# EDGAR Filing Document

**Accession Number:** 0000704207
**File Stem:** 0000704207-25-000010
**Filing Date:** 2025-6
**Character Count:** 226310
**Document Hash:** 64f2b803b420dd3d0462a0f7572c9938
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000704207-25-000010.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000704207-25-000010

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**EFFECTIVENESS DATE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fidelity Newbury Street Trust
- **CENTRAL INDEX KEY:** 0000704207

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03518
- **FILM NUMBER:** 251059623

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEWBURY STREET TRUST
- **DATE OF NAME CHANGE:** 20000630

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY NEWBURY STREET TRUST
- **DATE OF NAME CHANGE:** 19970529

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DAILY TAX EXEMPT MONEY FUND /DE/
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Fidelity Tax-Exempt Money Market Fund (Series ID: S000007504)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000020479 | Capital Reserves Class                | FERXX           |
| C000020480 | Daily Money Class                     | FDEXX           |
| C000020481 | Fidelity Tax-Exempt Money Market Fund | FMOXX           |
| C000154297 | Premium Class                         | FZEXX           |

### Fidelity Treasury Money Market Fund (Series ID: S000007505)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000020483 | Advisor C Class                     | FDCXX           |
| C000020484 | Capital Reserves Class              | FSRXX           |
| C000020485 | Daily Money Class                   | FDUXX           |
| C000154298 | Fidelity Treasury Money Market Fund | FZFXX           |

?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>811-03518</u>

<u>Fidelity Newbury Street Trust</u>

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (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>

---

| | |
|:---|:---|
| Date of fiscal year end: | October 31 |
| Date of reporting period: | April 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Treasury Money Market Fund<br> **Fidelity® Treasury Money Market Fund Advisor C Class : FDCXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Treasury Money Market Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Advisor C Class  | $72  | 1.45% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $45736063311<br>|
| Number of Holdings | 120<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 67.6 |
| 8-30 | 17.0 |
| 31-60 | 4.1 |
| 61-90 | 6.3 |
| 91-180 | 2.1 |
| >180 | 4.3 |

---

Repurchase Agreements 50.7 <br> U.S. Treasury Obligations 50.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img58_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 50.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 50.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img58_20250430_1.jpg)<br>| ![](img109080_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> 1.9915599.100 529-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Treasury Money Market Fund<br> **Fidelity® Treasury Money Market Fund Daily Money Class : FDUXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Treasury Money Market Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Daily Money Class  | $35  | 0.70% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $45736063311<br>|
| Number of Holdings | 120<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 67.6 |
| 8-30 | 17.0 |
| 31-60 | 4.1 |
| 61-90 | 6.3 |
| 91-180 | 2.1 |
| >180 | 4.3 |

---

Repurchase Agreements 50.7 <br> U.S. Treasury Obligations 50.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img58_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 50.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 50.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img58_20250430_1.jpg)<br>| ![](img109078_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> 1.9915600.100 58-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Tax-Exempt Money Market Fund<br> **Fidelity® Tax-Exempt Money Market Fund : FMOXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Tax-Exempt Money Market Fund for the period November 1, 2024 to April 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 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Tax-Exempt Money Market Fund  | $21  | 0.42% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4137428142<br>|
| Number of Holdings | 645<br>|

---

**What did the Fund invest in?** (as of April 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 | 78.6 |
| 8-30 | 2.0 |
| 31-60 | 6.5 |
| 61-90 | 2.6 |
| 91-180 | 6.1 |
| >180 | 4.8 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 40.8 |
| Tender Option Bond | 27.6 |
| Municipal Securities | 13.4 |
| Commercial Paper | 7.1 |
| Net Other Assets (Liabilities) | 11.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img84_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 40.8 |
| Tender Option Bond - 27.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 11.1  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img84_20250430_1.jpg)<br>| ![](img109088_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> 1.9915603.100 275-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Treasury Money Market Fund<br> **Fidelity® Treasury Money Market Fund : FZFXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Treasury Money Market Fund for the period November 1, 2024 to April 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 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Treasury Money Market Fund  | $21  | 0.42% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $45736063311<br>|
| Number of Holdings | 120<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 67.6 |
| 8-30 | 17.0 |
| 31-60 | 4.1 |
| 61-90 | 6.3 |
| 91-180 | 2.1 |
| >180 | 4.3 |

---

Repurchase Agreements 50.7 <br> U.S. Treasury Obligations 50.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img58_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 50.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 50.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img58_20250430_1.jpg)<br>| ![](img109077_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> 1.9915598.100 2742-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Tax-Exempt Money Market Fund<br> **Fidelity® Tax-Exempt Money Market Fund Daily Money Class : FDEXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Tax-Exempt Money Market Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Daily Money Class  | $35  | 0.70% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4137428142<br>|
| Number of Holdings | 645<br>|

---

**What did the Fund invest in?** (as of April 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 | 78.6 |
| 8-30 | 2.0 |
| 31-60 | 6.5 |
| 61-90 | 2.6 |
| 91-180 | 6.1 |
| >180 | 4.8 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 40.8 |
| Tender Option Bond | 27.6 |
| Municipal Securities | 13.4 |
| Commercial Paper | 7.1 |
| Net Other Assets (Liabilities) | 11.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img84_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 40.8 |
| Tender Option Bond - 27.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 11.1  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img84_20250430_1.jpg)<br>| ![](img109090_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> 1.9915605.100 84-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Tax-Exempt Money Market Fund<br> **Fidelity® Tax-Exempt Money Market Fund Premium Class : FZEXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Tax-Exempt Money Market Fund for the period November 1, 2024 to April 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 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

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

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4137428142<br>|
| Number of Holdings | 645<br>|

---

**What did the Fund invest in?** (as of April 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 | 78.6 |
| 8-30 | 2.0 |
| 31-60 | 6.5 |
| 61-90 | 2.6 |
| 91-180 | 6.1 |
| >180 | 4.8 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 40.8 |
| Tender Option Bond | 27.6 |
| Municipal Securities | 13.4 |
| Commercial Paper | 7.1 |
| Net Other Assets (Liabilities) | 11.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img84_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 40.8 |
| Tender Option Bond - 27.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 11.1  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img84_20250430_1.jpg)<br>| ![](img109089_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> 1.9915602.100 2737-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Treasury Money Market Fund<br> **Fidelity® Treasury Money Market Fund Capital Reserves Class : FSRXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Treasury Money Market Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Capital Reserves Class  | $48  | 0.95% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $45736063311<br>|
| Number of Holdings | 120<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 67.6 |
| 8-30 | 17.0 |
| 31-60 | 4.1 |
| 61-90 | 6.3 |
| 91-180 | 2.1 |
| >180 | 4.3 |

---

Repurchase Agreements 50.7 <br> U.S. Treasury Obligations 50.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img58_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 50.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 50.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.4)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img58_20250430_1.jpg)<br>| ![](img109079_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> 1.9915601.100 77-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Tax-Exempt Money Market Fund<br> **Fidelity® Tax-Exempt Money Market Fund Capital Reserves Class : FERXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Tax-Exempt Money Market Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Capital Reserves Class  | $47  | 0.95% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4137428142<br>|
| Number of Holdings | 645<br>|

---

**What did the Fund invest in?** (as of April 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 | 78.6 |
| 8-30 | 2.0 |
| 31-60 | 6.5 |
| 61-90 | 2.6 |
| 91-180 | 6.1 |
| >180 | 4.8 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 40.8 |
| Tender Option Bond | 27.6 |
| Municipal Securities | 13.4 |
| Commercial Paper | 7.1 |
| Net Other Assets (Liabilities) | 11.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img84_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 40.8 |
| Tender Option Bond - 27.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 11.1  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img84_20250430_1.jpg)<br>| ![](img109091_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> 1.9915604.100 79-TSRS-0625 <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® Treasury Money Market Fund**

**Fidelity® Tax-Exempt Money Market Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109434_1.jpg)

![](img109434_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_DMFI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Treasury Money Market Fund](#Sub_Sec_Fund_58_DMFI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Tax-Exempt Money Market Fund](#Sub_Sec_Fund_84_DMFI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements58_DMFI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_DMFI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_DMFI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_DMFI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_DMFI-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Treasury Money Market Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 50.7%** | &nbsp;&nbsp;**Repurchase Agreements - 50.7%** | &nbsp;&nbsp;**Repurchase Agreements - 50.7%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Fixed Income Clearing Corp - Credit Agricole 4.38%, dated 5/1/2025 due 5/2/2025 (b) | 846102930 | 846000000 |
| ING Financial Markets LLC 4.38%, dated 5/1/2025 due 5/2/2025 (b) | 180021900 | 180000000 |
| Investments in repurchase agreements in a joint trading account at 4.37%, dated 4/30/2025 due 5/1/2025 (Collateralized by U.S. Treasury Obligations)#  | 1744107690 | 1743896000 |
| Investments in repurchase agreements in a joint trading account at 4.37%, dated 4/30/2025 due 5/1/2025 (Collateralized by U.S. Treasury Obligations)#  | 50107082 | 50101000 |
| Repurchase Agreements\*  | 20405981417 | 20389000000 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $23,208,997,000) |  | **23208997000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 50.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 50.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 50.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 50.7%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 3/19/2026  | 4.04 to 4.12 | 142000000 | 137037533 |
| US Treasury Bills 0% 5/1/2025  | 4.26 to 4.45 | 82000000 | 82000000 |
| US Treasury Bills 0% 5/13/2025  | 4.25 to 4.30 | 1041000000 | 1039533575 |
| US Treasury Bills 0% 5/15/2025  | 4.27 to 4.41 | 1745000000 | 1742107240 |
| US Treasury Bills 0% 5/20/2025  | 4.25 to 4.30 | 1262000000 | 1259187290 |
| US Treasury Bills 0% 5/22/2025  | 4.29 to 4.30 | 1002000000 | 999506783 |
| US Treasury Bills 0% 5/27/2025  | 4.26 to 4.28 | 678000000 | 675937918 |
| US Treasury Bills 0% 5/29/2025  | 4.27 to 4.44 | 971000000 | 967776566 |
| US Treasury Bills 0% 5/6/2025  | 4.25 to 4.26 | 375900000 | 375680969 |
| US Treasury Bills 0% 5/8/2025  | 4.30 | 15000000 | 14987583 |
| US Treasury Bills 0% 6/10/2025  | 4.27 to 4.28 | 61000000 | 60713503 |
| US Treasury Bills 0% 6/12/2025  | 4.29 | 307676800 | 306169184 |
| US Treasury Bills 0% 6/17/2025  | 4.29 | 125000000 | 124309687 |
| US Treasury Bills 0% 6/26/2025  | 4.26 to 4.41 | 275000000 | 273210324 |
| US Treasury Bills 0% 6/3/2025  | 4.27 | 491000000 | 489091647 |
| US Treasury Bills 0% 6/5/2025  | 4.26 | 316500000 | 315195317 |
| US Treasury Bills 0% 7/10/2025  | 4.22 to 4.29 | 992000000 | 983877116 |
| US Treasury Bills 0% 7/15/2025  | 4.29 | 21000000 | 20814500 |
| US Treasury Bills 0% 7/17/2025  | 4.27 to 4.28 | 222000000 | 219993669 |
| US Treasury Bills 0% 7/22/2025  | 4.25 to 4.29 | 231000000 | 228790271 |
| US Treasury Bills 0% 7/24/2025  | 4.27 to 4.29 | 737000000 | 729732105 |
| US Treasury Bills 0% 7/29/2025  | 4.26 to 4.30 | 267000000 | 264221538 |
| US Treasury Bills 0% 7/3/2025  | 4.25 to 4.28 | 177000000 | 175694867 |
| US Treasury Bills 0% 7/8/2025  | 4.28 | 38000000 | 37695662 |
| US Treasury Bills 0% 9/18/2025  | 4.19 | 47000000 | 46249240 |
| US Treasury Notes 0.25% 10/31/2025  | 4.45 | 8000000 | 7836787 |
| US Treasury Notes 0.25% 5/31/2025  | 4.44 to 4.59 | 105000000 | 104635204 |
| US Treasury Notes 0.25% 6/30/2025  | 4.33 to 4.37 | 205000000 | 203647459 |
| US Treasury Notes 0.25% 9/30/2025  | 4.24 to 4.30 | 168000000 | 165259706 |
| US Treasury Notes 0.375% 1/31/2026  | 4.21 to 4.28 | 124000000 | 120514997 |
| US Treasury Notes 0.375% 11/30/2025  | 4.43 to 4.45 | 82000000 | 80120661 |
| US Treasury Notes 0.375% 12/31/2025  | 4.26 to 4.28 | 213000000 | 207639765 |
| US Treasury Notes 0.5% 2/28/2026  | 4.13 to 4.14 | 211000000 | 204810393 |
| US Treasury Notes 0.75% 3/31/2026  | 4.10 to 4.16 | 212000000 | 205648440 |
| US Treasury Notes 1.625% 2/15/2026  | 4.15 | 219000000 | 214728597 |
| US Treasury Notes 2% 8/15/2025  | 4.21 to 4.22 | 247000000 | 245450648 |
| US Treasury Notes 2.125% 5/15/2025  | 4.35 to 4.43 | 32000000 | 31972358 |
| US Treasury Notes 2.25% 3/31/2026  | 4.13 | 12000000 | 11799787 |
| US Treasury Notes 2.5% 2/28/2026  | 4.13 | 12000000 | 11842365 |
| US Treasury Notes 2.625% 12/31/2025  | 4.29 | 24000000 | 23740735 |
| US Treasury Notes 2.75% 5/15/2025  | 4.35 to 5.25 | 234000000 | 233806647 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.101%, 4.3686% 1/31/2027 (d)(e) | 4.37 | 1817952600 | 1817952316 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.125%, 4.3956% 7/31/2025 (d)(e) | 4.40 | 171000000 | 170976516 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.15%, 4.4206% 4/30/2026 (d)(e) | 4.42 to 4.43 | 1990000000 | 1989971970 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.182%, 4.4526% 7/31/2026 (d)(e) | 4.45 to 4.46 | 1571000000 | 1570012859 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.205%, 4.4756% 10/31/2026 (d)(e) | 4.47 to 4.48 | 1234000000 | 1234745330 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.245%, 4.5156% 1/31/2026 (d)(e) | 4.51 to 4.52 | 1413000000 | 1413684104 |
| US Treasury Notes 4% 2/15/2026  | 4.29 | 8000000 | 7982015 |
| US Treasury Notes 4.25% 1/31/2026  | 4.28 | 78000000 | 77980753 |
| US Treasury Notes 4.25% 12/31/2025  | 4.26 to 4.31 | 210000000 | 209939775 |
| US Treasury Notes 4.5% 3/31/2026  | 4.11 to 4.16 | 299000000 | 300014419 |
| US Treasury Notes 4.625% 2/28/2026  | 4.13 to 4.14 | 34000000 | 34134015 |
| US Treasury Notes 4.625% 3/15/2026  | 4.11 | 8000000 | 8034543 |
| US Treasury Notes 4.625% 6/30/2025  | 4.35 to 4.37 | 48000000 | 48020285 |
| US Treasury Notes 4.875% 11/30/2025  | 4.38 | 84000000 | 84233772 |
| US Treasury Notes 5% 10/31/2025  | 4.45 | 5000000 | 5013250 |
| US Treasury Notes 5% 9/30/2025  | 4.30 to 4.39 | 560000000 | 561397472 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $23,177,062,030) |  |  | **23177062030** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.4%**<br> (Cost $46,386,059,030)<br>| <br>**46386059030** |
| **NET OTHER ASSETS (LIABILITIES) - (1.4)%**  | **(649995719)** |
| **NET ASSETS - 100.0%** | **45736063311** |

