# EDGAR Filing Document

**Accession Number:** 0001022695
**File Stem:** 0001022695-26-000008
**Filing Date:** 2026-1
**Character Count:** 304943
**Document Hash:** e806961d0f0ee7fbad7c3d34e450719a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001022695-26-000008.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001022695-26-000008

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY REVERE STREET TRUST
- **CENTRAL INDEX KEY:** 0001022695

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07807
- **FILM NUMBER:** 26550210

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

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

## Series and Classes Contracts Data

### Fidelity Cash Central Fund (Series ID: S000007179)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000019654 | Fidelity Cash Central Fund |  |

### Fidelity Municipal Cash Central Fund (Series ID: S000007180)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000019655 | Fidelity Municipal Cash Central Fund |  |

### Fidelity Securities Lending Cash Central Fund (Series ID: S000007181)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000019656 | Fidelity Securities Lending Cash Central Fund |  |

### Fidelity Tax-Free Cash Central Fund (Series ID: S000007182)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000019657 | Fidelity Tax-Free Cash Central Fund |  |

?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>811-07807</u>

<u>Fidelity Revere Street Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp; May 31 |
| &nbsp;&nbsp; Date of reporting period: | &nbsp;&nbsp; November 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Tax-Free Cash Central Fund<br> **Fidelity® Tax-Free Cash Central Fund true** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Tax-Free Cash Central Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Tax-Free Cash Central Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2833170403<br>|
| Number of Holdings | 387<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 99.9 |

---

Variable Rate Demand Notes (VRDNs) 81.7 <br> Tender Option Bond 18.2 <br> Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1335_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 81.7 |
| Tender Option Bond - 18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 0.1&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img1335_20251130_1.jpg)<br>| ![](img120990_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> 1.9915118.101 1335-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Securities Lending Cash Central Fund<br> **Fidelity® Securities Lending Cash Central Fund true** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Securities Lending Cash Central Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Securities Lending Cash Central Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $28716486614<br>|
| Number of Holdings | 35<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 68.3 |
| 8-30 | 16.7 |
| 31-60 | 11.6 |
| 61-90 | 4.7 |
| 91-180 | 1.6 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 47.0 |
| U.S. Treasury Obligations | 39.7 |
| Non-Negotiable Time Deposit | 11.9 |
| Commercial Paper | 4.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img761_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 47.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 39.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Non-Negotiable Time Deposit - 11.9&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (2.9)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img761_20251130_1.jpg)<br>| ![](img120997_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> 1.9915117.101 761-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Municipal Cash Central Fund<br> **Fidelity® Municipal Cash Central Fund true** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Municipal Cash Central Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Municipal Cash Central Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3344551720<br>|
| Number of Holdings | 399<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 99.8 |

---

Variable Rate Demand Notes (VRDNs) 71.4 <br> Tender Option Bond 28.4 <br> Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img698_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 71.4 |
| Tender Option Bond - 28.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 0.2&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img698_20251130_1.jpg)<br>| ![](img121000_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> 1.9915116.101 698-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Cash Central Fund<br> **Fidelity® Cash Central Fund true** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Cash Central Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Cash Central Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $57130470738<br>|
| Number of Holdings | 39<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 64.2 |
| 8-30 | 18.3 |
| 31-60 | 11.7 |
| 61-90 | 5.7 |
| 91-180 | 2.8 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 45.8 |
| U.S. Treasury Obligations | 42.8 |
| Non-Negotiable Time Deposit | 10.0 |
| Commercial Paper | 4.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img693_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 45.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 42.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Non-Negotiable Time Deposit - 10.0&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - (2.7)% |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img693_20251130_1.jpg)<br>| ![](img121013_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> 1.9915115.101 693-TSRS-0126 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

**Fidelity® Tax-Free Cash Central Fund**

**Semi-Annual Report**

**November 30, 2025**

![](img121123_1.jpg)

![](img121123_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_TFC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Tax-Free Cash Central Fund](#Sub_Sec_Fund_1335_TFC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1335_TFC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TFC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TFC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TFC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TFC-SANN)** |

