65 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.025%, 3.655% 6/5/2026 (d)(e) | 3.66 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.03%, 3.66% 12/8/2026 (d)(e) | 3.66 | 37000000 | 36997464 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.03%, 3.66% 7/28/2026 (d)(e) | 3.66 | 21000000 | 21000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.035%, 3.665% 1/21/2027 (d)(e) | 3.67 | 20000000 | 20000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.035%, 3.665% 1/6/2027 (d)(e) | 3.67 | 89000000 | 89000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.035%, 3.665% 3/18/2027 (d)(e) | 3.67 | 80000000 | 80000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.035%, 3.665% 3/8/2027 (d)(e) | 3.67 | 107000000 | 107000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.035%, 3.665% 6/9/2026 (d)(e) | 3.67 | 50000000 | 50000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.67% 10/20/2026 (d)(e) | 3.67 | 20000000 | 20000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.67% 2/12/2027 (d)(e) | 3.67 | 64000000 | 64000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.67% 2/16/2027 (d)(e) | 3.67 | 25000000 | 25000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.67% 4/28/2026 (d)(e) | 3.67 | 18000000 | 18000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.67% 5/28/2026 (d)(e) | 3.67 | 15000000 | 15000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.67% 5/4/2027 (d)(e) | 3.67 | 40000000 | 40000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.67% 6/2/2026 (d)(e) | 3.67 | 19000000 | 19000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.67% 6/4/2026 (d)(e) | 3.67 | 32000000 | 32000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.67% 6/9/2026 (d)(e) | 3.67 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.67% 7/14/2026 (d)(e) | 3.67 | 44000000 | 44000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.67% 7/9/2026 (d)(e) | 3.67 | 121000000 | 121000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.69% 4/1/2027 (d)(e) | 3.69 | 60000000 | 60000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 3.675% 10/2/2026 (d)(e) | 3.72 | 85000000 | 85000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 3.675% 10/27/2026 (d)(e) | 3.67 | 111000000 | 111000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 3.675% 3/3/2027 (d)(e) | 3.67 | 26000000 | 26000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 3.675% 4/15/2027 (d)(e) | 3.68 | 14000000 | 13997755 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 3.675% 4/19/2027 (d)(e) | 3.67 | 24000000 | 24000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 3.675% 5/26/2027 (d)(e) | 3.67 | 81000000 | 81000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.68% 1/29/2027 (d)(e) | 3.68 | 41000000 | 41000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.68% 10/2/2026 (d)(e) | 3.73 | 15000000 | 15000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.68% 11/10/2026 (d)(e) | 3.68 | 35000000 | 35000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.68% 5/14/2026 (d)(e) | 3.68 | 16000000 | 16000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.68% 5/20/2027 (d)(e) | 3.68 | 52000000 | 52000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.68% 5/6/2027 (d)(e) | 3.68 | 71000000 | 71000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.68% 6/23/2027 (d)(e) | 3.68 | 61000000 | 61000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.68% 7/12/2027 (d)(e) | 3.68 | 102000000 | 101997995 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.68% 7/20/2027 (d)(e) | 3.68 | 42000000 | 42000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.68% 8/18/2026 (d)(e) | 3.68 | 14000000 | 14000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.68% 8/28/2026 (d)(e) | 3.68 | 50000000 | 50000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 3.685% 6/23/2027 (d)(e) | 3.68 | 72000000 | 72000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 3.685% 7/21/2026 (d)(e) | 3.68 | 40000000 | 40000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 3.685% 7/30/2026 (d)(e) | 3.68 | 29000000 | 29000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 3.685% 8/26/2027 (d)(e) | 3.68 | 43000000 | 43000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.69% 10/5/2026 (d)(e) | 3.69 | 21000000 | 21000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.69% 11/18/2026 (d)(e) | 3.69 | 144000000 | 144000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.69% 7/26/2027 (d)(e) | 3.69 | 70000000 | 70000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.69% 8/18/2027 (d)(e) | 3.69 | 51000000 | 51000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.69% 8/27/2027 (d)(e) | 3.69 | 19000000 | 19000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.69% 8/6/2027 (d)(e) | 3.69 | 128000000 | 128000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.69% 9/22/2026 (d)(e) | 3.69 | 41000000 | 41000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.69% 9/23/2027 (d)(e) | 3.69 | 104000000 | 104000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.69% 9/27/2027 (d)(e) | 3.69 | 24000000 | 24000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.69% 9/4/2026 (d)(e) | 3.69 | 52000000 | 52000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.69% 9/4/2026 (d)(e) | 3.69 | 16000000 | 16000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.695% 10/25/2027 (d)(e) | 3.70 | 45000000 | 45000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.695% 11/13/2026 (d)(e) | 3.70 | 28000000 | 28000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.695% 11/27/2026 (d)(e) | 3.70 | 71000000 | 71000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.695% 3/5/2027 (d)(e) | 3.70 | 44000000 | 44000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.695% 6/22/2027 (d)(e) | 3.70 | 134000000 | 134000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.695% 7/12/2027 (d)(e) | 3.70 | 66000000 | 66000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.695% 7/9/2027 (d)(e) | 3.70 | 64000000 | 64000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.695% 9/10/2026 (d)(e) | 3.70 | 35000000 | 35000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.695% 9/18/2026 (d)(e) | 3.70 | 25000000 | 25000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.695% 9/3/2027 (d)(e) | 3.70 | 16000000 | 16000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.695% 9/9/2027 (d)(e) | 3.70 | 54000000 | 54000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.7% 10/21/2026 (d)(e) | 3.70 | 35000000 | 35000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.7% 11/5/2027 (d)(e) | 3.70 | 74000000 | 73999986 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.7% 12/13/2027 (d)(e) | 3.70 | 24000000 | 24000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.7% 12/28/2027 (d)(e) | 3.70 | 34000000 | 34000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.7% 12/6/2027 (d)(e) | 3.70 | 30000000 | 30000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.7% 5/28/2026 (d)(e) | 3.70 | 38000000 | 38000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.7% 8/12/2026 (d)(e) | 3.70 | 17000000 | 17000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.7% 8/9/2027 (d)(e) | 3.70 | 43000000 | 43000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.72% 10/1/2027 (d)(e) | 3.72 | 53000000 | 52992197 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 3.705% 4/2/2027 (d)(e) | 3.75 to 3.76 | 56000000 | 56004778 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 6.134% 4/1/2027 (d)(e) | 6.13 | 43000000 | 42997850 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.71% 1/12/2028 (d)(e) | 3.71 | 105000000 | 105000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.71% 1/5/2028 (d)(e) | 3.71 | 124000000 | 124000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.71% 10/8/2027 (d)(e) | 3.71 | 93000000 | 93020538 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.71% 11/16/2026 (d)(e) | 3.71 | 18000000 | 18000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.71% 11/23/2027 (d)(e) | 3.71 | 32000000 | 32000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.71% 12/22/2026 (d)(e) | 3.71 | 95000000 | 95000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.71% 12/22/2027 (d)(e) | 3.71 | 70000000 | 70000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.71% 12/29/2027 (d)(e) | 3.71 | 36000000 | 36000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.71% 3/11/2027 (d)(e) | 3.71 | 41000000 | 41000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.71% 3/11/2027 (d)(e) | 3.71 | 27000000 | 26994542 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.71% 4/9/2027 (d)(e) | 3.71 | 172000000 | 171948846 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 1/12/2028 (d)(e) | 3.71 | 109000000 | 109000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 1/18/2028 (d)(e) | 3.71 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 1/21/2028 (d)(e) | 3.71 | 154000000 | 154000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 1/3/2028 (d)(e) | 3.71 | 40000000 | 40000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 12/29/2026 (d)(e) | 3.71 to 3.72 | 48000000 | 48001936 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 2/23/2028 (d)(e) | 3.71 | 56000000 | 56000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 2/25/2028 (d)(e) | 3.71 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 3/13/2028 (d)(e) | 3.71 | 85000000 | 85000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 3/16/2028 (d)(e) | 3.71 | 69000000 | 69000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 3/24/2028 (d)(e) | 3.71 | 24000000 | 24000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 3/25/2027 (d)(e) | 3.71 | 19000000 | 19000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 3/26/2027 (d)(e) | 3.71 | 17000000 | 17000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 3/27/2028 (d)(e) | 3.71 | 59000000 | 59000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 4/8/2027 (d)(e) | 3.71 | 212000000 | 212000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.715% 8/7/2026 (d)(e) | 3.71 | 5000000 | 5000904 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 1/12/2027 (d)(e) | 3.72 | 21000000 | 21000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 1/19/2027 (d)(e) | 3.72 | 28000000 | 28000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 12/17/2027 (d)(e) | 3.72 | 134000000 | 134000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 12/24/2026 (d)(e) | 3.72 | 130000000 | 130000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 2/11/2028 (d)(e) | 3.72 | 20000000 | 20000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 2/17/2028 (d)(e) | 3.72 | 38000000 | 38000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 2/19/2027 (d)(e) | 3.72 | 16000000 | 16000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 2/2/2028 (d)(e) | 3.72 | 75000000 | 75002394 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 2/24/2027 (d)(e) | 3.72 | 17000000 | 17000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 2/9/2028 (d)(e) | 3.72 | 63000000 | 63002948 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 3/17/2028 (d)(e) | 3.72 | 211000000 | 211000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 3/20/2028 (d)(e) | 3.72 | 148000000 | 148000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 3/27/2028 (d)(e) | 3.72 | 58000000 | 58000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 3/9/2028 (d)(e) | 3.72 | 128000000 | 128000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 5/12/2027 (d)(e) | 3.72 | 22000000 | 22000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 5/14/2026 (d)(e) | 3.72 | 28000000 | 28001250 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 5/21/2026 (d)(e) | 3.72 | 46000000 | 46001576 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 5/28/2026 (d)(e) | 3.72 | 170000000 | 170013060 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.72% 7/28/2026 (d)(e) | 3.72 | 26000000 | 26001921 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.725% 12/10/2027 (d)(e) | 3.72 | 240000000 | 240000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.725% 2/12/2027 (d)(e) | 3.72 | 74000000 | 74034772 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.725% 2/2/2028 (d)(e) | 3.72 | 123000000 | 123000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.725% 2/25/2027 (d)(e) | 3.72 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.725% 2/25/2028 (d)(e) | 3.72 | 97000000 | 97000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.725% 4/17/2026 (d)(e) | 3.73 | 67000000 | 66999720 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.725% 5/24/2027 (d)(e) | 3.72 | 69000000 | 69000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.725% 5/5/2026 (d)(e) | 3.73 | 73000000 | 72999674 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.725% 6/17/2027 (d)(e) | 3.73 | 48000000 | 47988173 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.725% 6/3/2026 (d)(e) | 3.72 | 38138000 | 38140110 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 1/12/2027 (d)(e) | 3.73 | 88000000 | 88002217 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 1/28/2028 (d)(e) | 3.73 | 99000000 | 99000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 1/8/2027 (d)(e) | 3.73 | 87000000 | 87000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 2/9/2027 (d)(e) | 3.73 | 19000000 | 19000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 4/15/2026 (d)(e) | 3.73 | 62000000 | 61999997 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 4/6/2027 (d)(e) | 3.73 | 21000000 | 21000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 4/8/2026 (d)(e) | 3.73 | 81000000 | 81000945 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 5/27/2027 (d)(e) | 3.73 | 95760000 | 95750647 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 6/18/2026 (d)(e) | 3.73 | 124000000 | 124006851 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 6/23/2027 (d)(e) | 3.73 | 45000000 | 45000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 6/24/2026 (d)(e) | 3.73 | 115000000 | 115006875 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 6/29/2027 (d)(e) | 3.73 | 39000000 | 39000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 7/9/2027 (d)(e) | 3.73 | 26000000 | 25993497 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.73% 8/13/2027 (d)(e) | 3.73 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.3212% 7/1/2026 (d)(e) | 4.32 | 42000000 | 42003778 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.735% 12/2/2027 (d)(e) | 3.74 | 113000000 | 113000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.735% 4/16/2027 (d)(e) | 3.74 | 46000000 | 46000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.735% 4/21/2027 (d)(e) | 3.74 | 20000000 | 19999581 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.735% 4/24/2026 (d)(e) | 3.74 | 31000000 | 31000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.735% 5/14/2027 (d)(e) | 3.74 | 62000000 | 61995480 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.74% 11/19/2027 (d)(e) | 3.74 | 58000000 | 58000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.74% 4/16/2026 (d)(e) | 3.74 | 24013000 | 24013095 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.74% 4/21/2026 (d)(e) | 3.74 | 50000000 | 50000148 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.74% 5/13/2027 (d)(e) | 3.74 | 82000000 | 81998761 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.74% 6/24/2027 (d)(e) | 3.74 | 88000000 | 88000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.74% 7/21/2027 (d)(e) | 3.74 | 105840000 | 105824406 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.74% 8/5/2027 (d)(e) | 3.74 | 22000000 | 22000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.745% 11/12/2027 (d)(e) | 3.75 | 81000000 | 81000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.745% 11/26/2027 (d)(e) | 3.75 | 90000000 | 90000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.745% 11/26/2027 (d)(e) | 3.75 | 73000000 | 73000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.745% 2/10/2027 (d)(e) | 3.74 | 207000000 | 207086784 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.745% 5/20/2027 (d)(e) | 3.75 | 20000000 | 20000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.745% 5/27/2027 (d)(e) | 3.75 | 51000000 | 51000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.745% 5/6/2027 (d)(e) | 3.74 to 3.75 | 152433000 | 152436084 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.745% 6/7/2027 (d)(e) | 3.75 | 103000000 | 103000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.75% 2/18/2027 (d)(e) | 3.75 | 124000000 | 124000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.75% 5/28/2027 (d)(e) | 3.75 | 22000000 | 22000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.75% 5/8/2026 (d)(e) | 3.75 | 64000000 | 64000202 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.75% 6/16/2027 (d)(e) | 3.75 | 35000000 | 35000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.75% 6/9/2027 (d)(e) | 3.75 | 9000000 | 8999999 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.75% 7/10/2026 (d)(e) | 3.75 | 62000000 | 62000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.75% 7/23/2026 (d)(e) | 3.75 | 70000000 | 70000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.75% 9/14/2026 (d)(e) | 3.75 | 57886000 | 57882545 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.755% 10/6/2026 (d)(e) | 3.75 to 3.76 | 61000000 | 61008986 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.755% 11/3/2027 (d)(e) | 3.76 | 134000000 | 134000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.755% 3/23/2027 (d)(e) | 3.76 | 51000000 | 51000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.755% 4/29/2027 (d)(e) | 3.75 to 3.76 | 283000000 | 283037567 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.755% 7/21/2026 (d)(e) | 3.76 | 25000000 | 25000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.755% 8/18/2027 (d)(e) | 3.76 | 121000000 | 121000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.755% 8/27/2026 (d)(e) | 3.76 | 62000000 | 62000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.755% 9/8/2026 (d)(e) | 3.76 | 21000000 | 21000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 1/27/2027 (d)(e) | 3.76 | 95000000 | 95011146 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 10/15/2027 (d)(e) | 3.76 | 100000000 | 100000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 10/22/2027 (d)(e) | 3.76 | 89000000 | 89000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 11/10/2027 (d)(e) | 3.76 | 93000000 | 93000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 2/3/2027 (d)(e) | 3.76 | 69000000 | 69009155 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 4/23/2027 (d)(e) | 3.76 | 107385000 | 107410492 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 5/5/2027 (d)(e) | 3.76 | 152000000 | 152001038 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 6/24/2026 (d)(e) | 3.76 | 98000000 | 98000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 6/26/2026 (d)(e) | 3.76 | 51000000 | 51000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 7/2/2026 (d)(e) | 3.81 | 135000000 | 135001178 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 7/23/2026 (d)(e) | 3.76 | 20000000 | 20004720 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 7/29/2027 (d)(e) | 3.76 | 144000000 | 144000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 8/12/2026 (d)(e) | 3.76 | 87000000 | 87000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 8/28/2026 (d)(e) | 3.76 | 44000000 | 44000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.76% 9/10/2027 (d)(e) | 3.76 | 133000000 | 133119887 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.765% 1/8/2027 (d)(e) | 3.77 | 60000000 | 59999796 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.765% 10/15/2026 (d)(e) | 3.76 | 89000000 | 89032116 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.765% 11/18/2026 (d)(e) | 3.76 to 3.77 | 227000000 | 227075700 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.765% 11/23/2026 (d)(e) | 3.76 | 97000000 | 97000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.765% 12/18/2026 (d)(e) | 3.76 | 62000000 | 62007796 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.765% 2/10/2027 (d)(e) | 3.76 | 215000000 | 215000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.765% 8/19/2026 (d)(e) | 3.76 | 162000000 | 162000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.765% 8/4/2027 (d)(e) | 3.76 | 172000000 | 172000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.765% 9/15/2027 (d)(e) | 3.76 | 57000000 | 57000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.88% 10/1/2027 (d)(e) | 3.88 | 78000000 | 78000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.77% 10/23/2026 (d)(e) | 3.77 | 130500000 | 130512039 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.77% 10/29/2027 (d)(e) | 3.77 | 37000000 | 37000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.77% 11/25/2026 (d)(e) | 3.77 | 71000000 | 71008214 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.77% 11/4/2026 (d)(e) | 3.77 | 44000000 | 44000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.77% 12/2/2026 (d)(e) | 3.77 | 53000000 | 53000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.77% 12/30/2026 (d)(e) | 3.77 | 61000000 | 61000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.77% 8/12/2027 (d)(e) | 3.77 | 154000000 | 154000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.77% 8/26/2026 (d)(e) | 3.77 | 103000000 | 103003331 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.77% 9/3/2026 (d)(e) | 3.77 | 101000000 | 101000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.77% 9/4/2026 (d)(e) | 3.77 | 44000000 | 44000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.77% 9/9/2026 (d)(e) | 3.77 | 26000000 | 26000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 3.775% 1/21/2027 (d)(e) | 3.77 | 71000000 | 71000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 3.775% 1/8/2027 (d)(e) | 3.77 | 139000000 | 139000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 3.775% 12/16/2026 (d)(e) | 3.77 | 64000000 | 64000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.78% 10/14/2027 (d)(e) | 3.78 | 110000000 | 110000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.78% 10/22/2027 (d)(e) | 3.78 | 65000000 | 65000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.78% 11/27/2026 (d)(e) | 3.78 | 120000000 | 120000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.78% 12/23/2026 (d)(e) | 3.78 | 73000000 | 73000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.78% 12/4/2026 (d)(e) | 3.78 | 43000000 | 43000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.78% 9/10/2027 (d)(e) | 3.78 | 103000000 | 103000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.93% 10/1/2027 (d)(e) | 3.93 | 102000000 | 102000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 3.785% 9/24/2027 (d)(e) | 3.79 | 228000000 | 228000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 3.79% 1/3/2028 (d)(e) | 3.79 | 47000000 | 47055377 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.185%, 3.815% 5/10/2027 (d)(e) | 3.81 | 12000000 | 12010736 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.19%, 3.82% 3/27/2028 (d)(e) | 3.81 | 63500000 | 63628420 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.23%, 3.86% 6/28/2027 (d)(e) | 3.85 | 69000000 | 69089824 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.24%, 3.87% 7/19/2027 (d)(e) | 3.86 | 41000000 | 41057877 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.25%, 3.88% 12/13/2027 (d)(e) | 3.87 | 81000000 | 81242026 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.25%, 3.88% 12/3/2027 (d)(e) | 3.87 | 67000000 | 67196526 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.255%, 3.885% 9/13/2027 (d)(e) | 3.88 | 71000000 | 71118947 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.27%, 3.9% 11/24/2026 (d)(e) | 3.89 | 57000000 | 57074963 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.28%, 3.91% 11/20/2026 (d)(e) | 3.90 | 10000000 | 10013229 |
| Federal Home Loan Bank 3.55% 6/24/2026  | 3.62 | 134000000 | 133977271 |
| Federal Home Loan Bank 3.61% 6/22/2026  | 3.64 | 133000000 | 132991040 |
| Federal Home Loan Bank 3.61% 6/24/2026  | 3.62 | 467000000 | 466986591 |
| Federal Home Loan Bank 3.615% 2/8/2027  | 3.62 | 673000000 | 673000000 |
| Federal Home Loan Bank 3.62% 2/8/2027  | 3.62 | 1212000000 | 1212000001 |
| Federal Home Loan Bank 3.62% 2/8/2027  | 3.62 | 270000000 | 270000000 |
| Federal Home Loan Bank 3.715% 3/2/2028 (d)(e) | 3.71 | 135000000 | 135000000 |
| Federal Home Loan Bank 4.75% 6/12/2026  | 3.64 | 27000000 | 27058063 |
| Federal Home Loan Bank Discount Notes 0% 4/10/2026  | 3.60 to 3.80 | 408000000 | 407628933 |
| Federal Home Loan Bank Discount Notes 0% 4/15/2026  | 3.61 to 3.67 | 533000000 | 532254685 |
| Federal Home Loan Bank Discount Notes 0% 4/2/2026  | 3.78 | 143000000 | 142985303 |
| Federal Home Loan Bank Discount Notes 0% 4/21/2026  | 3.62 | 69000000 | 68862575 |
| Federal Home Loan Bank Discount Notes 0% 4/22/2026  | 3.64 | 928000000 | 926047344 |
| Federal Home Loan Bank Discount Notes 0% 4/24/2026  | 3.64 to 3.65 | 324000000 | 323250826 |
| Federal Home Loan Bank Discount Notes 0% 4/29/2026  | 3.58 to 3.65 | 346000000 | 345028422 |
| Federal Home Loan Bank Discount Notes 0% 4/30/2026  | 3.68 | 20000000 | 19941033 |
| Federal Home Loan Bank Discount Notes 0% 4/8/2026  | 3.61 to 3.79 | 456000000 | 455676547 |
| Federal Home Loan Bank Discount Notes 0% 5/1/2026  | 3.58 to 3.79 | 762000000 | 759687507 |
| Federal Home Loan Bank Discount Notes 0% 5/13/2026  | 3.60 to 3.66 | 797000000 | 793661195 |
| Federal Home Loan Bank Discount Notes 0% 5/15/2026  | 3.66 to 3.67 | 104000000 | 103538397 |
| Federal Home Loan Bank Discount Notes 0% 5/20/2026  | 3.63 to 3.67 | 365000000 | 363205715 |
| Federal Home Loan Bank Discount Notes 0% 5/22/2026  | 3.65 to 3.67 | 1218000000 | 1211733219 |
| Federal Home Loan Bank Discount Notes 0% 5/27/2026  | 3.66 to 3.69 | 128000000 | 127271712 |
| Federal Home Loan Bank Discount Notes 0% 5/29/2026  | 3.65 to 3.66 | 692000000 | 687975149 |
| Federal Home Loan Bank Discount Notes 0% 5/5/2026  | 3.62 | 274000000 | 273073576 |
| Federal Home Loan Bank Discount Notes 0% 5/6/2026  | 3.57 to 3.67 | 561000000 | 559068262 |
| Federal Home Loan Bank Discount Notes 0% 5/8/2026  | 3.57 to 3.67 | 678000000 | 675529572 |
| Federal Home Loan Bank Discount Notes 0% 6/10/2026  | 3.58 to 3.70 | 386000000 | 383294558 |
| Federal Home Loan Bank Discount Notes 0% 6/12/2026  | 3.58 to 3.66 | 306000000 | 303784160 |
| Federal Home Loan Bank Discount Notes 0% 6/17/2026  | 3.58 | 143000000 | 141925198 |
| Federal Home Loan Bank Discount Notes 0% 6/22/2026  | 3.58 to 3.66 | 483000000 | 479101636 |
| Federal Home Loan Bank Discount Notes 0% 6/24/2026  | 3.68 | 290000000 | 287533550 |
| Federal Home Loan Bank Discount Notes 0% 6/26/2026  | 3.59 to 3.68 | 322000000 | 319219285 |
| Federal Home Loan Bank Discount Notes 0% 6/3/2026  | 3.66 | 355000000 | 352744862 |
| Federal Home Loan Bank Discount Notes 0% 7/1/2026  | 3.69 | 84000000 | 83223709 |
| Federal Home Loan Bank Discount Notes 0% 7/10/2026  | 3.56 | 94000000 | 93087417 |
| Federal Home Loan Bank Discount Notes 0% 7/13/2026  | 3.60 | 286000000 | 283103297 |
| Federal Home Loan Bank Discount Notes 0% 7/15/2026  | 3.58 | 531000000 | 525559241 |
| Federal Home Loan Bank Discount Notes 0% 7/17/2026  | 3.60 | 55000000 | 54422126 |
| Federal Home Loan Bank Discount Notes 0% 7/22/2026  | 3.60 to 3.70 | 556000000 | 549856178 |
| Federal Home Loan Bank Discount Notes 0% 7/24/2026  | 3.62 to 3.69 | 332000000 | 328222499 |
| Federal Home Loan Bank Discount Notes 0% 7/29/2026  | 3.62 to 3.69 | 175000000 | 172920369 |
| Federal Home Loan Bank Discount Notes 0% 7/31/2026  | 3.62 | 54000000 | 53354767 |
| Federal Home Loan Bank Discount Notes 0% 7/8/2026  | 3.56 | 297000000 | 294170250 |
| Federal Home Loan Bank Discount Notes 0% 8/14/2026  | 3.60 | 141000000 | 139130869 |
| Federal Home Loan Bank Discount Notes 0% 8/19/2026  | 3.58 | 149000000 | 146960356 |
| Federal Home Loan Bank Discount Notes 0% 8/20/2026  | 3.59 | 66000000 | 65084910 |
| Federal Home Loan Bank Discount Notes 0% 8/21/2026  | 3.60 | 98000000 | 96631593 |
| Federal Home Loan Bank Discount Notes 0% 8/26/2026  | 3.61 | 344000000 | 339020457 |
| Federal Home Loan Bank Discount Notes 0% 8/28/2026  | 3.61 | 100000000 | 98532764 |
| Federal Home Loan Bank Discount Notes 0% 9/1/2026  | 3.71 | 268000000 | 263842650 |
| Federal Home Loan Bank Discount Notes 0% 9/14/2026  | 3.57 | 270000000 | 265648726 |
| Federal Home Loan Bank Discount Notes 0% 9/2/2026  | 3.61 | 43000000 | 42346997 |
| Federal Home Loan Bank Discount Notes 0% 9/21/2026  | 3.56 | 270000000 | 265471724 |
| Federal Home Loan Bank Discount Notes 0% 9/25/2026  | 3.71 to 3.72 | 364275000 | 357741033 |
| Federal Home Loan Bank Discount Notes 0% 9/4/2026  | 3.61 | 17000000 | 16738482 |
| Federal Home Loan Bank Discount Notes 0% 9/9/2026  | 3.62 | 26000000 | 25586632 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.635% 5/11/2026 (d)(e) | 3.63 | 221000000 | 221000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.635% 5/12/2026 (d)(e) | 3.63 | 216000000 | 216000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.635% 5/14/2026 (d)(e) | 3.63 | 216000000 | 216000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.635% 5/15/2026 (d)(e) | 3.63 | 278000000 | 278000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.635% 5/18/2026 (d)(e) | 3.63 | 109000000 | 109000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.635% 5/19/2026 (d)(e) | 3.63 | 209000000 | 209000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.635% 5/22/2026 (d)(e) | 3.63 | 209000000 | 209000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.635% 7/10/2026 (d)(e) | 3.63 | 128000000 | 128000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.635% 7/13/2026 (d)(e) | 3.63 | 478000000 | 478000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.635% 7/13/2026 (d)(e) | 3.63 | 364000000 | 364000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.635% 8/20/2026 (d)(e) | 3.63 | 135000000 | 135000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.635% 8/3/2026 (d)(e) | 3.63 | 270000000 | 270000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.635% 8/3/2026 (d)(e) | 3.63 | 133000000 | 133000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 5/7/2026 (d)(e) | 3.64 | 146000000 | 146000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 6/10/2026 (d)(e) | 3.64 | 141000000 | 141000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 6/15/2026 (d)(e) | 3.64 | 494000000 | 494000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 6/15/2026 (d)(e) | 3.64 | 278000000 | 278000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 6/15/2026 (d)(e) | 3.64 | 70000000 | 70000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 6/15/2026 (d)(e) | 3.64 | 70000000 | 70000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 6/5/2026 (d)(e) | 3.64 | 100000000 | 100000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 6/8/2026 (d)(e) | 3.64 | 132000000 | 132000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 6/9/2026 (d)(e) | 3.64 | 317000000 | 317000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 7/17/2026 (d)(e) | 3.64 | 37000000 | 37000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 7/20/2026 (d)(e) | 3.64 | 36000000 | 36000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 7/23/2026 (d)(e) | 3.64 | 127000000 | 127000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 8/10/2026 (d)(e) | 3.64 | 14000000 | 14000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 8/11/2026 (d)(e) | 3.64 | 134000000 | 134000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 8/14/2026 (d)(e) | 3.64 | 268000000 | 268000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 8/17/2026 (d)(e) | 3.64 | 351000000 | 351000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 8/17/2026 (d)(e) | 3.64 | 40000000 | 40000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 8/18/2026 (d)(e) | 3.64 | 135000000 | 135000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 8/25/2026 (d)(e) | 3.64 | 133000000 | 133000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 8/28/2026 (d)(e) | 3.64 | 226000000 | 226000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 8/6/2026 (d)(e) | 3.64 | 146000000 | 146000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 9/2/2026 (d)(e) | 3.64 | 59000000 | 59000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 9/25/2026 (d)(e) | 3.64 | 135000000 | 135000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 9/4/2026 (d)(e) | 3.64 | 300000000 | 300000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 9/4/2026 (d)(e) | 3.64 | 270000000 | 270000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.64% 9/9/2026 (d)(e) | 3.64 | 270000000 | 270000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 10/22/2026 (d)(e) | 3.65 | 295000000 | 295000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 10/23/2026 (d)(e) | 3.65 | 269000000 | 269000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 10/23/2026 (d)(e) | 3.65 | 268000000 | 268000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 10/5/2026 (d)(e) | 3.65 | 269000000 | 269000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 10/5/2026 (d)(e) | 3.65 | 201000000 | 201000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 10/6/2026 (d)(e) | 3.65 | 269000000 | 269000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 4/6/2026 (d)(e) | 3.65 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 4/8/2026 (d)(e) | 3.65 | 134000000 | 134000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 4/9/2026 (d)(e) | 3.65 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 5/11/2026 (d)(e) | 3.65 | 27500000 | 27500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 7/15/2026 (d)(e) | 3.65 | 159000000 | 159000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 8/17/2026 (d)(e) | 3.65 | 244000000 | 244000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 8/18/2026 (d)(e) | 3.65 | 27000000 | 27000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 8/24/2026 (d)(e) | 3.65 | 270000000 | 270000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 9/11/2026 (d)(e) | 3.65 | 108000000 | 108000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 9/18/2026 (d)(e) | 3.65 | 161000000 | 161000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 9/21/2026 (d)(e) | 3.65 | 66000000 | 66000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 9/28/2026 (d)(e) | 3.65 | 211000000 | 211000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.645% 9/30/2026 (d)(e) | 3.65 | 266000000 | 266000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 10/29/2026 (d)(e) | 3.65 | 119000000 | 119000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 10/7/2026 (d)(e) | 3.65 | 268000000 | 268000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 10/9/2026 (d)(e) | 3.65 | 40000000 | 40000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 11/2/2026 (d)(e) | 3.65 | 267000000 | 267000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 11/4/2026 (d)(e) | 3.65 | 272000000 | 272000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 11/5/2026 (d)(e) | 3.65 | 268000000 | 268000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 4/13/2026 (d)(e) | 3.65 | 407000000 | 407000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 4/15/2026 (d)(e) | 3.65 | 271000000 | 271000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 5/26/2026 (d)(e) | 3.65 | 138000000 | 138000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 5/28/2026 (d)(e) | 3.65 | 245000000 | 245000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 7/10/2026 (d)(e) | 3.65 | 65000000 | 65000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 7/30/2026 (d)(e) | 3.65 | 133000000 | 133000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 9/14/2026 (d)(e) | 3.65 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 9/15/2026 (d)(e) | 3.65 | 270000000 | 270000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 9/22/2026 (d)(e) | 3.65 | 189000000 | 189000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.65% 9/29/2026 (d)(e) | 3.65 | 135000000 | 135000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 10/19/2026 (d)(e) | 3.66 | 324000000 | 324000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 10/20/2026 (d)(e) | 3.66 | 181000000 | 181000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 11/12/2026 (d)(e) | 3.66 | 270000000 | 270000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 11/16/2026 (d)(e) | 3.66 | 269000000 | 269000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 11/3/2026 (d)(e) | 3.66 | 114000000 | 114000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 12/2/2026 (d)(e) | 3.66 | 273000000 | 273000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 12/3/2026 (d)(e) | 3.66 | 273000000 | 273000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 12/4/2026 (d)(e) | 3.66 | 268000000 | 268000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 12/7/2026 (d)(e) | 3.66 | 272000000 | 272000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 6/2/2026 (d)(e) | 3.66 | 547000000 | 547000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 6/22/2026 (d)(e) | 3.66 | 278000000 | 278000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 6/24/2026 (d)(e) | 3.66 | 168000000 | 168000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 9/24/2026 (d)(e) | 3.66 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 9/24/2026 (d)(e) | 3.66 | 26000000 | 26000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.655% 9/4/2026 (d)(e) | 3.66 | 24000000 | 24000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.675% 12/8/2026 (d)(e) | 3.68 | 241000000 | 241000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 3.66% 6/29/2026 (d)(e) | 3.66 | 411000000 | 411000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 3.66% 6/29/2026 (d)(e) | 3.66 | 135000000 | 135000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 3.66% 7/21/2026 (d)(e) | 3.66 | 555000000 | 555000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 3.66% 7/23/2026 (d)(e) | 3.66 | 277000000 | 277000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.665% 12/24/2026 (d)(e) | 3.67 | 66000000 | 66000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.665% 12/9/2026 (d)(e) | 3.67 | 186000000 | 186000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.665% 2/9/2027 (d)(e) | 3.67 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.67% 10/14/2026 (d)(e) | 3.67 | 28000000 | 28000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.67% 3/5/2027 (d)(e) | 3.67 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.67% 4/20/2026 (d)(e) | 3.67 | 263000000 | 263000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.67% 4/21/2026 (d)(e) | 3.67 | 263000000 | 263000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.67% 4/23/2026 (d)(e) | 3.67 | 198000000 | 198000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.67% 4/24/2026 (d)(e) | 3.67 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.67% 4/29/2026 (d)(e) | 3.67 | 27000000 | 27000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.67% 4/30/2026 (d)(e) | 3.67 | 27000000 | 27000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.045%, 3.675% 4/6/2027 (d)(e) | 3.67 | 46000000 | 46000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.045%, 3.675% 5/27/2027 (d)(e) | 3.67 | 66000000 | 66000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.05%, 3.68% 5/14/2026 (d)(e) | 3.68 | 27000000 | 27000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.05%, 3.68% 5/20/2027 (d)(e) | 3.68 | 26000000 | 26000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.05%, 3.68% 7/12/2027 (d)(e) | 3.68 | 203000000 | 203000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.05%, 3.68% 7/8/2027 (d)(e) | 3.68 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.055%, 3.685% 7/9/2027 (d)(e) | 3.68 | 135000000 | 135000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.06%, 3.69% 2/12/2027 (d)(e) | 3.69 | 138000000 | 138000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.06%, 3.69% 2/5/2027 (d)(e) | 3.69 | 14000000 | 14000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.06%, 3.69% 7/30/2027 (d)(e) | 3.69 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.06%, 3.69% 8/20/2027 (d)(e) | 3.69 | 135000000 | 135000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.06%, 3.69% 9/10/2027 (d)(e) | 3.69 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.065%, 3.695% 8/10/2026 (d)(e) | 3.70 | 184000000 | 184000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.065%, 3.695% 8/12/2026 (d)(e) | 3.70 | 349000000 | 349000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.065%, 3.695% 9/11/2026 (d)(e) | 3.69 | 17000000 | 17003011 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 3.7% 12/23/2026 (d)(e) | 3.70 | 54000000 | 54000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 3.7% 12/24/2026 (d)(e) | 3.70 | 92000000 | 92000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 3.7% 12/30/2026 (d)(e) | 3.70 | 106000000 | 106000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 3.705% 11/18/2026 (d)(e) | 3.71 | 206000000 | 206000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 3.705% 11/27/2026 (d)(e) | 3.71 | 32000000 | 32000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 3.705% 4/8/2027 (d)(e) | 3.70 | 58000000 | 58020368 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.71% 1/4/2028 (d)(e) | 3.71 | 134000000 | 134000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.71% 11/13/2026 (d)(e) | 3.71 | 51000000 | 51002723 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.71% 12/11/2026 (d)(e) | 3.71 | 210000000 | 210000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.71% 12/23/2027 (d)(e) | 3.71 | 267000000 | 267000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.71% 12/29/2027 (d)(e) | 3.71 | 53000000 | 53000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.71% 12/30/2027 (d)(e) | 3.71 | 107000000 | 107000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.71% 12/8/2026 (d)(e) | 3.71 | 89500000 | 89505410 |
| Federal Home Loan Bank U.S. SOFR Index + 0.085%, 3.715% 1/26/2028 (d)(e) | 3.71 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.085%, 3.715% 2/23/2028 (d)(e) | 3.71 | 162000000 | 162000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.085%, 3.715% 3/10/2028 (d)(e) | 3.71 | 201000000 | 201000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.085%, 3.715% 3/20/2028 (d)(e) | 3.71 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.085%, 3.715% 3/23/2028 (d)(e) | 3.71 | 54000000 | 54000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.72% 12/8/2027 (d)(e) | 3.72 | 268000000 | 268000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.72% 12/9/2027 (d)(e) | 3.72 | 334000000 | 334000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.72% 2/12/2027 (d)(e) | 3.72 | 67000000 | 67028663 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.72% 3/1/2027 (d)(e) | 3.72 | 52000000 | 52000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.72% 5/13/2026 (d)(e) | 3.72 | 61000000 | 61000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 3.725% 2/12/2027 (d)(e) | 3.72 | 142000000 | 142000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 3.725% 2/25/2027 (d)(e) | 3.73 | 37000000 | 36997722 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 3.725% 4/14/2027 (d)(e) | 3.73 | 54000000 | 53993453 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 3.725% 6/11/2027 (d)(e) | 3.73 | 54000000 | 53996319 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.73% 4/17/2026 (d)(e) | 3.73 | 50000000 | 49999991 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.73% 6/10/2027 (d)(e) | 3.73 | 126000000 | 126000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.73% 6/22/2026 (d)(e) | 3.73 | 62000000 | 62000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.73% 6/24/2026 (d)(e) | 3.73 | 79000000 | 79000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.73% 6/25/2026 (d)(e) | 3.73 | 75000000 | 75000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.73% 6/26/2026 (d)(e) | 3.73 | 125000000 | 125000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.73% 6/7/2027 (d)(e) | 3.73 | 39000000 | 39000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.105%, 3.735% 2/18/2027 (d)(e) | 3.73 | 20000000 | 20000469 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.74% 2/12/2027 (d)(e) | 3.74 | 13000000 | 13007766 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.74% 4/10/2026 (d)(e) | 3.74 | 59000000 | 59000658 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.74% 4/15/2026 (d)(e) | 3.74 | 70000000 | 70001165 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.74% 4/24/2026 (d)(e) | 3.74 | 64000000 | 64000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.74% 4/7/2026 (d)(e) | 3.74 | 62000000 | 62000091 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.74% 7/15/2027 (d)(e) | 3.74 | 13620000 | 13618003 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.74% 7/19/2027 (d)(e) | 3.74 | 68000000 | 67989955 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.74% 7/21/2027 (d)(e) | 3.74 | 27000000 | 26996022 |
| Federal Home Loan Bank U.S. SOFR Index + 0.115%, 3.745% 7/30/2027 (d)(e) | 3.75 | 405000000 | 405000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 3.75% 6/21/2027 (d)(e) | 3.75 | 158000000 | 158000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 3.75% 6/22/2027 (d)(e) | 3.75 | 142000000 | 142000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.76% 2/5/2027 (d)(e) | 3.76 | 69500000 | 69500000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.76% 4/16/2027 (d)(e) | 3.76 | 68000000 | 68015811 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.76% 4/23/2027 (d)(e) | 3.76 | 55000000 | 55011628 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.76% 6/24/2027 (d)(e) | 3.76 | 157000000 | 157000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.76% 6/30/2027 (d)(e) | 3.76 | 106000000 | 106000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.76% 9/10/2027 (d)(e) | 3.76 | 140000000 | 140000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.76% 9/7/2027 (d)(e) | 3.76 | 68000000 | 68000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.76% 9/8/2027 (d)(e) | 3.76 | 42000000 | 42000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.135%, 3.765% 1/6/2027 (d)(e) | 3.76 | 24000000 | 24012400 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.77% 10/29/2026 (d)(e) | 3.77 | 36000000 | 36003826 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.77% 7/22/2026 (d)(e) | 3.77 | 3750000 | 3750000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.77% 8/21/2026 (d)(e) | 3.77 | 269000000 | 269000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.77% 9/10/2026 (d)(e) | 3.77 | 68000000 | 68000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.77% 9/4/2026 (d)(e) | 3.77 | 206000000 | 206000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 3.775% 9/25/2026 (d)(e) | 3.77 | 557000000 | 557000000 |
| Freddie Mac Discount Notes 0% 4/13/2026  | 3.61 | 27000000 | 26967780 |
| Freddie Mac Discount Notes 0% 9/21/2026  | 3.72 | 267000000 | 262316746 |
| Freddie Mac U.S. SOFR Index + 0.08%, 3.71% 11/5/2026 (d)(e) | 3.71 | 625000000 | 625000000 |
| Freddie Mac U.S. SOFR Index + 0.11%, 3.74% 5/7/2026 (d)(e) | 3.74 | 232000000 | 232000000 |
| Freddie Mac U.S. SOFR Index + 0.115%, 3.745% 4/2/2026 (d)(e) | 3.74 to 3.75 | 711000000 | 711000022 |
| Freddie Mac U.S. SOFR Index + 0.14%, 3.77% 10/16/2026 (d)(e) | 3.77 | 615000000 | 615000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 3.77% 10/29/2026 (d)(e) | 3.77 | 420000000 | 420000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 3.77% 9/23/2026 (d)(e) | 3.77 | 843000000 | 843000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 3.77% 9/4/2026 (d)(e) | 3.77 | 282000000 | 282000000 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - DEBT**<br> (Cost $69,135,240,086) |  |  | **69135240086** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 28.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 28.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 28.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 28.0%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 10/1/2026  | 3.67 | 1300000000 | 1276307138 |
| US Treasury Bills 0% 12/24/2026  | 3.50 to 3.53 | 362000000 | 352901455 |
| US Treasury Bills 0% 2/18/2027  | 3.57 | 240000000 | 232571000 |
| US Treasury Bills 0% 3/18/2027  | 3.68 | 119000000 | 114881113 |
| US Treasury Bills 0% 4/14/2026  | 3.65 | 1846988000 | 1844566906 |
| US Treasury Bills 0% 4/16/2026  | 4.28 | 157000000 | 156720548 |
| US Treasury Bills 0% 4/2/2026  | 3.60 to 3.81 | 4969900000 | 4969396506 |
| US Treasury Bills 0% 4/21/2026  | 3.58 to 3.61 | 1641000000 | 1637754661 |
| US Treasury Bills 0% 4/23/2026  | 3.62 to 3.65 | 4040000000 | 4031065190 |
| US Treasury Bills 0% 4/28/2026  | 3.60 to 3.63 | 2476000000 | 2469383146 |
| US Treasury Bills 0% 4/9/2026  | 3.62 to 3.77 | 633000000 | 632486348 |
| US Treasury Bills 0% 5/12/2026  | 3.55 to 3.65 | 2656000000 | 2645370613 |
| US Treasury Bills 0% 5/14/2026  | 3.56 to 4.09 | 3218900000 | 3204713872 |
| US Treasury Bills 0% 5/19/2026  | 3.60 to 3.66 | 2204760000 | 2194247441 |
| US Treasury Bills 0% 5/21/2026  | 3.62 to 3.78 | 1541000000 | 1533150597 |
| US Treasury Bills 0% 5/26/2026  | 3.62 to 3.65 | 3857100000 | 3835889305 |
| US Treasury Bills 0% 5/28/2026  | 3.65 to 3.74 | 784000000 | 779462293 |
| US Treasury Bills 0% 5/7/2026  | 3.64 to 3.77 | 1560000000 | 1554233700 |
| US Treasury Bills 0% 6/18/2026  | 3.64 | 1325000000 | 1314636291 |
| US Treasury Bills 0% 6/4/2026  | 3.64 | 1500000000 | 1490373331 |
| US Treasury Bills 0% 7/14/2026  | 3.64 | 1779068000 | 1760565693 |
| US Treasury Bills 0% 7/16/2026  | 3.55 | 1155000000 | 1143131092 |
| US Treasury Bills 0% 7/2/2026  | 3.54 to 3.56 | 2493000000 | 2470776422 |
| US Treasury Bills 0% 7/21/2026  | 3.65 | 1335000000 | 1320140337 |
| US Treasury Bills 0% 7/28/2026  | 3.66 to 3.68 | 3407000000 | 3366435041 |
| US Treasury Bills 0% 7/7/2026  | 3.64 | 478000000 | 473363400 |
| US Treasury Bills 0% 7/9/2026  | 3.54 to 4.11 | 2778000000 | 2748448018 |
| US Treasury Bills 0% 8/20/2026  | 3.56 | 1234000000 | 1217083916 |
| US Treasury Bills 0% 8/6/2026  | 3.91 to 4.12 | 705000000 | 695524415 |
| US Treasury Bills 0% 9/10/2026  | 3.60 | 2033780000 | 2001427644 |
| US Treasury Bills 0% 9/17/2026  | 3.64 to 3.69 | 868000000 | 853416898 |
| US Treasury Bills 0% 9/3/2026  | 3.60 | 2518500000 | 2480168080 |
| US Treasury Notes 0.625% 3/31/2027  | 3.61 | 120000000 | 116523160 |
| US Treasury Notes 0.625% 7/31/2026  | 3.74 to 4.11 | 776000000 | 767692517 |
| US Treasury Notes 0.75% 4/30/2026  | 3.80 to 4.16 | 267000000 | 266321199 |
| US Treasury Notes 0.75% 5/31/2026  | 3.81 | 200000000 | 199012826 |
| US Treasury Notes 0.75% 8/31/2026  | 3.92 to 4.16 | 501000000 | 494353499 |
| US Treasury Notes 0.875% 6/30/2026  | 3.73 | 65000000 | 64545480 |
| US Treasury Notes 0.875% 9/30/2026  | 3.85 | 124000000 | 122214329 |
| US Treasury Notes 1.125% 2/28/2027  | 3.61 | 60000000 | 58673722 |
| US Treasury Notes 1.25% 12/31/2026  | 3.64 | 57000000 | 56007901 |
| US Treasury Notes 1.375% 8/31/2026  | 3.93 | 61000000 | 60369370 |
| US Treasury Notes 1.5% 1/31/2027  | 3.56 to 3.59 | 519000000 | 510272019 |
| US Treasury Notes 1.625% 5/15/2026  | 4.03 to 4.07 | 569000000 | 567386247 |
| US Treasury Notes 1.625% 9/30/2026  | 3.68 to 3.78 | 327000000 | 323657862 |
| US Treasury Notes 1.875% 2/28/2027  | 3.57 to 3.78 | 486000000 | 478464487 |
| US Treasury Notes 1.875% 7/31/2026  | 4.01 | 23000000 | 22842325 |
| US Treasury Notes 2.125% 5/31/2026  | 4.02 | 22000000 | 21933533 |
| US Treasury Notes 2.25% 2/15/2027  | 3.59 | 178000000 | 175972896 |
| US Treasury Notes 2.5% 3/31/2027  | 3.58 to 3.61 | 1238000000 | 1224853416 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.159%, 3.8124% 7/31/2027 (d)(e) | 3.81 | 29000000 | 28991563 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.16%, 3.8134% 4/30/2027 (d)(e) | 3.81 | 394000000 | 394000000 |
| US Treasury Notes 3.75% 8/31/2026  | 3.60 to 3.96 | 1136000000 | 1136521855 |
| US Treasury Notes 3.875% 3/31/2027  | 3.58 to 3.61 | 932000000 | 934490148 |
| US Treasury Notes 4.125% 1/31/2027  | 3.57 to 3.59 | 1432000000 | 1438324660 |
| US Treasury Notes 4.125% 10/31/2026  | 3.83 | 254000000 | 254431929 |
| US Treasury Notes 4.125% 2/28/2027  | 3.58 to 3.84 | 863000000 | 866551568 |
| US Treasury Notes 4.125% 6/15/2026  | 4.13 to 4.16 | 533000000 | 532988105 |
| US Treasury Notes 4.25% 11/30/2026  | 3.58 | 273000000 | 274178984 |
| US Treasury Notes 4.25% 12/31/2026  | 3.56 to 3.64 | 698000000 | 701360765 |
| US Treasury Notes 4.375% 12/15/2026  | 3.57 | 60000000 | 60334396 |
| US Treasury Notes 4.375% 7/31/2026  | 3.75 to 4.08 | 708000000 | 709222214 |
| US Treasury Notes 4.375% 8/15/2026  | 3.79 | 218000000 | 218469018 |
| US Treasury Notes 4.5% 7/15/2026  | 3.63 to 3.74 | 130000000 | 130300500 |
| US Treasury Notes 4.625% 6/30/2026  | 3.74 to 4.20 | 265000000 | 265493007 |
| US Treasury Notes 4.875% 4/30/2026  | 3.70 to 4.07 | 478000000 | 478317084 |
| US Treasury Notes 4.875% 5/31/2026  | 3.83 to 4.06 | 240000000 | 240332685 |
| US Treasury Notes Inflation-Indexed 0.125% 4/15/2026  | -1.26 to -1.19 | 1840516160 | 1841460301 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $72,837,457,980) |  |  | **72837457980** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.2%**<br> (Cost $265,938,690,616)<br>| <br>**265938690616** |
| **NET OTHER ASSETS (LIABILITIES) - (2.2)%**  | **(5712436308)** |
| **NET ASSETS - 100.0%** | **260226254308** |