---

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

**Legend**

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

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

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

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** |
| **Counterparty** | **Lending Rate (%)** | **Settlement Date** | **Maturity Date** | **Repurchase Agreement**<br> **Value** ($) | **Repurchase Agreement Proceeds** ($) | **Collateralized By** | **Collateral Coupon (%)** | **Collateral Maturity Date** | **Collateral Value Received** ($) |
| ABN AMRO Bank NV | 4.39 | 4/30/2025 | 5/1/2025 | 63000000 | 63007683 | U.S. Treasuries (including strips) | 0.50 - 4.88 | 4/30/2027 - 8/15/2033 | 64267872 |
| BMO Chicago Branch | 4.37 | 4/30/2025 | 5/1/2025 | 36000000 | 36004370 | U.S. Treasuries (including strips) | 2.00 - 2.50 | 11/15/2041 - 2/15/2045 | 36724483 |
| BNP Paribas, SA | 4.32 | 4/29/2025 | 5/29/2025 | 91000000 | 91327600 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 8/31/2027 - 5/15/2042 | 92842284 |
| BNP Paribas, SA | 4.36(f) | 4/28/2025 | 5/27/2025 | 110000000 | 110386344 | U.S. Treasuries (including strips) | 0.63 - 5.00 | 1/31/2026 - 2/15/2055 | 112251620 |
| BNP Paribas, SA | 4.33 | 4/15/2025 | 5/15/2025 | 241000000 | 241869608 | U.S. Treasuries (including strips) | 1.13 - 4.63 | 1/31/2026 - 5/15/2054 | 246293100 |
| BNP Paribas, SA | 4.36(f) | 4/7/2025 | 5/7/2025 | 38000000 | 38138067 | U.S. Treasuries (including strips) | 0.63 - 4.63 | 1/31/2026 - 5/15/2042 | 38872000 |
| BNP Paribas, SA | 4.36(f) | 4/4/2025 | 5/5/2025 | 379000000 | 380422934 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 5/8/2025 - 2/15/2053 | 387838360 |
| Barclays Bank PLC | 4.37 | 4/30/2025 | 5/1/2025 | 308000000 | 308037388 | U.S. Treasuries (including strips) | 0.00 - 4.38 | 10/2/2025 - 5/15/2040 | 314198157 |
| BofA Securities, Inc. | 4.31 | 3/21/2025 | 6/20/2025 | 19000000 | 19207000 | U.S. Treasuries (including strips) | 0.63 | 8/15/2030 | 19475193 |
| BofA Securities, Inc. | 4.36(f) | 4/3/2025 | 6/3/2025 | 19000000 | 19140368 | U.S. Treasuries (including strips) | 1.25 - 3.63 | 4/30/2028 - 5/31/2028 | 19445446 |
| BofA Securities, Inc. | 4.40(f) | 4/9/2025 | 5/9/2025 | 24000000 | 24088000 | U.S. Treasuries (including strips) | 0.63 - 3.75 | 11/30/2027 - 1/31/2029 | 24545461 |
| BofA Securities, Inc. | 4.40(f) | 4/10/2025 | 5/9/2025 | 636000000 | 638254267 | U.S. Treasuries (including strips) | 1.13 - 4.13 | 2/29/2028 - 11/30/2029 | 650373774 |
| Canadian Imperial Bank of Commerce | 4.33 | 4/10/2025 | 5/12/2025 | 64000000 | 64246329 | U.S. Treasuries (including strips) | 0.25 - 4.63 | 9/30/2025 - 5/15/2054 | 65451477 |
| Canadian Imperial Bank of Commerce | 4.33 | 4/11/2025 | 5/8/2025 | 56000000 | 56181860 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 7/10/2025 - 11/15/2053 | 57284379 |
| Citigroup Global Capital Markets, Inc. | 4.43(f) | 4/9/2025 | 6/10/2025 | 112000000 | 112854498 | U.S. Treasuries (including strips) | 0.00 - 4.00 | 6/24/2025 - 4/30/2032 | 114547446 |
| Federal Reserve Bank of NY | 4.25 | 4/30/2025 | 5/1/2025 | 7684000000 | 7684907139 | U.S. Treasuries (including strips) | 1.25 - 2.13 | 1/31/2027 - 2/15/2041 | 7684907208 |
| Ficc ING Fin Mkts Gc (Gov) | 4.38 | 4/30/2025 | 5/1/2025 | 333000000 | 333040515 | U.S. Treasuries (including strips) | 3.75 - 4.38 | 12/15/2026 - 5/31/2030 | 339701412 |
| Ficc Natwest Gc Repo (Gov) | 4.38 | 4/30/2025 | 5/1/2025 | 3000000 | 3000365 | U.S. Treasuries (including strips) | 4.13 | 11/30/2029 | 3060418 |
| Fixed Income Clearing Corp - BNP | 4.37 | 4/30/2025 | 5/1/2025 | 145000000 | 145017601 | U.S. Treasuries (including strips) | 2.00 - 4.44 | 10/31/2025 - 11/15/2041 | 147918006 |
| Fixed Income Clearing Corp - BNP | 4.37 | 4/30/2025 | 5/1/2025 | 253000000 | 253030711 | U.S. Treasuries (including strips) | 0.88 - 4.38 | 9/30/2026 - 11/15/2049 | 258091347 |
| Fixed Income Clearing Corp - BNYM | 4.38 | 4/30/2025 | 5/1/2025 | 2281000000 | 2281277522 | U.S. Treasuries (including strips) | 0.63 - 1.63 | 1/15/2026 - 10/15/2029 | 2326620001 |
| Fixed Income Clearing Corp - CIBC | 4.39 | 4/30/2025 | 5/1/2025 | 199000000 | 199024267 | U.S. Treasuries (including strips) | 1.13 | 2/15/2031 | 202906394 |
| Fixed Income Clearing Corp - Credit Agricole | 4.39 | 4/30/2025 | 5/1/2025 | 857000000 | 857104506 | U.S. Treasuries (including strips) | 4.50 - 4.63 | 5/15/2027 - 4/30/2029 | 885621722 |
| Fixed Income Clearing Corp - Credit Agricole | 4.38 | 4/30/2025 | 5/1/2025 | 221000000 | 221026888 | U.S. Treasuries (including strips) | 1.00 - 3.25 | 6/30/2027 - 7/31/2028 | 225350878 |
| Fixed Income Clearing Corp - Goldman | 4.37 | 4/30/2025 | 5/1/2025 | 89000000 | 89010804 | U.S. Treasuries (including strips) | 0.00 - 3.63 | 6/5/2025 - 3/31/2030 | 90791099 |
| Fixed Income Clearing Corp - Goldman | 4.37 | 4/30/2025 | 5/1/2025 | 526000000 | 526063851 | U.S. Treasuries (including strips) | 1.13 - 6.63 | 2/15/2027 - 8/15/2048 | 536585140 |
| Fixed Income Clearing Corp - Goldman | 4.37 | 4/30/2025 | 5/1/2025 | 527000000 | 527063972 | U.S. Treasuries (including strips) | 2.75 - 4.88 | 11/30/2025 - 11/15/2042 | 537605324 |
| Fixed Income Clearing Corp - ING | 4.39 | 4/30/2025 | 5/1/2025 | 184000000 | 184022438 | U.S. Treasuries (including strips) | 4.50 | 5/31/2029 | 187839244 |
| Fixed Income Clearing Corp - Mizuho | 4.37 | 4/30/2025 | 5/1/2025 | 107000000 | 107012989 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 11/15/2025 - 5/15/2033 | 109153279 |
| Fixed Income Clearing Corp - Natixis | 4.38 | 4/30/2025 | 5/1/2025 | 253000000 | 253030782 | U.S. Treasuries (including strips) | 4.13 | 11/15/2027 | 258070524 |
| Fixed Income Clearing Corp - Nomura | 4.38 | 4/30/2025 | 5/1/2025 | 272000000 | 272033093 | U.S. Treasuries (including strips) | 0.00 - 4.44 | 5/8/2025 - 4/30/2030 | 277473756 |
| Fixed Income Clearing Corp - State Street Bank | 4.38 | 4/30/2025 | 5/1/2025 | 1738000000 | 1738211457 | U.S. Treasuries (including strips) | 0.75 - 4.25 | 1/31/2028 - 2/15/2028 | 1772760001 |
| HSBC Securities, Inc. (U.S.A.) | 4.36 | 4/29/2025 | 5/6/2025 | 72000000 | 72061040 | U.S. Treasuries (including strips) | 3.50 - 4.75 | 2/15/2033 - 2/15/2045 | 73457855 |
| ING Financial Markets LLC | 4.37 | 4/29/2025 | 5/6/2025 | 7000000 | 7005948 | U.S. Treasuries (including strips) | 3.63 | 5/15/2053 | 7211796 |
| JP Morgan Securities, LLC | 4.38(f) | 4/9/2025 | 5/9/2025 | 1068000000 | 1071898200 | U.S. Treasuries (including strips) | 1.50 - 3.75 | 8/15/2026 - 12/31/2030 | 1092258003 |
| Lloyds Bank Corp Mrkts | 4.40 | 4/29/2025 | 5/2/2025 | 80000000 | 80029333 | U.S. Treasuries (including strips) | 1.75 - 5.38 | 2/28/2027 - 2/15/2055 | 81619959 |
| Lloyds Bank PLC | 4.36 | 4/30/2025 | 7/31/2025 | 12000000 | 12133706 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 12/31/2026 - 5/15/2032 | 12241543 |
| Lloyds Bank PLC | 4.40 | 2/20/2025 | 5/28/2025 | 25000000 | 25296389 | U.S. Treasuries (including strips) | 3.50 | 1/31/2028 | 25781980 |
| Lloyds Bank PLC | 4.40 | 2/19/2025 | 5/23/2025 | 25000000 | 25284167 | U.S. Treasuries (including strips) | 1.50 | 2/15/2030 | 25769201 |
| Lloyds Bank PLC | 4.40 | 2/25/2025 | 5/20/2025 | 13000000 | 13133467 | U.S. Treasuries (including strips) | 2.25 - 2.63 | 5/31/2027 - 5/15/2041 | 13462963 |
| Lloyds Bank PLC | 4.38 | 2/7/2025 | 5/7/2025 | 24000000 | 24259880 | U.S. Treasuries (including strips) | 4.50 | 11/15/2033 | 24804035 |
| MUFG Securities (Canada), Ltd. | 4.35 | 3/20/2025 | 6/9/2025 | 37000000 | 37362137 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 7/22/2025 - 8/15/2054 | 37931980 |
| MUFG Securities (Canada), Ltd. | 4.32 | 3/20/2025 | 5/8/2025 | 19000000 | 19111720 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 5/15/2025 - 8/15/2054 | 19477810 |
| MUFG Securities EMEA PLC | 4.32 | 4/8/2025 | 5/8/2025 | 114000000 | 114410400 | U.S. Treasuries (including strips) | 1.13 - 3.88 | 7/31/2027 - 9/30/2031 | 116536628 |
| MUFG Securities EMEA PLC | 4.32 | 4/7/2025 | 5/5/2025 | 114000000 | 114383040 | U.S. Treasuries (including strips) | 1.13 - 3.88 | 7/31/2027 - 8/15/2032 | 116933279 |
| MUFG Securities EMEA PLC | 4.38 | 4/30/2025 | 5/1/2025 | 65000000 | 65007908 | U.S. Treasuries (including strips) | 4.50 - 4.63 | 2/15/2035 - 11/15/2054 | 66348991 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 4.35 | 3/20/2025 | 6/9/2025 | 37000000 | 37362137 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 9/30/2025 - 2/15/2045 | 37931579 |
| Mizuho Securities U.S.A., Inc. | 4.37 | 4/30/2025 | 5/7/2025 | 27000000 | 27022943 | U.S. Treasuries (including strips) | 2.38 | 4/30/2026 | 27543404 |
| NatWest Market Securities Inc | 4.37 | 4/30/2025 | 5/1/2025 | 18000000 | 18002185 | U.S. Treasuries (including strips) | 4.13 | 3/31/2029 | 18362245 |
| NatWest Market Securities Inc | 4.32 | 4/24/2025 | 5/1/2025 | 70000000 | 70058800 | U.S. Treasuries (including strips) | 2.75 - 3.75 | 4/30/2027 | 71459992 |
| Norinchukin Bank | 4.38 | 4/29/2025 | 5/2/2025 | 24000000 | 24008760 | U.S. Treasuries (including strips) | 3.63 | 2/15/2053 | 24723045 |
| PNC Bank NA | 4.37 | 4/30/2025 | 5/1/2025 | 18000000 | 18002185 | U.S. Treasuries (including strips) | 2.50 | 2/28/2026 | 18362296 |
| RBC Dominion Securities | 4.31 | 3/20/2025 | 5/8/2025 | 155000000 | 155909290 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 8/12/2025 - 5/15/2054 | 158909558 |
| SMBC Nikko Securities America, Inc. | 4.37 | 4/28/2025 | 5/5/2025 | 36000000 | 36030590 | U.S. Treasuries (including strips) | 0.50 - 4.75 | 2/28/2026 - 2/15/2045 | 36733455 |
| SMBC Nikko Securities America, Inc. | 4.38 | 4/30/2025 | 5/1/2025 | 231000000 | 231028105 | U.S. Treasuries (including strips) | 0.50 - 4.25 | 8/31/2027 - 11/15/2034 | 235648729 |
| Societe Generale | 4.37 | 4/28/2025 | 5/5/2025 | 126000000 | 126107065 | U.S. Treasuries (including strips) | 4.75 | 11/15/2053 | 129827363 |
| Sumitomo Mitsui Banking Corp | 4.36 | 4/30/2025 | 5/14/2025 | 9000000 | 9015260 | U.S. Treasuries (including strips) | 1.63 - 4.38 | 8/31/2028 - 8/15/2029 | 9281876 |
| TD Securities (U.S.A.) | 4.38 | 4/30/2025 | 5/1/2025 | 53000000 | 53006448 | U.S. Treasuries (including strips) | 0.63 - 3.50 | 9/30/2026 - 8/15/2030 | 54066646 |
| US Bancorp Inv | 4.37 | 4/30/2025 | 5/1/2025 | 42000000 | 42005098 | U.S. Treasuries (including strips) | 0.00 - 0.38 | 6/30/2025 - 8/15/2028 | 43265378 |
| **Total Repurchase Agreements** |  |  |  | $20389000000 | 20405981417 |  |  |  | 20668818394 |

---

**Investment Valuation**

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

---

| | |
|:---|:---|
| <br> **Other Information** | <br> **Other Information** |
| # Additional information on each counterparty to the repurchase agreement is as follows: | # Additional information on each counterparty to the repurchase agreement is as follows: |
| **Repurchase Agreement / Counterparty** | **Value ($)** |
| **$1,743,896,000 due 05/01/2025 at 4.37%** |  |
| Bank of Nova Scotia/The | 63977000 |
| BofA Securities Inc | 51533000 |
| Citigroup Global Capital Markets Inc. | 673807000 |
| HSBC Securities Inc. (U.S.A.) | 55314000 |
| JPMorgan Securities LLC | 286554000 |
| Nomura Securities International Inc | 38107000 |
| Rbc Dominion Securities Inc | 156911000 |
| Royal Bank of Canada | 36688000 |
| Societe Generale SA | 86246000 |
| Sumitomo Mitsui Banking Corp/New York | 294759000 |
|  | 1743896000 |
| **$50,101,000 due 05/01/2025 at 4.37%** |  |
| BofA Securities Inc | 1787000 |
| Citigroup Global Capital Markets Inc. | 48174000 |
| Rbc Dominion Securities Inc | 140000 |
|  | 50101000 |

---

**Fidelity® Treasury Money Market Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $23,208,997,000) - See accompanying schedule:<br>Unaffiliated issuers (cost $46,386,059,030)<br>|  | $46386059030 |
| Cash |  | 219000457 |
| Receivable for investments sold |  | 9593 |
| Receivable for fund shares sold |  | 521941836 |
| Interest receivable |  | 30610440 |
| Prepaid expenses |  | 13200 |
| Receivable from investment adviser for expense reductions |  | 83950 |
| Other receivables |  | 502318 |
| **Total assets** |  | 47158220824 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1026000000 |  |
| Payable for fund shares redeemed | 337510293 |  |
| Distributions payable | 39931824 |  |
| Accrued management fee | 9784592 |  |
| Distribution and service plan fees payable | 1832664 |  |
| Other affiliated payables | 6470040 |  |
| Other payables and accrued expenses | 628100 |  |
| **Total liabilities** |  | 1422157513 |
| **Net Assets**  |  | $45736063311 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $45735694981 |
| Total accumulated earnings (loss) |  | 368330 |
| **Net Assets** |  | $45736063311 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Capital Reserves Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,340,861,379 ÷ 2,339,970,595 shares) |  | $1.00 |
| **Daily Money Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,756,185,841 ÷ 3,755,643,931 shares) |  | $1.00 |
| **Advisor C Class :** |  |  |
| **Net Asset Value** and offering price per share ($76,912,194 ÷ 76,898,806 shares) |  | $1.00 |
| **Fidelity Treasury Money Market Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($39,562,103,897 ÷ 39,561,899,594 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $1081087153 |
| **Expenses** |  |  |
| Management fee | $60691844 |  |
| Transfer agent fees | 38451172 |  |
| Distribution and service plan fees | 10350790 |  |
| Accounting fees and expenses | 940758 |  |
| Custodian fees and expenses | 163027 |  |
| Independent trustees' fees and expenses | 62542 |  |
| Registration fees | 2084464 |  |
| Audit fees | 24749 |  |
| Legal | 30444 |  |
| Miscellaneous | 39700 |  |
| Total expenses before reductions | 112839490 |  |
| Expense reductions | (606121) |  |
| Total expenses after reductions |  | 112233369 |
| **Net Investment income (loss)** |  | 968853784 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 132619 |  |
| Total net realized gain (loss) |  | 132619 |
| **Net increase in net assets resulting from operations** |  | $968986403 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $968853784 | $2244546712 |
| &nbsp;&nbsp;Net realized gain (loss) | 132619<br>| 11323<br>|
| **Net increase in net assets resulting from operations** | 968986403<br>| 2244558035<br>|
| Distributions to shareholders | (968655538)<br>| (2244407169)<br>|
| Share transactions - net increase (decrease) | (3013551243)<br>| 4739075855<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (3013220378)<br>| 4739226721<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 48749283689 | 44010056968<br>|
| &nbsp;&nbsp;End of period | $45736063311 | $48749283689 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .018  | .044  | .039  | .005  | - B | .003  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .018  | .044  | .039  | .005  | - B | .003  |
| Distributions from net investment income  | (.018)  | (.044)  | (.039)  | (.005)  | - B | (.003)  |
| Total distributions  | (.018)  | (.044)  | (.039)  | (.005)  | - B | (.003)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.77% <br>| 4.48%  | 3.96%  | .50%  | .01%  | .27%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .97% G | .96%  | .97%  | .96%  | .97%  | .97%  |
| Expenses net of fee waivers, if any  | .95% G<br>| .95%  | .95%  | .52%  | .08%  | .49%  |
| Expenses net of all reductions, if any  | .95% G | .95%  | .95%  | .52%  | .08%  | .49%  |
| Net investment income (loss)  | 3.54% G | 4.38%  | 3.93%  | .46%  | .01%  | .17%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2340861 | $2182243 | $1844255 | $1486982 | $1485952 | $1319542 |

---

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

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

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

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

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

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

G*Annualized.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .019  | .046  | .041  | .006  | - B | .004  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .019  | .046  | .041  | .006  | - B | .004  |
| Distributions from net investment income  | (.019)  | (.046)  | (.041)  | (.006)  | - B | (.004)  |
| Total distributions  | (.019)  | (.046)  | (.041)  | (.006)  | - B | (.004)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.90% <br>| 4.74%  | 4.22%  | .61%  | .01%  | .36%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .72% G | .71%  | .72%  | .71%  | .71%  | .72%  |
| Expenses net of fee waivers, if any  | .70% G<br>| .70%  | .70%  | .42%  | .08%  | .40%  |
| Expenses net of all reductions, if any  | .70% G | .70%  | .70%  | .42%  | .08%  | .40%  |
| Net investment income (loss)  | 3.79% G | 4.63%  | 4.18%  | .56%  | .01%  | .25%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3756186 | $3499159 | $2949844 | $1920968 | $1826591 | $2194000 |

---

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

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

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

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

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

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

G*Annualized.*

**Fidelity® Treasury Money Market Fund Advisor C Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .015  | .039  | .034  | .003  | - B | .001  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .015  | .039  | .034  | .003  | - B | .001  |
| Distributions from net investment income  | (.015)  | (.039)  | (.034)  | (.003)  | - B | (.001)  |
| Total distributions  | (.015)  | (.039)  | (.034)  | (.003)  | - B | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D,E | 1.52% <br>| 3.96%  | 3.44%  | .32%  | .01%  | .09%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.48% H | 1.46%  | 1.47%  | 1.46%  | 1.47%  | 1.47%  |
| Expenses net of fee waivers, if any  | 1.45% H<br>| 1.45%  | 1.45%  | .81%  | .08%  | .57%  |
| Expenses net of all reductions, if any  | 1.45% H | 1.45%  | 1.45%  | .81%  | .08%  | .57%  |
| Net investment income (loss)  | 3.04% H | 3.88%  | 3.43%  | .17%  | .01%  | .08%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $76912 | $75560 | $104693 | $122176 | $77181 | $118975 |

---

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

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

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

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

E*Total returns do not include the effect of the contingent deferred sales charge.*

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

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

H*Annualized.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .020  | .049  | .044  | .007  | - B | .005  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .020  | .049  | .044  | .007  | - B | .005  |
| Distributions from net investment income  | (.020)  | (.049)  | (.044)  | (.007)  | - B | (.005)  |
| Total distributions  | (.020)  | (.049)  | (.044)  | (.007)  | - B | (.005)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.04% <br>| 5.03%  | 4.51%  | .75%  | .01%  | .47%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .42% G | .42%  | .42%  | .42%  | .42%  | .42%  |
| Expenses net of fee waivers, if any  | .42% G<br>| .42%  | .42%  | .28%  | .08%  | .29%  |
| Expenses net of all reductions, if any  | .42% G | .42%  | .42%  | .28%  | .08%  | .29%  |
| Net investment income (loss)  | 4.07% G | 4.91%  | 4.46%  | .70%  | .01%  | .36%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $39562104 | $42992322 | $39111265 | $29417542 | $30315397 | $25110690 |