---

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

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

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

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

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

*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.*

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

**Fidelity® Tax-Free Cash Central Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tender Option Bond - 18.2%** | &nbsp;&nbsp;**Tender Option Bond - 18.2%** | &nbsp;&nbsp;**Tender Option Bond - 18.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 0.7%  |  |  |
| Alabama Infirmary Health Rev Participating VRDN Series 5065, 2.82% 2/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5700000 | 5700000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 XM1127, 3% 6/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2800000 | 2800000 |
| Black Belt Energy Gas District Participating VRDN Series 2024 XM1190, 2.84% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 300000 | 300000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XL0702, 2.84% 10/1/2035 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1300000 | 1300000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XM1233, 2.84% 3/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 300000 | 300000 |
| East Alabama Health Care Auth Participating VRDN Series 2025 BAML5061, 2.99% 9/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 7800000 | 7800000 |
| Southeast Alabama Gas Supply District Participating VRDN Series 2023 ZL0521, 2.84% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2500000 | 2500000 |
| TOTAL ALABAMA |  | 20700000 |
| Alabama,Arizona - 0.1%  |  |  |
| Jefferson County AL Board Ed Participating VRDN Series 2023 YX1319, 2.83% 2/1/2046 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2025000 | 2025000 |
| Arizona - 0.1%  |  |  |
| Arizona Health Facilities Auth Rev Participating VRDN Series 2022 MIZ9101, 2.99% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 200000 | 200000 |
| Arizona Health Facs Auth Rev Participating VRDN Series 3384, 2.82% 1/1/2037 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2100000 | 2100000 |
| Mesa AZ Util Sys Rev Participating VRDN 2.84% 7/1/2046 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 700000 | 700000 |
| TOTAL ARIZONA |  | 3000000 |
| Colorado - 0.1%  |  |  |
| Regional Transn Dist CO Sales Participating VRDN Series 2025 CF7024, 2.82% 11/1/2033 (Liquidity Facility Citibank NA) (b)(c) | 1900000 | 1900000 |
| Connecticut - 0.3%  |  |  |
| Connecticut Gen. Oblig. Participating VRDN Series 2017 014, 2.83% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4545000 | 4545000 |
| Connecticut Gen. Oblig. Participating VRDN Series 2017 016, 2.83% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5000000 | 5000000 |
| TOTAL CONNECTICUT |  | 9545000 |
| District Of Columbia - 0.3%  |  |  |
| District Columbia Gen. Oblig. Participating VRDN 2.93% 1/1/2048 (Liquidity Facility UBS AG) (b)(c) | 3200000 | 3200000 |
| District Columbia Income Tax Rev Participating VRDN Series 2025 ZF3380, 2.82% 6/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 4660000 | 4660000 |
| TOTAL DISTRICT OF COLUMBIA |  | 7860000 |
| District Of Columbia,Virginia - 0.0%  |  |  |
| Metropolitan Washington Arpts Auth Dulles Toll Road Rev Participating VRDN Series 2019 XF0853, 2.83% 10/1/2044 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 835000 | 835000 |
| Metropolitan Washington Arpts Auth Dulles Toll Road Rev Participating VRDN Series 2019 XG0267, 2.83% 10/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(c) | 25000 | 25000 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 860000 |
| Florida - 2.0%  |  |  |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN 3.02% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5500000 | 5500000 |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN Series 2023 XF1641, 2.89% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2300000 | 2300000 |
| County of Broward FL Tourist Development Tax Revenue Participating VRDN Series 2023 XL0429, 2.9% 9/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 460000 | 460000 |
| Florida Dev Fin Corp Healthcare Facility Rev Participating VRDN 2.93% 2/1/2045 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1600000 | 1600000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN 2.82% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3330000 | 3330000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1229, 2.82% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1200000 | 1200000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1246, 2.82% 11/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1000000 | 1000000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 ZF3394, 2.82% 11/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3150000 | 3150000 |
| Jacksonville Fla Spl Rev Participating VRDN Series 2025 XL0618, 2.95% 10/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2800000 | 2800000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN Series 2025 XM1219, 2.95% 10/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2620000 | 2620000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN Series 2025 CF7023, 2.84% 3/15/2047 (Liquidity Facility Citibank NA) (b)(c) | 2100000 | 2100000 |
| Miami-Dade County Expressway Auth Participating VRDN Series 2019 XG0252, 2.84% 7/1/2034 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1300000 | 1300000 |
| Miami-Dade FL The Villages Apts Participating VRDN Series 2024 MIZ9196, 3% 5/14/2036 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 6890000 | 6890000 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev Participating VRDN Series 2022 XG0370, 2.89% 8/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 400000 | 400000 |
| Pasco County Fl Hosp Rev Participating VRDN Series 2023 XM1155, 2.82% 7/1/2030 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1000000 | 1000000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN 2.85% 8/15/2036 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2400000 | 2400000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN Series 2018 XG0173, 2.89% 8/15/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 900000 | 900000 |
| Tampa Bay Water Participating VRDN Series 2023 ZL0485, 2.82% 10/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 1665000 | 1665000 |
| Tampa FL Hosp Rev Participating VRDN Series 2025 XG0613, 2.82% 8/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 900000 | 900000 |
| Volusia Cnty FL Hosp Rev Participating VRDN Series 5078, 2.95% 12/15/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 13820000 | 13820000 |
| TOTAL FLORIDA |  | 55335000 |
| Georgia - 0.6%  |  |  |
| Brookhaven Development Authority Participating VRDN Series 2023 XF1503, 2.95% 7/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 9400000 | 9400000 |
| Burke County Indl Dev Auth Poll Cont Rev Participating VRDN 2.83% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1000000 | 1000000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XF1554, 2.83% 1/1/2059 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 300000 | 300000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XG0470, 2.83% 1/1/2059 (Liquidity Facility Bank of America, N.A.) (b)(c) | 500000 | 500000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XG0472, 2.83% 1/1/2063 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2500000 | 2500000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XF1601, 2.82% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1000000 | 1000000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XG0489, 2.82% 12/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2710000 | 2710000 |
| Main Street Natural Gas Inc Participating VRDN Series 2024 XM1187, 2.84% 6/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 300000 | 300000 |
| Muni Elec Auth Of Georgia Participating VRDN Series 2019 XG0254, 2.84% 1/1/2063 (Liquidity Facility Bank of America, N.A.) (b)(c) | 250000 | 250000 |
| TOTAL GEORGIA |  | 17960000 |
| Illinois - 0.5%  |  |  |
| Chicago Transit Auth Participating VRDN Series 2023 XG0487, 2.82% 12/1/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3660000 | 3660000 |
| IL Met Pier & Exp Auth Participating VRDN Series 2025 XF1905, 2.83% 6/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2825000 | 2825000 |
| Illinois Fin Auth Participating VRDN 2.82% 5/15/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1500000 | 1500000 |
| Illinois Gen. Oblig. Participating VRDN 2.84% 11/1/2029 (Liquidity Facility Bank of America, N.A.) (b)(c) | 250000 | 250000 |
| Illinois Gen. Oblig. Participating VRDN 2.84% 5/1/2039 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1800000 | 1800000 |
| Illinois Gen. Oblig. Participating VRDN Series 2022 XL0260, 2.82% 3/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1200000 | 1200000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN 2.82% 1/1/2045 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1600000 | 1600000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN Series 2023 ZF3156, 2.82% 1/1/2041 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2165000 | 2165000 |
| Metropolitan Pier & Exposition Participating VRDN Series 2015 XF1045, 2.83% 6/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 400000 | 400000 |
| TOTAL ILLINOIS |  | 15400000 |
| Iowa - 0.0%  |  |  |
| State of Iowa Board of Regents Participating VRDN 2.82% 9/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(c) | 500000 | 500000 |
| Kentucky - 0.3%  |  |  |
| Commonspirit Health Participating VRDN Series 2020 MIZ9021, 2.89% 5/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 600000 | 600000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1188, 2.84% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 300000 | 300000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1189, 2.84% 8/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 300000 | 300000 |
| Kentucky Property & Buildings Commission Rev Participating VRDN Series 2017 XG0113, 2.83% 4/1/2032 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5600000 | 5600000 |
| Louisville & Jefferson KY Swr Sys Rev Participating VRDN 2.82% 5/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 800000 | 800000 |
| TOTAL KENTUCKY |  | 7600000 |
| Michigan - 2.1%  |  |  |
| Bronson MI Hlth Rev Participating VRDN Series 2025 XL0615, 2.82% 5/15/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2625000 | 2625000 |
| Michigan Fin Auth Rev Participating VRDN Series 2019 XF0782, 2.82% 2/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 230000 | 230000 |
| Michigan Fin Auth Rev Participating VRDN Series 2023 XF1667, 2.82% 11/15/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2250000 | 2250000 |
| Michigan St Hosp Fin Auth Rev Participating VRDN 2.82% 11/15/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2500000 | 2500000 |
| Pittsburg Wtsw Participating VRDN 2.98% 5/15/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 52000000 | 52000000 |
| TOTAL MICHIGAN |  | 59605000 |
| Minnesota - 0.2%  |  |  |
| Duluth Econ Dev Auth Health Care Facs Rev Participating VRDN Series 2023 XG0523, 2.83% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4685000 | 4685000 |
| Missouri - 0.7%  |  |  |
| Missouri Health & Edl Facilities Auth Participating VRDN Series 2023 XF1611, 2.83% 11/15/2045 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3750000 | 3750000 |
| Missouri Health & Edl Facilities Auth Rev Participating VRDN Series C 16, 2.84% 3/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 7800000 | 7800000 |
| Missouri Health & Edl Facs Rev Participating VRDN Series C 23, 2.83% 6/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3200000 | 3200000 |
| Missouri Hlth & Edl Facs Rev Participating VRDN Series 2025 XF1841, 2.82% 4/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2670000 | 2670000 |
| Missouri St Hsg Dev Commn Single Family Mtg Rev Participating VRDN Series 2025 XF1885, 2.82% 11/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1250000 | 1250000 |
| Montana Hlth Facs Auth Rev Participating VRDN 2.82% 11/15/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 600000 | 600000 |
| TOTAL MISSOURI |  | 19270000 |
| Nebraska - 0.2%  |  |  |
| Central Plains Energy Proj Rev Participating VRDN Series 2022 ZL0301, 2.84% 5/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 145000 | 145000 |
| Nebraska Invt Fin Auth Sfh Rev Participating VRDN Series 2024 XF1774, 2.82% 9/1/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2450000 | 2450000 |
| Nebraska Invt Fin Auth Sfh Rev Participating VRDN Series 2024 YX1335, 2.82% 9/1/2054 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1910000 | 1910000 |
| TOTAL NEBRASKA |  | 4505000 |
| New Jersey - 0.1%  |  |  |
| New Jersey Trans Trust Fund Auth Participating VRDN 2.82% 6/15/2046 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1100000 | 1100000 |
| New Jersey Trans Trust Fund Auth Participating VRDN Series 2023 XF1557, 2.82% 6/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2000000 | 2000000 |
| New Jersey Turnpike Authority Participating VRDN Series 2025 XM1278, 2.82% 1/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1100000 | 1100000 |
| TOTAL NEW JERSEY |  | 4200000 |
| New York - 0.5%  |  |  |
| City of New York NY Gen. Oblig. Participating VRDN Series 2025 XL0612, 2.95% 2/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2100000 | 2100000 |
| New York City Gen. Oblig. Participating VRDN 2.82% 9/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2950000 | 2950000 |
| New York City Transitional Finance Authority Participating VRDN Series 2023 XF1660, 2.95% 5/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3750000 | 3750000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2025 XF1891, 2.95% 6/15/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2250000 | 2250000 |
| NY St Dorm Auth Revs Non St Supported Debt Participating VRDN Series 2025 XF1892, 2.95% 7/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1810000 | 1810000 |
| TOTAL NEW YORK |  | 12860000 |
| North Carolina - 0.0%  |  |  |
| Charlotte NC Arpt Rev Participating VRDN Series 2025 YX1402, 2.82% 7/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1000000 | 1000000 |
| Ohio - 1.4%  |  |  |
| Middletown Hosp Facilities Rev Participating VRDN Series 2024 BAML5056, 2.93% 11/15/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 30300000 | 30300000 |
| Ohio Hosp Rev Participating VRDN Series C 18, 2.83% 1/15/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 300000 | 300000 |
| Ohio Housing Finance Agency Participating VRDN Series 2024 XF1762, 2.82% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 960000 | 960000 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Participating VRDN Series 2024 XL0540, 2.82% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3325000 | 3325000 |
| University Cincinnati OH Gen Participating VRDN 2.95% 6/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3800000 | 3800000 |
| TOTAL OHIO |  | 38685000 |
| Oregon - 0.2%  |  |  |
| Clackamas Cnty OR Sch Dist No 62 Participating VRDN Series 2023 XG0533, 2.83% 6/15/2049 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3905000 | 3905000 |
| Multinomah Or Adventist Health Participating VRDN 2.82% 3/1/2040 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 900000 | 900000 |
| TOTAL OREGON |  | 4805000 |
| Pennsylvania - 1.3%  |  |  |
| Allegheny County Arpt Auth Rev Participating VRDN Series 2024 XF1685, 2.82% 1/1/2056 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6015000 | 6015000 |
| Geisinger Auth PA Hlth Sys Rev Participating VRDN Series 2025 XF3344, 2.82% 2/15/2045 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2000000 | 2000000 |
| Lehigh County Gen Purp Hosp Rev Participating VRDN 2.93% 7/1/2033 (Liquidity Facility Bank of America, N.A.) (b)(c) | 2475000 | 2475000 |
| Montgomery County Higher Ed & Health Auth Rev Participating VRDN Series 2023 XG0528, 2.83% 9/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 900000 | 900000 |
| Pennsylvania Hsg Fin Agcy Multi Fam Hsg Dev Rev Participating VRDN 3% 9/19/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 2600000 | 2600000 |
| Pennsylvania Turnpike Commission Participating VRDN Series 2025 XG0626, 2.82% 12/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 400000 | 400000 |
| Philadelphia PA Auth For Indl Dev Hosp Rev Participating VRDN Series 2025 XL0621, 2.95% 7/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 7100000 | 7100000 |
| Philadelphia PA Wtr & Wastewtr Rev Participating VRDN Series 2025 XM1300, 2.82% 9/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 300000 | 300000 |
| Philadelphia School District Participating VRDN Series 2023 XG0536, 2.82% 9/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2500000 | 2500000 |
| Thomas Jefferson University Participating VRDN Series 2024 XF1769, 2.82% 11/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 900000 | 900000 |
| Thomas Jefferson University Participating VRDN Series 5077, 2.82% 11/1/2064 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 9400000 | 9400000 |
| Westmoreland Cnty PA Participating VRDN Series 2017 YX1075, 2.83% 8/15/2036 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1700000 | 1700000 |
| TOTAL PENNSYLVANIA |  | 36290000 |
| South Carolina - 0.5%  |  |  |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 XG0539, 2.82% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3750000 | 3750000 |
| Prism Health SC Participating VRDN 2.82% 5/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5800000 | 5800000 |
| South Carolina Jobs Eda Hosp Participating VRDN 2.82% 11/1/2046 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1500000 | 1500000 |
| South Carolina Pub Svc Auth Rev Participating VRDN Series 2023 XF1548, 2.82% 12/1/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3000000 | 3000000 |
| TOTAL SOUTH CAROLINA |  | 14050000 |
| Tennessee - 2.0%  |  |  |
| Chattanooga TN Commonspirit Health Participating VRDN Series 2025 XG0611, 2.82% 8/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1970000 | 1970000 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Participating VRDN Series 2025 CF7031, 2.82% 1/1/2042 (Liquidity Facility Citibank NA) (b)(c) | 1400000 | 1400000 |
| Sullivan County Health Ed And Hsg Board Participating VRDN 2.93% 9/1/2036 (Liquidity Facility Bank of America, N.A.) (b)(c) | 54155000 | 54155000 |
| TOTAL TENNESSEE |  | 57525000 |
| Texas - 2.0%  |  |  |
| Board of Regents of the University of Texas System Participating VRDN Series 2025 XF3401, 2.82% 8/15/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 3095000 | 3095000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev Participating VRDN Series 2023 XF3203, 2.94% 7/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 600000 | 600000 |
| Harris Cnty TX Flood Ctl Dist Gen. Oblig. Participating VRDN 2.82% 10/1/2046 (Liquidity Facility Citibank NA) (b)(c) | 1300000 | 1300000 |
| Harris Cnty TX Gen. Oblig. Participating VRDN 2.82% 9/15/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2160000 | 2160000 |
| Harris County Children's Hosp Participating VRDN Series E 149, 2.82% 10/1/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1700000 | 1700000 |
| Lamar TX Isd Participating VRDN Series 2023 XM1103, 2.95% 2/15/2058 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2500000 | 2500000 |
| Lamar TX Isd Participating VRDN Series 2025 XF3446, 2.84% 2/15/2058 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1700000 | 1700000 |
| Lamar TX Isd Participating VRDN Series 2025 XX1391, 2.82% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 900000 | 900000 |
| Las Varas TX Multi Fam Hsg Auth Participating VRDN Series 2024 MIZ9171, 3% 9/26/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 7475000 | 7475000 |
| Leander Independent School District Participating VRDN Series 2025 XM1327, 2.95% 8/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3430000 | 3430000 |
| Los Angeles CA Multi Fam Mtg Rev Participating VRDN Series 2024 MIZ9195, 2.89% 7/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 3400000 | 3400000 |
| North Ft Bend Wtr Auth Tex Wtrsys Rev Participating VRDN Series 2023 XL0422, 2.9% 12/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 215000 | 215000 |
| Northwest Tex Indpt Sch Dist Participating VRDN Series 2025 XF1975, 2.82% 2/15/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1500000 | 1500000 |
| Princeton TX Indpt Sch Dist Participating VRDN Series 2023 XF3192, 2.81% 2/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3125000 | 3125000 |
| San Antonio TX Elec & Gas Rev Participating VRDN 2.95% 2/1/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2100000 | 2100000 |
| San Antonio TX Gen. Oblig. Participating VRDN 2.82% 8/1/2039 (Liquidity Facility Citibank NA) (b)(c) | 1200000 | 1200000 |
| Tarrant County Cultural Ed Facilities Fin Corp Rev Participating VRDN Series 2022 XG0399, 2.82% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3750000 | 3750000 |
| Texas Wtr Dev Brd Participating VRDN Series 2023 XF3154, 2.82% 10/15/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2000000 | 2000000 |
| Texas Wtr Dev Brd Participating VRDN Series 2023 ZF1678, 2.82% 10/15/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3420000 | 3420000 |
| Texas Wtr Dev Brd Participating VRDN Series 2025 ZL0662, 2.82% 10/15/2059 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 1640000 | 1640000 |
| Travis TX Hog Eye Apts Participating VRDN Series 2024 MIZ9197, 3% 2/1/2068 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 2900000 | 2900000 |
| Tuloso Midway TX Indpt Sch Dst Participating VRDN 2.95% 8/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2830000 | 2830000 |
| Waller TX Indpt Sch Dist Participating VRDN Series 2025 XG0596, 2.82% 2/15/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3405000 | 3405000 |
| TOTAL TEXAS |  | 56345000 |
| Utah - 0.1%  |  |  |
| Downtown Revitalization Pub Infrastructure Dist Utah Sales Tax Rev Participating VRDN Series 2025 XF1958, 2.82% 6/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3080000 | 3080000 |
| Virginia - 0.5%  |  |  |
| Norfolk Econ Dev Health Care Facs Participating VRDN 2.83% 11/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3000000 | 3000000 |
| Suffolk Econ Dev Auth Hosp Facs Rev Participating VRDN Series 2020 MIZ9025, 2.89% 11/1/2035 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 7600000 | 7600000 |
| Virginia Small Business Fing Auth Healthcare Facs Rev Participating VRDN 3% 12/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3500000 | 3500000 |
| TOTAL VIRGINIA |  | 14100000 |
| Washington - 0.5%  |  |  |
| Multicare Health Sys Participating VRDN Series E 153, 2.82% 8/15/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3600000 | 3600000 |
| Seattle WA Mun Lt & Pwr Rev Participating VRDN Series 2023 XL0482, 2.95% 7/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 8970000 | 8970000 |
| Washington Health Care Facs Auth Rev Participating VRDN Series 2023 XF1514, 2.83% 10/1/2044 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2025000 | 2025000 |
| TOTAL WASHINGTON |  | 14595000 |
| West Virginia - 0.2%  |  |  |
| West Virginia Hosp Fin Auth Hosp Rev Participating VRDN Series 2023 XF1537, 2.83% 6/1/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 5520000 | 5520000 |
| Wisconsin - 0.7%  |  |  |
| Wisconsin Health & Edl Facilities Auth Rev Participating VRDN 2.99% 2/15/2040 (Liquidity Facility Bank of America, N.A.) (b)(c) | 21100000 | 21100000 |
| <br> **TOTAL TENDER OPTION BOND**<br> (Cost $514,905,000) |  | <br> **514905000** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Variable Rate Demand Note - 81.7%** | &nbsp;&nbsp;**Variable Rate Demand Note - 81.7%** | &nbsp;&nbsp;**Variable Rate Demand Note - 81.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 2.8%  |  |  |
| Columbia AL Indl Dev Brd Pcr (Alabama Power & Light Proj.) Series 2014A, 2.9% 12/1/2037 VRDN (b) | 17055000 | 17055000 |
| Columbia AL Indl Dev Brd Pcr (Alabama Power & Light Proj.) Series 2014B, 2.9% 12/1/2037 VRDN (b) | 39700000 | 39700000 |
| Eutaw AL Idl Dev Bd Pln Ctl Rv (Alabama Power & Light Proj.) 2.9% 6/1/2028 VRDN (b) | 9700000 | 9700000 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 2.9% 6/1/2034 VRDN (b) | 7420000 | 7420000 |
| Mobile Cnty AL Ind Dev Auth Polutn Ctrl (Exxon Capital Ventures Inc Proj.) 2.85% 7/15/2032 (Exxon Mobil Corp Guaranteed) VRDN (b) | 5995000 | 5995000 |
| TOTAL ALABAMA |  | 79870000 |
| Alaska - 0.7%  |  |  |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 2.7% 3/1/2035 (ConocoPhillips Guaranteed) VRDN (b) | 4600000 | 4600000 |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 2.95% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (b) | 2700000 | 2700000 |
| Valdez Alaska Marine Term Rev (Exxon Capital Ventures Inc Proj.) 2.85% 12/1/2029 (Exxon Mobil Corp Guaranteed) VRDN (b) | 4900000 | 4900000 |
| Valdez Alaska Marine Term Rev (Exxon Pipeline Co Proj.) 2.85% 12/1/2033 (Exxon Mobil Corp Guaranteed) VRDN (b) | 6800000 | 6800000 |
| TOTAL ALASKA |  | 19000000 |
| Arizona - 0.9%  |  |  |
| Arizona Brd Regents AZ St Univ Sys Rev (Arizona St Univ Revs Proj.) Series 2025C, 2.75% 7/1/2055 VRDN (b) | 4700000 | 4700000 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) Series 2019 A, 2.85% 2/1/2048, LOC TD Bank NA VRDN (b) | 11230000 | 11230000 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) Series 2019B, 2.85% 2/1/2048, LOC TD Bank NA VRDN (b) | 1060000 | 1060000 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024B, 2.85% 12/1/2048, LOC JPMorgan Chase Bank NA VRDN (b) | 3020000 | 3020000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3% 5/1/2029 VRDN (b) | 6300000 | 6300000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3% 5/1/2029 VRDN (b) | 200000 | 200000 |
| TOTAL ARIZONA |  | 26510000 |
| Colorado - 0.6%  |  |  |
| Colorado Health Facilities Authority (Childrens Hospital Assoc, Co Proj.) Series 2020A, 2.85% 12/1/2052, LOC TD Bank NA VRDN (b) | 5110000 | 5110000 |
| Colorado Health Facilities Authority (Childrens Hospital Assoc, Co Proj.) Series 2020B, 2.9% 12/1/2052, LOC TD Bank NA VRDN (b) | 7405000 | 7405000 |
| University of Colorado Hospital Authority Series 2018B, 2.85% 11/15/2035 VRDN (b) | 5575000 | 5575000 |
| TOTAL COLORADO |  | 18090000 |
| Connecticut - 0.8%  |  |  |
| Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) 2.79% 11/15/2048 (Liquidity Facility TD Bank NA) VRDN (b) | 1200000 | 1200000 |
| Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series 2018 B 3, 2.77% 11/15/2048 (Liquidity Facility Royal Bank of Canada) VRDN (b) | 1025000 | 1025000 |
| Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series C 3, 2.77% 11/15/2045 (Liquidity Facility Royal Bank of Canada) VRDN (b) | 7300000 | 7300000 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale-New Haven Hospital Inc Proj.) Series 2024C 1, 2.7% 7/1/2060 VRDN (b) | 12100000 | 12100000 |
| TOTAL CONNECTICUT |  | 21625000 |
| Delaware - 0.0%  |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 2.96% 10/1/2028 VRDN (b) | 800000 | 800000 |
| District Of Columbia - 0.3%  |  |  |
| District Columbia Hsg Fin Mult (Park 7 Gp Llc Proj.) Series 2012, 2.82% 2/1/2046, LOC Freddie Mac Non Gold Pool VRDN (b) | 1880000 | 1880000 |
| District Columbia Rev (Childrens National Med Ctr, Dc Proj.) Series 2025, 2.83% 7/15/2049, LOC Truist Bank VRDN (b) | 6100000 | 6100000 |
| TOTAL DISTRICT OF COLUMBIA |  | 7980000 |
| Florida - 2.8%  |  |  |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series 2ND, 3% 4/1/2039 VRDN (b) | 3300000 | 3300000 |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series FIRST 2009, 2.8% 4/1/2039 VRDN (b) | 3800000 | 3800000 |
| FL Pcr Power And Light (Florida Pwr & Lt Co Proj.) 3% 5/1/2029 VRDN (b) | 2500000 | 2500000 |
| Gainesville FL Utils Sys Rev Series 2019C, 2.93% 10/1/2047, LOC Bank of America NA VRDN (b) | 14300000 | 14300000 |
| Highlands County Health Facilities Authority (Advent Health Proj.) Series 2021 D 2, 2.9% 11/15/2055 VRDN (b) | 14710000 | 14710000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) 2.85% 11/15/2054 (Liquidity Facility PNC Bank NA) VRDN (b) | 18730000 | 18730000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) 2.85% 11/15/2054 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 7070000 | 7070000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) Series 2024 G, 2.7% 11/15/2044 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 5200000 | 5200000 |
| Orange Cnty FL Health Facs (Nemours Foundation Proj.) Series 2009B, 2.81% 1/1/2039, LOC TD Bank NA VRDN (b) | 3525000 | 3525000 |
| Orange Cnty FL Health Facs (Orlando Health Proj.) 2.75% 10/1/2026, LOC TD Bank NA VRDN (b) | 2280000 | 2280000 |
| Palm Beach Cnty FL Rev (Raymond F Kravis Center For The Performing Arts Inc Proj.) 2.82% 7/1/2032, LOC Northern Trust CO Chicago VRDN (b) | 3110000 | 3110000 |