---

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 | 3.67 | 3/2026 | 4/2026 | 364000000 | 364037108 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 10/2028 - 3/2056 | 343656989 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.63 - 3.88 | 11/2028 - 8/2033 | 27660949 |
|  |  |  |  |  |  |  |  |  | 371317938 |
| BMO Capital Markets Corp | 3.69 | 3/2026 | 4/2026 | 42000000 | 42159285 | U.S. Treasuries (including strips) | 4.75 | 5/2055 | 43322109 |
| BMO Capital Markets Corp | 3.66 | 3/2026 | 4/2026 | 94000000 | 94152907 | U.S. Treasuries (including strips) | 4.50 | 5/2029 | 95889836 |
| BMO Capital Markets Corp | 3.67 | 3/2026 | 4/2026 | 51000000 | 51005199 | Agency Mortgage-Backed Securities | 5.50 | 6/2055 | 28060399 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 2.25 - 2.75 | 8/2047 - 8/2049 | 24199883 |
|  |  |  |  |  |  |  |  |  | 52260282 |
| BMO Chicago Branch | 3.69 | 3/2026 | 5/2026 | 210000000 | 211183875 | Agency Mortgage-Backed Securities | 3.00 - 7.00 | 12/2053 - 3/2056 | 214331733 |
| BMO Chicago Branch | 3.69 | 3/2026 | 5/2026 | 272000000 | 273366120 | Agency Mortgage-Backed Securities | 2.50 - 5.50 | 12/2051 - 3/2063 | 277639064 |
| BMO Chicago Branch | 3.70 | 3/2026 | 5/2026 | 262000000 | 263319461 | Agency Mortgage-Backed Securities | 1.50 - 5.50 | 4/2041 - 3/2063 | 267487197 |
| BMO Chicago Branch | 3.69 | 3/2026 | 5/2026 | 209000000 | 209899745 | Agency Mortgage-Backed Securities | 3.00 - 5.50 | 10/2051 - 3/2056 | 213332957 |
| BMO Chicago Branch | 3.69 | 3/2026 | 4/2026 | 52000000 | 52197210 | Agency Mortgage-Backed Securities | 4.25 - 7.50 | 7/2055 - 4/2061 | 53116113 |
| BNP Paribas, SA | 3.67 | 3/2026 | 4/2026 | 976000000 | 979183929 | U.S. Treasuries (including strips) | 0.63 - 5.50 | 4/2027 - 11/2050 | 998260177 |
| Bank of Montreal | 3.68 | 3/2026 | 4/2026 | 105000000 | 105418600 | Agency Mortgage-Backed Securities | 2.50 - 7.14 | 12/2029 - 5/2073 | 107509752 |
| Bank of Montreal | 3.68 | 3/2026 | 4/2026 | 172000000 | 172246151 | U.S. Treasuries (including strips) | 1.38 - 4.25 | 8/2031 - 8/2050 | 175877100 |
| Barclays Bank PLC | 3.67 | 3/2026 | 4/2026 | 191000000 | 191545199 | U.S. Treasuries (including strips) | 0.00 - 6.38 | 4/2026 - 8/2055 | 195137874 |
| Barclays Capital Inc. | 3.68 | 3/2026 | 4/2026 | 416000000 | 416042524 | Agency Collateralized Mortgage Obligation | 4.50 - 5.50 | 3/2056 - 4/2056 | 147865354 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 5.50 | 3/2056 | 280658447 |
|  |  |  |  |  |  |  |  |  | 428523801 |
| BofA Securities, Inc. | 3.65(f) | 3/2026 | 7/2026 | 105000000 | 106298791 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 2/2029 - 8/2065 | 107350466 |
| BofA Securities, Inc. | 3.65(f) | 3/2026 | 7/2026 | 105000000 | 106298791 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 7/2028 - 1/2056 | 107383310 |
| BofA Securities, Inc. | 3.64(f) | 2/2026 | 6/2026 | 138000000 | 139674400 | U.S. Treasuries (including strips) | 3.75 - 4.75 | 7/2026 - 11/2043 | 141577076 |
| BofA Securities, Inc. | 3.64(f) | 1/2026 | 6/2026 | 255000000 | 258222916 | U.S. Treasuries (including strips) | 3.75 - 3.88 | 8/2032 - 11/2032 | 261795264 |
| BofA Securities, Inc. | 3.64(f) | 1/2026 | 6/2026 | 46000000 | 46599993 | U.S. Treasuries (including strips) | 2.88 - 3.75 | 4/2027 - 5/2032 | 47244872 |
| BofA Securities, Inc. | 3.69(f) | 12/2025 | 4/2026 | 818000000 | 828145245 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 2/2027 - 2/2076 | 796647429 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 1.42 - 2.75 | 6/2032 - 2/2034 | 48240804 |
|  |  |  |  |  |  |  |  |  | 844888233 |
| Canadian Imperial Bank of Commerce | 3.74 | 3/2026 | 4/2026 | 13000000 | 13056724 | Agency Mortgage-Backed Securities | 1.79 - 6.50 | 1/2027 - 2/2056 | 1746721 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.25 - 4.75 | 2/2029 - 11/2053 | 2878748 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 0.00 - 7.00 | 6/2041 - 1/2073 | 8919489 |
|  |  |  |  |  |  |  |  |  | 13544958 |
| Canadian Imperial Bank of Commerce | 3.67 | 3/2026 | 4/2026 | 314000000 | 315344444 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 8/2055 | 320726286 |
| Canadian Imperial Bank of Commerce | 3.67 | 3/2026 | 4/2026 | 457000000 | 457978361 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 4/2026 - 2/2056 | 466985702 |
| Canadian Imperial Bank of Commerce | 3.67 | 3/2026 | 4/2026 | 57000000 | 57168514 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 4/2026 - 2/2056 | 58308190 |
| Canadian Imperial Bank of Commerce | 3.68 | 3/2026 | 4/2026 | 262000000 | 262857031 | Agency Mortgage-Backed Securities | 1.33 - 7.00 | 10/2027 - 10/2072 | 266555536 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 0.25 | 11/2026 - 2/2050 | 1242889 |
|  |  |  |  |  |  |  |  |  | 267798425 |
| Canadian Imperial Bank of Commerce | 3.67 | 3/2026 | 4/2026 | 229000000 | 229723704 | U.S. Treasuries (including strips) | 0.63 - 4.75 | 6/2026 - 8/2055 | 234037085 |
| Canadian Imperial Bank of Commerce | 3.68 | 3/2026 | 4/2026 | 133000000 | 133190338 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 2/2056 | 135789457 |
| Citigroup Global Capital Markets Inc | 3.69(f) | 3/2026 | 5/2026 | 548000000 | 551482540 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 6/2052 - 9/2052 | 558960670 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.75 - 4.50 | 5/2026 - 7/2026 | 860289 |
|  |  |  |  |  |  |  |  |  | 559820959 |
| Citigroup Global Capital Markets Inc | 3.69(f) | 3/2026 | 5/2026 | 970000000 | 976164350 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 9/2052 - 10/2063 | 989400330 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.88 - 4.50 | 6/2026 - 7/2026 | 2134934 |
|  |  |  |  |  |  |  |  |  | 991535264 |
| Citigroup Global Capital Markets Inc | 3.68(f) | 3/2026 | 5/2026 | 552000000 | 555498454 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 8/2026 - 2/2040 | 564251828 |
| Citigroup Global Capital Markets Inc | 3.70(f) | 3/2026 | 5/2026 | 550000000 | 553504722 | Agency Mortgage-Backed Securities | 2.60 - 10.75 | 12/2027 - 7/2072 | 561000133 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 | 8/2039 - 2/2047 | 1577725 |
|  |  |  |  |  |  |  |  |  | 562577858 |
| FICC JP Morgan SEC GC Repo (Gov) | 3.67 | 3/2026 | 4/2026 | 1676000000 | 1676170859 | U.S. Treasuries (including strips) | 0.63 - 3.50 | 11/2027 - 5/2051 | 1709694300 |
| FICC JP Morgan SEC GC Repo (Gov) | 3.67 | 3/2026 | 4/2026 | 465000000 | 465047404 | U.S. Treasuries (including strips) | 0.63 - 4.38 | 6/2028 - 5/2030 | 474348404 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.70 | 3/2026 | 4/2026 | 216000000 | 216643800 | U.S. Treasuries (including strips) | 3.50 | 12/2028 | 220342689 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.70 | 3/2026 | 4/2026 | 833000000 | 834883506 | U.S. Treasuries (including strips) | 2.88 - 4.25 | 2/2029 - 5/2032 | 849747373 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.66 | 3/2026 | 4/2026 | 186000000 | 186132370 | U.S. Treasuries (including strips) | 3.38 - 3.50 | 1/2028 - 9/2028 | 189739318 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.66 | 3/2026 | 4/2026 | 56000000 | 56039853 | U.S. Treasuries (including strips) | 2.75 | 8/2032 | 57125857 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.67 | 3/2026 | 4/2026 | 47000000 | 47028748 | U.S. Treasuries (including strips) | 4.38 | 12/2029 | 47944961 |
| Fixed Income Clearing Corp - BNP | 3.66 | 3/2026 | 4/2026 | 3347000000 | 3347340278 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 5/2055 | 3414287165 |
| Fixed Income Clearing Corp - BNP | 3.66 | 3/2026 | 4/2026 | 3685000000 | 3685374642 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 2/2056 | 3759082199 |
| Fixed Income Clearing Corp - BNYM | 3.69 | 3/2026 | 4/2026 | 416000000 | 416042640 | U.S. Treasuries (including strips) | 0.38 - 3.75 | 7/2027 - 12/2028 | 424320014 |
| Fixed Income Clearing Corp - BNYM | 3.68 | 3/2026 | 4/2026 | 568000000 | 568058062 | U.S. Treasuries (including strips) | 3.75 | 8/2027 | 579360036 |
| Fixed Income Clearing Corp - BNYM | 3.66 | 3/2026 | 4/2026 | 4920000000 | 4920500200 | U.S. Treasuries (including strips) | 0.13 - 4.63 | 11/2027 - 11/2035 | 5018400013 |
| Fixed Income Clearing Corp - BONY | 3.67 | 3/2026 | 4/2026 | 3953000000 | 3953402986 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 8/2030 - 6/2057 | 4032060054 |
| Fixed Income Clearing Corp - Barclays | 3.66 | 3/2026 | 4/2026 | 142000000 | 142101057 | U.S. Treasuries (including strips) | 1.13 - 5.00 | 5/2038 - 5/2054 | 144854732 |
| Fixed Income Clearing Corp - Barclays | 3.66 | 3/2026 | 4/2026 | 381000000 | 381271145 | U.S. Treasuries (including strips) | 0.00 - 4.00 | 5/2026 - 2/2034 | 388659547 |
| Fixed Income Clearing Corp - Barclays | 3.68 | 3/2026 | 4/2026 | 2839000000 | 2839290209 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 11/2035 | 2896076023 |
| Fixed Income Clearing Corp - Barclays | 3.68 | 3/2026 | 4/2026 | 1892000000 | 1892193404 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 8/2045 | 1930037274 |
| Fixed Income Clearing Corp - CIBC | 3.67 | 3/2026 | 4/2026 | 1845000000 | 1845188088 | U.S. Treasuries (including strips) | 1.13 - 4.13 | 3/2028 - 8/2053 | 1882841939 |
| Fixed Income Clearing Corp - Citi | 3.67 | 3/2026 | 4/2026 | 3718000000 | 3718379029 | U.S. Treasuries (including strips) | 0.00 - 5.25 | 5/2026 - 8/2055 | 3792746637 |
| Fixed Income Clearing Corp - Credit Agricole | 3.70 | 3/2026 | 4/2026 | 2661000000 | 2661273492 | U.S. Treasuries (including strips) | 0.00 - 6.13 | 4/2026 - 8/2050 | 2714498963 |
| Fixed Income Clearing Corp - Credit Agricole | 3.70 | 3/2026 | 4/2026 | 1397000000 | 1397143581 | U.S. Treasuries (including strips) | 1.38 - 4.63 | 6/2027 - 5/2041 | 1440336771 |
| Fixed Income Clearing Corp - Goldman | 3.67 | 3/2026 | 4/2026 | 3223000000 | 3223328567 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 11/2029 - 3/2056 | 3287795140 |
| Fixed Income Clearing Corp - Goldman | 3.66 | 3/2026 | 4/2026 | 4886000000 | 4886496743 | U.S. Treasuries (including strips) | 0.00 - 4.25 | 6/2026 - 8/2054 | 4984226751 |
| Fixed Income Clearing Corp - ING | 3.67 | 3/2026 | 4/2026 | 624000000 | 624063613 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 12/2030 - 4/2056 | 636544886 |
| Fixed Income Clearing Corp - ING | 3.67 | 3/2026 | 4/2026 | 378000000 | 378038535 | U.S. Treasuries (including strips) | 4.50 | 5/2029 | 385597465 |
| Fixed Income Clearing Corp - ING | 3.66 | 3/2026 | 4/2026 | 2460000000 | 2460250100 | U.S. Treasuries (including strips) | 0.00 - 4.38 | 4/2026 - 11/2052 | 2509455102 |
| Fixed Income Clearing Corp - Mizuho | 3.67 | 3/2026 | 4/2026 | 1143000000 | 1143116523 | Agency Mortgage-Backed Securities | 1.45 - 8.50 | 5/2026 - 4/2056 | 1025235648 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.50 - 4.63 | 10/2027 - 3/2033 | 140743205 |
|  |  |  |  |  |  |  |  |  | 1165978853 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.67 | 3/2026 | 4/2026 | 3745000000 | 3745381782 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 3/2037 - 3/2056 | 3820289418 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.67 | 3/2026 | 4/2026 | 3121000000 | 3121318169 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 7/2026 - 3/2063 | 3183744532 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.67 | 3/2026 | 4/2026 | 3121000000 | 3121318169 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 11/2026 - 3/2056 | 3163077008 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.38 - 3.88 | 11/2031 - 5/2043 | 20667524 |
|  |  |  |  |  |  |  |  |  | 3183744532 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.67 | 3/2026 | 4/2026 | 3953000000 | 3953402986 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 10/2032 - 3/2056 | 3978864042 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.50 | 4/2026 - 2/2044 | 53607005 |
|  |  |  |  |  |  |  |  |  | 4032471047 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.66 | 3/2026 | 4/2026 | 3063000000 | 3063311405 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 5/2026 - 2/2036 | 3124577690 |
| Fixed Income Clearing Corp - Natixis | 3.67 | 3/2026 | 4/2026 | 1323000000 | 1323134873 | U.S. Treasuries (including strips) | 3.25 - 3.63 | 6/2027 - 8/2027 | 1349670664 |
| Fixed Income Clearing Corp - Natwest | 3.67 | 3/2026 | 4/2026 | 18000000 | 18001835 | U.S. Treasuries (including strips) | 3.88 | 8/2034 | 18361903 |
| Fixed Income Clearing Corp - Nomura | 3.67 | 3/2026 | 4/2026 | 1649000000 | 1649168106 | U.S. Treasuries (including strips) | 0.00 - 6.25 | 4/2026 - 2/2036 | 1682151526 |
| Fixed Income Clearing Corp - Northern Trust | 3.67 | 3/2026 | 4/2026 | 189000000 | 189019268 | U.S. Treasuries (including strips) | 4.50 | 5/2029 | 192917991 |
| Fixed Income Clearing Corp - Northern Trust | 3.66 | 3/2026 | 4/2026 | 2458000000 | 2458249897 | U.S. Treasuries (including strips) | 0.50 - 3.63 | 8/2027 - 9/2027 | 2508193032 |
| Fixed Income Clearing Corp - State Street Bank | 3.67 | 3/2026 | 4/2026 | 1144000000 | 1144116624 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 5/2031 - 4/2056 | 1166879572 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 5.00 | 5/2026 - 2/2056 | 3179386 |
|  |  |  |  |  |  |  |  |  | 1170058958 |
| Fixed Income Clearing Corp - State Street Bank | 3.66 | 3/2026 | 4/2026 | 5109000000 | 5109519415 | U.S. Treasuries (including strips) | 1.25 - 4.38 | 8/2031 - 3/2032 | 5210666796 |
| ING Financial Markets LLC | 3.71 | 3/2026 | 4/2026 | 548000000 | 550371926 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 5/2029 - 4/2056 | 559707850 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 3.38 | 12/2027 | 1001 |
|  |  |  |  |  |  |  |  |  | 559708851 |
| JP Morgan Securities, LLC | 3.64(f) | 3/2026 | 4/2026 | 2807000000 | 2815798386 | U.S. Treasuries (including strips) | 0.50 - 3.50 | 4/2027 - 8/2045 | 2866615599 |
| JP Morgan Securities, LLC | 3.67 | 3/2026 | 4/2026 | 1975000000 | 1975201340 | Agency Mortgage-Backed Securities | 1.00 - 7.50 | 10/2026 - 4/2056 | 2014705367 |
| JP Morgan Securities, LLC | 3.67 | 3/2026 | 4/2026 | 520000000 | 520053011 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 4/2026 - 3/2056 | 530454071 |
| JP Morgan Securities, LLC | 3.66 | 3/2026 | 4/2026 | 1596452000 | 1596614306 | U.S. Treasuries (including strips) | 4.13 - 4.63 | 4/2029 - 11/2029 | 1628546618 |
| Lloyds Bank Corp Mrkts | 3.66 | 3/2026 | 4/2026 | 209000000 | 209148738 | U.S. Treasuries (including strips) | 0.63 - 4.13 | 2/2027 - 8/2031 | 213201709 |
| Lloyds Bank PLC | 3.73 | 3/2026 | 6/2026 | 122000000 | 123238775 | U.S. Treasuries (including strips) | 0.50 - 6.75 | 8/2026 - 8/2047 | 124693796 |
| Lloyds Bank PLC | 3.73 | 3/2026 | 6/2026 | 61000000 | 61625708 | U.S. Treasuries (including strips) | 1.25 - 4.63 | 6/2027 - 3/2033 | 62310338 |
| Lloyds Bank PLC | 3.73 | 3/2026 | 6/2026 | 121000000 | 122241157 | U.S. Treasuries (including strips) | 0.63 - 4.63 | 8/2027 - 2/2033 | 123624647 |
| Lloyds Bank PLC | 3.72 | 2/2026 | 5/2026 | 124000000 | 125191640 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 8/2027 - 8/2034 | 126937480 |
| Lloyds Bank PLC | 3.72 | 2/2026 | 5/2026 | 122000000 | 123172420 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/2027 - 8/2034 | 124915814 |
| Lloyds Bank PLC | 3.72 | 2/2026 | 5/2026 | 123000000 | 124131190 | U.S. Treasuries (including strips) | 0.50 - 4.25 | 8/2027 - 2/2034 | 125900812 |
| Lloyds Bank PLC | 3.73 | 2/2026 | 5/2026 | 122000000 | 123125010 | U.S. Treasuries (including strips) | 0.50 - 4.25 | 8/2027 - 3/2033 | 124955789 |
| Lloyds Bank PLC | 3.71 | 2/2026 | 5/2026 | 120000000 | 121286134 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/2027 - 8/2034 | 123106473 |
| Lloyds Bank PLC | 3.70 | 2/2026 | 5/2026 | 123000000 | 124226242 | U.S. Treasuries (including strips) | 0.88 - 4.50 | 6/2027 - 3/2033 | 126156375 |
| Lloyds Bank PLC | 3.72 | 2/2026 | 5/2026 | 122000000 | 123159814 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 8/2027 - 8/2034 | 125185827 |
| Lloyds Bank PLC | 3.72 | 1/2026 | 4/2026 | 60000000 | 60564200 | U.S. Treasuries (including strips) | 0.50 - 4.50 | 8/2027 - 2/2034 | 61611064 |
| Lloyds Bank PLC | 3.72 | 1/2026 | 4/2026 | 121000000 | 122125300 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 7/2027 - 3/2033 | 124287331 |
| Lloyds Bank PLC | 3.71 | 1/2026 | 4/2026 | 121000000 | 122122275 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/2027 - 8/2034 | 124310396 |
| MUFG Securities (Canada), Ltd. | 3.71 | 3/2026 | 6/2026 | 137000000 | 138073014 | Agency Mortgage-Backed Securities | 1.46 - 7.50 | 11/2032 - 1/2056 | 133595963 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 3.81 | 7/2027 - 2/2048 | 1649511 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 2.88 | 3/2029 | 4694435 |
|  |  |  |  |  |  |  |  |  | 139939909 |
| MUFG Securities (Canada), Ltd. | 3.70 | 3/2026 | 6/2026 | 121000000 | 121945144 | U.S. Treasuries (including strips) | 0.50 - 4.88 | 4/2026 - 11/2052 | 123584958 |
| MUFG Securities EMEA PLC | 3.67 | 3/2026 | 4/2026 | 240000000 | 240758467 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 7/2027 - 2/2035 | 245279042 |
| MUFG Securities EMEA PLC | 3.67 | 3/2026 | 4/2026 | 293000000 | 293925961 | U.S. Treasuries (including strips) | 1.25 - 4.63 | 10/2026 - 2/2035 | 299725908 |
| MUFG Securities EMEA PLC | 3.67 | 3/2026 | 4/2026 | 331000000 | 331033744 | U.S. Treasuries (including strips) | 0.00 - 4.00 | 4/2026 - 2/2030 | 337626781 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 3.71 | 3/2026 | 6/2026 | 412000000 | 415226876 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 9/2026 - 7/2060 | 420803005 |
| Mizuho Bank, Ltd. | 3.67 | 3/2026 | 4/2026 | 189000000 | 189019268 | U.S. Treasuries (including strips) | 1.63 | 5/2031 | 192912190 |
| NatWest Market Securities Inc | 3.66 | 3/2026 | 4/2026 | 325000000 | 325231292 | U.S. Treasuries (including strips) | 0.50 - 4.25 | 4/2027 - 11/2034 | 331533733 |
| Norinchukin Bank | 3.66 | 3/2026 | 4/2026 | 120000000 | 120085400 | U.S. Treasuries (including strips) | 0.00 - 3.38 | 5/2033 - 8/2033 | 122400022 |
| Norinchukin Bank | 3.68 | 3/2026 | 4/2026 | 122000000 | 122087298 | U.S. Treasuries (including strips) | 3.38 - 4.75 | 5/2033 - 2/2037 | 124503644 |
| Prudential Insurance Co. of America | 3.68 | 3/2026 | 4/2026 | 747873550 | 747949999 | U.S. Treasuries (including strips) | 0.00 - 5.50 | 6/2026 - 5/2045 | 762816350 |
| RBC Dominion Securities | 3.67 | 3/2026 | 4/2026 | 569000000 | 571436268 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 5/2026 - 8/2055 | 581697854 |
| RBC Dominion Securities | 3.68 | 2/2026 | 4/2026 | 676000000 | 680284338 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 2/2035 - 3/2061 | 664234680 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.50 | 4/2026 - 2/2049 | 27838149 |
|  |  |  |  |  |  |  |  |  | 692072829 |
| RBC Dominion Securities | 3.68 | 2/2026 | 4/2026 | 1046000000 | 1053057013 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 2/2027 - 11/2065 | 1046454788 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.88 | 5/2026 - 11/2054 | 24946983 |
|  |  |  |  |  |  |  |  |  | 1071401771 |
| RBC Dominion Securities | 3.66 | 3/2026 | 4/2026 | 377000000 | 377268298 | U.S. Treasuries (including strips) | 1.13 - 5.00 | 10/2026 - 8/2055 | 384579111 |
| RBC Financial Group | 3.65 | 1/2026 | 6/2026 | 266000000 | 269937538 | Agency Mortgage-Backed Securities | 4.61 - 5.50 | 1/2035 - 2/2056 | 14612052 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.63 | 5/2026 - 2/2054 | 259711155 |
|  |  |  |  |  |  |  |  |  | 274323207 |
| RBC Financial Group | 3.65 | 1/2026 | 6/2026 | 123000000 | 124833212 | Agency Mortgage-Backed Securities | 4.39 - 6.50 | 11/2032 - 2/2056 | 22547695 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 4.25 | 7/2026 - 11/2050 | 103868403 |
|  |  |  |  |  |  |  |  |  | 126416098 |
| RBC Financial Group | 3.68 | 3/2026 | 4/2026 | 1252000000 | 1257375253 | Agency Mortgage-Backed Securities | 4.50 - 6.00 | 10/2053 - 3/2056 | 7416184 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 6.13 | 4/2026 - 11/2055 | 1272615100 |
|  |  |  |  |  |  |  |  |  | 1280031284 |
| RBC Financial Group | 3.68 | 3/2026 | 4/2026 | 626000000 | 628687627 | Agency Mortgage-Backed Securities | 3.50 - 6.50 | 4/2048 - 12/2055 | 148084178 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.63 | 6/2026 - 11/2055 | 493949928 |
|  |  |  |  |  |  |  |  |  | 642034106 |
| Royal Bank of Canada | 3.66 | 3/2026 | 4/2026 | 377000000 | 377268298 | U.S. Treasuries (including strips) | 1.50 - 4.13 | 12/2028 - 5/2052 | 384631139 |
| SMBC Nikko Securities America Inc | 3.67 | 3/2026 | 4/2026 | 699000000 | 699071259 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 5/2026 - 5/2048 | 713056680 |
| SMBC Nikko Securities America Inc | 3.67 | 3/2026 | 4/2026 | 250000000 | 250025486 | Agency Mortgage-Backed Securities | 1.50 - 6.50 | 5/2031 - 10/2055 | 255025996 |
| Societe Generale | 3.66 | 3/2026 | 4/2026 | 478000000 | 478291580 | U.S. Treasuries (including strips) | 2.00 - 4.13 | 8/2032 - 8/2051 | 487808109 |
| Sumitomo Mitsui Banking Corp | 3.70 | 3/2026 | 4/2026 | 42000000 | 42060433 | U.S. Treasuries (including strips) | 1.63 - 4.50 | 8/2028 - 11/2033 | 42965668 |
| TD Securities (U.S.A.) | 3.67 | 3/2026 | 4/2026 | 197000000 | 197020083 | Agency Mortgage-Backed Securities | 2.00 - 6.00 | 8/2050 - 3/2056 | 200960485 |
| Wells Fargo Bank NA | 3.68 | 3/2026 | 4/2026 | 210000000 | 210150267 | U.S. Treasuries (including strips) | 4.00 | 1/2031 - 7/2032 | 214331426 |
| Wells Fargo Bank NA | 3.67 | 3/2026 | 4/2026 | 734000000 | 734448963 | U.S. Treasuries (including strips) | 0.75 - 4.63 | 8/2027 - 3/2032 | 749061658 |
| Wells Fargo Securities, LLC | 3.73 | 3/2026 | 6/2026 | 822000000 | 829750318 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 11/2027 - 4/2056 | 839569333 |
| Wells Fargo Securities, LLC | 3.71 | 3/2026 | 6/2026 | 275000000 | 277578965 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 6/2032 - 3/2056 | 281049235 |
| Wells Fargo Securities, LLC | 3.71 | 3/2026 | 6/2026 | 1381000000 | 1393808775 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 8/2026 - 4/2056 | 1411668489 |
| Wells Fargo Securities, LLC | 3.72 | 3/2026 | 6/2026 | 357000000 | 360356990 | Agency Mortgage-Backed Securities | 1.50 - 8.00 | 12/2030 - 4/2056 | 365231207 |
| Wells Fargo Securities, LLC | 3.72 | 2/2026 | 5/2026 | 552000000 | 557418800 | Agency Debentures and Agency Strips | 4.71 - 5.76 | 8/2053 - 10/2055 | 570910048 |
| Wells Fargo Securities, LLC | 3.71 | 2/2026 | 5/2026 | 275000000 | 277522285 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 7/2033 - 4/2056 | 281685191 |
| Wells Fargo Securities, LLC | 3.71 | 2/2026 | 5/2026 | 275000000 | 277522285 | Agency Collateralized Mortgage Obligation | 0.68 - 5.11 | 7/2027 - 3/2055 | 284476001 |
| Wells Fargo Securities, LLC | 3.70 | 2/2026 | 5/2026 | 276000000 | 278666467 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 6/2030 - 4/2056 | 282995635 |
| Wells Fargo Securities, LLC | 3.70 | 2/2026 | 5/2026 | 554000000 | 559010622 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 4/2032 - 4/2056 | 567809651 |
| Wells Fargo Securities, LLC | 3.70 | 3/2026 | 4/2026 | 139000000 | 139414297 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 2/2031 - 3/2056 | 142100580 |
| Wells Fargo Securities, LLC | 3.69 | 1/2026 | 4/2026 | 138000000 | 139273050 | Agency Mortgage-Backed Securities | 2.50 - 7.00 | 5/2040 - 4/2056 | 141971944 |
| **Total Repurchase Agreements** |  |  |  | 110939325550 | 111107981399 |  |  |  | 113274790355 |

---

**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 ($)** |
| **$2,194,432,000 due 04/01/2026 at 3.67%** |  |
| BofA Securities Inc | 498123000 |
| MUFG Securities (Canada) Ltd. | 337353000 |
| Rbc Dominion Securities Inc | 455693000 |
| Societe Generale SA | 498123000 |
| Sumitomo Mitsui Banking Corp/New York | 405140000 |
|  | 2194432000 |
| **$6,806,235,000 due 04/01/2026 at 3.67%** |  |
| Bank of America NA | 748438000 |
| HSBC Securities Inc (USA) | 400647000 |
| MUFG Securities (Canada) Ltd. | 571723000 |
| Rbc Dominion Securities Inc | 657170000 |
| Sumitomo Mitsui Banking Corp | 1871094000 |
| Sumitomo Mitsui Banking Corp/New York | 1122657000 |
| Wells Fargo Bank NA | 311849000 |
| Wells Fargo Securities LLC | 1122657000 |
|  | 6806235000 |

