# EDGAR Filing Document

**Accession Number:** 0000704207
**File Stem:** 0000704207-26-000014
**Filing Date:** 2026-6
**Character Count:** 254380
**Document Hash:** 834067f69a76819207a976c9cbc1e5e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000704207-26-000014.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0000704207-26-000014

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**EFFECTIVENESS DATE**: 20260622

**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:** 261105500

**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) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;October 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;April 30, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| 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, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 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, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $47086078907<br>|
| Number of Holdings | 168<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 65.6 |
| 8-30 | 8.0 |
| 31-60 | 4.8 |
| 61-90 | 6.7 |
| 91-180 | 10.7 |
| >180 | 6.1 |

---

U.S. Treasury Obligations 56.1 <br> Repurchase Agreements 45.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img58_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 56.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 45.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.9)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img58_20260430_1.jpg)<br>| ![](img130906_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> 1.9915598.101 2742-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| 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, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 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, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $47086078907<br>|
| Number of Holdings | 168<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 65.6 |
| 8-30 | 8.0 |
| 31-60 | 4.8 |
| 61-90 | 6.7 |
| 91-180 | 10.7 |
| >180 | 6.1 |

---

U.S. Treasury Obligations 56.1 <br> Repurchase Agreements 45.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img58_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 56.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 45.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.9)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img58_20260430_1.jpg)<br>| ![](img130907_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> 1.9915600.101 58-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| 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, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 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, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $47086078907<br>|
| Number of Holdings | 168<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 65.6 |
| 8-30 | 8.0 |
| 31-60 | 4.8 |
| 61-90 | 6.7 |
| 91-180 | 10.7 |
| >180 | 6.1 |

---

U.S. Treasury Obligations 56.1 <br> Repurchase Agreements 45.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img58_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 56.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 45.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.9)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img58_20260430_1.jpg)<br>| ![](img130908_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> 1.9915601.101 77-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| 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, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 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, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $47086078907<br>|
| Number of Holdings | 168<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 65.6 |
| 8-30 | 8.0 |
| 31-60 | 4.8 |
| 61-90 | 6.7 |
| 91-180 | 10.7 |
| >180 | 6.1 |

---

U.S. Treasury Obligations 56.1 <br> Repurchase Agreements 45.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img58_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 56.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 45.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (1.9)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img58_20260430_1.jpg)<br>| ![](img130909_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> 1.9915599.101 529-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| 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, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 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, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4078460383<br>|
| Number of Holdings | 769<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 73.8 |
| 8-30 | 3.4 |
| 31-60 | 7.9 |
| 61-90 | 3.4 |
| 91-180 | 5.8 |
| >180 | 5.5 |

---

---

| | |
|:---|:---|
| Tender Option Bond | 33.6 |
| Variable Rate Demand Notes (VRDNs) | 33.5 |
| Municipal Securities | 13.6 |
| Commercial Paper | 10.7 |
| Net Other Assets (Liabilities) | 8.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img84_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Tender Option Bond - 33.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Variable Rate Demand Notes (VRDNs) - 33.5 |
| Municipal Securities - 13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 8.6&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img84_20260430_1.jpg)<br>| ![](img130917_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> 1.9915603.101 275-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| 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, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 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, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4078460383<br>|
| Number of Holdings | 769<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 73.8 |
| 8-30 | 3.4 |
| 31-60 | 7.9 |
| 61-90 | 3.4 |
| 91-180 | 5.8 |
| >180 | 5.5 |

---

---

| | |
|:---|:---|
| Tender Option Bond | 33.6 |
| Variable Rate Demand Notes (VRDNs) | 33.5 |
| Municipal Securities | 13.6 |
| Commercial Paper | 10.7 |
| Net Other Assets (Liabilities) | 8.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img84_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Tender Option Bond - 33.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Variable Rate Demand Notes (VRDNs) - 33.5 |
| Municipal Securities - 13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 8.6&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img84_20260430_1.jpg)<br>| ![](img130918_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> 1.9915602.101 2737-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| 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, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 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, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4078460383<br>|
| Number of Holdings | 769<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 73.8 |
| 8-30 | 3.4 |
| 31-60 | 7.9 |
| 61-90 | 3.4 |
| 91-180 | 5.8 |
| >180 | 5.5 |

---

---

| | |
|:---|:---|
| Tender Option Bond | 33.6 |
| Variable Rate Demand Notes (VRDNs) | 33.5 |
| Municipal Securities | 13.6 |
| Commercial Paper | 10.7 |
| Net Other Assets (Liabilities) | 8.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img84_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Tender Option Bond - 33.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Variable Rate Demand Notes (VRDNs) - 33.5 |
| Municipal Securities - 13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 8.6&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img84_20260430_1.jpg)<br>| ![](img130919_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> 1.9915605.101 84-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| 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, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 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, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4078460383<br>|
| Number of Holdings | 769<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 73.8 |
| 8-30 | 3.4 |
| 31-60 | 7.9 |
| 61-90 | 3.4 |
| 91-180 | 5.8 |
| >180 | 5.5 |

---

---

| | |
|:---|:---|
| Tender Option Bond | 33.6 |
| Variable Rate Demand Notes (VRDNs) | 33.5 |
| Municipal Securities | 13.6 |
| Commercial Paper | 10.7 |
| Net Other Assets (Liabilities) | 8.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img84_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Tender Option Bond - 33.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Variable Rate Demand Notes (VRDNs) - 33.5 |
| Municipal Securities - 13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 8.6&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img84_20260430_1.jpg)<br>| ![](img130920_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> 1.9915604.101 79-TSRS-0626 <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, 2026**

![](img131261_1.jpg)

![](img131261_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.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Treasury Money Market Fund**