| TOTAL FLORIDA |  | 78525000 |
| Georgia - 1.8%  |  |  |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) 2.9% 7/1/2049 VRDN (b) | 900000 | 900000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2018, 2.9% 11/1/2052 VRDN (b) | 15200000 | 15200000 |
| Coweta Cnty GA Dev Au Poll Ctl (Georgia Power Co Proj.) 2.95% 6/1/2032 VRDN (b) | 1000000 | 1000000 |
| Effingham Cnty GA Indl Dev Auth Pollution Ctl Rev (Georgia Power Co Proj.) 2.96% 2/1/2038 VRDN (b) | 3200000 | 3200000 |
| Heard Cnty GA Dev Auth Poll Cont Rev (Georgia Power Co Proj.) 2.9% 9/1/2029 VRDN (b) | 20300000 | 20300000 |
| Monroe Cnty GA Dev Auth Pcr (Florida Pwr & Lt Co Proj.) Series 2010 1, 2.85% 6/1/2049 VRDN (b) | 500000 | 500000 |
| Monroe Cnty GA Dev Auth Pcr (Florida Pwr & Lt Co Proj.) Series FIRST 2002, 2.93% 9/1/2037 VRDN (b) | 1900000 | 1900000 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) 2.95% 4/1/2032 VRDN (b) | 6900000 | 6900000 |
| TOTAL GEORGIA |  | 49900000 |
| Illinois - 2.5%  |  |  |
| Illinois Dev Fin Auth Rev (Glenwood School For Boys, Il Proj.) 3.07% 2/1/2033, LOC Northern Trust CO Chicago VRDN (b) | 700000 | 700000 |
| Illinois Fin Auth Rev (Chicago Symphony Orchestra Proj.) 2.78% 5/1/2048, LOC PNC Bank NA VRDN (b) | 26400000 | 26400000 |
| Illinois Fin Auth Rev (Illinois College Proj.) 2.75% 10/1/2030, LOC US Bank NA/Cincinnati OH VRDN (b) | 4695000 | 4695000 |
| Illinois Fin Auth Rev (Little Co Mary Sis Hltcr Sy,Il Proj.) 2.79% 8/15/2035, LOC TD Bank NA VRDN (b) | 1090000 | 1090000 |
| Illinois Fin Auth Rev (The Latin School Of Chicago Proj.) 2.85% 8/1/2035, LOC JPMorgan Chase Bank NA VRDN (b) | 3230000 | 3230000 |
| Illinois Fin Auth Rev (University Of Chicago Hosps,Il Proj.) 2.8% 8/1/2043, LOC TD Bank NA VRDN (b) | 14790000 | 14790000 |
| Illinois Fin Auth Rev (University Of Chicago Hosps,Il Proj.) 2.8% 8/1/2043, LOC TD Bank NA VRDN (b) | 13725000 | 13725000 |
| Lake Cnty Ill Multifamily Hsg Rev (Whispering Oaks Associates Lp Proj.) 2.82% 11/1/2045, LOC Freddie Mac Non Gold Pool VRDN (b) | 5200000 | 5200000 |
| TOTAL ILLINOIS |  | 69830000 |
| Indiana - 1.0%  |  |  |
| Indiana Fin Auth Hosp Rev (Parkview Health System Proj.) 2.85% 11/1/2039, LOC TD Bank NA VRDN (b) | 6800000 | 6800000 |
| Indiana Mun Pwr Agy Pwr Supply Series 2019 B, 2.9% 1/1/2042, LOC Truist Bank VRDN (b) | 3550000 | 3550000 |
| Indiana St Fin Auth Environmental Rev (Arcelormittal Sa Luxembourg Proj.) 2.85% 6/1/2035, LOC Cooperatieve Rabobank UA/NY VRDN (b) | 1500000 | 1500000 |
| Indiana St Fin Auth Environmental Rev (Duke Energy Ind Inc Proj.) 2.85% 12/1/2039, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 3325000 | 3325000 |
| Indiana St Fin Auth Rev (Ascension Health Credit Group Proj.) 2.73% 11/15/2036 VRDN (b) | 1300000 | 1300000 |
| Indiana St Fin Auth Rev (Trinity Health Proj.) 2.8% 12/1/2034 VRDN (b) | 12200000 | 12200000 |
| TOTAL INDIANA |  | 28675000 |
| Iowa - 1.6%  |  |  |
| Iowa Fin Auth Health Facs Rev (Unitypoint Health Proj.) Series 2013B 1, 2.85% 2/15/2039, LOC TD Bank NA VRDN (b) | 11050000 | 11050000 |
| Iowa Fin Auth Health Facs Rev (Unitypoint Health Proj.) Series 2013B 2, 2.85% 2/15/2039, LOC TD Bank NA VRDN (b) | 10900000 | 10900000 |
| Iowa Fin Auth Pollutn Ctl Fac Rev (Midamerican Energy Co Proj.) Series 2016A, 2.85% 9/1/2036 VRDN (b) | 7600000 | 7600000 |
| Iowa Fin Auth Rev (Unitypoint Health Proj.) Series 2018 F, 2.85% 7/1/2041, LOC TD Bank NA VRDN (b) | 14410000 | 14410000 |
| TOTAL IOWA |  | 43960000 |
| Kansas - 1.3%  |  |  |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.9% 9/1/2035 VRDN (b) | 4200000 | 4200000 |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.9% 9/1/2035 VRDN (b) | 2650000 | 2650000 |
| Kansas St Dv Fn Ath Health Fac (University Of Kansas Hospital Authority Proj.) 2.85% 3/1/2041, LOC US Bank NA/Cincinnati OH VRDN (b) | 17680000 | 17680000 |
| LA Cygne KS Pollution Ctl Rev (Evergy Kansas South Proj.) 2.85% 4/15/2027 VRDN (b) | 3040000 | 3040000 |
| St Marys Kans Pollutn Ctl Rev (Evergy Kansas South Proj.) 2.85% 4/15/2032 VRDN (b) | 900000 | 900000 |
| University Kansas Hosp Auth Hlth Fac Rev 2.85% 9/1/2034, LOC US Bank NA/Cincinnati OH VRDN (b) | 8100000 | 8100000 |
| Wamego Kansas Pcr (Evergy Kansas South Proj.) 2.85% 4/15/2032 VRDN (b) | 1600000 | 1600000 |
| TOTAL KANSAS |  | 38170000 |
| Kentucky - 1.9%  |  |  |
| Kentucky Bond Development Corp (Baptist Health Obligated Group Proj.) Series 2025 B, 2.88% 8/15/2055, LOC Truist Bank VRDN (b) | 6400000 | 6400000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 2.7% 10/1/2039, LOC PNC Bank NA VRDN (b) | 6155000 | 6155000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 2.85% 10/1/2039, LOC PNC Bank NA VRDN (b) | 19620000 | 19620000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023C, 2.88% 10/1/2053, LOC Truist Bank VRDN (b) | 14600000 | 14600000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023D, 2.88% 10/1/2053, LOC Truist Bank VRDN (b) | 6100000 | 6100000 |
| TOTAL KENTUCKY |  | 52875000 |
| Louisiana - 5.4%  |  |  |
| East Baton Rouge Parish LA Inc Indl Dev Brd Rev (Exxon Capital Ventures Inc Proj.) 2.87% 8/1/2035 (Exxon Mobil Corp Guaranteed) VRDN (b) | 21920000 | 21920000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.7% 12/1/2039 VRDN (b) | 15000000 | 15000000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.7% 8/1/2049 VRDN (b) | 42000000 | 42000000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.87% 8/1/2043 VRDN (b) | 4000000 | 4000000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.9% 12/1/2043 VRDN (b) | 16250000 | 16250000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.9% 5/1/2042 VRDN (b) | 12400000 | 12400000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 3.05% 8/1/2050 VRDN (b) | 10400000 | 10400000 |
| Louisiana St Gas & Fuel Tax Rv 2.85% 5/1/2043, LOC Toronto-Dominion Bank/NY VRDN (b) | 13515000 | 13515000 |
| Louisiana St Gas & Fuel Tax Rv 2.85% 5/1/2043, LOC Toronto-Dominion Bank/NY VRDN (b) | 11980000 | 11980000 |
| St James Parish LA Rev (Nucor Corp Proj.) 3% 11/1/2040 VRDN (b) | 3200000 | 3200000 |
| St James Parish LA Rev (Nucor Corp Proj.) 3.04% 11/1/2040 VRDN (b) | 1075000 | 1075000 |
| TOTAL LOUISIANA |  | 151740000 |
| Maryland - 0.8%  |  |  |
| Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health Sys Corp Proj.) 2.8% 6/1/2048, LOC TD Bank NA VRDN (b) | 10755000 | 10755000 |
| Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health Sys Corp Proj.) 2.8% 6/1/2048, LOC TD Bank NA VRDN (b) | 9050000 | 9050000 |
| Montgomery Cnty MD Hsg Oppt Rv 2.81% 1/1/2049, LOC TD Bank NA VRDN (b) | 4245000 | 4245000 |
| TOTAL MARYLAND |  | 24050000 |
| Massachusetts - 0.7%  |  |  |
| Massachusetts Development Finance Agency (Childrens Hospital, Ma Proj.) Series 2024 U 1, 2.8% 3/1/2048, LOC TD Bank NA VRDN (b) | 5735000 | 5735000 |
| Massachusetts Development Finance Agency (Childrens Hospital, Ma Proj.) Series 2024 U 2, 2.8% 3/1/2048, LOC TD Bank NA VRDN (b) | 9600000 | 9600000 |
| Massachusetts Housing Finance Agency (Single Family Housing Revenue Proj.) Series 196, 2.79% 12/1/2048 (Liquidity Facility TD Bank NA) VRDN (b) | 3125000 | 3125000 |
| Massachusetts St Hlth & Ed Fac (Baystate Health System Inc Proj.) 2.8% 7/1/2044, LOC TD Bank NA VRDN (b) | 2035000 | 2035000 |
| TOTAL MASSACHUSETTS |  | 20495000 |
| Michigan - 3.0%  |  |  |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) 2.81% 7/1/2041, LOC JPMorgan Chase Bank NA VRDN (b) | 5465000 | 5465000 |
| Michigan Finance Authority (Corewell Health Proj.) Series 2025D, 2.73% 1/15/2055 VRDN (b) | 63900000 | 63900000 |
| Michigan St Strategic Fd Ltd Oblig Rev (Air Products & Chemicals Inc Proj.) 2.87% 12/1/2042 VRDN (b) | 15520000 | 15520000 |
| Michigan St Strategic Fd Ltd Oblig Rev (Kroger Co Proj.) 2.83% 1/1/2026, LOC Bank of Nova Scotia NY Brh VRDN (b) | 700000 | 700000 |
| TOTAL MICHIGAN |  | 85585000 |
| Mississippi - 3.2%  |  |  |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Corp New Proj.) 2.85% 11/1/2035 VRDN (b) | 16000000 | 16000000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Corp New Proj.) 2.9% 11/1/2035 VRDN (b) | 4405000 | 4405000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Usa Inc Proj.) 2.85% 12/1/2030 (Chevron Corp Guaranteed) VRDN (b) | 17195000 | 17195000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Usa Inc Proj.) 2.85% 12/1/2030 (Chevron Corp Guaranteed) VRDN (b) | 4910000 | 4910000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Usa Inc Proj.) 2.9% 12/1/2030 (Chevron Corp Guaranteed) VRDN (b) | 27235000 | 27235000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Usa Inc Proj.) 2.9% 12/1/2030 (Chevron Corp Guaranteed) VRDN (b) | 12955000 | 12955000 |
| Mississippi Business Fin Corp Port Fac Rev (Chevron Usa Inc Proj.) Series 2023, 2.85% 6/1/2043 (Chevron Corp Guaranteed) VRDN (b) | 5600000 | 5600000 |
| Mississippi Dev Bank Spl Oblig (Jackson Cnty Ms Port Fac Rev Proj.) 2.9% 12/1/2039 (Chevron Corp Guaranteed) VRDN (b) | 2085000 | 2085000 |
| TOTAL MISSISSIPPI |  | 90385000 |
| New Hampshire - 0.7%  |  |  |
| National Fin Auth NH Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 B, 2.85% 11/1/2064, LOC Truist Bank VRDN (b) | 16300000 | 16300000 |
| National Fin Auth NH Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 C, 2.82% 11/1/2064, LOC Truist Bank VRDN (b) | 2600000 | 2600000 |
| TOTAL NEW HAMPSHIRE |  | 18900000 |
| New York - 14.8%  |  |  |
| City of New York NY Gen. Oblig. 2.85% 4/1/2036 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 2800000 | 2800000 |
| City of New York NY Gen. Oblig. 2.85% 5/1/2052 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 12300000 | 12300000 |
| City of New York NY Gen. Oblig. 2.9% 4/1/2038 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 13980000 | 13980000 |
| City of New York NY Gen. Oblig. Series 2013 A 3, 2.85% 10/1/2040 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 19915000 | 19915000 |
| City of New York NY Gen. Oblig. Series 2013 SUB A 2, 2.85% 10/1/2038 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 2685000 | 2685000 |
| City of New York NY Gen. Oblig. Series 2014 D 4, 2.85% 8/1/2040, LOC TD Bank NA VRDN (b) | 18715000 | 18715000 |
| City of New York NY Gen. Oblig. Series 2015 F 5, 2.85% 6/1/2044 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 4600000 | 4600000 |
| City of New York NY Gen. Oblig. Series 2017 A 7, 2.87% 8/1/2044 (Liquidity Facility BMO Bank NA) VRDN (b) | 5200000 | 5200000 |
| City of New York NY Gen. Oblig. Series B 5, 2.85% 10/1/2046 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 4600000 | 4600000 |
| City of New York NY Gen. Oblig. Series FISCAL 2014I SUB I 3, 2.9% 3/1/2044 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 17200000 | 17200000 |
| 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) | 4700000 | 4700000 |
| City of New York NY Gen. Oblig. Series FISCAL 2023A SUB A 3, 2.85% 9/1/2049 (Liquidity Facility Bank of Montreal/Chicago IL) VRDN (b) | 13175000 | 13175000 |
| City of New York NY Gen. Oblig. Series FISCAL 2023A SUB A 4, 2.85% 9/1/2049 (Liquidity Facility Toronto Dominion Bank) VRDN (b) | 5285000 | 5285000 |
| City of New York NY Series FISCAL 2017A SUB A4, 2.9% 8/1/2044 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 5880000 | 5880000 |
| Metropolitan Transn Auth NY Rv 2.85% 11/1/2030, LOC Bank of America NA VRDN (b) | 5970000 | 5970000 |
| Metropolitan Transn Auth NY Rv 2.85% 11/1/2035, LOC Bank of America NA VRDN (b) | 11400000 | 11400000 |
| Metropolitan Transn Auth NY Rv Series 2015 E 3, 2.85% 11/15/2050, LOC Bank of America NA VRDN (b) | 9800000 | 9800000 |
| Metropolitan Transn Auth NY Rv Series SUB 2002D 2A 1, 2.85% 11/1/2032, LOC Truist Bank VRDN (b) | 13000000 | 13000000 |
| Metropolitan Transn Auth NY Rv Series SUB 2002D 2B, 2.9% 11/1/2032, LOC Truist Bank VRDN (b) | 13100000 | 13100000 |
| Metropolitan Transn Auth NY Rv Series SUB 2005D 1, 2.85% 11/1/2035, LOC Truist Bank VRDN (b) | 8520000 | 8520000 |
| Metropolitan Transn Auth NY Rv Series SUB 2012G 3, 2.85% 11/1/2031, LOC Royal Bank of Canada/New York NY VRDN (b) | 7590000 | 7590000 |
| New York City Transitional Finance Authority (New York N Y City Transitional Fin Auth Rev Proj.) Series FISCAL 2026 A 2, 2.85% 5/1/2055 (Liquidity Facility Bank of America NA) VRDN (b) | 6480000 | 6480000 |
| New York NY City Indl Dev Agy (Various Capital Projects) 2.85% 5/1/2033, LOC Bank of America NA VRDN (b) | 2400000 | 2400000 |
| New York NY City Transitional Fin Auth Rev Series 2011 A 4, 2.85% 8/1/2039 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 2600000 | 2600000 |
| New York NY City Transitional Fin Auth Rev Series 2013 FISCAL A 4, 2.85% 8/1/2039 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 16500000 | 16500000 |
| New York NY City Transitional Fin Auth Rev Series 2014 B 3, 2.85% 11/1/2042 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 7420000 | 7420000 |
| New York NY City Transitional Fin Auth Rev Series 2015 E 3, 2.85% 2/1/2045 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 1050000 | 1050000 |
| New York NY City Transitional Fin Auth Rev Series 2015 E 4, 2.85% 2/1/2045 (Liquidity Facility Bank of America NA) VRDN (b) | 3500000 | 3500000 |
| New York NY City Transitional Fin Auth Rev Series 2016 E 4, 2.85% 2/1/2045 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 1500000 | 1500000 |
| New York NY City Transitional Fin Auth Rev Series A-3, 2.86% 8/1/2043 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 10045000 | 10045000 |
| New York NY City Transitional Fin Auth Rev Series B 5, 2.9% 8/1/2042 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 2800000 | 2800000 |
| New York NY City Transitional Fin Auth Rev Series D 3, 2.85% 2/1/2044 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 2400000 | 2400000 |
| New York NY Cty Hsg Dev Corp Multifamily Rev (Kibel Family Proj.) 2.9% 3/15/2036, LOC Fannie Mae VRDN (b) | 5975000 | 5975000 |
| New York NY Cty Muni Wtr Fin Auth 2.8% 6/15/2038 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 8200000 | 8200000 |
| New York NY Cty Muni Wtr Fin Auth 2.8% 6/15/2039 (Liquidity Facility UBS AG/Stamford CT) VRDN (b) | 7200000 | 7200000 |
| New York NY Cty Muni Wtr Fin Auth 2.85% 6/15/2039 (Liquidity Facility UBS AG/Stamford CT) VRDN (b) | 9870000 | 9870000 |
| New York NY Cty Muni Wtr Fin Auth 2.85% 6/15/2043 (Liquidity Facility TD Bank NA) VRDN (b) | 3485000 | 3485000 |
| New York NY Cty Muni Wtr Fin Auth 2.85% 6/15/2044 (Liquidity Facility Bank of America NA) VRDN (b) | 1300000 | 1300000 |
| New York NY Cty Muni Wtr Fin Auth 2.85% 6/15/2044 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 10775000 | 10775000 |
| New York NY Cty Muni Wtr Fin Auth 2.9% 6/15/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 1000000 | 1000000 |
| New York NY Cty Muni Wtr Fin Auth 2.9% 6/15/2043 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 2300000 | 2300000 |
| New York NY Cty Muni Wtr Fin Auth Series 2014 AA 3, 2.85% 6/15/2049 (Liquidity Facility TD Bank NA) VRDN (b) | 8685000 | 8685000 |
| New York NY Cty Muni Wtr Fin Auth Series 2014AA 4, 2.85% 6/15/2049 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 1400000 | 1400000 |
| New York NY Cty Muni Wtr Fin Auth Series 2016 AA 1, 2.85% 6/15/2048 (Liquidity Facility Bank of America NA) VRDN (b) | 9910000 | 9910000 |
| New York NY Cty Muni Wtr Fin Auth Series AA 1, 2.85% 6/15/2050 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 2700000 | 2700000 |
| New York NY Cty Muni Wtr Fin Auth Series AA 5, 2.85% 6/15/2048 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 13850000 | 13850000 |
| New York NY Cty Muni Wtr Fin Auth Series BB 1, 2.85% 6/15/2049 (Liquidity Facility Bank of America NA) VRDN (b) | 2900000 | 2900000 |
| New York NY Cty Muni Wtr Fin Auth Series BB 1A, 2.9% 6/15/2049 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 12215000 | 12215000 |
| New York NY Cty Muni Wtr Fin Auth Series BB 1B, 2.9% 6/15/2049 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 4900000 | 4900000 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2021 SUB EE 1, 2.9% 6/15/2045 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 10945000 | 10945000 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2023 CC, 2.85% 6/15/2053 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 1000000 | 1000000 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2025 SUB EE 1, 2.85% 6/15/2055 (Liquidity Facility TD Bank NA) VRDN (b) | 1325000 | 1325000 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2025 SUB EE 2, 2.84% 6/15/2055 (Liquidity Facility Bank of New York Mellon) VRDN (b) | 4600000 | 4600000 |
| New York St Hsg Fin Agy Rev (Various Capital Projects) Series 2013A, 2.9% 11/1/2046, LOC Landesbank Hess-Thurngn (Ungtd) NY Br VRDN (b) | 4050000 | 4050000 |
| New York St Hsg Fin Agy Rev (Various Capital Projects) Series 2014A, 2.9% 11/1/2046, LOC Landesbank Hess-Thurngn (Ungtd) NY Br VRDN (b) | 3255000 | 3255000 |
| NY Mta Dedicated Tax Fund Series 2008A 1, 2.85% 11/1/2031, LOC TD Bank NA VRDN (b) | 10995000 | 10995000 |
| Triborough Brdg & Tunl NY Revs Series 2005 B 4C, 2.9% 1/1/2031, LOC US Bank NA/Cincinnati OH VRDN (b) | 11285000 | 11285000 |
| Triborough Brdg & Tunl NY Revs Series 2005B 4A, 2.85% 1/1/2032, LOC TD Bank NA VRDN (b) | 7060000 | 7060000 |
| TOTAL NEW YORK |  | 418290000 |
| North Carolina - 3.3%  |  |  |
| Atrium Health (Carolinas Healthcare System Proj.) 2.85% 1/15/2044, LOC TD Bank NA VRDN (b) | 41670000 | 41670000 |
| Lower Cape Fear N C Wtr & Swr Auth Spl Fac Rev (Smithfield Foods Proj.) 2.89% 12/1/2034, LOC Cooperatieve Rabobank UA/NY VRDN (b) | 1100000 | 1100000 |
| North Carolina Housing Finance Agency (NC Homeownership Proj.) Series 55 B, 2.85% 1/1/2050 (Liquidity Facility TD Bank NA) VRDN (b) | 10380000 | 10380000 |
| North Carolina Hsg Fin Agy (NC Homeownership Proj.) Series 59 B, 2.85% 1/1/2057 (Liquidity Facility Royal Bank of Canada) VRDN (b) | 17900000 | 17900000 |
| North Carolina Med Care Commn Health Care Facs Rev (Firsthealth Of Carolinas Proj.) Series 2017C, 2.88% 10/1/2039, LOC Truist Bank VRDN (b) | 12900000 | 12900000 |
| North Carolina Med Care Commn Health Care Facs Rev (Firsthealth Of Carolinas Proj.) Series 2017D, 2.88% 10/1/2032, LOC Truist Bank VRDN (b) | 6250000 | 6250000 |
| Raleigh Durham NC Arpt Auth Arpt Rev Series 2008C, 2.76% 5/1/2036, LOC TD Bank NA VRDN (b) | 2800000 | 2800000 |
| TOTAL NORTH CAROLINA |  | 93000000 |
| Ohio - 8.5%  |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Healthcare System Proj.) 2.9% 6/1/2034, LOC Truist Bank VRDN (b) | 6200000 | 6200000 |
| Allen Cnty OH Hosp Facs Rev (Mercy Healthcare System Proj.) Series 2012 B, 2.75% 5/1/2036, LOC TD Bank NA VRDN (b) | 5875000 | 5875000 |
| Cuyahoga Cnty OH Hlth Care Fac (The A.M. Mcgregor Home Proj.) Series 2014, 2.84% 5/1/2049, LOC Northern Trust CO Chicago VRDN (b) | 1765000 | 1765000 |
| Franklin Cnty OH Hosp Facs Rev (Nationwide Children'S Hospital Proj.) 2.85% 11/1/2042 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 11525000 | 11525000 |
| Franklin Cnty OH Hosp Facs Rev (Nationwide Children'S Hospital Proj.) Series 2013B, 2.9% 5/1/2029 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 6905000 | 6905000 |
| Franklin Cnty OH Hosp Facs Rev (Nationwide Children'S Hospital Proj.) Series 2017 B, 2.9% 11/1/2052 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 2410000 | 2410000 |
| Franklin Cnty Ohio Hosp Rev (Ohiohealth Corporation Proj.) 2.75% 11/15/2041 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 60110000 | 60110000 |
| Hamilton Cnty OH Hosp Facs Rev (Childrens Hosp Med Ctr Cinn,Oh Proj.) Series 2018 Z, 2.8% 5/15/2037 VRDN (b) | 7925000 | 7925000 |
| Hamilton Cnty OH Hosp Facs Rev (Childrens Hosp Med Ctr Cinn,Oh Proj.) Series 2018AA, 2.89% 5/15/2037 VRDN (b) | 3635000 | 3635000 |
| Montgomery Cnty OH Hosp Rev (Premier Health Partners Proj.) Series 2019 C, 2.85% 11/15/2045, LOC PNC Bank NA VRDN (b) | 1000000 | 1000000 |
| Ohio St Higher Ed Fac Comm (Cleveland Clinic Foundtn (The) Proj.) 2.85% 1/1/2043 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 10400000 | 10400000 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) 2.85% 1/15/2046, LOC Royal Bank of Canada/New York NY VRDN (b) | 3600000 | 3600000 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2021D, 2.8% 1/15/2051, LOC US Bank NA/Cincinnati OH VRDN (b) | 34390000 | 34390000 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundtn (The) Proj.) Series 2019 D 1, 2.7% 1/1/2052 VRDN (b) | 20890000 | 20890000 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundtn (The) Proj.) Series 2019 D2, 2.95% 1/1/2052 VRDN (b) | 48000000 | 48000000 |
| Ohio St Parks & Rec Cap Facs (Ohio St Proj.) Series 2020 B, 2.75% 12/1/2040 VRDN (b) | 12865000 | 12865000 |
| Ohio St Spl Oblig (Ohio St Proj.) Series 2022 B, 2.7% 12/1/2041 VRDN (b) | 3775000 | 3775000 |
| TOTAL OHIO |  | 241270000 |
| Oregon - 0.6%  |  |  |
| Oregon St Facs Auth Rev (Peacehealth (Hlth Sys),Wa Proj.) Series 2018 B, 2.85% 8/1/2034, LOC TD Bank NA VRDN (b) | 16900000 | 16900000 |
| Pennsylvania - 6.8%  |  |  |
| Del Cnty PA Ida Arpt Facs (United Parcel Service Inc Proj.) Series 2015, 2.85% 9/1/2045 VRDN (b) | 53505000 | 53505000 |
| Lancaster PA Indl Dev Auth Rev (Willow Valley Retirement Communities Proj.) 2.88% 12/1/2039, LOC PNC Bank NA VRDN (b) | 1500000 | 1500000 |
| Montgomery Co PA Rdv Ath Mlfml (Kbf Associates Proj.) 2.83% 8/15/2031, LOC Fannie Mae VRDN (b) | 500000 | 500000 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) 2.95% 11/1/2061, LOC Truist Bank VRDN (b) | 13100000 | 13100000 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) Series 2024 D3, 2.95% 11/1/2061, LOC Truist Bank VRDN (b) | 25895000 | 25895000 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) Series 2024D1, 2.85% 11/1/2061, LOC Bank of America NA VRDN (b) | 27300000 | 27300000 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) Series 2024D2, 2.85% 11/1/2061, LOC PNC Bank NA VRDN (b) | 15500000 | 15500000 |
| Pennsylvania St Higher Edl Rev (Univ Of Penn Health Systems Proj.) 2.8% 1/1/2038, LOC Bank of America NA VRDN (b) | 29300000 | 29300000 |
| Philadelphia PA Au Ind Dev Revs (Franklin Institute (The) Proj.) 2.89% 6/1/2026, LOC Bank of America NA VRDN (b) | 465000 | 465000 |
| Philadelphia PA Auth For Indl Dev Hosp Rev (Childrens Hosp Of Phil, Pa Proj.) Series 2024B1, 2.85% 7/1/2054 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 1025000 | 1025000 |
| Philadelphia PA Gen. Oblig. 2.82% 8/1/2031, LOC Truist Bank VRDN (b) | 5000000 | 5000000 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2025 B, 2.75% 6/1/2055 (Liquidity Facility TD Bank NA) VRDN (b) | 19000000 | 19000000 |
| TOTAL PENNSYLVANIA |  | 192090000 |
| South Carolina - 0.3%  |  |  |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Prisma Health Proj.) Series 2018B, 2.85% 5/1/2048, LOC TD Bank NA VRDN (b) | 1000000 | 1000000 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Prisma Health Proj.) Series 2018C, 2.85% 5/1/2048, LOC TD Bank NA VRDN (b) | 8100000 | 8100000 |
| TOTAL SOUTH CAROLINA |  | 9100000 |
| Tennessee - 0.5%  |  |  |
| Clarksville TN Public Bldg Ath (Tennessee Muni Bond Fund Proj.) 2.93% 1/1/2033, LOC Bank of America NA VRDN (b) | 120000 | 120000 |
| Clarksville TN Public Bldg Ath (Tennessee Muni Bond Fund Proj.) 2.93% 11/1/2035, LOC Bank of America NA VRDN (b) | 800000 | 800000 |
| Clarksville TN Public Bldg Ath (Tennessee Muni Bond Fund Proj.) 2.93% 2/1/2038, LOC Bank of America NA VRDN (b) | 5245000 | 5245000 |
| Montgomery Cnty TN Pub Bldg Au 2.9% 2/1/2036, LOC Bank of America NA VRDN (b) | 3300000 | 3300000 |
| Montgomery Cnty TN Pub Bldg Au 2.9% 4/1/2032, LOC Bank of America NA VRDN (b) | 100000 | 100000 |
| Montgomery Cnty TN Pub Bldg Au 2.9% 7/1/2034, LOC Bank of America NA VRDN (b) | 3300000 | 3300000 |
| TOTAL TENNESSEE |  | 12865000 |
| Texas - 11.6%  |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 2.7% 7/1/2054 VRDN (b) | 44120000 | 44120000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025 D, 2.85% 12/1/2060 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 45570000 | 45570000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025 E, 2.85% 12/1/2060 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 39700000 | 39700000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025B, 2.8% 12/1/2060 (Liquidity Facility Bank of America NA) VRDN (b) | 8000000 | 8000000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025G, 2.85% 12/1/2060 (Liquidity Facility PNC Bank NA) VRDN (b) | 14000000 | 14000000 |
| Harris Cnty TX Health Facs Rev (Methodist Healthcare Sys, Tx Proj.) 2.85% 12/1/2041 VRDN (b) | 8600000 | 8600000 |
| Harris Cnty TX Health Facs Rev (Methodist Healthcare Sys, Tx Proj.) 2.85% 12/1/2041 VRDN (b) | 1940000 | 1940000 |
| Harris Cnty TX Hosp Dist Rev 2.83% 2/15/2042, LOC JPMorgan Chase Bank NA VRDN (b) | 5500000 | 5500000 |
| Houston TX Util Sys Rev 2.8% 5/15/2034, LOC Royal Bank of Canada/New York NY VRDN (b) | 33100000 | 33100000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Capital Ventures Inc Proj.) 2.9% 11/1/2029 (Exxon Mobil Corp Guaranteed) VRDN (b) | 3320000 | 3320000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 2.9% 11/1/2038 (Exxon Mobil Corp Guaranteed) VRDN (b) | 17580000 | 17580000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 2.9% 11/1/2051 (Exxon Mobil Corp Guaranteed) VRDN (b) | 17985000 | 17985000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 2.9% 5/1/2046 (Exxon Mobil Corp Guaranteed) VRDN (b) | 27210000 | 27210000 |
| Port Arthur TX Navigation District (Air Products Lp Proj.) 2.87% 5/1/2040 (Air Products and Chemicals Inc Guaranteed) VRDN (b) | 5800000 | 5800000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 3.02% 3/1/2042 (TotalEnergies SE Guaranteed) VRDN (b) | 3100000 | 3100000 |
| San Antonio TX Wtr Rev Series 2025D, 2.85% 5/1/2055 (Liquidity Facility TD Bank NA) VRDN (b) | 16370000 | 16370000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 2.65% 11/15/2050 VRDN (b) | 24000000 | 24000000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals Of Dallas Proj.) 2.8% 10/1/2041, LOC TD Bank NA VRDN (b) | 7035000 | 7035000 |
| Texas State Gen. Oblig. 2.8% 6/1/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 2500000 | 2500000 |
| Texas State Gen. Oblig. 2.8% 6/1/2044 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 2920000 | 2920000 |
| Texas State Gen. Oblig. 2.8% 6/1/2045 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 1660000 | 1660000 |
| TOTAL TEXAS |  | 330010000 |
| Virginia - 1.8%  |  |  |
| Harrisonburg VA Economic Dev Auth Health Care Facs Rev (Sentara Healthcare Proj.) Series 2023, 2.7% 8/15/2046, LOC US Bank NA/Cincinnati OH VRDN (b) | 26655000 | 26655000 |
| Roanoke VA Economic Dev Auth Hosp Rev (Carilion Health System Proj.) Series 2020C, 2.85% 7/1/2052, LOC TD Bank NA VRDN (b) | 2300000 | 2300000 |
| VA Small Business Fing Auth Hosp Rev (Carilion Health System Proj.) Series 2008 A, 2.9% 7/1/2042, LOC Truist Bank VRDN (b) | 9565000 | 9565000 |
| VA Small Business Fing Auth Hosp Rev (Carilion Health System Proj.) Series 2008 B, 2.85% 7/1/2042, LOC TD Bank NA VRDN (b) | 5915000 | 5915000 |
| Winchester VA Economic Dev Auth Rev (Valley Health Proj.) Series 2024B 1, 2.88% 1/1/2054, LOC Truist Bank VRDN (b) | 1000000 | 1000000 |
| Winchester VA Economic Dev Auth Rev (Valley Health Proj.) Series 2024B 2, 2.88% 1/1/2054, LOC Truist Bank VRDN (b) | 6800000 | 6800000 |
| TOTAL VIRGINIA |  | 52235000 |
| Washington - 0.0%  |  |  |
| Washington St Hsg Fin Commn Multifamily Hsg Rev (Bitter Lake Village Associates Lp Proj.) 2.82% 12/15/2044, LOC Fannie Mae VRDN (b) | 1580000 | 1580000 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev (Interurban Senior Living Associates Lp Proj.) 2.81% 7/1/2052, LOC Freddie Mac Non Gold Pool VRDN (b) | 300000 | 300000 |
| TOTAL WASHINGTON |  | 1880000 |
| West Virginia - 0.0%  |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, Wv Proj.) 2.9% 1/1/2034, LOC Truist Bank VRDN (b) | 1890000 | 1890000 |
| Wisconsin - 0.7%  |  |  |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2018 B, 2.85% 4/1/2048 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 10765000 | 10765000 |
| Wisconsin Health & Educational Facilities Authority (Froedtert Thedacare Proj.) Series 2021 B, 2.9% 4/1/2048 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 2735000 | 2735000 |
| Wisconsin Health & Educational Facilities Authority (Sanford Health, Sd Proj.) Series 2018 A, 2.85% 2/15/2050, LOC Barclays Bank PLC VRDN (b) | 3270000 | 3270000 |
| Wisconsin St Health & Edl Facs Auth Rev (Froedtert Thedacare Proj.) Series 2025 D, 2.75% 4/1/2055 VRDN (b) | 2700000 | 2700000 |
| TOTAL WISCONSIN |  | 19470000 |
| <br> **TOTAL VARIABLE RATE DEMAND NOTE**<br> (Cost $2,315,965,000) |  | <br> **2315965000** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $2,830,870,000)<br>| <br>**2830870000** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **2300403** |
| **NET ASSETS - 100.0%** | **2833170403** |