---

**Government Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $123,965,992,550) - See accompanying schedule:<br>Unaffiliated issuers (cost $265,938,690,616)<br>|  | $265938690616 |
| Cash |  | 1688006054 |
| Receivable for fund shares sold |  | 792028482 |
| Interest receivable |  | 398843112 |
| Prepaid expenses |  | 86445 |
| Receivable from investment adviser for expense reductions |  | 6867926 |
| Other receivables |  | 2311451 |
| **Total assets** |  | 268826834086 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $7187473484 |  |
| Payable for fund shares redeemed | 1002228023 |  |
| Distributions payable | 361211382 |  |
| Accrued management fee | 31158554 |  |
| Distribution and service plan fees payable | 1795290 |  |
| Other affiliated payables | 8851070 |  |
| Other payables and accrued expenses | 7861975 |  |
| **Total liabilities** |  | 8600579778 |
| **Net Assets**  |  | $260226254308 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $260245494281 |
| Total accumulated earnings (loss) |  | (19239973) |
| **Net Assets** |  | $260226254308 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($54,782,047,471 ÷ 54,772,247,691 shares) |  | $1.00 |
| **Class II :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,166,586,731 ÷ 2,165,685,712 shares) |  | $1.00 |
| **Class III :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,479,696,168 ÷ 7,476,686,172 shares) |  | $1.00 |
| **Select Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($146,333,498 ÷ 146,327,167 shares) |  | $1.00 |
| **Institutional Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($195,651,590,440 ÷ 195,673,998,759 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended March 31, 2026** | <br> **Year ended March 31, 2026** | <br> **Year ended March 31, 2026** |
| **Investment Income** |  |  |
| Interest  |  | $10400688251 |
| **Expenses** |  |  |
| Management fee | $353601081 |  |
| Transfer agent fees | 94722290 |  |
| Distribution and service plan fees | 20365540 |  |
| Accounting fees and expenses | 5757596 |  |
| Custodian fees and expenses | 1216640 |  |
| Independent trustees' fees and expenses | 579561 |  |
| Registration fees | 6892034 |  |
| Audit fees | 65832 |  |
| Legal | 94576 |  |
| Miscellaneous | 465041 |  |
| Total expenses before reductions | 483760191 |  |
| Expense reductions | (84139784) |  |
| Total expenses after reductions |  | 399620407 |
| **Net Investment income (loss)** |  | 10001067844 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 503381 |  |
| Total net realized gain (loss) |  | 503381 |
| **Net increase in net assets resulting from operations** |  | $10001571225 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **March 31, 2026** | **Year ended**<br> **March 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $10001067844 | $10080917215 |
| &nbsp;&nbsp;Net realized gain (loss) | 503381<br>| 575839<br>|
| **Net increase in net assets resulting from operations** | 10001571225<br>| 10081493054<br>|
| Distributions to shareholders | (10031693726)<br>| (10069673682)<br>|
| Share transactions - net increase (decrease) | 35141262155<br>| 26286919974<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 35111139654<br>| 26298739346<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 225115114654 | 198816375308<br>|
| &nbsp;&nbsp;End of period | $260226254308 | $225115114654 |

---

**Financial Highlights** 

**Government Portfolio Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .039  | .048  | .051  | .025  | - B |
| Net realized and unrealized gain (loss)  | .001  | - B | - B | - B | - B |
| Total from investment operations  | .040  | .048  | .051  | .025  | - B |
| Distributions from net investment income  | (.040)  | (.048)  | (.051)  | (.025)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.040)  | (.048)  | (.051)  | (.025)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 4.03% <br>| 4.91%  | 5.26%  | 2.57%  | .02%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .21%  | .21%  | .21%  | .21%  | .20%  |
| Expenses net of fee waivers, if any  | .18% <br>| .18%  | .18%  | .18%  | .08%  |
| Expenses net of all reductions, if any  | .18%  | .18%  | .18%  | .18%  | .08%  |
| Net investment income (loss)  | 3.94%  | 4.79%  | 5.14%  | 2.61%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $54782047 | $53167650 | $42265971 | $44904989 | $30836096 |

---

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*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.*

E*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.*

**Government Portfolio Class II**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .038  | .047  | .050  | .024  | - B |
| Net realized and unrealized gain (loss)  | - B | (.001) C | - B | - B | - B |
| Total from investment operations  | .038  | .046  | .050  | .024  | - B |
| Distributions from net investment income  | (.038)  | (.046)  | (.050)  | (.024)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.038)  | (.046)  | (.050)  | (.024)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** D | 3.87% <br>| 4.75%  | 5.10%  | 2.41%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .36%  | .36%  | .36%  | .36%  | .35%  |
| Expenses net of fee waivers, if any  | .33% <br>| .33%  | .33%  | .33%  | .08%  |
| Expenses net of all reductions, if any  | .33%  | .33%  | .33%  | .33%  | .08%  |
| Net investment income (loss)  | 3.79%  | 4.64%  | 4.99%  | 2.46%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2166587 | $1384543 | $1317113 | $942328 | $959467 |

---

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 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.*

**Government Portfolio Class III**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .037  | .046  | .049  | .023  | - B |
| Net realized and unrealized gain (loss)  | - B | (.001) C | - B | - B | - B |
| Total from investment operations  | .037  | .045  | .049  | .023  | - B |
| Distributions from net investment income  | (.037)  | (.045)  | (.049)  | (.023)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.037)  | (.045)  | (.049)  | (.023)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** D | 3.77% <br>| 4.65%  | 5.00%  | 2.32%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .46%  | .46%  | .46%  | .46%  | .45%  |
| Expenses net of fee waivers, if any  | .43% <br>| .43%  | .43%  | .42%  | .08%  |
| Expenses net of all reductions, if any  | .43%  | .43%  | .43%  | .42%  | .08%  |
| Net investment income (loss)  | 3.69%  | 4.54%  | 4.89%  | 2.37%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7479696 | $6841746 | $5714437 | $4188981 | $3764164 |

---

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 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.*

**Government Portfolio Select Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .039  | .048  | .051  | .025  | - B |
| Net realized and unrealized gain (loss)  | - B | (.001) C | - B | - B | - B |
| Total from investment operations  | .039  | .047  | .051  | .025  | - B |
| Distributions from net investment income  | (.039)  | (.047)  | (.051)  | (.025)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.039)  | (.047)  | (.051)  | (.025)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** D | 3.97% <br>| 4.85%  | 5.21%  | 2.51%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .26%  | .26%  | .26%  | .26%  | .25%  |
| Expenses net of fee waivers, if any  | .23% <br>| .23%  | .23%  | .23%  | .08%  |
| Expenses net of all reductions, if any  | .23%  | .23%  | .23%  | .23%  | .08%  |
| Net investment income (loss)  | 3.89%  | 4.74%  | 5.09%  | 2.56%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $146333 | $255424 | $217340 | $218451 | $292713 |

---

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 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.*

**Government Portfolio Institutional Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .040  | .048  | .052  | .026  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .040  | .048  | .052  | .026  | - B |
| Distributions from net investment income  | (.040)  | (.048)  | (.052)  | (.026)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | - B |
| Total distributions  | (.040)  | (.048)  | (.052)  | (.026)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 4.07% <br>| 4.95%  | 5.30%  | 2.61%  | .02%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .18%  | .18%  | .18%  | .18%  | .17%  |
| Expenses net of fee waivers, if any  | .14% <br>| .14%  | .14%  | .14%  | .07%  |
| Expenses net of all reductions, if any  | .14%  | .14%  | .14%  | .14%  | .07%  |
| Net investment income (loss)  | 3.98%  | 4.83%  | 5.18%  | 2.65%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $195651590 | $163465752 | $149301514 | $121893333 | $91880707 |

---

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*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.*

E*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.*

**Money Market Portfolio**

**Schedule of Investments March 31, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 54.4%** | &nbsp;&nbsp;**Repurchase Agreements - 54.4%** | &nbsp;&nbsp;**Repurchase Agreements - 54.4%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Fixed Income Clearing Corp - Credit Agricole 3.67%, dated 4/1/2026 due 4/2/2026 (b) | 1625165660 | 1625000000 |
| Fixed Income Clearing Corp - Credit Agricole 3.67%, dated 4/1/2026 due 4/2/2026 (b) | 853086959 | 853000000 |
| Investments in repurchase agreements in a joint trading account at 3.67%, dated 3/31/2026 due 4/1/2026 (Collateralized by U.S. Government Obligations)#  | 4376223184 | 4375777000 |
| Investments in repurchase agreements in a joint trading account at 3.67%, dated 3/31/2026 due 4/1/2026 (Collateralized by U.S. Government Obligations)#  | 204547850 | 204527000 |
| Repurchase Agreements\*  | 81594549028 | 81455025000 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $88,513,329,000) |  | **88513329000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Certificates of Deposit - 4.5%** | &nbsp;&nbsp;**Certificates of Deposit - 4.5%** | &nbsp;&nbsp;**Certificates of Deposit - 4.5%** | &nbsp;&nbsp;**Certificates of Deposit - 4.5%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Bank of America NA 3.78% 8/27/2026  | 3.78 | 535000000 | 535000000 |
| Bank of America NA 3.81% 6/15/2026  | 3.81 | 267000000 | 267000000 |
| Bank of America NA 3.98% 4/2/2026  | 3.98 | 263000000 | 263000000 |
| Bank of America NA 3.98% 4/6/2026  | 3.98 | 263000000 | 263000000 |
| Bank of Nova Scotia/Houston yankee 3.83% 7/17/2026  | 3.83 | 530000000 | 530000000 |
| Mitsubishi UFJ Trust & Banking Corp/NY yankee 3.9% 4/17/2026  | 3.90 | 266000000 | 266000000 |
| Mitsubishi UFJ Trust & Banking Corp/NY yankee 3.94% 4/14/2026  | 3.94 | 265000000 | 265000000 |
| Mizuho Bank Ltd/New York NY yankee 3.78% 6/9/2026  | 3.78 | 267000000 | 267000000 |
| Mizuho Bank Ltd/New York NY yankee 3.89% 4/1/2026  | 3.89 | 266000000 | 266000000 |
| Mizuho Bank Ltd/New York NY yankee 3.89% 4/17/2026  | 3.89 | 318500000 | 318500000 |
| MUFG Bank Ltd/New York NY yankee 3.87% 4/30/2026  | 3.87 | 266000000 | 266000000 |
| Sumitomo Mitsui Trust NY yankee 3.78% 5/18/2026  | 3.78 | 315000000 | 315000000 |
| Sumitomo Mitsui Trust NY yankee 3.78% 5/19/2026  | 3.78 | 328000000 | 328000000 |
| Sumitomo Mitsui Trust NY yankee 3.79% 4/13/2026  | 3.79 | 267000000 | 267000000 |
| Sumitomo Mitsui Trust NY yankee 3.79% 4/14/2026  | 3.79 | 160000000 | 160000000 |
| Sumitomo Mitsui Trust NY yankee 3.79% 4/16/2026  | 3.79 | 213000000 | 213000000 |
| Sumitomo Mitsui Trust NY yankee 3.79% 4/17/2026  | 3.79 | 327000000 | 327000000 |
| Sumitomo Mitsui Trust NY yankee 3.79% 4/20/2026  | 3.79 | 218000000 | 218000000 |
| Sumitomo Mitsui Trust NY yankee 3.79% 4/21/2026  | 3.79 | 273000000 | 273000000 |
| Sumitomo Mitsui Trust NY yankee 3.79% 4/22/2026  | 3.79 | 273000000 | 273000000 |
| Sumitomo Mitsui Trust NY yankee 3.79% 4/27/2026  | 3.79 | 267000000 | 267000000 |
| Sumitomo Mitsui Trust NY yankee 3.79% 4/30/2026  | 3.79 | 267000000 | 267000000 |
| Sumitomo Mitsui Trust NY yankee 3.79% 5/7/2026  | 3.79 | 160500000 | 160500000 |
| Sumitomo Mitsui Trust NY yankee 3.79% 5/8/2026  | 3.79 | 268000000 | 268000000 |
| Sumitomo Mitsui Trust NY yankee 3.86% 4/6/2026  | 3.86 | 266000000 | 266000000 |
| Toronto-Dominion Bank/NY yankee 3.85% 7/1/2026  | 3.85 | 265000000 | 265000000 |
| <br> **TOTAL CERTIFICATES OF DEPOSIT**<br> (Cost $7,374,000,000) |  |  | **7374000000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 10.9%** | &nbsp;&nbsp;**Commercial Paper - 10.9%** | &nbsp;&nbsp;**Commercial Paper - 10.9%** | &nbsp;&nbsp;**Commercial Paper - 10.9%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Autobahn Funding Co LLC yankee 3.73% 4/1/2026 (Liquidity Facility Dz Bank Ag Deutsche Zentral Ge Nossenschaftsbank)  | 3.73 | 87000000 | 87000000 |
| Bank of Montreal yankee 3.77% 4/23/2026  | 3.80 | 533000000 | 531772027 |
| Bank of Montreal yankee 3.77% 4/23/2026  | 3.80 | 266000000 | 265387166 |
| Bank of Montreal yankee 3.77% 4/27/2026  | 3.80 | 267000000 | 266273018 |
| Bank of Montreal yankee 3.77% 4/27/2026  | 3.80 | 267000000 | 266273018 |
| Bank of Montreal yankee 3.77% 4/28/2026  | 3.80 | 800000000 | 797738000 |
| Bank of Montreal yankee 3.81% 6/11/2026  | 3.88 | 185000000 | 183609879 |
| Bank of Montreal yankee 3.82% 4/23/2026  | 3.87 | 687000000 | 685396237 |
| Bank of Nova Scotia/The yankee 3.71% 8/12/2026  | 3.78 | 266000000 | 262354100 |
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 3.76% 4/10/2026 (d) | 3.79 | 267000000 | 266749020 |
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 3.76% 4/7/2026 (d) | 3.79 | 107000000 | 106932947 |
| Bedford Row Funding Corp 3.84% 6/2/2026 (Liquidity Facility Royal Bank Of Canada)  | 3.92 | 133000000 | 132120427 |
| Bedford Row Funding Corp 3.84% 6/5/2026 (Liquidity Facility Royal Bank Of Canada)  | 3.92 | 80000000 | 79445333 |
| Bedford Row Funding Corp 3.91% 5/1/2026 (Liquidity Facility Royal Bank Of Canada)  | 3.99 | 105000000 | 104657875 |
| Bedford Row Funding Corp 3.92% 5/20/2026 (Liquidity Facility Royal Bank Of Canada)  | 4.00 | 133000000 | 132290371 |
| Bedford Row Funding Corp 3.92% 5/4/2026 (Liquidity Facility Royal Bank Of Canada)  | 4.00 | 53000000 | 52809553 |
| BofA Securities Inc 3.75% 7/16/2026  | 3.82 | 133000000 | 131531458 |
| BofA Securities Inc 3.86% 4/28/2026  | 3.94 | 263000000 | 262238616 |
| BofA Securities Inc 3.88% 4/16/2026  | 3.96 | 132000000 | 131786600 |
| BofA Securities Inc 3.88% 4/17/2026  | 3.96 | 132000000 | 131772373 |
| Cabot Trail Funding LLC 3.845% 4/15/2026 (Liquidity Facility The Toronto Dominion Bank)  | 3.89 | 30000000 | 29955142 |
| Cabot Trail Funding LLC 3.85% 5/29/2026 (Liquidity Facility The Toronto Dominion Bank)  | 3.92 | 49000000 | 48696064 |
| Cabot Trail Funding LLC 3.85% 5/29/2026 (Liquidity Facility The Toronto Dominion Bank)  | 3.92 | 27000000 | 26832525 |
| Cabot Trail Funding LLC 3.88% 6/1/2026 (Liquidity Facility The Toronto Dominion Bank)  | 3.96 | 145000000 | 144046706 |
| Cabot Trail Funding LLC 3.92% 5/14/2026 (Liquidity Facility The Toronto Dominion Bank)  | 4.00 | 66000000 | 65690973 |
| Cabot Trail Funding LLC 3.92% 5/18/2026 (Liquidity Facility The Toronto Dominion Bank)  | 4.00 | 158000000 | 157191391 |
| Cabot Trail Funding LLC 3.92% 5/20/2026 (Liquidity Facility The Toronto Dominion Bank)  | 4.00 | 66000000 | 65647853 |
| Cabot Trail Funding LLC 3.94% 4/6/2026 (Liquidity Facility The Toronto Dominion Bank)  | 4.02 | 79000000 | 78956769 |
| Commonwealth Bank of Australia U.S. SOFR Index + 0.22%, 4.9971% 5/21/2026 (e)(f) | 5.00 | 100000000 | 99998629 |
| Commonwealth Bank of Australia U.S. SOFR Index + 0.23%, 3.85% 5/26/2026 (e)(f) | 3.85 | 132000000 | 132000000 |
| Commonwealth Bank of Australia U.S. SOFR Index + 0.23%, 3.94% 6/2/2026 (e)(f) | 3.94 | 105000000 | 105000000 |
| DNB Bank ASA yankee 3.85% 4/16/2026  | 3.93 | 383000000 | 382385604 |
| Gotham Funding Corp yankee 3.84% 4/22/2026 (Liquidity Facility Mufg Bank Ltd)  | 3.89 | 132000000 | 131704320 |
| Gotham Funding Corp yankee 3.84% 4/22/2026 (Liquidity Facility Mufg Bank Ltd)  | 3.89 | 53000000 | 52881280 |
| ING US Funding LLC 3.74% 6/12/2026  | 3.79 | 160000000 | 158803200 |
| Landesbank Baden-Wuerttemberg yankee 3.68% 4/7/2026  | 3.68 | 806000000 | 805505653 |
| Liberty Street Funding LLC 3.84% 4/15/2026 (Liquidity Facility The Bank Of Nova Scotia)  | 3.89 | 52000000 | 51922347 |
| Liberty Street Funding LLC 3.84% 4/16/2026 (Liquidity Facility The Bank Of Nova Scotia)  | 3.89 | 54000000 | 53913600 |
| Liberty Street Funding LLC 3.84% 4/17/2026 (Liquidity Facility The Bank Of Nova Scotia)  | 3.89 | 53000000 | 52909547 |
| Liberty Street Funding LLC 3.92% 4/7/2026 (Liquidity Facility The Bank Of Nova Scotia)  | 3.97 | 158000000 | 157896773 |
| Lloyds Bank PLC yankee 3.745% 6/3/2026  | 3.78 | 267000000 | 265250149 |
| Lloyds Bank PLC yankee 3.745% 6/9/2026  | 3.80 | 399000000 | 396136011 |
| Mitsubishi UFJ Trust & Banking Corp/NY yankee 3.745% 6/18/2026  | 3.79 | 266000000 | 263841632 |
| National Australia Bank Ltd U.S. SOFR Index + 0.23%, 3.86% 5/26/2026 (e)(f) | 3.86 | 329000000 | 329000000 |
| National Australia Bank Ltd U.S. SOFR Index + 0.23%, 3.86% 5/27/2026 (e)(f) | 3.86 | 264000000 | 264000000 |
| Podium Funding Trust U.S. SOFR Index + 0.24%, 3.87% 5/20/2026 (Liquidity Facility Bank Of Montreal Que) (e)(f) | 3.87 | 79000000 | 79000000 |
| Podium Funding Trust yankee 3.74% 7/8/2026 (Liquidity Facility Bank Of Montreal Que)  | 3.81 | 106000000 | 104920802 |
| Podium Funding Trust yankee 3.85% 6/4/2026 (Liquidity Facility Bank Of Montreal Que)  | 3.93 | 91000000 | 90377156 |
| Podium Funding Trust yankee 3.86% 6/2/2026 (Liquidity Facility Bank Of Montreal Que)  | 3.94 | 106000000 | 105295336 |
| Podium Funding Trust yankee 3.93% 4/1/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.01 | 104000000 | 104000000 |
| Podium Funding Trust yankee 3.93% 5/19/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.01 | 141000000 | 140261160 |
| Podium Funding Trust yankee 3.93% 5/19/2026 (Liquidity Facility Bank Of Montreal Que)  | 4.01 | 9500000 | 9450219 |
| Royal Bank of Canada 3.835% 4/22/2026  | 3.91 | 789000000 | 787234942 |
| Royal Bank of Canada 3.94% 6/1/2026  | 4.03 | 527000000 | 523481689 |
| Royal Bank of Canada 3.96% 4/1/2026  | 4.04 | 523000000 | 523000000 |
| Sheffield Receivables Co LLC yankee 3.72% 4/1/2026 (Liquidity Facility Barclays Bank Plc)  | 3.74 | 27000000 | 27000000 |
| Sheffield Receivables Co LLC yankee 3.72% 4/2/2026 (Liquidity Facility Barclays Bank Plc)  | 3.74 | 55000000 | 54994317 |
| Sheffield Receivables Co LLC yankee 3.72% 4/2/2026 (Liquidity Facility Barclays Bank Plc)  | 3.74 | 53000000 | 52994523 |
| Sheffield Receivables Co LLC yankee 3.72% 4/2/2026 (Liquidity Facility Barclays Bank Plc)  | 3.74 | 25000000 | 24997417 |
| Sheffield Receivables Co LLC yankee 3.72% 4/6/2026 (Liquidity Facility Barclays Bank Plc)  | 3.75 | 55000000 | 54971583 |
| Sheffield Receivables Co LLC yankee 3.72% 4/6/2026 (Liquidity Facility Barclays Bank Plc)  | 3.75 | 52000000 | 51973133 |
| Sheffield Receivables Co LLC yankee 3.73% 4/17/2026 (Liquidity Facility Barclays Bank Plc)  | 3.75 | 106000000 | 105824276 |
| Sumitomo Mitsui Trust Bank Ltd/Singapore yankee 3.775% 5/13/2026  | 3.81 | 267000000 | 265824088 |
| Sumitomo Mitsui Trust Bank Ltd/Singapore yankee 3.775% 5/14/2026  | 3.82 | 267000000 | 265796089 |
| Sumitomo Mitsui Trust Bank Ltd/Singapore yankee 3.775% 5/15/2026  | 3.82 | 267000000 | 265768092 |
| Sumitomo Mitsui Trust Bank Ltd/Singapore yankee 3.775% 5/4/2026  | 3.81 | 109000000 | 108622815 |
| Sumitomo Mitsui Trust Bank Ltd/Singapore yankee 3.775% 5/5/2026  | 3.81 | 96000000 | 95657732 |
| Sumitomo Mitsui Trust Bank Ltd/Singapore yankee 3.775% 5/6/2026  | 3.81 | 209000000 | 208232941 |
| Svenska Handelsbanken AB yankee 3.92% 5/20/2026  | 4.00 | 342000000 | 340175240 |
| Thunder Bay Funding LLC 3.92% 5/6/2026 (Liquidity Facility Royal Bank Of Canada)  | 4.00 | 53000000 | 52798011 |
| Toronto Dominion Bank yankee 3.71% 8/13/2026  | 3.78 | 532000000 | 524653375 |
| Toronto Dominion Bank yankee 3.775% 7/1/2026  | 3.85 | 515000000 | 510085684 |
| Toronto Dominion Bank yankee 3.775% 7/2/2026  | 3.85 | 542000000 | 536771205 |
| Toronto Dominion Bank yankee 3.785% 7/10/2026  | 3.86 | 528000000 | 522448666 |
| Toronto Dominion Bank yankee 3.845% 6/5/2026  | 3.92 | 792000000 | 786501650 |
| Toronto Dominion Bank yankee 3.85% 5/4/2026  | 3.93 | 614000000 | 611833092 |
| Toronto Dominion Bank yankee 3.92% 5/1/2026  | 4.00 | 421000000 | 419624733 |
| Toronto Dominion Bank yankee 3.92% 5/5/2026  | 4.00 | 105000000 | 104611267 |
| Victory Receivables Corp 3.84% 4/22/2026 (Liquidity Facility Mufg Bank Ltd)  | 3.89 | 53000000 | 52881280 |
| <br> **TOTAL COMMERCIAL PAPER**<br> (Cost $17,710,366,699) |  |  | **17710366699** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Time Deposits - 2.2%** | &nbsp;&nbsp;**Time Deposits - 2.2%** | &nbsp;&nbsp;**Time Deposits - 2.2%** | &nbsp;&nbsp;**Time Deposits - 2.2%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| ABN AMRO Bank 3.67% 4/1/2026  | 3.67 | 174000000 | 174000000 |
| Australia & New Zealand Banking Group Ltd/Grand Cayman 3.68% 4/2/2026  | 3.68 | 265000000 | 265000000 |
| Credit Agricole Cib Ldn (Td) 3.68% 4/7/2026  | 3.68 | 537000000 | 537000000 |
| Royal Bank of Canada Toronto 3.71% 4/1/2026  | 3.71 | 1858000000 | 1858000000 |
| Toronto Dominion Bank/Toronto 3.67% 4/1/2026  | 3.67 | 267874000 | 267874000 |
| Toronto Dominion Bank/Toronto 3.68% 4/7/2026  | 3.68 | 537000000 | 537000000 |
| <br> **TOTAL TIME DEPOSITS**<br> (Cost $3,638,874,000) |  |  | **3638874000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 31.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 31.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 31.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 31.4%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 4/2/2026  | 3.60 to 3.68 | 2492700000 | 2492448937 |
| US Treasury Bills 0% 4/23/2026  | 3.62 | 1584000000 | 1580524880 |
| US Treasury Bills 0% 4/28/2026  | 3.60 | 1508000000 | 1503979295 |
| US Treasury Bills 0% 4/9/2026  | 3.62 to 3.65 | 1812000000 | 1810538197 |
| US Treasury Bills 0% 5/14/2026  | 3.63 | 2071000000 | 2062093895 |
| US Treasury Bills 0% 5/19/2026  | 3.60 to 3.66 | 3250000000 | 3234413332 |
| US Treasury Bills 0% 5/21/2026  | 3.62 to 3.63 | 1757000000 | 1748216635 |
| US Treasury Bills 0% 5/26/2026  | 3.62 to 3.65 | 3300000000 | 3281824790 |
| US Treasury Bills 0% 5/7/2026  | 3.63 to 3.64 | 1716000000 | 1709822070 |
| US Treasury Bills 0% 6/11/2026  | 3.64 | 1630000000 | 1618410926 |
| US Treasury Bills 0% 6/16/2026  | 3.64 | 1650000000 | 1637477416 |
| US Treasury Bills 0% 6/18/2026  | 3.64 | 1650000000 | 1637094249 |
| US Treasury Bills 0% 6/2/2026  | 3.63 | 1650000000 | 1639798416 |
| US Treasury Bills 0% 6/23/2026  | 3.64 | 1650000000 | 1636324020 |
| US Treasury Bills 0% 6/25/2026  | 3.67 | 349000000 | 346004659 |
| US Treasury Bills 0% 6/30/2026  | 3.63 | 2500000000 | 2477562499 |
| US Treasury Bills 0% 6/4/2026  | 3.64 | 3250000000 | 3229142222 |
| US Treasury Bills 0% 6/9/2026  | 3.64 | 1650000000 | 1638630812 |
| US Treasury Bills 0% 7/14/2026  | 3.64 | 1293000000 | 1279552800 |
| US Treasury Bills 0% 7/2/2026  | 3.65 to 3.68 | 3751000000 | 3716584187 |
| US Treasury Bills 0% 7/21/2026  | 3.65 | 2450000000 | 2422729455 |
| US Treasury Bills 0% 7/28/2026  | 3.66 to 3.68 | 1972000000 | 1948524905 |
| US Treasury Bills 0% 7/7/2026  | 3.63 | 1650000000 | 1634039458 |
| US Treasury Bills 0% 9/10/2026  | 3.60 | 1274400000 | 1254127481 |
| US Treasury Bills 0% 9/24/2026  | 3.70 | 866700000 | 851318963 |
| US Treasury Bills 0% 9/3/2026  | 3.60 | 1400500000 | 1379184194 |
| US Treasury Notes 0.875% 6/30/2026  | 3.73 | 39000000 | 38727287 |
| US Treasury Notes 4.5% 7/15/2026  | 3.74 | 41000000 | 41088811 |
| US Treasury Notes 4.625% 6/30/2026  | 3.74 | 90000000 | 90194712 |
| US Treasury Notes Inflation-Indexed 0.125% 4/15/2026  | -1.26 to -1.19 | 1111255040 | 1111824853 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $51,052,204,356) |  |  | **51052204356** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.4%**<br> (Cost $168,288,774,055)<br>| <br>**168288774055** |
| **NET OTHER ASSETS (LIABILITIES) - (3.4)%**  | **(5509296215)** |
| **NET ASSETS - 100.0%** | **162779477840** |

---

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) 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 $373,681,967 or 0.2% of net assets.