---

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

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

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

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

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

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

G*Annualized.*

**Fidelity® Tax-Exempt Money Market Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 13.4%** | &nbsp;&nbsp;**Municipal Securities - 13.4%** | &nbsp;&nbsp;**Municipal Securities - 13.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Arizona - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) 5% 1/1/2026  | 430000 | 433567 |
| Colorado - 0.1%  |  |  |
| Education - 0.1% |  |  |
| University Colo Enterprise Sys (University Colo Enterprise Sys Proj.) 5% 6/1/2025  | 1600000 | 1602058 |
| General Obligations - 0.0% |  |  |
| Colorado St Ed Ln Prog TRAN (Colorado St Proj.) 5% 6/30/2025  | 1065000 | 1068047 |
| Health Care - 0.0% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) 5% tender 11/15/2048 (b) | 1560000 | 1574400 |
| Transportation - 0.0% |  |  |
| Denver CO City & Cnty Arpt 5% 11/15/2025  | 815000 | 822329 |
| TOTAL COLORADO |  | 5066834 |
| Connecticut - 0.2%  |  |  |
| General Obligations - 0.2% |  |  |
| Connecticut St Gen. Oblig. Series 2023 B, 5% 8/1/2025  | 515000 | 517288 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2026 (c) | 900000 | 912987 |
| East Lyme CT Gen. Oblig. BAN 4.15% 8/7/2025  | 2100000 | 2103262 |
| Milford CT BAN 4% 10/28/2025  | 2300000 | 2311010 |
| Stratford CT Gen. Oblig. BAN 4% 1/28/2026  | 4000000 | 4027170 |
|  |  | 9871717 |
| TOTAL CONNECTICUT |  | 9871717 |
| District Of Columbia - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| District Columbia Gen. Oblig. Series 2017D, 5% 6/1/2025  | 775000 | 776201 |
| Florida - 0.1%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Orange Cnty FL Sch Brd Ctf Par Series 2015C, 5% 8/1/2030 (Pre-refunded to 8/1/2025 at 100)  | 295000 | 296268 |
| General Obligations - 0.1% |  |  |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series C, 5% 7/1/2025  | 2600000 | 2608175 |
| Miami-Dade Cnty Fla Gen. Oblig. Series 2019 A, 5% 7/1/2025  | 350000 | 351159 |
|  |  | 2959334 |
| TOTAL FLORIDA |  | 3255602 |
| Georgia - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Cobb Cnty GA Schl Dist TAN Series 2025, 4% 12/15/2025  | 170000 | 170782 |
| Idaho - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Idaho Health Facilities Authority (Trinity Health Proj.) Series 2013ID, 3.125% tender 12/1/2048 (b) | 8460000 | 8460000 |
| Illinois - 1.2%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Illinois Fin Auth Rev Series 2015, 5.25% 5/15/2050 (Pre-refunded to 5/15/2025 at 100)  | 200000 | 200126 |
| General Obligations - 0.9% |  |  |
| Illinois St Gen. Oblig. 5% 2/1/2026  | 2900000 | 2936742 |
| Illinois St Gen. Oblig. 5% 3/1/2026  | 2000000 | 2031556 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2025  | 19475000 | 19653153 |
| Illinois St Gen. Oblig. Series 2018 A, 5% 10/1/2025  | 975000 | 982783 |
| Illinois St Gen. Oblig. Series 2018A, 6% 5/1/2025  | 500000 | 500000 |
| Illinois St Gen. Oblig. Series 2018B, 5% 10/1/2025  | 1150000 | 1158939 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 A, 5% 12/1/2025  | 900000 | 910034 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2026  | 700000 | 710922 |
| Illinois St Gen. Oblig. Series MAY 2020, 5.5% 5/1/2025  | 1145000 | 1145000 |
| Illinois St Gen. Oblig. Series MAY 2023 C, 5% 5/1/2025  | 800000 | 800000 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2025  | 1000000 | 1003043 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 5% 10/1/2025  | 1290000 | 1300835 |
| Illinois St Gen. Oblig. Series OCTOBER 2024 B, 5% 10/1/2025  | 2100000 | 2118075 |
| Illinois St Gen. Oblig. Series OCTOBER 2024, 5% 2/1/2026  | 1900000 | 1929058 |
|  |  | 37180140 |
| Health Care - 0.3% |  |  |
| Illinois Fin Auth Rev (Advocate Health Care Network Proj.) SIFMA Municipal Swap Index + 0.3%, 3.92% tender 4/1/2051 (b)(d) | 10510000 | 10510000 |
| Special Tax - 0.0% |  |  |
| Illinois St Sales Tax Rev 5% 6/15/2025  | 1000000 | 1001444 |
| Illinois St Sales Tax Rev Series 2018A, 5% 6/15/2025  | 400000 | 400895 |
| Regional Transn Auth IL 5.25% 6/1/2025  | 500000 | 500681 |
|  |  | 1903020 |
| TOTAL ILLINOIS |  | 49793286 |
| Kansas - 0.8%  |  |  |
| General Obligations - 0.8% |  |  |
| Lawrence KS Gen. Oblig. BAN Series 2024 I, 4.5% 5/1/2025  | 8100000 | 8100000 |
| Wichita KS BAN 3.75% 10/15/2025  | 12300000 | 12349164 |
| Wichita KS Gen. Oblig. BAN Series 318, 4% 10/15/2025  | 13400000 | 13468544 |
|  |  | 33917708 |
| TOTAL KANSAS |  | 33917708 |
| Kentucky - 0.1%  |  |  |
| General Obligations - 0.1% |  |  |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2025  | 600000 | 600000 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2026  | 1900000 | 1934705 |
|  |  | 2534705 |
| TOTAL KENTUCKY |  | 2534705 |
| Louisiana - 0.1%  |  |  |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Louisiana St Gas & Fuel Tax Rv Series A, 4% 5/1/2041 (Pre-refunded to 5/1/2025 at 100)  | 3680000 | 3680000 |
| Louisiana St Gas & Fuel Tax Rv Series A, 5% 5/1/2041 (Pre-refunded to 5/1/2025 at 100)  | 445000 | 445000 |
|  |  | 4125000 |
| TOTAL LOUISIANA |  | 4125000 |
| Maryland - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| State of Maryland Gen. Oblig. Series 2020 FIRST A, 5% 3/15/2026  | 240000 | 243904 |
| Massachusetts - 0.8%  |  |  |
| Education - 0.3% |  |  |
| Massachusetts St Dev Fin Agy Rv (Boston University Mass Proj.) 2.88% tender 6/17/2025 CP mode (b) | 2900000 | 2900000 |
| Massachusetts St Dev Fin Agy Rv (Boston University Mass Proj.) 2.88% tender 6/5/2025 CP mode (b) | 1700000 | 1700000 |
| Massachusetts St Dev Fin Agy Rv (Boston University Mass Proj.) 2.89% tender 7/8/2025 CP mode (b) | 7200000 | 7200000 |
|  |  | 11800000 |
| General Obligations - 0.5% |  |  |
| Groton MA BAN 4.5% 6/20/2025  | 5160473 | 5166746 |
| Lenox MA Gen. Oblig. BAN 4% 1/22/2026  | 4100000 | 4128117 |
| Randolph MA Gen. Oblig. BAN 5% 10/24/2025  | 8300000 | 8381002 |
| Westford MA Gen. Oblig. BAN 4.75% 5/1/2025  | 4900000 | 4900000 |
|  |  | 22575865 |
| TOTAL MASSACHUSETTS |  | 34375865 |
| Michigan - 0.5%  |  |  |
| Education - 0.1% |  |  |
| University MI Univ Revs 2.88% tender 6/5/2025 CP mode  | 5800000 | 5800000 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Michigan Fin Auth Rev 5% 11/15/2045 (Pre-refunded to 5/15/2025 at 100)  | 1500000 | 1500933 |
| Health Care - 0.3% |  |  |
| Kent MI Hosp Fin Auth (Corewell Health Proj.) SIFMA Municipal Swap Index + 0.25%, 3.87% tender 1/15/2047 (b)(d) | 8570000 | 8570000 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2026  | 1755000 | 1786868 |
|  |  | 10356868 |
| Pooled Loans - 0.1% |  |  |
| Michigan Fin Auth Rev RAN (Michigan Fin Auth Ltd Oblig Rev Proj.) Series 2024 A 2, 5% 8/20/2025  | 2200000 | 2209358 |
| TOTAL MICHIGAN |  | 19867159 |
| Missouri - 0.0%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Metropolitian St Louis MO Swr Dist Wastewtr Sys Rev Series 2015 B, 5% 5/1/2045 (Pre-refunded to 5/1/2025 at 100)  | 480000 | 480000 |
| Nevada - 0.1%  |  |  |
| General Obligations - 0.1% |  |  |
| Clark Cnty NV School Dist Series 2015 C, 5% 6/15/2025  | 330000 | 330722 |
| Clark Cnty NV School Dist Series 2015 D, 5% 6/15/2025  | 200000 | 200348 |
| Clark Cnty NV School Dist Series 2017 A, 5% 6/15/2025  | 350000 | 350809 |
| Clark Cnty NV School Dist Series 2018A, 5% 6/15/2025  | 225000 | 225473 |
| Clark Cnty NV School Dist Series 2020 B, 5% 6/15/2025  | 1400000 | 1402869 |
| Clark Cnty NV School Dist Series 2021 A, 5% 6/15/2025  | 700000 | 701595 |
| Clark Cnty NV School Dist Series 2024 C, 5% 6/15/2025  | 1900000 | 1904173 |
|  |  | 5115989 |
| TOTAL NEVADA |  | 5115989 |
| New Jersey - 2.6%  |  |  |
| General Obligations - 2.6% |  |  |
| Borough of Waldwick NJ Gen. Oblig. BAN 4% 10/10/2025  | 2100000 | 2106040 |
| Cedar Grove Twp NJ Gen. Oblig. BAN Series 2024, 4.5% 6/26/2025  | 2822000 | 2825508 |
| Clifton NJ Gen. Oblig. BAN Series 2024A, 4.5% 5/21/2025  | 2100000 | 2100865 |
| Cranford Township NJ Gen. Oblig. BAN 4% 8/22/2025  | 2100000 | 2104213 |
| East Brunswick Twp N J BAN 4% 7/15/2025  | 1200000 | 1201510 |
| Essex Cnty NJ Impt Auth Lease Gen. Oblig. BAN Series 2024, 5% 6/18/2025  | 950000 | 952410 |
| Evesham Twp NJ Gen. Oblig. BAN Series 2024 A, 4% 9/16/2025  | 1900000 | 1905705 |
| Freehold Township NJ Gen. Oblig. BAN Series 2024, 4% 10/21/2025  | 4600000 | 4621163 |
| Glassboro NJ Gen. Oblig. BAN 4.25% 5/30/2025  | 2600000 | 2601532 |
| Ho & Ho Kus NJ Gen. Oblig. BAN 4.75% 5/1/2025  | 900000 | 900000 |
| Hoboken NJ BAN 4% 3/10/2026  | 700000 | 703127 |
| Hopewell Township Mercer CO NJ Gen. Oblig. BAN Series 2024, 4% 9/23/2025  | 3210000 | 3222506 |
| Jefferson Twp NJ Gen. Oblig. BAN 4.5% 6/13/2025  | 4500000 | 4504140 |
| Kinnelon NJ Gen. Oblig. BAN 4% 9/26/2025  | 2400000 | 2409537 |
| Lakewood NJ Tan Gen. Oblig. BAN Series 2024, 4% 12/18/2025  | 3600000 | 3619862 |
| Logan Twp NJ Gen. Oblig. BAN Series 2024, 4% 10/16/2025  | 3700000 | 3718188 |
| Mahwah Twp NJ Ban BAN 4% 5/30/2025  | 2200000 | 2200725 |
| Metuchen NJ Tan Gen. Oblig. BAN Series 2024A, 4.5% 7/9/2025  | 4464000 | 4471489 |
| Montville Township Morris Cnty NJ Gen. Oblig. BAN 4% 11/4/2025  | 2258000 | 2267756 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2016 AAA, 4.125% 6/15/2025  | 365000 | 365424 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series XX, 5% 6/15/2025  | 775000 | 776731 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2023 RRR, 5% 3/1/2026  | 6800000 | 6881670 |
| New Jersey St Edl Facs Auth Rev (New Jersey St Proj.) Series 2023 A, 5% 9/1/2025  | 315000 | 316061 |
| New Jersey St Gen. Oblig. 5% 6/1/2025  | 1900000 | 1902078 |
| New Jersey St Gen. Oblig. 5% 6/1/2026  | 2175000 | 2219872 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2025  | 1400000 | 1419608 |
| New Jersey Trans Trust Fund Auth 5.75% 6/15/2025  | 1200000 | 1203280 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2025  | 7100000 | 7170807 |
| Old Bridge Township New Jersey Gen. Oblig. BAN Series 2024, 4% 9/5/2025  | 2700000 | 2707864 |
| Point Pleasant NJ Gen. Oblig. BAN 4% 8/29/2025  | 1600000 | 1603509 |
| Ridgewood NJ Ban Gen. Oblig. BAN Series 2024B, 3.75% 10/9/2025  | 5400000 | 5421998 |
| Scotch Plains Twp NJ Gen. Oblig. BAN 4% 1/16/2026  | 1960000 | 1968768 |
| Springfield Twp NJ Union Cnty Gen. Oblig. BAN 4.75% 5/1/2025  | 1700000 | 1700000 |
| Stafford Twp NJ Gen. Oblig. BAN Series 2024A, 4% 10/21/2025  | 7500000 | 7534482 |
| Tenafly NJ Gen. Oblig. BAN 4.5% 5/22/2025  | 2700000 | 2701259 |
| Upper Saddle River NJ BAN 4% 3/20/2026  | 2200000 | 2215458 |
| Wayne Twp NJ BAN 4% 10/30/2025  | 2400000 | 2410584 |
| West Milford Township NJ Gen. Oblig. BAN 4% 9/12/2025  | 3800000 | 3811495 |
| Woodcliff Lake N J Gen. Oblig. BAN 4% 9/19/2025  | 2100000 | 2105971 |
|  |  | 104873195 |
| TOTAL NEW JERSEY |  | 104873195 |
| New York - 2.7%  |  |  |
| General Obligations - 2.7% |  |  |
| Albany NY City Sch Dist BAN Series 2024 B, 4.5% 6/26/2025  | 19200000 | 19225569 |
| Burnt Hills Ballston Lake NY Cent Sch Dist BAN Series 2024, 4.5% 6/20/2025  | 5600000 | 5606659 |
| Corning NY City Sch Dist Tan BAN Series 2024 B, 4.5% 6/20/2025  | 6055000 | 6062366 |
| Depew NY Un Free Sch Dist BAN Series 2024, 4% 10/30/2025  | 6200000 | 6229988 |
| East Hampton NY Un Free Sh Dis TAN Series 2024 2025 TAXES B, 4.5% 6/26/2025  | 1800000 | 1804062 |
| East Syracuse-Minoa NY Cent SD BAN Series 2024, 4.5% 7/11/2025  | 2700000 | 2704254 |
| Eastchester NY Un Free Sch Dis BAN Series 2025, 4% 1/23/2026  | 4100000 | 4129992 |
| Harrison NY Cent Sch Dist BAN Series 2024, 4.5% 7/25/2025  | 2100000 | 2104533 |
| Kenmore-Tonawanda NY Ufsd BAN Series 2024, 4.5% 6/26/2025  | 6080000 | 6088097 |
| Kingston NY Gen. Oblig. BAN Series 2024C, 4% 8/13/2025  | 2200000 | 2200000 |
| Lancaster Town NY Gen. Oblig. BAN Series 2024, 4.5% 7/18/2025  | 3300000 | 3306671 |
| Mahopac NY Cent Scd BAN Series 2024, 4.5% 7/25/2025  | 4200000 | 4208685 |
| Massapequa NY Un Free Sch Dist TAN Series 2024 2025 TAXES, 4% 6/20/2025  | 2300000 | 2302782 |
| New Paltz Town N Y Gen. Oblig. BAN Series 2024 D, 4% 10/3/2025  | 1800000 | 1806742 |
| New Windsor NY Gen. Oblig. BAN Series 2024, 4.5% 6/27/2025  | 1805000 | 1807227 |
| North Hempstead NY Gen. Oblig. BAN 4% 9/19/2025  | 5500000 | 5523541 |
| Ossining Village NY Gen. Oblig. BAN Series 2024, 4% 9/18/2025  | 6100000 | 6122485 |
| Port Jervis NY City Sch Dist BAN 4.5% 6/27/2025  | 1900000 | 1902466 |
| Sachem Cent Sch Dist NY TAN Series 2024 2025 TAXES, 4.5% 6/20/2025  | 15100000 | 15119603 |
| Southampton NY Un Free Sch Dis TAN Series 2024 2025 TAXES, 5% 6/20/2025  | 2775000 | 2782262 |
| Suffolk Cnty NY Gen. Oblig. TAN Series 2025, 4% 7/25/2025  | 6900000 | 6917126 |
| Three Vlg Cent Sch Dist NY TAN Series 2024 2025 TAXES, 4.5% 6/24/2025  | 195000 | 195244 |
|  |  | 108150354 |
| Water & Sewer - 0.0% |  |  |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 CC 2, 4% 6/15/2025  | 500000 | 500077 |
| TOTAL NEW YORK |  | 108650431 |
| North Carolina - 0.2%  |  |  |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| North Carolina Cap Fac Fin Agy Rev Series 2015 B, 5% 10/1/2055 (Pre-refunded to 10/1/2025 at 100)  | 2200000 | 2214004 |
| General Obligations - 0.1% |  |  |
| Wake Cnty Ltd Oblig (Wake Cnty NC Proj.) 5% 5/1/2026 (c) | 4000000 | 4071080 |
| TOTAL NORTH CAROLINA |  | 6285084 |
| Ohio - 0.6%  |  |  |
| General Obligations - 0.5% |  |  |
| Bedford OH City Sch Dist BAN Series 2025, 4.5% 9/4/2025  | 5900000 | 5930833 |
| Blue Ash OH Gen. Oblig. BAN Series 2025, 3.75% 3/24/2026  | 3100000 | 3118297 |
| Delaware OH BAN 3.75% 4/16/2026  | 1100000 | 1106230 |
| Hamilton OH Gen. Oblig. BAN Series 2024, 4% 12/17/2025  | 900000 | 905061 |
| Huber Heights OH BAN 4.5% 7/10/2025  | 2600000 | 2605705 |
| Kings Loc Sch Dist Ohio BAN 4.5% 7/16/2025  | 1700000 | 1703357 |
| Lakewood OH Gen. Oblig. BAN 4% 4/9/2026  | 2000000 | 2016396 |
| Monroe OH Loc Sch Dist BAN 4.125% 12/3/2025  | 900000 | 903166 |
| Monroe OH Loc Sch Dist BAN Series 2025, 3.875% 12/4/2025  | 1000000 | 1003905 |
| Springfield OH BAN 3.625% 3/25/2026  | 1300000 | 1306513 |
| State of Ohio Gen. Oblig. Series 2018 A, 5% 2/1/2026  | 345000 | 349830 |
| State of Ohio Gen. Oblig. Series 2020 B, 5% 8/1/2025  | 165000 | 165702 |
|  |  | 21114995 |
| Health Care - 0.1% |  |  |
| Franklin Cnty OH Rev (Trinity Health Proj.) Series 2013OH, 3.125% tender 12/1/2046 (b) | 2800000 | 2800000 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) 5% 1/1/2026  | 225000 | 227871 |
|  |  | 3027871 |
| TOTAL OHIO |  | 24142866 |
| Oregon - 0.1%  |  |  |
| Special Tax - 0.1% |  |  |
| Oregon St Dept Admin Lottery 5% 4/1/2026 (c) | 4400000 | 4468596 |
| Pennsylvania - 0.3%  |  |  |
| General Obligations - 0.3% |  |  |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 5% 6/1/2025  | 955000 | 956341 |
| Pennsylvania St Gen. Oblig. Series 2015, 5% 8/15/2025  | 200000 | 201156 |
| Pennsylvania St Gen. Oblig. Series FIRST 2020, 5% 5/1/2025  | 2750000 | 2750000 |
| Pennsylvania St Gen. Oblig. Series FIRST 2021, 5% 5/15/2025  | 2500000 | 2501399 |
| Pennsylvania St Gen. Oblig. Series FIRST 2024, 5% 8/15/2025  | 7300000 | 7340404 |
|  |  | 13749300 |
| TOTAL PENNSYLVANIA |  | 13749300 |
| Rhode Island - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| North Providence R I BAN 4% 7/23/2025  | 335000 | 335675 |
| South Carolina - 1.2%  |  |  |
| General Obligations - 1.2% |  |  |
| Anderson Co SC Sch Dist No 004 BAN Series 2025, 5% 8/28/2025  | 23300000 | 23457418 |
| Berkeley Cnty SC School Dist Series 2024A, 5% 6/2/2025  | 875000 | 875835 |
| Charleston County School District BAN 5% 5/7/2026 (c) | 15000000 | 15275550 |
| Charleston Edl Excellence Fing Corp SC Installment Pur Rev (Charleston County School District Proj.) 5% 12/1/2025  | 515000 | 519643 |
| York Cnty SC Sch Dist No 4 Fort Mill BAN Series 2024, 3.75% 10/8/2025  | 9300000 | 9336853 |
|  |  | 49465299 |
| TOTAL SOUTH CAROLINA |  | 49465299 |
| Tennessee - 0.3%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2015C, 5% 7/1/2029 (Pre-refunded to 7/1/2025 at 100)  | 1200000 | 1203852 |
| Tennessee St Sch Bd Auth Series 2015B, 5% 11/1/2034 (Pre-refunded to 11/1/2025 at 100)  | 1300000 | 1312469 |
| Tennessee St Sch Bd Auth Series 2015B, 5% 11/1/2035 (Pre-refunded to 11/1/2025 at 100)  | 620000 | 626169 |
|  |  | 3142490 |
| Housing - 0.3% |  |  |
| Tennessee Hsg Dev Agy Residential Fin Prog Rev (Tn Gnrl Res Finance Prog 1/29/2013 Proj.) Series 2024 3B, 3.5% tender 7/1/2055 (b) | 3500000 | 3500000 |
| Tennessee Hsg Dev Agy Residential Fin Prog Rev (Tn Gnrl Res Finance Prog 1/29/2013 Proj.) Series 2024 3C, 3.5% tender 1/1/2056 (b) | 4300000 | 4300002 |
|  |  | 7800002 |
| TOTAL TENNESSEE |  | 10942492 |
| Texas - 1.0%  |  |  |
| Education - 0.1% |  |  |
| Texas St Univ Sys Fing Rev Series 2024, 5% 3/15/2026  | 4335000 | 4395820 |
| General Obligations - 0.9% |  |  |
| Austin TX Indpt Sch Dist 5% 8/1/2025  | 7535000 | 7574229 |
| Channelview TX Indpt Sch Dist Series 2021, 5% 8/15/2025 (Permanent Sch Fund of Texas Guaranteed)  | 1335000 | 1342585 |
| Dallas TX ISD Series 2021 A, 4% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 900000 | 908063 |
| Frisco Tex Indpt Sch Dis Series 2017, 5% 8/15/2025 (Permanent Sch Fund of Texas Guaranteed)  | 240000 | 241190 |
| Houston TX Indpt Sch Dist 5% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed) (c) | 7500000 | 7598625 |
| Houston TX TRAN 5% 6/30/2025  | 11700000 | 11735098 |
| Texas Pub Fin Auth Lease Rev (Texas State Proj.) Series 2019, 5% 2/1/2026  | 2205000 | 2231628 |
| Texas State Gen. Oblig. Series 2024, 5% 10/1/2025  | 5860000 | 5906132 |
|  |  | 37537550 |
| Water & Sewer - 0.0% |  |  |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2025  | 600000 | 605746 |