---

**Security Type Abbreviations**

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.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Tender Option Bond** | 514905000 | - | 514905000 | - |
|  **Variable Rate Demand Note** | 2315965000 | - | 2315965000 | - |
| **Total Investments in Securities:** | 2830870000 | - | 2830870000 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $2,830,870,000)<br>|  | $2830870000 |
| Cash |  | 6207969 |
| Interest receivable |  | 8262744 |
| Other receivables |  | 7325 |
| **Total assets** |  | 2845348038 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $6210246 |  |
| Distributions payable | 5960068 |  |
| Other payables and accrued expenses | 7321 |  |
| **Total liabilities** |  | 12177635 |
| **Net Assets**  |  | $2833170403 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2833188572 |
| Total accumulated earnings (loss) |  | (18169) |
| **Net Assets** |  | $2833170403 |
| **Net Asset Value**, offering price and redemption price per share ($2,833,170,403 ÷ 2,832,058,599 shares) |  | $1.0004 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $25692298 |
| **Expenses** |  |  |
| Custodian fees and expenses | $12081 |  |
| Independent trustees' fees and expenses | 2245 |  |
| Total expenses before reductions | 14326 |  |
| Expense reductions | (11639) |  |
| Total expenses after reductions |  | 2687 |
| **Net Investment income (loss)** |  | 25689611 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 6764 |  |
| Total net realized gain (loss) |  | 6764 |
| **Net increase in net assets resulting from operations** |  | $25696375 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $25689611 | $51016646 |
| &nbsp;&nbsp;Net realized gain (loss) | 6764<br>| 20930<br>|
| **Net increase in net assets resulting from operations** | 25696375<br>| 51037576<br>|
| Distributions to shareholders | (25720557)<br>| (51016329)<br>|
|  Affiliated share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 4250955833 | 10240038127 |
| &nbsp;&nbsp;Cost of shares redeemed | (3829891616) | (9279348100) |
| **Net increase (decrease) in net assets and shares resulting from share transactions** | 421064217<br>| 960690027<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 421040035<br>| 960711274<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2412130368 | 1451419094<br>|
| &nbsp;&nbsp;End of period | $2833170403 | $2412130368 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 4249256131 | 10235943750 |
| &nbsp;&nbsp;Redeemed | (3828360272) | (9275637845) |
| &nbsp;&nbsp;Net increase (decrease) | 420895859 | 960305905 |

---

**Financial Highlights** 

**Fidelity® Tax-Free Cash Central Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.0004 | $1.0004 | $1.0004 | $1.0003 | $1.0003 | $1.0002 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .0134  | .0299  | .0343  | .0214  | .0016  | .0009  |
| Net realized and unrealized gain (loss)  | - B | - B | - B | .0001  | - B | .0002  |
| Total from investment operations  | .0134  | .0299  | .0343  | .0215  | .0016  | .0011  |
| Distributions from net investment income  | (.0134)  | (.0299)  | (.0343)  | (.0214)  | (.0016)  | (.0009)  |
| Distributions from net realized gain  | - B | -  | - B | - B | - B | - B |
| Total distributions  | (.0134)  | (.0299)  | (.0343)  | (.0214)  | (.0016)  | (.0010) C |
| Net asset value, end of period  | $1.0004 | $1.0004 | $1.0004 | $1.0004 | $1.0003 | $1.0003 |
| **Total Return** D,E | 1.35% <br>| 3.03%  | 3.48%  | 2.17%  | .16%  | .10%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |  |
| Expenses before reductions H | -% I | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% I<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -% I | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.69% I | 2.94%  | 3.40%  | 1.78%  | .18%  | .10%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2833170 | $2412130 | $1451419 | $1064247 | $2017931 | $1145228 |

---

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 $.00005 per share.*

C*Total distributions per share do not sum due to rounding.*

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

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

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

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

H*Amount represents less than .005%.*

I*Annualized.*

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

For the period ended November 30, 2025

**1. Organization.**

Fidelity Tax-Free Cash Central Fund (the Fund) is a fund of Fidelity Revere Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the Fund are only offered to other investment companies and accounts (the Investing Funds) managed by Fidelity Management & Research Company LLC (FMR), or its affiliates. The Fund has been designated an institutional money market fund, and the value of the Fund's shares are calculated to four decimal places that fluctuates based upon changes in the value of the Fund's investments.

**2. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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.

The aggregate value of investments by input level as of November 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $- |
| **Gross unrealized depreciation** | <u>-</u> |
| **Net unrealized appreciation (depreciation)** | <u>$-</u> |
| **Tax cost** | <u>$2830870000</u> |

---

**New Accounting Pronouncement.** 

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

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Tax-Free Cash Central Fund** | 573785000 | 238805000 | - |

---

**4. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $11,639.

**5. Other.**

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

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

**6. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Tax-Free Cash Central Fund**

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

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

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

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

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

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other Fidelity funds and accounts and ultimately to enhance the performance of those funds and accounts.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that while the fund does not pay a management fee, FMR receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund with certain limited exceptions (i.e., custody fees, interest, taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, and extraordinary expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable. Based on its review, the Board concluded that the fact that FMR does not receive a management fee from the fund for providing services to the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the profitability of the funds that invest in the fund, as well as Fidelity's profits in respect of the fund and all the Fidelity funds.

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

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

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

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

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

![](img121123_4.jpg)<br>

1.810806.121 TFC-SANN-0126

**Fidelity® Securities Lending Cash Central Fund**

**Semi-Annual Report**

**November 30, 2025**

![](img121124_1.jpg)

![](img121124_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_CCC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Securities Lending Cash Central Fund](#Sub_Sec_Fund_761_CCC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements761_CCC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CCC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CCC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CCC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CCC-SANN)** |

---

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

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

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

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

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

*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.*

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

**Fidelity® Securities Lending Cash Central Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 47.0%** | &nbsp;&nbsp;**Repurchase Agreements - 47.0%** | &nbsp;&nbsp;**Repurchase Agreements - 47.0%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Investments in repurchase agreements in a joint trading account at 3.9%, dated 11/28/2025 due 12/1/2025 (Collateralized by U.S. Government Obligations)#  | 461317905 | 461168000 |
| Investments in repurchase agreements in a joint trading account at 4.08%, dated 11/28/2025 due 12/1/2025 (Collateralized by U.S. Government Obligations)#  | 5306696664 | 5304893000 |
| Repurchase Agreements\*  | 7724810352 | 7722197000 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $13,488,258,000) |  | **13488258000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 4.3%** | &nbsp;&nbsp;**Commercial Paper - 4.3%** | &nbsp;&nbsp;**Commercial Paper - 4.3%** | &nbsp;&nbsp;**Commercial Paper - 4.3%** |
|  | Yield (%) (b) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Landesbank Baden-Wuerttemberg yankee 4.06% 12/1/2025 <br>(Cost $1,222,000,000)<br>| 4.06 | 1222000000 | **1222000000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Time Deposits - 11.9%** | &nbsp;&nbsp;**Time Deposits - 11.9%** | &nbsp;&nbsp;**Time Deposits - 11.9%** | &nbsp;&nbsp;**Time Deposits - 11.9%** |
|  | Yield (%) (b) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Canadian Imperial Bank of Commerce 3.9% 12/1/2025  | 3.90 | 1450000000 | 1450000000 |
| DNB Bank ASA 3.88% 12/1/2025  | 3.88 | 625000000 | 625000000 |
| Mizuho Bank Ltd NY Branch 3.9% 12/1/2025  | 3.90 | 1021000000 | 1021000000 |
| National Bank of Canada 3.95% 12/1/2025  | 3.95 | 65000000 | 65000000 |
| Royal Bank of Canada Toronto 4.1% 12/1/2025  | 4.10 | 254500000 | 254500000 |
| <br> **TOTAL TIME DEPOSITS**<br> (Cost $3,415,500,000) |  |  | **3415500000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 39.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 39.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 39.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 39.7%** |
|  | Yield (%) (b) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/13/2026  | 3.86 | 525000000 | 522629940 |
| US Treasury Bills 0% 1/2/2026  | 3.87 | 525000000 | 523224335 |
| US Treasury Bills 0% 1/20/2026  | 3.87 | 525000000 | 522226157 |
| US Treasury Bills 0% 1/22/2026  | 3.85 | 300000000 | 298363011 |
| US Treasury Bills 0% 1/27/2026  | 3.86 | 300000000 | 298191042 |
| US Treasury Bills 0% 1/6/2026  | 3.84 to 3.87 | 661200000 | 658690085 |
| US Treasury Bills 0% 1/8/2026  | 3.87 | 560000000 | 557753185 |
| US Treasury Bills 0% 12/16/2025  | 3.91 to 3.95 | 916000000 | 914509778 |
| US Treasury Bills 0% 12/18/2025  | 3.92 | 550000000 | 548984876 |
| US Treasury Bills 0% 12/2/2025  | 3.92 to 4.28 | 932100000 | 931998345 |
| US Treasury Bills 0% 12/23/2025  | 3.90 to 3.92 | 825000000 | 823034421 |
| US Treasury Bills 0% 12/26/2025  | 3.91 to 3.93 | 719000000 | 717056500 |
| US Treasury Bills 0% 12/30/2025  | 3.91 to 3.92 | 1200000000 | 1196252964 |
| US Treasury Bills 0% 12/4/2025  | 3.96 | 532000000 | 531828430 |
| US Treasury Bills 0% 12/9/2025  | 3.89 to 4.00 | 538000000 | 537534904 |
| US Treasury Bills 0% 2/12/2026  | 3.82 | 255000000 | 253089170 |
| US Treasury Bills 0% 2/19/2026  | 3.83 | 270000000 | 267775440 |
| US Treasury Bills 0% 2/24/2026  | 3.78 | 280000000 | 277562732 |
| US Treasury Bills 0% 2/26/2026  | 3.78 | 255000000 | 252714945 |
| US Treasury Bills 0% 2/5/2026  | 3.85 | 300000000 | 297940251 |
| US Treasury Bills 0% 3/24/2026  | 3.80 | 186800000 | 184619971 |
| US Treasury Bills 0% 3/31/2026  | 3.79 | 300000000 | 296307900 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $11,411,964,263) |  |  | **11412288382** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.9%**<br> (Cost $29,537,722,263)<br>| <br>**29538046382** |
| **NET OTHER ASSETS (LIABILITIES) - (2.9)%**  | **(821559768)** |
| **NET ASSETS - 100.0%** | **28716486614** |

---

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) 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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* 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 ($)** |
| Fixed Income Clearing Corp - Goldman | 4.00 | 11/28/2025 | 12/1/2025 | 1021000000 | 1021340333 | U.S. Treasuries (including strips) | 3.88 - 4.38 | 7/15/2028 - 2/15/2054 | 1041767152 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.07 | 11/28/2025 | 12/1/2025 | 3403000000 | 3404154184 | U.S. Treasuries (including strips) | 0.00 - 6.50 | 1/2/2026 - 8/15/2035 | 3472237268 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.07 | 11/28/2025 | 12/1/2025 | 1702000000 | 1702577262 | U.S. Treasuries (including strips) | 0.00 - 6.75 | 12/23/2025 - 8/15/2033 | 1736628808 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.07 | 11/28/2025 | 12/1/2025 | 1361000000 | 1361461606 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 12/23/2025 - 2/15/2033 | 1388690916 |
| US Bancorp Inv | 4.08 | 11/28/2025 | 12/1/2025 | 235197000 | 235276967 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 4/9/2026 - 10/31/2032 | 239984237 |
| **Total Repurchase Agreements** |  |  |  | 7722197000 | 7724810352 |  |  |  | 7879308381 |

---

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Repurchase Agreements** | 13488258000 | - | 13488258000 | - |
|  **Commercial Paper** | 1222000000 | - | 1222000000 | - |
|  **Time Deposits** | 3415500000 | - | 3415500000 | - |
|  **U.S. Treasury Obligations** | 11412288382 | - | 11412288382 | - |
| **Total Investments in Securities:** | 29538046382 | - | 29538046382 | - |

---

---

| | |
|:---|:---|
| <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 ($)** |
| **$461,168,000 due 12/01/2025 at 3.90%** |  |
| BofA Securities Inc | 221222000 |
| Citigroup Global Capital Markets Inc | 238239000 |
| HSBC Securities Inc (USA) | 1707000 |
|  | 461168000 |
| **$5,304,893,000 due 12/01/2025 at 4.08%** |  |
| Bank of Nova Scotia/The | 510512000 |
| BofA Securities Inc | 85085000 |
| Citigroup Global Capital Markets Inc | 510512000 |
| HSBC Securities Inc (USA) | 86237000 |
| Nomura Securities International Inc | 289290000 |
| Rbc Dominion Securities Inc | 1270699000 |
| Societe Generale SA | 340341000 |
| Sumitomo Mitsui Banking Corp/New York | 1633637000 |
| Wells Fargo Bank NA | 340341000 |
| Wells Fargo Securities LLC | 238239000 |
|  | 5304893000 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $13,488,258,000) - See accompanying schedule:<br>Unaffiliated issuers (cost $29,537,722,263)<br>|  | $29538046382 |
| Cash |  | 451893594 |
| Interest receivable |  | 7039063 |
| Other receivables |  | 218549 |
| **Total assets** |  | 29997197588 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1192676834 |  |
| Distributions payable | 87794558 |  |
| Other payables and accrued expenses | 239582 |  |
| **Total liabilities** |  | 1280710974 |
| **Net Assets**  |  | $28716486614 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $28716103038 |
| Total accumulated earnings (loss) |  | 383576 |
| **Net Assets** |  | $28716486614 |
| **Net Asset Value**, offering price and redemption price per share ($28,716,486,614 ÷ 28,713,417,577 shares) |  | $1.0001 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $626068565 |
| **Expenses** |  |  |
| Custodian fees and expenses | $39940 |  |
| Independent trustees' fees and expenses | 36206 |  |
| **Total expenses** |  | 76146 |
| **Net Investment income (loss)** |  | 625992419 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1201 |  |
| Total net realized gain (loss) |  | 1201 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (382446) |
| **Net gain (loss)** |  | (381245) |
| **Net increase in net assets resulting from operations** |  | $625611174 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $625992419 | $1201972181 |
| &nbsp;&nbsp;Net realized gain (loss) | 1201<br>| 622<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (382446) | (1342125)<br>|
| **Net increase in net assets resulting from operations** | 625611174<br>| 1200630678<br>|
| Distributions to shareholders | (625991838)<br>| (1201971138)<br>|
|  Affiliated share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 152615947550 | 266875936872 |
| &nbsp;&nbsp;Cost of shares redeemed | (155186088648) | (260485422267) |
| **Net increase (decrease) in net assets and shares resulting from share transactions** | (2570141098)<br>| 6390514605<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (2570521762)<br>| 6389174145<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 31287008376 | 24897834231<br>|
| &nbsp;&nbsp;End of period | $28716486614 | $31287008376 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 152600563040 | 266849251947 |
| &nbsp;&nbsp;Redeemed | (155170458765) | (260459376329) |
| &nbsp;&nbsp;Net increase (decrease) | (2569895725) | 6389875618 |

---

**Financial Highlights** 

**Fidelity® Securities Lending Cash Central Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.0001 | $1.0002 | $1.0001 | $1.0001 | $1.0001 | $1.0001 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .0213  | .0476  | .0536  | .0354  | .0016  | .0009  |
| Net realized and unrealized gain (loss)  | - B | (.0001)  | .0001  | - B | - B | - B |
| Total from investment operations  | .0213  | .0475  | .0537  | .0354  | .0016  | .0009  |
| Distributions from net investment income  | (.0213)  | (.0476)  | (.0536)  | (.0354)  | (.0016)  | (.0009)  |
| Total distributions  | (.0213)  | (.0476)  | (.0536)  | (.0354)  | (.0016)  | (.0009)  |
| Net asset value, end of period  | $1.0001 | $1.0001 | $1.0002 | $1.0001 | $1.0001 | $1.0001 |
| **Total Return** C,D | 2.15% <br>| 4.85%  | 5.51%  | 3.59%  | .15%  | .09%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions G | -% H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% H<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -% H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 4.25% H | 4.74%  | 5.36%  | 3.46%  | .16%  | .09%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $28716487 | $31287008 | $24897834 | $28860205 | $37572025 | $36244909 |

---

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 $.00005 per share.*

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

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

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

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

G*Amount represents less than .005%.*

H*Annualized.*

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

For the period ended November 30, 2025

**1. Organization.**

Fidelity Securities Lending Cash Central Fund (the Fund) is a fund of Fidelity Revere Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.Shares of the Fund are only offered to other investment companies and accounts (the Investing Funds) managed by Fidelity Management & Research Company LLC (FMR), or its affiliates. The Fund has been designated an institutional money market fund, and the value of the Fund's shares are calculated to four decimal places that fluctuates based upon changes in the value of the Fund's investments.

**2. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

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.

The aggregate value of investments by input level as of November 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

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

---

| | |
|:---|:---|
| **Fidelity Securities Lending Cash Central Fund** | $218549 |

---

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

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. There were no significant book-to-tax differences during the period.

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $401047 |
| **Gross unrealized depreciation** | <u>(76928)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$324119</u> |
| **Tax cost** | <u>$29537722263</u> |

---

**Repurchase Agreements.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, funds and other registered investment companies having management contracts with Fidelity Management and Research Company LLC, or its affiliates are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by 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.