(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) 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 | 3.67 | 3/2026 | 4/2026 | 224000000 | 224022836 | Agency Mortgage-Backed Securities | 3.00 - 7.00 | 12/2026 - 11/2055 | 199562803 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.63 - 4.63 | 10/2026 - 2/2035 | 29043918 |
|  |  |  |  |  |  |  |  |  | 228606721 |
| BMO Capital Markets Corp | 3.69 | 3/2026 | 4/2026 | 25000000 | 25094813 | U.S. Treasuries (including strips) | 1.38 | 7/2033 | 25786981 |
| BMO Capital Markets Corp | 3.66 | 3/2026 | 4/2026 | 58000000 | 58094347 | U.S. Treasuries (including strips) | 1.38 - 4.63 | 11/2040 - 2/2055 | 59619126 |
| BMO Capital Markets Corp | 3.67 | 3/2026 | 4/2026 | 32000000 | 32003262 | U.S. Treasuries (including strips) | 0.00 - 2.13 | 4/2026 - 7/2034 | 32657880 |
| BMO Chicago Branch | 3.69 | 3/2026 | 5/2026 | 128000000 | 128721600 | Agency Mortgage-Backed Securities | 2.00 - 8.00 | 7/2035 - 5/2072 | 130640295 |
| BMO Chicago Branch | 3.69 | 3/2026 | 5/2026 | 166000000 | 166833735 | Agency Mortgage-Backed Securities | 5.00 - 6.50 | 8/2055 - 12/2055 | 169441487 |
| BMO Chicago Branch | 3.70 | 3/2026 | 5/2026 | 160000000 | 160805778 | Agency Mortgage-Backed Securities | 1.50 - 5.00 | 2/2051 - 3/2056 | 163350960 |
| BMO Chicago Branch | 3.69 | 3/2026 | 5/2026 | 128000000 | 128551040 | Agency Mortgage-Backed Securities | 3.00 - 8.00 | 11/2032 - 11/2068 | 130653677 |
| BMO Chicago Branch | 3.69 | 3/2026 | 4/2026 | 32000000 | 32121360 | Agency Mortgage-Backed Securities | 4.00 - 7.00 | 3/2047 - 3/2056 | 32686838 |
| BNP Paribas Prime Brokerage, Inc. | 3.92(g) | 3/2026 | 4/2026 | 183000000 | 183139487 | Equities | N/A | N/A | 197661525 |
| BNP Paribas Prime Brokerage, Inc. | 3.92(g) | 3/2026 | 4/2026 | 183000000 | 183139487 | Equities | N/A | N/A | 197683054 |
| BNP Paribas Prime Brokerage, Inc. | 3.92(g) | 3/2026 | 4/2026 | 183000000 | 183119560 | Equities | N/A | N/A | 197747608 |
| BNP Paribas Prime Brokerage, Inc. | 3.92(g) | 3/2026 | 4/2026 | 183000000 | 183139487 | Equities | N/A | N/A | 197769133 |
| BNP Paribas Prime Brokerage, Inc. | 3.92(g) | 3/2026 | 4/2026 | 184000000 | 184140249 | Equities | N/A | N/A | 198871514 |
| Bank of Montreal | 3.68 | 3/2026 | 4/2026 | 64000000 | 64255147 | Agency Mortgage-Backed Securities | 2.71 - 7.13 | 3/2029 - 5/2068 | 65367703 |
| Bank of Montreal | 3.68 | 3/2026 | 4/2026 | 104000000 | 104148836 | U.S. Treasuries (including strips) | 1.88 - 4.75 | 8/2031 - 8/2055 | 106386284 |
| Bank of Nova Scotia Toronto Branch | 3.80 | 3/2026 | 4/2026 | 700000000 | 700073889 | Corporate Debt Securities | 1.15 - 7.70 | 4/2026 - 7/2064 | 735078307 |
| Barclays Bank PLC | 3.67 | 3/2026 | 4/2026 | 117000000 | 117333970 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 5/2026 - 8/2045 | 119534724 |
| Barclays Capital Inc. | 3.68 | 3/2026 | 4/2026 | 256000000 | 256026169 | Agency Mortgage-Backed Securities | 5.00 - 7.50 | 3/2053 - 3/2066 | 261146693 |
| BofA Securities, Inc. | 3.65(g) | 3/2026 | 7/2026 | 64000000 | 64791645 | Agency Mortgage-Backed Securities | 6.00 - 6.50 | 8/2055 - 4/2056 | 65432666 |
| BofA Securities, Inc. | 4.26(g) | 3/2026 | 7/2026 | 407000000 | 412731239 | Corporate Debt Securities | 0.00 | 11/2029 | 5015 |
|  |  |  |  |  |  | Other Instrument (collateralized debt obligation) | 2.70 - 8.28 | 1/2034 - 11/2052 | 44225939 |
|  |  |  |  |  |  | Private Label Collateralized Mortgage Obligations | 0.09 - 9.29 | 11/2027 - 10/2069 | 74231196 |
|  |  |  |  |  |  | Asset-Backed Securities | 0.00 - 12.95 | 12/2026 - 11/2055 | 322282711 |
|  |  |  |  |  |  |  |  |  | 440744861 |
| BofA Securities, Inc. | 3.65(g) | 3/2026 | 7/2026 | 64000000 | 64791645 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 7/2026 - 6/2062 | 21986341 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 2.07 - 3.54 | 3/2032 - 12/2040 | 43466344 |
|  |  |  |  |  |  |  |  |  | 65452685 |
| BofA Securities, Inc. | 3.64(g) | 2/2026 | 6/2026 | 87000000 | 88055600 | U.S. Treasuries (including strips) | 1.13 - 4.50 | 4/2027 - 5/2040 | 89255112 |
| BofA Securities, Inc. | 3.64(g) | 1/2026 | 6/2026 | 160000000 | 162022223 | U.S. Treasuries (including strips) | 3.75 - 4.13 | 3/2031 - 8/2041 | 164263684 |
| BofA Securities, Inc. | 3.64(g) | 1/2026 | 6/2026 | 29000000 | 29378256 | U.S. Treasuries (including strips) | 0.00 - 4.25 | 4/2026 - 8/2051 | 29926966 |
| Canadian Imperial Bank of Commerce | 3.67 | 3/2026 | 4/2026 | 193000000 | 193826362 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 4/2026 - 2/2056 | 197134513 |
| Canadian Imperial Bank of Commerce | 3.67 | 3/2026 | 4/2026 | 278000000 | 278595152 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 4/2026 - 2/2056 | 283944820 |
| Canadian Imperial Bank of Commerce | 3.67 | 3/2026 | 4/2026 | 35000000 | 35103474 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 5/2026 - 8/2055 | 35790478 |
| Canadian Imperial Bank of Commerce | 3.68 | 3/2026 | 4/2026 | 161000000 | 161526649 | Agency Mortgage-Backed Securities | 1.20 - 7.00 | 6/2029 - 4/2056 | 136199824 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.75 | 5/2026 - 5/2055 | 28529658 |
|  |  |  |  |  |  |  |  |  | 164729482 |
| Canadian Imperial Bank of Commerce | 3.67 | 3/2026 | 4/2026 | 141000000 | 141445599 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 4/2026 - 8/2055 | 144388149 |
| Canadian Imperial Bank of Commerce | 3.68 | 3/2026 | 4/2026 | 81000000 | 81115920 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 4/2026 - 11/2055 | 82835804 |
| Citigroup Global Capital Markets Inc | 4.10(g) | 3/2026 | 5/2026 | 810000000 | 815719500 | Equities | N/A | N/A | 875497412 |
| Citigroup Global Capital Markets Inc | 4.10(g) | 3/2026 | 5/2026 | 1760000000 | 1772427555 | Equities | N/A | N/A | 1903830726 |
| FICC JP Morgan SEC GC Repo (Gov) | 3.67 | 3/2026 | 4/2026 | 1031000000 | 1031105105 | U.S. Treasuries (including strips) | 1.25 - 4.13 | 9/2028 - 2/2033 | 1051727249 |
| FICC JP Morgan SEC GC Repo (Gov) | 3.67 | 3/2026 | 4/2026 | 287000000 | 287029258 | U.S. Treasuries (including strips) | 3.63 - 4.25 | 4/2027 - 11/2034 | 292769876 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.66 | 3/2026 | 4/2026 | 115000000 | 115081842 | U.S. Treasuries (including strips) | 3.50 - 3.75 | 8/2027 - 9/2027 | 117311953 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.66 | 3/2026 | 4/2026 | 34000000 | 34024197 | U.S. Treasuries (including strips) | 4.38 | 12/2029 | 34683547 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.67 | 3/2026 | 4/2026 | 28000000 | 28017127 | U.S. Treasuries (including strips) | 3.75 | 5/2028 | 28562922 |
| Fixed Income Clearing Corp - BNP | 3.66 | 3/2026 | 4/2026 | 2061000000 | 2061209535 | U.S. Treasuries (including strips) | 1.13 - 4.75 | 10/2027 - 5/2055 | 2102433757 |
| Fixed Income Clearing Corp - BNP | 3.66 | 3/2026 | 4/2026 | 2268252000 | 2268482606 | U.S. Treasuries (including strips) | 0.63 - 5.00 | 4/2027 - 8/2055 | 2313852259 |
| Fixed Income Clearing Corp - BNYM | 3.69 | 3/2026 | 4/2026 | 256000000 | 256026240 | U.S. Treasuries (including strips) | 0.38 | 7/2027 | 261120028 |
| Fixed Income Clearing Corp - BNYM | 3.68 | 3/2026 | 4/2026 | 349000000 | 349035676 | U.S. Treasuries (including strips) | 4.00 | 2/2030 | 355980078 |
| Fixed Income Clearing Corp - BNYM | 3.66 | 3/2026 | 4/2026 | 3029000000 | 3029307948 | U.S. Treasuries (including strips) | 1.63 - 3.63 | 8/2027 - 7/2034 | 3089580064 |
| Fixed Income Clearing Corp - BONY | 3.67 | 3/2026 | 4/2026 | 2434000000 | 2434248133 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 8/2029 - 4/2056 | 2482680021 |
| Fixed Income Clearing Corp - Barclays | 3.66 | 3/2026 | 4/2026 | 87000000 | 87061915 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 2/2049 | 88749038 |
| Fixed Income Clearing Corp - Barclays | 3.66 | 3/2026 | 4/2026 | 232000000 | 232165107 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 11/2032 | 236664087 |
| Fixed Income Clearing Corp - Barclays | 3.68 | 3/2026 | 4/2026 | 1747000000 | 1747178582 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 5/2033 | 1782122163 |
| Fixed Income Clearing Corp - Barclays | 3.68 | 3/2026 | 4/2026 | 1165000000 | 1165119089 | U.S. Treasuries (including strips) | 2.25 - 4.88 | 2/2040 - 5/2053 | 1188421525 |
| Fixed Income Clearing Corp - CIBC | 3.67 | 3/2026 | 4/2026 | 1136000000 | 1136115809 | U.S. Treasuries (including strips) | 3.50 - 4.25 | 2/2029 - 3/2030 | 1158878774 |
| Fixed Income Clearing Corp - Citi | 3.67 | 3/2026 | 4/2026 | 2289000000 | 2289233351 | U.S. Treasuries (including strips) | 0.00 - 6.75 | 4/2026 - 11/2054 | 2335018112 |
| Fixed Income Clearing Corp - Credit Agricole | 3.70 | 3/2026 | 4/2026 | 1621000000 | 1621166603 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 11/2026 - 5/2055 | 1653589937 |
| Fixed Income Clearing Corp - Credit Agricole | 3.70 | 3/2026 | 4/2026 | 851000000 | 851087464 | U.S. Treasuries (including strips) | 2.88 - 4.63 | 6/2027 - 5/2052 | 877235504 |
| Fixed Income Clearing Corp - Goldman | 3.67 | 3/2026 | 4/2026 | 1984000000 | 1984202258 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 3/2027 - 3/2056 | 1080153787 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.25 - 4.75 | 9/2028 - 2/2037 | 943732517 |
|  |  |  |  |  |  |  |  |  | 2023886304 |
| Fixed Income Clearing Corp - Goldman | 3.66 | 3/2026 | 4/2026 | 3008000000 | 3008305813 | U.S. Treasuries (including strips) | 0.63 - 4.88 | 7/2026 - 8/2053 | 3068471984 |
| Fixed Income Clearing Corp - ING | 3.67 | 3/2026 | 4/2026 | 384000000 | 384039147 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 2/2031 - 4/2056 | 391719930 |
| Fixed Income Clearing Corp - ING | 3.67 | 3/2026 | 4/2026 | 233000000 | 233023753 | U.S. Treasuries (including strips) | 4.63 | 4/2031 | 237480220 |
| Fixed Income Clearing Corp - ING | 3.66 | 3/2026 | 4/2026 | 1514000000 | 1514153923 | U.S. Treasuries (including strips) | 0.00 - 4.50 | 8/2026 - 8/2051 | 1544437003 |
| Fixed Income Clearing Corp - Mizuho | 3.67 | 3/2026 | 4/2026 | 704000000 | 704071769 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 9/2028 - 2/2057 | 591589757 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.50 | 5/2026 - 8/2039 | 126563458 |
|  |  |  |  |  |  |  |  |  | 718153215 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.67 | 3/2026 | 4/2026 | 2306000000 | 2306235084 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 2/2028 - 3/2056 | 2352359065 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.50 | 4/2026 - 12/2031 | 721 |
|  |  |  |  |  |  |  |  |  | 2352359786 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.67 | 3/2026 | 4/2026 | 1921000000 | 1921195835 | Agency Mortgage-Backed Securities | 1.50 - 9.00 | 6/2026 - 3/2056 | 1959619752 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.67 | 3/2026 | 4/2026 | 1921000000 | 1921195835 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 6/2028 - 3/2056 | 1959619753 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.67 | 3/2026 | 4/2026 | 2434000000 | 2434248133 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 10/2026 - 1/2066 | 2458912449 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.63 | 4/2026 - 2/2053 | 24020647 |
|  |  |  |  |  |  |  |  |  | 2482933096 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.66 | 3/2026 | 4/2026 | 1886000000 | 1886191743 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 5/2026 - 12/2032 | 1923915595 |
| Fixed Income Clearing Corp - Natixis | 3.67 | 3/2026 | 4/2026 | 815000000 | 815083085 | U.S. Treasuries (including strips) | 3.38 - 4.13 | 1/2027 - 7/2031 | 831457931 |
| Fixed Income Clearing Corp - Natwest | 3.67 | 3/2026 | 4/2026 | 11000000 | 11001121 | U.S. Treasuries (including strips) | 3.88 | 8/2034 | 11221190 |
| Fixed Income Clearing Corp - Nomura | 3.67 | 3/2026 | 4/2026 | 1015000000 | 1015103474 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 8/2026 - 8/2035 | 1035405624 |
| Fixed Income Clearing Corp - Northern Trust | 3.67 | 3/2026 | 4/2026 | 116000000 | 116011826 | U.S. Treasuries (including strips) | 3.75 | 6/2027 | 118275846 |
| Fixed Income Clearing Corp - Northern Trust | 3.66 | 3/2026 | 4/2026 | 1513000000 | 1513153822 | U.S. Treasuries (including strips) | 3.63 - 3.88 | 7/2027 - 8/2027 | 1543343194 |
| Fixed Income Clearing Corp - State Street Bank | 3.67 | 3/2026 | 4/2026 | 705000000 | 705071871 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 3/2030 - 4/2056 | 722233310 |
| Fixed Income Clearing Corp - State Street Bank | 3.66 | 3/2026 | 4/2026 | 3145000000 | 3145319742 | U.S. Treasuries (including strips) | 1.63 - 4.63 | 4/2031 - 6/2031 | 3207951539 |
| JP Morgan Securities LLC | 4.19(g) | 3/2026 | 7/2026 | 813000000 | 823787155 | Equities | N/A | N/A | 880389982 |
| JP Morgan Securities LLC | 4.19(g) | 3/2026 | 7/2026 | 271000000 | 274784967 | Equities | N/A | N/A | 293667390 |
| JP Morgan Securities LLC | 3.98(g) | 3/2026 | 4/2026 | 269000000 | 269892183 | Equities | N/A | N/A | 284154455 |
| JP Morgan Securities LLC | 3.94(g) | 3/2026 | 4/2026 | 807000000 | 809649650 | Equities | N/A | N/A | 871655395 |
| JP Morgan Securities LLC | 3.94(g) | 3/2026 | 4/2026 | 1347000000 | 1351570072 | Equities | N/A | N/A | 1455556077 |
| JP Morgan Securities LLC | 3.94(g) | 3/2026 | 4/2026 | 540000000 | 541832100 | Equities | N/A | N/A | 583710630 |
| JP Morgan Securities LLC | 3.96(g) | 3/2026 | 4/2026 | 270000000 | 270920700 | Corporate Debt Securities | 0.00 - 11.50 | 3/2027 | 285846468 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 | 4/2026 | 551846 |
|  |  |  |  |  |  |  |  |  | 286398314 |
| JP Morgan Securities LLC | 3.94(g) | 3/2026 | 4/2026 | 1891000000 | 1897415743 | Equities | N/A | N/A | 2044962195 |
| JP Morgan Securities LLC | 4.12(g) | 2/2026 | 4/2026 | 406000000 | 407533327 | Asset-Backed Securities | 4.86 | 10/2065 | 427908809 |
| JP Morgan Securities, LLC | 3.64(g) | 3/2026 | 4/2026 | 1718000000 | 1723384976 | U.S. Treasuries (including strips) | 3.75 - 4.13 | 8/2027 - 11/2032 | 1754487201 |
| JP Morgan Securities, LLC | 3.67 | 3/2026 | 4/2026 | 1216000000 | 1216123964 | Agency Mortgage-Backed Securities | 3.50 - 6.50 | 4/2041 - 3/2056 | 1240446444 |
| JP Morgan Securities, LLC | 3.67 | 3/2026 | 4/2026 | 320000000 | 320032622 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 7/2029 - 9/2057 | 326433275 |
| JP Morgan Securities, LLC | 3.66 | 3/2026 | 4/2026 | 2834000000 | 2834288123 | U.S. Treasuries (including strips) | 0.50 - 4.38 | 5/2027 - 6/2030 | 2890973901 |
| JP Morgan Securities, LLC | 3.66 | 3/2026 | 4/2026 | 3240000000 | 3240329400 | U.S. Treasuries (including strips) | 3.50 - 4.00 | 3/2029 - 7/2030 | 3305136047 |
| JP Morgan Securities, LLC | 3.66 | 3/2026 | 4/2026 | 1347773000 | 1347910024 | U.S. Treasuries (including strips) | 3.13 - 3.88 | 3/2028 - 8/2029 | 1374868240 |
| Lloyds Bank Corp Mrkts | 3.66 | 3/2026 | 4/2026 | 128000000 | 128091093 | U.S. Treasuries (including strips) | 0.63 - 4.13 | 2/2027 - 5/2033 | 130573293 |
| MUFG Securities EMEA PLC | 3.67 | 3/2026 | 4/2026 | 147000000 | 147464561 | U.S. Treasuries (including strips) | 2.63 - 4.13 | 10/2026 - 8/2034 | 150233660 |
| MUFG Securities EMEA PLC | 3.67 | 3/2026 | 4/2026 | 176000000 | 176556209 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 8/2027 - 2/2035 | 180005371 |
| MUFG Securities EMEA PLC | 3.67 | 3/2026 | 4/2026 | 204000000 | 204020797 | U.S. Treasuries (including strips) | 3.50 - 4.00 | 3/2029 - 2/2030 | 208095326 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 4.16 | 3/2026 | 4/2026 | 10000000 | 10001156 | Equities | N/A | N/A | 10801254 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 3.87 | 3/2026 | 4/2026 | 67000000 | 67007203 | Equities | N/A | N/A | 72367779 |
| Mizuho Bank, Ltd. | 3.67 | 3/2026 | 4/2026 | 116000000 | 116011826 | U.S. Treasuries (including strips) | 1.63 | 5/2031 | 118401717 |
| Mizuho Securities U.S.A., Inc. | 4.27(g) | 3/2026 | 6/2026 | 108000000 | 109178520 | Corporate Debt Securities | 4.47 - 10.88 | 9/2027 - 10/2031 | 24015084 |
|  |  |  |  |  |  | Private Label Collateralized Mortgage Obligations | 1.29 - 8.28 | 3/2036 - 3/2070 | 91128450 |
|  |  |  |  |  |  |  |  |  | 115143534 |
| Mizuho Securities U.S.A., Inc. | 4.27(g) | 3/2026 | 6/2026 | 488000000 | 493325164 | Corporate Debt Securities | 3.00 - 13.25 | 8/2026 | 263553030 |
|  |  |  |  |  |  | Private Label Collateralized Mortgage Obligations | 0.00 - 9.34 | 11/2034 - 2/2071 | 265431231 |
|  |  |  |  |  |  |  |  |  | 528984261 |
| Mizuho Securities U.S.A., Inc. | 4.27 | 3/2026 | 4/2026 | 81000000 | 81009608 | Corporate Debt Securities | 2.10 - 9.88 | 7/2027 - 2/2041 | 43566859 |
|  |  |  |  |  |  | Private Label Collateralized Mortgage Obligations | 0.00 - 9.04 | 12/2049 - 11/2068 | 44711982 |
|  |  |  |  |  |  |  |  |  | 88278841 |
| NatWest Market Securities Inc | 3.66 | 3/2026 | 4/2026 | 200000000 | 200142333 | U.S. Treasuries (including strips) | 2.75 - 4.63 | 2/2028 - 5/2034 | 204020746 |
| NatWest Markets Securities Inc | 3.95 | 3/2026 | 4/2026 | 54000000 | 54005925 | Corporate Debt Securities | 2.20 - 6.61 | 1/2027 - 3/2037 | 51407920 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 0.00 | 1/2030 | 5147071 |
|  |  |  |  |  |  |  |  |  | 56554991 |
| RBC Dominion Securities | 3.67 | 3/2026 | 4/2026 | 349000000 | 350494302 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 4/2026 - 8/2055 | 356452254 |
| RBC Dominion Securities | 3.68 | 2/2026 | 4/2026 | 411000000 | 413604826 | Agency Mortgage-Backed Securities | 1.66 - 7.00 | 8/2026 - 3/2068 | 282931470 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.63 | 6/2026 - 5/2053 | 138802219 |
|  |  |  |  |  |  |  |  |  | 421733689 |
| RBC Dominion Securities | 3.68 | 2/2026 | 4/2026 | 645000000 | 649351600 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 1/2028 - 10/2065 | 653862468 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.50 | 4/2026 - 2/2053 | 6789056 |
|  |  |  |  |  |  |  |  |  | 660651524 |
| RBC Dominion Securities | 3.66 | 3/2026 | 4/2026 | 232000000 | 232165107 | U.S. Treasuries (including strips) | 1.38 - 4.63 | 10/2028 - 11/2045 | 236664122 |
| RBC Financial Group | 3.65 | 1/2026 | 6/2026 | 167000000 | 169472063 | Agency Mortgage-Backed Securities | 1.57 - 6.50 | 1/2030 - 3/2056 | 137666300 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 6.13 | 4/2026 - 11/2055 | 33954312 |
|  |  |  |  |  |  |  |  |  | 171620612 |
| RBC Financial Group | 3.65 | 1/2026 | 6/2026 | 78000000 | 79162525 | Agency Mortgage-Backed Securities | 2.32 - 7.00 | 1/2030 - 5/2058 | 61473480 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.88 | 5/2026 - 11/2055 | 18700335 |
|  |  |  |  |  |  |  |  |  | 80173815 |
| RBC Financial Group | 3.68 | 3/2026 | 4/2026 | 769000000 | 772301573 | U.S. Treasuries (including strips) | 0.00 - 6.25 | 4/2026 - 11/2054 | 788203122 |
| RBC Financial Group | 3.68 | 3/2026 | 4/2026 | 384000000 | 385648640 | Agency Mortgage-Backed Securities | 4.27 - 5.50 | 9/2033 - 12/2055 | 12895058 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.88 | 4/2026 - 2/2056 | 380403976 |
|  |  |  |  |  |  |  |  |  | 393299034 |
| Royal Bank of Canada | 3.66 | 3/2026 | 4/2026 | 232000000 | 232165107 | U.S. Treasuries (including strips) | 2.75 - 4.88 | 9/2027 - 8/2045 | 236664744 |
| SMBC Nikko Securities America Inc | 3.67 | 3/2026 | 4/2026 | 430000000 | 430043836 | U.S. Treasuries (including strips) | 2.00 - 5.25 | 4/2026 - 8/2051 | 438647686 |
| SMBC Nikko Securities America Inc | 3.67 | 3/2026 | 4/2026 | 154000000 | 154015699 | Agency Mortgage-Backed Securities | 1.50 - 6.50 | 11/2034 - 1/2056 | 135877129 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.25 - 4.13 | 2/2027 - 2/2050 | 21218907 |
|  |  |  |  |  |  |  |  |  | 157096036 |
| Societe Generale | 3.66 | 3/2026 | 4/2026 | 290000000 | 290176900 | U.S. Treasuries (including strips) | 3.38 - 4.13 | 11/2032 - 5/2033 | 295951089 |
| TD Securities (U.S.A.) | 3.81 | 3/2026 | 4/2026 | 215000000 | 215022754 | Corporate Debt Securities | 2.00 - 6.54 | 10/2029 - 5/2050 | 225774070 |
| TD Securities (U.S.A.) | 3.67 | 3/2026 | 4/2026 | 121000000 | 121012335 | Agency Mortgage-Backed Securities | 2.00 - 6.00 | 10/2050 - 3/2056 | 123432582 |
| Truist Securities Inc | 3.90 | 3/2026 | 4/2026 | 27000000 | 27002925 | Other Instrument (municipal debt) | 2.45 - 5.00 | 9/2029 - 6/2058 | 28846489 |
| US Bancorp Inv | 3.93 | 3/2026 | 4/2026 | 334000000 | 334036462 | Corporate Debt Securities | 2.63 - 13.50 | 4/2026 | 360760837 |
| US Bancorp Inv | 3.84 | 3/2026 | 4/2026 | 86000000 | 86009173 | Asset-Backed Securities | 3.71 - 5.58 | 6/2027 - 6/2049 | 90309783 |
| US Bancorp Inv | 3.83 | 3/2026 | 4/2026 | 148000000 | 148015746 | Corporate Debt Securities | 0.70 - 8.88 | 4/2026 - 12/2079 | 153391848 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 3.50 - 4.00 | 11/2028 - 5/2030 | 1966850 |
|  |  |  |  |  |  |  |  |  | 155358698 |
| Wells Fargo Bank NA | 3.68 | 3/2026 | 4/2026 | 127000000 | 127090876 | U.S. Treasuries (including strips) | 2.75 - 4.50 | 2/2028 - 12/2031 | 129619536 |
| Wells Fargo Bank NA | 3.67 | 3/2026 | 4/2026 | 445000000 | 445272192 | U.S. Treasuries (including strips) | 1.25 - 4.13 | 8/2027 - 10/2031 | 454131381 |
| Wells Fargo Securities, LLC | 4.29(g) | 3/2026 | 7/2026 | 81000000 | 82148648 | Equities | N/A | N/A | 87532351 |
| Wells Fargo Securities, LLC | 4.29(g) | 3/2026 | 7/2026 | 135000000 | 136914413 | Corporate Debt Securities | 0.00 - 14.00 | 5/2026 - 3/2038 | 145886873 |
| Wells Fargo Securities, LLC | 4.19(g) | 3/2026 | 7/2026 | 135000000 | 136869788 | Money Market | 0.00 | 4/2026 - 3/2027 | 139130920 |
| Wells Fargo Securities, LLC | 4.19(g) | 3/2026 | 7/2026 | 215000000 | 217977810 | Money Market | 0.00 | 5/2026 | 691 |
|  |  |  |  |  |  | Equities | N/A | N/A | 127211451 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 3.88 | 3/2031 | 68379154 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 0.00 - 5.50 | 6/2027 - 10/2055 | 31206640 |
|  |  |  |  |  |  |  |  |  | 226797936 |
| Wells Fargo Securities, LLC | 4.29(g) | 3/2026 | 7/2026 | 243000000 | 246474900 | Equities | N/A | N/A | 262610925 |
| Wells Fargo Securities, LLC | 4.19(g) | 3/2026 | 7/2026 | 324000000 | 328525200 | Equities | N/A | N/A | 350245821 |
| Wells Fargo Securities, LLC | 4.29(g) | 3/2026 | 7/2026 | 162000000 | 164316600 | Equities | N/A | N/A | 175272950 |
| Wells Fargo Securities, LLC | 4.19(g) | 3/2026 | 7/2026 | 487000000 | 493801767 | Equities | N/A | N/A | 526878240 |
| Wells Fargo Securities, LLC | 4.29(g) | 3/2026 | 7/2026 | 108000000 | 109531530 | Equities | N/A | N/A | 116919458 |
| Wells Fargo Securities, LLC | 4.29(g) | 3/2026 | 7/2026 | 217000000 | 220154819 | Equities | N/A | N/A | 234862936 |
| Wells Fargo Securities, LLC | 4.24(g) | 3/2026 | 6/2026 | 270000000 | 272862000 | Equities | N/A | N/A | 292013327 |
| Wells Fargo Securities, LLC | 3.89 | 3/2026 | 4/2026 | 350000000 | 350037819 | Equities | N/A | N/A | 378041667 |
| **Total Repurchase Agreements** |  |  |  | 81455025000 | 81594549028 |  |  |  | 84003577669 |

---

**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 ($)** |
| **$204,527,000 due 04/01/2026 at 3.67%** |  |
| HSBC Securities Inc (USA) | 166517000 |
| Rbc Dominion Securities Inc | 38010000 |
|  | 204527000 |
| **$4,375,777,000 due 04/01/2026 at 3.67%** |  |
| Bank of America NA | 460741000 |
| Bny Mellon Capital Market LLC | 500937000 |
| HSBC Securities Inc (USA) | 80123000 |
| MUFG Securities (Canada) Ltd. | 351955000 |
| Rbc Dominion Securities Inc | 255967000 |
| Sumitomo Mitsui Banking Corp | 1151854000 |
| Sumitomo Mitsui Banking Corp/New York | 691112000 |
| Wells Fargo Bank NA | 191976000 |
| Wells Fargo Securities LLC | 691112000 |
|  | 4375777000 |

---

**Money Market Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $88,513,329,000) - See accompanying schedule:<br>Unaffiliated issuers (cost $168,288,774,055)<br>|  | $168288774055 |
| Cash |  | 639000807 |
| Receivable for fund shares sold |  | 660078403 |
| Interest receivable |  | 110384700 |
| Receivable for interfund loans |  | 41638000 |
| Prepaid expenses |  | 55987 |
| Receivable from investment adviser for expense reductions |  | 4073937 |
| Other affiliated receivables |  | 4511 |
| Other receivables |  | 1414774 |
| **Total assets** |  | 169745425174 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $6194584187 |  |
| Payable for fund shares redeemed | 699281765 |  |
| Distributions payable | 42630488 |  |
| Accrued management fee | 19084348 |  |
| Distribution and service plan fees payable | 52123 |  |
| Other affiliated payables | 6320248 |  |
| Other payables and accrued expenses | 3994175 |  |
| **Total liabilities** |  | 6965947334 |
| **Net Assets**  |  | $162779477840 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $162778786928 |
| Total accumulated earnings (loss) |  | 690912 |
| **Net Assets** |  | $162779477840 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($75,253,399,540 ÷ 75,245,286,094 shares) |  | $1.00 |
| **Class II :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($63,914,577 ÷ 63,913,661 shares) |  | $1.00 |
| **Class III :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($204,694,893 ÷ 204,774,785 shares) |  | $1.00 |
| **Select Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($38,162,737 ÷ 38,161,412 shares) |  | $1.00 |
| **Institutional Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($87,219,306,093 ÷ 87,204,874,095 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended March 31, 2026** | <br> **Year ended March 31, 2026** | <br> **Year ended March 31, 2026** |
| **Investment Income** |  |  |
| Interest (including $2,021,596 from affiliated interfund lending)  |  | $6570848447 |
| **Expenses** |  |  |
| Management fee | $220326433 |  |
| Transfer agent fees | 68753641 |  |
| Distribution and service plan fees | 423236 |  |
| Accounting fees and expenses | 3948868 |  |
| Custodian fees and expenses | 755834 |  |
| Independent trustees' fees and expenses | 362640 |  |
| Registration fees | 5104629 |  |
| Audit fees | 58320 |  |
| Legal | 60528 |  |
| Miscellaneous | 301182 |  |
| Total expenses before reductions | 300095311 |  |
| Expense reductions | (50271923) |  |
| Total expenses after reductions |  | 249823388 |
| **Net Investment income (loss)** |  | 6321025059 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 142915 |  |
| Total net realized gain (loss) |  | 142915 |
| **Net increase in net assets resulting from operations** |  | $6321167974 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **March 31, 2026** | **Year ended**<br> **March 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6321025059 | $6586163432 |
| &nbsp;&nbsp;Net realized gain (loss) | 142915<br>| 31606<br>|
| **Net increase in net assets resulting from operations** | 6321167974<br>| 6586195038<br>|
| Distributions to shareholders | (6321182132)<br>| (6585351666)<br>|
| Share transactions - net increase (decrease) | 12958141371<br>| 22421419509<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 12958127213<br>| 22422262881<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 149821350627 | 127399087746<br>|
| &nbsp;&nbsp;End of period | $162779477840 | $149821350627 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .040  | .048  | .052  | .028  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .040  | .048  | .052  | .028  | - B |
| Distributions from net investment income  | (.040)  | (.048)  | (.052)  | (.028)  | - B |
| Total distributions  | (.040)  | (.048)  | (.052)  | (.028)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 4.08% <br>| 4.96%  | 5.33%  | 2.81%  | .02%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .21%  | .21%  | .21%  | .21%  | .21%  |
| Expenses net of fee waivers, if any  | .18% <br>| .18%  | .18%  | .18%  | .16%  |
| Expenses net of all reductions, if any  | .18%  | .18%  | .18%  | .18%  | .16%  |
| Net investment income (loss)  | 4.00%  | 4.83%  | 5.22%  | 3.25%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $75253400 | $66451051 | $55980005 | $42431573 | $16745267 |

---

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*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.*

E*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.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .039  | .047  | .051  | .026  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .039  | .047  | .051  | .026  | - B |
| Distributions from net investment income  | (.039)  | (.047)  | (.051)  | (.026)  | - B |
| Total distributions  | (.039)  | (.047)  | (.051)  | (.026)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 3.92% <br>| 4.80%  | 5.18%  | 2.65%  | .01%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .36%  | .36%  | .36%  | .36%  | .36%  |
| Expenses net of fee waivers, if any  | .33% <br>| .33%  | .33%  | .33%  | .16%  |
| Expenses net of all reductions, if any  | .33%  | .33%  | .33%  | .33%  | .16%  |
| Net investment income (loss)  | 3.85%  | 4.68%  | 5.07%  | 3.10%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $63915 | $78896 | $85590 | $80507 | $89652 |

---

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*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.*

E*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.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .038  | .046  | .050  | .025  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .038  | .046  | .050  | .025  | - B |
| Distributions from net investment income  | (.038)  | (.046)  | (.050)  | (.025)  | - B |
| Total distributions  | (.038)  | (.046)  | (.050)  | (.025)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 3.82% <br>| 4.70%  | 5.07%  | 2.55%  | .01%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .46%  | .46%  | .46%  | .46%  | .46%  |
| Expenses net of fee waivers, if any  | .43% <br>| .43%  | .43%  | .43%  | .17%  |
| Expenses net of all reductions, if any  | .43%  | .43%  | .43%  | .43%  | .17%  |
| Net investment income (loss)  | 3.75%  | 4.58%  | 4.97%  | 3.00%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $204695 | $22854 | $18091 | $31354 | $8783 |

---

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*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.*

E*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.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .040  | .048  | .052  | .027  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .040  | .048  | .052  | .027  | - B |
| Distributions from net investment income  | (.040)  | (.048)  | (.052)  | (.027)  | - B |
| Total distributions  | (.040)  | (.048)  | (.052)  | (.027)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 4.03% <br>| 4.91%  | 5.28%  | 2.76%  | .02%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .26%  | .26%  | .26%  | .26%  | .26%  |
| Expenses net of fee waivers, if any  | .23% <br>| .23%  | .23%  | .23%  | .16%  |
| Expenses net of all reductions, if any  | .23%  | .23%  | .23%  | .23%  | .16%  |
| Net investment income (loss)  | 3.95%  | 4.78%  | 5.17%  | 3.20%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $38163 | $44983 | $52831 | $40260 | $14773 |

---

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*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.*

E*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.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .040  | .049  | .052  | .028  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .040  | .049  | .052  | .028  | - B |
| Distributions from net investment income  | (.040)  | (.049)  | (.052)  | (.028)  | - B |
| Total distributions  | (.040)  | (.049)  | (.052)  | (.028)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 4.12% <br>| 5.00%  | 5.38%  | 2.85%  | .04%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .18%  | .18%  | .18%  | .18%  | .18%  |
| Expenses net of fee waivers, if any  | .14% <br>| .14%  | .14%  | .14%  | .14%  |
| Expenses net of all reductions, if any  | .14%  | .14%  | .14%  | .14%  | .14%  |
| Net investment income (loss)  | 4.04%  | 4.87%  | 5.26%  | 3.29%  | .04%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $87219306 | $83223567 | $71262571 | $54946001 | $22108020 |

---

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*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.*