| TOTAL TEXAS |  | 42539116 |
| Utah - 0.0%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Utah Tran Auth Sales Tax Rev Series 2015 A, 4% 6/15/2035 (Pre-refunded to 6/15/2025 at 100)  | 1300000 | 1300702 |
| Wisconsin - 0.2%  |  |  |
| General Obligations - 0.2% |  |  |
| Madison WI Met Sch Dist TRAN Series 2024, 4% 9/2/2025  | 9300000 | 9336932 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $554,578,007) |  | <br> **554578007** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tender Option Bond - 27.6%** | &nbsp;&nbsp;**Tender Option Bond - 27.6%** | &nbsp;&nbsp;**Tender Option Bond - 27.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 1.0%  |  |  |
| Alabama Infirmary Health Rev Participating VRDN Series 5065, 3.65% 2/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 19400000 | 19400000 |
| Alabama Spl Cre Fac Fin A Birm Participating VRDN Series 2023 XF3104, 3.65% 11/15/2046 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 5580000 | 5580000 |
| Black Belt Energy Gas District Participating VRDN Series 2024 XM1190, 3.67% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 700000 | 700000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XM1233, 3.67% 3/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 700000 | 700000 |
| East Alabama Health Care Auth Participating VRDN Series 2025 BAML5061, 2.69% 9/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(e) | 4885000 | 4885000 |
| Energy Southeast AL Coop District Participating VRDN 3.67% 7/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2000000 | 2000000 |
| Jefferson County Swr Rev Participating VRDN Series 2024 XL0531, 3.66% 10/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(e) | 760000 | 760000 |
| Southeast Energy Auth Participating VRDN Series 2023 XM1135, 3.65% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 3675000 | 3675000 |
| Southeast Energy Auth Participating VRDN Series 2025 XF1801, 3.66% 1/1/2056 (Liquidity Facility Toronto Dominion Bank NA) (b)(e) | 4000000 | 4000000 |
| TOTAL ALABAMA |  | 41700000 |
| Alaska - 0.0%  |  |  |
| Alaska Multi Fam Hsg Auth Chenana Apts Participating VRDN 3.9% 11/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 540003 | 540003 |
| Arizona - 0.4%  |  |  |
| Arizona Health Facilities Auth Rev Participating VRDN Series 2022 MIZ9101, 3.82% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 500000 | 500000 |
| Arizona Ind Dev Auth Participating VRDN 3.9% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 400000 | 400000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9187, 3.9% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 1700000 | 1700000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9192, 3.9% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 4000000 | 4000000 |
| Maricopa Cnty AZ IDA Honor Hlth Participating VRDN Series E 147, 3.65% 9/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 6500000 | 6500000 |
| Salt Verde Finl Corp Sr. Gas Rev Participating VRDN Series 2018 XF2537, 3.66% 12/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2015000 | 2015000 |
| TOTAL ARIZONA |  | 15115000 |
| California - 0.4%  |  |  |
| California Gen. Oblig. Participating VRDN Series 2015XF 1038, 3.65% 6/1/2040 (Liquidity Facility Toronto Dominion Bank NA) (b)(e) | 600000 | 600000 |
| River Islands Pub Fing Auth Participating VRDN 3.9% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 2800000 | 2800000 |
| State of California Gen. Oblig. Participating VRDN Series 2022 XF3020, 3.62% 9/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2700000 | 2700000 |
| University CA Revs Participating VRDN Series 2023 ZF3164, 3.64% 5/15/2052 (Liquidity Facility Barclays Bank PLC) (b)(e) | 11000000 | 11000000 |
| TOTAL CALIFORNIA |  | 17100000 |
| Colorado - 0.7%  |  |  |
| Colorado Ctfs of Prtn Participating VRDN 3.65% 12/15/2040 (Liquidity Facility UBS AG) (b)(e) | 2905000 | 2905000 |
| Colorado Health Facilities Auth Rev Bonds Participating VRDN 3.65% 11/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2600000 | 2600000 |
| Colorado Health Facilities Auth Rev Bonds Participating VRDN Series 2019 XG0251, 3.67% 8/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(e) | 390000 | 390000 |
| Colorado Health Facilities Auth Rev Bonds Participating VRDN Series 2020 XM0829, 3.65% 8/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2195000 | 2195000 |
| Colorado Health Facilities Auth Rev Participating VRDN Series 2023 017, 3.92% 12/1/2026 (Liquidity Facility Barclays Bank PLC) (b)(e) | 5500000 | 5500000 |
| Colorado Health Facilities Authority Participating VRDN Series 2023 XM1124, 3.65% 11/15/2048 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2345000 | 2345000 |
| Denver CO Cty & Cnty Sch Dis 1 Participating VRDN Series 2023 ZL0511, 3.65% 12/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 2915000 | 2915000 |
| Denver CO Cty & Cnty Sch Dis 1 Participating VRDN Series 2025 XG0603, 3.65% 12/1/2049 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 5000000 | 5000000 |
| Regional Transn Dist CO Sales Participating VRDN Series 2025 CF7024, 3.65% 11/1/2033 (Liquidity Facility Citibank NA) (b)(e) | 4605000 | 4605000 |
| TOTAL COLORADO |  | 28455000 |
| Connecticut - 1.7%  |  |  |
| Connecticut Gen. Oblig. Participating VRDN Series 2017 014, 3.66% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(e) | 16905000 | 16905000 |
| Connecticut Gen. Oblig. Participating VRDN Series 2017 016, 3.66% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(e) | 35745000 | 35745000 |
| Connecticut St Gen. Oblig. Participating VRDN Series 2018 YX1095, 3.65% 9/15/2034 (Liquidity Facility Barclays Bank PLC) (b)(e) | 4925000 | 4925000 |
| Connecticut St Gen. Oblig. Participating VRDN Series 2022 XM1035, 3.65% 4/15/2038 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 5305000 | 5305000 |
| Connecticut St Spl Tax Oblig Participating VRDN 3.65% 7/1/2043 (Liquidity Facility Barclays Bank PLC) (b)(e) | 6020000 | 6020000 |
| TOTAL CONNECTICUT |  | 68900000 |
| Delaware - 0.1%  |  |  |
| Delaware Multi Fam Hsg Chritina Village Participating VRDN 3.9% 5/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 1600000 | 1600000 |
| Delaware Multi Fam Hsg Rev Participating VRDN Series 2024 MIZ9182, 3.9% 7/11/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 1200000 | 1200000 |
| TOTAL DELAWARE |  | 2800000 |
| District Of Columbia - 0.1%  |  |  |
| District Columbia Income Tax Rev Participating VRDN Series 2022 YX1195, 3.65% 3/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(e) | 895000 | 895000 |
| Metropolitan Washington Arpts Auth Dulles Toll Road Rev Participating VRDN Series 2019 XF0852, 3.65% 10/1/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 1355000 | 1355000 |
| Metropolitan Washington Arpts Auth Dulles Toll Road Rev Participating VRDN Series 2019 XF0853, 3.66% 10/1/2044 (Liquidity Facility Toronto Dominion Bank NA) (b)(e) | 1210000 | 1210000 |
| Metropolitan Washington Arpts Auth Dulles Toll Road Rev Participating VRDN Series 2019 XG0267, 3.67% 10/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(e) | 1045000 | 1045000 |
| TOTAL DISTRICT OF COLUMBIA |  | 4505000 |
| Florida - 2.5%  |  |  |
| Brevard County Health Facilities Auth Rev Participating VRDN Series 2022 XL0253, 3.67% 4/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2630000 | 2630000 |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN 2.57% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 975000 | 975000 |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN Series 2023 XF1641, 3.72% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 5375000 | 5375000 |
| Broward County FL School District Participating VRDN Series 2022 XM0996, 3.65% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(e) | 16000000 | 16000000 |
| Cape Coral Wtr & Swr Rev Participating VRDN Series 2023 YX1317, 3.66% 10/1/2039 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2300000 | 2300000 |
| County of Broward FL Tourist Development Tax Revenue Participating VRDN Series 2023 XL0429, 3.73% 9/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 900000 | 900000 |
| Florida Baptist Health Series 2025 BAML5066, 3.77% tender 8/15/2055 (Liquidity Facility Bank of America NA) (b)(e)(f) | 3800000 | 3800000 |
| Florida Dev Fin Corp Healthcare Facility Rev Participating VRDN 2.63% 2/1/2045 (Liquidity Facility Bank of America, N.A.) (b)(e) | 7600000 | 7600000 |
| Florida St Dept Transn Tpk Rev Participating VRDN Series 2023 XF3100, 3.65% 7/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(e) | 4270000 | 4270000 |
| Gainesville FL Utils Sys Rev Participating VRDN Series 2023 YX1284, 3.65% 10/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(e) | 7825000 | 7825000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN 3.65% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 3500000 | 3500000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XG0617, 3.65% 11/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(e) | 1400000 | 1400000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1229, 3.65% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 2500000 | 2500000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1246, 3.65% 11/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 2000000 | 2000000 |
| Hillsborough County Indl. Dev Participating VRDN 3.66% 8/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1710000 | 1710000 |
| Jacksonville Fla Spl Rev Participating VRDN Series 2024 ZF3276, 3.65% 10/1/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 520000 | 520000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN 3.65% 10/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(e) | 2665000 | 2665000 |
| JEA FL Wtr & Swr Sys Rev Series 2025 MS0033, 3.74% tender 10/1/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(e)(f) | 2240000 | 2240000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN 3.65% 3/15/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2800000 | 2800000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN Series 2025 CF7023, 3.67% 3/15/2047 (Liquidity Facility Citibank NA) (b)(e) | 5000000 | 5000000 |
| Miami-Dade Cnty FL Wtr & Swr Rev Participating VRDN Series 2023 XM1122, 3.65% 10/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(e) | 6100000 | 6100000 |
| Miami-Dade County Expressway Auth Participating VRDN Series 2019 XG0252, 3.67% 7/1/2034 (Liquidity Facility Bank of America, N.A.) (b)(e) | 4400000 | 4400000 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev Participating VRDN Series 2022 XG0370, 3.72% 8/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(e) | 1900000 | 1900000 |
| Pasco County FL Hosp Rev Participating VRDN Series 2023 XM1155, 3.65% 7/1/2030 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 7250000 | 7250000 |
| South Broward Hosp Dist FL Rev Participating VRDN Series 2021 XG0345, 3.65% 5/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 2060000 | 2060000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN 3.69% 8/15/2036 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2900000 | 2900000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN Series 2018 XG0173, 3.72% 8/15/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 2000000 | 2000000 |
| Tampa FL Hosp Rev Participating VRDN Series 2025 XG0613, 3.65% 8/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 1800000 | 1800000 |
| TOTAL FLORIDA |  | 104420000 |
| Georgia - 1.3%  |  |  |
| Brookhaven Development Authority Participating VRDN Series 2019 XG0244, 3.65% 7/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(e) | 3830000 | 3830000 |
| Burke County Indl Dev Auth Poll Cont Rev Participating VRDN 3.66% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 14700000 | 14700000 |
| Burke County Indl Dev Auth Poll Cont Rev Participating VRDN 3.67% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 4700000 | 4700000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XF1554, 3.66% 1/1/2059 (Liquidity Facility Toronto Dominion Bank NA) (b)(e) | 7140000 | 7140000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XF3106, 3.66% 7/1/2063 (Liquidity Facility Barclays Bank PLC) (b)(e) | 3375000 | 3375000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XF3183, 3.66% 1/1/2059 (Liquidity Facility Barclays Bank PLC) (b)(e) | 4310000 | 4310000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XG0470, 3.67% 1/1/2059 (Liquidity Facility Bank of America, N.A.) (b)(e) | 1800000 | 1800000 |
| Georgia St Gen. Oblig. Participating VRDN Series 2024 CF7007, 3.65% 7/1/2041 (Liquidity Facility Citibank NA) (b)(e) | 3500000 | 3500000 |
| Main Street Natural Gas Inc Participating VRDN Series 2019 XF0751, 3.65% 5/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 3285000 | 3285000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XF1601, 3.65% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2200000 | 2200000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XG0489, 3.65% 12/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2665000 | 2665000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 ZF1655, 3.65% 9/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 1015000 | 1015000 |
| Main Street Natural Gas Inc Participating VRDN Series 2024 XM1187, 3.67% 6/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 700000 | 700000 |
| Muni Elec Auth of Georgia Participating VRDN Series 2019 XG0254, 3.67% 1/1/2063 (Liquidity Facility Bank of America, N.A.) (b)(e) | 2110000 | 2110000 |
| TOTAL GEORGIA |  | 55330000 |
| Hawaii - 0.1%  |  |  |
| Hawaii Dpt Bg & Fin Spl Pur Rev Participating VRDN Series 2025 XM1242, 3.7% 7/1/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 3000000 | 3000000 |
| Illinois - 2.4%  |  |  |
| Chicago IL Gen. Oblig. Participating VRDN 3.66% 11/27/2028 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 12300000 | 12300000 |
| Chicago O'Hare Int'l Arpt Rev Participating VRDN Series 2019 XF0736, 3.65% 1/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 625000 | 625000 |
| Chicago Transit Auth Participating VRDN Series 2020 XL0145, 3.66% 12/1/2057 (Liquidity Facility Barclays Bank PLC) (b)(e) | 5650000 | 5650000 |
| Chicago Transit Auth Participating VRDN Series 2023 XG0487, 3.65% 12/1/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 4400000 | 4400000 |
| Illinois Fin Auth Participating VRDN Series 2023 BAML5047, 3.7% 11/15/2053 (Liquidity Facility Bank of America, N.A.) (b)(e) | 17800000 | 17800000 |
| Illinois Fin Auth Rev Participating VRDN Series 2018 017, 3.92% 8/15/2030 (Liquidity Facility Barclays Bank PLC) (b)(e) | 8300000 | 8300000 |
| Illinois Fin Auth Rev Participating VRDN Series 2018 XF0711, 3.65% 5/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 13550000 | 13550000 |
| Illinois Fin Auth Rev Participating VRDN Series 2023 XF1540, 3.65% 12/1/2046 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2500000 | 2500000 |
| Illinois Finance Authority Rev Participating VRDN 3.65% 8/15/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 4000000 | 4000000 |
| Illinois Finance Authority Rev Participating VRDN 3.65% 8/15/2051 (Liquidity Facility Barclays Bank PLC) (b)(e) | 5695000 | 5695000 |
| Illinois Finance Authority Rev Participating VRDN 3.65% 8/15/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 2695000 | 2695000 |
| Illinois Finance Authority Rev Participating VRDN Series 2015 XF0253, 3.72% 5/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 5720000 | 5720000 |
| Illinois Gen. Oblig. Participating VRDN 3.67% 11/1/2029 (Liquidity Facility Bank of America, N.A.) (b)(e) | 1300000 | 1300000 |
| Illinois Gen. Oblig. Participating VRDN 3.67% 5/1/2039 (Liquidity Facility Bank of America, N.A.) (b)(e) | 5000000 | 5000000 |
| Illinois Gen. Oblig. Participating VRDN Series 2019 XM0759, 3.67% 11/1/2025 (Liquidity Facility Bank of America, N.A.) (b)(e) | 820000 | 820000 |
| Illinois Gen. Oblig. Participating VRDN Series 2022 XL0260, 3.65% 3/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1455000 | 1455000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN 3.65% 1/1/2045 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 3915000 | 3915000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN Series 2022 ZL0330, 3.68% 1/1/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 1975000 | 1975000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN Series 2023 XF1533, 3.68% 1/1/2044 (Liquidity Facility Bank of America, N.A.) (b)(e) | 1320000 | 1320000 |
| Metropolitan Pier & Exposition Participating VRDN Series 2015 XF1045, 3.66% 6/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(e) | 900000 | 900000 |
| TOTAL ILLINOIS |  | 99920000 |
| Indiana - 0.3%  |  |  |
| Indian Fin Auth Univ Hlth Participating VRDN Series E 161, 3.65% 10/1/2064 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 11700000 | 11700000 |
| Indiana Fin Auth Health Facilities Rev Participating VRDN Series 2023 XF1569, 3.65% 8/15/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 1905000 | 1905000 |
| TOTAL INDIANA |  | 13605000 |
| Iowa - 0.3%  |  |  |
| Iowa Fin Auth Rev Participating VRDN Series 2024 003, 3.87% 3/1/2027 (Liquidity Facility Barclays Bank PLC) (b)(e) | 5490000 | 5490000 |
| Iowa Fin Auth Single Family Mtg Rev Participating VRDN Series 2023 XG0488, 3.65% 7/1/2043 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 4000000 | 4000000 |
| State of Iowa Board of Regents Participating VRDN 3.65% 9/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(e) | 1100000 | 1100000 |
| TOTAL IOWA |  | 10590000 |
| Kansas - 0.0%  |  |  |
| K-State Athletics Inc Participating VRDN 3.66% 7/1/2042 (Liquidity Facility Toronto Dominion Bank NA) (b)(e) | 1575000 | 1575000 |
| Kentucky - 0.3%  |  |  |
| CommonSpirit Health Participating VRDN Series 2020 MIZ9021, 3.72% 5/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 2300000 | 2300000 |