**New Accounting Pronouncement.** 

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

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

**4. Other.**

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

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

**5. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Securities Lending Cash Central Fund**

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

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

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

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

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

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other Fidelity funds and accounts and ultimately to enhance the performance of those funds and accounts.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that while the fund does not pay a management fee, FMR receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund with certain limited exceptions (i.e., custody fees, interest, taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, and extraordinary expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable. Based on its review, the Board concluded that the fact that FMR does not receive a management fee from the fund for providing services to the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the profitability of the funds that invest in the fund, as well as Fidelity's profits in respect of the fund and all the Fidelity funds.

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

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

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

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

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

![](img121124_4.jpg)<br>

1.743119.125 CCC-SANN-0126

**Fidelity® Municipal Cash Central Fund**

**Semi-Annual Report**

**November 30, 2025**

![](img121125_1.jpg)

![](img121125_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_MCC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Municipal Cash Central Fund](#Sub_Sec_Fund_698_MCC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements698_MCC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCC-SANN)** |

---

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

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

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

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

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

*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.*

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

**Fidelity® Municipal Cash Central Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tender Option Bond - 28.4%** | &nbsp;&nbsp;**Tender Option Bond - 28.4%** | &nbsp;&nbsp;**Tender Option Bond - 28.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 1.6%  |  |  |
| Alabama Southeast Energy Participating VRDN Series 2025 XF1800, 3% 1/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 10335000 | 10335000 |
| Alabama Southeast Energy Participating VRDN Series 2025 XM1202, 3% 1/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 8330000 | 8330000 |
| Black Belt Energy Gas District Participating VRDN 2.84% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2000000 | 2000000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 XM1126, 3% 6/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 6670000 | 6670000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 XM1127, 3% 6/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3870000 | 3870000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 XM1144, 2.84% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6250000 | 6250000 |
| Black Belt Energy Gas District Participating VRDN Series 2024 XM1190, 2.84% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 500000 | 500000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XL0702, 2.84% 10/1/2035 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 7025000 | 7025000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XM1233, 2.84% 3/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 500000 | 500000 |
| East Alabama Health Care Auth Participating VRDN Series 2025 BAML5061, 2.99% 9/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4600000 | 4600000 |
| Jefferson County Swr Rev Participating VRDN Series 2024 XL0531, 2.82% 10/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2100000 | 2100000 |
| TOTAL ALABAMA |  | 52180000 |
| Alaska - 0.1%  |  |  |
| Anchorage AK Port Participating VRDN 2.85% 2/1/2060 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2725000 | 2725000 |
| Alaska,Illinois - 0.0%  |  |  |
| Chicago O'Hare Int'L Arpt Rev Participating VRDN Series 2025 ZF1923, 2.84% 1/1/2059 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2500000 | 2500000 |
| Arizona - 0.2%  |  |  |
| Arizona Health Facilities Auth Rev Participating VRDN Series 2022 MIZ9101, 2.99% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 1552000 | 1552000 |
| Mesa AZ Util Sys Rev Participating VRDN 2.84% 7/1/2046 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 1100000 | 1100000 |
| Phoenix Civic Impt Board Arpt Rev Participating VRDN 2.84% 7/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 2750000 | 2750000 |
| TOTAL ARIZONA |  | 5402000 |
| Colorado - 0.8%  |  |  |
| Denver City & County Arpt Rev Participating VRDN Series 2023 XF1513, 2.87% 12/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 7420000 | 7420000 |
| Denver City & County Arpt Rev Participating VRDN Series 2018 XG0196, 2.87% 12/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 10680000 | 10680000 |
| Denver CO City & Cnty Arpt Participating VRDN 2.84% 11/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 7075000 | 7075000 |
| Denver CO City & Cnty Arpt Participating VRDN Series 2023 ZF3204, 2.84% 11/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2120000 | 2120000 |
| TOTAL COLORADO |  | 27295000 |
| Connecticut - 0.4%  |  |  |
| Connecticut Gen. Oblig. Participating VRDN Series 2017 014, 2.83% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 9265000 | 9265000 |
| Connecticut Gen. Oblig. Participating VRDN Series 2017 016, 2.83% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3100000 | 3100000 |
| TOTAL CONNECTICUT |  | 12365000 |
| District Of Columbia - 0.3%  |  |  |
| District Columbia Gen. Oblig. Participating VRDN 2.93% 1/1/2048 (Liquidity Facility UBS AG) (b)(c) | 5520000 | 5520000 |
| District Columbia Income Tax Rev Participating VRDN Series 2025 XF1919, 2.95% 5/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3750000 | 3750000 |
| TOTAL DISTRICT OF COLUMBIA |  | 9270000 |
| Florida - 6.4%  |  |  |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN 3.02% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4700000 | 4700000 |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN Series 2023 XF1641, 2.89% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2100000 | 2100000 |
| County of Broward FL Tourist Development Tax Revenue Participating VRDN Series 2023 XL0429, 2.9% 9/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 700000 | 700000 |
| Escambia County Health Facs Auth Participating VRDN 2.93% 8/15/2036 (Liquidity Facility Bank of America, N.A.) (b)(c) | 43150000 | 43150000 |
| Florida Dev Fin Corp Healthcare Facility Rev Participating VRDN 2.93% 2/1/2045 (Liquidity Facility Bank of America, N.A.) (b)(c) | 34615000 | 34615000 |
| Greater Orlando Aviation Auth Arpt Facs Rev Participating VRDN Series 2023 XF1519, 2.87% 10/1/2052 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 3750000 | 3750000 |
| Greater Orlando Aviation Auth Participating VRDN 2.85% 10/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 1635000 | 1635000 |
| Greater Orlando Aviation Auth Participating VRDN 3.03% 10/1/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 8755000 | 8755000 |
| Greater Orlando Aviation Auth Participating VRDN Series 2025 XL0644, 2.95% 10/1/2044 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 10670000 | 10670000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XL0669, 2.93% 11/15/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1200000 | 1200000 |
| Hillsborough County Aviation Auth Rev Participating VRDN Series 2023 XF1610, 2.84% 10/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 5455000 | 5455000 |
| Hillsborough County Aviation Auth Rev Participating VRDN Series 2023 XF1637, 2.85% 10/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3400000 | 3400000 |
| Jacksonville Fla Spl Rev Participating VRDN Series 2025 XL0618, 2.95% 10/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4700000 | 4700000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN Series 2025 XL0596, 2.95% 10/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3400000 | 3400000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN Series 2025 XM1219, 2.95% 10/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1130000 | 1130000 |
| Lee County Arpt Rev Participating VRDN Series 2021 XF1126, 2.87% 10/1/2051 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 3195000 | 3195000 |
| Lee County Arpt Rev Participating VRDN Series 2023 XF1523, 2.85% 10/1/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2440000 | 2440000 |
| Lee County Arpt Rev Participating VRDN Series 2025 XF1849, 2.83% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3425000 | 3425000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN Series 2025 CF7023, 2.84% 3/15/2047 (Liquidity Facility Citibank NA) (b)(c) | 3600000 | 3600000 |
| Miami-Dade County Aviation Rev Participating VRDN Series 2025 XG0614, 2.83% 10/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 1360000 | 1360000 |
| Miami-Dade County Participating VRDN Series 2023 XF1159, 2.87% 10/1/2052 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 260000 | 260000 |
| Miami-Dade County Participating VRDN 2.87% 10/1/2052 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 2385000 | 2385000 |
| Miami-Dade FL The Villages Apts Participating VRDN Series 2024 MIZ9196, 3% 5/14/2036 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 13690000 | 13690000 |
| North Broward Hosp District Rev Participating VRDN Series 2023 BAML5048, 2.93% 1/1/2038 (Liquidity Facility Bank of America, N.A.) (b)(c) | 11340000 | 11340000 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev Participating VRDN Series 2022 XG0370, 2.89% 8/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1300000 | 1300000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN 2.85% 8/15/2036 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2000000 | 2000000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN Series 2018 XG0173, 2.89% 8/15/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 1400000 | 1400000 |
| Volusia Cnty FL Hosp Rev Participating VRDN Series 5078, 2.95% 12/15/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 37200000 | 37200000 |
| TOTAL FLORIDA |  | 212955000 |
| Georgia - 0.6%  |  |  |
| Brookhaven Development Authority Participating VRDN Series 2023 XF1503, 2.95% 7/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 7130000 | 7130000 |
| Burke County Indl Dev Auth Poll Cont Rev Participating VRDN 2.84% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4000000 | 4000000 |
| Columbia County Hosp Auth Rev Participating VRDN Series 2023 XF1640, 2.83% 4/1/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3650000 | 3650000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XF1554, 2.83% 1/1/2059 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2080000 | 2080000 |
| Main Street Natural Gas Inc Participating VRDN 2.97% 12/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3750000 | 3750000 |
| Main Street Natural Gas Inc Participating VRDN Series 2024 XM1187, 2.84% 6/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 500000 | 500000 |
| TOTAL GEORGIA |  | 21110000 |
| Hawaii - 0.2%  |  |  |
| Hawaii Arpts Sys Rev Participating VRDN Series 2022 XX1217, 2.82% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 7700000 | 7700000 |
| Illinois - 0.6%  |  |  |
| Chicago Board Of Ed Participating VRDN Series 2023 XG0469, 2.85% 4/1/2048 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3255000 | 3255000 |
| Chicago O'Hare Int'L Arpt Rev Participating VRDN 2.85% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2810000 | 2810000 |
| Chicago O'Hare Int'L Arpt Rev Participating VRDN Series 2018 XF0723, 2.83% 1/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 8795000 | 8795000 |
| Chicago O'Hare Int'L Arpt Rev Participating VRDN Series 2023 XG0538, 2.85% 1/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3745000 | 3745000 |
| Chicago Transit Auth Participating VRDN Series 2020 XL0145, 2.83% 12/1/2057 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1830000 | 1830000 |
| Metropolitan Pier & Exposition Participating VRDN Series 2015 XF1045, 2.83% 6/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 800000 | 800000 |
| TOTAL ILLINOIS |  | 21235000 |
| Indiana - 0.2%  |  |  |
| Indiana Fin Auth Health Sys Rev Participating VRDN Series 2025 XM1275, 2.95% 10/1/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 7500000 | 7500000 |
| Kentucky - 0.2%  |  |  |
| Commonspirit Health Participating VRDN Series 2020 MIZ9021, 2.89% 5/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 700000 | 700000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1188, 2.84% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 500000 | 500000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1189, 2.84% 8/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 500000 | 500000 |
| Louisville & Jefferson KY Swr Sys Rev Participating VRDN 2.95% 5/15/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 4170000 | 4170000 |
| TOTAL KENTUCKY |  | 5870000 |
| Louisiana - 0.2%  |  |  |
| La Calcasieu River Bridge Participating VRDN Series 2025 XF3348, 2.83% 9/1/2066 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3500000 | 3500000 |
| New Orleans Aviation Board Rev Participating VRDN Series 2023 XF3148, 2.84% 1/1/2048 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3000000 | 3000000 |
| TOTAL LOUISIANA |  | 6500000 |
| Michigan - 0.0%  |  |  |
| Gerald R Ford Intl Arpt Auth Mich Rev Participating VRDN 2.87% 1/1/2054 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 1700000 | 1700000 |
| Minnesota - 0.2%  |  |  |
| Duluth Econ Dev Auth Health Care Facs Rev Participating VRDN Series 2023 XG0523, 2.83% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3060000 | 3060000 |
| St Paul Arpt Sys Rev Participating VRDN Series 2025 ZL0683, 2.84% 1/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2000000 | 2000000 |
| TOTAL MINNESOTA |  | 5060000 |
| Missouri - 0.4%  |  |  |
| Kansas City Indl Dev Auth Participating VRDN Series 2022 XG0396, 2.87% 3/1/2057 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 6055000 | 6055000 |
| Kansas City Indl Dev Auth Participating VRDN Series 2023 XG0479, 2.87% 3/1/2055 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 1220000 | 1220000 |
| Kansas City Spl Oblig Participating VRDN Series 2022 YX1193, 2.83% 9/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1200000 | 1200000 |
| Missouri Health & Edl Facs Rev Participating VRDN Series C 23, 2.83% 6/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5700000 | 5700000 |
| TOTAL MISSOURI |  | 14175000 |
| Nebraska - 0.0%  |  |  |
| Central Plains Energy Proj Rev Participating VRDN Series 2022 ZL0301, 2.84% 5/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 140000 | 140000 |
| Nevada - 0.2%  |  |  |
| Clark Cnty NV School Dist Participating VRDN Series 2023 XF1473, 2.91% 6/15/2042 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1490000 | 1490000 |
| Las Vegas Valley NV Gen. Oblig. Participating VRDN Series 2025 XL0660, 2.93% 6/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 6375000 | 6375000 |
| TOTAL NEVADA |  | 7865000 |
| New Jersey - 0.0%  |  |  |
| New Jersey Trans Trust Fund Auth Participating VRDN 2.83% 6/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2170000 | 2170000 |
| New York - 1.3%  |  |  |
| City of New York NY Gen. Oblig. Participating VRDN Series 2025 XL0612, 2.95% 2/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3300000 | 3300000 |
| City of New York NY Gen. Oblig. Participating VRDN Series 2025 XL0620, 2.95% 2/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3750000 | 3750000 |
| New York City Gen. Oblig. Participating VRDN 2.9% 3/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 9850000 | 9850000 |
| New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Participating VRDN Series E 125, 2.9% 6/15/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 8600000 | 8600000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN 2.95% 6/15/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2700000 | 2700000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2025 XF1891, 2.95% 6/15/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4000000 | 4000000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2025 XF1894, 2.95% 6/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3750000 | 3750000 |
| New York Trans Dev Corp Participating VRDN 2.89% 11/17/2029 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 6750000 | 6750000 |
| TOTAL NEW YORK |  | 42700000 |
| North Carolina - 0.2%  |  |  |
| Charlotte NC Arpt Rev Participating VRDN Series 2023 XG0451, 2.87% 7/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d) | 2000000 | 2000000 |
| Charlotte NC Arpt Rev Participating VRDN Series 2025 XF1974, 2.83% 7/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 2700000 | 2700000 |
| Greater Asheville Reg'L Arpt Auth Participating VRDN Series 2022 XM1011, 2.85% 7/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2700000 | 2700000 |
| TOTAL NORTH CAROLINA |  | 7400000 |
| North Dakota - 0.1%  |  |  |
| Grand Forks Health Care Sys Rev Participating VRDN Series 2023 XF1602, 2.83% 12/1/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 4565000 | 4565000 |
| Ohio - 1.1%  |  |  |
| Columbus OH Arpt Rev Participating VRDN 2.83% 1/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 535000 | 535000 |
| Columbus OH Arpt Rev Participating VRDN 2.83% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3700000 | 3700000 |
| Columbus OH Arpt Rev Participating VRDN Series 2025 YX1373, 2.83% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4125000 | 4125000 |
| Columbus OH Arpt Rev Participating VRDN Series 2025 ZF1835, 2.83% 1/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 4000000 | 4000000 |
| Commonspirit Health Participating VRDN Series 2020 MIZ9020, 2.89% 5/1/2039 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 1900000 | 1900000 |
| Middletown Hosp Facilities Rev Participating VRDN Series 2024 BAML5056, 2.93% 11/15/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 12570000 | 12570000 |
| Ohio Hosp Rev Participating VRDN Series C 18, 2.83% 1/15/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1800000 | 1800000 |
| Ohio Housing Finance Agency Participating VRDN Series 2024 XF1762, 2.82% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1575000 | 1575000 |
| University Cincinnati OH Gen Participating VRDN 2.95% 6/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 7000000 | 7000000 |
| TOTAL OHIO |  | 37205000 |
| Oregon - 1.0%  |  |  |
| Port of Portland Arpt Rev Participating VRDN 2.89% 7/1/2045 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d) | 1580000 | 1580000 |
| Port of Portland Arpt Rev Participating VRDN Series 2024 XF1741, 2.85% 7/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 1330000 | 1330000 |
| Port of Portland Arpt Rev Participating VRDN Series 2025 XF1869, 2.85% 7/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 3865000 | 3865000 |
| Port of Portland Arpt Rev Participating VRDN Series 2025 XF1896, 3.05% 7/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 4000000 | 4000000 |
| Port of Portland Arpt Rev Participating VRDN Series 2025 XF1948, 3.03% 7/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 19970000 | 19970000 |
| Port of Portland Arpt Rev Participating VRDN Series 2025 XF8074, 2.85% 7/1/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2680000 | 2680000 |
| TOTAL OREGON |  | 33425000 |
| Pennsylvania - 2.6%  |  |  |
| Allegheny County Arpt Auth Rev Participating VRDN 2.85% 1/1/2056 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 6965000 | 6965000 |
| Allegheny County Arpt Auth Rev Participating VRDN Series 2025 XF1911, 2.83% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2275000 | 2275000 |