**Schedule of Investments April 30, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 45.8%** | &nbsp;&nbsp;**Repurchase Agreements - 45.8%** | &nbsp;&nbsp;**Repurchase Agreements - 45.8%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Fixed Income Clearing Corp - Credit Agricole 3.66%, dated 5/1/2026 due 5/4/2026 (b) | 384117120 | 384000000 |
| Fixed Income Clearing Corp - Credit Agricole 3.66%, dated 5/1/2026 due 5/4/2026 (b) | 339103395 | 339000000 |
| Investments in repurchase agreements in a joint trading account at 3.64%, dated 4/30/2026 due 5/1/2026 (Collateralized by U.S. Treasury Obligations)#  | 3405454294 | 3405110000 |
| Investments in repurchase agreements in a joint trading account at 3.64%, dated 4/30/2026 due 5/1/2026 (Collateralized by U.S. Treasury Obligations)#  | 50065062 | 50060000 |
| Sumitomo Mitsui Banking Corp 3.7%, dated 5/7/2026 due 5/20/2026 (b) | 8010689 | 8000000 |
| Repurchase Agreements\*  | 17407789824 | 17396167230 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $21,582,337,230) |  | **21582337230** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 56.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 56.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 56.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 56.1%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/21/2027  | 3.51 to 3.52 | 502000000 | 489469144 |
| US Treasury Bills 0% 10/1/2026  | 3.67 to 3.71 | 508000000 | 500210716 |
| US Treasury Bills 0% 10/15/2026  | 3.68 | 240000000 | 235980867 |
| US Treasury Bills 0% 10/29/2026  | 3.69 | 115000000 | 112941980 |
| US Treasury Bills 0% 10/8/2026  | 3.68 to 3.71 | 234000000 | 230235791 |
| US Treasury Bills 0% 12/24/2026  | 3.50 to 3.53 | 90000000 | 87991952 |
| US Treasury Bills 0% 2/18/2027  | 3.57 | 43000000 | 41792596 |
| US Treasury Bills 0% 3/18/2027  | 3.68 | 21000000 | 20335262 |
| US Treasury Bills 0% 4/15/2027  | 3.71 | 42000000 | 40542343 |
| US Treasury Bills 0% 5/12/2026  | 3.55 to 3.65 | 613000000 | 612333713 |
| US Treasury Bills 0% 5/14/2026  | 3.56 to 4.11 | 1026100000 | 1024712098 |
| US Treasury Bills 0% 5/19/2026  | 3.60 to 3.66 | 697000000 | 695747190 |
| US Treasury Bills 0% 5/21/2026  | 3.62 to 3.78 | 316000000 | 315355150 |
| US Treasury Bills 0% 5/26/2026  | 3.62 to 3.65 | 575000000 | 573561361 |
| US Treasury Bills 0% 5/28/2026  | 3.65 to 3.74 | 250000000 | 249313375 |
| US Treasury Bills 0% 5/5/2026  | 3.58 to 3.65 | 568000000 | 567771987 |
| US Treasury Bills 0% 5/7/2026  | 3.63 to 3.77 | 465000000 | 464716308 |
| US Treasury Bills 0% 6/11/2026  | 3.64 | 470000000 | 468070324 |
| US Treasury Bills 0% 6/18/2026  | 3.64 | 470000000 | 467737733 |
| US Treasury Bills 0% 6/2/2026  | 3.63 | 230000000 | 229266044 |
| US Treasury Bills 0% 6/25/2026  | 3.67 | 99000000 | 98450206 |
| US Treasury Bills 0% 6/4/2026  | 3.64 | 460000000 | 458431656 |
| US Treasury Bills 0% 7/14/2026  | 3.64 | 372000000 | 369247200 |
| US Treasury Bills 0% 7/16/2026  | 3.55 | 240000000 | 238231733 |
| US Treasury Bills 0% 7/2/2026  | 3.56 to 3.68 | 1020000000 | 1013659970 |
| US Treasury Bills 0% 7/21/2026  | 3.65 | 240000000 | 238050599 |
| US Treasury Bills 0% 7/28/2026  | 3.66 to 3.68 | 535000000 | 530246997 |
| US Treasury Bills 0% 7/30/2026  | 3.60 | 250000000 | 247792188 |
| US Treasury Bills 0% 7/7/2026  | 3.64 | 84000000 | 83437200 |
| US Treasury Bills 0% 7/9/2026  | 3.54 to 4.11 | 463400000 | 460144999 |
| US Treasury Bills 0% 8/18/2026  | 3.66 to 3.67 | 475000000 | 469787105 |
| US Treasury Bills 0% 8/20/2026  | 3.56 | 230000000 | 227517917 |
| US Treasury Bills 0% 8/6/2026  | 3.59 to 4.12 | 374000000 | 370352591 |
| US Treasury Bills 0% 9/1/2026  | 3.66 to 3.69 | 551000000 | 544400157 |
| US Treasury Bills 0% 9/17/2026  | 3.64 to 3.69 | 154000000 | 151872026 |
| US Treasury Bills 0% 9/24/2026  | 3.70 | 398000000 | 392140777 |
| US Treasury Bills 0% 9/3/2026  | 3.60 | 920000000 | 908707639 |
| US Treasury Notes 0.625% 3/31/2027  | 3.61 | 21000000 | 20441700 |
| US Treasury Notes 0.625% 7/31/2026  | 3.72 to 4.11 | 158000000 | 156733749 |
| US Treasury Notes 0.75% 5/31/2026  | 3.78 to 3.87 | 61000000 | 60849247 |
| US Treasury Notes 0.75% 8/31/2026  | 3.92 to 4.16 | 101000000 | 99928969 |
| US Treasury Notes 0.875% 6/30/2026  | 3.73 | 12000000 | 11944059 |
| US Treasury Notes 0.875% 9/30/2026  | 3.85 | 21000000 | 20747436 |
| US Treasury Notes 1.125% 10/31/2026  | 3.64 | 28000000 | 27656896 |
| US Treasury Notes 1.125% 2/28/2027  | 3.61 to 3.74 | 21000000 | 20565926 |
| US Treasury Notes 1.25% 11/30/2026  | 3.75 | 2000000 | 1971496 |
| US Treasury Notes 1.25% 12/31/2026  | 3.64 to 3.75 | 53000000 | 52145710 |
| US Treasury Notes 1.375% 8/31/2026  | 3.93 | 11000000 | 10908725 |
| US Treasury Notes 1.5% 1/31/2027  | 3.56 to 3.77 | 101000000 | 99451932 |
| US Treasury Notes 1.625% 11/30/2026  | 3.75 | 8000000 | 7903070 |
| US Treasury Notes 1.625% 5/15/2026  | 3.72 to 4.07 | 126000000 | 125887390 |
| US Treasury Notes 1.625% 9/30/2026  | 3.68 | 32000000 | 31732477 |
| US Treasury Notes 1.875% 2/28/2027  | 3.57 to 3.78 | 260000000 | 256152338 |
| US Treasury Notes 1.875% 7/31/2026  | 4.01 | 4000000 | 3979377 |
| US Treasury Notes 2.125% 5/31/2026  | 3.85 to 4.02 | 9000000 | 8986840 |
| US Treasury Notes 2.25% 2/15/2027  | 3.59 | 31000000 | 30680062 |
| US Treasury Notes 2.5% 3/31/2027  | 3.58 to 3.61 | 219000000 | 216866281 |
| US Treasury Notes 2.75% 4/30/2027  | 3.79 | 21000000 | 20788888 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.098%, 3.7412% 1/31/2027 (d)(e) | 3.74 to 3.75 | 1436952600 | 1436956271 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.099%, 3.7422% 1/31/2028 (d)(e) | 3.74 | 1187000000 | 1186905477 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.103%, 3.7462% 4/30/2028 (d)(e) | 3.75 | 470000000 | 470000000 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.159%, 3.8022% 7/31/2027 (d)(e) | 3.80 to 3.81 | 1002000000 | 1001793801 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.16%, 3.8032% 4/30/2027 (d)(e) | 3.80 to 3.81 | 649000000 | 648943775 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.182%, 3.8252% 7/31/2026 (d)(e) | 3.83 | 1426000000 | 1425774720 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.19%, 3.8332% 10/31/2027 (d)(e) | 3.83 | 1163000000 | 1163376525 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.205%, 3.8482% 10/31/2026 (d)(e) | 3.84 to 3.85 | 1084000000 | 1084178431 |
| US Treasury Notes 3.625% 5/15/2026  | 3.73 to 3.75 | 138000000 | 137993932 |
| US Treasury Notes 3.75% 4/30/2027  | 3.79 | 21000000 | 20992493 |
| US Treasury Notes 3.75% 8/31/2026  | 3.60 to 3.96 | 197000000 | 197072521 |
| US Treasury Notes 3.875% 3/31/2027  | 3.58 to 3.75 | 199000000 | 199443892 |
| US Treasury Notes 4.125% 1/31/2027  | 3.57 to 3.78 | 305000000 | 306145853 |
| US Treasury Notes 4.125% 10/31/2026  | 3.63 to 3.83 | 374000000 | 374854961 |
| US Treasury Notes 4.125% 2/28/2027  | 3.58 to 3.84 | 328000000 | 329076688 |
| US Treasury Notes 4.125% 6/15/2026  | 4.13 to 4.16 | 91000000 | 90998684 |
| US Treasury Notes 4.25% 11/30/2026  | 3.58 to 3.75 | 54000000 | 54198706 |
| US Treasury Notes 4.25% 12/31/2026  | 3.56 to 3.76 | 127000000 | 127539102 |
| US Treasury Notes 4.375% 12/15/2026  | 3.57 | 10000000 | 10049252 |
| US Treasury Notes 4.375% 7/31/2026  | 3.56 to 4.08 | 224000000 | 224333733 |
| US Treasury Notes 4.375% 8/15/2026  | 3.77 to 3.79 | 63000000 | 63106808 |
| US Treasury Notes 4.5% 7/15/2026  | 3.63 to 3.74 | 23000000 | 23037982 |
| US Treasury Notes 4.625% 6/30/2026  | 3.74 to 3.77 | 102000000 | 102146186 |
| US Treasury Notes 4.875% 5/31/2026  | 3.83 to 4.06 | 183000000 | 183143848 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $26,378,943,103) |  |  | **26378943103** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.9%**<br> (Cost $47,961,280,333)<br>| <br>**47961280333** |
| **NET OTHER ASSETS (LIABILITIES) - (1.9)%**  | **(875201426)** |
| **NET ASSETS - 100.0%** | **47086078907** |