E*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.*

**Tax-Exempt Portfolio**

**Schedule of Investments March 31, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 11.1%** | &nbsp;&nbsp;**Municipal Securities - 11.1%** | &nbsp;&nbsp;**Municipal Securities - 11.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Arizona - 0.0%  |  |  |
| Arizona - 0.0% |  |  |
| Health Care - 0.0% |  |  |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) 5% tender 1/1/2053 (b) | 2975000 | 2981395 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 D, 5% tender 1/1/2046 (b) | 2150000 | 2155251 |
| TOTAL ARIZONA |  | 5136646 |
| Colorado - 0.1%  |  |  |
| Colorado - 0.1% |  |  |
| General Obligations - 0.0% |  |  |
| Colorado St Ed Ln Prog TRAN (Colorado St Proj.) 5% 6/30/2026  | 1215000 | 1221349 |
| Health Care - 0.1% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) 5% tender 11/15/2049 (b) | 195000 | 197317 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022B, 5% tender 5/15/2062 (b) | 3250000 | 3275587 |
| Colorado Health Facs Auth Rev (Advent Health Proj.) Series 2016 C, 5% tender 11/15/2036 (b) | 7180000 | 7276969 |
|  |  | 10749873 |
| TOTAL COLORADO |  | 11971222 |
| Connecticut - 0.6%  |  |  |
| Connecticut - 0.6% |  |  |
| Education - 0.0% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2017 B2, 3.2% tender 7/1/2037 (b) | 5025000 | 5030775 |
| General Obligations - 0.6% |  |  |
| Connecticut St Gen. Oblig. 5% 11/15/2026  | 1090000 | 1105729 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2026  | 505000 | 505430 |
| Fairfield CT Gen. Oblig. BAN Series 2025, 4% 7/2/2026  | 975000 | 978346 |
| Ledyard CT BAN 3.75% 8/11/2026  | 6000000 | 6018973 |
| Middlefield Conn Gen. Oblig. BAN 4% 10/14/2026  | 7000000 | 7053146 |
| Regional Sch Dist No 13 CT BAN 3.5% 10/21/2026  | 11500000 | 11559196 |
| Stratford CT Gen. Oblig. BAN 3.5% 7/23/2026  | 12985000 | 13027852 |
| Watertown CT Gen. Oblig. BAN 3.5% 10/28/2026  | 23100000 | 23228339 |
|  |  | 63477011 |
| 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 2025A, 5% 7/1/2026  | 3900000 | 3923660 |
| TOTAL CONNECTICUT |  | 72856446 |
| District Of Columbia - 0.1%  |  |  |
| District Of Columbia - 0.1% |  |  |
| General Obligations - 0.0% |  |  |
| District Columbia Gen. Oblig. Series E, 5% 6/1/2026  | 3335000 | 3345859 |
| Special Tax - 0.1% |  |  |
| District Columbia Income Tax Rev 5% 6/1/2026  | 13700000 | 13745067 |
| Water & Sewer - 0.0% |  |  |
| District Columbia Wtr & Swr Auth Pub Util Rev 5% 10/1/2026  | 220000 | 222737 |
| TOTAL DISTRICT OF COLUMBIA |  | 17313663 |
| District Of Columbia,Virginia - 0.0%  |  |  |
| District Of Columbia,Virginia - 0.0% |  |  |
| 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) (h) | 1300000 | 1325380 |
| Florida - 0.1%  |  |  |
| Florida - 0.1% |  |  |
| General Obligations - 0.0% |  |  |
| Lee Cnty FL Sch Brd Ctfs Partn (Lee Cnty FL Sch Dist Proj.) 5% 8/1/2026  | 900000 | 906681 |
| Health Care - 0.0% |  |  |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Baptist Health Sys of So FL Proj.) Series 2019, 5% 8/15/2026  | 200000 | 201376 |
| Water & Sewer - 0.1% |  |  |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2025 B, 5% 10/1/2026  | 9525000 | 9633638 |
| Tampa Bay Water Series 2016C, 5% 10/1/2026  | 1295000 | 1309875 |
|  |  | 10943513 |
| TOTAL FLORIDA |  | 12051570 |
| Hawaii - 0.0%  |  |  |
| Hawaii - 0.0% |  |  |
| General Obligations - 0.0% |  |  |
| Honolulu HI City & Cnty Gen. Oblig. 5% 9/1/2026  | 3110000 | 3142368 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2025 D, 5% 7/1/2026  | 380000 | 382161 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2025 E, 5% 7/1/2026  | 1430000 | 1438314 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2025 F, 5% 7/1/2026  | 720000 | 724349 |
| TOTAL HAWAII |  | 5687192 |
| Idaho - 0.0%  |  |  |
| Idaho - 0.0% |  |  |
| Health Care - 0.0% |  |  |
| Idaho Health Facilities Authority (Trinity Health Proj.) Series 2013ID, 2.625% tender 12/1/2048 (b) | 2600000 | 2600000 |
| Illinois - 0.7%  |  |  |
| Illinois - 0.7% |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Illinois Finance Authority Rev 4% 2/15/2036 (Pre-refunded to 2/15/2027 at 100)  | 420000 | 425822 |
| Illinois Finance Authority Rev 4% 2/15/2041 (Pre-refunded to 2/15/2027 at 100)  | 1740000 | 1762491 |
|  |  | 2188313 |
| General Obligations - 0.5% |  |  |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2026  | 4060000 | 4118873 |
| Cook Cnty IL Gen. Oblig. Series 2016 A, 5% 11/15/2026  | 605000 | 613835 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2026  | 3045000 | 3072002 |
| Illinois St Gen. Oblig. 5% 4/1/2027 (f) | 7840000 | 8005816 |
| Illinois St Gen. Oblig. 5% 4/1/2027 (f) | 2000000 | 2042300 |
| Illinois St Gen. Oblig. Series 2017 A, 5% 12/1/2026  | 4790000 | 4855551 |
| Illinois St Gen. Oblig. Series 2017 B, 5% 12/1/2026  | 2300000 | 2331475 |
| Illinois St Gen. Oblig. Series 2017D, 3.25% 11/1/2026  | 4055000 | 4064015 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 11475000 | 11614238 |
| Illinois St Gen. Oblig. Series 2018 A, 5% 10/1/2026  | 2400000 | 2426085 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2027  | 100000 | 101833 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 A, 5% 12/1/2026  | 400000 | 406505 |
| Illinois St Gen. Oblig. Series JUNE 2016, 5% 6/1/2026  | 1170000 | 1174346 |
| Illinois St Gen. Oblig. Series March 2021 B, 5% 3/1/2027  | 300000 | 305360 |
| Illinois St Gen. Oblig. Series MAY 2020, 5.5% 5/1/2026  | 800000 | 801403 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2026  | 4975000 | 5000568 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2026  | 870000 | 871406 |
| Illinois St Gen. Oblig. Series NOVEMBER 2016, 5% 11/1/2026  | 3550000 | 3592655 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 5% 10/1/2026  | 300000 | 303049 |
| Illinois St Gen. Oblig. Series OCTOBER 2024, 5% 2/1/2027  | 300000 | 305319 |
| Illinois St Gen. Oblig. Series SEPTEMBER 2025 B, 5% 9/1/2026  | 135000 | 136325 |
|  |  | 56142959 |
| Health Care - 0.0% |  |  |
| Illinois Fin Auth Rev (Advocate Health Care Network Proj.) SIFMA Municipal Swap Index + 0.3%, 2.72% tender 4/1/2051 (b)(g) | 600000 | 600000 |
| Special Tax - 0.2% |  |  |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2026  | 315000 | 319224 |
| Illinois St Sales Tax Rev 5% 6/15/2026  | 1250000 | 1254280 |
| Illinois St Sales Tax Rev Series DECEMBER 2025 A, 5% 6/15/2026  | 17600000 | 17675013 |
| Illinois St Sales Tax Rev Series MARCH 2025A, 5% 6/15/2026  | 3000000 | 3014270 |
|  |  | 22262787 |
| TOTAL ILLINOIS |  | 81194059 |
| Kansas - 0.1%  |  |  |
| Kansas - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Wichita KS Gen. Oblig. BAN 5% 10/15/2026  | 14185000 | 14364077 |
| Health Care - 0.0% |  |  |
| University Kansas Hosp Auth Hlth Fac Rev (University of Kansas Hospital Authority Proj.) 5% 3/1/2027 (f) | 850000 | 867110 |
| TOTAL KANSAS |  | 15231187 |
| Kentucky - 0.1%  |  |  |
| Kentucky - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2026  | 125000 | 125244 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2024 B, 5% 11/1/2026  | 1855000 | 1879679 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2025 B, 5% 9/1/2026  | 1700000 | 1716140 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2025A, 5% 9/1/2026  | 1900000 | 1918040 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series B, 5% 11/1/2026  | 455000 | 461211 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2026  | 300000 | 303519 |
| Kentucky St Tpk Auth Economic (Kentucky St Proj.) Series 2024A, 5% 7/1/2026  | 1200000 | 1207291 |
| TOTAL KENTUCKY |  | 7611124 |
| Maine - 0.1%  |  |  |
| Maine - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Cape Elizabeth ME BAN Series 2026A, 5% 11/30/2026  | 12200000 | 12407134 |
| Maryland - 0.2%  |  |  |
| Maryland - 0.2% |  |  |
| General Obligations - 0.2% |  |  |
| Baltimore Cnty MD Gen. Oblig. Series 2020, 5% 3/1/2027  | 4800000 | 4911184 |
| Baltimore Cnty MD Gen. Oblig. Series 2024, 5% 2/1/2027  | 6300000 | 6432174 |
| Prince Georges County MD Series 2023A, 5% 8/1/2026  | 1000000 | 1007895 |
| State of Maryland Gen. Oblig. 5% 8/1/2026  | 1145000 | 1154038 |
| State of Maryland Gen. Oblig. Series SECOND 2021 A, 5% 8/1/2026  | 415000 | 418193 |
|  |  | 13923484 |
| Special Tax - 0.0% |  |  |
| Maryland St Dept Transn Cons Series 2018, 5% 10/1/2026  | 4580000 | 4635362 |
| Maryland St Dept Transn Cons Series 2025 C, 5% 11/1/2026  | 670000 | 678787 |
|  |  | 5314149 |
| TOTAL MARYLAND |  | 19237633 |
| Massachusetts - 0.4%  |  |  |
| Massachusetts - 0.4% |  |  |
| General Obligations - 0.4% |  |  |
| Burlington Mass BAN 3.5% 4/23/2027 (f) | 15200000 | 15352760 |
| Hopkinton MA BAN 4% 6/10/2026  | 35000000 | 35065110 |
| TOTAL MASSACHUSETTS |  | 50417870 |
| Michigan - 0.1%  |  |  |
| Michigan - 0.1% |  |  |
| General Obligations - 0.0% |  |  |
| Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2026 (State of Michigan Guaranteed)  | 125000 | 125199 |
| Health Care - 0.1% |  |  |
| Kent MI Hosp Fin Auth (Corewell Health Proj.) SIFMA Municipal Swap Index + 0.25%, 2.67% tender 1/15/2047 (b)(g) | 2715000 | 2715000 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2026  | 8775000 | 8781997 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2019MI 1, 5% 12/1/2026  | 300000 | 305126 |
|  |  | 11802123 |
| TOTAL MICHIGAN |  | 11927322 |
| Minnesota - 0.0%  |  |  |
| Minnesota - 0.0% |  |  |
| General Obligations - 0.0% |  |  |
| Hennepin Cnty Minn Gen. Oblig. Series 2025D, 5% 12/1/2026  | 2085000 | 2117785 |
| Minnesota St Gen. Oblig. Series 2017 A, 5% 10/1/2026  | 400000 | 404724 |
| Minnesota St Gen. Oblig. Series 2024A, 5% 8/1/2026  | 1345000 | 1355423 |
| TOTAL MINNESOTA |  | 3877932 |
| Nevada - 0.0%  |  |  |
| Nevada - 0.0% |  |  |
| General Obligations - 0.0% |  |  |
| Clark Cnty NV School Dist Series 2015 C, 5% 6/15/2026  | 175000 | 174999 |
| Clark Cnty NV School Dist Series 2020 B, 5% 6/15/2026  | 1400000 | 1405489 |
| Clark Cnty NV School Dist Series 2025A, 5% 6/15/2026  | 2900000 | 2911194 |
|  |  | 4491682 |
| Water & Sewer - 0.0% |  |  |
| Las Vegas Valley NV Gen. Oblig. Series 2019 B, 5% 6/1/2026  | 750000 | 752909 |
| TOTAL NEVADA |  | 5244591 |
| New Jersey - 3.2%  |  |  |
| New Jersey - 3.2% |  |  |
| General Obligations - 3.2% |  |  |
| Bordentown Twp NJ Ban Gen. Oblig. BAN Series 2026A, 3.5% 3/25/2027  | 13600000 | 13752484 |
| Brick Twp NJ Gen. Oblig. BAN Series 2026, 3.5% 3/12/2027  | 9500000 | 9602647 |
| Burlington Cnty N J Gen. Oblig. BAN Series 2025A, 4% 6/17/2026  | 24100000 | 24145350 |
| Cedar Grove Twp NJ Gen. Oblig. BAN Series 2025, 4% 6/24/2026  | 7518000 | 7532591 |
| Collingswood NJ Gen. Oblig. BAN 3.5% 3/10/2027  | 5100000 | 5151470 |
| Edison Twp NJ Gen. Oblig. BAN Series 2025, 4% 11/5/2026  | 20370000 | 20546775 |
| Essex Cnty NJ Impt Auth Lease Gen. Oblig. BAN Series 2025, 4% 3/12/2027  | 165000 | 167206 |
| Freehold Township NJ Gen. Oblig. BAN Series 2025B, 3.5% 10/19/2026  | 22022500 | 22128785 |
| Hazlet Twp NJ Gen. Oblig. BAN Series 2025 A, 3.5% 11/4/2026  | 9700000 | 9751697 |
| Hudson Cnty NJ Impt Auth Lease Rev RAN Series B 1, 4% 6/24/2026  | 14300000 | 14331944 |
| Jefferson Twp NJ Gen. Oblig. BAN 4% 6/12/2026  | 8404417 | 8418724 |
| Lakewood NJ Tan Gen. Oblig. BAN Series 2025, 3.5% 12/16/2026  | 57626000 | 58016761 |
| Monmouth Cnty NJ Impt Auth Rev Gen. Oblig. BAN Series 2026, 4% 3/12/2027  | 2700000 | 2738260 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series B, 5% 11/1/2026  | 660000 | 668196 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2026  | 1515000 | 1520918 |
| New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2017 B, 5% 6/15/2026  | 2900000 | 2911018 |
| New Jersey St Gen. Oblig. 5% 6/1/2026  | 6910000 | 6932008 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2026 (i) | 500000 | 491032 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2026  | 305000 | 306454 |
| New Jersey Trans Trust Fund Auth Series 2006 C, 0% 12/15/2026 (i) | 375000 | 368319 |
| New Jersey Trans Trust Fund Auth Series 2023AA, 5% 6/15/2026  | 240000 | 240983 |
| North Brunswick Twp NJ Gen. Oblig. BAN Series 2025A, 4% 7/6/2026  | 41225000 | 41331334 |
| Passaic Cnty NJ Gen. Oblig. BAN 3.5% 10/29/2026  | 17000000 | 17092927 |
| Scotch Plains Twp NJ Gen. Oblig. BAN 3.75% 8/25/2026  | 3000000 | 3008496 |
| Stafford Twp NJ Gen. Oblig. BAN Series 2025A, 3.5% 10/20/2026  | 25700000 | 25834550 |
| Vernon Twp NJ Ban Gen. Oblig. BAN 3.75% 8/21/2026  | 5900000 | 5922334 |
| Verona Twp NJ Gen. Oblig. BAN Series 2025B, 3.5% 10/21/2026  | 5600000 | 5627906 |
| West Caldwell Twp NJ Gen. Oblig. BAN 3.75% 9/2/2026  | 7200000 | 7234023 |
| West Milford Township NJ Gen. Oblig. BAN 3.75% 9/11/2026  | 9400000 | 9444539 |
| Westfield NJ Gen. Oblig. BAN 4% 11/6/2026  | 6846000 | 6884635 |
| Wood-Ridge Boro NJ BAN 4% 5/14/2026  | 12900000 | 12911780 |
| Woodcliff Lake NJ Gen. Oblig. BAN 3.75% 9/18/2026  | 5550000 | 5572618 |
|  |  | 350588764 |
| Health Care - 0.0% |  |  |
| New Jersey Health Care (Rwj Barnabas Health Proj.) 5% tender 7/1/2045 (b) | 2380000 | 2392377 |
| New Jersey Health Care (Rwj Barnabas Health Proj.) Series 2024A, 5% 7/1/2026  | 100000 | 100469 |
|  |  | 2492846 |
| Housing - 0.0% |  |  |
| NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 2, 2.85% 11/1/2026  | 4640000 | 4638651 |
| TOTAL NEW JERSEY |  | 357720261 |
| New Mexico - 0.1%  |  |  |
| New Mexico - 0.1% |  |  |
| Housing - 0.1% |  |  |
| New Mexico Mtg Fin Auth (Nm Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) 3% tender 9/1/2057 (b) | 7300000 | 7300000 |
| New Mexico Mtg Fin Auth (Nm Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) 3% tender 9/1/2057 (b) | 5800000 | 5800000 |
| New Mexico Mtg Fin Auth (Nm Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) 3% tender 9/1/2057 (b) | 650000 | 650000 |
| TOTAL NEW MEXICO |  | 13750000 |
| New York - 1.7%  |  |  |
| New York - 1.7% |  |  |
| General Obligations - 1.7% |  |  |
| Burnt Hills Ballston Lake NY Cent Sch Dist BAN Series 2025, 4% 6/18/2026  | 21565487 | 21603461 |
| Connetquot Central School District TAN Series 2025 2026 TAXES, 3.25% 6/24/2026  | 4000000 | 4006230 |
| Corning NY City Sch Dist Tan BAN Series 2025 A, 4% 6/18/2026  | 645000 | 647064 |
| Hauppauge NY Un Free Sch Dist BAN Series 2026A, 3.5% 6/26/2026  | 5300000 | 5311932 |
| Island Trees Ufsd New York BAN Series 2025, 3.5% 6/17/2026  | 10200000 | 10217434 |
| Kingston NY City Sch Dist BAN Series 2025, 4% 6/30/2026  | 750000 | 752565 |
| Livingston Cnty NY Gen. Oblig. BAN 3.5% 12/11/2026  | 10900000 | 10917817 |
| Longwood Cent Sch Dist Suffolk Co NY TAN Series 2025 2026 TAXES, 4% 6/18/2026  | 4000000 | 4012029 |
| Newburgh N Y Enlarged City Schdist BAN Series 2025, 4% 6/24/2026  | 56500000 | 56613385 |
| Niagara-Wheatfield NY Csd BAN 4% 6/25/2026  | 8700000 | 8716694 |
| South Colonie NY Cent Sch Dist BAN Series 2025A, 4% 7/9/2026  | 43517062 | 43626950 |
| South Huntington NY Ufsd TAN Series 2025 2026 TAXES, 4% 6/24/2026  | 3500000 | 3511362 |
| White Plains NY City Sch Dist BAN Series 2025, 3.5% 6/19/2026  | 17900000 | 17936384 |
|  |  | 187873307 |
| Water & Sewer - 0.0% |  |  |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2021 DD, 5% 6/15/2026  | 400000 | 401854 |
| TOTAL NEW YORK |  | 188275161 |
| North Carolina - 0.1%  |  |  |
| North Carolina - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| State of North Carolina (North Carolina St Proj.) Series 2017 B, 5% 5/1/2026  | 380000 | 380730 |
| State of North Carolina Gen. Oblig. Series 2025B, 5% 5/1/2026  | 3000000 | 3005682 |
| Wake Cnty Ltd Oblig (Wake Cnty NC Proj.) 5% 5/1/2026  | 4000000 | 4005842 |
| TOTAL NORTH CAROLINA |  | 7392254 |
| Ohio - 1.5%  |  |  |
| Ohio - 1.5% |  |  |
| General Obligations - 1.0% |  |  |
| Bay Village Ohio Gen. Oblig. BAN 4% 12/17/2026  | 2700000 | 2720173 |
| Centerville OH Gen. Oblig. BAN Series 2026, 4% 4/1/2027 (f) | 5600000 | 5670672 |
| City of Columbus OH Gen. Oblig. Series 2023 A, 5% 8/15/2026  | 865000 | 872867 |
| Cleveland OH Gen. Oblig. BAN Series 2025, 4% 12/9/2026  | 7900000 | 7972795 |
| County of Muskingum OH Gen. Oblig. BAN Series 2025A, 4% 12/15/2026  | 11700000 | 11802998 |
| County of Muskingum OH Gen. Oblig. BAN Series 2025B, 4% 6/16/2026  | 4100000 | 4110803 |
| Cuyahoga Cnty OH Gen. Oblig. BAN 4.25% 5/4/2026  | 6900000 | 6906599 |
| Delaware OH BAN 3.75% 4/16/2026  | 4200000 | 4201251 |
| Delaware OH Gen. Oblig. BAN Series 2025C, 4.625% 4/16/2026  | 2900000 | 2902080 |
| Hamilton OH Gen. Oblig. BAN Series 2025, 4% 12/15/2026  | 7800000 | 7875189 |
| Huber Heights OH Gen. Oblig. BAN Series 2025, 5% 6/25/2026  | 9100000 | 9136529 |
| Jonathan Alder OH Loc Sch Dist BAN 4% 6/2/2026  | 3000000 | 3005991 |
| Lakewood OH Gen. Oblig. BAN 4% 4/7/2027 (f) | 9100000 | 9181081 |
| Lakewood OH Gen. Oblig. BAN 4% 4/9/2026  | 5350000 | 5351023 |
| Lebanon OH Gen. Oblig. BAN 4% 1/21/2027  | 2300000 | 2322731 |
| Miamisburg OH Gen. Oblig. BAN 3.75% 10/21/2026  | 2350000 | 2365754 |
| Monroe OH Loc Sch Dist BAN 4% 12/2/2026  | 7900000 | 7963435 |
| New Albany Ohio Gen. Oblig. BAN 3.75% 6/4/2026  | 3600000 | 3606826 |
| Oak Hills OH Loc Sch Dist BAN 4% 6/3/2026  | 5300000 | 5313305 |
| Ohio St Adult Correctional Cap Facs (State of Ohio Proj.) Series 2025A, 5% 10/1/2026  | 1925000 | 1948357 |
| Solon OH Go Gen. Oblig. BAN 4% 12/8/2026  | 3900000 | 3931303 |
| Springfield OH Gen. Oblig. BAN Series 2026, 4% 3/23/2027  | 3800000 | 3854595 |
| State of Ohio Gen. Oblig. Series 2025A, 5% 9/1/2026  | 950000 | 959336 |
| State of Ohio Gen. Oblig. Series 2025C, 5% 11/1/2026  | 740000 | 750245 |
| State of Ohio Gen. Oblig. Series 2025D, 5% 11/1/2026  | 1550000 | 1571461 |
| State of Ohio Series 2025A, 5% 12/1/2026  | 1100000 | 1117515 |
| Vandalia City OH Gen. Oblig. BAN Series 2025, 4% 12/2/2026  | 4200000 | 4234868 |
| Wyoming OH Gen. Oblig. BAN 4% 10/13/2026  | 2900000 | 2921129 |
| Wyoming OH Gen. Oblig. BAN Series 2026, 4% 10/13/2026 (e) | 1850000 | 1863996 |
|  |  | 126434907 |
| Health Care - 0.4% |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 5% 8/1/2026  | 100000 | 100770 |
| Franklin Cnty OH Rev (Trinity Health Proj.) Series 2013OH, 2.625% tender 12/1/2046 (b) | 4300000 | 4300000 |
| Ohio St Hosp Rev (Cleveland Clinic Foundtn (The) Proj.) 2.42% tender 7/16/2026 CP mode (b) | 11700000 | 11700000 |
| Ohio St Hosp Rev (Cleveland Clinic Foundtn (The) Proj.) 2.42% tender 8/18/2026 CP mode (b) | 8300000 | 8300000 |
| Ohio St Hosp Rev (Cleveland Clinic Foundtn (The) Proj.) 2.42% tender 8/4/2026 CP mode (b) | 14700000 | 14700000 |
|  |  | 39100770 |
| Resource Recovery - 0.1% |  |  |
| Central OH Solid Waste Auth Gen. Oblig. BAN 4% 10/28/2026  | 9400000 | 9471346 |
| Water & Sewer - 0.0% |  |  |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev 5% 6/1/2026  | 400000 | 401485 |
| TOTAL OHIO |  | 175408508 |
| Oregon - 0.1%  |  |  |
| Oregon - 0.1% |  |  |
| General Obligations - 0.0% |  |  |
| Oregon St Gen. Oblig. Series 2025 K, 5% 11/1/2026  | 2700000 | 2737733 |
| Special Tax - 0.1% |  |  |
| Oregon St Dept Admin Lottery 5% 4/1/2026  | 11400000 | 11400000 |
| TOTAL OREGON |  | 14137733 |
| Pennsylvania - 0.1%  |  |  |
| Pennsylvania - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 5% 6/1/2026  | 2940000 | 2951915 |
| Pennsylvania St 5% 9/1/2026  | 6500000 | 6567160 |
| Pennsylvania St Gen. Oblig. 5% 9/1/2026  | 1140000 | 1150677 |
| Pennsylvania St Gen. Oblig. Series 2016, 5% 9/15/2026  | 210000 | 212197 |
| Pennsylvania St Gen. Oblig. Series 2025 A, 5% 8/15/2026  | 1055000 | 1064020 |
| Pennsylvania St Gen. Oblig. Series 2026, 5% 4/1/2027  | 1800000 | 1845107 |
| Pennsylvania St Gen. Oblig. Series FIRST 2022, 5% 10/1/2026  | 265000 | 268077 |
| Pennsylvania St Gen. Oblig. Series FIRST 2021, 5% 5/15/2026  | 100000 | 100268 |
|  |  | 14159421 |
| Health Care - 0.0% |  |  |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2020 B, 5% tender 4/1/2043 (b) | 1265000 | 1279131 |
| TOTAL PENNSYLVANIA |  | 15438552 |
| Rhode Island - 0.1%  |  |  |
| Rhode Island - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Barrington RI BAN 4% 5/28/2026  | 7700000 | 7710370 |
| South Kingston RI BAN Series 2025 I, 4% 6/25/2026  | 8025000 | 8042765 |
| TOTAL RHODE ISLAND |  | 15753135 |
| South Carolina - 0.7%  |  |  |
| South Carolina - 0.7% |  |  |
| General Obligations - 0.7% |  |  |
| Berkeley Cnty SC School Dist Series 2025A, 5% 6/1/2026  | 1005000 | 1008761 |
| Charleston County School District BAN 5% 5/7/2026  | 15765000 | 15793917 |
| Clover SC Sch Dist No 2 York Cnty BAN Series 2025, 5% 10/1/2026  | 16405000 | 16600125 |
| Greenville CO School Dist SC Series 2025C, 5% 6/29/2026  | 5880000 | 5914394 |
| Orangeburg County School District BAN Series 2025, 5% 8/13/2026  | 3565000 | 3596477 |
| York Cnty SC Sch Dist No 1 York BAN Series 2025, 4% 7/30/2026  | 1200000 | 1205611 |
| York Cnty SC Sch Dist No 4 Fort Mill BAN 4% 10/7/2026  | 32990000 | 33238863 |
| TOTAL SOUTH CAROLINA |  | 77358148 |
| Texas - 0.4%  |  |  |
| Texas - 0.4% |  |  |
| Education - 0.0% |  |  |
| Texas A&M Univ Revs Series 2024A, 5% 5/15/2026  | 450000 | 451346 |
| Electric Utilities - 0.0% |  |  |
| Austin TX Elec Util Sys Rev Series 2025, 5% 11/15/2026  | 1200000 | 1217181 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev 5% tender 11/15/2052 (b) | 590000 | 591031 |
| General Obligations - 0.3% |  |  |
| Dallas TX Gen. Oblig. Series 2025, 5% 8/15/2026  | 3860000 | 3893240 |
| Del Valle Tex Indpt Sch Dist 5% 6/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1004956 |
| Eagle Mtn & Saginaw TX Isd Series 2025 A, 5% 8/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1008687 |
| Harris Cnty TX Gen. Oblig. Series 2024 A, 5% 9/15/2026  | 1070000 | 1081017 |
| Houston TX Indpt Sch Dist Series 2025 B, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)  | 950000 | 969949 |
| Houston TX TRAN 4% 6/30/2026  | 5800000 | 5819669 |
| Houston TX TRAN Series 2025, 5% 6/30/2026  | 11600000 | 11667527 |
| Keller Texas Indpt School Dist Series 2025, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)  | 5300000 | 5414916 |
| Royal TX Indpt Sch Dist Series 2026, 5% 8/15/2026 (Permanent Sch Fund of Texas Guaranteed) (f) | 1805000 | 1818989 |
| Texas State Gen. Oblig. Series 2016 A, 5% 4/1/2026  | 295000 | 295000 |
| Texas State Gen. Oblig. Series 2024, 5% 10/1/2026  | 400000 | 404665 |
|  |  | 33378615 |
| Health Care - 0.0% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 5% 12/1/2026  | 710000 | 720293 |
| Water & Sewer - 0.1% |  |  |
| City of El Paso TX Water & Sewer Revenue Series 2026, 5% 3/1/2027 (f) | 1000000 | 1020480 |
| Houston TX Util Sys Rev Series 2016 B, 5% 11/15/2026  | 300000 | 303986 |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2026  | 500000 | 506987 |
| Tarrant Regl Wtr Dist Tex Wtr 5% 3/1/2027 (f) | 3895000 | 3975471 |
| Texas Wtr Dev Brd Series 2022, 5% 10/15/2026  | 400000 | 405209 |
|  |  | 6212133 |
| TOTAL TEXAS |  | 42570599 |
| Virginia - 0.1%  |  |  |
| Virginia - 0.1% |  |  |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Hampton Rds VA Transn Accountability Commn Rev Series 2021 A, 5% 7/1/2026  | 7910000 | 7955452 |
| Washington - 0.2%  |  |  |
| Washington - 0.2% |  |  |
| General Obligations - 0.2% |  |  |
| King & Snohomish Cnty WA Sch Dist No 417 Series 2024, 5% 12/1/2026 (State of Washington Guaranteed)  | 925000 | 939073 |
| King Cnty WA Gen. Oblig. Series 2025B, 5% 12/1/2026  | 6200000 | 6301636 |
| Snohomish Cnty Wash SD No 201 Series 2025, 5% 12/1/2026 (State of Washington Guaranteed)  | 2300000 | 2334029 |
| State of Washington Gen. Oblig. Series R 2018C, 5% 8/1/2026  | 100000 | 100845 |
| State of Washington Gen. Oblig. Series R 2026A, 5% 7/1/2026  | 15600000 | 15692242 |
|  |  | 25367825 |
| Water & Sewer - 0.0% |  |  |
| Seattle WA Wtr Sys Rev Series 2025, 5% 5/1/2026  | 2860000 | 2865560 |
| TOTAL WASHINGTON |  | 28233385 |
| Wisconsin - 0.2%  |  |  |
| Wisconsin - 0.2% |  |  |
| General Obligations - 0.2% |  |  |
| Madison WI Met Sch Dist TRAN Series 2025, 5% 9/1/2026  | 13500000 | 13635304 |
| Wisconsin St Gen. Oblig. Series 2024 1, 5% 5/1/2026  | 1310000 | 1312062 |
| Wisconsin St Gen. Oblig. Series 2025 2, 5% 5/1/2026  | 1370000 | 1372646 |
| Wisconsin St Gen. Oblig. Series 2025 3, 5% 5/1/2026  | 1635000 | 1638230 |
|  |  | 17958242 |
| Health Care - 0.0% |  |  |
| Wisconsin Health & Educational Facilities Authority (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b) | 1135000 | 1143231 |
| Special Tax - 0.0% |  |  |
| Wisconsin St Gen. Oblig. Series 2024 2, 5% 5/1/2026  | 1105000 | 1107147 |
| TOTAL WISCONSIN |  | 20208620 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $1,300,292,779) |  | <br> **1300292779** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tender Option Bond - 26.7%** | &nbsp;&nbsp;**Tender Option Bond - 26.7%** | &nbsp;&nbsp;**Tender Option Bond - 26.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 1.6%  |  |  |
| Alabama Infirmary Health Rev Participating VRDN Series 5065, 2.45% 2/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 58385000 | 58385000 |
| Alabama Southeast Energy Participating VRDN Series 2025 ZF1799, 2.45% 1/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1875000 | 1875000 |
| Alabama Spl Cre Fac Fin A Birm Participating VRDN 2.45% 11/15/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1965000 | 1965000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 ZL0518, 2.47% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3335000 | 3335000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XF8002, 2.45% 5/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 29250000 | 29250000 |
| Black Belt Energy Gas District Alagas Proj Rev Participating VRDN Series 2025 XL0702, 2.47% 10/1/2035 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 7900000 | 7900000 |
| Black Belt Energy Gas District Alagas Proj Rev Participating VRDN Series 2025 ZL0724, 2.47% 12/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 9765000 | 9765000 |
| Black Belt Energy Gas District Alagas Proj Rev Participating VRDN Series 5088, 2.62% 5/1/2056 (Liquidity Facility JP Morgan Securities LLC) (b)(c) | 6300000 | 6300000 |
| Black Belt Energy Gas District Alagas Proj Rev Participating VRDN Series 5104, 2.62% 5/1/2056 (Liquidity Facility JP Morgan Securities LLC) (b)(c) | 10000000 | 10000000 |
| Black Belt Energy Gas District Participating VRDN 2.45% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 8950000 | 8950000 |
| Black Belt Energy Gas District Participating VRDN 2.47% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2000000 | 2000000 |
| Black Belt Energy Gas District Participating VRDN 2.47% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 970000 | 970000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 XM1144, 2.47% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6250000 | 6250000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 ZL0487, 2.45% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2125000 | 2125000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 ZL0508, 2.47% 2/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 8590000 | 8590000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 ZL0509, 2.47% 2/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2335000 | 2335000 |
| Black Belt Energy Gas District Participating VRDN Series 2024 XM1190, 2.47% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1800000 | 1800000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XM1233, 2.47% 3/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1800000 | 1800000 |
| Energy Southeast Ala Coop Distenergy Supply Rev Participating VRDN Series 2023 XM1139, 2.47% 11/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5900000 | 5900000 |
| Energy Southeast Ala Coop Distenergy Supply Rev Participating VRDN Series 2024 XL0542, 2.47% 7/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3080000 | 3080000 |
| Jefferson County Swr Rev Participating VRDN Series 2024 XL0531, 2.46% 10/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1700000 | 1700000 |
| Southeast Ala Gas Supply Distgas Supply Rev Participating VRDN Series 2024 XF1694, 2.47% 6/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1250000 | 1250000 |
| Southeast Energy Auth Participating VRDN 2.45% 1/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2340000 | 2340000 |
| Southeast Energy Auth Participating VRDN Series 2023 XM1135, 2.45% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4000000 | 4000000 |
| Southeast Energy Auth Participating VRDN Series 2025 XF1801, 2.46% 1/1/2056 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2500000 | 2500000 |
| Southeast Energy Auth Participating VRDN Series 2025 XF1887, 2.47% 11/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2000000 | 2000000 |
| TOTAL ALABAMA |  | 186365000 |
| Alabama,Arizona - 0.0%  |  |  |
| Jefferson County AL Board Ed Participating VRDN Series 2023 YX1319, 2.46% 2/1/2046 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2025000 | 2025000 |
| Alaska - 0.2%  |  |  |
| Alaska Indl Dev & Expt Auth Rev Participating VRDN 2.45% 10/1/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 8950000 | 8950000 |
| Alaska Multi Fam Hsg Auth Chenana Apts Participating VRDN 2.65% 11/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1500000 | 1500000 |
| Anchorage AK MBIA Participating VRDN 2.45% 6/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 10400000 | 10400000 |
| Anchorage Alaska Solid Waste Svcs Rev Participating VRDN Series 2023 XG0518, 2.54% 11/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4300000 | 4300000 |
| TOTAL ALASKA |  | 25150000 |
| Arizona - 0.4%  |  |  |
| Arizona Health Facilities Auth Rev Participating VRDN Series 2022 MIZ9101, 2.62% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 1200000 | 1200000 |
| Arizona Health Facs Auth Rev Participating VRDN Series 3384, 2.45% 1/1/2037 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 8500000 | 8500000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2024 MIZ9180, 2.65% 7/11/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 3200000 | 3200000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9219, 2.65% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1300000 | 1300000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9220, 2.65% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 995000 | 995000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9240, 2.65% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 2700000 | 2700000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9241, 2.65% 11/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1700000 | 1700000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9242, 2.65% 11/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 2600000 | 2600000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2026 MIZ9248, 2.65% 2/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 2105000 | 2105000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2026 MIZ9249, 2.65% 2/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1600000 | 1600000 |
| Arizona Ind Dev Auth Participating VRDN 2.65% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 5715555 | 5715555 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9187, 2.65% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 4100000 | 4100000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9211, 2.65% 5/13/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1035000 | 1035000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9213, 2.65% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 2485000 | 2485000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9215, 2.65% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1500000 | 1500000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9216, 2.65% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1520000 | 1520000 |
| Mesa AZ Util Sys Rev Participating VRDN 2.47% 7/1/2046 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2850000 | 2850000 |
| Salt Verde Finl Corp Sr Gas Rev Participating VRDN Series 2018 XF2537, 2.46% 12/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1200000 | 1200000 |
| TOTAL ARIZONA |  | 46305555 |
| California - 0.3%  |  |  |
| California Hsg Fin Agy Ltd Oblig Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9231, 2.6% 9/9/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 10325000 | 10325000 |
| California St Univ Rev Participating VRDN 2.44% 11/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3750000 | 3750000 |
| California St Univ Rev Participating VRDN 2.44% 11/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 8075000 | 8075000 |
| River Islands Pub Fing Auth Participating VRDN 2.6% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 7600000 | 7600000 |
| Univ CA Regts Med Ctr Pooled Rev Participating VRDN 2.44% 5/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2685000 | 2685000 |
| TOTAL CALIFORNIA |  | 32435000 |
| Colorado - 0.6%  |  |  |
| Colorado Ctfs of Prtn Participating VRDN 2.45% 12/15/2040 (Liquidity Facility Barclays Bank PLC) (b)(c) | 8720000 | 8720000 |
| Colorado Health Facilities Auth Rev Bonds Participating VRDN 2.45% 11/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3905000 | 3905000 |
| Colorado Health Facilities Auth Rev Bonds Participating VRDN Series 2019 XG0251, 2.47% 8/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 720000 | 720000 |
| Colorado Health Facilities Auth Rev Bonds Participating VRDN Series 2020 XM0829, 2.45% 8/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4400000 | 4400000 |
| Colorado Health Facilities Authority Participating VRDN Series 2023 XF1619, 2.45% 5/15/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6800000 | 6800000 |
| Colorado Health Facilities Authority Participating VRDN Series 2023 XL0436, 2.45% 5/15/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3710000 | 3710000 |
| Colorado Health Facilities Authority Participating VRDN Series 2023 XM1124, 2.45% 11/15/2048 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2345000 | 2345000 |
| Colorado Health Facilities Authority Participating VRDN Series 2025 XF1990, 2.45% 5/15/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3360000 | 3360000 |
| Colorado Health Facilities Authority Series 2025 MS0043, 2.62% tender 11/15/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 4600000 | 4600000 |
| Colorado Springs Colo Utils Participating VRDN Series 2025 YX1433, 2.45% 11/15/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4115000 | 4115000 |
| Denver CO City & Cnty Brd Wtr Participating VRDN Series 2025 XF8032, 2.45% 9/15/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 2670000 | 2670000 |
| Denver CO Cty & Cnty Sch Dis 1 Participating VRDN Series 2025 XG0603, 2.45% 12/1/2049 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 5000000 | 5000000 |
| Denver CO Cty & Cnty Sch Dis 1 Participating VRDN Series 2025 XL0717, 2.45% 12/1/2047 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 4000000 | 4000000 |
| Regional Transn Dist CO Sales Participating VRDN Series 2025 CF7024, 2.45% 11/1/2033 (Liquidity Facility Citibank NA) (b)(c) | 15700000 | 15700000 |
| TOTAL COLORADO |  | 70045000 |
| Connecticut - 0.5%  |  |  |
| Conn St Hsg Fin Auth Participating VRDN Series 2025 CF7067, 2.45% 11/15/2052 (Liquidity Facility Citibank NA) (b)(c) | 5400000 | 5400000 |
| Connecticut St Participating VRDN Series 2017 014, 2.46% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 24775000 | 24775000 |
| Connecticut St Participating VRDN Series 2017 016, 2.46% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 21800000 | 21800000 |
| Connecticut St Spl Tax Oblig Participating VRDN Series 2026 XF3507, 2.7% 7/1/2045 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 3750000 | 3750000 |
| TOTAL CONNECTICUT |  | 55725000 |
| Delaware - 0.0%  |  |  |
| Delaware Multi Fam Hsg Chritina Village Participating VRDN 2.65% 5/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 2600000 | 2600000 |
| District Of Columbia - 0.3%  |  |  |
| District Columbia Gen. Oblig. Participating VRDN 2.45% 6/1/2040 (Liquidity Facility Citibank NA) (b)(c) | 12360000 | 12360000 |
| District Columbia Income Tax Rev Participating VRDN Series 2025 XF1998, 2.45% 6/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(c) | 10665000 | 10665000 |
| District Columbia Income Tax Rev Participating VRDN Series 2025 ZF3379, 2.45% 6/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 3270000 | 3270000 |
| District Columbia Participating VRDN 2.45% 6/1/2042 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2965000 | 2965000 |
| TOTAL DISTRICT OF COLUMBIA |  | 29260000 |
| District Of Columbia,Virginia - 0.1%  |  |  |
| Metropolitan WA DC Arp Toll Rd Participating VRDN Series 2020 XF0919, 2.45% 10/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1355000 | 1355000 |
| Metropolitan Washington Arpts Auth Dulles Toll Road Rev Participating VRDN Series 2019 XF0853, 2.46% 10/1/2044 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 9475000 | 9475000 |
| Metropolitan Washington Arpts Auth Dulles Toll Road Rev Participating VRDN Series 2019 XG0267, 2.47% 10/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1715000 | 1715000 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 12545000 |
| Florida - 2.6%  |  |  |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN Series 2023 XF1641, 2.52% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 10700000 | 10700000 |
| Capital Trust Auth Participating VRDN Series 5094, 2.45% 12/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 33755000 | 33755000 |
| County of Broward FL Tourist Development Tax Revenue Participating VRDN 2.5% 9/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 4000000 | 4000000 |
| County of Broward FL Tourist Development Tax Revenue Participating VRDN Series 2023 XL0429, 2.53% 9/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2315000 | 2315000 |
| Florida Hsg Fin Corp Rev Participating VRDN 2.45% 7/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 10225000 | 10225000 |
| Florida St Dept Transn Tpk Rev Participating VRDN 2.45% 7/1/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3750000 | 3750000 |
| Gainesville FL Utils Sys Rev Participating VRDN Series 2023 YX1284, 2.45% 10/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 7815000 | 7815000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2024 XF3239, 2.45% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 12050000 | 12050000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XG0617, 2.45% 11/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3700000 | 3700000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XL0669, 2.98% 11/15/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3800000 | 3800000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1229, 2.45% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 6700000 | 6700000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1246, 2.45% 11/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 5245000 | 5245000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1282, 2.45% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 5185000 | 5185000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1314, 2.45% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 7535000 | 7535000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1336, 2.45% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 7700000 | 7700000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 ZF3394, 2.45% 11/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3170000 | 3170000 |
| Jacksonville Fla Spl Rev Series 2025 MS0068E, 2.62% tender 10/1/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 9700000 | 9700000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN Series 2025 ZF3393, 2.45% 10/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 5530000 | 5530000 |
| JEA FL Wtr & Swr Sys Rev Series 2025 MS0033, 2.58% tender 10/1/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 6395000 | 6395000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN 2.45% 3/15/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2800000 | 2800000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN Series 2025 CF7023, 2.47% 3/15/2047 (Liquidity Facility Citibank NA) (b)(c) | 13000000 | 13000000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN Series 2026 CF7087, 2.45% 3/15/2046 (Liquidity Facility Citibank NA) (b)(c) | 10550000 | 10550000 |
| Miami-Dade Cnty FL Wtr & Swr Rev Participating VRDN Series 2023 XM1122, 2.45% 10/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c) | 13900000 | 13900000 |
| Miami-Dade Cnty FL Wtr & Swr Rev Participating VRDN Series 2025 XL0725, 2.7% 10/1/2055 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2200000 | 2200000 |
| Miami-Dade Cnty FL Wtr & Swr Rev Participating VRDN Series 2025 XM1296, 2.75% 10/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 6375000 | 6375000 |
| Miami-Dade County Expressway Auth Participating VRDN 2.45% 10/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c) | 6000000 | 6000000 |
| Miami-Dade County Expressway Auth Participating VRDN Series 2019 XG0252, 2.47% 7/1/2034 (Liquidity Facility Bank of America, N.A.) (b)(c) | 7400000 | 7400000 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev Participating VRDN Series 2022 XG0370, 2.52% 8/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 13715000 | 13715000 |
| Pasco County FL Hosp Rev Participating VRDN Series 2023 XM1155, 2.45% 7/1/2030 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 10685000 | 10685000 |
| Sarasota Co FL Pub Hsp Dst Hsp Participating VRDN Series 5108, 2.45% 7/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 19400000 | 19400000 |
| South Broward Hosp Dist FL Rev Participating VRDN Series 2021 XG0345, 2.45% 5/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 200000 | 200000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN Series 2018 XG0173, 2.52% 8/15/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 5600000 | 5600000 |
| Tallahassee FL Health Facs Rev Participating VRDN Series 2023 XG0485, 2.45% 12/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2595000 | 2595000 |
| Tampa Bay Water Participating VRDN Series 2023 ZL0485, 2.45% 10/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2500000 | 2500000 |
| Tampa Bay Water Participating VRDN Series 2025 ZF1961, 2.45% 10/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4670000 | 4670000 |
| Tampa Bay Water Series 2025 MS0066E, 2.6% tender 10/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 7770000 | 7770000 |
| Tampa FL Health Sys Rev Participating VRDN 2.45% 11/15/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5250000 | 5250000 |
| Tampa FL Health Sys Rev Participating VRDN Series 2023 XF3146, 2.47% 11/15/2046 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 6930000 | 6930000 |
| Tampa FL Hosp Rev Participating VRDN Series 2025 XG0613, 2.45% 8/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4800000 | 4800000 |
| Wildwood Util Dependent Dist FL Util Rev Participating VRDN Series 2025 XM1210, 2.45% 10/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3590000 | 3590000 |
| TOTAL FLORIDA |  | 299200000 |
| Georgia - 1.2%  |  |  |
| Brookhaven Development Authority Participating VRDN Series 2019 XG0244, 2.45% 7/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 170000 | 170000 |
| Burke County Indl Dev Auth Poll Cont Rev Participating VRDN 2.46% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 30695000 | 30695000 |
| Burke County Indl Dev Auth Poll Cont Rev Participating VRDN 2.47% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 15400000 | 15400000 |
| Cartersville GA Wtr & Swr Rev Participating VRDN Series 2026 XF8125, 2.45% 6/1/2056 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3200000 | 3200000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XF3106, 2.46% 7/1/2063 (Liquidity Facility Barclays Bank PLC) (b)(c) | 8085000 | 8085000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XG0470, 2.47% 1/1/2059 (Liquidity Facility Bank of America, N.A.) (b)(c) | 8150000 | 8150000 |
| Georgia St Gen. Oblig. Participating VRDN 2.44% 7/1/2037 (Liquidity Facility Citibank NA) (b)(c) | 9375000 | 9375000 |
| Georgia St Gen. Oblig. Participating VRDN Series 2024 CF7007, 2.45% 7/1/2041 (Liquidity Facility Citibank NA) (b)(c) | 3500000 | 3500000 |