| Kentucky Econ Dev Fin Auth Hosp Rev Participating VRDN Series 2017 XG0123, 3.66% 6/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(e) | 300000 | 300000 |
| Kentucky Econ Dev Fin Auth Hosp Rev Participating VRDN Series 2023 XF3181, 3.66% 6/1/2041 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2175000 | 2175000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1188, 3.67% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 700000 | 700000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1189, 3.67% 8/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 700000 | 700000 |
| Kentucky Pub Energy Participating VRDN 3.67% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2000000 | 2000000 |
| Louisville & Jefferson KY Swr Sys Rev Participating VRDN 3.65% 5/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 2500000 | 2500000 |
| TOTAL KENTUCKY |  | 10675000 |
| Maryland - 0.1%  |  |  |
| Maryland Health & Higher Edl Facilities Auth Rev Participating VRDN Series 2023 XF3152, 3.66% 7/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2815000 | 2815000 |
| Montgomery Cnty MD Rev Participating VRDN Series 2018 XG0215, 3.66% 12/1/2044 (Liquidity Facility Bank of America, N.A.) (b)(e) | 2650000 | 2650000 |
| TOTAL MARYLAND |  | 5465000 |
| Massachusetts - 0.0%  |  |  |
| Massachusetts St Gen. Oblig. Participating VRDN 3.63% 12/1/2054 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 2100000 | 2100000 |
| Michigan - 0.6%  |  |  |
| Bronson MI Hlth Rev Participating VRDN Series 2025 XL0615, 3.65% 5/15/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 3000000 | 3000000 |
| Michigan Fin Auth Rev Participating VRDN 3.65% 12/1/2040 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 4485000 | 4485000 |
| Michigan Fin Auth Rev Participating VRDN Series 2022 ZF3032, 3.65% 12/1/2045 (Liquidity Facility UBS AG) (b)(e) | 5200000 | 5200000 |
| Michigan Fin Auth Rev Participating VRDN Series 2023 XF1667, 3.65% 11/15/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2300000 | 2300000 |
| Michigan Fin Auth Rev Participating VRDN Series 2025 ZF3299, 3.67% 12/1/2042 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 1825000 | 1825000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN Series 2023 XF1581, 3.66% 12/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(e) | 2600000 | 2600000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN Series 2024 XF3221, 3.65% 12/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1960000 | 1960000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN Series 2025 XF1874, 3.65% 12/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2665000 | 2665000 |
| Michigan St Hosp Fin Auth Rev Participating VRDN 3.65% 11/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 1250000 | 1250000 |
| TOTAL MICHIGAN |  | 25285000 |
| Michigan,New York - 0.0%  |  |  |
| Eastern MI University Rev Participating VRDN Series 2025 001, 3.87% 3/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1800000 | 1800000 |
| Minnesota - 0.3%  |  |  |
| Duluth Econ Dev Auth Health Care Facs Rev Participating VRDN Series 2023 XG0523, 3.66% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(e) | 6685000 | 6685000 |
| Minnesota Housing Finance Agency Participating VRDN Series 2020 XF2879, 3.65% 7/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 815000 | 815000 |
| Rochester MN Health Care Facs Participating VRDN Series 2025 XF1876, 3.65% 11/15/2053 (Liquidity Facility Bank of America, N.A.) (b)(e) | 1435000 | 1435000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN 3.9% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 1800000 | 1800000 |
| TOTAL MINNESOTA |  | 10735000 |
| Mississippi - 0.2%  |  |  |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9202, 3.9% 12/4/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 1300000 | 1300000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9205, 3.9% 7/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 800000 | 800000 |
| Mississippi Home Corp Single Family Mtg Rev Participating VRDN Series 2025 XX1388, 3.65% 12/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(e) | 3000000 | 3000000 |
| Warren County Ctfs Prtn Participating VRDN Series 2023 XG0546, 3.65% 9/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 4395000 | 4395000 |
| TOTAL MISSISSIPPI |  | 9495000 |
| Missouri - 1.3%  |  |  |
| Kansas City MO Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9207, 3.9% 1/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 900000 | 900000 |
| Kansas City Spl. Oblig. Participating VRDN Series 2022 XG0361, 3.66% 9/1/2046 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1700000 | 1700000 |
| Missouri Health & Edl Facilities Auth Rev Participating VRDN Series C 16, 3.67% 3/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 18400000 | 18400000 |
| Missouri Health & Edl Facs Rev Participating VRDN Series C 23, 3.66% 6/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 7600000 | 7600000 |
| Missouri Hlth & Edl Facs Rev Participating VRDN Series 2025 XF1839, 3.65% 4/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2950000 | 2950000 |
| Missouri Hlth & Edl Facs Rev Participating VRDN Series 2025 XF1841, 3.65% 4/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 2565000 | 2565000 |
| Missouri Hlth Facs Auth Rev Participating VRDN Series 5066, 3.65% 6/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 8700000 | 8700000 |
| Missouri St Hsg Dev Commn Single Family Mtg Rev Participating VRDN Series 2025 XF1885, 3.65% 11/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 2110000 | 2110000 |
| Montana Hlth Facs Auth Rev Participating VRDN 3.65% 11/15/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 5905000 | 5905000 |
| St Louis Cnty MO Spl Oblig Participating VRDN Series 2022 XG0382, 3.65% 12/1/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 2400000 | 2400000 |
| TOTAL MISSOURI |  | 53230000 |
| Nebraska - 0.0%  |  |  |
| Central Plains Energy Proj Rev Participating VRDN Series 2022 ZL0301, 3.67% 5/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 215000 | 215000 |
| Nebraska Invt Fin Auth Sfh Rev Participating VRDN Series 2024 ZF1734, 3.65% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 2220000 | 2220000 |
| TOTAL NEBRASKA |  | 2435000 |
| Nevada - 0.0%  |  |  |
| Clark Cnty NV School Dist Participating VRDN Series 2023 XF1473, 3.74% 6/15/2042 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 1025000 | 1025000 |
| New Hampshire,New York - 0.4%  |  |  |
| Nat'l Fin Auth NH Novant Hlth Participating VRDN Series E 157, 3.65% 11/1/2064 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 15100000 | 15100000 |
| New Jersey - 0.7%  |  |  |
| New Jersey Econ Dev Auth Participating VRDN Series 2016 XF2393, 3.65% 6/15/2041 (Liquidity Facility Barclays Bank PLC) (b)(e) | 5900000 | 5900000 |
| New Jersey Econ Dev Auth Participating VRDN Series 2017 XL0052, 3.65% 6/15/2042 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2500000 | 2500000 |
| New Jersey St Hsg & Mtg Fin Agy Multi Fam Rev Participating VRDN Series 2024 012, 3.87% 11/1/2027 (Liquidity Facility Barclays Bank PLC) (b)(e) | 11900000 | 11900000 |
| New Jersey Trans Trust Fund Auth Participating VRDN 3.65% 6/15/2046 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2495000 | 2495000 |
| New Jersey Trans Trust Fund Auth Participating VRDN 3.65% 6/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(e) | 500000 | 500000 |
| New Jersey Trans. Trust Fund Auth Participating VRDN 3.65% 6/15/2050 (Liquidity Facility Barclays Bank PLC) (b)(e) | 4250000 | 4250000 |
| New Jersey Turnpike Authority Participating VRDN 3.65% 1/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1240000 | 1240000 |
| TOTAL NEW JERSEY |  | 28785000 |
| New Mexico - 0.1%  |  |  |
| Bernalillo NM Multi Fam Hsg St Anthony's Pl Participating VRDN Series 2025 MIZ9210, 3.9% 4/29/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 2500000 | 2500000 |
| New York - 1.8%  |  |  |
| New York City Gen. Oblig. Participating VRDN 3.65% 9/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 5400000 | 5400000 |
| New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Participating VRDN 3.65% 6/15/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 10000000 | 10000000 |
| New York CityParticipating VRDN 3.65% 10/1/2039 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 3295000 | 3295000 |
| New York Dorm Auth Rev Participating VRDN Series E 146, 3.65% 5/15/2039 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 5100000 | 5100000 |
| New York Dorm Auth Royal Charter PropParticipating VRDN Series 2025 MIZ9208, 3.9% 3/16/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 6700000 | 6700000 |
| New York Metropolitan Trans Auth Rev Participating VRDN 3.65% 11/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(e) | 12435000 | 12435000 |
| New York Metropolitan Trans Auth Rev Participating VRDN Series 2020 XF2868, 3.65% 11/15/2042 (Liquidity Facility Barclays Bank PLC) (b)(e) | 16700000 | 16700000 |
| New York Metropolitan Trans Auth Rev Participating VRDN Series 2020 XF2878, 3.65% 11/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1300000 | 1300000 |
| New York Metropolitan Trans Auth Rev Participating VRDN Series 2020 XG0290, 3.65% 11/15/2049 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2600000 | 2600000 |
| New York NY City Transitional Fin Auth Rev Participating VRDN Series 2022 YX1183, 3.64% 2/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(e) | 3670000 | 3670000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN 3.64% 6/15/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 1370000 | 1370000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2023 ZL0473, 3.64% 6/15/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 4855000 | 4855000 |
| TOTAL NEW YORK |  | 73425000 |
| North Carolina - 0.4%  |  |  |
| Charlotte NC Arpt Rev Participating VRDN Series 2023 XF1603, 3.65% 7/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(e) | 2925000 | 2925000 |
| NC Hsg Fin Agy Homeownership Rev Participating VRDN Series 2023 YX1316, 3.65% 1/1/2048 (Liquidity Facility Barclays Bank PLC) (b)(e) | 4945000 | 4945000 |
| North Carolina Cap Fac Fin Agy Rev Participating VRDN Series 2015 XF2165, 3.65% 10/1/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 7585000 | 7585000 |
| TOTAL NORTH CAROLINA |  | 15455000 |
| North Dakota - 0.2%  |  |  |
| Grand Forks Health Care Sys Rev Participating VRDN Series 2023 XF1602, 3.66% 12/1/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(e) | 5055000 | 5055000 |
| North Dakota Housing Finance Agency Participating VRDN Series 2025 XF1847, 3.65% 7/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 3500000 | 3500000 |
| TOTAL NORTH DAKOTA |  | 8555000 |
| Ohio - 0.9%  |  |  |
| Allen Cnty OH Hosp Facs Rev Participating VRDN Series 2017 XF2516, 3.71% 8/1/2047 (Liquidity Facility Toronto Dominion Bank NA) (b)(e) | 1100000 | 1100000 |
| Allen Cnty OH Mercy Hlth Participating VRDN Series E 134, 3.65% 6/1/2034 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 5085000 | 5085000 |
| Green OH Local Sch Dist Summit Participating VRDN 3.74% 11/1/2059 (Liquidity Facility Bank of America, N.A.) (b)(e) | 3750000 | 3750000 |
| Montgomery Cnty OH Kettering Hlth Participating VRDN Series E 132, 3.65% 8/1/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 15400000 | 15400000 |
| Montgomery County Hosp Rev Participating VRDN 3.66% 11/15/2045 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1365000 | 1365000 |
| Ohio Hosp Rev Participating VRDN Series C 18, 3.66% 1/15/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 1400000 | 1400000 |
| Ohio Housing Finance Agency Participating VRDN Series 2024 XF1762, 3.65% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 2625000 | 2625000 |
| Ohio University HospitalParticipating VRDN Series C 22, 3.66% 1/15/2039 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 5000000 | 5000000 |
| Port of Grt Cincinnati OH Participating VRDN Series 2024 XL0553, 3.65% 12/1/2058 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 3335000 | 3335000 |
| TOTAL OHIO |  | 39060000 |
| Oklahoma - 0.3%  |  |  |
| Oklahoma City Okla Wtr Utils Tr Util Sys Rev Participating VRDN Series 2024 XM1163, 3.65% 7/1/2064 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 3700000 | 3700000 |
| Oklahoma DFA Intergris HlthParticipating VRDN Series E 140, 3.65% 8/15/2035 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 7540000 | 7540000 |
| TOTAL OKLAHOMA |  | 11240000 |
| Oregon - 0.3%  |  |  |
| Multinomah OR Adventist Health Participating VRDN 3.65% 3/1/2040 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2000000 | 2000000 |
| Multnomah Cnty OR Sch Dist No 1 Portland Participating VRDN 3.65% 6/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 4480000 | 4480000 |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN 3.9% 1/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 500000 | 500000 |
| Port of Morrow Series 2024 MS0026, 3.82% tender 10/1/2026 (Liquidity Facility Morgan Stanley Bank NA) (b)(e)(f) | 5000000 | 5000000 |
| Washington Cnty OR Sch Dist 48j Beaverton Participating VRDN 3.65% 6/15/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 1340000 | 1340000 |
| TOTAL OREGON |  | 13320000 |
| Pennsylvania - 1.3%  |  |  |
| Allegheny County Arpt Auth Rev Participating VRDN Series 2018 XX1094, 3.66% 4/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(e) | 3000000 | 3000000 |
| Central Bradford Progress Auth Rev Participating VRDN Series 2022 XF1346, 3.67% 12/1/2051 (Liquidity Facility Bank of America, N.A.) (b)(e) | 1675000 | 1675000 |
| Cumberland County Muni. Auth Rev Participating VRDN 3.66% 11/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1200000 | 1200000 |
| Lehigh County Gen Purp Hosp Rev Participating VRDN Series 2023 BAML5039, 3.7% 7/1/2043 (Liquidity Facility Bank of America, N.A.) (b)(e)(f) | 4410000 | 4410000 |
| Montgomery County Higher Ed & Health Auth Rev Participating VRDN Series 2023 XG0528, 3.66% 9/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(e) | 4055000 | 4055000 |
| Pennsylvania Tpk Commission Tpk Rev Participating VRDN Series 2017 XX1044, 3.66% 12/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(e) | 300000 | 300000 |
| Pennsylvania Tpk Commission Tpk Rev Participating VRDN Series 2022 XM1008, 3.65% 12/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 830000 | 830000 |
| Southcentral PA Gen Auth Rev Participating VRDN Series 2019 XL0104, 3.65% 6/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 3615000 | 3615000 |
| Southeastern PA Transn Auth Rev Participating VRDN 3.65% 6/1/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 1965000 | 1965000 |
| Southeastern PA Transn Auth Rev Participating VRDN 3.65% 6/1/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 4000000 | 4000000 |
| Southeastern PA Transn Auth Rev Participating VRDN 3.67% 6/1/2047 (Liquidity Facility Bank of America, N.A.) (b)(e) | 1400000 | 1400000 |
| Thomas Jefferson University Participating VRDN Series 5077, 3.65% 11/1/2064 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 21055000 | 21055000 |
| Westmoreland Cnty PA Participating VRDN Series 2017 YX1075, 3.66% 8/15/2036 (Liquidity Facility Barclays Bank PLC) (b)(e) | 4300000 | 4300000 |
| TOTAL PENNSYLVANIA |  | 51805000 |
| South Carolina - 0.8%  |  |  |
| Charelston SC Arpt Rev Participating VRDN Series 2025 XF1810, 3.66% 7/1/2054 (Liquidity Facility Toronto Dominion Bank NA) (b)(e) | 3150000 | 3150000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 XG0539, 3.65% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2000000 | 2000000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 XM1143, 3.67% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 3000000 | 3000000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 ZF1653, 3.67% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2740000 | 2740000 |
| Prism Health SC Participating VRDN 3.65% 5/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 21043000 | 21043000 |
| South Carolina Pub Svc Auth Rev Participating VRDN Series 2023 XL0418, 3.65% 12/1/2056 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2245000 | 2245000 |
| TOTAL SOUTH CAROLINA |  | 34178000 |
| South Dakota - 0.1%  |  |  |
| South Dakota St Hlth & Edl Fac Participating VRDN 3.66% 7/1/2046 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 5625000 | 5625000 |
| Tennessee - 0.8%  |  |  |
| Greeneville Health & Edl Facilities Board Participating VRDN Series 2018 XF2576, 3.66% 7/1/2040 (Liquidity Facility Barclays Bank PLC) (b)(e) | 4700000 | 4700000 |
| Greeneville Health & Edl Facilities Board Participating VRDN Series 2018 XG0194, 3.66% 7/1/2040 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 3100000 | 3100000 |
| Knox County Health Edl & Hsg Facility Board Student Hsg Rev Participating VRDN Series 2024 XG0548, 3.66% 7/1/2064 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2400000 | 2400000 |
| Metropolitan Govt Nashville & Davidson County Sports Auth Rev Participating VRDN Series 2023 XG0517, 3.65% 7/1/2056 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 14645000 | 14645000 |
| Sullivan County Health Ed and Hsg Board Participating VRDN 2.63% 9/1/2036 (Liquidity Facility Bank of America, N.A.) (b)(e) | 6440000 | 6440000 |
| Tennessee Energy Acquisition Corp Participating VRDN Series 2023 ZF1658, 3.67% 5/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 1110000 | 1110000 |
| TOTAL TENNESSEE |  | 32395000 |
| Texas - 3.4%  |  |  |
| Austin TX Elec Util Sys Rev Participating VRDN Series 2023 XF3113, 3.65% 11/15/2048 (Liquidity Facility Barclays Bank PLC) (b)(e) | 8000000 | 8000000 |
| Board of Regents of the University of Texas System Participating VRDN Series 2023 XL0500, 3.65% 8/15/2049 (Liquidity Facility UBS AG) (b)(e) | 4340000 | 4340000 |
| City of El Paso TX Water & Sewer Revenue Participating VRDN Series 2025 ZL0600, 3.65% 3/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 3250000 | 3250000 |