---

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

**Legend**

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

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

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

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** |
| **Counterparty** | **Lending Rate (%)** | **Settlement Date** | **Maturity Date** | **Repurchase Agreement**<br> **Value ($)** | **Repurchase Agreement Proceeds ($)** | **Collateralized By** | **Collateral Coupon (%)** | **Collateral Maturity Date** | **Collateral Value Received ($)** |
| ABN AMRO Bank NV | 3.64 | 4/2026 | 5/2026 | 721000000 | 721072901 | U.S. Treasuries (including strips) | 0.63 - 4.88 | 5/2027 - 11/2035 | 735494443 |
| Bank of Montreal | 3.67 | 4/2026 | 5/2026 | 7000000 | 7022836 | U.S. Treasuries (including strips) | 1.38 - 4.63 | 11/2027 - 11/2055 | 7214174 |
| Bank of Montreal | 3.64 | 4/2026 | 5/2026 | 58000000 | 58005864 | U.S. Treasuries (including strips) | 1.38 - 5.00 | 11/2027 - 8/2046 | 59167361 |
| Barclays Bank PLC | 3.65 | 4/2026 | 5/2026 | 34000000 | 34103417 | U.S. Treasuries (including strips) | 0.00 - 4.00 | 7/2026 - 1/2033 | 34743321 |
| BofA Securities, Inc. | 3.64(f) | 2/2026 | 6/2026 | 25000000 | 25303334 | U.S. Treasuries (including strips) | 1.75 - 3.88 | 8/2034 - 8/2041 | 25725627 |
| BofA Securities, Inc. | 3.64(f) | 1/2026 | 6/2026 | 8000000 | 8104347 | U.S. Treasuries (including strips) | 4.25 | 6/2031 | 8241374 |
| BofA Securities, Inc. | 3.64(f) | 1/2026 | 6/2026 | 45000000 | 45568750 | U.S. Treasuries (including strips) | 3.88 - 4.88 | 10/2030 - 8/2034 | 46338869 |
| Canadian Imperial Bank of Commerce | 3.67 | 4/2026 | 5/2026 | 3000000 | 3009787 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 7/2026 - 2/2056 | 3064720 |
| Canadian Imperial Bank of Commerce | 3.66 | 4/2026 | 5/2026 | 41000000 | 41125050 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 5/2026 - 2/2056 | 42097727 |
| Canadian Imperial Bank of Commerce | 3.67 | 4/2026 | 5/2026 | 88000000 | 88188393 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 5/2026 - 2/2056 | 89898402 |
| Canadian Imperial Bank of Commerce | 3.66 | 4/2026 | 5/2026 | 24000000 | 24073200 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 6/2026 - 2/2056 | 24684666 |
| Canadian Imperial Bank of Commerce | 3.64 | 4/2026 | 5/2026 | 628000000 | 628063498 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 5/2026 - 2/2056 | 641642719 |
| Canadian Imperial Bank of Commerce | 3.64 | 4/2026 | 5/2026 | 44167230 | 44171696 | U.S. Treasuries (including strips) | 0.50 - 4.88 | 10/2026 - 8/2032 | 45055159 |
| Citigroup Global Capital Markets Inc | 3.68(f) | 4/2026 | 6/2026 | 98000000 | 98621102 | U.S. Treasuries (including strips) | 0.00 - 4.13 | 3/2027 - 4/2033 | 100195457 |
| Credit AG | 3.67 | 4/2026 | 5/2026 | 22000000 | 22067283 | U.S. Treasuries (including strips) | 0.63 - 4.75 | 7/2026 - 5/2055 | 22492574 |
| FICC JP Morgan SEC GC Repo (Gov) | 3.65 | 4/2026 | 5/2026 | 567000000 | 567057488 | U.S. Treasuries (including strips) | 3.50 | 2/2033 | 578398661 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.66 | 4/2026 | 5/2026 | 29000000 | 29020638 | U.S. Treasuries (including strips) | 0.00 | 8/2026 | 29583035 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.66 | 4/2026 | 5/2026 | 101000000 | 101071878 | U.S. Treasuries (including strips) | 3.63 - 4.63 | 6/2026 - 1/2029 | 103030566 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.68 | 4/2026 | 5/2026 | 18000000 | 18012880 | U.S. Treasuries (including strips) | 0.00 | 8/2026 | 18361924 |
| FICC Wells Fargo Bank Gc Repo(Gov) | 3.64 | 4/2026 | 5/2026 | 377000000 | 377038119 | U.S. Treasuries (including strips) | 0.50 - 3.88 | 4/2027 - 2/2032 | 384578972 |
| Fixed Income Clearing Corp - BNP | 3.64 | 4/2026 | 5/2026 | 747000000 | 747075530 | U.S. Treasuries (including strips) | 0.63 - 5.00 | 7/2026 - 2/2055 | 762017047 |
| Fixed Income Clearing Corp - BNP | 3.64 | 4/2026 | 5/2026 | 402000000 | 402040647 | U.S. Treasuries (including strips) | 1.75 - 4.88 | 2/2041 - 11/2054 | 410081507 |
| Fixed Income Clearing Corp - BNP | 3.64 | 4/2026 | 5/2026 | 418000000 | 418042264 | U.S. Treasuries (including strips) | 1.50 - 4.75 | 6/2027 - 2/2055 | 426403121 |
| Fixed Income Clearing Corp - BNYM | 3.64 | 4/2026 | 5/2026 | 639000000 | 639064610 | U.S. Treasuries (including strips) | 3.88 | 6/2028 | 651780004 |
| Fixed Income Clearing Corp - Barclays | 3.66 | 4/2026 | 5/2026 | 68000000 | 68048393 | U.S. Treasuries (including strips) | 4.13 | 7/2031 | 69367140 |
| Fixed Income Clearing Corp - Barclays | 3.66 | 4/2026 | 5/2026 | 111000000 | 111078995 | U.S. Treasuries (including strips) | 2.00 - 4.38 | 7/2027 - 8/2054 | 113231516 |
| Fixed Income Clearing Corp - Barclays | 3.66 | 4/2026 | 5/2026 | 153000000 | 153108885 | U.S. Treasuries (including strips) | 2.13 - 2.75 | 5/2026 - 8/2047 | 156075890 |
| Fixed Income Clearing Corp - Barclays | 3.68 | 4/2026 | 5/2026 | 102000000 | 102072987 | U.S. Treasuries (including strips) | 4.38 - 4.75 | 12/2029 - 2/2045 | 104050638 |
| Fixed Income Clearing Corp - Barclays | 3.68 | 4/2026 | 5/2026 | 68000000 | 68048658 | U.S. Treasuries (including strips) | 4.25 | 8/2054 | 69367105 |
| Fixed Income Clearing Corp - Barclays | 3.66 | 4/2026 | 5/2026 | 128000000 | 128013013 | U.S. Treasuries (including strips) | 1.25 - 4.25 | 8/2031 - 8/2054 | 130573343 |
| Fixed Income Clearing Corp - Barclays | 3.66 | 4/2026 | 5/2026 | 340000000 | 340034567 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 6/2026 - 5/2034 | 346835303 |
| Fixed Income Clearing Corp - CIBC | 3.65 | 4/2026 | 5/2026 | 363000000 | 363036804 | U.S. Treasuries (including strips) | 4.13 | 3/2029 | 370392957 |
| Fixed Income Clearing Corp - Citi | 3.64 | 4/2026 | 5/2026 | 383000000 | 383038726 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 5/2026 - 8/2055 | 390699500 |
| Fixed Income Clearing Corp - Credit Agricole | 3.67 | 4/2026 | 5/2026 | 385000000 | 385039249 | U.S. Treasuries (including strips) | 2.00 - 4.63 | 4/2029 - 11/2041 | 393648392 |
| Fixed Income Clearing Corp - Credit Agricole | 3.67 | 4/2026 | 5/2026 | 339000000 | 339034559 | U.S. Treasuries (including strips) | 1.00 - 4.63 | 8/2026 - 2/2054 | 345815338 |
| Fixed Income Clearing Corp - Credit Agricole | 3.65 | 4/2026 | 5/2026 | 68000000 | 68006894 | U.S. Treasuries (including strips) | 1.00 - 1.88 | 4/2028 - 2/2032 | 69367042 |
| Fixed Income Clearing Corp - Credit Agricole | 3.64 | 4/2026 | 5/2026 | 1837000000 | 1837185741 | U.S. Treasuries (including strips) | 0.75 - 4.63 | 5/2027 - 8/2044 | 1873929468 |
| Fixed Income Clearing Corp - Goldman | 3.64 | 4/2026 | 5/2026 | 945000000 | 945095550 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 10/2026 - 2/2056 | 963997461 |