| Main Street Natural Gas Inc Participating VRDN Series 2019 XF0751, 2.45% 5/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 38225000 | 38225000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XF1601, 2.45% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6800000 | 6800000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XM1134, 2.45% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4000000 | 4000000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XM1136, 2.45% 12/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2700000 | 2700000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 ZF1655, 2.45% 9/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3105000 | 3105000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 ZF1659, 2.45% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2810000 | 2810000 |
| Main Street Natural Gas Inc Participating VRDN Series 2024 XM1187, 2.47% 6/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1800000 | 1800000 |
| Muni Elec Auth of Georgia Participating VRDN Series 2019 XG0254, 2.47% 1/1/2063 (Liquidity Facility Bank of America, N.A.) (b)(c) | 5305000 | 5305000 |
| TOTAL GEORGIA |  | 143320000 |
| Idaho - 0.1%  |  |  |
| Idaho Health Facs Auth Rev Participating VRDN 2.45% 3/1/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3750000 | 3750000 |
| Idaho Hsg & Fin Assn Participating VRDN Series 2024 XG0565, 2.45% 1/1/2054 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2590000 | 2590000 |
| TOTAL IDAHO |  | 6340000 |
| Illinois - 2.3%  |  |  |
| Chicago IL Gen. Oblig. Participating VRDN 2.45% 1/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 250000 | 250000 |
| Chicago IL Gen. Oblig. Participating VRDN Series 2025 XL0691, 2.45% 1/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4575000 | 4575000 |
| Chicago IL Participating VRDN Series E 169, 2.48% 5/31/2030 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 49200000 | 49200000 |
| Chicago O'Hare Int'l Arpt Rev Participating VRDN Series 2019 XF0736, 2.45% 1/1/2061 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 6625000 | 6625000 |
| Chicago Transit Auth Participating VRDN Series 2020 XL0145, 2.46% 12/1/2057 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5485000 | 5485000 |
| Illinois Fin Auth Participating VRDN 2.45% 5/15/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5135000 | 5135000 |
| Illinois Fin Auth Rev Participating VRDN Series 2018 017, 2.72% 8/15/2030 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 16300000 | 16300000 |
| Illinois Fin Auth Rev Participating VRDN Series 2018 XF0711, 2.45% 5/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 9900000 | 9900000 |
| Illinois Fin Auth Rev Participating VRDN Series 2023 XF1540, 2.45% 12/1/2046 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2500000 | 2500000 |
| Illinois Fin Auth Rev Participating VRDN Series 5103, 2.45% 8/15/2057 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 20020000 | 20020000 |
| Illinois Finance Authority Rev Participating VRDN 2.45% 8/15/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2700000 | 2700000 |
| Illinois Gen. Oblig. Participating VRDN 2.47% 11/1/2029 (Liquidity Facility Bank of America, N.A.) (b)(c) | 10100000 | 10100000 |
| Illinois Gen. Oblig. Participating VRDN 2.47% 5/1/2039 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4500000 | 4500000 |
| Illinois Gen. Oblig. Participating VRDN Series 2022 XL0260, 2.45% 3/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4800000 | 4800000 |
| Illinois Gen. Oblig. Participating VRDN Series 2023 XF3111, 2.45% 5/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5700000 | 5700000 |
| Illinois Gen. Oblig. Participating VRDN Series 2024 YX1338, 2.45% 5/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c) | 7915000 | 7915000 |
| Illinois Gen. Oblig. Participating VRDN Series 2025 XF8078, 2.45% 9/1/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 13500000 | 13500000 |
| Illinois Housing Development Authority Participating VRDN 2.45% 10/1/2043 (Liquidity Facility Citibank NA) (b)(c) | 2355000 | 2355000 |
| Illinois Housing Development Authority Participating VRDN 2.45% 4/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 11655000 | 11655000 |
| Illinois Hsg Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9224, 2.65% 8/18/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 26500000 | 26500000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN 2.45% 1/1/2045 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 10300000 | 10300000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN 2.48% 1/1/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1310000 | 1310000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN Series 2015 XF077, 2.48% 1/1/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 6360000 | 6360000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN Series 2022 ZF1388, 2.48% 1/1/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2000000 | 2000000 |
| Metropolitan Pier & Exposition Participating VRDN Series 2015 XF1045, 2.46% 6/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2120000 | 2120000 |
| Metropolitan Pier & Exposition Participating VRDN Series 2025 XF1962, 2.45% 6/15/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4000000 | 4000000 |
| Metropolitan Pier & Exposition Participating VRDN Series 2025 XF8081, 2.45% 6/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 25900000 | 25900000 |
| Metropolitan Pier & Exposition Participating VRDN Series 2026 XF3514, 2.45% 6/15/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 3745000 | 3745000 |
| Regional Transn Auth IL Participating VRDN 2.48% 6/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2510000 | 2510000 |
| TOTAL ILLINOIS |  | 267960000 |
| Indiana - 0.3%  |  |  |
| Indiana Fin Auth Health Facilities Rev Participating VRDN Series 2023 XF1569, 2.45% 8/15/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6095000 | 6095000 |
| Indiana Fin Auth Health Sys Rev Participating VRDN 2.45% 10/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 5785000 | 5785000 |
| Indiana Fin Auth Health Sys Rev Participating VRDN Series 2025 006, 2.45% 10/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 24855000 | 24855000 |
| TOTAL INDIANA |  | 36735000 |
| Iowa - 0.2%  |  |  |
| Iowa Fin Auth Rev Participating VRDN Series 2024 003, 2.67% 3/1/2027 (Liquidity Facility Barclays Bank PLC) (b)(c) | 12400000 | 12400000 |
| Iowa Fin Auth Single Family Mtg Rev Participating VRDN Series 2023 XG0522, 2.45% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4250000 | 4250000 |
| Polk Co IA Gen. Oblig. Participating VRDN Series 2025 XL0666, 2.45% 6/1/2045 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4355000 | 4355000 |
| State of Iowa Board of Regents Participating VRDN 2.45% 9/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4025000 | 4025000 |
| TOTAL IOWA |  | 25030000 |
| Kansas - 0.0%  |  |  |
| Wyandotte Cnty Ks Uni Sd 500 Participating VRDN Series 2025 ZF1819, 2.45% 9/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1875000 | 1875000 |
| Kentucky - 0.2%  |  |  |
| CommonSpirit Health Participating VRDN Series 2020 MIZ9021, 2.52% 5/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 4400000 | 4400000 |
| Covington City KY Participating VRDN Series 2024 XL0569, 2.47% 12/1/2054 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2185000 | 2185000 |
| Jefferson County Board of Education/KY Participating VRDN Series 2024 XM1182, 2.45% 9/1/2040 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4000000 | 4000000 |
| Kentucky Comm Network Rev Participating VRDN 2.47% 9/1/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3000000 | 3000000 |
| Kentucky Econ Dev Fin Auth Hosp Rev Participating VRDN Series 2023 XF3181, 2.46% 6/1/2041 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2200000 | 2200000 |
| Kentucky Gas Supply Rev Participating VRDN Series 2025 XM1237, 2.47% 6/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2000000 | 2000000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1188, 2.47% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1800000 | 1800000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1189, 2.47% 8/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1800000 | 1800000 |
| Kentucky Pub Energy Participating VRDN 2.46% 4/1/2054 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 4760000 | 4760000 |
| Kentucky Pub Energy Participating VRDN 2.47% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1205000 | 1205000 |
| TOTAL KENTUCKY |  | 27350000 |
| Louisiana - 0.3%  |  |  |
| Louisiana Pub Facs Rev Participating VRDN Series 2023 YX1295, 2.45% 5/15/2046 (Liquidity Facility Barclays Bank PLC) (b)(c) | 14205000 | 14205000 |
| Louisiana Pub Facs Rev Participating VRDN Series 2025 XF1971, 2.45% 5/15/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2750000 | 2750000 |
| New Orleans LA Rev Participating VRDN Series 5099, 2.45% 6/30/2026 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 15800000 | 15800000 |
| TOTAL LOUISIANA |  | 32755000 |
| Maryland - 0.2%  |  |  |
| Maryland St Hlth & HI Ed Facs VRDN Series 2026 BAML5071, 2.98% 7/1/2047 (Liquidity Facility Bank of America, N.A.) (b)(c) | 5750000 | 5750000 |
| Montgomery County Housing Opportunities Commission Participating VRDN 2.45% 1/1/2071 (Liquidity Facility Barclays Bank PLC) (b)(c) | 6700000 | 6700000 |
| Prince Georges County MD Gen. Oblig. Participating VRDN Series 2025 CF7060, 2.45% 7/15/2039 (Liquidity Facility Citibank NA) (b)(c) | 5100000 | 5100000 |
| State of Maryland Gen. Oblig. Participating VRDN Series 2025 CF7049, 2.45% 3/15/2035 (Liquidity Facility Citibank NA) (b)(c) | 10400000 | 10400000 |
| TOTAL MARYLAND |  | 27950000 |
| Michigan - 0.3%  |  |  |
| Bronson MI Hlth Rev Participating VRDN Series 2025 XL0615, 2.45% 5/15/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3175000 | 3175000 |
| Michigan Fin Auth Rev Participating VRDN Series 2019 XF0782, 2.45% 2/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 770000 | 770000 |
| Michigan Fin Auth Rev Participating VRDN Series 2025 XF3362, 2.45% 11/1/2044 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 3555000 | 3555000 |
| Michigan Finance Authority Participating VRDN Series 2025 XG0634, 2.47% 3/1/2051 (Liquidity Facility Bank of America, N.A.) (b)(c) | 9700000 | 9700000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN 2.45% 12/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3650000 | 3650000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN Series 2023 XF1581, 2.46% 12/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2400000 | 2400000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN Series 2023 XL0467, 2.45% 6/1/2054 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4000000 | 4000000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN Series 2025 XF8087, 2.45% 6/1/2056 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2625000 | 2625000 |
| Michigan St Hosp Fin Auth Rev Participating VRDN 2.45% 11/15/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2500000 | 2500000 |
| Michigan St Univ Revs Participating VRDN Series 2024 XM1171, 2.45% 8/15/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2500000 | 2500000 |
| Okemos Mich School Dist Participating VRDN Series 2026 XG0635, 2.45% 11/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5220000 | 5220000 |
| TOTAL MICHIGAN |  | 40095000 |
| Minnesota - 0.2%  |  |  |
| Duluth Econ Dev Auth Health Care Facs Rev Participating VRDN Series 2023 XG0523, 2.46% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4900000 | 4900000 |
| Minnesota Municipal Gas AgencyParticipating VRDN 2.8% 9/1/2035 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5625000 | 5625000 |
| Minnesota St Gen. Oblig. Participating VRDN Series 2024 CF7001, 2.44% 9/1/2041 (Liquidity Facility Citibank NA) (b)(c) | 10200000 | 10200000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN 2.65% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 6599997 | 6599997 |
| TOTAL MINNESOTA |  | 27324997 |
| Mississippi - 0.1%  |  |  |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9202, 2.65% 12/4/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 3500000 | 3500000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9205, 2.65% 7/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 2150000 | 2150000 |
| Mississippi Home Corp Single Family Mtg Rev Participating VRDN Series 2025 XX1388, 2.45% 12/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3250000 | 3250000 |
| TOTAL MISSISSIPPI |  | 8900000 |
| Missouri - 1.2%  |  |  |
| Kansas City MO Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9207, 2.65% 1/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 2595000 | 2595000 |
| Kansas City Spl Oblig Participating VRDN Series 2022 XG0361, 2.46% 9/1/2046 (Liquidity Facility Barclays Bank PLC) (b)(c) | 6090000 | 6090000 |
| Kansas City Spl Oblig Participating VRDN Series 2022 YX1193, 2.46% 9/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(c) | 9115000 | 9115000 |
| Missouri Health & Edl Facilities Auth Rev Participating VRDN Series C 16, 2.47% 3/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 32500000 | 32500000 |
| Missouri Health & Edl Facs Rev Participating VRDN Series C 23, 2.46% 6/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 19700000 | 19700000 |
| Missouri Hlth & Edl Facs Rev Participating VRDN Series 2025 XF1841, 2.45% 4/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2665000 | 2665000 |
| Missouri Hlth Facs Auth Rev Participating VRDN Series 5066, 2.45% 6/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 23000000 | 23000000 |
| Missouri St Hefa Edl Facs Rev Participating VRDN 2.45% 6/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3445000 | 3445000 |
| Missouri St Hsg Dev Commn Single Family Mtg Rev Participating VRDN Series 2025 XF1885, 2.45% 11/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5600000 | 5600000 |
| Montana Hlth Facs Auth Rev Participating VRDN 2.45% 11/15/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 22200000 | 22200000 |
| St Louis Cnty MO Spl Oblig Participating VRDN Series 2022 XG0382, 2.45% 12/1/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 5200000 | 5200000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9235, 2.65% 10/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1500000 | 1500000 |
| St Louis MO Lafayette Apts Participating VRDN Series 2025 MIZ9212, 2.65% 5/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 2979998 | 2979998 |
| TOTAL MISSOURI |  | 136589998 |
| Nebraska - 0.1%  |  |  |
| Central Plains Energy Proj Rev Participating VRDN Series 2022 ZL0301, 2.47% 5/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 480000 | 480000 |
| Nebraska Invt Fin Auth Sfh Rev Participating VRDN Series 2024 XF1774, 2.45% 9/1/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1675000 | 1675000 |
| Nebraska Invt Fin Auth Sfh Rev Participating VRDN Series 2024 YX1334, 2.45% 9/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1540000 | 1540000 |
| Nebraska Invt Fin Auth Single Family Hsg Rev Participating VRDN Series 2025 XF1972, 2.45% 9/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4810000 | 4810000 |
| TOTAL NEBRASKA |  | 8505000 |
| Nevada - 0.3%  |  |  |
| Clark Cnty NV Gen. Oblig. Participating VRDN Series 2023 ZL0480, 2.45% 5/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 3275000 | 3275000 |
| Clark Cnty NV Wtr Reclamation Dist Gen. Oblig. Participating VRDN Series 2025 XG0627, 2.45% 7/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 5135000 | 5135000 |
| Las Vegas Valley NV Gen. Oblig. Participating VRDN 2.45% 6/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(c) | 11235000 | 11235000 |
| Las Vegas Valley NV Gen. Oblig. Participating VRDN Series 2023 ZF3155, 2.45% 6/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4750000 | 4750000 |
| Las Vegas Valley NV Gen. Oblig. Participating VRDN Series 2025 XF1954, 2.45% 6/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 2900000 | 2900000 |
| Las Vegas Valley NV Gen. Oblig. Participating VRDN Series 2025 ZF3413, 2.45% 6/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2500000 | 2500000 |
| Las Vegas Valley NV Gen. Oblig. Series 2025 MS0057E, 2.59% tender 6/1/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 3200000 | 3200000 |
| TOTAL NEVADA |  | 32995000 |
| New Hampshire,New York - 0.3%  |  |  |
| Nat'l Fin Auth NH Novant Hlth Participating VRDN Series E 157, 2.45% 11/1/2064 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 39900000 | 39900000 |
| New Jersey - 0.4%  |  |  |
| New Jersey Econ Dev Auth Rev Participating VRDN 2.45% 6/15/2044 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2725000 | 2725000 |
| New Jersey Trans Trust Fund Auth Participating VRDN 2.45% 6/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4300000 | 4300000 |
| New Jersey Trans Trust Fund Auth Participating VRDN 2.46% 6/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 12470000 | 12470000 |
| New Jersey Trans Trust Fund Auth Participating VRDN Series 2018 XG0205, 2.45% 12/15/2034 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4645000 | 4645000 |
| New Jersey Trans Trust Fund Auth Participating VRDN Series 2023 XF1557, 2.45% 6/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3435000 | 3435000 |
| New Jersey Turnpike Authority Participating VRDN 2.45% 1/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2300000 | 2300000 |
| New Jersey Turnpike Authority Participating VRDN Series 2025 XF3423, 2.45% 1/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(c) | 7875000 | 7875000 |
| New Jersey Turnpike Authority Participating VRDN Series 2025 XM1278, 2.45% 1/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 5335000 | 5335000 |
| TOTAL NEW JERSEY |  | 43085000 |
| New Jersey,Pennsylvania - 0.0%  |  |  |
| Pennsylvania Hsg Fin Agcy Multi Fam Hsg Dev Rev Participating VRDN Series 2025 MIZ9245, 2.65% 1/7/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 4745000 | 4745000 |
| New Mexico - 0.1%  |  |  |
| Bernalillo NM Multi Fam Hsg St Anthony's Pl Participating VRDN Series 2025 MIZ9210, 2.65% 4/29/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 6500000 | 6500000 |
| New York - 1.2%  |  |  |
| City of New York NY Gen. Oblig. Participating VRDN Series 2025 ZF3405, 2.44% 8/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4030000 | 4030000 |
| City of New York NY Gen. Oblig. Series 2025 MS0074E, 2.59% tender 8/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 3295000 | 3295000 |
| New York City Housing Development Corp Series 2026 MS0088, 2.59% tender 11/1/2065 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 3550000 | 3550000 |
| New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Participating VRDN 2.45% 6/15/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 22800000 | 22800000 |
| New York City Participating VRDN 2.45% 10/1/2039 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 8200000 | 8200000 |
| New York City Transitional Finance Authority Participating VRDN Series 2025 YX1419, 2.45% 5/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2015000 | 2015000 |
| New York City Transitional Finance Authority Participating VRDN Series 2025 ZF3373, 2.44% 11/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3530000 | 3530000 |
| New York Dorm Auth Royal Charter Prop Participating VRDN Series 2025 MIZ9208, 2.65% 3/16/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 16885000 | 16885000 |
| New York Metropolitan Trans Auth Rev Participating VRDN 2.45% 11/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c) | 33205000 | 33205000 |
| New York Metropolitan Trans Auth Rev Participating VRDN Series 2020 XF2878, 2.45% 11/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2400000 | 2400000 |
| New York NY City Transitional Fin Auth Rev Participating VRDN Series 2022 YX1183, 2.45% 2/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3265000 | 3265000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2023 XF3160, 2.44% 6/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 7500000 | 7500000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2025 XF3456, 2.45% 6/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3500000 | 3500000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2025 ZF3429, 2.44% 6/15/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 6165000 | 6165000 |
| New York, NY Participating VRDN 2.45% 9/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 14400000 | 14400000 |
| Rbc Mun Prods Inc Tr Var Sts Gen. Oblig. Participating VRDN Series E 88, 2.45% 6/1/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2000000 | 2000000 |
| TOTAL NEW YORK |  | 136740000 |
| North Carolina - 0.8%  |  |  |
| Charlotte NC Arpt Rev Participating VRDN Series 2025 XF8043, 2.45% 7/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4320000 | 4320000 |
| Charlotte NC Arpt Rev Participating VRDN Series 2025 YX1402, 2.45% 7/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5060000 | 5060000 |
| NC Hsg Fin Agy Homeownership Rev Participating VRDN Series 2023 YX1316, 2.45% 1/1/2048 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5365000 | 5365000 |
| North Carolina St Gen. Oblig. Participating VRDN Series 2025 CF7068, 2.45% 6/1/2038 (Liquidity Facility Citibank NA) (b)(c) | 14800000 | 14800000 |
| Raleigh NC Hsg Auth Multi Fam Rev Participating VRDN Series 2025 MIZ9228, 2.65% 8/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 4490000 | 4490000 |
| University Of North Carolina Health Care System Participating VRDN Series 5093, 2.45% 7/1/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 57100000 | 57100000 |
| TOTAL NORTH CAROLINA |  | 91135000 |
| North Dakota - 0.2%  |  |  |
| North Dakota Housing Finance Agency Participating VRDN 2.45% 7/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 10400000 | 10400000 |
| North Dakota St Hsg Fin Agy Participating VRDN Series 2024 XG0559, 2.45% 1/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 13185000 | 13185000 |
| TOTAL NORTH DAKOTA |  | 23585000 |
| Ohio - 0.8%  |  |  |
| Allen Cnty OH Hosp Facs Rev Participating VRDN Series 2017 XF2516, 2.51% 8/1/2047 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3600000 | 3600000 |
| Allen Cnty OH Mercy Hlth Participating VRDN Series E 134, 2.45% 6/1/2034 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 7715000 | 7715000 |
| Allen OH Bon Secours Mercy Hlth Participating VRDN Series E 164, 2.45% 11/1/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 13450000 | 13450000 |
| Brunswick Ohio City Sch Dist Participating VRDN 2.45% 12/1/2060 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2750000 | 2750000 |
| CommonSpirit Health Participating VRDN Series 2020 MIZ9020, 2.52% 5/1/2039 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 3575000 | 3575000 |
| Cuyahoga Cnty Ohio Hosp Rev Participating VRDN Series 2023 BAML5043, 2.49% 2/15/2047 (Liquidity Facility Bank of America, N.A.) (b)(c) | 2900000 | 2900000 |
| Franklin Cnty OH Hosp Facs Rev Participating VRDN 2.45% 5/15/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2810000 | 2810000 |
| Hamilton County Healthcare Facilities Rev Participating VRDN Series 2023 XG0525, 2.45% 8/15/2042 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6775000 | 6775000 |
| Hamilton County Healthcare Facilities Rev Participating VRDN Series 2024 XM1184, 2.45% 6/1/2038 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6205000 | 6205000 |
| Montgomery Cnty OH Kettering Hlth Participating VRDN Series E 132, 2.45% 8/1/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 18485000 | 18485000 |
| Ohio Hosp Rev Participating VRDN Series C 18, 2.46% 1/15/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2100000 | 2100000 |
| Ohio Housing Finance Agency Participating VRDN Series 2024 XF1762, 5.4333% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3015000 | 3015000 |
| Ohio Housing Finance Agency Participating VRDN Series 2025 XF1824, 2.45% 9/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4145000 | 4145000 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Participating VRDN Series 2023 XF3145, 2.45% 9/1/2054 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2730000 | 2730000 |
| Port of Grt Cincinnati OH Participating VRDN Series 2024 XL0553, 2.45% 12/1/2058 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 305000 | 305000 |
| University Cincinnati OH Gen Participating VRDN 2.45% 6/1/2045 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3700000 | 3700000 |
| University Cincinnati OH Gen Participating VRDN Series 2024 XF1711, 2.45% 6/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3945000 | 3945000 |
| TOTAL OHIO |  | 88205000 |
| Oklahoma - 0.1%  |  |  |
| Oklahoma City Okla Wtr Utils Tr Util Sys Rev Participating VRDN Series 2024 XM1163, 2.45% 7/1/2064 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3800000 | 3800000 |
| Oklahoma St Wtr Res Brd Rev Fd Participating VRDN Series 2025 XF3434, 2.47% 4/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3995000 | 3995000 |
| TOTAL OKLAHOMA |  | 7795000 |
| Oregon - 0.4%  |  |  |
| Multinomah OR Adventist Health Participating VRDN 2.45% 3/1/2040 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 7580000 | 7580000 |
| Multnomah Cnty OR Sch Dist No 1 Portland Participating VRDN 2.45% 6/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 15710000 | 15710000 |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN 2.65% 1/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1405000 | 1405000 |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN Series 2025 MIZ9243, 2.65% 11/17/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 2900000 | 2900000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN Series 2025 MIZ9230, 2.65% 9/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1100000 | 1100000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN Series 2026 MIZ9251, 2.65% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1800000 | 1800000 |
| Tender Opt Bd Tr Rcpts / Ctfs Var Sts Gen. Oblig. Series 2024 MS0026, 2.62% tender 10/1/2026 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 13350000 | 13350000 |
| Washington Clark County SD23 Series 2025 MS0080E, 2.6% tender 6/15/2046 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 3725000 | 3725000 |
| Washington Cnty OR Sch Dist 48j Beaverton Participating VRDN 2.45% 6/15/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3995000 | 3995000 |
| TOTAL OREGON |  | 51565000 |
| Pennsylvania - 1.9%  |  |  |
| Allegheny Cnty PA San Auth Swr Participating VRDN Series 2025 XF8088, 2.75% 12/1/2058 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4150000 | 4150000 |
| Allegheny Cnty PA San Auth Swr Participating VRDN Series 2025 XL0706, 2.45% 12/1/2058 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3995000 | 3995000 |
| Centre Cnty PA Hosp Auth Rev Participating VRDN Series 5100, 2.45% 11/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 23600000 | 23600000 |
| Commonwealth Fing Auth Tobacco Participating VRDN Series 2018 XX1080, 2.46% 6/1/2035 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1800000 | 1800000 |
| Cumberland County Muni Auth Rev Participating VRDN 2.46% 11/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c) | 9375000 | 9375000 |
| Geisinger Auth PA Hlth Sys Rev Participating VRDN Series 2023 XG0468, 2.45% 6/1/2041 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 6760000 | 6760000 |
| Geisinger Auth PA Hlth Sys Rev Participating VRDN Series 2025 XF3360, 2.45% 4/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2935000 | 2935000 |
| Lehigh County Gen Purp Hosp Rev Participating VRDN Series 2023 BAML5039, 2.5% 7/1/2043 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 11320000 | 11320000 |
| Monroeville Fin Auth UPMC Rev Participating VRDN Series 2022 YX1185, 2.45% 2/15/2039 (Liquidity Facility Barclays Bank PLC) (b)(c) | 6550000 | 6550000 |
| Pennsylvania Econ Dev Fing Auth Participating VRDN Series 2022 YX1186, 2.45% 2/15/2040 (Liquidity Facility Barclays Bank PLC) (b)(c) | 8000000 | 8000000 |
| Pennsylvania Economic Dev Fingauth UPMC Rev Participating VRDN Series 2023 XF1525, 2.45% 5/15/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2860000 | 2860000 |
| Pennsylvania Higher Educational Facilities Authority Participating VRDN 2.45% 8/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3325000 | 3325000 |
| Pennsylvania St Higher Edl Facs Auth Rev Participating VRDN Series 2025 XF1939, 2.45% 11/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6855000 | 6855000 |
| Pennsylvania St Univ Participating VRDN Series 2025 XF1966, 2.45% 9/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3000000 | 3000000 |
| Pennsylvania St Univ Participating VRDN Series 2025 XF1968, 2.45% 9/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3600000 | 3600000 |
| Pennsylvania Tpk Commission Tpk Rev Participating VRDN Series 2017 XX1044, 2.45% 12/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(c) | 6365000 | 6365000 |
| Pennsylvania Tpk Commission Tpk Rev Participating VRDN Series 2022 XM1008, 2.45% 12/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 835000 | 835000 |
| Pennsylvania Turnpike Commission Participating VRDN Series 2025 XG0626, 2.45% 12/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2600000 | 2600000 |
| Pennsylvania Turnpike Commission Participating VRDN Series 2025 XL0697, 2.45% 12/1/2055 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 3375000 | 3375000 |
| Philadelphia PA Gas Works Rev Participating VRDN Series 2024 ZF1772, 2.45% 8/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3585000 | 3585000 |
| Philadelphia PA Wtr & Wastewtr Rev Participating VRDN Series 2023 XF1606, 2.46% 9/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2400000 | 2400000 |
| Philadelphia PA Wtr & Wastewtr Rev Participating VRDN Series 2025 XM1300, 2.45% 9/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1600000 | 1600000 |
| Pocono Mtns PA Indl Pk Auth Hosp Rev Participating VRDN Series 2025 BAML5069, 2.45% 8/15/2040 (Liquidity Facility Bank of America, N.A.) (b)(c) | 7300000 | 7300000 |
| Southcentral PA Gen Auth Rev Participating VRDN Series 2019 XL0104, 2.45% 6/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 8120000 | 8120000 |
| Southcentral PA Gen Auth Rev Participating VRDN Series 2023 ZL0512, 2.45% 6/1/2039 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3335000 | 3335000 |
| Southeastern PA Transn Auth Rev Participating VRDN 2.45% 6/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6230000 | 6230000 |
| Southeastern PA Transn Auth Rev Participating VRDN 2.45% 6/1/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4000000 | 4000000 |
| Southeastern PA Transn Auth Rev Participating VRDN 2.47% 6/1/2047 (Liquidity Facility Bank of America, N.A.) (b)(c) | 6100000 | 6100000 |
| Southeastern PA Transn Auth Rev Participating VRDN Series 2025 XG0625, 2.45% 6/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4000000 | 4000000 |
| Thomas Jefferson University Participating VRDN Series 2024 XF1769, 2.45% 11/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 7650000 | 7650000 |
| Thomas Jefferson University Participating VRDN Series 5077, 2.45% 11/1/2064 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 58500000 | 58500000 |
| TOTAL PENNSYLVANIA |  | 224120000 |
| South Carolina - 1.1%  |  |  |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 XG0539, 2.45% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2000000 | 2000000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 XM1143, 2.47% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3000000 | 3000000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 ZF1653, 2.47% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2730000 | 2730000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 ZF1670, 2.45% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 7055000 | 7055000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 ZF1671, 2.45% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2500000 | 2500000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 ZL0515, 2.45% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2830000 | 2830000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 ZL0525, 2.45% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6665000 | 6665000 |
| Prism Health SC Participating VRDN 2.45% 5/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 71600000 | 71600000 |
| South Carolina Jobs Eda Hosp Participating VRDN 2.45% 11/1/2046 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 15295000 | 15295000 |
| South Carolina Jobs-Economic DA Participating VRDN Series 2023 XF1531, 2.46% 5/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 4635000 | 4635000 |
| South Carolina Pub Svc Auth Rev Participating VRDN 2.45% 12/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(c) | 8165000 | 8165000 |
| South Carolina Pub Svc Auth Rev Participating VRDN Series 2023 XF1548, 2.45% 12/1/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3000000 | 3000000 |
| South Carolina Pub Svc Auth Rev Participating VRDN Series 2025 XF1870, 2.45% 12/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4000000 | 4000000 |
| TOTAL SOUTH CAROLINA |  | 133475000 |
| South Dakota - 0.0%  |  |  |
| South Dakota St Hlth & Edl Fac Participating VRDN 2.46% 7/1/2046 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5625000 | 5625000 |
| Tennessee - 0.5%  |  |  |
| Greeneville Health & Edl Facilities Board Participating VRDN Series 2018 XF2576, 2.46% 7/1/2040 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4000000 | 4000000 |
| Metro Gov Nashville & Davidson Cnty Wtr & Swr Rev Participating VRDN Series 2025 XF1969, 2.45% 7/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 6000000 | 6000000 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Participating VRDN Series 2025 CF7031, 2.45% 1/1/2042 (Liquidity Facility Citibank NA) (b)(c) | 7900000 | 7900000 |
| Metropolitan Govt Nashville & Davidson County Sports Auth Rev Participating VRDN Series 2023 XG0517, 2.45% 7/1/2056 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4300000 | 4300000 |
| Shelby Cnty TN Health Edl & Hsg Fac Brd Health Care Rev Participating VRDN Series 2025 BAML5067, 2.47% 9/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 13600000 | 13600000 |
| Tennessee Energy Acquisition Corp Participating VRDN Series 2023 ZF1658, 2.47% 5/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2470000 | 2470000 |
| Tennessee Hsg Dev Agy Residential Fin Prog Rev Participating VRDN Series E 168, 2.45% 7/1/2057 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 22600000 | 22600000 |
| TOTAL TENNESSEE |  | 60870000 |
| Texas - 3.3%  |  |  |
| Aledo TX Indpt Sch Dist Participating VRDN Series 2023 XF3142, 2.45% 2/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4165000 | 4165000 |
| Allen TX Indpt Sch Dist Participating VRDN Series 2025 XF1807, 2.45% 2/15/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3100000 | 3100000 |
| Alvin Tex Indpt Sch Dist Participating VRDN 2.45% 2/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2935000 | 2935000 |
| Austin TX Cmnty College Dist Gen. Oblig. Participating VRDN Series 2025 XL0686, 2.45% 8/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3750000 | 3750000 |
| Austin TX Elec Util Sys Rev Participating VRDN Series 2023 XG0534, 2.45% 11/15/2053 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 5330000 | 5330000 |
| Board of Regents of the University of Texas System Participating VRDN Series 2023 XL0500, 2.45% 8/15/2049 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 4340000 | 4340000 |
| Canton Tex Indpt Sch Dist Participating VRDN 2.45% 2/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2665000 | 2665000 |
| Canutillo Tex Indpt Sch Dist Participating VRDN Series 2025 XL0655, 2.45% 2/15/2060 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2875000 | 2875000 |
| City of El Paso TX Water & Sewer Revenue Participating VRDN Series 2025 XL0593, 2.45% 3/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4995000 | 4995000 |
| City of El Paso TX Water & Sewer Revenue Participating VRDN Series 2025 ZF3369, 2.45% 3/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2500000 | 2500000 |
| Collin County Hsg Fin Corp Multi Fam Participating VRDN 2.65% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 4600000 | 4600000 |
| Conroe TX Isd Participating VRDN Series 2025 CF7065, 2.45% 2/15/2047 (Liquidity Facility Citibank NA) (b)(c) | 5700000 | 5700000 |
| Conroe TX Isd Participating VRDN Series 2026 XF3501, 2.45% 2/15/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2000000 | 2000000 |
| Crowley Independent School District Participating VRDN 2.45% 2/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(c) | 2000000 | 2000000 |
| Crowley Independent School District Participating VRDN Series 2024 XF3238, 2.45% 2/1/2054 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 6425000 | 6425000 |
| Crowley Independent School District Participating VRDN Series 2025 ZF3359, 2.45% 2/1/2053 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 3330000 | 3330000 |
| Cypress-Fairbanks TX Isd Participating VRDN Series 2026 CF7081, 2.45% 2/15/2047 (Liquidity Facility Citibank NA) (b)(c) | 4600000 | 4600000 |
| Denton Independent School District Participating VRDN 2.44% 8/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2800000 | 2800000 |
| Denton Independent School District Participating VRDN Series 2023 XF3128, 2.45% 8/15/2053 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 6600000 | 6600000 |
| DeSoto Tex Indpt Sch Dist Participating VRDN Series 2025 XM1338, 2.7% 8/15/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 3250000 | 3250000 |
| Ector Cnty TX Gen. Oblig. Participating VRDN 2.46% 2/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3800000 | 3800000 |
| Forney TX Indpt Sch Dis Participating VRDN Series 2025 XF3432, 2.45% 8/15/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2000000 | 2000000 |
| Frenship TX Indpt Sch Dist Series 2025 MS0056E, 2.59% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2270000 | 2270000 |
| Frisco Tex Indpt Sch Dis Participating VRDN Series 2026 CF7075, 2.45% 8/15/2037 (Liquidity Facility Citibank NA) (b)(c) | 4945000 | 4945000 |
| Harris Cnty TX Flood Ctl Dist Gen. Oblig. Participating VRDN 2.45% 10/1/2046 (Liquidity Facility Citibank NA) (b)(c) | 7400000 | 7400000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0030, 2.59% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 19055000 | 19055000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0067E, 2.62% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2550000 | 2550000 |
| Harris Cnty TX Health Facs Rev Participating VRDN Series 2016 ZF0312, 2.45% 7/1/2027 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4460000 | 4460000 |
| Harris County Children's Hosp Participating VRDN Series E 149, 2.45% 10/1/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 10200000 | 10200000 |
| Hays TX Cons Indpt Schl Dist Participating VRDN Series 2025 XF8029, 2.45% 2/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4000000 | 4000000 |
| Houston TX Util Sys Rev Participating VRDN Series 2025 XL0693, 2.45% 11/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 6400000 | 6400000 |
| Jefferson Cnty TX Hsg Fin Corp Multifamily Hsg Mtg Rev Participating VRDN Series 2025 MIZ9214, 2.65% 6/11/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 2200000 | 2200000 |
| Lamar TX Isd Participating VRDN Series 2025 XF3446, 2.47% 2/15/2058 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 10000000 | 10000000 |
| Lamar TX Isd Participating VRDN Series 2025 XX1391, 2.45% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4970000 | 4970000 |
| Lamar TX Isd Participating VRDN Series 2026 XF8128, 2.45% 2/15/2059 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5295000 | 5295000 |
| Los Angeles CA Multi Fam Mtg Rev Participating VRDN Series 2024 MIZ9195, 2.52% 7/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 22300000 | 22300000 |
| Lubbock TX Indpt Sch Dist Participating VRDN Series 2025 XF1996, 2.45% 2/15/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1995000 | 1995000 |
| Mansfield TX Indpt Sch Dist Participating VRDN Series 2025 XF3449, 2.45% 2/15/2055 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 3750000 | 3750000 |
| Medina Valley Tex Indpt Sch Dist Participating VRDN 2.45% 2/15/2045 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2700000 | 2700000 |
| Mesquite Independent School District Participating VRDN Series 2025 XF1997, 2.45% 8/15/2049 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2650000 | 2650000 |
| Midlothian TX Indpt Sch Dist Participating VRDN Series 5081, 2.45% 2/15/2045 (Liquidity Facility JP Morgan Securities LLC) (b)(c) | 2930000 | 2930000 |
| New Braunfels TX Isd Participating VRDN 2.45% 2/1/2045 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3750000 | 3750000 |
| North Ft Bend Wtr Auth Tex Wtrsys Rev Participating VRDN 2.45% 12/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 7620000 | 7620000 |
| North Ft Bend Wtr Auth Tex Wtrsys Rev Participating VRDN Series 2023 XL0422, 2.53% 12/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2200000 | 2200000 |
| Northwest Tex Indpt Sch Dist Participating VRDN Series 2023 XF1576, 2.45% 2/15/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2675000 | 2675000 |
| Northwest Tex Indpt Sch Dist Participating VRDN Series 2025 XF1975, 2.45% 2/15/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 11050000 | 11050000 |
| Northwest Tex Indpt Sch Dist Participating VRDN Series 2025 XF3424, 2.45% 2/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2250000 | 2250000 |
| Northwest Tex Indpt Sch Dist Participating VRDN Series 2025 XM1283, 2.45% 2/15/2055 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 4815000 | 4815000 |
| Northwest Tex Indpt Sch Dist Participating VRDN Series 5079, 2.45% 2/15/2046 (Liquidity Facility JP Morgan Securities LLC) (b)(c) | 1780000 | 1780000 |
| Princeton TX Indpt Sch Dist Participating VRDN Series 2023 XF3192, 2.44% 2/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 9375000 | 9375000 |
| Prosper Tex Indpt Sch Dist Participating VRDN Series 2025 XF3417, 2.45% 2/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2665000 | 2665000 |
| Prosper Tex Indpt Sch Dist Series 2025 MS0071E, 2.62% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 8885000 | 8885000 |
| Red Oak TX Indpt Sch Dist Participating VRDN Series 2023 XG0512, 2.45% 2/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3385000 | 3385000 |
| Rockwall TX Indpt Sch Dist Participating VRDN Series 2025 XM1326, 2.75% 2/15/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4000000 | 4000000 |
| Royse City TX Indpt Sch Dist Participating VRDN Series 2025 YX1434, 2.45% 2/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3160000 | 3160000 |
| San Angelo Tex Indpt Sch Dist Participating VRDN Series 2025 XF8048, 2.45% 2/15/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3000000 | 3000000 |
| San Antonio TX Gen. Oblig. Participating VRDN 2.45% 8/1/2039 (Liquidity Facility Citibank NA) (b)(c) | 7500000 | 7500000 |
| San Antonio TX Wtr Rev Participating VRDN 2.45% 5/15/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4300000 | 4300000 |
| San Antonio TX Wtr Rev Participating VRDN Series 2025 XG0616, 2.45% 5/15/2052 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1600000 | 1600000 |
| Sherman TX Indpt Sch Dist Participating VRDN Series 2025 XF3437, 2.45% 2/15/2053 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2665000 | 2665000 |
| Spring Tex Indpt Sch Dist Participating VRDN Series 2025 YX1412, 2.45% 8/15/2048 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3040000 | 3040000 |
| Tarrant Cn TX Cl Ed FA Fn Corp Participating VRDN Series 2025 XF1893, 2.45% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3520000 | 3520000 |
| Tarrant Cnty TX Christus Hlth Participating VRDN Series E 150, 2.45% 7/1/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4000000 | 4000000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev Participating VRDN 2.45% 11/15/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2000000 | 2000000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev Participating VRDN 2.45% 11/15/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2745000 | 2745000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev Participating VRDN Series 2023 ZF1668, 2.45% 11/15/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2260000 | 2260000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev Participating VRDN Series 2025 XF3378, 2.45% 11/15/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4400000 | 4400000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev Participating VRDN 2.45% 11/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2000000 | 2000000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev Participating VRDN Series 2025 XL0672, 2.45% 11/15/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3250000 | 3250000 |