| Commonwealth Fing Auth Tobacco Participating VRDN Series 2018 XX1080, 2.82% 6/1/2035 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4530000 | 4530000 |
| Lehigh County Gen Purp Hosp Rev Participating VRDN 2.93% 7/1/2033 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1640000 | 1640000 |
| Pennsylvania Econ Dev Fing Auth Participating VRDN 2.84% 12/31/2057 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4400000 | 4400000 |
| Pennsylvania Econ Dev Fing Auth Participating VRDN 2.87% 12/31/2062 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3900000 | 3900000 |
| Pennsylvania Econ Dev Fing Auth Private Activity Rev Participating VRDN 2.83% 6/30/2048 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4700000 | 4700000 |
| Pennsylvania Higher Educational Facilities Authority Participating VRDN Series 2025 XL0673, 2.95% 8/15/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4265000 | 4265000 |
| Pennsylvania Hsg Fin Agcy Multi Fam Hsg Dev Rev Participating VRDN 3% 9/19/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 3185370 | 3185370 |
| Philadelphia Arpt Rev Participating VRDN Series 2025 ZF1832, 2.83% 7/1/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2220000 | 2220000 |
| Philadelphia PA Auth For Indl Dev Hosp Rev Participating VRDN Series 2025 XF1898, 2.95% 7/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 19825000 | 19825000 |
| Philadelphia PA Auth For Indl Dev Hosp Rev Participating VRDN Series 2025 XL0621, 2.95% 7/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 11650000 | 11650000 |
| Thomas Jefferson University Participating VRDN Series 2024 XF1769, 2.82% 11/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1300000 | 1300000 |
| Thomas Jefferson University Participating VRDN Series 5077, 2.82% 11/1/2064 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 17400000 | 17400000 |
| TOTAL PENNSYLVANIA |  | 88255370 |
| South Carolina - 0.3%  |  |  |
| Charelston SC Arpt Rev Participating VRDN Series 2025 XF1810, 2.83% 7/1/2054 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3150000 | 3150000 |
| South Carolina Pub Svc Auth Rev Participating VRDN Series 2018 XG0209, 2.83% 12/1/2056 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 5625000 | 5625000 |
| TOTAL SOUTH CAROLINA |  | 8775000 |
| Tennessee - 1.8%  |  |  |
| Metropolitan Nashville Arpt Auth Rev Participating VRDN 2.84% 7/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 1910000 | 1910000 |
| Metropolitan Nashville Arpt Auth Rev Participating VRDN 2.85% 7/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 1965000 | 1965000 |
| Shelby Cnty Tenn Health Edl& Hsg Fac Brd Health Care Rev Participating VRDN Series 2025 BAML5067, 2.83% 9/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c)(e) | 5100000 | 5100000 |
| Sullivan County Health Ed And Hsg Board Participating VRDN 2.93% 9/1/2036 (Liquidity Facility Bank of America, N.A.) (b)(c) | 50000000 | 50000000 |
| TOTAL TENNESSEE |  | 58975000 |
| Texas - 2.2%  |  |  |
| Austin Arpt Sys Rev Participating VRDN Series 2022 YX1199, 2.84% 11/15/2047 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 2400000 | 2400000 |
| Ector Cnty TX Gen. Oblig. Participating VRDN 2.83% 2/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3885000 | 3885000 |
| Houston Arpt Sys Rev Participating VRDN Series 2025 ZF8025, 2.84% 7/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 3750000 | 3750000 |
| Houston Arpt Sys Rev Participating VRDN Series 2025 ZF8034, 2.84% 7/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 3080000 | 3080000 |
| Lamar TX Isd Participating VRDN Series 2023 XM1103, 2.95% 2/15/2058 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4700000 | 4700000 |
| Lamar TX Isd Participating VRDN Series 2025 XF3446, 2.84% 2/15/2058 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2800000 | 2800000 |
| Las Varas TX Multi Fam Hsg Auth Participating VRDN Series 2024 MIZ9171, 3% 9/26/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 4400000 | 4400000 |
| Los Angeles CA Multi Fam Mtg Rev Participating VRDN Series 2024 MIZ9195, 2.89% 7/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 5300000 | 5300000 |
| Mansfield TX Indpt Sch Dist Participating VRDN Series 2025 XL0681, 2.95% 2/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4685000 | 4685000 |
| Mansfield TX Indpt Sch Dist Participating VRDN Series 2025 XM1311, 2.95% 2/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 6535000 | 6535000 |
| North Ft Bend Wtr Auth Tex Wtrsys Rev Participating VRDN Series 2023 XL0422, 2.9% 12/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 600000 | 600000 |
| San Antonio TX Elec & Gas Rev Participating VRDN 2.95% 2/1/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3660000 | 3660000 |
| Texas Gas Acq & Sply Rev Participating VRDN Series 2025 XM1232, 2.84% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 500000 | 500000 |
| Texas Muni Gas Acquisition & Supply Corp Participating VRDN Series 2023 XM1154, 2.84% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2175000 | 2175000 |
| Texas Private Activity Bond Surface Trans Corp Participating VRDN 2.85% 12/31/2058 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3300000 | 3300000 |
| Texas State Gen. Oblig. Participating VRDN Series 2025 CF7041, 2.84% 8/1/2037 (Liquidity Facility Citibank NA) (b)(c)(d) | 9810000 | 9810000 |
| Travis TX Hog Eye Apts Participating VRDN Series 2024 MIZ9197, 3% 2/1/2068 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 8200000 | 8200000 |
| Tuloso Midway TX Indpt Sch Dst Participating VRDN 2.95% 8/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4500000 | 4500000 |
| TOTAL TEXAS |  | 74280000 |
| Utah - 0.5%  |  |  |
| Salt Lake City Arpt Rev Participating VRDN 2.83% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 1000000 | 1000000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2023 XF1550, 2.87% 7/1/2047 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 3975000 | 3975000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2023 XL0457, 2.83% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 2615000 | 2615000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2023 XL0459, 2.83% 7/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3490000 | 3490000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2023 XM1146, 2.84% 7/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 2500000 | 2500000 |
| Salt Lake City Arpt. Rev Participating VRDN Series 2025 XL0577, 2.84% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 1700000 | 1700000 |
| TOTAL UTAH |  | 15280000 |
| Virginia - 1.4%  |  |  |
| Chesapeake Bay Bridge And Tunnel District Gen Rev Participating VRDN 2.83% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3500000 | 3500000 |
| Norfolk Econ Dev Health Care Facs Participating VRDN 2.83% 11/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3000000 | 3000000 |
| Suffolk Econ Dev Auth Hosp Facs Rev Participating VRDN Series 2020 MIZ9025, 2.89% 11/1/2035 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 32710000 | 32710000 |
| Virginia Small Bus Fing Auth Participating VRDN Series 2024 XF3217, 2.84% 12/31/2056 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 2610000 | 2610000 |
| Virginia Small Business Fing Auth Healthcare Facs Rev Participating VRDN 3% 12/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3700000 | 3700000 |
| TOTAL VIRGINIA |  | 45520000 |
| Washington - 1.2%  |  |  |
| Port Seattle WA Rev Participating VRDN 2.85% 5/1/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2585000 | 2585000 |
| Port Seattle WA Rev Participating VRDN Series 2020 XM0875, 2.85% 4/1/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2970000 | 2970000 |
| Port Seattle WA Rev Participating VRDN Series 2022 XM1027, 2.85% 8/1/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 4500000 | 4500000 |
| Port Seattle WA Rev Participating VRDN Series 2022 YX1241, 2.83% 8/1/2040 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 1430000 | 1430000 |
| Port Seattle WA Rev Participating VRDN Series 2023 XF1599, 2.85% 5/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2605000 | 2605000 |
| Port Seattle WA Rev Participating VRDN Series 2025 XL0647, 3% 7/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 3495000 | 3495000 |
| Port Seattle WA Rev Participating VRDN Series 2025 XL0648, 3% 8/1/2046 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 2300000 | 2300000 |
| Port Seattle WA Rev Participating VRDN Series 2025 ZF3364, 2.84% 8/1/2046 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2070000 | 2070000 |
| Port Seattle WA Rev Participating VRDN Series 2025 ZF3400, 2.84% 7/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2200000 | 2200000 |
| Port Seattle WA Rev Participating VRDN Series 2025 ZF3455, 2.84% 10/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 3740000 | 3740000 |
| Port Seattle WA Rev Participating VRDN Series 2025 ZF8067, 2.85% 7/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 1600000 | 1600000 |
| Seattle WA Mun Lt & Pwr Rev Participating VRDN Series 2023 XL0482, 2.95% 7/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4365000 | 4365000 |
| Washington Convention Ctr Pub Facs Participating VRDN Series 2020 XG0287, 2.83% 7/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4185000 | 4185000 |
| Washington Convention Ctr Pub Facs Participating VRDN Series 2022 XX1238, 2.83% 7/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1500000 | 1500000 |
| TOTAL WASHINGTON |  | 39545000 |
| Wisconsin - 2.1%  |  |  |
| Wisconsin Health & Edl Facilities Auth Rev Participating VRDN 2.99% 2/15/2040 (Liquidity Facility Bank of America, N.A.) (b)(c) | 30675000 | 30675000 |
| Wisconsin Health & Educational Facilities Authority Participating VRDN Series 5082, 2.95% 8/15/2054 (Liquidity Facility JP Morgan Securities LLC) (b)(c) | 18980000 | 18980000 |
| Wisconsin Pub Fin Auth Toll Rev Participating VRDN Series 2025 XF8022, 2.89% 12/31/2065 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 10800000 | 10800000 |
| Wisconsin Pub Fin Auth Toll Rev Participating VRDN Series 2025 XL0680, 2.89% 12/31/2065 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 7800000 | 7800000 |
| Wisconsin Pub Fin Auth Toll Rev Participating VRDN Series 2025 XL0682, 2.89% 12/31/2065 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 1600000 | 1600000 |
| TOTAL WISCONSIN |  | 69855000 |
| <br> **TOTAL TENDER OPTION BOND**<br> (Cost $951,497,370) |  | <br> **951497370** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Variable Rate Demand Note - 71.4%** | &nbsp;&nbsp;**Variable Rate Demand Note - 71.4%** | &nbsp;&nbsp;**Variable Rate Demand Note - 71.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 3.1%  |  |  |
| Columbia AL Indl Dev Brd Pcr (Alabama Power & Light Proj.) Series 2014B, 2.9% 12/1/2037 VRDN (b) | 2800000 | 2800000 |
| Mobile AL Indl Dev Brd Rev (Alabama Power & Light Proj.) 2.95% 9/1/2031 VRDN (b)(d) | 5150000 | 5150000 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) 2.95% 12/1/2036 VRDN (b)(d) | 2700000 | 2700000 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) Series FIRST 2023, 2.95% 8/1/2063 VRDN (b)(d) | 66280000 | 66280000 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) Series SECOND 2023, 0% 8/1/2063 VRDN (b)(d) | 10100000 | 10100000 |
| West Jefferson Ala Indl Dev Brd Solid Waste Disp Rev (Alabama Power & Light Proj.) 2.95% 12/1/2038 VRDN (b)(d) | 8800000 | 8800000 |
| West Jefferson Ala Indl Dev Brd Solid Waste Disp Rev (Alabama Power & Light Proj.) Series 2023, 3.15% 8/1/2063 VRDN (b)(d) | 8900000 | 8900000 |
| TOTAL ALABAMA |  | 104730000 |
| Alaska - 1.2%  |  |  |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 2.95% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (b) | 19000000 | 19000000 |
| Valdez Alaska Marine Term Rev (Exxon Pipeline Co Proj.) 2.85% 12/1/2033 (Exxon Mobil Corp Guaranteed) VRDN (b) | 17190000 | 17190000 |
| Valdez Alaska Marine Term Rev (Exxon Pipeline Co Proj.) 2.85% 12/1/2033 (Exxon Mobil Corp Guaranteed) VRDN (b) | 3600000 | 3600000 |
| TOTAL ALASKA |  | 39790000 |
| Arizona - 1.0%  |  |  |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) Series 2019 A, 2.85% 2/1/2048, LOC TD Bank NA VRDN (b) | 1200000 | 1200000 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) Series 2019B, 2.85% 2/1/2048, LOC TD Bank NA VRDN (b) | 23400000 | 23400000 |
| Maricopa Cnty AZ Ida ID Rev (Clayton Homes Inc Proj.) 2.93% 8/1/2028, LOC US Bank NA/Cincinnati OH VRDN (b)(d) | 1900000 | 1900000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3% 5/1/2029 VRDN (b) | 4900000 | 4900000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) Series 2009 A, 3% 5/1/2029 VRDN (b) | 2700000 | 2700000 |
| TOTAL ARIZONA |  | 34100000 |
| Arkansas - 0.0%  |  |  |
| Blytheville AR Indl Dev Rev (Nucor Corp Proj.) 3.1% 1/2/2033 VRDN (b)(d) | 1000000 | 1000000 |
| Blytheville AR Indl Dev Rev (Nucor Corp Proj.) 3.1% 6/1/2028 VRDN (b)(d) | 100000 | 100000 |
| TOTAL ARKANSAS |  | 1100000 |
| Colorado - 2.8%  |  |  |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) 2.8% 5/15/2064 VRDN (b) | 40200000 | 40200000 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022 E, 2.8% 5/15/2062 VRDN (b) | 31850000 | 31850000 |
| University of Colorado Hospital Authority Series 2018B, 2.85% 11/15/2035 VRDN (b) | 21250000 | 21250000 |
| TOTAL COLORADO |  | 93300000 |
| Delaware - 0.8%  |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 3.22% 10/1/2029 VRDN (b)(d) | 28200000 | 28200000 |
| District Of Columbia - 0.2%  |  |  |
| District Columbia Rev (Childrens National Med Ctr, Dc Proj.) Series 2025, 2.83% 7/15/2049, LOC Truist Bank VRDN (b) | 7300000 | 7300000 |
| Florida - 5.2%  |  |  |
| Bay Cny Fla Pcr (Florida Pwr & Lt Co Proj.) Series 2020, 2.95% 6/1/2050 VRDN (b)(d) | 22300000 | 22300000 |
| Broward Cnty FL Idr (Florida Pwr & Lt Co Proj.) Series 2015, 2.95% 6/1/2045 VRDN (b)(d) | 13500000 | 13500000 |
| Broward Cnty FL Idr (Florida Pwr & Lt Co Proj.) Series 2018 A, 2.9% 12/1/2048 VRDN (b)(d) | 2800000 | 2800000 |
| Broward Cnty FL Idr (Florida Pwr & Lt Co Proj.) Series 2018 B, 2.9% 12/1/2048 VRDN (b)(d) | 3100000 | 3100000 |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series 2ND, 3% 4/1/2039 VRDN (b) | 10000000 | 10000000 |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series FIRST 2009, 2.8% 4/1/2039 VRDN (b) | 9200000 | 9200000 |
| FL Pcr Power And Light (Florida Pwr & Lt Co Proj.) 3% 5/1/2029 VRDN (b) | 5600000 | 5600000 |
| Florida Hsg Fin Corp Mltfmy Rv (Hunters Run Partners Ii, Ltd Lp Proj.) 2.87% 6/15/2036, LOC Fannie Mae VRDN (b)(d) | 4225000 | 4225000 |
| Highlands County Health Facilities Authority (Advent Health Proj.) Series 2021 D 2, 2.9% 11/15/2055 VRDN (b) | 23900000 | 23900000 |
| Hillsborough Cnty FL Hfa Rev (Claymore Housing Ltd Proj.) 2.82% 12/15/2038, LOC Citibank NA VRDN (b)(d) | 8195000 | 8195000 |
| Hillsborough Cnty FL Hfa Rev (Grande Oaks Llc Proj.) 2.85% 2/15/2037, LOC Fannie Mae VRDN (b)(d) | 730000 | 730000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) Series 2024 G, 2.7% 11/15/2044 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 7300000 | 7300000 |
| Lee Cnty FL Indl DevAuth Rev (Florida Pwr & Lt Co Proj.) Series 2016 A, 2.95% 12/1/2046 VRDN (b)(d) | 5100000 | 5100000 |
| Lee Cnty FL Indl DevAuth Rev (Florida Pwr & Lt Co Proj.) Series 2016 B, 3.1% 12/1/2046 VRDN (b)(d) | 4100000 | 4100000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2021, 2.85% 5/1/2046 VRDN (b)(d) | 5700000 | 5700000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2024A, 2.95% 5/1/2054 VRDN (b)(d) | 13700000 | 13700000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2024B, 2.95% 5/1/2054 VRDN (b)(d) | 16350000 | 16350000 |
| Orange Cnty FL Health Facs (Nemours Foundation Proj.) Series 2009B, 2.81% 1/1/2039, LOC TD Bank NA VRDN (b) | 15070000 | 15070000 |
| TOTAL FLORIDA |  | 170870000 |
| Georgia - 2.0%  |  |  |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 2.95% 11/1/2062 VRDN (b)(d) | 21785000 | 21785000 |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 3% 11/1/2062 VRDN (b)(d) | 10950000 | 10950000 |
| Heard Cnty GA Dev Auth Poll Cont Rev (Georgia Power Co Proj.) 2.9% 12/1/2037 VRDN (b)(d) | 14500000 | 14500000 |
| Monroe Cnty GA Dev Auth Rev (Florida Pwr & Lt Co Proj.) Series 2017, 3% 11/1/2047 VRDN (b)(d) | 6200000 | 6200000 |
| Monroe Cnty GA Dev Auth Rev (Florida Pwr & Lt Co Proj.) Series 2019, 2.95% 6/1/2049 VRDN (b)(d) | 13040000 | 13040000 |
| TOTAL GEORGIA |  | 66475000 |
| Illinois - 1.3%  |  |  |
| Chicago IL Midway Arpt Rev Series 2014 C, 2.86% 1/1/2044, LOC PNC Bank NA VRDN (b)(d) | 4300000 | 4300000 |
| Chicago IL O'Hare Intl Arpt Rev Spl (Deutsche Lufthansa A G Proj.) 2.88% 5/1/2035, LOC Bayerische Landesbank VRDN (b)(d) | 6000000 | 6000000 |
| Illinois Dev Fin Auth Rev (Glenwood School For Boys, Il Proj.) 3.07% 2/1/2033, LOC Northern Trust CO Chicago VRDN (b) | 1900000 | 1900000 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2018 C, 3% 11/15/2037, LOC PNC Bank NA VRDN (b) | 4000000 | 4000000 |
| Will Cnty IL Exempt Facs Rev (Exxon Capital Ventures Inc Proj.) 2.93% 4/1/2026 (Exxon Mobil Corp Guaranteed) VRDN (b)(d) | 26815000 | 26815000 |
| TOTAL ILLINOIS |  | 43015000 |
| Indiana - 1.8%  |  |  |
| Hammond Ind Sew&Sd Wst Dsp Rev (Cargill Inc Proj.) 2.83% 12/1/2029 VRDN (b)(d) | 33700000 | 33700000 |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) 2.85% 11/1/2037, LOC Barclays Bank PLC VRDN (b) | 7825000 | 7825000 |
| Indiana Fin Auth Hosp Rev (Parkview Health System Proj.) 2.85% 11/1/2039, LOC TD Bank NA VRDN (b) | 17500000 | 17500000 |
| Indiana St Dev Fin Auth Envr Rev (Duke Energy Ind Inc Proj.) 2.92% 12/1/2038 VRDN (b)(d) | 1050000 | 1050000 |
| TOTAL INDIANA |  | 60075000 |
| Iowa - 2.2%  |  |  |
| Iowa Fin Auth Health Facs Rev (Unitypoint Health Proj.) Series 2013B 2, 2.85% 2/15/2039, LOC TD Bank NA VRDN (b) | 9875000 | 9875000 |
| Iowa Fin Auth Pollutn Ctl Fac Rev (Midamerican Energy Co Proj.) Series 2016A, 2.85% 9/1/2036 VRDN (b) | 1200000 | 1200000 |
| Iowa Fin Auth Sld Disp Wst Rev (Chevron Usa Inc Proj.) 2.9% 8/1/2054 (Chevron Corp Guaranteed) VRDN (b)(d) | 25800000 | 25800000 |
| Iowa Fin Auth Solid Waste Facs Rev (Midamerican Energy Co Proj.) 2.85% 12/1/2047 VRDN (b)(d) | 36530000 | 36530000 |
| TOTAL IOWA |  | 73405000 |
| Kansas - 0.5%  |  |  |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.9% 9/1/2035 VRDN (b) | 3300000 | 3300000 |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.9% 9/1/2035 VRDN (b) | 1000000 | 1000000 |
| LA Cygne KS Pollution Ctl Rev (Evergy Kansas South Proj.) 2.85% 4/15/2027 VRDN (b) | 400000 | 400000 |
| St Marys Kans Pollutn Ctl Rev (Evergy Kansas South Proj.) 2.85% 4/15/2032 VRDN (b) | 4100000 | 4100000 |
| University Kansas Hosp Auth Hlth Fac Rev 2.85% 9/1/2034, LOC US Bank NA/Cincinnati OH VRDN (b) | 7200000 | 7200000 |
| Wamego Kansas Pcr (Evergy Kansas South Proj.) 2.85% 4/15/2032 VRDN (b) | 200000 | 200000 |
| TOTAL KANSAS |  | 16200000 |
| Kentucky - 2.4%  |  |  |
| Kentucky Bond Development Corp (Baptist Health Obligated Group Proj.) Series 2025 B, 2.88% 8/15/2055, LOC Truist Bank VRDN (b) | 7700000 | 7700000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023C, 2.88% 10/1/2053, LOC Truist Bank VRDN (b) | 4505000 | 4505000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023D, 2.88% 10/1/2053, LOC Truist Bank VRDN (b) | 4400000 | 4400000 |
| Louisville KY Regl Arpt Auth Spl Facs Rev (United Parcel Service Inc Proj.) 2.9% 11/1/2036 VRDN (b)(d) | 42600000 | 42600000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 3.35% 7/1/2060 VRDN (b)(d) | 10560000 | 10560000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 B 1, 3.35% 7/1/2060 VRDN (b)(d) | 4500000 | 4500000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2021 A 1, 3.35% 8/1/2061 VRDN (b)(d) | 6775000 | 6775000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2021B 1, 3.4% 8/1/2061 VRDN (b)(d) | 200000 | 200000 |
| TOTAL KENTUCKY |  | 81240000 |
| Louisiana - 3.8%  |  |  |
| East Baton Rouge Parish LA Inc Indl Dev Brd Rev (Exxon Capital Ventures Inc Proj.) 2.87% 8/1/2035 (Exxon Mobil Corp Guaranteed) VRDN (b) | 14255000 | 14255000 |
| Louisiana Pub Facs Auth Recycling Fac Rev (Chevron Usa Inc Proj.) Series 2024, 2.9% 5/1/2054 (Chevron Corp Guaranteed) VRDN (b)(d) | 35000000 | 35000000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.75% 12/1/2037 VRDN (b)(d) | 14000000 | 14000000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.75% 12/1/2038 VRDN (b)(d) | 18650000 | 18650000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.87% 8/1/2043 VRDN (b) | 5800000 | 5800000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.9% 5/1/2042 VRDN (b) | 7600000 | 7600000 |