| Fixed Income Clearing Corp - ING | 3.65 | 4/2026 | 5/2026 | 51000000 | 51005171 | U.S. Treasuries (including strips) | 3.50 | 1/2028 | 51983556 |
| Fixed Income Clearing Corp - ING | 3.64 | 4/2026 | 5/2026 | 442000000 | 442044691 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 8/2026 - 11/2045 | 450885623 |
| Fixed Income Clearing Corp - Mizuho | 3.64 | 4/2026 | 5/2026 | 495000000 | 495050050 | U.S. Treasuries (including strips) | 0.00 - 5.00 | 10/2026 - 8/2048 | 504951056 |
| Fixed Income Clearing Corp - Natixis | 3.65 | 4/2026 | 5/2026 | 237000000 | 237024029 | U.S. Treasuries (including strips) | 4.25 | 6/2029 | 241944302 |
| Fixed Income Clearing Corp - Natwest | 3.65 | 4/2026 | 5/2026 | 3000000 | 3000304 | U.S. Treasuries (including strips) | 3.50 | 9/2027 | 3060373 |
| Fixed Income Clearing Corp - Nomura | 3.65 | 4/2026 | 5/2026 | 246000000 | 246024942 | U.S. Treasuries (including strips) | 2.75 - 4.88 | 5/2026 - 8/2035 | 250945444 |
| Fixed Income Clearing Corp - Northern Trust | 3.64 | 4/2026 | 5/2026 | 476000000 | 476048129 | U.S. Treasuries (including strips) | 3.88 - 4.38 | 7/2027 - 7/2027 | 485830941 |
| Fixed Income Clearing Corp - State Street Bank | 3.64 | 4/2026 | 5/2026 | 510000000 | 510051567 | U.S. Treasuries (including strips) | 3.50 | 11/2028 | 520159635 |
| JP Morgan Securities, LLC | 3.65(f) | 4/2026 | 5/2026 | 334000000 | 335049781 | U.S. Treasuries (including strips) | 4.38 | 5/2034 | 341166258 |
| JP Morgan Securities, LLC | 3.64(f) | 4/2026 | 5/2026 | 503000000 | 504525767 | U.S. Treasuries (including strips) | 4.25 | 5/2035 | 513947682 |
| JP Morgan Securities, LLC | 3.65(f) | 4/2026 | 5/2026 | 336000000 | 337056067 | U.S. Treasuries (including strips) | 4.00 | 7/2032 | 343451704 |
| Lloyds Bank Corp Mrkts | 3.66 | 4/2026 | 5/2026 | 37000000 | 37026332 | U.S. Treasuries (including strips) | 0.63 - 4.75 | 10/2026 - 2/2056 | 37785822 |
| Lloyds Bank PLC | 3.72 | 4/2026 | 7/2026 | 11000000 | 11103437 | U.S. Treasuries (including strips) | 0.50 - 4.38 | 8/2027 - 5/2034 | 11236139 |
| Lloyds Bank PLC | 3.72 | 4/2026 | 7/2026 | 22000000 | 22206873 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 8/2027 - 8/2047 | 22493256 |
| Lloyds Bank PLC | 3.72 | 4/2026 | 7/2026 | 21000000 | 21182035 | U.S. Treasuries (including strips) | 0.63 - 4.63 | 6/2027 - 8/2047 | 21468552 |
| Lloyds Bank PLC | 3.73 | 3/2026 | 6/2026 | 22000000 | 22223385 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 6/2027 - 8/2047 | 22573713 |
| Lloyds Bank PLC | 3.73 | 3/2026 | 6/2026 | 11000000 | 11112832 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 6/2027 - 2/2033 | 11282262 |
| Lloyds Bank PLC | 3.73 | 3/2026 | 6/2026 | 22000000 | 22225665 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/2027 - 8/2047 | 22595222 |
| Lloyds Bank PLC | 3.72 | 2/2026 | 5/2026 | 21000000 | 21201810 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 8/2027 - 8/2047 | 21596176 |
| Lloyds Bank PLC | 3.72 | 2/2026 | 5/2026 | 21000000 | 21201810 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/2027 - 8/2047 | 21589770 |
| Lloyds Bank PLC | 3.72 | 2/2026 | 5/2026 | 21000000 | 21193130 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 6/2027 - 8/2047 | 21585367 |
| Lloyds Bank PLC | 3.73 | 2/2026 | 5/2026 | 21000000 | 21193649 | U.S. Treasuries (including strips) | 0.50 - 4.13 | 8/2027 - 8/2047 | 21612036 |
| Lloyds Bank PLC | 3.71 | 2/2026 | 5/2026 | 21000000 | 21225074 | U.S. Treasuries (including strips) | 1.88 - 4.63 | 6/2027 - 8/2034 | 21647892 |
| Lloyds Bank PLC | 3.70 | 2/2026 | 5/2026 | 21000000 | 21209358 | U.S. Treasuries (including strips) | 0.88 - 4.63 | 6/2027 - 8/2047 | 21635426 |
| Lloyds Bank PLC | 3.72 | 2/2026 | 5/2026 | 21000000 | 21199640 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 6/2027 - 8/2047 | 21646819 |
| MUFG Securities (Canada), Ltd. | 3.70 | 4/2026 | 7/2026 | 22000000 | 22183150 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 7/2026 - 8/2053 | 22442442 |
| MUFG Securities EMEA PLC | 3.66 | 4/2026 | 5/2026 | 43000000 | 43205468 | U.S. Treasuries (including strips) | 0.50 - 3.88 | 8/2026 - 11/2027 | 43944553 |
| MUFG Securities EMEA PLC | 3.67 | 4/2026 | 5/2026 | 51000000 | 51202768 | U.S. Treasuries (including strips) | 0.50 - 3.88 | 7/2027 - 11/2027 | 52155422 |
| MUFG Securities EMEA PLC | 3.65 | 4/2026 | 5/2026 | 59000000 | 59005982 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 6/2026 - 2/2046 | 60179401 |
| Mizuho Bank, Ltd. | 3.66 | 4/2026 | 5/2026 | 34000000 | 34003457 | U.S. Treasuries (including strips) | 1.63 | 5/2031 | 34768942 |
| NatWest Market Securities Inc | 3.66 | 4/2026 | 5/2026 | 33000000 | 33023485 | U.S. Treasuries (including strips) | 2.88 | 5/2028 | 33670312 |
| NatWest Market Securities Inc | 3.64 | 4/2026 | 5/2026 | 405000000 | 405040950 | U.S. Treasuries (including strips) | 1.50 - 4.63 | 8/2026 - 11/2034 | 413141798 |
| Norinchukin Bank | 3.66 | 4/2026 | 5/2026 | 22000000 | 22015657 | U.S. Treasuries (including strips) | 4.13 | 5/2032 | 22440030 |
| Norinchukin Bank | 3.64 | 4/2026 | 5/2026 | 192000000 | 192019413 | U.S. Treasuries (including strips) | 0.00 - 4.50 | 5/2032 - 8/2039 | 195859834 |
| RBC Dominion Securities | 3.67 | 4/2026 | 6/2026 | 11000000 | 11065041 | U.S. Treasuries (including strips) | 1.25 - 4.13 | 3/2028 - 8/2042 | 11223432 |
| RBC Dominion Securities | 3.67 | 4/2026 | 6/2026 | 102000000 | 102509518 | U.S. Treasuries (including strips) | 0.50 - 4.88 | 6/2027 - 8/2054 | 104050620 |
| Royal Bank of Canada | 3.66 | 4/2026 | 5/2026 | 56000000 | 56039853 | U.S. Treasuries (including strips) | 1.13 - 3.75 | 8/2026 - 11/2043 | 57137461 |
| SMBC Nikko Securities America Inc | 3.65 | 4/2026 | 5/2026 | 126000000 | 126012775 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 5/2026 - 2/2049 | 128533194 |
| Societe Generale | 3.66 | 4/2026 | 5/2026 | 68000000 | 68048393 | U.S. Treasuries (including strips) | 3.88 | 4/2030 | 69367088 |
| Sumitomo Mitsui Banking Corp | 3.72 | 4/2026 | 7/2026 | 7000000 | 7065823 | U.S. Treasuries (including strips) | 4.38 | 8/2028 - 12/2029 | 7219584 |
| Sumitomo Mitsui Banking Corp | 3.70 | 4/2026 | 5/2026 | 8000000 | 8012333 | U.S. Treasuries (including strips) | 4.38 - 4.50 | 8/2028 - 2/2036 | 8215889 |
| TD Securities (U.S.A.) | 3.64 | 4/2026 | 5/2026 | 405000000 | 405040950 | U.S. Treasuries (including strips) | 0.50 - 3.88 | 8/2027 - 7/2030 | 413141841 |
| US Bancorp Inv | 3.64 | 4/2026 | 5/2026 | 1392000000 | 1392140747 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 8/2026 - 2/2056 | 1426014201 |
| **Total Repurchase Agreements** |  |  |  | 17396167230 | 17407789824 |  |  |  | 17760223593 |