| Collin County Hsg Fin Corp Multi Fam Participating VRDN 3.9% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(f) | 3800000 | 3800000 |
| Denton Independent School District Participating VRDN 3.64% 8/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 8000000 | 8000000 |
| Denton Independent School District Participating VRDN Series 2025 XF3361, 3.65% 8/15/2053 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 4400000 | 4400000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev Participating VRDN Series 2022 XL0323, 3.65% 12/1/2045 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 2960000 | 2960000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev Participating VRDN Series 2023 XF3203, 3.77% 7/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 700000 | 700000 |
| Harris Cnty TX Flood Ctl Dist Gen. Oblig. Participating VRDN 3.65% 10/1/2046 (Liquidity Facility Citibank NA) (b)(e) | 2900000 | 2900000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0030, 3.74% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(e)(f) | 5900000 | 5900000 |
| Harris County Children's Hosp Participating VRDN Series E 149, 3.65% 10/1/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 3000000 | 3000000 |
| Houston TX Gen. Oblig. Participating VRDN 3.65% 3/1/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 2400000 | 2400000 |
| Lamar TX Isd Participating VRDN 3.65% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(e) | 3200000 | 3200000 |
| Lamar TX Isd Participating VRDN 3.67% 2/15/2058 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 3800000 | 3800000 |
| Lamar TX Isd Participating VRDN Series 2023 XF3163, 3.65% 2/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 5245000 | 5245000 |
| Lamar TX Isd Participating VRDN Series 2025 XX1391, 3.65% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1900000 | 1900000 |
| Lamar TX Isd Participating VRDN Series 2025 ZF3318, 3.67% 2/15/2058 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 2100000 | 2100000 |
| Leander Independent School District Participating VRDN 3.65% 8/15/2052 (Liquidity Facility Barclays Bank PLC) (b)(e) | 12160000 | 12160000 |
| Los Angeles CA Multi Fam Mtg Rev Participating VRDN Series 2024 MIZ9195, 3.72% 7/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 8000000 | 8000000 |
| Lower Colorado River Auth Rev Participating VRDN Series 2023 XM1105, 3.65% 5/15/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 6265000 | 6265000 |
| New Caney TX Indpt Sch Dist New Participating VRDN Series 2023 XF1582, 3.66% 2/15/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(e) | 4000000 | 4000000 |
| North Ft Bend Wtr Auth Tex Wtrsys Rev Participating VRDN 3.65% 12/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 7975000 | 7975000 |
| North Ft Bend Wtr Auth Tex Wtrsys Rev Participating VRDN Series 2023 XL0422, 3.73% 12/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 800000 | 800000 |
| Royse City TX Indpt Sch Dist Participating VRDN 3.65% 2/15/2053 (Liquidity Facility Bank of America, N.A.) (b)(e) | 1800000 | 1800000 |
| Tarrant Cnty TX Christus Hlth Participating VRDN Series E 150, 3.65% 7/1/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 10365000 | 10365000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev Participating VRDN 3.67% 11/15/2051 (Liquidity Facility Bank of America, N.A.) (b)(e) | 760000 | 760000 |
| Tarrant County Cultural Ed Facilities Fin Corp Rev Participating VRDN Series 2022 XG0399, 3.65% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 1500000 | 1500000 |
| Texas Gas Acq & Sply Rev Participating VRDN Series 2025 XM1232, 3.67% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 800000 | 800000 |
| Texas St Univ Sys Fing Rev Participating VRDN Series 2024 XM1164, 3.65% 3/15/2054 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 3750000 | 3750000 |
| Texas Wtr Dev Brd Participating VRDN 3.64% 10/15/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 4685000 | 4685000 |
| Texas Wtr Dev Brd Participating VRDN 3.65% 10/15/2057 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 3625000 | 3625000 |
| Texas Wtr Dev Brd Participating VRDN Series 2023 ZL0484, 3.64% 10/15/2044 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 5640000 | 5640000 |
| Texas Wtr Dev Brd Series 2025 MS0037, 3.74% tender 10/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(e)(f) | 1525000 | 1525000 |
| Ysleta Independent School District Participating VRDN Series 2022 XF1338, 3.65% 8/15/2056 (Liquidity Facility Bank of America, N.A.) (b)(e) | 2670000 | 2670000 |
| TOTAL TEXAS |  | 142215000 |
| Utah - 0.1%  |  |  |
| Utah Cnty Utah Hosp Rev Participating VRDN Series 2022 XM1003, 3.65% 5/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 2440000 | 2440000 |
| Virginia - 0.4%  |  |  |
| Chesapeake Bay Bridge and Tunnel District Gen Rev Participating VRDN 3.66% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(e) | 3800000 | 3800000 |
| Fairfax Cnty VA Indl Dev Auth Participating VRDN Series 2018 XG0191, 3.65% 5/15/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 1077500 | 1077500 |
| Norfolk Econ Dev Health Care Facs Participating VRDN 3.66% 11/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 500000 | 500000 |
| Norfolk VA Sentara Hlth Participating VRDN 3.66% 11/1/2036 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2500000 | 2500000 |
| Suffolk Econ Dev Auth Hosp Facs Rev Participating VRDN Series 2020 MIZ9025, 3.72% 11/1/2035 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 10200000 | 10200000 |
| TOTAL VIRGINIA |  | 18077500 |
| Washington - 1.2%  |  |  |
| Multicare Health Sys Participating VRDN Series E 153, 3.65% 8/15/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 11075000 | 11075000 |
| Seattle WA Mun Lt & Pwr Rev Participating VRDN Series 2023 XF1586, 3.65% 3/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(e) | 3340000 | 3340000 |
| State of Washington Gen. Oblig. 3.74% tender 2/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(e)(f) | 12000000 | 12000000 |
| State of Washington Gen. Oblig. Participating VRDN Series 2024 CF7002, 3.64% 8/1/2041 (Liquidity Facility Citibank NA) (b)(e) | 3200000 | 3200000 |
| State of Washington Series 2025 MS0036, 3.74% tender 6/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(e)(f) | 2820000 | 2820000 |
| Washington Convention Ctr Pub Facs Participating VRDN Series 2020 XG0287, 3.66% 7/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(e) | 2090000 | 2090000 |
| Washington Convention Ctr Pub Facs Participating VRDN Series 2022 XX1238, 3.66% 7/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(e) | 7600000 | 7600000 |
| Washington Health Care Facs Auth Rev Participating VRDN Series 2015 XF0150 1, 3.67% 10/1/2042 (Liquidity Facility Bank of America, N.A.) (b)(e) | 300000 | 300000 |
| Washington Health Care Facs Auth Rev Participating VRDN Series 2023 XF1514, 3.66% 10/1/2044 (Liquidity Facility Toronto Dominion Bank NA) (b)(e) | 6010000 | 6010000 |
| TOTAL WASHINGTON |  | 48435000 |
| West Virginia - 0.1%  |  |  |
| West Virginia Hosp Fin Auth Hosp Rev Participating VRDN Series 2023 XF1537, 3.66% 6/1/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(e) | 3760000 | 3760000 |
| Wisconsin - 0.2%  |  |  |
| Univ of Wis Hosp & Clinics Auth Participating VRDN Series 2022 XL0296, 3.65% 4/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 1530000 | 1530000 |
| Wisconsin Health & Edl Facilities Auth Rev Participating VRDN Series 2024 XG0553, 3.65% 12/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 1450000 | 1450000 |
| Wisconsin Health & Edl Facilities Participating VRDN Series 2019 XF0741, 3.65% 2/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 2320000 | 2320000 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev Participating VRDN Series 2024 XL0554, 3.65% 3/1/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(e) | 2100000 | 2100000 |
| TOTAL WISCONSIN |  | 7400000 |
| <br> **TOTAL TENDER OPTION BOND**<br> (Cost $1,143,570,503) |  | <br> **1143570503** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Variable Rate Demand Note - 40.8%** | &nbsp;&nbsp;**Variable Rate Demand Note - 40.8%** | &nbsp;&nbsp;**Variable Rate Demand Note - 40.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 0.3%  |  |  |
| Mobile AL Indl Dev Brd Swdr (Alabama Power & Light Proj.) 3% 6/1/2034 VRDN (b) | 12200000 | 12200000 |
| Alaska - 1.4%  |  |  |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 3% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (b) | 23900000 | 23900000 |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 3.13% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (b) | 16600000 | 16600000 |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 3.28% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (b) | 15650000 | 15650000 |
| TOTAL ALASKA |  | 56150000 |
| Arizona - 2.1%  |  |  |
| Arizona St Indl Dev Auth Multifamily Hsg Rev (Glendale Leased Housing Associates I Lllp Proj.) Series 2023A, 2.8% 4/1/2042, LOC Barclays Bank PLC VRDN (b) | 12900000 | 12900000 |
| Arizona St Indl Dev Auth Multifamily Hsg Rev (Glendale Leased Housing Associates I Lllp Proj.) Series 2023A, 2.8% 4/1/2042, LOC Barclays Bank PLC VRDN (b) | 8690000 | 8690000 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024C, 2.75% 12/1/2054, LOC Royal Bank of Canada VRDN (b) | 21100000 | 21100000 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2023B, 3.6% 1/1/2048 VRDN (b) | 14850000 | 14850000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3.8% 5/1/2029 VRDN (b) | 8600000 | 8600000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3.9% 5/1/2029 VRDN (b) | 1000000 | 1000000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) Series 2009 A, 3.9% 5/1/2029 VRDN (b) | 15825000 | 15825000 |
| Tempe AZ Indl Dev Auth Rev (Various Capital Projects) 3.77% 7/1/2034, LOC Bank of America NA VRDN (b) | 3400000 | 3400000 |
| TOTAL ARIZONA |  | 86365000 |
| Colorado - 1.5%  |  |  |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) 3.62% 5/15/2064 VRDN (b) | 8000000 | 8000000 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022F, 3.62% 5/15/2062 VRDN (b) | 17600000 | 17600000 |
| University of Colorado Hospital Authority 2.8% 11/15/2039 VRDN (b) | 19000000 | 19000000 |
| University of Colorado Hospital Authority Series 2018 A, 2.9% 11/15/2030 VRDN (b) | 7965000 | 7965000 |
| University of Colorado Hospital Authority Series 2019 A, 2.9% 11/15/2049 VRDN (b) | 4600000 | 4600000 |
| University of Colorado Hospital Authority Series 2025 A, 3.6% 11/15/2045 VRDN (b) | 5500000 | 5500000 |
| TOTAL COLORADO |  | 62665000 |
| Connecticut - 4.0%  |  |  |
| Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series 2014 C 2, 3.62% 11/15/2034 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 10000000 | 10000000 |
| Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series 2017 A 3, 3.6% 11/15/2047 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 6800000 | 6800000 |
| Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series 2018 A 3, 3.63% 5/15/2048 (Liquidity Facility Bank of America NA) VRDN (b) | 11800000 | 11800000 |
| Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series 2018 E 2, 3.63% 11/15/2048 (Liquidity Facility Bank of America NA) VRDN (b) | 8860000 | 8860000 |
| Connecticut St Gen. Oblig. Series 2016 C, 3.64% 5/15/2034 (Liquidity Facility Bank of America NA) VRDN (b) | 54355000 | 54355000 |
| Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 3.62% 7/1/2034, LOC JPMorgan Chase Bank NA VRDN (b) | 6865000 | 6865000 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale-New Haven Hospital Inc Proj.) Series 2024C 2, 2.85% 7/1/2060 VRDN (b) | 38100000 | 38100000 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series A SUB A 3, 3.6% 11/15/2051 (Liquidity Facility Toronto Dominion Bank) VRDN (b) | 3800000 | 3800000 |
| Connecticut State Health & Educational Facilities Authority (Yale-New Haven Hospital Inc Proj.) Series D, 2.7% 7/1/2048 VRDN (b) | 26600000 | 26600000 |
| TOTAL CONNECTICUT |  | 167180000 |
| Delaware - 0.1%  |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 2.83% 10/1/2028 VRDN (b) | 2300000 | 2300000 |
| District Of Columbia - 0.5%  |  |  |
| District Columbia Rev (Medstar Health Inc Proj.) 2.8% 8/15/2038, LOC TD Bank NA VRDN (b) | 9300000 | 9300000 |
| District Columbia Rev (The Pew Charitable Trust Proj.) 3.6% 4/1/2038, LOC PNC Bank NA VRDN (b) | 12900000 | 12900000 |
| TOTAL DISTRICT OF COLUMBIA |  | 22200000 |
| Florida - 1.7%  |  |  |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series 2ND, 3% 4/1/2039 VRDN (b) | 9480000 | 9480000 |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series FIRST 2009, 2.85% 4/1/2039 VRDN (b) | 9100000 | 9100000 |
| FL Pcr Power And Light (Florida Pwr & Lt Co Proj.) 2.85% 5/1/2029 VRDN (b) | 8800000 | 8800000 |
| Highlands County Health Facilities Authority (Advent Health Proj.) 3.65% 11/15/2033 VRDN (b) | 9240000 | 9240000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) Series 2024 G, 2.75% 11/15/2044 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 12620000 | 12620000 |
| Martin Cnty Fla Rev (Florida Pwr & Lt Co Proj.) 3.75% 7/1/2052 VRDN (b) | 8250000 | 8250000 |
| Mississippi Bus Fin Corp MI Po (Florida Pwr & Lt Co Proj.) Series 2014, 2.85% 4/1/2044 VRDN (b) | 2700000 | 2700000 |
| Orange Cnty FL Health Facs (Nemours Foundation Proj.) 3.62% 1/1/2037, LOC TD Bank NA VRDN (b) | 3605000 | 3605000 |
| Orange Cnty FL Health Facs (Nemours Foundation Proj.) Series 2009B, 3.62% 1/1/2039, LOC TD Bank NA VRDN (b) | 4140000 | 4140000 |
| Palm Beach Cnty FL Rev (Raymond F Kravis Center For The Performing Arts Inc Proj.) 3.65% 7/1/2032, LOC Northern Trust CO Chicago VRDN (b) | 3700000 | 3700000 |
| TOTAL FLORIDA |  | 71635000 |
| Georgia - 0.4%  |  |  |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2018, 2.4% 11/1/2052 VRDN (b) | 4800000 | 4800000 |
| Heard Cnty GA Dev Auth Poll Cont Rev (Georgia Power Co Proj.) 2.7% 9/1/2029 VRDN (b) | 6900000 | 6900000 |
| Monroe Cnty GA Dev Auth Pcr (Florida Pwr & Lt Co Proj.) Series 2010 1, 3.8% 6/1/2049 VRDN (b) | 2900000 | 2900000 |
| Monroe Cnty GA Dev Auth Pcr (Florida Pwr & Lt Co Proj.) Series FIRST 2002, 3.75% 9/1/2037 VRDN (b) | 2200000 | 2200000 |
| TOTAL GEORGIA |  | 16800000 |
| Illinois - 0.9%  |  |  |
| Illinois Dev Fin Auth Rev (Glenwood School For Boys, Il Proj.) 3.82% 2/1/2033, LOC Northern Trust CO Chicago VRDN (b) | 2100000 | 2100000 |
| Illinois Fin Auth Rev (Chicago Symphony Orchestra Proj.) 3.6% 5/1/2048, LOC PNC Bank NA VRDN (b) | 7250000 | 7250000 |
| Illinois Fin Auth Rev (Hospital Sisters Svcs Inc Proj.) Series 2012G, 3.6% 8/1/2040, LOC Bank of Montreal/Chicago IL VRDN (b) | 18130000 | 18130000 |
| Illinois Fin Auth Rev (The Latin School Of Chicago Proj.) 3.65% 8/1/2035, LOC JPMorgan Chase Bank NA VRDN (b) | 2500000 | 2500000 |
| Illinois Fin Auth Rev (University Of Chicago Medical Center/The Proj.) 3.6% 8/1/2044, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 8100000 | 8100000 |
| TOTAL ILLINOIS |  | 38080000 |
| Indiana - 2.4%  |  |  |
| Indiana Fin Auth Health Fac Rev (Baptist Health Obligated Group Proj.) Series 2025C, 3.72% 8/15/2045, LOC Truist Bank VRDN (b) | 8800000 | 8800000 |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) 3.6% 9/1/2048, LOC Barclays Bank PLC VRDN (b) | 8375000 | 8375000 |
| Indiana Fin Auth Hosp Rev (Parkview Health System Proj.) 2.75% 11/1/2039, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 13105000 | 13105000 |
| Indiana Fin Auth Hosp Rev (Parkview Health System Proj.) 2.85% 11/1/2039, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 15400000 | 15400000 |
| Indiana St Dev Fin Auth Econom Ic Dev Rev (Archer Daniels Midland Co Proj.) 2.7% 12/1/2047 VRDN (b) | 10700000 | 10700000 |
| Indiana St Fin Auth Environmental Rev (Arcelormittal Sa Luxembourg Proj.) 3.05% 6/1/2035, LOC Cooperatieve Rabobank UA/NY VRDN (b) | 15000000 | 15000000 |
| Indiana St Fin Auth Environmental Rev (Duke Energy Ind Inc Proj.) 2.75% 12/1/2039, LOC Mizuho Bank Ltd VRDN (b) | 9870000 | 9870000 |
| Indiana St Fin Auth Rev (Ascension Health Credit Group Proj.) 2.85% 11/15/2036 VRDN (b) | 4840000 | 4840000 |
| Indiana St Fin Auth Rev (Trinity Health Proj.) 3.32% 12/1/2034 VRDN (b) | 13100000 | 13100000 |
| TOTAL INDIANA |  | 99190000 |
| Iowa - 2.0%  |  |  |
| Iowa Fin Auth Economic Dev Rev (Cargill Inc Proj.) 3.65% 6/1/2039 VRDN (b) | 1700000 | 1700000 |
| Iowa Fin Auth Midwestern Disaster Area Rev (Archer Daniels Midland Co Proj.) 2.7% 12/1/2045 VRDN (b) | 20280000 | 20280000 |
| Iowa Fin Auth Midwestern Disaster Area Rev (Archer Daniels Midland Co Proj.) 2.7% 12/1/2051 VRDN (b) | 10200000 | 10200000 |
| Iowa Fin Auth Rev (Unitypoint Health Proj.) Series 2018 C, 3% 11/15/2041, LOC JPMorgan Chase Bank NA VRDN (b) | 19160000 | 19160000 |
| Iowa Fin Auth Rev (Unitypoint Health Proj.) Series 2018 D, 2.8% 12/1/2041, LOC TD Bank NA VRDN (b) | 10700000 | 10700000 |
| Iowa St Fin Auth Midwestern Ec (Cargill Inc Proj.) Series 2012A, 3.65% 6/1/2039 VRDN (b) | 19700000 | 19700000 |
| TOTAL IOWA |  | 81740000 |
| Kansas - 0.7%  |  |  |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 3.43% 9/1/2035 VRDN (b) | 7400000 | 7400000 |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 3.43% 9/1/2035 VRDN (b) | 3500000 | 3500000 |
| St Marys Kans Pollutn Ctl Rev (Evergy Kansas Central Proj.) 2.95% 4/15/2032 VRDN (b) | 11500000 | 11500000 |
| St Marys Kans Pollutn Ctl Rev (Evergy Kansas South Proj.) 2.95% 4/15/2032 VRDN (b) | 700000 | 700000 |
| Wamego Kansas Pcr (Evergy Kansas Central Proj.) 2.95% 4/15/2032 VRDN (b) | 7100000 | 7100000 |
| Wamego Kansas Pcr (Evergy Kansas South Proj.) 2.95% 4/15/2032 VRDN (b) | 500000 | 500000 |
| TOTAL KANSAS |  | 30700000 |
| Kentucky - 0.1%  |  |  |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (St. Elizabeth Healthcare Proj.) 2.8% 5/1/2033, LOC TD Bank NA VRDN (b) | 4600000 | 4600000 |
| Louisiana - 1.1%  |  |  |