| Louisiana St Gas & Fuel Tax Rv 2.85% 5/1/2043, LOC Toronto-Dominion Bank/NY VRDN (b) | 13895000 | 13895000 |
| Louisiana St Gas & Fuel Tax Rv 2.85% 5/1/2043, LOC Toronto-Dominion Bank/NY VRDN (b) | 1265000 | 1265000 |
| St Bernard Parish LA Exempt Fa C Rev (Exxon Mobil Corp Proj.) 2.93% 11/1/2026 VRDN (b)(d) | 15500000 | 15500000 |
| TOTAL LOUISIANA |  | 125965000 |
| Maryland - 0.4%  |  |  |
| Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health Sys Corp Proj.) 2.8% 6/1/2048, LOC TD Bank NA VRDN (b) | 7700000 | 7700000 |
| Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health Sys Corp Proj.) 2.8% 6/1/2048, LOC TD Bank NA VRDN (b) | 6245000 | 6245000 |
| TOTAL MARYLAND |  | 13945000 |
| Michigan - 1.4%  |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev (Kroger Co Proj.) 2.83% 1/1/2026, LOC Bank of Nova Scotia NY Brh VRDN (b) | 2100000 | 2100000 |
| Michigan Strategic Fund (Chevron Usa Inc Proj.) Series 2024, 2.9% 11/1/2054 (Chevron Corp Guaranteed) VRDN (b)(d) | 43800000 | 43800000 |
| TOTAL MICHIGAN |  | 45900000 |
| Minnesota - 0.2%  |  |  |
| Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2018 C, 2.9% 11/15/2048, LOC Bank of America NA VRDN (b) | 6500000 | 6500000 |
| Mississippi - 2.1%  |  |  |
| Mississippi Bus Fin Corp Rev (Mississippi Power Co Proj.) Series 1999, 2.95% 12/1/2027 VRDN (b)(d) | 3700000 | 3700000 |
| Mississippi Bus Fin Corp Sld Wst Disp Rev (Waste Management Inc Del Proj.) 3.05% 7/1/2028, LOC Bank of America NA VRDN (b)(d) | 10000000 | 10000000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Corp New Proj.) 2.9% 11/1/2035 VRDN (b) | 3770000 | 3770000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Corp New Proj.) 2.9% 11/1/2035 VRDN (b) | 3600000 | 3600000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Usa Inc Proj.) 2.85% 12/1/2030 (Chevron Corp Guaranteed) VRDN (b) | 17200000 | 17200000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Usa Inc Proj.) 2.85% 12/1/2030 (Chevron Corp Guaranteed) VRDN (b) | 8150000 | 8150000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Usa Inc Proj.) 2.9% 12/1/2030 (Chevron Corp Guaranteed) VRDN (b) | 12455000 | 12455000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Usa Inc Proj.) 2.9% 12/1/2030 (Chevron Corp Guaranteed) VRDN (b) | 10480000 | 10480000 |
| Mississippi Dev Bank Spl Oblig (Jackson Cnty Ms Port Fac Rev Proj.) 2.9% 12/1/2039 (Chevron Corp Guaranteed) VRDN (b) | 1020000 | 1020000 |
| TOTAL MISSISSIPPI |  | 70375000 |
| Nebraska - 2.4%  |  |  |
| County of Washington NE (Cargill Inc Proj.) Series 2012, 2.86% 9/1/2030 VRDN (b)(d) | 5170000 | 5170000 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2013F, 2.95% 3/1/2038 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (b)(d) | 10815000 | 10815000 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2014B, 2.95% 9/1/2038 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (b)(d) | 11850000 | 11850000 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2015B, 2.95% 9/1/2038 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (b)(d) | 13975000 | 13975000 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2016B, 2.95% 9/1/2032 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (b)(d) | 6715000 | 6715000 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2016D, 2.95% 9/1/2032 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (b)(d) | 6770000 | 6770000 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2018 B, 2.95% 3/1/2048 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (b)(d) | 12000000 | 12000000 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2018 D, 2.95% 9/1/2048 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (b)(d) | 14115000 | 14115000 |
| TOTAL NEBRASKA |  | 81410000 |
| Nevada - 0.7%  |  |  |
| Clark Cnty NV Indl Dev Rev (Southwest Gas Corp Proj.) Series 2008 A, 2.8% 3/1/2038, LOC MUFG Bank Ltd/New York NY VRDN (b)(d) | 24900000 | 24900000 |
| New York - 13.9%  |  |  |
| City of New York NY Gen. Oblig. 2.85% 5/1/2052 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 26400000 | 26400000 |
| City of New York NY Gen. Oblig. Series 2013 A 3, 2.85% 10/1/2040 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 21000000 | 21000000 |
| City of New York NY Gen. Oblig. Series 2013 SUB A 2, 2.85% 10/1/2038 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 4865000 | 4865000 |
| City of New York NY Gen. Oblig. Series 2014 D 4, 2.85% 8/1/2040, LOC TD Bank NA VRDN (b) | 11590000 | 11590000 |
| City of New York NY Gen. Oblig. Series B 4, 2.85% 10/1/2046 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 1120000 | 1120000 |
| City of New York NY Gen. Oblig. Series B 5, 2.85% 10/1/2046 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 5950000 | 5950000 |
| City of New York NY Gen. Oblig. Series FISCAL 2014I SUB I 3, 2.9% 3/1/2044 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 5300000 | 5300000 |
| 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) | 6100000 | 6100000 |
| City of New York NY Gen. Oblig. Series FISCAL 2023A SUB A 3, 2.85% 9/1/2049 (Liquidity Facility Bank of Montreal/Chicago IL) VRDN (b) | 10600000 | 10600000 |
| City of New York NY Gen. Oblig. Series FISCAL 2023A SUB A 4, 2.85% 9/1/2049 (Liquidity Facility Toronto Dominion Bank) VRDN (b) | 32065000 | 32065000 |
| City of New York NY Gen. Oblig. Series G 3, 2.85% 2/1/2055 (Liquidity Facility TD Bank NA) VRDN (b) | 17150000 | 17150000 |
| Metropolitan Transn Auth NY Rv 2.85% 11/1/2030, LOC Bank of America NA VRDN (b) | 3100000 | 3100000 |
| Metropolitan Transn Auth NY Rv 2.85% 11/1/2035, LOC Bank of America NA VRDN (b) | 5100000 | 5100000 |
| Metropolitan Transn Auth NY Rv Series SUB 2002D 2B, 2.9% 11/1/2032, LOC Truist Bank VRDN (b) | 16100000 | 16100000 |
| Metropolitan Transn Auth NY Rv Series SUB 2012G 3, 2.85% 11/1/2031, LOC Royal Bank of Canada/New York NY VRDN (b) | 24690000 | 24690000 |
| New York NY City Indl Dev Agy (Various Capital Projects) 2.85% 5/1/2033, LOC Bank of America NA VRDN (b) | 3025000 | 3025000 |
| New York NY City Transitional Fin Auth Rev Series A 4, 2.85% 8/1/2043 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 3680000 | 3680000 |
| New York NY City Transitional Fin Auth Rev Series A-3, 2.86% 8/1/2043 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 30740000 | 30740000 |
| New York NY City Transitional Fin Auth Rev Series D 3, 2.85% 2/1/2044 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 2900000 | 2900000 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2019 C 4, 2.85% 11/1/2044 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 1545000 | 1545000 |
| New York NY Cty Hsg Dev Corp Multifamily Rev (Glenwood Management Proj.) 2.78% 6/15/2029, LOC Fannie Mae VRDN (b)(d) | 100000 | 100000 |
| New York NY Cty Muni Wtr Fin Auth 2.8% 6/15/2038 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 22045000 | 22045000 |
| New York NY Cty Muni Wtr Fin Auth 2.8% 6/15/2039 (Liquidity Facility UBS AG/Stamford CT) VRDN (b) | 5900000 | 5900000 |
| New York NY Cty Muni Wtr Fin Auth 2.85% 6/15/2039 (Liquidity Facility UBS AG/Stamford CT) VRDN (b) | 32605000 | 32605000 |
| New York NY Cty Muni Wtr Fin Auth 2.85% 6/15/2043 (Liquidity Facility TD Bank NA) VRDN (b) | 8585000 | 8585000 |
| New York NY Cty Muni Wtr Fin Auth 2.9% 6/15/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 6075000 | 6075000 |
| New York NY Cty Muni Wtr Fin Auth 2.9% 6/15/2043 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 1200000 | 1200000 |
| New York NY Cty Muni Wtr Fin Auth Series 2014 AA 3, 2.85% 6/15/2049 (Liquidity Facility TD Bank NA) VRDN (b) | 8925000 | 8925000 |
| New York NY Cty Muni Wtr Fin Auth Series 2015 BB 2, 2.85% 6/15/2049 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 7280000 | 7280000 |
| New York NY Cty Muni Wtr Fin Auth Series 2015 BB 4, 2.85% 6/15/2050 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 4200000 | 4200000 |
| New York NY Cty Muni Wtr Fin Auth Series AA 5, 2.85% 6/15/2048 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 8695000 | 8695000 |
| New York NY Cty Muni Wtr Fin Auth Series BB 1, 2.85% 6/15/2049 (Liquidity Facility Bank of America NA) VRDN (b) | 1600000 | 1600000 |
| New York NY Cty Muni Wtr Fin Auth Series BB 1A, 2.9% 6/15/2049 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 7025000 | 7025000 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2021 SUB EE 1, 2.9% 6/15/2045 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 5150000 | 5150000 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2021 SUB EE2, 2.9% 6/15/2045 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 2075000 | 2075000 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2023 CC, 2.85% 6/15/2053 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 1310000 | 1310000 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2025 SUB EE 1, 2.85% 6/15/2055 (Liquidity Facility TD Bank NA) VRDN (b) | 11285000 | 11285000 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2025 SUB EE 2, 2.84% 6/15/2055 (Liquidity Facility Bank of New York Mellon) VRDN (b) | 5900000 | 5900000 |
| New York St Hsg Fin Agy Rev (Penmark Realty Corp Proj.) 2.95% 11/1/2034, LOC Landesbank Hessen-Thueringen Girozentrale VRDN (b)(d) | 48700000 | 48700000 |
| New York St Hsg Fin Agy Rev (Penmark Realty Corp Proj.) 2.95% 11/1/2034, LOC Landesbank Hessen-Thueringen Girozentrale VRDN (b)(d) | 7130000 | 7130000 |
| New York St Hsg Fin Agy Rev (Silverstein Properties Inc Proj.) 2.8% 5/15/2041, LOC Fannie Mae VRDN (b)(d) | 15100000 | 15100000 |
| New York St Hsg Fin Agy Rev (Various Capital Projects) Series 2014A, 2.9% 11/1/2046, LOC Landesbank Hess-Thurngn (Ungtd) NY Br VRDN (b) | 8380000 | 8380000 |
| Triborough Brdg & Tunl NY Revs Series 2005B 4A, 2.85% 1/1/2032, LOC TD Bank NA VRDN (b) | 9020000 | 9020000 |
| Triborough Brdg & Tunl NY Revs Series SUB 2005B3, 2.85% 1/1/2032, LOC Bank of America NA VRDN (b) | 1100000 | 1100000 |
| TOTAL NEW YORK |  | 462405000 |
| North Carolina - 2.3%  |  |  |
| Atrium Health (Carolinas Healthcare System Proj.) 2.85% 1/15/2044, LOC TD Bank NA VRDN (b) | 12055000 | 12055000 |
| Cumberland Cnty NC Indl Facs & Pollution Ctl Fing Auth Exempt Facs Rev (Cargill Inc Proj.) Series 2022, 2.83% 8/1/2052 VRDN (b)(d) | 2900000 | 2900000 |
| Hertford Cnty NC Indl Facs & Pollutn Ctl Fing Auth Indl Dev Rev (Nucor Corp Proj.) 3.1% 11/1/2033 VRDN (b)(d) | 50000 | 50000 |
| Lower Cape Fear N C Wtr & Swr Auth Spl Fac Rev (Smithfield Foods Proj.) 2.89% 12/1/2034, LOC Cooperatieve Rabobank UA/NY VRDN (b) | 1400000 | 1400000 |
| North Carolina Housing Finance Agency (NC Homeownership Proj.) Series 55 B, 2.85% 1/1/2050 (Liquidity Facility TD Bank NA) VRDN (b) | 31500000 | 31500000 |
| North Carolina Hsg Fin Agy (NC Homeownership Proj.) Series 59 B, 2.85% 1/1/2057 (Liquidity Facility Royal Bank of Canada) VRDN (b) | 23100000 | 23100000 |
| North Carolina Med Care Commn Health Care Facs Rev (Firsthealth Of Carolinas Proj.) Series 2017C, 2.88% 10/1/2039, LOC Truist Bank VRDN (b) | 3400000 | 3400000 |
| North Carolina Med Care Commn Health Care Facs Rev (Firsthealth Of Carolinas Proj.) Series 2017D, 2.88% 10/1/2032, LOC Truist Bank VRDN (b) | 3500000 | 3500000 |
| TOTAL NORTH CAROLINA |  | 77905000 |
| Ohio - 2.5%  |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Healthcare System Proj.) 2.9% 6/1/2034, LOC Truist Bank VRDN (b) | 1195000 | 1195000 |
| Cuyahoga Cnty OH Hlth Care Fac (The A.M. Mcgregor Home Proj.) Series 2014, 2.84% 5/1/2049, LOC Northern Trust CO Chicago VRDN (b) | 1800000 | 1800000 |
| Franklin Cnty Ohio Hosp Rev (Ohiohealth Corporation Proj.) 2.75% 7/1/2029, LOC Northern Trust CO Chicago VRDN (b) | 100000 | 100000 |
| Hamilton Cnty OH Hosp Facs Rev (Childrens Hosp Med Ctr Cinn,Oh Proj.) Series 2018AA, 2.89% 5/15/2037 VRDN (b) | 4700000 | 4700000 |
| Ohio St Adult Correctional Cap Facs (Ohio St Proj.) Series 2019 C, 2.95% 10/1/2039 VRDN (b) | 45000000 | 45000000 |
| Ohio St Higher Ed Fac Comm (Cleveland Clinic Foundtn (The) Proj.) 2.85% 1/1/2043 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 19810000 | 19810000 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) 2.85% 1/15/2046, LOC Royal Bank of Canada/New York NY VRDN (b) | 5500000 | 5500000 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series I, 2.75% 3/1/2036 (Liquidity Facility TD Bank NA) VRDN (b)(d) | 4065000 | 4065000 |
| State of Ohio 2.65% 10/1/2045 VRDN (b) | 1800000 | 1800000 |
| TOTAL OHIO |  | 83970000 |
| Oregon - 0.2%  |  |  |
| Oregon St Facs Auth Rev (Peacehealth (Hlth Sys),Wa Proj.) Series 2018 B, 2.85% 8/1/2034, LOC TD Bank NA VRDN (b) | 6900000 | 6900000 |
| Pennsylvania - 0.4%  |  |  |
| Lancaster PA Indl Dev Auth Rev (Willow Valley Retirement Communities Proj.) 2.88% 12/1/2039, LOC PNC Bank NA VRDN (b) | 5270000 | 5270000 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) Series 2024D1, 2.85% 11/1/2061, LOC Bank of America NA VRDN (b) | 7300000 | 7300000 |
| TOTAL PENNSYLVANIA |  | 12570000 |
| South Carolina - 0.8%  |  |  |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 3.3% 3/1/2029 VRDN (b)(d) | 3625000 | 3625000 |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 3.3% 4/1/2031 VRDN (b)(d) | 2085000 | 2085000 |
| Darlington Cnty SC Indl Dev Re (Nucor Corp Proj.) 3.3% 8/1/2029 VRDN (b)(d) | 2713000 | 2713000 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Prisma Health Proj.) Series 2018B, 2.85% 5/1/2048, LOC TD Bank NA VRDN (b) | 5580000 | 5580000 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Prisma Health Proj.) Series 2018C, 2.85% 5/1/2048, LOC TD Bank NA VRDN (b) | 14075000 | 14075000 |
| TOTAL SOUTH CAROLINA |  | 28078000 |
| Tennessee - 0.9%  |  |  |
| Clarksville TN Public Bldg Ath (Tennessee Muni Bond Fund Proj.) 2.93% 1/1/2033, LOC Bank of America NA VRDN (b) | 1500000 | 1500000 |
| Clarksville TN Public Bldg Ath (Tennessee Muni Bond Fund Proj.) 2.93% 11/1/2035, LOC Bank of America NA VRDN (b) | 9965000 | 9965000 |
| Clarksville TN Public Bldg Ath (Tennessee Muni Bond Fund Proj.) 2.93% 2/1/2038, LOC Bank of America NA VRDN (b) | 9445000 | 9445000 |
| Industrial Dev Brd Blount Cnty & Cities Alcoa & Maryville Tenn (Alcoa Tn Proj.) 3.05% 6/1/2036, LOC Truist Bank VRDN (b) | 1970000 | 1970000 |
| Loudon CO TN Idb Exmpt Fac Rv (Kimberly-Clark Corp Proj.) 2.95% 11/1/2034 VRDN (b)(d) | 1000000 | 1000000 |
| Montgomery Cnty TN Pub Bldg Au 2.9% 2/1/2036, LOC Bank of America NA VRDN (b) | 4715000 | 4715000 |
| TOTAL TENNESSEE |  | 28595000 |
| Texas - 10.8%  |  |  |
| Calhoun Cnty Tex Nav Dist Environmental Facs Rev (Formosa Plastics Corp Proj.) 2.9% 5/1/2034, LOC Citibank NA VRDN (b)(d) | 5000000 | 5000000 |
| Calhoun Cnty TX Nav Dist Pol (Formosa Plastics Corp Texas Proj.) 2.9% 9/1/2032, LOC Citibank NA VRDN (b)(d) | 10000000 | 10000000 |
| Calhoun Port Auth TX Environmental Facs Rev (Formosa Plastics Corp Texas Proj.) 2.83% 11/1/2037, LOC PNC Bank NA VRDN (b)(d) | 11330000 | 11330000 |
| Calhoun Port Auth TX Environmental Facs Rev (Formosa Plastics Corp Texas Proj.) 2.83% 11/1/2038, LOC Bank of America NA VRDN (b)(d) | 4400000 | 4400000 |
| Dallas-Fort Worth Intl Arpt TX (United Parcel Service Inc Proj.) 2.88% 5/1/2032 VRDN (b)(d) | 29050000 | 29050000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025 A, 2.8% 12/1/2060 (Liquidity Facility Bank of America NA) VRDN (b) | 23140000 | 23140000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025 D, 2.85% 12/1/2060 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 45490000 | 45490000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025 E, 2.85% 12/1/2060 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 46055000 | 46055000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025G, 2.85% 12/1/2060 (Liquidity Facility PNC Bank NA) VRDN (b) | 23000000 | 23000000 |
| Harris Cnty TX Health Facs Rev (Methodist Healthcare Sys, Tx Proj.) 2.85% 12/1/2041 VRDN (b) | 7235000 | 7235000 |
| Harris Cnty TX Health Facs Rev (Methodist Healthcare Sys, Tx Proj.) 2.85% 12/1/2041 VRDN (b) | 100000 | 100000 |
| Harris Cnty TX Hfc Mfhr (Louetta Village Apartments 45 Lp Proj.) 2.86% 1/15/2038, LOC Fannie Mae VRDN (b)(d) | 4380000 | 4380000 |
| Harris Cnty TX Hosp Dist Rev 2.83% 2/15/2042, LOC JPMorgan Chase Bank NA VRDN (b) | 3800000 | 3800000 |
| Harris Cnty TX Idc Pcr (Exxon Capital Ventures Inc Proj.) 2.93% 8/15/2027 (Exxon Mobil Corp Guaranteed) VRDN (b)(d) | 7400000 | 7400000 |
| Jewett Economic Dev Corp Tex I (Nucor Corp Proj.) 3.1% 8/1/2038 VRDN (b)(d) | 4400000 | 4400000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Capital Ventures Inc Proj.) 2.9% 11/1/2029 (Exxon Mobil Corp Guaranteed) VRDN (b) | 9335000 | 9335000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Capital Ventures Inc Proj.) 2.93% 11/1/2029 (Exxon Mobil Corp Guaranteed) VRDN (b)(d) | 1155000 | 1155000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Capital Ventures Inc Proj.) 2.93% 12/1/2039 (Exxon Mobil Corp Guaranteed) VRDN (b)(d) | 1180000 | 1180000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Capital Ventures Inc Proj.) 2.93% 3/1/2033 (Exxon Mobil Corp Guaranteed) VRDN (b)(d) | 2505000 | 2505000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Mobil Corp Proj.) 2.93% 4/1/2029 VRDN (b)(d) | 16100000 | 16100000 |
| Lower Nchs Vly Ath TX Idcrp Re (Onyx Environmental Svcs Llc Proj.) Series 2003, 2.91% 5/1/2028, LOC Bank of America NA VRDN (b)(d) | 10250000 | 10250000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 2.9% 11/1/2038 (Exxon Mobil Corp Guaranteed) VRDN (b) | 6565000 | 6565000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 2.9% 11/1/2051 (Exxon Mobil Corp Guaranteed) VRDN (b) | 5705000 | 5705000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 2.9% 5/1/2046 (Exxon Mobil Corp Guaranteed) VRDN (b) | 16575000 | 16575000 |
| Port Arthur TX Navigation District (Air Products & Chemicals Inc Proj.) 2.75% 4/1/2036 VRDN (b)(d) | 11000000 | 11000000 |
| Port Arthur TX Navigation District (Air Products & Chemicals Inc Proj.) 2.75% 4/1/2037 VRDN (b)(d) | 22500000 | 22500000 |
| Port Port Arthur TX Nav Dist R (Total Petrochemicals &Refining Sa/Nv Proj.) 2.83% 4/1/2027 (TotalEnergies SE Guaranteed) VRDN (b)(d) | 10000000 | 10000000 |
| Port Port Arthur TX Nav Dist R (Total Petrochemicals &Refining Sa/Nv Proj.) 2.83% 5/1/2035 (TotalEnergies SE Guaranteed) VRDN (b)(d) | 10000000 | 10000000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals Of Dallas Proj.) 2.8% 10/1/2041, LOC TD Bank NA VRDN (b) | 7700000 | 7700000 |
| Texas State Gen. Oblig. 2.8% 12/1/2041 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 1000000 | 1000000 |
| Texas State Gen. Oblig. 2.8% 12/1/2042 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 500000 | 500000 |
| Texas State Gen. Oblig. 2.8% 6/1/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 705000 | 705000 |
| Texas State Gen. Oblig. Series 2017, 2.85% 12/1/2047 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 800000 | 800000 |
| TOTAL TEXAS |  | 358355000 |
| Virginia - 0.6%  |  |  |
| Roanoke VA Economic Dev Auth Hosp Rev (Carilion Health System Proj.) Series 2020C, 2.85% 7/1/2052, LOC TD Bank NA VRDN (b) | 2550000 | 2550000 |
| VA Small Business Fing Auth Hosp Rev (Carilion Health System Proj.) Series 2008 B, 2.85% 7/1/2042, LOC TD Bank NA VRDN (b) | 19025000 | 19025000 |
| TOTAL VIRGINIA |  | 21575000 |
| Washington - 0.6%  |  |  |
| Washington St Hsg Fin Comm Mf (Redm Llc Proj.) 2.88% 7/1/2041, LOC Federal Home Loan Bank of San Francisco VRDN (b)(d) | 19250000 | 19250000 |
| West Virginia - 1.5%  |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) 2.95% 2/1/2036 VRDN (b)(d) | 22400000 | 22400000 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2008 A, 2.85% 2/1/2036 VRDN (b)(d) | 27800000 | 27800000 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Nucor Steel West Virginia Llc Proj.) Series 2025B 1, 3.1% 11/1/2065 (Nucor Corp Guaranteed) VRDN (b)(d) | 1400000 | 1400000 |
| TOTAL WEST VIRGINIA |  | 51600000 |
| Wisconsin - 1.4%  |  |  |
| Green Bay Wis Redev Auth Exempt Fac Redev Rev (Green Bay Wis Pkg Sys Rev Proj.) Series 2019, 2.84% 7/1/2047, LOC Wells Fargo Bank NA VRDN (b)(d)(f) | 21500000 | 21500000 |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2018 C, 2.8% 4/1/2048 (Liquidity Facility BMO Bank NA) VRDN (b) | 19375000 | 19375000 |
| Wisconsin Health & Educational Facilities Authority (Sanford Health, Sd Proj.) Series 2018 A, 2.85% 2/15/2050, LOC Barclays Bank PLC VRDN (b) | 6415000 | 6415000 |
| TOTAL WISCONSIN |  | 47290000 |
| <br> **TOTAL VARIABLE RATE DEMAND NOTE**<br> (Cost $2,387,288,000) |  | <br> **2387288000** |