---

**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 ($)** |
| **$3,405,110,000 due 05/01/2026 at 3.64%** |  |
| Citigroup Global Capital Markets Inc | 2346143000 |
| JPMorgan Securities LLC | 1058967000 |
|  | 3405110000 |
| **$50,060,000 due 05/01/2026 at 3.64%** |  |
| JPMorgan Securities LLC | 50060000 |
|  | 50060000 |

---

**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, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $21,582,337,230) - See accompanying schedule:<br>Unaffiliated issuers (cost $47,961,280,333)<br>|  | $47961280333 |
| Cash |  | 201095176 |
| Receivable for investments sold |  | 185023402 |
| Receivable for fund shares sold |  | 349143746 |
| Interest receivable |  | 34973213 |
| Prepaid expenses |  | 10527 |
| Receivable from investment adviser for expense reductions |  | 122516 |
| Other receivables |  | 544013 |
| **Total assets** |  | 48732192926 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1275400157 |  |
| Payable for fund shares redeemed | 321296690 |  |
| Distributions payable | 30877354 |  |
| Accrued management fee | 9867636 |  |
| Distribution and service plan fees payable | 1748362 |  |
| Other affiliated payables | 6291197 |  |
| Other payables and accrued expenses | 632623 |  |
| **Total liabilities** |  | 1646114019 |
| **Net Assets**  |  | $47086078907 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $47085599209 |
| Total accumulated earnings (loss) |  | 479698 |
| **Net Assets** |  | $47086078907 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Capital Reserves Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,109,045,464 ÷ 2,108,254,263 shares) |  | $1.00 |
| **Daily Money Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,663,479,103 ÷ 3,662,879,142 shares) |  | $1.00 |
| **Advisor C Class :** |  |  |
| **Net Asset Value** and offering price per share ($66,961,604 ÷ 66,947,498 shares) |  | $1.00 |
| **Fidelity Treasury Money Market Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($41,246,592,736 ÷ 41,246,201,771 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $871701562 |
| **Expenses** |  |  |
| Management fee | $57687860 |  |
| Transfer agent fees | 37162364 |  |
| Distribution and service plan fees | 10704907 |  |
| Accounting fees and expenses | 917928 |  |
| Custodian fees and expenses | 150386 |  |
| Independent trustees' fees and expenses | 53186 |  |
| Registration fees | 1452710 |  |
| Audit fees | 24787 |  |
| Legal | 23518 |  |
| Miscellaneous | 31667 |  |
| Total expenses before reductions | 108209313 |  |
| Expense reductions | (553993) |  |
| Total expenses after reductions |  | 107655320 |
| **Net Investment income (loss)** |  | 764046242 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (32335) |  |
| Total net realized gain (loss) |  | (32335) |
| **Net increase in net assets resulting from operations** |  | $764013907 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $764046242 | $1819261555 |
| &nbsp;&nbsp;Net realized gain (loss) | (32335)<br>| 263702<br>|
| **Net increase in net assets resulting from operations** | 764013907<br>| 1819525257<br>|
| Distributions to shareholders | (764015543)<br>| (1819046908)<br>|
| Share transactions - net increase (decrease) | 2623970532<br>| (4287652027)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2623968896<br>| (4287173678)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 44462110011 | 48749283689<br>|
| &nbsp;&nbsp;End of period | $47086078907 | $44462110011 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .014  | .034  | .044  | .039  | .005  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .014  | .034  | .044  | .039  | .005  | - B |
| Distributions from net investment income  | (.014)  | (.034)  | (.044)  | (.039)  | (.005)  | - B |
| Total distributions  | (.014)  | (.034)  | (.044)  | (.039)  | (.005)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.43% <br>| 3.51%  | 4.48%  | 3.96%  | .50%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .97% G | .96%  | .96%  | .97%  | .96%  | .97%  |
| Expenses net of fee waivers, if any  | .95% G<br>| .95%  | .95%  | .95%  | .52%  | .08%  |
| Expenses net of all reductions, if any  | .95% G | .95%  | .95%  | .95%  | .52%  | .08%  |
| Net investment income (loss)  | 2.86% G | 3.45%  | 4.38%  | 3.93%  | .46%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2109045 | $2290211 | $2182243 | $1844255 | $1486982 | $1485952 |

---

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, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .015  | .037  | .046  | .041  | .006  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .015  | .037  | .046  | .041  | .006  | - B |
| Distributions from net investment income  | (.015)  | (.037)  | (.046)  | (.041)  | (.006)  | - B |
| Total distributions  | (.015)  | (.037)  | (.046)  | (.041)  | (.006)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.55% <br>| 3.76%  | 4.74%  | 4.22%  | .61%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .72% G | .71%  | .71%  | .72%  | .71%  | .71%  |
| Expenses net of fee waivers, if any  | .70% G<br>| .70%  | .70%  | .70%  | .42%  | .08%  |
| Expenses net of all reductions, if any  | .70% G | .70%  | .70%  | .70%  | .42%  | .08%  |
| Net investment income (loss)  | 3.11% G | 3.70%  | 4.63%  | 4.18%  | .56%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3663479 | $3653445 | $3499159 | $2949844 | $1920968 | $1826591 |

---

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, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .012  | .030  | .039  | .034  | .003  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .012  | .030  | .039  | .034  | .003  | - B |
| Distributions from net investment income  | (.012)  | (.030)  | (.039)  | (.034)  | (.003)  | - B |
| Total distributions  | (.012)  | (.030)  | (.039)  | (.034)  | (.003)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D,E | 1.18% <br>| 2.99%  | 3.96%  | 3.44%  | .32%  | .01%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.47% H | 1.46%  | 1.46%  | 1.47%  | 1.46%  | 1.47%  |
| Expenses net of fee waivers, if any  | 1.45% H<br>| 1.45%  | 1.45%  | 1.45%  | .81%  | .08%  |
| Expenses net of all reductions, if any  | 1.45% H | 1.45%  | 1.45%  | 1.45%  | .81%  | .08%  |
| Net investment income (loss)  | 2.36% H | 2.95%  | 3.88%  | 3.43%  | .17%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $66962 | $65937 | $75560 | $104693 | $122176 | $77181 |

---

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, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .017  | .040  | .049  | .044  | .007  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .017  | .040  | .049  | .044  | .007  | - B |
| Distributions from net investment income  | (.017)  | (.040)  | (.049)  | (.044)  | (.007)  | - B |
| Total distributions  | (.017)  | (.040)  | (.049)  | (.044)  | (.007)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.69% <br>| 4.05%  | 5.03%  | 4.51%  | .75%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .42% G | .42%  | .42%  | .42%  | .42%  | .42%  |
| Expenses net of fee waivers, if any  | .42% G<br>| .42%  | .42%  | .42%  | .28%  | .08%  |
| Expenses net of all reductions, if any  | .42% G | .42%  | .42%  | .42%  | .28%  | .08%  |
| Net investment income (loss)  | 3.39% G | 3.98%  | 4.91%  | 4.46%  | .70%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $41246593 | $38452517 | $42992322 | $39111265 | $29417542 | $30315397 |