| Louisiana Hsg Fin Agy Multifamily Hsg Rev (Maestri-Murrell Real Estate Proj.) 3.7% 7/1/2040, LOC Freddie Mac Non Gold Pool VRDN (b) | 2400000 | 2400000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 3% 12/1/2043 VRDN (b) | 5200000 | 5200000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 3.28% 8/1/2049 VRDN (b) | 17300000 | 17300000 |
| Louisiana Pub Facs Auth Rev (Christus Health Proj.) 3.32% 7/1/2047, LOC TD Bank NA VRDN (b) | 1600000 | 1600000 |
| St James Parish LA Rev (Nucor Corp Proj.) 2.96% 11/1/2040 VRDN (b) | 9820000 | 9820000 |
| St James Parish LA Rev (Nucor Corp Proj.) 3.05% 11/1/2040 VRDN (b) | 8900000 | 8900000 |
| TOTAL LOUISIANA |  | 45220000 |
| Michigan - 0.6%  |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (Michigan St Hsg Dev Auth Mfrev Proj.) Series 2022 B, 2.71% 4/1/2062, LOC Bank of America NA VRDN (b) | 18780000 | 18780000 |
| Michigan St Strategic Fd Ltd Oblig Rev (Kroger Co Proj.) 3.66% 1/1/2026, LOC Bank of Nova Scotia NY Brh VRDN (b) | 6000000 | 5999983 |
| TOTAL MICHIGAN |  | 24779983 |
| Minnesota - 0.7%  |  |  |
| Hennepin Cnty Minn Gen. Oblig. Series 2018B, 3.56% 12/1/2038 (Liquidity Facility TD Bank NA) VRDN (b) | 19800000 | 19800000 |
| Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2018 B, 2.9% 11/15/2048, LOC JPMorgan Chase Bank NA VRDN (b) | 9200000 | 9200000 |
| TOTAL MINNESOTA |  | 29000000 |
| Missouri - 1.0%  |  |  |
| Missouri St Health & Edl Facs (Ascension Health Credit Group Proj.) 2.66% 11/15/2039 VRDN (b) | 33530000 | 33530000 |
| Missouri St Health & Edl Hlth (Bjc Health System Proj.) 3.6% 5/15/2038 VRDN (b) | 8255000 | 8255000 |
| TOTAL MISSOURI |  | 41785000 |
| Nevada - 1.1%  |  |  |
| Clark Cnty NV Arpt Rev 2.8% 7/1/2040, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 38600000 | 38600000 |
| Clark Cnty NV Indl Dev Rev (Southwest Gas Corp Proj.) 2.68% 12/1/2039, LOC Bank of America NA VRDN (b) | 8800000 | 8800000 |
| TOTAL NEVADA |  | 47400000 |
| New Hampshire - 0.2%  |  |  |
| National Fin Auth NH Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 C, 1.9% 11/1/2064, LOC Truist Bank VRDN (b) | 6400000 | 6400000 |
| New Jersey,New York - 0.1%  |  |  |
| Port Auth NY & NJ 3.67% 1/19/2027 VRDN (b)(d)(f) | 3000000 | 3000000 |
| New York - 2.6%  |  |  |
| City of New York NY Gen. Oblig. Series 2014 D 5, 3.6% 8/1/2041, LOC PNC Bank NA VRDN (b) | 9875000 | 9875000 |
| Metropolitan Transn Auth NY Rv Series 2012G 2, 3.6% 11/1/2032, LOC TD Bank NA VRDN (b) | 4400000 | 4400000 |
| New York NY City Health & Hosp 2.8% 2/15/2031, LOC TD Bank NA VRDN (b) | 7345000 | 7345000 |
| New York NY City Transitional Fin Auth Rev Series 2018 C 6, 3.6% 5/1/2047 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 3545000 | 3545000 |
| New York NY Cty Hsg Dev Corp Multifamily Rev (Kibel Family Proj.) 2.75% 3/15/2036, LOC Fannie Mae VRDN (b) | 10350000 | 10350000 |
| New York NY Cty Hsg Dev Corp Multifamily Rev (Rockrose Development Proj.) 2.8% 4/15/2036, LOC Fannie Mae VRDN (b) | 9800000 | 9800000 |
| New York NY Cty Muni Wtr Fin Auth 2.65% 6/15/2033 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 5400000 | 5400000 |
| New York NY Cty Muni Wtr Fin Auth Series 2013 AA 1, 3.6% 6/15/2046 (Liquidity Facility PNC Bank NA) VRDN (b) | 150000 | 150000 |
| New York NY Cty Muni Wtr Fin Auth Series 2015 BB 3, 3.62% 6/15/2050 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 15000000 | 15000000 |
| New York NY Cty Muni Wtr Fin Auth Series 2016 AA 2, 3.6% 6/15/2048 (Liquidity Facility PNC Bank NA) VRDN (b) | 17800000 | 17800000 |
| New York St Dorm Auth Revs Non St Supported Debt (Fordham University Proj.) 3.59% 7/1/2032, LOC Bank of America NA VRDN (b) | 4500000 | 4500000 |
| New York St Hsg Fin Agy Rev (Mount Sinai Medical Center, Ny Proj.) 2.8% 5/1/2044, LOC TD Bank NA VRDN (b) | 9255000 | 9255000 |
| New York St Hsg Fin Agy Rev (Silverstein Properties Inc Proj.) 2.8% 5/15/2041, LOC Fannie Mae VRDN (b) | 4800000 | 4800000 |
| Triborough Brdg & Tunl NY Revs Series 2005 B 2A, 2.65% 1/1/2032, LOC State Street Bank & Trust Co VRDN (b) | 4675000 | 4675000 |
| TOTAL NEW YORK |  | 106895000 |
| North Carolina - 0.2%  |  |  |
| Lower Cape Fear N C Wtr & Swr Auth Spl Fac Rev (Smithfield Foods Proj.) 3.72% 12/1/2034, LOC Cooperatieve Rabobank UA/NY VRDN (b) | 2000000 | 2000000 |
| Person Cnty N C Indl Facs & Pollution Ctl Fing Auth Recovery Zone Fac Rev (Certainteed Gypsum Nc Inc Proj.) 3.69% 11/1/2035, LOC Credit Industriel et Commercial/New York VRDN (b) | 5750000 | 5750000 |
| TOTAL NORTH CAROLINA |  | 7750000 |
| Ohio - 4.5%  |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Healthcare System Proj.) Series 2012 B, 2.8% 5/1/2036, LOC TD Bank NA VRDN (b) | 23815000 | 23815000 |
| Cuyahoga Cnty OH Hlth Care Fac (The A.M. Mcgregor Home Proj.) Series 2014, 3.67% 5/1/2049, LOC Northern Trust CO Chicago VRDN (b) | 9920000 | 9920000 |
| Franklin Cnty OH Hosp Facs Rev (Nationwide Children'S Hospital Proj.) Series 2013A, 3.65% 11/1/2036 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 4100000 | 4100000 |
| Franklin Cnty OH Hosp Facs Rev (Nationwide Children'S Hospital Proj.) Series 2013B, 3.65% 5/1/2029 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 8490000 | 8490000 |
| Franklin Cnty OH Hosp Facs Rev (Nationwide Children'S Hospital Proj.) Series 2017 B, 3.65% 11/1/2052 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 8015000 | 8015000 |
| Franklin Cnty OH Hosp Facs Rev (Ohiohealth Corporation Proj.) Series 2011C, 2.7% 11/15/2033 VRDN (b) | 13300000 | 13300000 |
| Franklin Cnty Ohio Hosp Rev (Ohiohealth Corporation Proj.) 2.75% 11/15/2041 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 6500000 | 6500000 |
| Franklin Cnty Ohio Hosp Rev (Ohiohealth Corporation Proj.) 2.75% 11/15/2041 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 5800000 | 5800000 |
| Hamilton Cnty OH Hosp Facs Rev (Childrens Hosp Med Ctr Cinn,Oh Proj.) Series 2018 Z, 3.32% 5/15/2037 VRDN (b) | 4915000 | 4915000 |
| Hamilton Cnty OH Hosp Facs Rev (Childrens Hosp Med Ctr Cinn,Oh Proj.) Series 2018AA, 3.6% 5/15/2037 VRDN (b) | 10525000 | 10525000 |
| Ohio St Adult Correctional Cap Facs (Ohio St Proj.) Series 2019 C, 2.85% 10/1/2039 VRDN (b) | 9000000 | 9000000 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2021D, 2.75% 1/15/2051, LOC US Bank NA/Cincinnati OH VRDN (b) | 12500000 | 12500000 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundtn (The) Proj.) Series 2019 D2, 2.85% 1/1/2052 VRDN (b) | 13300000 | 13300000 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series E, 2.8% 3/1/2036 (Liquidity Facility TD Bank NA) VRDN (b) | 5200000 | 5200000 |
| Ohio St Univ Gen Rcpts Series 2023 A1, 2.7% 6/1/2043 VRDN (b) | 28100000 | 28100000 |
| Ohio St Univ Gen Rcpts Series 2023 D1, 2.68% 12/1/2035 VRDN (b) | 9800000 | 9800000 |
| Ohio St Univ Gen Rcpts Series 2023 D2, 2.85% 12/1/2034 VRDN (b) | 4150000 | 4150000 |
| Ohio St Univ Gen Rcpts Series 2023 D2, 2.85% 12/1/2044 VRDN (b) | 8600000 | 8600000 |
| TOTAL OHIO |  | 186030000 |
| Pennsylvania - 2.1%  |  |  |
| Delaware Valley Regl Fin Auth PA Local Gov Rev Gen. Oblig. Series 2020D, 2.8% 11/1/2055, LOC TD Bank NA VRDN (b) | 20310000 | 20310000 |
| Delaware Valley Regl Fin Auth PA Local Gov Rev Series 2022E, 2.8% 3/1/2052, LOC TD Bank NA VRDN (b) | 5450000 | 5450000 |
| Lancaster PA Indl Dev Auth Rev (Willow Valley Retirement Communities Proj.) 3.7% 12/1/2039, LOC PNC Bank NA VRDN (b) | 4950000 | 4950000 |
| Lancaster PA Indl Dev Auth Rev (Willow Valley Retirement Communities Proj.) 3.7% 12/1/2039, LOC PNC Bank NA VRDN (b) | 4570000 | 4570000 |
| Montgomery Co PA Rdv Ath Mlfml (Kbf Associates Proj.) 3.65% 8/15/2031, LOC Fannie Mae VRDN (b) | 1400000 | 1400000 |
| Pennsylvania St Higher Edl Rev (Univ Of Penn Health Systems Proj.) 2.68% 1/1/2038, LOC Bank of America NA VRDN (b) | 12965000 | 12965000 |
| Philadelphia PA Gas Wks Rev Series 8TH B, 3.62% 8/1/2031, LOC TD Bank NA VRDN (b) | 19800000 | 19800000 |
| Philadelphia PA Gen. Oblig. 3.72% 8/1/2031, LOC Truist Bank, LOC Barclays Bank PLC VRDN (b) | 16600000 | 16600000 |
| TOTAL PENNSYLVANIA |  | 86045000 |
| Tennessee - 0.0%  |  |  |
| Blount Cnty Tenn Pub Bldg Auth 3.38% 6/1/2039, LOC Truist Bank VRDN (b) | 615000 | 615000 |
| Texas - 6.6%  |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 2.65% 7/1/2054 VRDN (b) | 13700000 | 13700000 |
| Harris Cnty TX Hosp Dist Rev 3.67% 2/15/2042, LOC JPMorgan Chase Bank NA VRDN (b) | 6500000 | 6500000 |
| Houston TX Util Sys Rev 3.35% 5/15/2034 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 21400000 | 21400000 |
| Houston TX Util Sys Rev 3.35% 5/15/2034, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 6300000 | 6300000 |
| Houston TX Util Sys Rev 3.35% 5/15/2034, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 300000 | 300000 |
| Houston TX Util Sys Rev Series 2012 A, 3.35% 5/15/2034 (Liquidity Facility TD Bank NA) VRDN (b) | 31880000 | 31880000 |
| Port Arthur TX Navigation Dist Exempt Fac Rev (Total Petrochemicals &Refining Sa/Nv Proj.) 2.74% 3/1/2040 (TotalEnergies SE Guaranteed) VRDN (b) | 5200000 | 5200000 |
| Port Arthur TX Navigation Dist Exempt Fac Rev (Total Petrochemicals &Refining Sa/Nv Proj.) 2.76% 3/1/2039 (TotalEnergies SE Guaranteed) VRDN (b) | 3000000 | 3000000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 2.74% 12/1/2040 (TotalEnergies SE Guaranteed) VRDN (b) | 33200000 | 33200000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 2.76% 9/1/2042 (TotalEnergies SE Guaranteed) VRDN (b) | 11700000 | 11700000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 2.9% 3/1/2042 (TotalEnergies SE Guaranteed) VRDN (b) | 40200000 | 40200000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) Series 2012 B, 2.76% 12/1/2042 (TotalEnergies SE Guaranteed) VRDN (b) | 4200000 | 4200000 |
| Texas State Gen. Oblig. 2.9% 12/1/2041 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 12460000 | 12460000 |
| Texas State Gen. Oblig. 2.9% 12/1/2042 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 5370000 | 5370000 |
| Texas State Gen. Oblig. 2.9% 12/1/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 16175000 | 16175000 |
| Texas State Gen. Oblig. 2.9% 6/1/2041 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 10465000 | 10465000 |
| Texas State Gen. Oblig. 2.9% 6/1/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 2750000 | 2750000 |
| Texas State Gen. Oblig. 2.9% 6/1/2044 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 11465000 | 11465000 |
| Texas State Gen. Oblig. 2.9% 6/1/2045 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 5335000 | 5335000 |
| Texas State Gen. Oblig. 2.95% 6/1/2050 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 15955000 | 15955000 |
| Texas State Gen. Oblig. Series 2017, 2.9% 12/1/2047 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 12470000 | 12470000 |
| TOTAL TEXAS |  | 270025000 |
| Virginia - 1.3%  |  |  |
| Fairfax Cnty VA Indl Dev Auth (Inova Health System Proj.) Series 2016 C, 3.62% 5/15/2042 VRDN (b) | 10645000 | 10645000 |
| Fairfax Cnty VA Indl Dev Auth Health Care Rev (Inova Health System Proj.) Series 2018 C, 3.62% 5/15/2033 VRDN (b) | 3600000 | 3600000 |
| Harrisonburg VA Economic Dev Auth Health Care Facs Rev (Sentara Healthcare Proj.) Series 2023, 2.75% 8/15/2046, LOC US Bank NA/Cincinnati OH VRDN (b) | 23615000 | 23615000 |
| Norfolk VA Economic Dev Auth Hosp Facs Rev (Sentara Hlth Sys Obl Group Proj.) 2.75% 11/1/2034 VRDN (b) | 15600000 | 15600000 |
| TOTAL VIRGINIA |  | 53460000 |
| Washington - 0.4%  |  |  |
| Port Vancouver Wash Rev (United Grain Corp Of Oregon Proj.) 3.75% 10/1/2029, LOC Bank of America NA VRDN (b) | 7850000 | 7850000 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev (Reserve At Renton Partners Llp Proj.) Series 2014, 3.65% 8/1/2049, LOC Federal Home Loan Bank of San Francisco VRDN (b) | 7000000 | 7000000 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev (Vintage At Urban Center Llc Proj.) 3.65% 7/1/2047, LOC Freddie Mac Non Gold Pool VRDN (b) | 2685000 | 2685000 |
| TOTAL WASHINGTON |  | 17535000 |
| Wisconsin - 0.2%  |  |  |
| Wisconsin Hsg & Eda Hsg Rev (WI Home Ownership Proj.) Series 2023F, 3.62% 5/1/2061 (Liquidity Facility Federal Home Loan Bank of Chicago) VRDN (b) | 2800000 | 2800000 |
| Wisconsin St Health & Edl Facs (Various Capital Projects) 2.75% 8/15/2034, LOC JPMorgan Chase Bank NA VRDN (b) | 3865000 | 3865000 |
| TOTAL WISCONSIN |  | 6665000 |
| <br> **TOTAL VARIABLE RATE DEMAND NOTE**<br> (Cost $1,684,409,983) |  | <br> **1684409983** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 7.1%** | &nbsp;&nbsp;**Commercial Paper - 7.1%** | &nbsp;&nbsp;**Commercial Paper - 7.1%** | &nbsp;&nbsp;**Commercial Paper - 7.1%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Austin TX Util Sys Rev 2.88% 7/23/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.88 | 2900000 | 2900000 |
| Austin TX Util Sys Rev 2.9% 6/16/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.90 | 20000000 | 20000000 |
| Board of Regents of the University of Texas System 2.87% 5/19/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.87 | 6900000 | 6900000 |
| Board of Regents of the University of Texas System 2.87% 8/5/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.87 | 6900000 | 6900000 |
| Board of Regents of the University of Texas System 2.9% 7/15/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.90 | 6700000 | 6700000 |
| Board of Regents of the University of Texas System 2.9% 8/21/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.90 | 7100000 | 7100000 |
| Board of Regents of the University of Texas System 2.92% 7/10/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.92 | 8600000 | 8600000 |
| Board of Regents of the University of Texas System 2.94% 6/2/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.94 | 11299000 | 11299000 |
| Board of Regents of the University of Texas System 2.94% 8/4/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.94 | 4000000 | 4000000 |
| Board of Regents of the University of Texas System 2.94% 8/5/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.94 | 12300000 | 12300000 |
| Board of Regents of the University of Texas System 3.05% 9/11/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 3.05 | 5400000 | 5400000 |
| Board of Regents of the University of Texas System 3.1% 5/13/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 3.10 | 2600000 | 2600000 |
| Board of Regents of the University of Texas System 3.1% 5/28/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 3.10 | 3600000 | 3600000 |
| Board of Regents of the University of Texas System 3.17% 5/14/2025 (Liquidity Facility University of Texas Investment Management Company) CP  | 3.17 | 2400000 | 2400000 |
| City of Philadelphia PA Water & Wastewater Revenue 2.9% 5/20/2025, LOC Toronto Dominion Bank CP  | 2.90 | 1400000 | 1400000 |
| Dallas TX Rapid Transit Sales Tax Rev 3.2% 1/25/2026 CP  | 3.20 | 8400000 | 8400000 |
| Fort Bend TX Indpt Sch Dist 2.9% 5/23/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.90 | 10000000 | 10000000 |
| Fort Bend TX Indpt Sch Dist 2.97% 5/23/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.97 | 6500000 | 6500000 |
| Fort Bend TX Indpt Sch Dist 2.99% 5/23/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.99 | 1600000 | 1600000 |
| Harris Cnty TX 2.85% 5/1/2025 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.85 | 7920000 | 7920000 |
| Harris Cnty TX 2.91% 7/16/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.91 | 3400000 | 3400000 |
| Harris Cnty TX 3% 7/16/2025 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 3.00 | 1400000 | 1400000 |
| Harris Cnty TX 3% 7/16/2025 (Liquidity Facility State Street Bank & Trust Co) CP  | 3.00 | 900000 | 900000 |
| Harris Cnty TX 3% 7/16/2025, LOC Sumitomo Mitsui Banking Corp/New York CP  | 3.00 | 1310000 | 1310000 |
| Lower Colorado River Authority 3.43% 5/22/2025, LOC Truist Bank CP  | 3.43 | 3100000 | 3100000 |
| Massachusetts St Wtr Res Auth 2.85% 5/7/2025, LOC TD Bank NA CP  | 2.85 | 12000000 | 12000000 |
| Metro Gov Nashville & Davidson Cnty Wtr & Swr Rev 3.45% 5/8/2025, LOC TD Bank NA CP  | 3.45 | 10000000 | 10000000 |
| Michigan St Bldg Auth Rev 2.98% 5/15/2025, LOC JPMorgan Chase Bank NA CP  | 2.98 | 19700000 | 19700000 |
| Omaha Public Power District 2.95% 6/17/2025 CP  | 2.95 | 2800000 | 2800000 |
| Salt River Proj AZ Agric & Pwr 3.1% 6/5/2025 CP  | 3.10 | 8400000 | 8400000 |
| Texas A&M Univ Perm Univ Fund 2.82% 6/4/2025 CP  | 2.82 | 6400000 | 6400000 |
| University CA Revs 3.4% 5/15/2025 CP  | 3.40 | 7900000 | 7900000 |
| University TX Perm Univ Fd 2.85% 8/14/2025 CP  | 2.85 | 2200000 | 2200000 |
| University TX Perm Univ Fd 2.87% 7/24/2025 CP  | 2.87 | 5600000 | 5600000 |
| University TX Perm Univ Fd 2.88% 8/27/2025 CP  | 2.88 | 6800000 | 6800000 |
| University TX Perm Univ Fd 3.12% 6/17/2025 CP  | 3.12 | 10000000 | 10000000 |
| University TX Perm Univ Fd 3.12% 6/17/2025 CP  | 3.12 | 10000000 | 10000000 |
| University TX Perm Univ Fd 3.15% 6/10/2025 CP  | 3.15 | 15000000 | 15000000 |
| University TX Perm Univ Fd 3.3% 10/2/2025 CP  | 3.30 | 4400000 | 4400000 |
| Wisconsin St 2.95% 12/8/2025 CP  | 2.95 | 3200000 | 3200000 |
| Wisconsin St 2.98% 12/11/2025 CP  | 2.98 | 13100000 | 13100000 |
| Wisconsin St 3.3% 8/18/2025 CP  | 3.30 | 8200000 | 8200000 |
| <br> **TOTAL COMMERCIAL PAPER**<br> (Cost $292,329,000) |  |  | **292329000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 11.7%** | &nbsp;&nbsp;**Money Market Funds - 11.7%** | &nbsp;&nbsp;**Money Market Funds - 11.7%** | &nbsp;&nbsp;**Money Market Funds - 11.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Tax-Free Cash Central Fund (h)(i)<br>(Cost $486,083,969)<br>| 3.19 | 485892566 | **486083969** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $4,160,971,462)<br>| <br>**4160971462** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(23543320)** |
| **NET ASSETS - 100.0%** | **4137428142** |