| Terrell TX Indpt Sch Dist Participating VRDN 2.45% 8/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 2200000 | 2200000 |
| Terrell TX Indpt Sch Dist Participating VRDN Series 2025 ZF8063, 2.45% 8/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 2800000 | 2800000 |
| Texas Gas Acq & Sply Rev Participating VRDN Series 2025 XM1232, 2.47% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2000000 | 2000000 |
| Texas Transportation Finance Corp Participating VRDN Series G 125, 2.45% 10/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4000000 | 4000000 |
| Texas Wtr Dev Brd Participating VRDN 2.44% 10/15/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 9380000 | 9380000 |
| Texas Wtr Dev Brd Participating VRDN Series 2023 ZF3201, 2.44% 10/15/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2890000 | 2890000 |
| Texas Wtr Dev Brd Participating VRDN Series 2025 XF8086, 2.45% 10/15/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 6950000 | 6950000 |
| Texas Wtr Dev Brd Participating VRDN Series 2025 XM1343, 2.45% 10/15/2060 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4725000 | 4725000 |
| Texas Wtr Dev Brd Participating VRDN Series 2026 XM1345, 2.45% 10/15/2056 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2300000 | 2300000 |
| Texas Wtr Dev Brd Series 2025 MS0037, 2.59% tender 10/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 5200000 | 5200000 |
| Travis Cnty TX Hsg Fin Corp Participating VRDN Series 2026 MIZ9252, 0% 3/23/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 4600000 | 4600000 |
| Travis Cnty TX Hsg Fin Corp Participating VRDN Series 2026 MIZ9253, 0% 3/23/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1300000 | 1300000 |
| Van Alstyne Tex Indpt Sch Dist Participating VRDN 2.45% 2/15/2055 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2500000 | 2500000 |
| Waxahachie TX Indpt Sch Dist Participating VRDN Series 2023 XF1553, 2.46% 2/15/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 4560000 | 4560000 |
| TOTAL TEXAS |  | 373125000 |
| Utah - 0.0%  |  |  |
| UT Hsg Corp Multifamily Rev Participating VRDN Series 2026 CF7083, 2.47% 7/1/2047 (Liquidity Facility Citibank NA) (b)(c) | 2495000 | 2495000 |
| Virginia - 0.5%  |  |  |
| Chesapeake Bay Bridge and Tunnel District Gen Rev Participating VRDN 2.46% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4200000 | 4200000 |
| Hampton Roads Transportation Accountability Commission Participating VRDN 2.45% 7/1/2060 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5000000 | 5000000 |
| Hampton Roads Transportation Accountability Commission Participating VRDN 2.45% 7/1/2060 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 3365000 | 3365000 |
| Norfolk Econ Dev Health Care Facs Participating VRDN 2.46% 11/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5000000 | 5000000 |
| Suffolk Econ Dev Auth Hosp Facs Rev Participating VRDN Series 2020 MIZ9025, 2.52% 11/1/2035 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 29540000 | 29540000 |
| University VA Univ Revs Participating VRDN 2.45% 4/1/2039 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3375000 | 3375000 |
| Williamsburg VA Economic Dev Auth Student Hsg Rev Participating VRDN 2.45% 7/1/2063 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 9860000 | 9860000 |
| TOTAL VIRGINIA |  | 60340000 |
| Washington - 0.9%  |  |  |
| Clark Cnty WA Sch Dist 114 Evergreen Participating VRDN Series 2025 CF7040, 2.45% 12/1/2036 (Liquidity Facility Citibank NA) (b)(c) | 29900000 | 29900000 |
| Everett WA Wtr & Swr Rev Participating VRDN 2.45% 12/1/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3885000 | 3885000 |
| Multicare Health Sys Participating VRDN Series E 153, 2.45% 8/15/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 20940000 | 20940000 |
| State of Washington Gen. Oblig. 2.62% tender 2/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 7315000 | 7315000 |
| State of Washington Gen. Oblig. Participating VRDN 2.44% 2/1/2045 (Liquidity Facility Citibank NA) (b)(c) | 5300000 | 5300000 |
| State of Washington Gen. Oblig. Participating VRDN 2.45% 2/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1250000 | 1250000 |
| State of Washington Gen. Oblig. Participating VRDN Series 2023 ZF3173, 2.45% 2/1/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 5000000 | 5000000 |
| State of Washington Gen. Oblig. Participating VRDN Series 2023 ZL0490, 2.45% 8/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 1665000 | 1665000 |
| State of Washington Gen. Oblig. Participating VRDN Series 2023 ZL0491, 2.45% 8/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 1665000 | 1665000 |
| State of Washington Gen. Oblig. Participating VRDN Series 2024 CF7002, 2.44% 8/1/2041 (Liquidity Facility Citibank NA) (b)(c) | 3200000 | 3200000 |
| Washington Convention Ctr Pub Facs Participating VRDN Series 2020 XG0287, 2.46% 7/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2100000 | 2100000 |
| Washington Health Care Facilities Auth Rev Participating VRDN Series 2023 XG0475, 2.46% 9/1/2055 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 5290000 | 5290000 |
| Washington Health Care Facs Auth Rev Participating VRDN Series 2015 XF0150 1, 2.47% 10/1/2042 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3165000 | 3165000 |
| Washington Health Care Facs Auth Rev Participating VRDN Series 2023 XF1514, 2.46% 10/1/2044 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 4015000 | 4015000 |
| Washington Multicare Hlth Rev Participating VRDN 2.46% 8/15/2043 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1300000 | 1300000 |
| Washington Multicare Hlth Rev Participating VRDN Series 2023 XG0481, 2.46% 8/15/2045 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3905000 | 3905000 |
| TOTAL WASHINGTON |  | 99895000 |
| West Virginia - 0.0%  |  |  |
| West Virginia Hosp Fin Auth Hosp Rev Participating VRDN Series 2023 XF1537, 2.46% 6/1/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 5525000 | 5525000 |
| Wisconsin - 0.6%  |  |  |
| Multicare Health Sys Participating VRDN Series E 167, 2.45% 8/15/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 28200000 | 28200000 |
| Univ of Wis Hosp & Clinics Auth Participating VRDN Series 2022 XL0296, 2.45% 4/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4000000 | 4000000 |
| Wisconsin Health & Edl Facilities Participating VRDN Series 2019 XF0741, 2.45% 2/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 9535000 | 9535000 |
| Wisconsin Health & Educational Facilities Authority Participating VRDN Series 2023 XL0483, 2.45% 4/1/2048 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2250000 | 2250000 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev Participating VRDN Series 2024 XF1696, 2.45% 9/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4440000 | 4440000 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev Participating VRDN Series 2024 XL0554, 2.45% 3/1/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 12900000 | 12900000 |
| Wisconsin St Health & Edl Facs Auth Rev Participating VRDN 2.45% 8/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c) | 8000000 | 8000000 |
| TOTAL WISCONSIN |  | 69325000 |
| <br> **TOTAL TENDER OPTION BOND**<br> (Cost $3,113,430,550) |  | <br> **3113430550** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Variable Rate Demand Note - 34.8%** | &nbsp;&nbsp;**Variable Rate Demand Note - 34.8%** | &nbsp;&nbsp;**Variable Rate Demand Note - 34.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 0.9%  |  |  |
| Columbia AL Indl Dev Brd Pcr (Alabama Power & Light Proj.) Series 2014B, 2.68% 12/1/2037 VRDN (b) | 1700000 | 1700000 |
| Mobile AL Indl Dev Brd Swdr (Alabama Power & Light Proj.) 2.8% 6/1/2034 VRDN (b) | 23500000 | 23500000 |
| Mobile Downtown Redevelopment Authority (Austal Usa Llc Proj.) 2.43% 5/1/2041, LOC Bank of America NA VRDN (b)(e) | 40770000 | 40770000 |
| Mobile Downtown Redevelopment Authority (Austal Usa Llc Proj.) 2.43% 5/1/2041, LOC Bank of America NA VRDN (b)(e) | 39870000 | 39870000 |
| TOTAL ALABAMA |  | 105840000 |
| Alaska - 0.9%  |  |  |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 2.35% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (b) | 41800000 | 41800000 |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 2.55% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (b) | 45300000 | 45300000 |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 2.67% 3/1/2035 (ConocoPhillips Guaranteed) VRDN (b) | 5400000 | 5400000 |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 2.67% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (b) | 8200000 | 8200000 |
| TOTAL ALASKA |  | 100700000 |
| Arizona - 1.2%  |  |  |
| Arizona St Indl Dev Auth Multifamily Hsg Rev (Buckeye Leased Housing Associates Iv, Lllp Proj.) Series 2025A, 2.5% 9/1/2043, LOC Barclays Bank PLC VRDN (b)(f) | 2425000 | 2425000 |
| Arizona St Indl Dev Auth Multifamily Hsg Rev (Glendale Leased Housing Associates I Lllp Proj.) Series 2023A, 2.5% 4/1/2042, LOC Barclays Bank PLC VRDN (b) | 9115000 | 9115000 |
| Arizona St Indl Dev Auth Multifamily Hsg Rev (Goodyear Leased Housing Associates Iv, Lp Proj.) Series 2025A, 2.5% 12/1/2043, LOC Barclays Bank PLC VRDN (b)(f) | 2250000 | 2250000 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024C, 2.4% 12/1/2054, LOC Royal Bank of Canada VRDN (b) | 34350000 | 34350000 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2023B, 2.44% 1/1/2048 VRDN (b) | 66440000 | 66440000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.62% 5/1/2029 VRDN (b) | 1700000 | 1700000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.63% 5/1/2029 VRDN (b) | 14500000 | 14500000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) Series 2009 A, 2.63% 5/1/2029 VRDN (b) | 13900000 | 13900000 |
| TOTAL ARIZONA |  | 144680000 |
| Colorado - 1.6%  |  |  |
| Colorado Edl & Cultural Fac Auth Rev (Clyfford Still Museum Proj.) 2.52% 12/1/2038, LOC Wells Fargo Bank NA VRDN (b) | 690000 | 690000 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) 2.41% 5/15/2064 VRDN (b) | 44300000 | 44300000 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022F, 2.41% 5/15/2062 VRDN (b) | 109000000 | 109000000 |
| Mesa Cnty Colo Rev (Leitner-Poma Of America Inc Proj.) 2.52% 3/1/2029, LOC Wells Fargo Bank NA VRDN (b) | 1670000 | 1670000 |
| University of Colorado Hospital Authority Series 2018 A, 2.37% 11/15/2030 VRDN (b) | 14200000 | 14200000 |
| University of Colorado Hospital Authority Series 2025 A, 2.42% 11/15/2045 VRDN (b) | 14500000 | 14500000 |
| TOTAL COLORADO |  | 184360000 |
| Connecticut - 2.6%  |  |  |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2014 C 2, 2.42% 11/15/2034 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 17350000 | 17350000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2018 A 3, 2.4% 5/15/2048 (Liquidity Facility Bank of America NA) VRDN (b) | 30665000 | 30665000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2018 E 2, 2.4% 11/15/2048 (Liquidity Facility Bank of America NA) VRDN (b) | 37785000 | 37785000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2019 B 3, 2.4% 11/15/2044 (Liquidity Facility Bank of America NA) VRDN (b) | 14820000 | 14820000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series C 3, 2.41% 11/15/2045 (Liquidity Facility Royal Bank of Canada) VRDN (b) | 13635000 | 13635000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series SUB B 6, 2.42% 5/15/2034 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 11670000 | 11670000 |
| Connecticut St Gen. Oblig. Series 2016 C, 2.43% 5/15/2034 (Liquidity Facility Bank of America NA) VRDN (b) | 128410000 | 128410000 |
| Connecticut St Health & Edl Facs Auth Revenue (Gaylord Hospital Inc Proj.) 2.44% 7/1/2037, LOC Bank of America NA VRDN (b) | 8365000 | 8365000 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale-New Haven Hospital Inc Proj.) Series 2024C 2, 2.45% 7/1/2060 VRDN (b) | 30000000 | 30000000 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (Ct Hsg Mortgage Proj.) Series A SUB A 3, 2.42% 11/15/2051 (Liquidity Facility Toronto Dominion Bank) VRDN (b) | 10135000 | 10135000 |
| TOTAL CONNECTICUT |  | 302835000 |
| Delaware - 0.1%  |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 2.66% 10/1/2028 VRDN (b) | 9700000 | 9700000 |
| District Of Columbia - 0.7%  |  |  |
| District Columbia Rev (Aarp Foundation (The) Proj.) 2.47% 10/1/2034, LOC Bank of America NA VRDN (b) | 15665000 | 15665000 |
| District Columbia Rev (Childrens National Med Ctr, Dc Proj.) Series 2025, 2.45% 7/15/2049, LOC Truist Bank VRDN (b) | 25400000 | 25400000 |
| District Columbia Rev (Medstar Health Inc Proj.) 2.45% 8/15/2038, LOC TD Bank NA VRDN (b) | 7620000 | 7620000 |
| District Columbia Rev (The Pew Charitable Trust Proj.) 2.42% 4/1/2038, LOC PNC Bank NA VRDN (b) | 32455000 | 32455000 |
| TOTAL DISTRICT OF COLUMBIA |  | 81140000 |
| Florida - 1.1%  |  |  |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series 2ND, 2.4% 4/1/2039 VRDN (b) | 18300000 | 18300000 |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series FIRST 2009, 2.5% 4/1/2039 VRDN (b) | 23700000 | 23700000 |
| FL Pcr Power And Light (Florida Pwr & Lt Co Proj.) 2.85% 5/1/2029 VRDN (b) | 16400000 | 16400000 |
| Florida Keys Aqueduct Auth Wtr 2.45% 9/1/2035, LOC TD Bank NA VRDN (b) | 20440000 | 20440000 |
| Gainesville FL Utils Sys Rev Series 2019C, 2.95% 10/1/2047, LOC Bank of America NA VRDN (b) | 4100000 | 4100000 |
| Martin Cnty Fla Rev (Florida Pwr & Lt Co Proj.) 2.54% 7/1/2052 VRDN (b) | 27300000 | 27300000 |
| Orange Cnty FL Health Facs (Nemours Foundation Proj.) Series 2009B, 2.42% 1/1/2039, LOC TD Bank NA VRDN (b) | 7000000 | 7000000 |
| Palm Beach Cnty FL Rev (Raymond F Kravis Center For The Performing Arts Inc Proj.) 2.45% 7/1/2032, LOC Northern Trust CO Chicago VRDN (b) | 14235000 | 14235000 |
| TOTAL FLORIDA |  | 131475000 |
| Georgia - 0.5%  |  |  |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) 2.9% 7/1/2049 VRDN (b) | 3000000 | 3000000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2018, 2.7% 11/1/2052 VRDN (b) | 12710000 | 12710000 |
| Coweta Cnty GA Dev Au Poll Ctl (Georgia Power Co Proj.) 2.85% 6/1/2032 VRDN (b) | 4700000 | 4700000 |
| Effingham Cnty GA Indl Dev Auth Pollution Ctl Rev (Georgia Power Co Proj.) 2.86% 2/1/2038 VRDN (b) | 1700000 | 1700000 |
| Georgia Mun Elec Auth Pwr Rev Series 2008 B, 2.42% 1/1/2048, LOC PNC Bank NA VRDN (b) | 12760000 | 12760000 |
| Monroe Cnty GA Dev Auth Pcr (Florida Pwr & Lt Co Proj.) Series 2010 1, 2.5% 6/1/2049 VRDN (b) | 5600000 | 5600000 |
| Monroe Cnty GA Dev Auth Pcr (Florida Pwr & Lt Co Proj.) Series FIRST 2002, 2.54% 9/1/2037 VRDN (b) | 9900000 | 9900000 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) 2.85% 4/1/2032 VRDN (b) | 11600000 | 11600000 |
| TOTAL GEORGIA |  | 61970000 |
| Hawaii - 0.1%  |  |  |
| Hawaii St Hsg Fin & Dev Corp Multifamily Rev (Allied Pacific Group Proj.) 2.45% 12/1/2041, LOC Freddie Mac Non Gold Pool VRDN (b) | 8140000 | 8140000 |
| Illinois - 1.0%  |  |  |
| Illinois Dev Fin Auth Rev (Glenwood School For Boys, Il Proj.) 2.7% 2/1/2033, LOC Northern Trust CO Chicago VRDN (b) | 4600000 | 4600000 |
| Illinois Fin Auth Rev (Chicago Symphony Orchestra Proj.) 2.42% 5/1/2048, LOC PNC Bank NA VRDN (b) | 25050000 | 25050000 |
| Illinois Fin Auth Rev (Little Co Mary Sis Hltcr Sy,Il Proj.) 2.42% 8/15/2035, LOC TD Bank NA VRDN (b) | 24055000 | 24055000 |
| Illinois Fin Auth Rev (Little Co Mary Sis Hltcr Sy,Il Proj.) 2.42% 8/15/2035, LOC TD Bank NA VRDN (b) | 11870000 | 11870000 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2018 B, 2.65% 11/15/2037, LOC JPMorgan Chase Bank NA VRDN (b) | 5300000 | 5300000 |
| Illinois Fin Auth Rev (University Of Chicago Hosps,Il Proj.) 2.43% 8/1/2043, LOC Sumitomo Mitsui Banking Corp/New York, LOC PNC Bank NA VRDN (b) | 5000000 | 5000000 |
| Illinois Fin Auth Rev (Various Capital Projects) 2.55% 2/1/2035, LOC Northern Trust CO Chicago VRDN (b) | 3800000 | 3800000 |
| Illinois Finance Authority Rev (Northwestern Memorial Hosp,Il Proj.) Series 2021 B, 2.75% 7/15/2055 (Liquidity Facility Royal Bank of Canada) VRDN (b) | 29985000 | 29985000 |
| Illinois Finance Authority Rev (Northwestern Memorial Hosp,Il Proj.) Series 2021 C, 2.8% 7/15/2055 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 5000000 | 5000000 |
| TOTAL ILLINOIS |  | 114660000 |
| Indiana - 1.6%  |  |  |
| Indiana Fin Auth Health Fac Rev (Baptist Health Obligated Group Proj.) Series 2025C, 2.45% 8/15/2045, LOC Truist Bank VRDN (b) | 24025000 | 24025000 |
| Indiana St Dev Fin Auth Econom Ic Dev Rev (Archer Daniels Midland Co Proj.) 2.51% 12/1/2047 VRDN (b) | 19640000 | 19640000 |
| Indiana St Fin Auth Environmental Rev (Arcelormittal Sa Luxembourg Proj.) 2.56% 6/1/2035, LOC Cooperatieve Rabobank UA/NY VRDN (b) | 14250000 | 14250000 |
| Indiana St Fin Auth Environmental Rev (Duke Energy Ind Inc Proj.) 2.55% 12/1/2039, LOC Mizuho Bank Ltd VRDN (b) | 17670000 | 17670000 |
| Indiana St Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2025 D 2, 2.5% 11/15/2054 VRDN (b) | 25800000 | 25800000 |
| Indiana St Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2025 D1, 2.45% 11/15/2054 VRDN (b) | 62800000 | 62800000 |
| Indiana St Fin Auth Rev (Trinity Health Proj.) 2.48% 12/1/2034 VRDN (b) | 21685000 | 21685000 |
| TOTAL INDIANA |  | 185870000 |
| Iowa - 1.9%  |  |  |
| Iowa Fin Auth Economic Dev Rev (Cargill Inc Proj.) 2.45% 6/1/2036 VRDN (b) | 54200000 | 54200000 |
| Iowa Fin Auth Economic Dev Rev (Cargill Inc Proj.) 2.45% 6/1/2039 VRDN (b) | 30100000 | 30100000 |
| Iowa Fin Auth Midwestern Disaster Area Rev (Archer Daniels Midland Co Proj.) 2.45% 12/1/2051 VRDN (b) | 31950000 | 31950000 |
| Iowa Fin Auth Midwestern Disaster Area Rev (Archer Daniels Midland Co Proj.) 2.51% 12/1/2045 VRDN (b) | 37020000 | 37020000 |
| Iowa Fin Auth Pollutn Ctl Fac Rev (Midamerican Energy Co Proj.) Series 2016A, 2.48% 9/1/2036 VRDN (b) | 11515000 | 11515000 |
| Iowa Fin Auth Rev (Unitypoint Health Proj.) Series 2018 C, 2.35% 11/15/2041, LOC JPMorgan Chase Bank NA VRDN (b) | 10445000 | 10445000 |
| Iowa Fin Auth Rev (Unitypoint Health Proj.) Series 2018 D, 2.45% 12/1/2041, LOC TD Bank NA VRDN (b) | 26800000 | 26800000 |
| Iowa Finance Authority (Cargill Inc Proj.) Series 2012A, 2.45% 6/1/2039 VRDN (b) | 14800000 | 14800000 |
| TOTAL IOWA |  | 216830000 |
| Kansas - 0.2%  |  |  |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.73% 9/1/2035 VRDN (b) | 12500000 | 12500000 |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.73% 9/1/2035 VRDN (b) | 7600000 | 7600000 |
| LA Cygne KS Pollution Ctl Rev (Evergy Kansas South Proj.) 2.55% 4/15/2027 VRDN (b) | 1300000 | 1300000 |
| St Marys Kans Pollutn Ctl Rev (Evergy Kansas South Proj.) 2.55% 4/15/2032 VRDN (b) | 3000000 | 3000000 |
| Wamego Kansas Pcr (Evergy Kansas South Proj.) 2.55% 4/15/2032 VRDN (b) | 3500000 | 3500000 |
| TOTAL KANSAS |  | 27900000 |
| Kentucky - 0.3%  |  |  |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (St. Elizabeth Healthcare Proj.) 2.45% 5/1/2033, LOC TD Bank NA VRDN (b) | 9400000 | 9400000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 2.7% 10/1/2039, LOC PNC Bank NA VRDN (b) | 9510000 | 9510000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023C, 2.78% 10/1/2053, LOC Truist Bank VRDN (b) | 6740000 | 6740000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023D, 2.78% 10/1/2053, LOC Truist Bank VRDN (b) | 5560000 | 5560000 |
| TOTAL KENTUCKY |  | 31210000 |
| Louisiana - 2.0%  |  |  |
| Louisiana Pub Fac Auth Hsp Rev (Louisiana Childrens Medical Center Proj.) Series 2017A, 2.42% 9/1/2057, LOC TD Bank NA VRDN (b) | 51300000 | 51300000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.38% 12/1/2043 VRDN (b) | 29200000 | 29200000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.38% 8/1/2050 VRDN (b) | 53800000 | 53800000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.65% 12/1/2043 VRDN (b) | 8700000 | 8700000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.67% 12/1/2039 VRDN (b) | 10900000 | 10900000 |
| Louisiana Pub Facs Auth Rev (Anf Partners #1 Proj.) 2.5% 4/1/2036, LOC Freddie Mac Non Gold Pool VRDN (b) | 6800000 | 6800000 |
| Louisiana St Offshore Term Auth Deepwtr Prot Rev (Loop Inc La Proj.) Series 2013 B, 2.45% 9/1/2033, LOC JPMorgan Chase Bank NA VRDN (b) | 7520000 | 7520000 |
| St James Parish LA Rev (Nucor Corp Proj.) 2.6% 11/1/2040 VRDN (b) | 3785000 | 3785000 |
| St James Parish LA Rev (Nucor Corp Proj.) 2.72% 11/1/2040 VRDN (b) | 56625000 | 56625000 |
| TOTAL LOUISIANA |  | 228630000 |
| Michigan - 0.6%  |  |  |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) 2.44% 7/1/2041, LOC JPMorgan Chase Bank NA VRDN (b) | 15465000 | 15465000 |
| Grand Valley MI St Univ Rev 2.42% 12/1/2031, LOC TD Bank NA VRDN (b) | 14250000 | 14250000 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Michigan St Hsg Dev Auth Mfrev Proj.) Series 2022 B, 2.47% 4/1/2062, LOC Bank of America NA VRDN (b) | 46170000 | 46170000 |
| TOTAL MICHIGAN |  | 75885000 |
| Minnesota - 0.1%  |  |  |
| Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2018 B, 2.35% 11/15/2048, LOC JPMorgan Chase Bank NA VRDN (b) | 11600000 | 11600000 |
| Missouri - 0.2%  |  |  |
| Missouri St Health & Edl Facs (Ascension Health Credit Group Proj.) 2.2% 11/15/2026 VRDN (b) | 2075000 | 2075000 |
| Missouri St Health & Edl Hlth (Bjc Health System Proj.) 2.4% 5/15/2038 VRDN (b) | 20100000 | 20100000 |
| TOTAL MISSOURI |  | 22175000 |
| Nebraska - 0.0%  |  |  |
| Nebraska Invt Fin Auth Sfh Rev (Ne Single Family Hsg Proj.) 2.32% 3/1/2049 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (b) | 5520000 | 5520000 |
| Nevada - 0.4%  |  |  |
| Clark Cnty NV Arpt Rev 2.43% 7/1/2040, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 12785000 | 12785000 |
| Clark Cnty NV Indl Dev Rev (Southwest Gas Corp Proj.) 2.51% 12/1/2039, LOC Bank of America NA VRDN (b) | 36360000 | 36360000 |
| TOTAL NEVADA |  | 49145000 |
| New Hampshire - 0.2%  |  |  |
| National Fin Auth NH Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 C, 2.45% 11/1/2064, LOC Truist Bank VRDN (b) | 23800000 | 23800000 |
| New Jersey,New York - 0.1%  |  |  |
| Port Auth NY & NJ 2.47% 1/19/2027 VRDN (b)(d)(g) | 7300000 | 7300000 |
| New York - 4.5%  |  |  |
| City of New York NY Gen. Oblig. 2.9% 5/1/2052 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 17080000 | 17080000 |
| City of New York NY Gen. Oblig. Series 2013 F3, 2.9% 3/1/2042 (Liquidity Facility Bank of America NA) VRDN (b) | 56465000 | 56465000 |
| City of New York NY Gen. Oblig. Series 2013A5, 2.42% 10/1/2042 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 10600000 | 10600000 |
| City of New York NY Gen. Oblig. Series 2014 D 5, 2.4% 8/1/2041, LOC PNC Bank NA VRDN (b) | 37045000 | 37045000 |
| City of New York NY Gen. Oblig. Series B 4, 2.85% 10/1/2046 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 8750000 | 8750000 |
| City of New York NY Gen. Oblig. Series FISCAL 2014I SUB I 3, 2.75% 3/1/2044 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 7700000 | 7700000 |
| City of New York NY Gen. Oblig. Series FISCAL 2019 D 4, 2.85% 12/1/2047 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 14000000 | 14000000 |
| Long Island Pwr Auth NY Elec 2.4% 9/1/2038, LOC Royal Bank of Canada/New York NY VRDN (b) | 37150000 | 37150000 |
| Long Island Pwr Auth NY Elec Series 2026A, 2.45% 9/1/2042, LOC Bank of America NA VRDN (b) | 34900000 | 34900000 |
| Metropolitan Transn Auth NY Rv Series 2005 E 2, 2.4% 11/1/2035, LOC Bank of America NA VRDN (b) | 8015000 | 8015000 |
| Metropolitan Transn Auth NY Rv Series 2012G 2, 2.42% 11/1/2032, LOC TD Bank NA VRDN (b) | 44005000 | 44005000 |
| Metropolitan Transn Auth NY Rv Series 2015 E 3, 2.9% 11/15/2050, LOC Bank of America NA VRDN (b) | 26500000 | 26500000 |
| Metropolitan Transn Auth NY Rv Series SUB 2002D 2A 1, 2.65% 11/1/2032, LOC Truist Bank VRDN (b) | 9450000 | 9450000 |
| New York City Transitional Finance Authority (New York N Y City Transitional Fin Auth Rev Proj.) 2.75% 2/1/2056 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 11975000 | 11975000 |
| New York City Transitional Finance Authority (New York N Y City Transitional Fin Auth Rev Proj.) Series FISCAL 2026 A 2, 2.9% 5/1/2055 (Liquidity Facility Bank of America NA) VRDN (b) | 33200000 | 33200000 |
| New York NY City Transitional Fin Auth Rev Series D 4, 2.42% 2/1/2044 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 39125000 | 39125000 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2013 C 5, 2.42% 11/1/2041 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 18905000 | 18905000 |
| New York NY Cty Hsg Dev Corp Multifamily Rev (Kibel Family Proj.) 2.3% 3/15/2036, LOC Fannie Mae VRDN (b) | 10285000 | 10285000 |
| New York NY Cty Muni Wtr Fin Auth Series 2013 AA 1, 2.4% 6/15/2046 (Liquidity Facility PNC Bank NA) VRDN (b) | 4665000 | 4665000 |
| New York NY Cty Muni Wtr Fin Auth Series 2015 BB 3, 2.42% 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, 2.9% 6/15/2048 (Liquidity Facility Bank of America NA) VRDN (b) | 20300000 | 20300000 |
| New York NY Cty Muni Wtr Fin Auth Series 2016 AA 2, 2.4% 6/15/2048 (Liquidity Facility PNC Bank NA) VRDN (b) | 15580000 | 15580000 |
| New York NY Cty Muni Wtr Fin Auth Series AA 1, 2.7% 6/15/2050 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 7355000 | 7355000 |
| New York NY Cty Muni Wtr Fin Auth Series AA 2, 2.7% 6/15/2050 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 7400000 | 7400000 |
| New York NY Cty Muni Wtr Fin Auth Series BB 1, 2.9% 6/15/2049 (Liquidity Facility Bank of America NA) VRDN (b) | 5300000 | 5300000 |
| New York St Hsg Fin Agy Rev (Clinton Park Development Llc Proj.) Series 2010A, 2.45% 11/1/2044, LOC Freddie Mac Non Gold Pool VRDN (b) | 8250000 | 8250000 |
| Triborough Brdg & Tunl NY Revs Series 2005 B 2, 2.4% 1/1/2032, LOC Bank of America NA VRDN (b) | 9400000 | 9400000 |
| TOTAL NEW YORK |  | 520755000 |
| North Carolina - 0.7%  |  |  |
| Durham Cnty NC Indl Facs & Pollution Ctl Fing Auth Rev (Research Triangle Institute Proj.) Series 2007, 2.48% 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.) 2.5% 12/1/2034, LOC Cooperatieve Rabobank UA/NY VRDN (b) | 7020000 | 7020000 |
| North Carolina Med Care Commn Health Care Facs Rev (Duke Univ Health System Inc Proj.) Series 2025 D, 2.2% 6/1/2055 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 25400000 | 25400000 |
| North Carolina Med Care Commn Health Care Facs Rev (Duke Univ Health System Inc Proj.) Series 2025 E, 2.4% 6/1/2055 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 6050000 | 6050000 |
| North Carolina Med Care Commn Health Care Facs Rev (Firsthealth Of Carolinas Proj.) Series 2017C, 2.78% 10/1/2039, LOC Truist Bank VRDN (b) | 6725000 | 6725000 |
| Person Cnty N C Indl Facs & Pollution Ctl Fing Auth Recovery Zone Fac Rev (Certainteed Gypsum Nc Inc Proj.) 2.48% 11/1/2035, LOC Credit Industriel et Commercial/New York VRDN (b) | 21590000 | 21590000 |
| TOTAL NORTH CAROLINA |  | 86565000 |
| Ohio - 1.9%  |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Healthcare System Proj.) 2.75% 6/1/2034, LOC Truist Bank VRDN (b) | 6050000 | 6050000 |
| Allen Cnty OH Hosp Facs Rev (Mercy Healthcare System Proj.) Series 2012 B, 2.4% 5/1/2036, LOC TD Bank NA VRDN (b) | 50165000 | 50165000 |
| Cuyahoga Cnty OH Hlth Care Fac (The A.M. Mcgregor Home Proj.) Series 2014, 2.46% 5/1/2049, LOC Northern Trust CO Chicago VRDN (b) | 4300000 | 4300000 |
| Franklin Cnty OH Hosp Facs Rev (Nationwide Children'S Hospital Proj.) 2.4% 11/1/2064 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 22665000 | 22665000 |
| Franklin Cnty Ohio Hosp Rev (Ohiohealth Corporation Proj.) 2.45% 11/15/2041 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 4145000 | 4145000 |
| Hamilton Cnty OH Hosp Facs Rev (Childrens Hosp Med Ctr Cinn,Oh Proj.) Series 2018AA, 2.48% 5/15/2037 VRDN (b) | 15395000 | 15395000 |
| Montgomery Cnty OH Hosp Rev (Premier Health Partners Proj.) Series 2019 B, 2.42% 11/15/2045, LOC PNC Bank NA VRDN (b) | 42270000 | 42270000 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2025C, 2.8% 1/15/2050, LOC JPMorgan Chase Bank NA VRDN (b) | 39440000 | 39440000 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2025D, 2.4% 1/15/2048, LOC US Bank NA/Cincinnati OH VRDN (b) | 32165000 | 32165000 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (Oh Residential Mortgage Proj.) Series E, 2.45% 3/1/2036 (Liquidity Facility TD Bank NA) VRDN (b) | 4900000 | 4900000 |
| TOTAL OHIO |  | 221495000 |
| Pennsylvania - 1.5%  |  |  |
| Allegheny Cnty PA Ida Rev (Watson Institute Proj.) 2.42% 8/1/2040, LOC PNC Bank NA VRDN (b) | 11350000 | 11350000 |
| Delaware Valley Regl Fin Auth PA Local Gov Rev Gen. Oblig. Series 2025B, 2.49% 12/1/2060, LOC Bank of America NA VRDN (b) | 54300000 | 54300000 |
| Lancaster PA Indl Dev Auth Rev (Willow Valley Retirement Communities Proj.) 2.52% 12/1/2039, LOC PNC Bank NA VRDN (b) | 7400000 | 7400000 |
| Montgomery Co PA Rdv Ath Mlfml (Kbf Associates Proj.) 2.46% 8/15/2031, LOC Fannie Mae VRDN (b) | 6375000 | 6375000 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) Series 2024D1, 2.9% 11/1/2061, LOC Bank of America NA VRDN (b) | 19310000 | 19310000 |
| Philadelphia PA Ath Indv Leas (Philadelphia Pa Proj.) 2.41% 10/1/2030, LOC TD Bank NA VRDN (b) | 2295000 | 2295000 |
| Philadelphia PA Gen. Oblig. 2.45% 8/1/2031, LOC Truist Bank VRDN (b) | 62100000 | 62100000 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2025 B, 2.45% 6/1/2055 (Liquidity Facility TD Bank NA) VRDN (b) | 17200000 | 17200000 |
| TOTAL PENNSYLVANIA |  | 180330000 |
| Rhode Island - 0.0%  |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (New England Institute Of Technology Proj.) 2.55% 3/1/2034, LOC TD Bank NA VRDN (b) | 1215000 | 1215000 |
| Tennessee - 0.0%  |  |  |
| Industrial Dev Brd Blount Cnty & Cities Alcoa & Maryville Tenn (Alcoa Tn Proj.) 2.68% 6/1/2036, LOC Truist Bank VRDN (b) | 1210000 | 1210000 |
| Montgomery Cnty TN Pub Bldg Au 2.58% 9/1/2029, LOC Bank of America NA VRDN (b) | 1000000 | 1000000 |
| TOTAL TENNESSEE |  | 2210000 |
| Texas - 5.8%  |  |  |
| Gulf Coast Industrial Development Authority (Exxon Capital Ventures Inc Proj.) Series 2012, 2.7% 11/1/2041 (Exxon Mobil Corp Guaranteed) VRDN (b) | 14580000 | 14580000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025 F, 2.42% 12/1/2060 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 14700000 | 14700000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025C, 2.42% 12/1/2060 (Liquidity Facility Bank of America NA) VRDN (b) | 122300000 | 122300000 |
| Harris Cnty TX Hosp Dist Rev 2.47% 2/15/2042, LOC JPMorgan Chase Bank NA VRDN (b) | 23480000 | 23480000 |
| Houston TX Util Sys Rev 2.48% 5/15/2034, LOC Royal Bank of Canada/New York NY VRDN (b) | 17200000 | 17200000 |
| Houston TX Util Sys Rev 2.48% 5/15/2034, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 14240000 | 14240000 |
| Houston TX Util Sys Rev 2.48% 5/15/2034, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 3200000 | 3200000 |
| Houston TX Util Sys Rev Series 2012 A, 2.48% 5/15/2034 (Liquidity Facility TD Bank NA) VRDN (b) | 70100000 | 70100000 |
| Port Arthur TX Navigation Dist Exempt Fac Rev (Total Petrochemicals &Refining Sa/Nv Proj.) 2.49% 3/1/2040 (TotalEnergies SE Guaranteed) VRDN (b) | 44800000 | 44800000 |
| Port Arthur TX Navigation Dist Exempt Fac Rev (Total Petrochemicals &Refining Sa/Nv Proj.) 2.5% 3/1/2039 (TotalEnergies SE Guaranteed) VRDN (b) | 700000 | 700000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 2.4% 3/1/2042 (TotalEnergies SE Guaranteed) VRDN (b) | 112400000 | 112400000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 2.49% 12/1/2040 (TotalEnergies SE Guaranteed) VRDN (b) | 46440000 | 46440000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 2.5% 9/1/2042 (TotalEnergies SE Guaranteed) VRDN (b) | 4100000 | 4100000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) Series 2012 B, 2.5% 12/1/2042 (TotalEnergies SE Guaranteed) VRDN (b) | 4200000 | 4200000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Ascension Health Credit Group Proj.) Series 2025 E 1, 2.5% 11/15/2065 VRDN (b) | 22100000 | 22100000 |
| Texas State Gen. Oblig. 2.33% 6/1/2050 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 15000000 | 15000000 |
| Texas State Gen. Oblig. 2.55% 12/1/2041 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 13755000 | 13755000 |
| Texas State Gen. Oblig. 2.55% 12/1/2042 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 11835000 | 11835000 |
| Texas State Gen. Oblig. 2.55% 12/1/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 37265000 | 37265000 |
| Texas State Gen. Oblig. 2.55% 6/1/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 7540000 | 7540000 |
| Texas State Gen. Oblig. 2.55% 6/1/2044 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 34345000 | 34345000 |
| Texas State Gen. Oblig. 2.55% 6/1/2045 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 12440000 | 12440000 |
| Texas State Gen. Oblig. Series 2017, 2.55% 12/1/2047 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 29660000 | 29660000 |
| TOTAL TEXAS |  | 676380000 |
| Virginia - 0.9%  |  |  |
| Fairfax Cnty VA Indl Dev Auth (Inova Health System Proj.) Series 2016 C, 2.46% 5/15/2042 VRDN (b) | 18130000 | 18130000 |
| Fairfax Cnty VA Indl Dev Auth Health Care Rev (Inova Health System Proj.) Series 2018 C, 2.46% 5/15/2033 VRDN (b) | 7065000 | 7065000 |
| Harrisonburg VA Economic Dev Auth Health Care Facs Rev (Sentara Healthcare Proj.) Series 2023, 2.4% 8/15/2046, LOC US Bank NA/Cincinnati OH VRDN (b) | 12350000 | 12350000 |
| Norfolk VA Economic Dev Auth Hosp Facs Rev (Sentara Hlth Sys Obl Group Proj.) 2.4% 11/1/2034 VRDN (b) | 11315000 | 11315000 |
| Norfolk VA Economic Dev Auth Hosp Facs Rev (Sentara Hlth Sys Obl Group Proj.) Series 2016 B, 2.35% 11/1/2034 VRDN (b) | 49585000 | 49585000 |
| Roanoke VA Economic Dev Auth Hosp Rev (Carilion Health System Proj.) Series 2025B, 2.42% 7/1/2058, LOC PNC Bank NA VRDN (b) | 4500000 | 4500000 |
| TOTAL VIRGINIA |  | 102945000 |
| Washington - 0.3%  |  |  |
| Port Vancouver Wash Rev (United Grain Corp Of Oregon Proj.) 2.49% 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.) 2.45% 12/15/2044, LOC Fannie Mae VRDN (b) | 3700000 | 3700000 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev (Bitter Lake Village Associates Lp Proj.) 2.45% 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, 2.44% 8/1/2049, LOC Federal Home Loan Bank of San Francisco VRDN (b) | 14500000 | 14500000 |
| TOTAL WASHINGTON |  | 33100000 |
| West Virginia - 0.1%  |  |  |
| West VI St Hosp Fin Auth Rev (Charleston Area Med Ctr Proj.) 2.53% 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 C, 2.42% 6/1/2034, LOC TD Bank NA VRDN (b) | 10690000 | 10690000 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2018 D, 2.42% 6/1/2041, LOC PNC Bank NA VRDN (b) | 2460000 | 2460000 |
| TOTAL WEST VIRGINIA |  | 13600000 |
| Wisconsin - 0.8%  |  |  |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (Wi Home Ownership Proj.) Series 2017D, 2.42% 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, 2.42% 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, 2.42% 3/1/2041 (Liquidity Facility Federal Home Loan Bank of Chicago) VRDN (b) | 25325000 | 25325000 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (Wi Home Ownership Proj.) Series 2022B, 2.42% 9/1/2047 (Liquidity Facility Federal Home Loan Bank of Chicago) VRDN (b) | 22500000 | 22500000 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (Wi Home Ownership Proj.) Series 2026 C, 2.42% 9/1/2050 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 11660000 | 11660000 |
| Wisconsin Hsg & Eda Hsg Rev (Wi Home Ownership Proj.) Series 2023F, 2.42% 5/1/2061 (Liquidity Facility Federal Home Loan Bank of Chicago) VRDN (b) | 10000000 | 10000000 |
| Wisconsin St Health & Edl Facs Auth Rev (Froedtert Thedacare Proj.) Series 2025 D, 2.15% 4/1/2055 VRDN (b) | 18850000 | 18850000 |
| TOTAL WISCONSIN |  | 97830000 |
| <br> **TOTAL VARIABLE RATE DEMAND NOTE**<br> (Cost $4,067,790,000) |  | <br> **4067790000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 8.6%** | &nbsp;&nbsp;**Commercial Paper - 8.6%** | &nbsp;&nbsp;**Commercial Paper - 8.6%** | &nbsp;&nbsp;**Commercial Paper - 8.6%** |
|  | Yield (%) (j) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Austin TX Elec Util Sys Rev 2.43% 4/21/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.43 | 66950000 | 66950000 |
| Board of Regents of the University of Texas System 2.38% 6/4/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.38 | 18200000 | 18200000 |
| Board of Regents of the University of Texas System 2.39% 7/15/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.39 | 14400000 | 14400000 |
| Board of Regents of the University of Texas System 2.39% 7/16/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.39 | 14500000 | 14500000 |
| Board of Regents of the University of Texas System 2.39% 7/9/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.39 | 18300000 | 18300000 |
| Board of Regents of the University of Texas System 2.39% 8/4/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.39 | 14300000 | 14300000 |
| Board of Regents of the University of Texas System 2.39% 9/9/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.39 | 10400000 | 10400000 |
| Board of Regents of the University of Texas System 2.4% 6/11/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 18200000 | 18200000 |
| Board of Regents of the University of Texas System 2.4% 6/4/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 18600000 | 18600000 |
| Board of Regents of the University of Texas System 2.4% 7/15/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 1900000 | 1900000 |
| Board of Regents of the University of Texas System 2.4% 7/16/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 3550000 | 3550000 |
| Board of Regents of the University of Texas System 2.4% 7/8/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 8700000 | 8700000 |
| Board of Regents of the University of Texas System 2.4% 8/19/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 14400000 | 14400000 |
| Board of Regents of the University of Texas System 2.4% 8/27/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 14500000 | 14500000 |
| Board of Regents of the University of Texas System 2.4% 8/5/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 14400000 | 14400000 |
| Board of Regents of the University of Texas System 2.4% 8/5/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 14200000 | 14200000 |
| Board of Regents of the University of Texas System 2.45% 6/4/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.45 | 3600000 | 3600000 |
| Board of Regents of the University of Texas System 2.62% 5/21/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.62 | 14600000 | 14600000 |
| Board of Regents of the University of Texas System 2.65% 4/2/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 3000000 | 3000000 |
| Board of Regents of the University of Texas System 2.65% 5/18/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 14800000 | 14800000 |
| Board of Regents of the University of Texas System 2.65% 5/18/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 14700000 | 14700000 |
| Board of Regents of the University of Texas System 2.65% 5/18/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 8800000 | 8800000 |
| Board of Regents of the University of Texas System 2.65% 5/20/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 14800000 | 14800000 |
| Board of Regents of the University of Texas System 2.67% 4/7/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.67 | 2600000 | 2600000 |
| Dallas TX Rapid Transit Sales Tax Rev 2.48% 11/27/2026 CP  | 2.48 | 22000000 | 22000000 |
| Fort Bend TX Indpt Sch Dist 2.4% 4/9/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.40 | 63750000 | 63750000 |
| Fort Bend TX Indpt Sch Dist 2.57% 4/29/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.57 | 26900000 | 26900000 |
| Harris Cnty TX 2.45% 7/15/2026 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.45 | 2790000 | 2790000 |
| Harris Cnty TX 2.47% 8/12/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.47 | 31700000 | 31700000 |
| Harris Cnty TX 2.47% 8/12/2026 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.47 | 7400000 | 7400000 |
| Harris Cnty TX 2.47% 8/12/2026, LOC Sumitomo Mitsui Banking Corp/New York CP  | 2.47 | 3840000 | 3840000 |
| Harris Cnty TX Flood Ctl Ctfs 2.42% 6/10/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.42 | 3220000 | 3220000 |
| Harris Cnty TX Flood Ctl Ctfs 2.45% 6/10/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.45 | 13490000 | 13490000 |
| King Cnty WA 2.42% 7/15/2026 CP  | 2.42 | 6900000 | 6900000 |
| King Cnty WA 2.42% 7/8/2026 CP  | 2.42 | 5700000 | 5700000 |
| King Cnty WA 2.43% 7/9/2026 CP  | 2.43 | 8700000 | 8700000 |
| Maricopa Cnty AZ Ida Rev 2.41% 5/20/2026 CP  | 2.41 | 28800000 | 28800000 |
| Massachusetts St Wtr Res Auth 2.4% 7/14/2026, LOC Bank of America NA CP  | 2.40 | 2400000 | 2400000 |
| Metro Gov Nashville & Davidson Cnty Wtr & Swr Rev 2.45% 6/4/2026, LOC TD Bank NA CP  | 2.45 | 14750000 | 14750000 |
| Michigan St Bldg Auth Rev 2.52% 4/23/2026, LOC JPMorgan Chase Bank NA CP  | 2.52 | 14400000 | 14400000 |
| Missouri St Health & Edl Facs 2.37% 4/1/2026 CP  | 2.37 | 6725000 | 6725000 |
| Nebraska Pub Pwr Dist Rev 2.42% 5/21/2026, LOC Bank of America NA CP  | 2.42 | 35000000 | 35000000 |
| Nebraska Pub Pwr Dist Rev 2.42% 5/21/2026, LOC Bank of America NA CP  | 2.42 | 29400000 | 29400000 |
| Nebraska Pub Pwr Dist Rev 2.42% 5/21/2026, LOC Bank of America NA CP  | 2.42 | 9200000 | 9200000 |
| Nebraska Pub Pwr Dist Rev 2.45% 5/21/2026, LOC Bank of America NA CP  | 2.45 | 7600000 | 7600000 |
| Nebraska Pub Pwr Dist Rev 2.48% 5/21/2026, LOC Bank of America NA CP  | 2.48 | 8100000 | 8100000 |
| Oklahoma City Okla Wtr Utils 2.43% 6/16/2026, LOC Sumitomo Mitsui Banking Corp/New York CP  | 2.43 | 4900000 | 4900000 |
| Omaha Public Power District 2.4% 6/8/2026 CP  | 2.40 | 7150000 | 7150000 |
| Texas St Pub Fin Auth Rev 2.4% 6/24/2026 (Liquidity Facility Texas State) CP  | 2.40 | 48800000 | 48800000 |
| Texas St Pub Fin Auth Rev 2.42% 5/7/2026 (Liquidity Facility Texas State) CP  | 2.42 | 2250000 | 2250000 |
| Texas St Pub Fin Auth Rev 2.5% 7/1/2026 (Liquidity Facility Texas State) CP  | 2.50 | 8900000 | 8900000 |
| University MN 2.4% 6/10/2026 CP  | 2.40 | 2946000 | 2946000 |
| University MN 2.41% 5/21/2026 CP  | 2.41 | 19100000 | 19100000 |
| University MN 2.41% 5/21/2026 CP  | 2.41 | 2900000 | 2900000 |
| University MN 2.42% 8/19/2026 CP  | 2.42 | 5900000 | 5900000 |
| University TX Perm Univ Fd 2.38% 9/3/2026 CP  | 2.38 | 11500000 | 11500000 |
| University TX Perm Univ Fd 2.4% 7/13/2026 CP  | 2.40 | 14400000 | 14400000 |
| University TX Perm Univ Fd 2.4% 7/23/2026 CP  | 2.40 | 7200000 | 7200000 |
| University TX Perm Univ Fd 2.4% 7/30/2026 CP  | 2.40 | 14300000 | 14300000 |
| University TX Perm Univ Fd 2.4% 8/4/2026 CP  | 2.40 | 14400000 | 14400000 |
| University TX Perm Univ Fd 2.41% 8/3/2026 CP  | 2.41 | 14300000 | 14300000 |
| University TX Perm Univ Fd 2.46% 7/1/2026 CP  | 2.46 | 8700000 | 8700000 |
| University TX Perm Univ Fd 2.64% 4/30/2026 CP  | 2.65 | 18600000 | 18599846 |
| University TX Perm Univ Fd 2.64% 5/4/2026 CP  | 2.64 | 14800000 | 14800000 |
| University TX Perm Univ Fd 2.65% 4/21/2026 CP  | 2.65 | 5900000 | 5900000 |
| University TX Perm Univ Fd 2.65% 4/7/2026 CP  | 2.67 | 18400000 | 18399940 |
| Virginia Small Business Fing Auth Rev 2.48% 6/11/2026 CP  | 2.48 | 7300000 | 7300000 |
| Wisconsin St 2.45% 12/6/2026 CP  | 2.45 | 27700000 | 27700000 |
| Wisconsin St 2.47% 11/30/2026 CP  | 2.47 | 8400000 | 8400000 |
| Wisconsin St 2.47% 11/5/2026 CP  | 2.47 | 14300000 | 14300000 |
| Wisconsin St 2.48% 11/1/2026 CP  | 2.48 | 8700000 | 8700000 |
| <br> **TOTAL COMMERCIAL PAPER**<br> (Cost $1,006,910,786) |  |  | **1006910786** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 18.3%** | &nbsp;&nbsp;**Money Market Funds - 18.3%** | &nbsp;&nbsp;**Money Market Funds - 18.3%** | &nbsp;&nbsp;**Money Market Funds - 18.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Tax-Free Cash Central Fund (k)(l)<br>(Cost $2,137,928,318)<br>| 2.56 | 2137115443 | **2137928318** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.5%**<br> (Cost $11,626,352,433)<br>| <br>**11626352433** |
| **NET OTHER ASSETS (LIABILITIES) - 0.5%**  | **55545669** |
| **NET ASSETS - 100.0%** | **11681898102** |