---

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, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 13.6%** | &nbsp;&nbsp;**Municipal Securities - 13.6%** | &nbsp;&nbsp;**Municipal Securities - 13.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Arizona - 0.0%  |  |  |
| Arizona - 0.0% |  |  |
| Health Care - 0.0% |  |  |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 D, 5% tender 1/1/2046 (c) | 450000 | 450383 |
| Arkansas - 0.1%  |  |  |
| Arkansas - 0.1% |  |  |
| Housing - 0.1% |  |  |
| Arkansas St Dfa Sfmly Mtg Rev (Ar Single Family Mortgage) Series 2026B, 0% tender 7/1/2057 (c)(f) | 2600000 | 2600000 |
| Colorado - 0.1%  |  |  |
| Colorado - 0.1% |  |  |
| General Obligations - 0.0% |  |  |
| Colorado St Ed Ln Prog TRAN (Colorado St Proj.) 5% 6/30/2026  | 1040000 | 1043828 |
| Health Care - 0.1% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) 5% tender 11/15/2049 (c) | 535000 | 540978 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022B, 5% tender 5/15/2062 (c) | 2425000 | 2441803 |
| Colorado Health Facs Auth Rev (Advent Health Proj.) Series 2016 C, 5% tender 11/15/2036 (c) | 1510000 | 1528091 |
|  |  | 4510872 |
| TOTAL COLORADO |  | 5554700 |
| Connecticut - 0.7%  |  |  |
| Connecticut - 0.7% |  |  |
| Education - 0.0% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2017 B2, 3.2% tender 7/1/2037 (c) | 1950000 | 1951572 |
| General Obligations - 0.7% |  |  |
| Connecticut St Gen. Oblig. Series 2024 C, 5% 3/1/2027  | 675000 | 688948 |
| Connecticut St Gen. Oblig. Series 2024 F, 5% 11/15/2026  | 550000 | 556930 |
| Darien CT BAN 3.5% 4/22/2027  | 2200000 | 2221990 |
| Ledyard CT BAN 3.75% 8/11/2026  | 2500000 | 2506109 |
| Middlefield Conn Gen. Oblig. BAN 4% 10/14/2026  | 2600000 | 2616719 |
| Regional Sch Dist No 13 CT BAN 3.5% 10/21/2026  | 4200000 | 4218425 |
| Stratford CT Gen. Oblig. BAN 3.5% 7/23/2026  | 4700000 | 4711393 |
| Watertown CT Gen. Oblig. BAN 3.5% 10/28/2026  | 8400000 | 8440002 |
|  |  | 25960516 |
| Special Tax - 0.0% |  |  |
| Connecticut St Spl Tax Oblig Series 2025A, 5% 7/1/2026  | 1300000 | 1305286 |
| TOTAL CONNECTICUT |  | 29217374 |
| District Of Columbia - 0.1%  |  |  |
| District Of Columbia - 0.1% |  |  |
| Special Tax - 0.1% |  |  |
| District Columbia Income Tax Rev 5% 6/1/2026  | 5300000 | 5308860 |
| Florida - 0.1%  |  |  |
| Florida - 0.1% |  |  |
| General Obligations - 0.0% |  |  |
| Lee Cnty FL Sch Brd Ctfs Partn (Lee Cnty FL Sch Dist Proj.) 5% 8/1/2026  | 300000 | 301679 |
| Health Care - 0.0% |  |  |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Baptist Health Sys of So FL Proj.) Series 2019, 5% 8/15/2026  | 600000 | 603617 |
| Water & Sewer - 0.1% |  |  |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2025 B, 5% 10/1/2026  | 3300000 | 3331468 |
| TOTAL FLORIDA |  | 4236764 |
| Georgia - 0.1%  |  |  |
| Georgia - 0.1% |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Cedartown Polk Cnty GA Hosp Auth Rev Ctfs Series 2016, 5% 7/1/2039 (Pre-refunded to 7/1/2026 at 100)  | 400000 | 401400 |
| General Obligations - 0.1% |  |  |
| Cobb Cnty GA Schl Dist TAN Series 2026, 4% 12/15/2026  | 2390000 | 2410591 |
| TOTAL GEORGIA |  | 2811991 |
| Hawaii - 0.0%  |  |  |
| Hawaii - 0.0% |  |  |
| General Obligations - 0.0% |  |  |
| Honolulu HI City & Cnty Gen. Oblig. Series 2025 E, 5% 7/1/2026  | 655000 | 657640 |
| Idaho - 0.0%  |  |  |
| Idaho - 0.0% |  |  |
| Health Care - 0.0% |  |  |
| Idaho Health Facilities Authority (Trinity Health Proj.) Series 2013ID, 2.625% tender 12/1/2048 (c) | 1000000 | 1000000 |
| Illinois - 1.0%  |  |  |
| Illinois - 1.0% |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Illinois Finance Authority Rev 4% 2/15/2041 (Pre-refunded to 2/15/2027 at 100)  | 750000 | 758590 |
| General Obligations - 0.5% |  |  |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2026  | 1090000 | 1103837 |
| Cook Cnty IL Gen. Oblig. Series 2016 A, 5% 11/15/2026  | 460000 | 465621 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2026  | 900000 | 906821 |
| Illinois St Gen. Oblig. 5% 4/1/2027  | 2800000 | 2856360 |
| Illinois St Gen. Oblig. 5% 4/1/2027  | 700000 | 714090 |
| Illinois St Gen. Oblig. Series 2017 A, 5% 12/1/2026  | 1800000 | 1821604 |
| Illinois St Gen. Oblig. Series 2017 B, 5% 12/1/2026  | 900000 | 910802 |
| Illinois St Gen. Oblig. Series 2017D, 3.25% 11/1/2026  | 1400000 | 1402676 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 6470000 | 6538701 |
| Illinois St Gen. Oblig. Series 2018 A, 5% 10/1/2026  | 800000 | 807270 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2027  | 310000 | 316283 |
| Illinois St Gen. Oblig. Series JUNE 2016, 5% 6/1/2026  | 565000 | 566100 |
| Illinois St Gen. Oblig. Series MARCH 2021 B, 5% 3/1/2027  | 450000 | 459115 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2026  | 2135000 | 2142358 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2026  | 380000 | 380000 |
| Illinois St Gen. Oblig. Series NOVEMBER 2016, 5% 11/1/2026  | 1300000 | 1313430 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 5% 10/1/2026  | 235000 | 237041 |
|  |  | 22942109 |
| Health Care - 0.3% |  |  |
| Illinois Fin Auth Rev (Advocate Health Care Network Proj.) SIFMA Municipal Swap Index + 0.3%, 3.39% tender 4/1/2051 (c)(e) | 10510000 | 10510000 |
| Special Tax - 0.2% |  |  |
| Illinois St Sales Tax Rev Series 2021 A, 4% 6/15/2026  | 135000 | 135170 |
| Illinois St Sales Tax Rev Series DECEMBER 2025 A, 5% 6/15/2026  | 6200000 | 6215855 |
| Illinois St Sales Tax Rev Series MARCH 2025A, 5% 6/15/2026  | 1000000 | 1002854 |
|  |  | 7353879 |
| TOTAL ILLINOIS |  | 41564578 |
| Indiana - 0.0%  |  |  |
| Indiana - 0.0% |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Indiana St Fin Auth Rev Series 2016 A, 4% 3/1/2044 (Pre-refunded to 9/1/2026 at 100)  | 350000 | 351607 |
| Kansas - 0.3%  |  |  |
| Kansas - 0.3% |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Wyandotte County KS Unified School District 500 Series A, 5.5% 9/1/2047 (Pre-refunded to 9/1/2026 at 100)  | 1545000 | 1560237 |
| General Obligations - 0.3% |  |  |
| Lawrence KS Gen. Oblig. Series 2026 I, 4% 5/1/2027  | 400000 | 405178 |
| Wichita KS Gen. Oblig. BAN 5% 10/15/2026  | 3410000 | 3446426 |
| Wichita KS Gen. Oblig. BAN Series 324, 4% 10/15/2026 (f) | 8670000 | 8718032 |
|  |  | 12569636 |
| TOTAL KANSAS |  | 14129873 |
| Kentucky - 0.1%  |  |  |