---

**Security Type Abbreviations**

---

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

---

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

**Legend**

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

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

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

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

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

(f) 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 $71,235,003 or 1.7% of net assets.

(g) 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.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Cost ($)<br>|
| Alaska Multi Fam Hsg Auth Chenana Apts Participating VRDN 3.9% 11/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 11/21/24 | 540003 |
| Arizona Ind Dev Auth Participating VRDN 3.9% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/24 | 400000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9187, 3.9% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/24 | 1700000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9192, 3.9% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 10/10/24 | 4000000 |
| Bernalillo NM Multi Fam Hsg St Anthony's Pl Participating VRDN Series 2025 MIZ9210, 3.9% 4/29/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 4/30/25 | 2500000 |
| Collin County Hsg Fin Corp Multi Fam Participating VRDN 3.9% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/24 - 10/10/24 | 3800000 |
| Delaware Multi Fam Hsg Chritina Village Participating VRDN 3.9% 5/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/24 | 1600000 |
| Delaware Multi Fam Hsg Rev Participating VRDN Series 2024 MIZ9182, 3.9% 7/11/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 7/11/24 | 1200000 |
| Florida Baptist Health Series 2025 BAML5066, 3.77% tender 8/15/2055 (Liquidity Facility Bank of America NA) | 4/01/25 | 3800000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0030, 3.74% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) | 3/19/25 | 5900000 |
| JEA FL Wtr & Swr Sys Rev Series 2025 MS0033, 3.74% tender 10/1/2055 (Liquidity Facility Morgan Stanley Bank NA) | 3/21/25 - 4/10/25 | 2240000 |
| Kansas City MO Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9207, 3.9% 1/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 1/23/25 | 900000 |
| Lehigh County Gen Purp Hosp Rev Participating VRDN Series 2023 BAML5039, 3.7% 7/1/2043 (Liquidity Facility Bank of America, N.A.) | 5/04/23 - 3/28/24 | 4410000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9202, 3.9% 12/4/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 12/04/24 | 1300000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9205, 3.9% 7/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 12/12/24 | 800000 |
| New York Dorm Auth Royal Charter PropParticipating VRDN Series 2025 MIZ9208, 3.9% 3/16/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 3/17/25 | 6700000 |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN 3.9% 1/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 1/02/25 | 500000 |
| Port Auth NY & NJ 3.67% 1/19/2027 VRDN | 7/31/20 | 3000000 |
| Port of Morrow Series 2024 MS0026, 3.82% tender 10/1/2026 (Liquidity Facility Morgan Stanley Bank NA) | 10/10/24 | 5000000 |
| River Islands Pub Fing Auth Participating VRDN 3.9% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 10/10/24 | 2800000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN 3.9% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/24 | 1800000 |
| State of Washington Gen. Oblig. 3.74% tender 2/1/2048 (Liquidity Facility Morgan Stanley Bank NA) | 4/11/25 | 12000000 |
| State of Washington Series 2025 MS0036, 3.74% tender 6/1/2050 (Liquidity Facility Morgan Stanley Bank NA) | 4/03/25 - 4/15/25 | 2820000 |
| Texas Wtr Dev Brd Series 2025 MS0037, 3.74% tender 10/15/2053 (Liquidity Facility Morgan Stanley Bank NA) | 4/07/25 | 1525000 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Tax-Free Cash Central Fund | 112067415 | 1131412239 | 757395685 | 3821231 | - | - | 486083969 | 485892566 | 19.6% |
| Total | 112067415 | 1131412239 | 757395685 | 3821231 | - | - | 486083969 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

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

**Fidelity® Tax-Exempt Money Market Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,674,887,493) | $3674887493 |  |
| Fidelity Central Funds (cost $486,083,969) | 486083969 |  |
| Total Investment in Securities (cost $4,160,971,462) |  | $4160971462 |
| Receivable for fund shares sold |  | 34031303 |
| Interest receivable |  | 26904937 |
| Distributions receivable from Fidelity Central Funds |  | 1012850 |
| Prepaid expenses |  | 1003 |
| Receivable from investment adviser for expense reductions |  | 209265 |
| Other receivables |  | 753 |
| **Total assets** |  | 4223131573 |
| **Liabilities** |  |  |
| Payable to custodian bank | $471 |  |
| Payable for investments purchased |  |  |
| Regular delivery | 17114309 |  |
| Delayed delivery | 32326838 |  |
| Payable for fund shares redeemed | 33278979 |  |
| Distributions payable | 1621235 |  |
| Accrued management fee | 822836 |  |
| Distribution and service plan fees payable | 34537 |  |
| Other affiliated payables | 468060 |  |
| Other payables and accrued expenses | 36166 |  |
| **Total liabilities** |  | 85703431 |
| **Net Assets**  |  | $4137428142 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4137468023 |
| Total accumulated earnings (loss) |  | (39881) |
| **Net Assets** |  | $4137428142 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Capital Reserves Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($29,016,908 ÷ 28,990,650 shares) |  | $1.00 |
| **Daily Money Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($103,075,177 ÷ 102,984,319 shares) |  | $1.00 |
| **Fidelity Tax-Exempt Money Market Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,233,165,743 ÷ 1,232,066,747 shares) |  | $1.00 |
| **Premium Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,772,170,314 ÷ 2,769,576,339 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $52392036 |
| Income from Fidelity Central Funds  |  | 3821231 |
| **Total income** |  | 56213267 |
| **Expenses** |  |  |
| Management fee | $4666458 |  |
| Transfer agent fees | 2534114 |  |
| Distribution and service plan fees | 239224 |  |
| Accounting fees and expenses | 165093 |  |
| Custodian fees and expenses | 17445 |  |
| Independent trustees' fees and expenses | 4695 |  |
| Registration fees | 162323 |  |
| Audit fees | 20228 |  |
| Legal | 2283 |  |
| Miscellaneous | 3016 |  |
| Total expenses before reductions | 7814879 |  |
| Expense reductions | (1201120) |  |
| Total expenses after reductions |  | 6613759 |
| **Net Investment income (loss)** |  | 49599508 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 20600 |  |
| Total net realized gain (loss) |  | 20600 |
| **Net increase in net assets resulting from operations** |  | $49620108 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $49599508 | $104714232 |
| &nbsp;&nbsp;Net realized gain (loss) | 20600<br>| 48329<br>|
| **Net increase in net assets resulting from operations** | 49620108<br>| 104762561<br>|
| Distributions to shareholders | (49603306)<br>| (104680960)<br>|
| Share transactions - net increase (decrease) | 569277694<br>| 456985656<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 569294496<br>| 457067257<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3568133646 | 3111066389<br>|
| &nbsp;&nbsp;End of period | $4137428142 | $3568133646 |

---

**Financial Highlights** 

**Fidelity® Tax-Exempt Money Market Fund Capital Reserves Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .010  | .026  | .022  | .003  | - B | .002  |
| Net realized and unrealized gain (loss)  | - B | - B | - B | - B | .001  | .001  |
| Total from investment operations  | .010  | .026  | .022  | .003  | .001  | .003  |
| Distributions from net investment income  | (.010)  | (.026)  | (.022)  | (.003)  | - B | (.002)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.001)  | (.001)  |
| Total distributions  | (.010)  | (.026)  | (.022)  | (.003)  | (.001)  | (.003)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.04% <br>| 2.59%  | 2.26%  | .27%  | .07%  | .30%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .98% G | .97%  | .97%  | .97%  | .97%  | .97%  |
| Expenses net of fee waivers, if any  | .95% G<br>| .95%  | .95%  | .56%  | .13%  | .63%  |
| Expenses net of all reductions, if any  | .95% G | .95%  | .95%  | .56%  | .13%  | .63%  |
| Net investment income (loss)  | 2.09% G | 2.55%  | 2.24%  | .28%  | .01%  | .25%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $29017 | $31437 | $34621 | $45102 | $44640 | $47877 |

---

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

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

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

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

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

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

G*Annualized.*

**Fidelity® Tax-Exempt Money Market Fund Daily Money Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .012  | .028  | .025  | .004  | - B | .004  |
| Net realized and unrealized gain (loss)  | - B | - B | - B | - B | .001  | - B |
| Total from investment operations  | .012  | .028  | .025  | .004  | .001  | .004  |
| Distributions from net investment income  | (.012)  | (.028)  | (.025)  | (.004)  | - B | (.004)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.001)  | - B |
| Total distributions  | (.012)  | (.028)  | (.025)  | (.004)  | (.001)  | (.004)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.16% <br>| 2.84%  | 2.52%  | .36%  | .07%  | .41%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .73% G | .72%  | .72%  | .72%  | .72%  | .72%  |
| Expenses net of fee waivers, if any  | .70% G<br>| .70%  | .70%  | .45%  | .13%  | .51%  |
| Expenses net of all reductions, if any  | .70% G | .70%  | .70%  | .45%  | .13%  | .51%  |
| Net investment income (loss)  | 2.34% G | 2.80%  | 2.49%  | .38%  | .01%  | .36%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $103075 | $118202 | $60833 | $44232 | $52917 | $61707 |

---

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

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

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

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

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

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

G*Annualized.*

**Fidelity® Tax-Exempt Money Market Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .013  | .031  | .028  | .005  | - B | .005  |
| Net realized and unrealized gain (loss)  | - B | - B | - B | - B | .001  | - B |
| Total from investment operations  | .013  | .031  | .028  | .005  | .001  | .005  |
| Distributions from net investment income  | (.013)  | (.031)  | (.028)  | (.005)  | - B | (.005)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.001)  | - B |
| Total distributions  | (.013)  | (.031)  | (.028)  | (.005)  | (.001)  | (.005)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.30% <br>| 3.13%  | 2.81%  | .49%  | .07%  | .53%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .47% G | .47%  | .47%  | .47%  | .47%  | .47%  |
| Expenses net of fee waivers, if any  | .42% G<br>| .42%  | .42%  | .32%  | .13%  | .39%  |
| Expenses net of all reductions, if any  | .42% G | .42%  | .42%  | .32%  | .13%  | .39%  |
| Net investment income (loss)  | 2.62% G | 3.08%  | 2.77%  | .51%  | .01%  | .49%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1233166 | $1135705 | $1111696 | $1202425 | $1314523 | $1483665 |

---

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

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

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

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

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

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

G*Annualized.*

**Fidelity® Tax-Exempt Money Market Fund Premium Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .014  | .032  | .029  | .006  | - B | .006  |
| Net realized and unrealized gain (loss)  | - B | - B | - B | - B | .001  | - B |
| Total from investment operations  | .014  | .032  | .029  | .006  | .001  | .006  |
| Distributions from net investment income  | (.014)  | (.032)  | (.029)  | (.006)  | - B | (.006)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.001)  | (.001)  |
| Total distributions  | (.014)  | (.032)  | (.029)  | (.006)  | (.001)  | (.006) C |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** D,E | 1.36% <br>| 3.26%  | 2.93%  | .57%  | .07%  | .64%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .37% H | .37%  | .37%  | .37%  | .37%  | .37%  |
| Expenses net of fee waivers, if any  | .30% H<br>| .30%  | .30%  | .26%  | .13%  | .31%  |
| Expenses net of all reductions, if any  | .30% H | .30%  | .30%  | .26%  | .13%  | .31%  |
| Net investment income (loss)  | 2.74% H | 3.20%  | 2.89%  | .58%  | .01%  | .56%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2772170 | $2282790 | $1903916 | $1475690 | $1164904 | $1405668 |

---

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

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

C*Total 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*Annualized.*

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

For the period ended April 30, 2025

**1. Organization.**

Fidelity Treasury Money Market Fund (Treasury Money Market) and Fidelity Tax-Exempt Money Market Fund (Tax-Exempt Money Market) (the Funds) are funds of Fidelity Newbury Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Treasury Money Market offers four classes of shares, Capital Reserves Class, Daily Money Class, Advisor C Class and Fidelity Treasury Money Market Fund. Fidelity Tax-Exempt Money Market Fund offers four classes of shares, Capital Reserves Class, Daily Money Class, Fidelity Tax-Exempt Money Market Fund and Premium Class. Each class has equal rights as to assets and voting privileges and has exclusive voting rights with respect to matters that affect that class. Advisor Class C shares will automatically convert to Daily Money Class shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Shares of Tax-Exempt Money Market are only available for purchase by retail shareholders.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

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

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

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

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

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

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

Investments in the Fidelity Central Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

**Investment Transactions and Income.** Security transactions, including the Funds' investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

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

---

| | |
|:---|:---|
| **Fidelity Treasury Money Market Fund** | $502318 |

---

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

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

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

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

The Fidelity Tax-Exempt Money Market 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 for each Fund:

---

| | |
|:---|:---|
|  | **Tax cost ($)**  |
| **Fidelity Treasury Money Market Fund**  | 46386059030 |
| **Fidelity Tax-Exempt Money Market Fund**  | 4160971462 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Treasury Money Market Fund**  | - | (229222) | (229222) |
| **Fidelity Tax-Exempt Money Market Fund**  | (65906) | - | (65906) |

---

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

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

**New Rule Issuance.** In July 2023, the Securities and Exchange Commission issued a Final Rule relative to Money Market Reform. Among other things, the Final Rule includes amendments for: (1) Removal of redemption gates except for liquidations; (2) Required liquidity fees for institutional prime and institutional tax-exempt money market funds; (3) Discretionary liquidity fees for non-government money market funds; (4) Higher liquidity requirements; and (5) Changes to reporting requirements for Form N-MFP and Form N-CR. The Final Rule imposes different implementation dates for the amendments through October 2, 2024. The amendments have been implemented to date, and management has concluded that there are no material impacts to the Funds' financial statements and related disclosures.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

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

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .25% of average net assets.

Under the expense contract, total expenses of Fidelity Treasury Money Market Fund of Treasury Money Market and Premium Class of Tax-Exempt Money Market are limited to an annual rate of .42% and .43%, respectively, of each class' average net assets, with certain exceptions.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Fidelity Treasury Money Market Fund** |  |  |  |  |
| Capital Reserves Class | .25% | .25% | 5384170 | 188832 |
| Daily Money Class | - % | .25% | 4600756 | 259032 |
| Advisor C Class | .75% | .25% | <u>365864</u> | <u>63811</u> |
|  |  |  | <u>10350790</u> | <u>511675</u> |
| **Fidelity Tax-Exempt Money Market Fund** |  |  |  |  |
| Capital Reserves Class | .25% | .25% | 76862 | 66211 |
| Daily Money Class | - % | .25% | <u>162362</u> | <u>53191</u> |
|  |  |  | <u>239224</u> | <u>119402</u> |

---

**Sales Load.** FDC receives the proceeds of contingent deferred sales charges levied on Advisor C class redemptions. These charges depend on the holding period. The deferred sales charges are 1.00% for Treasury Money Market - Advisor C. In addition, FDC receives deferred sales charges for Daily Money Class shares purchased by exchange from Class A or Class M shares of a Fidelity fund that were subject to these charges.

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Fidelity Treasury Money Market Fund** |  |
| Daily Money Class | 514 |
| Advisor C ClassA | 5329 |

---

*A When shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

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

Under the expense contract, Fidelity Treasury Money Market Fund pays a portion of the transfer agent fee at an annual rate of up to .17% of class-level average net assets. For the reporting period, the total annualized transfer agent fee rate paid was .16% of class-level average net assets.

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

---

| | |
|:---|:---|
| **Fidelity Treasury Money Market Fund** |  |
| Capital Reserves Class | $2153668 |
| Daily Money Class | 3680604 |
| Advisor C Class | 73173 |
| Fidelity Treasury Money Market Fund  | <u>32543727</u> |
|  | <u>$38451172</u> |
| **Fidelity Tax-Exempt Money Market Fund** |  |
| Capital Reserves Class | $30745 |
| Daily Money Class | 129890 |
| Fidelity Tax-Exempt Money Market Fund  | 1174425 |
| Premium Class | <u>1199054</u> |
|  | <u>$2534114</u> |

---

During the period, the investment adviser or its affiliates waived a portion of these fees.

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

---

| | |
|:---|:---|
|  | **% of Average Net Assets** |
| **Fidelity Treasury Money Market Fund** | -A |
| **Fidelity Tax-Exempt Money Market Fund** | .01 |

---

*A Amount represents less than .005%.*

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Treasury Money Market Fund** | - | - | - |
| **Fidelity Tax-Exempt Money Market Fund** | 34952719 | 82005000 | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Treasury Money Market Fund** | 87602 |

---

**5. Expense Reductions.** 

The investment adviser contractually agreed to reimburse each class of Treasury Money Market and Tax-Exempt Money Market, with the exception of Fidelity Treasury Money Market Fund of Treasury Money Market, to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2026. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.

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

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement** |
| **Fidelity Treasury Money Market Fund** |  |  |
| Capital Reserves Class | .95% | 238785 |
| Daily Money Class | .70% | 358262 |
| Advisor C Class | 1.45% | 9074 |
| **Fidelity Tax-Exempt Money Market Fund** |  |  |
| Capital Reserves Class | .95% | 4214 |
| Daily Money Class | .70% | 16750 |
| Fidelity Tax-Exempt Money Market Fund | .42% | 313080 |
| Premium Class | .30% | 865833 |

---

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

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Tax-Exempt Money Market Fund** | 1243 |

---

**6. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024**  |
| **Fidelity Treasury Money Market Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Capital Reserves Class | $37783809 | $88553177 |
| Daily Money Class | 69170613 | 143850334 |
| Advisor C Class | 1105856 | 3458368 |
| Fidelity Treasury Money Market Fund | 860595260 | 2008545290 |
| Total  | <u>$968655538</u> | <u>$2244407169</u> |
| **Fidelity Tax-Exempt Money Market Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Capital Reserves Class | $316718 | $881898 |
| Daily Money Class | 1478885 | 2150775 |
| Fidelity Tax-Exempt Money Market Fund | 15196239 | 34682466 |
| Premium Class | 32611464 | 66965821 |
| Total  | <u>$49603306</u> | <u>$104680960</u> |

---

**7. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024**  | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024**  |
| **Fidelity Treasury Money Market Fund** |  |  |  |  |
| **Capital Reserves Class** |  |  |  |  |
| Shares sold | 5799426783 | 12757171321 | $5799426783 | $12757171321 |
| Reinvestment of distributions | 27539912 | 65068308 | 27539912 | 65068308 |
| Shares redeemed | <u>(5668432805)</u> | <u>(12484336759)</u> | <u>(5668432805)</u> | <u>(12484336759)</u> |
| Net increase (decrease) | <u>158533890</u> | <u>337902870</u> | <u>$158533890</u> | <u>$337902870</u> |
| **Daily Money Class** |  |  |  |  |
| Shares sold | 6150751791 | 10761239818 | $6150751793 | $10761239820 |
| Reinvestment of distributions | 49359479 | 102291797 | 49359479 | 102291797 |
| Shares redeemed | <u>(5943195881)</u> | <u>(10314213971)</u> | <u>(5943195881)</u> | <u>(10314213971)</u> |
| Net increase (decrease) | <u>256915389</u> | <u>549317644</u> | <u>$256915391</u> | <u>$549317646</u> |
| **Advisor C Class** |  |  |  |  |
| Shares sold | 30078090 | 43445643 | $30078090 | $43445643 |
| Reinvestment of distributions | 1074746 | 3382600 | 1074746 | 3382600 |
| Shares redeemed | <u>(29802560)</u> | <u>(75959698)</u> | <u>(29802561)</u> | <u>(75959700)</u> |
| Net increase (decrease) | <u>1350276</u> | <u>(29131455)</u> | <u>$1350275</u> | <u>$(29131457)</u> |
| **Fidelity Treasury Money Market Fund** |  |  |  |  |
| Shares sold | 112285875212 | 218535868301 | $112285873212 | $218535870301 |
| Reinvestment of distributions | 625315924 | 1464036957 | 625315924 | 1464036957 |
| Shares redeemed | <u>(116341539935)</u> | <u>(216118920463)</u> | <u>(116341539935)</u> | <u>(216118920462)</u> |
| Net increase (decrease) | <u>(3430348799)</u> | <u>3880984795</u> | <u>$(3430350799)</u> | <u>$3880986796</u> |
| **Fidelity Tax-Exempt Money Market Fund** |  |  |  |  |
| **Capital Reserves Class** |  |  |  |  |
| Shares sold | 353760 | 11091665 | $353760 | $11091665 |
| Reinvestment of distributions | 305544 | 840616 | 305544 | 840616 |
| Shares redeemed | <u>(3072860)</u> | <u>(15108243)</u> | <u>(3072860)</u> | <u>(15108243)</u> |
| Net increase (decrease) | <u>(2413556)</u> | <u>(3175962)</u> | <u>$(2413556)</u> | <u>$(3175962)</u> |
| **Daily Money Class** |  |  |  |  |
| Shares sold | 102686101 | 122550152 | $102686101 | $122550152 |
| Reinvestment of distributions | 1225620 | 1896705 | 1225620 | 1896705 |
| Shares redeemed | <u>(119009672)</u> | <u>(67125595)</u> | <u>(119009672)</u> | <u>(67125595)</u> |
| Net increase (decrease) | <u>(15097951)</u> | <u>57321262</u> | <u>$(15097951)</u> | <u>$57321262</u> |
| **Fidelity Tax-Exempt Money Market Fund** |  |  |  |  |
| Shares sold | 455025076 | 628097958 | $455025076 | $628097958 |
| Reinvestment of distributions | 13475709 | 30841884 | 13475709 | 30841884 |
| Shares redeemed | <u>(370959206)</u> | <u>(634802661)</u> | <u>(370959206)</u> | <u>(634802661)</u> |
| Net increase (decrease) | <u>97541579</u> | <u>24137181</u> | <u>$97541579</u> | <u>$24137181</u> |
| **Premium Class** |  |  |  |  |
| Shares sold | 1916788330 | 2804724165 | $1916790330 | $2804722165 |
| Reinvestment of distributions | 26896364 | 55409223 | 26896364 | 55409223 |
| Shares redeemed | <u>(1454439072)</u> | <u>(2481428213)</u> | <u>(1454439072)</u> | <u>(2481428213)</u> |
| Net increase (decrease) | <u>489245622</u> | <u>378705175</u> | <u>$489247622</u> | <u>$378703175</u> |

---

**8. Other.**

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

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img109434_4.jpg)<br>

1.703547.127 DMFI-SANN-0625

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 Newbury 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 Newbury 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 Newbury Street Trust

---

| | |
|:---|:---|
| By: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | June 20, 2025 |

---

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

---

| | |
|:---|:---|
| By: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | June 20, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | June 20, 2025 |

---

## Ex-99.Cert

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

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

I, Laura M. Del Prato, certify that:

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

June 20, 2025

---

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

---

I, Stephanie Caron, certify that:

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

June 20, 2025

---

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

---

## Exhibit 99.906

Exhibit EX-99.906CERT

**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 Newbury 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: June 20, 2025

---

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

---

Dated: June 20, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| 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>