---

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

(d) 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 $302,310,550 or 2.6% of net assets.

(e) 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 $82,503,996 or 0.7% of net assets.

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

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

(h) 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.

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

(j) 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.

(k) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(l) 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 2.65% 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, 2.65% 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 MIZ9219, 2.65% 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, 2.65% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/1/2025 | 995000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9240, 2.65% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 11/3/2025 | 2700000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9241, 2.65% 11/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 11/3/2025 | 1700000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9242, 2.65% 11/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 11/3/2025 | 2600000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2026 MIZ9248, 2.65% 2/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 2/2/2026 | 2105000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2026 MIZ9249, 2.65% 2/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 2/2/2026 | 1600000 |
| Arizona Ind Dev Auth Participating VRDN 2.65% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/2024 - 6/18/2025 | 5715555 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9187, 2.65% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/2024 - 10/10/2024 | 4100000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9211, 2.65% 5/13/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 5/14/2025 | 1035000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9213, 2.65% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/3/2025 | 2485000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9215, 2.65% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/2025 | 1500000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9216, 2.65% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/2025 | 1520000 |
| Bernalillo NM Multi Fam Hsg St Anthony's Pl Participating VRDN Series 2025 MIZ9210, 2.65% 4/29/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 4/30/2025 | 6500000 |
| California Hsg Fin Agy Ltd Oblig Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9231, 2.6% 9/9/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 9/10/2025 | 10325000 |
| City of New York NY Gen. Oblig. Series 2025 MS0074E, 2.59% tender 8/1/2053 (Liquidity Facility Morgan Stanley Bank NA) | 8/21/2025 | 3295000 |
| Collin County Hsg Fin Corp Multi Fam Participating VRDN 2.65% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/2024 | 4600000 |
| Colorado Health Facilities Authority Series 2025 MS0043, 2.62% tender 11/15/2050 (Liquidity Facility Morgan Stanley Bank NA) | 5/21/2025 | 4600000 |
| Delaware Multi Fam Hsg Chritina Village Participating VRDN 2.65% 5/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 11/20/2025 | 2600000 |
| Frenship TX Indpt Sch Dist Series 2025 MS0056E, 2.59% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 2270000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0030, 2.59% 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, 2.62% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 2550000 |
| Illinois Fin Auth Rev Participating VRDN Series 2018 017, 2.72% 8/15/2030 (Liquidity Facility Barclays Bank PLC) | 6/8/2023 - 5/23/2024 | 16300000 |
| Illinois Hsg Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9224, 2.65% 8/18/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/19/2025 | 26500000 |
| Jacksonville Fla Spl Rev Series 2025 MS0068E, 2.62% tender 10/1/2054 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 9700000 |
| JEA FL Wtr & Swr Sys Rev Series 2025 MS0033, 2.58% tender 10/1/2055 (Liquidity Facility Morgan Stanley Bank NA) | 3/21/2025 - 6/9/2025 | 6395000 |
| Jefferson Cnty TX Hsg Fin Corp Multifamily Hsg Mtg Rev Participating VRDN Series 2025 MIZ9214, 2.65% 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, 2.65% 1/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 1/23/2025 | 2595000 |
| Las Vegas Valley NV Gen. Oblig. Series 2025 MS0057E, 2.59% 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, 2.5% 7/1/2043 (Liquidity Facility Bank of America, N.A.) | 5/4/2023 - 5/24/2024 | 11320000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9202, 2.65% 12/4/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 12/4/2024 | 3500000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9205, 2.65% 7/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 12/12/2024 | 2150000 |
| New York City Housing Development Corp Series 2026 MS0088, 2.59% tender 11/1/2065 (Liquidity Facility Morgan Stanley Bank NA) | 1/8/2026 | 3550000 |
| New York Dorm Auth Royal Charter Prop Participating VRDN Series 2025 MIZ9208, 2.65% 3/16/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 3/17/2025 | 16885000 |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN 2.65% 1/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 1/2/2025 | 1405000 |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN Series 2025 MIZ9243, 2.65% 11/17/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 11/18/2025 | 2900000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN Series 2025 MIZ9230, 2.65% 9/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 9/3/2025 | 1100000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN Series 2026 MIZ9251, 2.65% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 3/2/2026 | 1800000 |
| Pennsylvania Hsg Fin Agcy Multi Fam Hsg Dev Rev Participating VRDN Series 2025 MIZ9245, 2.65% 1/7/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 1/8/2026 | 4745000 |
| Port Auth NY & NJ 2.47% 1/19/2027 VRDN | 7/15/2020 | 7300000 |
| Prosper Tex Indpt Sch Dist Series 2025 MS0071E, 2.62% 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, 2.65% 8/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/19/2025 | 4490000 |
| River Islands Pub Fing Auth Participating VRDN 2.6% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 10/10/2024 | 7600000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN 2.65% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/2024 - 10/10/2024 | 6599997 |
| Shelby Cnty TN Health Edl & Hsg Fac Brd Health Care Rev Participating VRDN Series 2025 BAML5067, 2.47% 9/1/2055 (Liquidity Facility Bank of America, N.A.) | 9/18/2025 | 13600000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9235, 2.65% 10/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 10/16/2025 | 1500000 |
| St Louis MO Lafayette Apts Participating VRDN Series 2025 MIZ9212, 2.65% 5/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 5/22/2025 | 2979998 |
| State of Washington Gen. Oblig. 2.62% tender 2/1/2048 (Liquidity Facility Morgan Stanley Bank NA) | 10/2/2025 | 7315000 |
| Tampa Bay Water Series 2025 MS0066E, 2.6% tender 10/1/2049 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 7770000 |
| Tender Opt Bd Tr Rcpts / Ctfs Var Sts Gen. Oblig. Series 2024 MS0026, 2.62% tender 10/1/2026 (Liquidity Facility Morgan Stanley Bank NA) | 10/10/2024 | 13350000 |
| Texas Wtr Dev Brd Series 2025 MS0037, 2.59% tender 10/15/2053 (Liquidity Facility Morgan Stanley Bank NA) | 4/7/2025 - 9/16/2025 | 5200000 |
| Travis Cnty TX Hsg Fin Corp Participating VRDN Series 2026 MIZ9252, 0% 3/23/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 3/24/2026 | 4600000 |
| Travis Cnty TX Hsg Fin Corp Participating VRDN Series 2026 MIZ9253, 0% 3/23/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 3/24/2026 | 1300000 |
| Washington Clark County SD23 Series 2025 MS0080E, 2.6% 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 | 5817580578 | 5110439593 | 34705198 | - | - | 2137928318 | 2137115443 | 70.9% |
| Total | 1430787333 | 5817580578 | 5110439593 | 34705198 | - | - | 2137928318 |  |  |

---

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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $9,488,424,115) | $9488424115 |  |
| Fidelity Central Funds (cost $2,137,928,318) | 2137928318 |  |
| Total Investment in Securities (cost $11,626,352,433) |  | $11626352433 |
| Cash |  | 1000 |
| Receivable for securities sold on a delayed delivery basis |  | 44630000 |
| Receivable for fund shares sold |  | 144415600 |
| Interest receivable |  | 52305595 |
| Distributions receivable from Fidelity Central Funds |  | 3495381 |
| Prepaid expenses |  | 3575 |
| Receivable from investment adviser for expense reductions |  | 301370 |
| Other receivables |  | 2559 |
| **Total assets** |  | 11871507513 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $3050290 |  |
| Delayed delivery | 49809679 |  |
| Payable for fund shares redeemed | 130674005 |  |
| Distributions payable | 4104448 |  |
| Accrued management fee | 1268212 |  |
| Distribution and service plan fees payable | 6502 |  |
| Other affiliated payables | 614861 |  |
| Other payables and accrued expenses | 81414 |  |
| **Total liabilities** |  | 189609411 |
| **Net Assets**  |  | $11681898102 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11681536847 |
| Total accumulated earnings (loss) |  | 361255 |
| **Net Assets** |  | $11681898102 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($11,619,067,447 ÷ 11,613,760,522 shares) |  | $1.00 |
| **Class II :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,175,988 ÷ 1,175,538 shares) |  | $1.00 |
| **Class III :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($21,791,580 ÷ 21,785,148 shares) |  | $1.00 |
| **Select Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($39,863,087 ÷ 39,841,695 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended March 31, 2026** | <br> **Year ended March 31, 2026** | <br> **Year ended March 31, 2026** |
| **Investment Income** |  |  |
| Interest  |  | $240287367 |
| Income from Fidelity Central Funds  |  | 34686618 |
| **Total income** |  | 274973985 |
| **Expenses** |  |  |
| Management fee | $14733062 |  |
| Transfer agent fees | 6314169 |  |
| Distribution and service plan fees | 58274 |  |
| Accounting fees and expenses | 837269 |  |
| Custodian fees and expenses | 77743 |  |
| Independent trustees' fees and expenses | 24216 |  |
| Registration fees | 704641 |  |
| Audit fees | 42627 |  |
| Legal | 4059 |  |
| Miscellaneous | 20171 |  |
| Total expenses before reductions | 22816231 |  |
| Expense reductions | (3798916) |  |
| Total expenses after reductions |  | 19017315 |
| **Net Investment income (loss)** |  | 255956670 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 233850 |  |
| Capital gain distributions from Fidelity Central Funds | 18580 |  |
| Total net realized gain (loss) |  | 252430 |
| **Net increase in net assets resulting from operations** |  | $256209100 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **March 31, 2026** | **Year ended**<br> **March 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $255956670 | $289778754 |
| &nbsp;&nbsp;Net realized gain (loss) | 252430<br>| (27075)<br>|
| **Net increase in net assets resulting from operations** | 256209100<br>| 289751679<br>|
| Distributions to shareholders | (255937098)<br>| (289748051)<br>|
| Share transactions - net increase (decrease) | 1415607753<br>| 1712936513<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1415879755<br>| 1712940141<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 10266018347 | 8553078206<br>|
| &nbsp;&nbsp;End of period | $11681898102 | $10266018347 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .024  | .031  | .033  | .017  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .024  | .031  | .033  | .017  | - B |
| Distributions from net investment income  | (.024)  | (.031)  | (.033)  | (.017)  | - B |
| Total distributions  | (.024)  | (.031)  | (.033)  | (.017)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 2.47% <br>| 3.10%  | 3.33%  | 1.72%  | .03%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .22%  | .21%  | .22%  | .22%  | .22%  |
| Expenses net of fee waivers, if any  | .18% <br>| .18%  | .18%  | .18%  | .10%  |
| Expenses net of all reductions, if any  | .18%  | .18%  | .18%  | .18%  | .10%  |
| Net investment income (loss)  | 2.43%  | 3.04%  | 3.28%  | 1.73%  | .03%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $11619067 | $10215154 | $8509328 | $6275122 | $4456840 |

---

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*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.*

E*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.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .023  | .029  | .031  | .016  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .023  | .029  | .031  | .016  | - B |
| Distributions from net investment income  | (.023)  | (.029)  | (.031)  | (.016)  | - B |
| Total distributions  | (.023)  | (.029)  | (.031)  | (.016)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 2.31% <br>| 2.95%  | 3.17%  | 1.57%  | .02%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .37%  | .36%  | .37%  | .37%  | .37%  |
| Expenses net of fee waivers, if any  | .33% <br>| .33%  | .33%  | .33%  | .11%  |
| Expenses net of all reductions, if any  | .33%  | .33%  | .33%  | .33%  | .11%  |
| Net investment income (loss)  | 2.28%  | 2.89%  | 3.13%  | 1.58%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1176 | $10205 | $14805 | $17089 | $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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*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.*

E*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.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .022  | .028  | .030  | .015  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .022  | .028  | .030  | .015  | - B |
| Distributions from net investment income  | (.022)  | (.028)  | (.030)  | (.015)  | - B |
| Total distributions  | (.022)  | (.028)  | (.030)  | (.015)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 2.21% <br>| 2.85%  | 3.07%  | 1.46%  | .01%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .47%  | .46%  | .47%  | .47%  | .48%  |
| Expenses net of fee waivers, if any  | .43% <br>| .43%  | .43%  | .43%  | .13%  |
| Expenses net of all reductions, if any  | .43%  | .43%  | .43%  | .43%  | .13%  |
| Net investment income (loss)  | 2.18%  | 2.79%  | 3.04%  | 1.48%  | (.01)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $21792 | $11909 | $3971 | $5624 | $6669 |

---

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*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.*

E*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.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended March 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .024  | .030  | .032  | .017  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .024  | .030  | .032  | .017  | - B |
| Distributions from net investment income  | (.024)  | (.030)  | (.032)  | (.017)  | - B |
| Total distributions  | (.024)  | (.030)  | (.032)  | (.017)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C | 2.42% <br>| 3.05%  | 3.28%  | 1.67%  | .02%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .27%  | .26%  | .27%  | .27%  | .27%  |
| Expenses net of fee waivers, if any  | .23% <br>| .23%  | .23%  | .23%  | .10%  |
| Expenses net of all reductions, if any  | .23%  | .23%  | .23%  | .23%  | .10%  |
| Net investment income (loss)  | 2.38%  | 2.99%  | 3.23%  | 1.68%  | .03%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $39863 | $28750 | $24974 | $14545 | $1072 |

---

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*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.*

E*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.*

**Notes to Financial Statements**

For the period ended March 31, 2026

**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.

**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.

**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. As of March 31, 2026, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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** | 122390770542 | - | - | - |
| **Treasury Portfolio** | 81822376984 | - | - | - |
| **Government Portfolio** | 265938690616 | - | - | - |
| **Money Market Portfolio** | 168288774055 | - | - | - |
| **Tax-Exempt Portfolio** | 11626352433 | - | - | - |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed tax-exempt income ($)** | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Treasury Only Portfolio** | - | 324369 | - | - | - |
| **Treasury Portfolio** | - | 88647 | - | - | - |
| **Government Portfolio** | - | - | - | (106048) | - |
| **Money Market Portfolio** | - | 1032536 | - | - | - |
| **Tax-Exempt Portfolio** | 358156 | - | - | - | - |

---

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 fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Government Portfolio** | - | (106048) | (106048) |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **March 31, 2026** |  |  |  |
|  | **Tax-Exempt Income ($)** | **Ordinary Income ($)** | **Total ($)** |
| **Treasury Only Portfolio** | - | 4289631497 | 4289631497 |
| **Treasury Portfolio** | - | 2829672924 | 2829672924 |
| **Government Portfolio** | - | 10031693726 | 10031693726 |
| **Money Market Portfolio** | - | 6321182132 | 6321182132 |
| **Tax-Exempt Portfolio** | 255937098 | - | 255937098 |

---

---

| | | | |
|:---|:---|:---|:---|
| **March 31, 2025** |  |  |  |
|  | **Tax-Exempt Income ($)** | **Ordinary Income ($)** | **Total ($)** |
| **Treasury Only Portfolio** | - | 4059937985 | 4059937985 |
| **Treasury Portfolio** | - | 3122073631 | 3122073631 |
| **Government Portfolio** | - | 10069673682 | 10069673682 |
| **Money Market Portfolio** | - | 6585351666 | 6585351666 |
| **Tax-Exempt Portfolio** | 289748051 | - | 289748051 |

---

**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.

**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** | 5344742 | 6654 |
| **Class III** | 7827556 | 2072 |
| **Class IV** | 5181844 | - |
| **Select Class** | <u>1276696</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>119</u> |
|  | <u>19630838</u> | <u>8845</u> |
| **Treasury Portfolio:** |  |  |
| **Class II** | 1122738 | 495 |
| **Class III** | 11431381 | - |
| **Class IV** | 4920238 | - |
| **Select Class** | &nbsp;&nbsp;&nbsp;&nbsp; <u>137370</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>-</u> |
|  | <u>17611727</u> | <u>495</u> |
| **Government Portfolio:** |  |  |
| **Class II** | 2725256 | 2065 |
| **Class III** | 17541052 | - |
| **Select Class** | &nbsp;&nbsp;&nbsp;&nbsp; <u>99232</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>-</u> |
|  | <u>20365540</u> | <u>2065</u> |
| **Money Market Portfolio:** |  |  |
| **Class II** | 117682 | 3232 |
| **Class III** | 280014 | - |
| **Select Class** | &nbsp;&nbsp;&nbsp;&nbsp; <u>25540</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3</u> |
|  | <u>423236</u> | <u>3235</u> |
| **Tax-Exempt Portfolio:** |  |  |
| **Class II** | 4490 | 87 |
| **Class III** | 35416 | 50 |
| **Select Class** | &nbsp;&nbsp;&nbsp;&nbsp; <u>18368</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>85</u> |
|  | <u>58274</u> | <u>222</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** | $17383078 |
| **Class II** | 2137897 |
| **Class III** | 1878613 |
| **Class IV** | 621821 |
| **Select Class** | 1532035 |
| **Institutional Class** | <u>21207630</u> |
|  | <u>$44761074</u> |
| **Treasury Portfolio** |  |
| **Class I** | $17178960 |
| **Class II** | 449095 |
| **Class III** | 2743531 |
| **Class IV** | 590429 |
| **Select Class** | 164844 |
| **Institutional Class** | <u>11083954</u> |
|  | <u>$32210813</u> |
| **Government Portfolio** |  |
| **Class I** | $32482227 |
| **Class II** | 1090102 |
| **Class III** | 4209853 |
| **Select Class** | 119078 |
| **Institutional Class** | <u>56821030</u> |
|  | <u>$94722290</u> |
| **Money Market Portfolio** |  |
| **Class I** | $42936743 |
| **Class II** | 47073 |
| **Class III** | 67203 |
| **Select Class** | 30648 |
| **Institutional Class** | <u>25671974</u> |
|  | <u>$68753641</u> |
| **Tax-Exempt Portfolio** |  |
| **Class I** | $6281832 |
| **Class II** | 1796 |
| **Class III** | 8500 |
| **Select Class** | &nbsp;&nbsp;&nbsp;&nbsp; <u>22041</u> |
|  | <u>$6314169</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 annual 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%.*

**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** | $935955 |
| **Treasury Portfolio** | 637249 |
| **Government Portfolio** | 2311451 |
| **Money Market Portfolio** | 1414774 |

---

**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. 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 | 29140275 | 4.13% |

---

**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** | 207960659 | 793232797 | (1240) |

---

**Other.** During the period, the investment adviser reimbursed the Funds for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Government Portfolio** | 13931 |

---

**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, 2027. 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% | 7927181 |
| Class II | .33% | 981996 |
| Class III | .43% | 857067 |
| Class IV | .68% | 281554 |
| Select Class  | .23% | 697825 |
| Institutional Class | .14% | 26400903 |
| **Treasury Portfolio** |  |  |
| Class I | .18% | 7718356 |
| Class II | .33% | 199747 |
| Class III | .43% | 1224664 |
| Class IV | .68% | 259896 |
| Select Class | .23% | 74172 |
| Institutional Class | .14% | 13679396 |
| **Government Portfolio** |  |  |
| Class I | .18% | 13963130 |
| Class II | .33% | 469179 |
| Class III | .43% | 1798165 |
| Select Class | .23% | 50877 |
| Institutional Class | .14% | 67858433 |
| **Money Market Portfolio** |  |  |
| Class I | .18% | 18968995 |
| Class II | .33% | 20505 |
| Class III | .43% | 31288 |
| Select Class | .23% | 13474 |
| Institutional Class | .14% | 31237661 |
| **Tax-Exempt Portfolio** |  |  |
| Class I | .18% | 3769654 |
| Class II | .33% | 1035 |
| Class III | .43% | 5094 |
| Select Class | .23% | 13040 |

---

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** | 10093 |

---

**6. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **March 31, 2026** | **Year ended**<br> **March 31, 2025**  |
| **Treasury Only Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class I | $1128119605 | $1019044803 |
| Class II | 133556780 | 126040183 |
| Class III | 115005793 | 150838591 |
| Class IV | 35500220 | 56450918 |
| Select Class | 98313296 | 101629267 |
| Institutional Class | <u>2779135803</u> | <u>2605934223</u> |
| Total  | <u>$4289631497</u> | <u>$4059937985</u> |
| **Treasury Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class I | $1125972715 | $1188576846 |
| Class II | 28495580 | 33504089 |
| Class III | 168953122 | 200638261 |
| Class IV | 33699457 | 36943587 |
| Select Class | 10574783 | 13145603 |
| Institutional Class | <u>1461977267</u> | <u>1649265245</u> |
| Total  | <u>$2829672924</u> | <u>$3122073631</u> |
| **Government Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class I | $2142409219 | $2236625600 |
| Class II | 68673308 | 67763801 |
| Class III | 259495739 | 281936677 |
| Select Class | 7808261 | 10368906 |
| Institutional Class | <u>7553307199</u> | <u>7472978698</u> |
| Total  | <u>$10031693726</u> | <u>$10069673682</u> |
| **Money Market Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class I | $2857428547 | $2863051260 |
| Class II | 3044489 | 4434009 |
| Class III | 4021904 | 892012 |
| Select Class | 2033601 | 2150474 |
| Institutional Class | <u>3454653591</u> | <u>3714823911</u> |
| Total  | <u>$6321182132</u> | <u>$6585351666</u> |
| **Tax-Exempt Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class I | $254698147 | $288287059 |
| Class II | 74965 | 362204 |
| Class III | 298679 | 264343 |
| Select Class | <u>865307</u> | <u>834445</u> |
| Total  | <u>$255937098</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** |
|  | **Year ended** <br> **March 31, 2026**  | **Year ended**<br> **March 31, 2025**  | **Year ended** <br> **March 31, 2026**  | **Year ended**<br> **March 31, 2025**  |
| **Treasury Only Portfolio** |  |  |  |  |
| **Class I** |  |  |  |  |
| Shares sold | 63541457844 | 50922794921 | $63541457844 | $50922794921 |
| Reinvestment of distributions  | 618816617 | 575457234 | 618816617 | 575457234 |
| Shares redeemed | <u>(59062833736)</u> | <u>(42865643744)</u> | <u>(59062833736)</u> | <u>(42865643744)</u> |
| Net increase (decrease) | <u>5097440725</u> | <u>8632608411</u> | <u>$5097440725</u> | <u>$8632608411</u> |
| **Class II** |  |  |  |  |
| Shares sold | 10620966088 | 9702559249 | $10620966088 | $9702559249 |
| Reinvestment of distributions  | 26777988 | 12691493 | 26777988 | 12691493 |
| Shares redeemed | <u>(9978516188)</u> | <u>(9223753974)</u> | <u>(9978516188)</u> | <u>(9223753974)</u> |
| Net increase (decrease) | <u>669227888</u> | <u>491496768</u> | <u>$669227888</u> | <u>$491496768</u> |
| **Class III** |  |  |  |  |
| Shares sold | 8780509148 | 6846823240 | $8780509147 | $6846823240 |
| Reinvestment of distributions  | 24573162 | 33011749 | 24573162 | 33011749 |
| Shares redeemed | <u>(9289661369)</u> | <u>(6393596720)</u> | <u>(9289661368)</u> | <u>(6393596720)</u> |
| Net increase (decrease) | <u>(484579059)</u> | <u>486238269</u> | <u>$(484579059)</u> | <u>$486238269</u> |
| **Class IV** |  |  |  |  |
| Shares sold | 3280923698 | 4377066958 | $3280923698 | $4377066958 |
| Reinvestment of distributions  | 35438818 | 56363977 | 35438818 | 56363977 |
| Shares redeemed | <u>(3579227481)</u> | <u>(4605206149)</u> | <u>(3579227481)</u> | <u>(4605206149)</u> |
| Net increase (decrease) | <u>(262864965)</u> | <u>(171775214)</u> | <u>$(262864965)</u> | <u>$(171775214)</u> |
| **Select Class** |  |  |  |  |
| Shares sold | 3642303611 | 3340496250 | $3642303611 | $3340496250 |
| Reinvestment of distributions  | 84548647 | 69899146 | 84548647 | 69899146 |
| Shares redeemed | <u>(3446209202)</u> | <u>(2866440293)</u> | <u>(3446209203)</u> | <u>(2866440293)</u> |
| Net increase (decrease) | <u>280643056</u> | <u>543955103</u> | <u>$280643055</u> | <u>$543955103</u> |
| **Institutional Class** |  |  |  |  |
| Shares sold | 150918981624 | 133886861875 | $150918981623 | $133886861922 |
| Reinvestment of distributions  | 2064377750 | 1820791076 | 2064377750 | 1820791076 |
| Shares redeemed | <u>(139634077524)</u> | <u>(117118292774)</u> | <u>(139634077524)</u> | <u>(117118292773)</u> |
| Net increase (decrease) | <u>13349281850</u> | <u>18589360177</u> | <u>$13349281849</u> | <u>$18589360225</u> |
| **Treasury Portfolio** |  |  |  |  |
| **Class I** |  |  |  |  |
| Shares sold | 115815740577 | 102230349767 | $115815740577 | $102230349767 |
| Reinvestment of distributions  | 385603142 | 406047922 | 385603142 | 406047922 |
| Shares redeemed | <u>(111488423670)</u> | <u>(99271784037)</u> | <u>(111488423671)</u> | <u>(99271784037)</u> |
| Net increase (decrease) | <u>4712920049</u> | <u>3364613652</u> | <u>$4712920048</u> | <u>$3364613652</u> |
| **Class II** |  |  |  |  |
| Shares sold | 1059913886 | 1170445319 | $1059913886 | $1170445319 |
| Reinvestment of distributions  | 11999473 | 14936625 | 11999473 | 14936625 |
| Shares redeemed | <u>(1153502886)</u> | <u>(1226193758)</u> | <u>(1153502886)</u> | <u>(1226193758)</u> |
| Net increase (decrease) | <u>(81589527)</u> | <u>(40811814)</u> | <u>$(81589527)</u> | <u>$(40811814)</u> |
| **Class III** |  |  |  |  |
| Shares sold | 11821308803 | 12939975380 | $11821308803 | $12939976380 |
| Reinvestment of distributions  | 29592576 | 28583081 | 29592576 | 28583081 |
| Shares redeemed | <u>(12500764799)</u> | <u>(11903492375)</u> | <u>(12500764799)</u> | <u>(11903492375)</u> |
| Net increase (decrease) | <u>(649863420)</u> | <u>1065066086</u> | <u>$(649863420)</u> | <u>$1065067086</u> |
| **Class IV** |  |  |  |  |
| Shares sold | 1420001483 | 1632022673 | $1420001483 | $1632022673 |
| Reinvestment of distributions  | 208615 | 270322 | 208615 | 270322 |
| Shares redeemed | <u>(1233692134)</u> | <u>(1602251181)</u> | <u>(1233692134)</u> | <u>(1602251181)</u> |
| Net increase (decrease) | <u>186517964</u> | <u>30041814</u> | <u>$186517964</u> | <u>$30041814</u> |
| **Select Class** |  |  |  |  |
| Shares sold | 1595730560 | 1467826659 | $1595730560 | $1467826659 |
| Reinvestment of distributions  | 1700935 | 4068725 | 1700935 | 4068725 |
| Shares redeemed | <u>(1601904494)</u> | <u>(1432057170)</u> | <u>(1601904494)</u> | <u>(1432057170)</u> |
| Net increase (decrease) | <u>(4472999)</u> | <u>39838214</u> | <u>$(4472999)</u> | <u>$39838214</u> |
| **Institutional Class** |  |  |  |  |
| Shares sold | 165796466046 | 136174310445 | $165796466045 | $136174310438 |
| Reinvestment of distributions  | 1001921552 | 1115628129 | 1001921552 | 1115628129 |
| Shares redeemed | <u>(159851029401)</u> | <u>(135681441830)</u> | <u>(159851029401)</u> | <u>(135681441830)</u> |
| Net increase (decrease) | <u>6947358197</u> | <u>1608496744</u> | <u>$6947358196</u> | <u>$1608496737</u> |
| **Government Portfolio** |  |  |  |  |
| **Class I** |  |  |  |  |
| Shares sold | 335944426984 | 359922157618 | $335944428429 | $359922157617 |
| Reinvestment of distributions  | 776073307 | 834768220 | 776073307 | 834768221 |
| Shares redeemed | <u>(335092235560)</u> | <u>(349867503003)</u> | <u>(335092235559)</u> | <u>(349867503003)</u> |
| Net increase (decrease) | <u>1628264731</u> | <u>10889422835</u> | <u>$1628266177</u> | <u>$10889422835</u> |
| **Class II** |  |  |  |  |
| Shares sold | 4577956972 | 3513518446 | $4577956972 | $3513518446 |
| Reinvestment of distributions  | 5678726 | 3516237 | 5678726 | 3516237 |
| Shares redeemed | <u>(3801822613)</u> | <u>(3449624852)</u> | <u>(3801822613)</u> | <u>(3449624852)</u> |
| Net increase (decrease) | <u>781813085</u> | <u>67409831</u> | <u>$781813085</u> | <u>$67409831</u> |
| **Class III** |  |  |  |  |
| Shares sold | 20965731309 | 17391930763 | $20965731309 | $17391930763 |
| Reinvestment of distributions  | 84826974 | 81942598 | 84826974 | 81942598 |
| Shares redeemed | <u>(20412347160)</u> | <u>(16347070382)</u> | <u>(20412347160)</u> | <u>(16347070382)</u> |
| Net increase (decrease) | <u>638211123</u> | <u>1126802979</u> | <u>$638211123</u> | <u>$1126802979</u> |
| **Select Class** |  |  |  |  |
| Shares sold | 228126678 | 538605087 | $228126678 | $538605087 |
| Reinvestment of distributions  | 4365817 | 7353745 | 4365817 | 7353745 |
| Shares redeemed | <u>(341560048)</u> | <u>(507878044)</u> | <u>(341560048)</u> | <u>(507878044)</u> |
| Net increase (decrease) | <u>(109067553)</u> | <u>38080788</u> | <u>$(109067553)</u> | <u>$38080788</u> |
| **Institutional Class** |  |  |  |  |
| Shares sold | 981829842411 | 770537657060 | $981829842410 | $770537657060 |
| Reinvestment of distributions  | 4934961407 | 4992507729 | 4934961407 | 4992507729 |
| Shares redeemed | <u>(954562764494)</u> | <u>(761364961248)</u> | <u>(954562764494)</u> | <u>(761364961248)</u> |
| Net increase (decrease) | <u>32202039324</u> | <u>14165203541</u> | <u>$32202039323</u> | <u>$14165203541</u> |
| **Money Market Portfolio** |  |  |  |  |
| **Class I** |  |  |  |  |
| Shares sold | 86558929663 | 72286546683 | $86558929662 | $72286546683 |
| Reinvestment of distributions  | 2495219622 | 2488933459 | 2495219622 | 2488933459 |
| Shares redeemed | <u>(80252368417)</u> | <u>(64304155419)</u> | <u>(80252368416)</u> | <u>(64304155419)</u> |
| Net increase (decrease) | <u>8801780868</u> | <u>10471324723</u> | <u>$8801780868</u> | <u>$10471324723</u> |
| **Class II** |  |  |  |  |
| Shares sold | 23478492 | 135738644 | $23478492 | $135738644 |
| Reinvestment of distributions  | 2774034 | 4206875 | 2774034 | 4206875 |
| Shares redeemed | <u>(41232913)</u> | <u>(146637375)</u> | <u>(41232913)</u> | <u>(146637375)</u> |
| Net increase (decrease) | <u>(14980387)</u> | <u>(6691856)</u> | <u>$(14980387)</u> | <u>$(6691856)</u> |
| **Class III** |  |  |  |  |
| Shares sold | 260236615 | 13787298 | $260236615 | $13787298 |
| Reinvestment of distributions  | 3866389 | 644304 | 3866389 | 644304 |
| Shares redeemed | <u>(82190892)</u> | <u>(9666763)</u> | <u>(82190892)</u> | <u>(9666763)</u> |
| Net increase (decrease) | <u>181912112</u> | <u>4764839</u> | <u>$181912112</u> | <u>$4764839</u> |
| **Select Class** |  |  |  |  |
| Shares sold | 53662732 | 58704442 | $53662732 | $58704442 |
| Reinvestment of distributions  | 1700389 | 1741392 | 1700389 | 1741392 |
| Shares redeemed | <u>(62182566)</u> | <u>(68291844)</u> | <u>(62182566)</u> | <u>(68291844)</u> |
| Net increase (decrease) | <u>(6819445)</u> | <u>(7846010)</u> | <u>$(6819445)</u> | <u>$(7846010)</u> |
| **Institutional Class** |  |  |  |  |
| Shares sold | 89104235259 | 86851174853 | $89104235258 | $86851175844 |
| Reinvestment of distributions  | 3261265484 | 3513834074 | 3261265484 | 3513834074 |
| Shares redeemed | <u>(88369252515)</u> | <u>(78405142110)</u> | <u>(88369252519)</u> | <u>(78405142105)</u> |
| Net increase (decrease) | <u>3996248228</u> | <u>11959866817</u> | <u>$3996248223</u> | <u>$11959867813</u> |
| **Tax-Exempt Portfolio** |  |  |  |  |
| **Class I** |  |  |  |  |
| Shares sold | 21227556580 | 19293323458 | $21227556580 | $19293322303 |
| Reinvestment of distributions  | 203286883 | 229762763 | 203286883 | 229762763 |
| Shares redeemed | <u>(20027201002)</u> | <u>(17817263754)</u> | <u>(20027201002)</u> | <u>(17817263753)</u> |
| Net increase (decrease) | <u>1403642461</u> | <u>1705822467</u> | <u>$1403642461</u> | <u>$1705821313</u> |
| **Class II** |  |  |  |  |
| Shares sold | 2630549 | 366623 | $2630549 | $366623 |
| Reinvestment of distributions  | 70541 | 362204 | 70541 | 362204 |
| Shares redeemed | <u>(11726272)</u> | <u>(5325959)</u> | <u>(11726272)</u> | <u>(5325959)</u> |
| Net increase (decrease) | <u>(9025182)</u> | <u>(4597132)</u> | <u>$(9025182)</u> | <u>$(4597132)</u> |
| **Class III** |  |  |  |  |
| Shares sold | 22408106 | 14690909 | $22411043 | $14690909 |
| Reinvestment of distributions  | 240379 | 626 | 240379 | 626 |
| Shares redeemed | <u>(12769071)</u> | <u>(6755621)</u> | <u>(12769071)</u> | <u>(6755621)</u> |
| Net increase (decrease) | <u>9879414</u> | <u>7935914</u> | <u>$9882351</u> | <u>$7935914</u> |
| **Select Class** |  |  |  |  |
| Shares sold | 148350115 | 49411137 | $148350115 | $49411137 |
| Reinvestment of distributions  | 823238 | 775280 | 823238 | 775280 |
| Shares redeemed | <u>(138065230)</u> | <u>(46409999)</u> | <u>(138065230)</u> | <u>(46409999)</u> |
| Net increase (decrease) | <u>11108123</u> | <u>3776418</u> | <u>$11108123</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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Colchester Street Trust and the Shareholders of Treasury Only Portfolio, Treasury Portfolio, Government Portfolio, Money Market Portfolio, and Tax-Exempt Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Treasury Only Portfolio, Treasury Portfolio, Government Portfolio, Money Market Portfolio, and Tax-Exempt Portfolio (the "Funds"), each a fund of Fidelity Colchester Street Trust, including the schedules of investments, as of March 31, 2026, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2026, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

May 12, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2026, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Treasury Only Portfolio** | $397097 |
| **Treasury Portfolio** | $49992 |
| **Money Market Tax Exempt Portfolio** | $72989 |

---

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax.

---

| | |
|:---|:---|
| **Treasury Only Portfolio** | 99.61% |
| **Treasury Portfolio** | 60.37% |
| **Government Portfolio** | 50.00% |
| **Money Market Portfolio** | 19.15% |

---

The funds hereby designate the amounts noted below as distributions paid in the calendar year 2025 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders:

---

| | |
|:---|:---|
| **Treasury Only Portfolio** | $4262070451 |
| **Treasury Portfolio** | $2727257815 |
| **Government Portfolio** | $9423797552 |
| **Money Market Portfolio** | $5240498750 |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Treasury Only Portfolio** | $4289631497 |
| **Treasury Portfolio** | $2829672924 |
| **Government Portfolio** | $10031693726 |
| **Money Market Portfolio** | $6321182133 |

---

During fiscal year ended 2026, 100% of Tax-Exempt Portfolio's income dividends were free from federal income tax, and 0.00% of the fund's income dividends were subject to the federal alternative minimum tax.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img128333_4.jpg)<br>

1.701843.128 IMM-ANN-0526

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>Purchase 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 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 trust's 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) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH](code.htm) .

(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](formex99.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](ex99.906.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; May 21, 2026 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; May 21, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; May 21, 2026 |

---

## Ex-99.Cert

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

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

I, Laura M. Del Prato, certify that:

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

May 21, 2026

---

| |
|:---|
| &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:

May 21, 2026

---

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

---

## Exhibit 99.906

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

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

In connection with the attached Report of Fidelity 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: May 21, 2026

---

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

---

Dated: May 21, 2026

---

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

---

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

<br>