| Kentucky - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2024 B, 5% 11/1/2026  | 880000 | 890108 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2025 B, 5% 9/1/2026  | 600000 | 604580 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series 2025A, 5% 9/1/2026  | 700000 | 705343 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series B, 5% 11/1/2026  | 575000 | 581664 |
| Kentucky St Tpk Auth Economic (Kentucky St Proj.) Series 2024A, 5% 7/1/2026  | 500000 | 501997 |
| TOTAL KENTUCKY |  | 3283692 |
| Maine - 0.1%  |  |  |
| Maine - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Cape Elizabeth ME BAN Series 2026A, 5% 11/30/2026  | 4400000 | 4465481 |
| Maryland - 0.2%  |  |  |
| Maryland - 0.2% |  |  |
| General Obligations - 0.2% |  |  |
| Baltimore Cnty MD Gen. Oblig. Series 2020, 5% 3/1/2027  | 1700000 | 1735841 |
| Baltimore Cnty MD Gen. Oblig. Series 2024, 5% 2/1/2027  | 2210000 | 2251821 |
| State of Maryland Gen. Oblig. 5% 8/1/2026  | 715000 | 719232 |
|  |  | 4706894 |
| Special Tax - 0.0% |  |  |
| Maryland St Dept Transn Cons Series 2018, 5% 10/1/2026  | 1700000 | 1717180 |
| TOTAL MARYLAND |  | 6424074 |
| Massachusetts - 0.6%  |  |  |
| Massachusetts - 0.6% |  |  |
| General Obligations - 0.6% |  |  |
| Agawam MA BAN 4% 9/24/2026  | 3900000 | 3922223 |
| Burlington Mass BAN 3.5% 4/23/2027  | 5370000 | 5422786 |
| Hopkinton MA BAN 4% 6/10/2026  | 13300000 | 13314138 |
| Middleborough MA Gen. Oblig. BAN 4% 9/25/2026  | 2600000 | 2614701 |
| TOTAL MASSACHUSETTS |  | 25273848 |
| Michigan - 0.2%  |  |  |
| Michigan - 0.2% |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| University MI Univ Revs Series 2017 A, 5% 4/1/2047 (Pre-refunded to 4/1/2027 at 100)  | 275000 | 280984 |
| Health Care - 0.2% |  |  |
| Kent MI Hosp Fin Auth (Corewell Health Proj.) SIFMA Municipal Swap Index + 0.25%, 3.34% tender 1/15/2047 (c)(e) | 8570000 | 8570000 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2027  | 925000 | 946165 |
| Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2026  | 370000 | 375481 |
|  |  | 9891646 |
| TOTAL MICHIGAN |  | 10172630 |
| Minnesota - 0.1%  |  |  |
| Minnesota - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Hennepin Cnty Minn Gen. Oblig. Series 2025D, 5% 12/1/2026  | 700000 | 709654 |
| Minnesota St Gen. Oblig. 5% 8/1/2026  | 350000 | 352095 |
| Minnesota St Gen. Oblig. Series 2024A, 5% 8/1/2026  | 590000 | 593501 |
| Rosemont MN Indpt Sch Dist 196 Series 2026A, 5% 2/1/2027 (Minnesota St Guaranteed)  | 1750000 | 1781318 |
| TOTAL MINNESOTA |  | 3436568 |
| Nevada - 0.1%  |  |  |
| Nevada - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| Clark Cnty NV School Dist Gen. Oblig. Series 2016 F, 3% 6/15/2026  | 500000 | 500000 |
| Clark Cnty NV School Dist Series 2017 A, 5% 6/15/2026  | 405000 | 406196 |
| Clark Cnty NV School Dist Series 2020 B, 5% 6/15/2026  | 555000 | 556306 |
| Clark Cnty NV School Dist Series 2025A, 5% 6/15/2026  | 1195000 | 1197768 |
| TOTAL NEVADA |  | 2660270 |
| New Jersey - 3.4%  |  |  |
| New Jersey - 3.4% |  |  |
| General Obligations - 3.4% |  |  |
| Bordentown Twp NJ Ban Gen. Oblig. BAN Series 2026A, 3.5% 3/25/2027  | 5200000 | 5253417 |
| Brick Twp NJ Gen. Oblig. BAN Series 2026, 3.5% 3/12/2027  | 3500000 | 3534529 |
| Burlington Cnty N J Gen. Oblig. BAN Series 2025A, 4% 6/17/2026  | 9300000 | 9310682 |
| Cedar Grove Twp NJ Gen. Oblig. BAN Series 2025, 4% 6/24/2026  | 3000000 | 3003743 |
| Collingswood NJ Gen. Oblig. BAN 3.5% 3/10/2027  | 1900000 | 1917498 |
| Edison Twp NJ Gen. Oblig. BAN Series 2025, 4% 11/5/2026  | 7700000 | 7757626 |
| Freehold Township NJ Gen. Oblig. BAN Series 2025B, 3.5% 10/19/2026  | 8100000 | 8133258 |
| Hamilton Twp Mercer CO NJ Gen. Oblig. BAN Series 2026 A, 3.5% 5/12/2027 (f) | 3700000 | 3733152 |
| Hazlet Twp NJ Gen. Oblig. BAN Series 2025 A, 3.5% 11/4/2026  | 3700000 | 3716993 |
| Hudson Cnty NJ Impt Auth Lease Rev RAN Series B 1, 4% 6/24/2026  | 5700000 | 5708185 |
| Jefferson Twp NJ Gen. Oblig. BAN 4% 6/12/2026  | 3200000 | 3203178 |
| Lakewood NJ Tan Gen. Oblig. BAN Series 2025, 3.5% 12/16/2026  | 19700000 | 19818112 |
| Monmouth Cnty NJ Impt Auth Rev Gen. Oblig. BAN Series 2026, 4% 3/12/2027  | 150000 | 151786 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2017 DDD, 5% 6/15/2026  | 1175000 | 1177660 |
| New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2017 B, 5% 6/15/2026  | 1100000 | 1102508 |
| New Jersey St Gen. Oblig. 5% 6/1/2026  | 2175000 | 2178513 |
| North Brunswick Twp NJ Gen. Oblig. BAN Series 2025A, 4% 7/6/2026  | 15500000 | 15527486 |
| Passaic Cnty NJ Gen. Oblig. BAN 3.5% 10/29/2026  | 6430000 | 6460151 |
| Scotch Plains Twp NJ Gen. Oblig. BAN 3.75% 8/25/2026  | 1300000 | 1302925 |
| Stafford Twp NJ Gen. Oblig. BAN Series 2025A, 3.5% 10/20/2026  | 9600000 | 9642795 |
| Vernon Twp NJ Ban Gen. Oblig. BAN 3.75% 8/21/2026  | 2488000 | 2495428 |
| Verona Twp NJ Gen. Oblig. BAN Series 2025B, 3.5% 10/21/2026  | 2073000 | 2081804 |
| West Caldwell Twp NJ Gen. Oblig. BAN 3.75% 9/2/2026  | 2982000 | 2993346 |
| West Milford Township NJ Gen. Oblig. BAN 3.75% 9/11/2026  | 3750185 | 3764684 |
| Westfield NJ Gen. Oblig. BAN 4% 11/6/2026  | 2600000 | 2612663 |
| Wood-Ridge Boro NJ BAN 4% 5/14/2026  | 4900000 | 4901353 |
| Woodcliff Lake NJ Gen. Oblig. BAN 3.75% 9/18/2026  | 2200000 | 2207384 |
|  |  | 133690859 |
| Housing - 0.0% |  |  |
| NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 2, 2.85% 11/1/2026  | 1800000 | 1799550 |
| TOTAL NEW JERSEY |  | 135490409 |
| New Mexico - 0.1%  |  |  |
| New Mexico - 0.1% |  |  |
| Housing - 0.1% |  |  |
| New Mexico Mtg Fin Auth (Nm Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) 3% tender 9/1/2057 (c) | 2600000 | 2600000 |
| New Mexico Mtg Fin Auth (Nm Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) 3% tender 9/1/2057 (c) | 2100000 | 2100000 |
| New Mexico Mtg Fin Auth (Nm Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) 3% tender 9/1/2057 (c) | 215000 | 215000 |
| TOTAL NEW MEXICO |  | 4915000 |
| New York - 1.8%  |  |  |
| New York - 1.8% |  |  |
| General Obligations - 1.8% |  |  |
| Burnt Hills Ballston Lake NY Cent Sch Dist BAN Series 2025, 4% 6/18/2026  | 8300000 | 8308994 |
| Connetquot Central School District TAN Series 2025 2026 TAXES, 3.25% 6/24/2026  | 1500000 | 1501502 |
| Hempstead Vlg NY Gen. Oblig. BAN Series 2026, 3.5% 4/30/2027  | 2900000 | 2924785 |