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---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $3,338,785,370)<br>| <br>**3338785370** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **5766350** |
| **NET ASSETS - 100.0%** | **3344551720** |

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**Security Type Abbreviations**

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

(e) 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 $5,100,000 or 0.2% of net assets.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $21,500,000 or 0.6% of net assets.

---

| | | |
|:---|:---|:---|
| 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>|
| Shelby Cnty Tenn Health Edl& Hsg Fac Brd Health Care Rev Participating VRDN Series 2025 BAML5067, 2.83% 9/1/2055 (Liquidity Facility Bank of America, N.A.) | 9/18/2025 | 5100000 |

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**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Tender Option Bond** | 951497370 | - | 951497370 | - |
|  **Variable Rate Demand Note** | 2387288000 | - | 2387288000 | - |
| **Total Investments in Securities:** | 3338785370 | - | 3338785370 | - |

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**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $3,338,785,370)<br>|  | $3338785370 |
| Cash |  | 1025 |
| Interest receivable |  | 13315801 |
| Other receivables |  | 11896 |
| **Total assets** |  | 3352114092 |
| **Liabilities** |  |  |
| Distributions payable | $7550480 |  |
| Other payables and accrued expenses | 11892 |  |
| **Total liabilities** |  | 7562372 |
| **Net Assets**  |  | $3344551720 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3344584511 |
| Total accumulated earnings (loss) |  | (32791) |
| **Net Assets** |  | $3344551720 |
| **Net Asset Value**, offering price and redemption price per share ($3,344,551,720 ÷ 3,343,854,908 shares) |  | $1.0002 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $43975298 |
| **Expenses** |  |  |
| Custodian fees and expenses | $18575 |  |
| Independent trustees' fees and expenses | 4098 |  |
| Total expenses before reductions | 22673 |  |
| Expense reductions | (18166) |  |
| Total expenses after reductions |  | 4507 |
| **Net Investment income (loss)** |  | 43970791 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1848 |  |
| Total net realized gain (loss) |  | 1848 |
| **Net increase in net assets resulting from operations** |  | $43972639 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $43970791 | $90129219 |
| &nbsp;&nbsp;Net realized gain (loss) | 1848<br>| 8735<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | - | (1198)<br>|
| **Net increase in net assets resulting from operations** | 43972639<br>| 90136756<br>|
| Distributions to shareholders | (44009226)<br>| (90128941)<br>|
|  Affiliated share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 8401949764 | 17208561163 |
| &nbsp;&nbsp;Cost of shares redeemed | (9263001159) | (14994689974) |
| **Net increase (decrease) in net assets and shares resulting from share transactions** | (861051395)<br>| 2213871189<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (861087982)<br>| 2213879004<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4205639702 | 1991760698<br>|
| &nbsp;&nbsp;End of period | $3344551720 | $4205639702 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 8400269710 | 17205120139 |
| &nbsp;&nbsp;Redeemed | (9261148929) | (14991691636) |
| &nbsp;&nbsp;Net increase (decrease) | (860879219) | 2213428503 |

---

**Financial Highlights** 

**Fidelity® Municipal Cash Central Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.0002 | $1.0002 | $1.0002 | $1.0002 | $1.0002 | $1.0001 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .0136  | .0302  | .0349  | .0220  | .0016  | .0011  |
| Net realized and unrealized gain (loss)  | - B | - B | - B | - B | .0001  | .0001  |
| Total from investment operations  | .0136  | .0302  | .0349  | .0220  | .0017  | .0012  |
| Distributions from net investment income  | (.0136)  | (.0302)  | (.0349)  | (.0220)  | (.0016)  | (.0011)  |
| Distributions from net realized gain  | - B | -  | -  | - B | - B | - B |
| Total distributions  | (.0136)  | (.0302)  | (.0349)  | (.0220)  | (.0017) C | (.0011)  |
| Net asset value, end of period  | $1.0002 | $1.0002 | $1.0002 | $1.0002 | $1.0002 | $1.0002 |
| **Total Return** D,E | 1.36% <br>| 3.07%  | 3.54%  | 2.22%  | .17%  | .12%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |  |
| Expenses before reductions H | -% I | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% I<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -% I | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.70% I | 2.92%  | 3.46%  | 2.25%  | .17%  | .10%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3344552 | $4205640 | $1991761 | $1996665 | $1856209 | $1342909 |

---

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 $.00005 per share.*

C*Total distributions per share do not sum due to rounding.*

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

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

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

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

H*Amount represents less than .005%.*

I*Annualized.*

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

For the period ended November 30, 2025

**1. Organization.**

Fidelity Municipal Cash Central Fund (the Fund) is a fund of Fidelity Revere Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the Fund are only offered to other investment companies and accounts (the Investing Funds) managed by Fidelity Management & Research Company LLC (FMR), or its affiliates. The Fund has been designated an institutional money market fund, and the value of the Fund's shares are calculated to four decimal places that fluctuates based upon changes in the value of the Fund's investments.

**2. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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.

The aggregate value of investments by input level as of November 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $- |
| **Gross unrealized depreciation** | <u>-</u> |
| **Net unrealized appreciation (depreciation)** | <u>$-</u> |
| **Tax cost** | <u>$3338785370</u> |

---

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

**New Accounting Pronouncement.** 

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

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Municipal Cash Central Fund** | 530330000 | 675240000 | - |

---

**4. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $18,166.

**5. Other.**

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

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

**6. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Municipal Cash Central Fund**

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

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

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

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

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

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other Fidelity funds and accounts and ultimately to enhance the performance of those funds and accounts.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that while the fund does not pay a management fee, FMR receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund with certain limited exceptions (i.e., custody fees, interest, taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, and extraordinary expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable. Based on its review, the Board concluded that the fact that FMR does not receive a management fee from the fund for providing services to the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the profitability of the funds that invest in the fund, as well as Fidelity's profits in respect of the fund and all the Fidelity funds.

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

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

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

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

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

![](img121125_4.jpg)<br>

1.734025.125 MCC-SANN-0126

**Fidelity® Cash Central Fund**

**Semi-Annual Report**

**November 30, 2025**

![](img121126_1.jpg)

![](img121126_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_TCC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Cash Central Fund](#Sub_Sec_Fund_693_TCC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements693_TCC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TCC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TCC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TCC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TCC-SANN)** |

---

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

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

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

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

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

*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.*

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

**Fidelity® Cash Central Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 45.8%** | &nbsp;&nbsp;**Repurchase Agreements - 45.8%** | &nbsp;&nbsp;**Repurchase Agreements - 45.8%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Investments in repurchase agreements in a joint trading account at 3.9%, dated 11/28/2025 due 12/1/2025 (Collateralized by U.S. Government Obligations)#  | 894139551 | 893849000 |
| Investments in repurchase agreements in a joint trading account at 4.08%, dated 11/28/2025 due 12/1/2025 (Collateralized by U.S. Government Obligations)#  | 10285590912 | 10282095000 |
| Repurchase Agreements\*  | 14974065823 | 14969000000 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $26,144,944,000) |  | **26144944000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 4.1%** | &nbsp;&nbsp;**Commercial Paper - 4.1%** | &nbsp;&nbsp;**Commercial Paper - 4.1%** | &nbsp;&nbsp;**Commercial Paper - 4.1%** |
|  | Yield (%) (b) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Landesbank Baden-Wuerttemberg yankee 4.06% 12/1/2025 <br>(Cost $2,368,000,000)<br>| 4.06 | 2368000000 | **2368000000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Time Deposits - 10.0%** | &nbsp;&nbsp;**Time Deposits - 10.0%** | &nbsp;&nbsp;**Time Deposits - 10.0%** | &nbsp;&nbsp;**Time Deposits - 10.0%** |
|  | Yield (%) (b) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Canadian Imperial Bank of Commerce 3.9% 12/1/2025  | 3.90 | 2366406000 | 2366406000 |
| Mizuho Bank Ltd NY Branch 3.88% 12/1/2025  | 3.88 | 500000000 | 500000000 |
| Mizuho Bank Ltd NY Branch 3.9% 12/1/2025  | 3.90 | 1979000000 | 1979000000 |
| National Bank of Canada 3.95% 12/1/2025  | 3.95 | 127000000 | 127000000 |
| Royal Bank of Canada Toronto 3.88% 12/1/2025  | 3.88 | 250000000 | 250000000 |
| Royal Bank of Canada Toronto 4.1% 12/1/2025  | 4.10 | 493000000 | 493000000 |
| <br> **TOTAL TIME DEPOSITS**<br> (Cost $5,715,406,000) |  |  | **5715406000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 42.8%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 42.8%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 42.8%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 42.8%** |
|  | Yield (%) (b) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/13/2026  | 3.86 | 1110000000 | 1104989016 |
| US Treasury Bills 0% 1/2/2026  | 3.87 | 1200000000 | 1195941336 |
| US Treasury Bills 0% 1/20/2026  | 3.87 | 1176000000 | 1169786592 |
| US Treasury Bills 0% 1/22/2026  | 3.85 | 525000000 | 522135269 |
| US Treasury Bills 0% 1/27/2026  | 3.86 | 575000000 | 571532831 |
| US Treasury Bills 0% 1/6/2026  | 3.84 to 3.87 | 1036800000 | 1032864307 |
| US Treasury Bills 0% 1/8/2026  | 3.87 | 1135000000 | 1130446187 |
| US Treasury Bills 0% 12/11/2025  | 3.90 | 716000000 | 715221350 |
| US Treasury Bills 0% 12/16/2025  | 3.91 to 3.98 | 2147800000 | 2144305787 |
| US Treasury Bills 0% 12/18/2025  | 3.92 | 1050000000 | 1048062036 |
| US Treasury Bills 0% 12/2/2025  | 3.92 to 4.28 | 1720000000 | 1719812417 |
| US Treasury Bills 0% 12/23/2025  | 3.90 to 3.92 | 1726000000 | 1721887770 |
| US Treasury Bills 0% 12/26/2025  | 3.91 to 3.93 | 1444000000 | 1440096781 |
| US Treasury Bills 0% 12/30/2025  | 3.91 to 3.92 | 1665000000 | 1659800988 |
| US Treasury Bills 0% 12/4/2025  | 3.96 | 719000000 | 718768123 |
| US Treasury Bills 0% 12/9/2025  | 3.89 to 4.00 | 1643000000 | 1641579643 |
| US Treasury Bills 0% 2/12/2026  | 3.82 | 530000000 | 526028472 |
| US Treasury Bills 0% 2/17/2026  | 3.86 | 510000000 | 505923284 |
| US Treasury Bills 0% 2/19/2026  | 3.83 | 565000000 | 560344903 |
| US Treasury Bills 0% 2/24/2026  | 3.78 | 525000000 | 520430122 |
| US Treasury Bills 0% 2/26/2026  | 3.78 | 575000000 | 569847425 |
| US Treasury Bills 0% 2/5/2026  | 3.85 | 575000000 | 571052148 |
| US Treasury Bills 0% 3/10/2026  | 3.82 | 481000000 | 476100928 |
| US Treasury Bills 0% 3/24/2026  | 3.80 | 600000000 | 592997766 |
| US Treasury Bills 0% 3/31/2026  | 3.79 | 575000000 | 567923475 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $24,426,897,718) |  |  | **24427878956** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.7%**<br> (Cost $58,655,247,718)<br>| <br>**58656228956** |
| **NET OTHER ASSETS (LIABILITIES) - (2.7)%**  | **(1525758218)** |
| **NET ASSETS - 100.0%** | **57130470738** |

---

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) 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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* 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 ($)** |
| Fixed Income Clearing Corp - Goldman | 4.00 | 11/28/2025 | 12/1/2025 | 1979000000 | 1979659667 | U.S. Treasuries (including strips) | 2.00 | 11/15/2041 | 2019252895 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.07 | 11/28/2025 | 12/1/2025 | 6597000000 | 6599237483 | U.S. Treasuries (including strips) | 0.00 - 6.50 | 12/11/2025 - 10/31/2032 | 6731222233 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.07 | 11/28/2025 | 12/1/2025 | 3298000000 | 3299118572 | U.S. Treasuries (including strips) | 0.00 - 6.00 | 12/9/2025 - 8/15/2034 | 3365100943 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.07 | 11/28/2025 | 12/1/2025 | 2639000000 | 2639895061 | U.S. Treasuries (including strips) | 0.00 - 6.13 | 12/23/2025 - 11/15/2032 | 2692692979 |
| US Bancorp Inv | 4.08 | 11/28/2025 | 12/1/2025 | 456000000 | 456155040 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 2/5/2026 - 8/15/2045 | 465278172 |
| **Total Repurchase Agreements** |  |  |  | 14969000000 | 14974065823 |  |  |  | 15273547222 |

---

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Repurchase Agreements** | 26144944000 | - | 26144944000 | - |
|  **Commercial Paper** | 2368000000 | - | 2368000000 | - |
|  **Time Deposits** | 5715406000 | - | 5715406000 | - |
|  **U.S. Treasury Obligations** | 24427878956 | - | 24427878956 | - |
| **Total Investments in Securities:** | 58656228956 | - | 58656228956 | - |

---

---

| | |
|:---|:---|
| <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 ($)** |
| **$10,282,095,000 due 12/01/2025 at 4.08%** |  |
| Bank of Nova Scotia/The | 989488000 |
| BofA Securities Inc | 164915000 |
| Citigroup Global Capital Markets Inc | 989488000 |
| HSBC Securities Inc (USA) | 167147000 |
| Nomura Securities International Inc | 560710000 |
| Rbc Dominion Securities Inc | 2462905000 |
| Societe Generale SA | 659659000 |
| Sumitomo Mitsui Banking Corp/New York | 3166363000 |
| Wells Fargo Bank NA | 659659000 |
| Wells Fargo Securities LLC | 461761000 |
|  | 10282095000 |
| **$893,849,000 due 12/01/2025 at 3.90%** |  |
| BofA Securities Inc | 428778000 |
| Citigroup Global Capital Markets Inc | 461761000 |
| HSBC Securities Inc (USA) | 3310000 |
|  | 893849000 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $26,144,944,000) - See accompanying schedule:<br>Unaffiliated issuers (cost $58,655,247,718)<br>|  | $58656228956 |
| Cash |  | 358374504 |
| Interest receivable |  | 12088026 |
| Other affiliated receivables |  | 20384 |
| Other receivables |  | 192465 |
| **Total assets** |  | 59026904335 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1712710332 |  |
| Distributions payable | 183468875 |  |
| Other payables and accrued expenses | 254390 |  |
| **Total liabilities** |  | 1896433597 |
| **Net Assets**  |  | $57130470738 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $57129483077 |
| Total accumulated earnings (loss) |  | 987661 |
| **Net Assets** |  | $57130470738 |
| **Net Asset Value**, offering price and redemption price per share ($57,130,470,738 ÷ 57,118,620,969 shares) |  | $1.0002 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest (including $1,281,930 from affiliated interfund lending)  |  | $1129414753 |
| **Expenses** |  |  |
| Custodian fees and expenses | $74963 |  |
| Independent trustees' fees and expenses | 62363 |  |
| **Total expenses** |  | 137326 |
| **Net Investment income (loss)** |  | 1129277427 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (74401) |  |
| Total net realized gain (loss) |  | (74401) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (290847) |
| **Net gain (loss)** |  | (365248) |
| **Net increase in net assets resulting from operations** |  | $1128912179 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1129277427 | $2380089392 |
| &nbsp;&nbsp;Net realized gain (loss) | (74401)<br>| 77799<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (290847) | (2499920)<br>|
| **Net increase in net assets resulting from operations** | 1128912179<br>| 2377667271<br>|
| Distributions to shareholders | (1129272731)<br>| (2380094739)<br>|
|  Affiliated share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 313877839728 | 589077444580 |
| Reinvestment of distributions | 33338<br>| 71933<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (311816771852) | (582416954869) |
| **Net increase (decrease) in net assets and shares resulting from share transactions** | 2061101214<br>| 6660561644<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2060740662<br>| 6658134176<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 55069730076 | 48411595900<br>|
| &nbsp;&nbsp;End of period | $57130470738 | $55069730076 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 313814589231 | 588959174271 |
| Issued in reinvestment of distributions | 33332<br>| 71919<br>|
| &nbsp;&nbsp;Redeemed | (311753831153) | (582299777527) |
| &nbsp;&nbsp;Net increase (decrease) | 2060791410 | 6659468663 |

---

**Financial Highlights** 

**Fidelity® Cash Central Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.0002 | $1.0003 | $1.0002 | $1.0002 | $1.0002 | $1.0002 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .0213  | .0476  | .0536  | .0354  | .0016  | .0010  |
| Net realized and unrealized gain (loss)  | - B | (.0001)  | .0001  | - B | - B | - B |
| Total from investment operations  | .0213  | .0475  | .0537  | .0354  | .0016  | .0010  |
| Distributions from net investment income  | (.0213)  | (.0476)  | (.0536)  | (.0354)  | (.0016)  | (.0010)  |
| Total distributions  | (.0213)  | (.0476)  | (.0536)  | (.0354)  | (.0016)  | (.0010)  |
| Net asset value, end of period  | $1.0002 | $1.0002 | $1.0003 | $1.0002 | $1.0002 | $1.0002 |
| **Total Return** C,D | 2.15% <br>| 4.85%  | 5.51%  | 3.59%  | .15%  | .10%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions G | -% H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% H<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -% H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 4.25% H | 4.74%  | 5.37%  | 3.42%  | .14%  | .09%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $57130471 | $55069730 | $48411596 | $41063802 | $52890259 | $58295494 |

---

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 $.00005 per share.*

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

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

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

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

G*Amount represents less than .005%.*

H*Annualized.*

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

For the period ended November 30, 2025

**1. Organization.**

Fidelity Cash Central Fund (the Fund) is a fund of Fidelity Revere Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the Fund are only offered to other investment companies and accounts (the Investing Funds) managed by Fidelity Management & Research Company LLC (FMR), or its affiliates. The Fund has been designated an institutional money market fund, and the value of the Fund's shares are calculated to four decimal places that fluctuates based upon changes in the value of the Fund's investments.

**2. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

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.

The aggregate value of investments by input level as of November 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

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

---

| | |
|:---|:---|
| **Fidelity Cash Central Fund** | $206465 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $1086351 |
| **Gross unrealized depreciation** | <u>(105113)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$981238</u> |
| **Tax cost** | <u>$58655247718</u> |

---

**Repurchase Agreements.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, funds and other registered investment companies having management contracts with Fidelity Management and Research Company LLC, or its affiliates are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by 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.

**New Accounting Pronouncement.** 

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

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** |
| **Fidelity Cash Central Fund** | Lender | 16777601 | 4.47% |

---

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

**4. Other.**

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

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

**5. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Cash Central Fund** 

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

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

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

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

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

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other Fidelity funds and accounts and ultimately to enhance the performance of those funds and accounts.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that while the fund does not pay a management fee, FMR receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund with certain limited exceptions (i.e., custody fees, interest, taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, and extraordinary expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable. Based on its review, the Board concluded that the fact that FMR does not receive a management fee from the fund for providing services to the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the profitability of the funds that invest in the fund, as well as Fidelity's profits in respect of the fund and all the Fidelity funds.

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

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

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

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

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

![](img121126_4.jpg)<br>

1.734014.125 TCC-SANN-0126

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Revere Street Trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Revere Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT](ex99cert.htm) .

(a) (3) Not applicable.

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

SIGNATURES

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

Fidelity Revere 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; January 22, 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; January 22, 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; January 22, 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 Revere 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:

January 22, 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 Revere 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:

January 22, 2026

---

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

---

## Exhibit 99.906

<u><br>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 Revere 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: January 22, 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: January 22, 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>