| Island Trees Ufsd New York BAN Series 2025, 3.5% 6/17/2026  | 3600000 | 3603756 |
| Livingston Cnty NY Gen. Oblig. BAN 3.5% 12/11/2026  | 3700000 | 3703492 |
| Longwood Cent Sch Dist Suffolk Co NY TAN Series 2025 2026 TAXES, 4% 6/18/2026  | 1500000 | 1502776 |
| Newburgh NY Enlarged City Sch Dist BAN Series 2025, 4% 6/24/2026  | 22100000 | 22128511 |
| Niagara-Wheatfield NY Csd BAN 4% 6/25/2026  | 3315000 | 3319116 |
| South Colonie NY Cent Sch Dist BAN Series 2025A, 4% 7/9/2026  | 16300000 | 16328688 |
| South Huntington NY Ufsd TAN Series 2025 2026 TAXES, 4% 6/24/2026  | 1300000 | 1302712 |
| White Plains NY City Sch Dist BAN Series 2025, 3.5% 6/19/2026  | 6100000 | 6107691 |
| TOTAL NEW YORK |  | 70732023 |
| North Carolina - 0.1%  |  |  |
| North Carolina - 0.1% |  |  |
| General Obligations - 0.1% |  |  |
| State of North Carolina (North Carolina St Proj.) Series 2017 B, 5% 5/1/2026  | 100000 | 100000 |
| State of North Carolina Gen. Oblig. Series 2025B, 5% 5/1/2026  | 1100000 | 1100000 |
| Wake Cnty Ltd Oblig (Wake Cnty NC Proj.) 5% 5/1/2026  | 4000000 | 4000000 |
| TOTAL NORTH CAROLINA |  | 5200000 |
| Ohio - 1.6%  |  |  |
| Ohio - 1.6% |  |  |
| General Obligations - 1.0% |  |  |
| Bay Village Ohio Gen. Oblig. BAN 4% 12/17/2026  | 900000 | 905947 |
| Centerville OH Gen. Oblig. BAN Series 2026, 4% 4/1/2027  | 2000000 | 2023229 |
| Cleveland OH Gen. Oblig. BAN Series 2025, 4% 12/9/2026  | 2800000 | 2822729 |
| County of Muskingum OH Gen. Oblig. BAN Series 2025A, 4% 12/15/2026  | 4100000 | 4131896 |
| County of Muskingum OH Gen. Oblig. BAN Series 2025B, 4% 6/16/2026  | 1400000 | 1402233 |
| Cuyahoga Cnty OH Gen. Oblig. BAN 4.25% 5/4/2026  | 2600000 | 2602344 |
| Delaware OH Gen. Oblig. BAN Series 2026, 3.75% 4/14/2027  | 1400000 | 1414951 |
| Hamilton OH Gen. Oblig. BAN Series 2025, 4% 12/15/2026  | 2600000 | 2622149 |
| Huber Heights OH Gen. Oblig. BAN Series 2025, 5% 6/25/2026  | 3500000 | 3509091 |
| Jonathan Alder OH Loc Sch Dist BAN 4% 6/2/2026  | 1000000 | 1001031 |
| Lakewood OH Gen. Oblig. BAN 4% 4/7/2027  | 3200000 | 3225745 |
| Lebanon OH Gen. Oblig. BAN 4% 1/21/2027  | 900000 | 907989 |
| Lorain Cnty OH Gen. Oblig. BAN Series 2026 A, 4% 4/21/2027  | 1350000 | 1363774 |
| Miamisburg OH Gen. Oblig. BAN 3.75% 10/21/2026  | 900000 | 905141 |
| Monroe OH Loc Sch Dist BAN 4% 12/2/2026  | 2800000 | 2819730 |
| New Albany Ohio Gen. Oblig. BAN 3.75% 6/4/2026  | 1400000 | 1401410 |
| Oak Hills OH Loc Sch Dist BAN 4% 6/3/2026  | 1900000 | 1902499 |
| Ohio St Adult Correctional Cap Facs (State of Ohio Proj.) Series 2025A, 5% 10/1/2026  | 605000 | 611193 |
| Solon OH Go Gen. Oblig. BAN 4% 12/8/2026  | 1300000 | 1309187 |
| Springfield OH Gen. Oblig. BAN Series 2026, 4% 3/23/2027  | 1500000 | 1519735 |
| State of Ohio Gen. Oblig. Series 2025A, 5% 9/1/2026  | 300000 | 302370 |
| State of Ohio Gen. Oblig. Series 2025D, 5% 11/1/2026  | 600000 | 607143 |
| State of Ohio Gen. Oblig. Series X, 5% 5/1/2026  | 1000000 | 1000000 |
| State of Ohio Series 2025A, 5% 12/1/2026  | 400000 | 405586 |
| Vandalia City OH Gen. Oblig. BAN Series 2025, 4% 12/2/2026  | 1400000 | 1410200 |
| Wyoming OH Gen. Oblig. BAN 4% 10/13/2026  | 1100000 | 1106782 |
| Wyoming OH Gen. Oblig. BAN Series 2026, 4% 10/13/2026 (g) | 700000 | 704481 |
|  |  | 43938565 |
| Health Care - 0.4% |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 5% 8/1/2026  | 1280000 | 1286932 |
| Franklin Cnty OH Rev (Trinity Health Proj.) Series 2013OH, 2.625% tender 12/1/2046 (c) | 1600000 | 1600000 |
| Ohio St Hosp Rev (Cleveland Clinic Foundtn (The) Proj.) 2.42% tender 7/16/2026 CP mode (c) | 4200000 | 4200000 |
| Ohio St Hosp Rev (Cleveland Clinic Foundtn (The) Proj.) 2.42% tender 8/18/2026 CP mode (c) | 2900000 | 2900000 |
| Ohio St Hosp Rev (Cleveland Clinic Foundtn (The) Proj.) 2.42% tender 8/4/2026 CP mode (c) | 5200000 | 5200000 |
|  |  | 15186932 |
| Resource Recovery - 0.2% |  |  |
| Central OH Solid Waste Auth Gen. Oblig. BAN 4% 10/28/2026  | 3600000 | 3623421 |
| Transportation - 0.0% |  |  |
| Ohio St Mjr New St Infst Proj Rev Series 2026 1, 5% 12/15/2026 (f) | 1100000 | 1115675 |
| TOTAL OHIO |  | 63864593 |
| Oregon - 0.0%  |  |  |
| Oregon - 0.0% |  |  |
| General Obligations - 0.0% |  |  |
| Oregon St Gen. Oblig. Series 2025 K, 5% 11/1/2026  | 1000000 | 1012016 |
| Pennsylvania - 0.2%  |  |  |
| Pennsylvania - 0.2% |  |  |
| General Obligations - 0.2% |  |  |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 5% 6/1/2026  | 3720000 | 3727303 |
| Pennsylvania St 5% 9/1/2026  | 2300000 | 2319105 |
| Pennsylvania St Gen. Oblig. Series 2016, 5% 9/15/2026  | 495000 | 499221 |
| Pennsylvania St Gen. Oblig. Series 2025 A, 5% 8/15/2026  | 1410000 | 1419867 |
| Pennsylvania St Gen. Oblig. Series 2026, 5% 4/1/2027  | 600000 | 613800 |
| TOTAL PENNSYLVANIA |  | 8579296 |
| Rhode Island - 0.2%  |  |  |
| Rhode Island - 0.2% |  |  |
| General Obligations - 0.2% |  |  |
| Barrington RI BAN 4% 5/28/2026  | 3000000 | 3001913 |
| South Kingston RI BAN Series 2025 I, 4% 6/25/2026  | 3200000 | 3204584 |
| TOTAL RHODE ISLAND |  | 6206497 |
| South Carolina - 1.1%  |  |  |
| South Carolina - 1.1% |  |  |
| General Obligations - 1.1% |  |  |
| Berkeley Cnty SC School Dist Series 2025A, 5% 6/1/2026  | 1000000 | 1001710 |
| Charleston County School District BAN 5% 5/7/2026  | 15000000 | 15004542 |
| Clover SC Sch Dist No 2 York Cnty BAN Series 2025, 5% 10/1/2026  | 7045000 | 7115625 |
| Greenville CO School Dist SC Series 2025C, 5% 6/29/2026  | 7045000 | 7071644 |
| Orangeburg County School District BAN Series 2025, 5% 8/13/2026  | 2245000 | 2259243 |
| York Cnty SC Sch Dist No 1 York BAN Series 2025, 4% 7/30/2026  | 400000 | 401403 |
| York Cnty SC Sch Dist No 4 Fort Mill BAN 4% 10/7/2026  | 12555000 | 12634934 |
| TOTAL SOUTH CAROLINA |  | 45489101 |
| Texas - 0.5%  |  |  |
| Texas - 0.5% |  |  |
| Education - 0.0% |  |  |
| Board of Regents of the University of Texas System Series 2016 D, 5% 8/15/2026  | 800000 | 805685 |
| Texas A&M Univ Revs Series 2017E, 5% 5/15/2026  | 500000 | 500478 |
| Texas A&M Univ Revs Series 2024A, 5% 5/15/2026  | 365000 | 365304 |
|  |  | 1671467 |
| Electric Utilities - 0.0% |  |  |
| Austin TX Elec Util Sys Rev Series 2025, 5% 11/15/2026  | 400000 | 404973 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev 5% tender 11/15/2052 (c) | 210000 | 210108 |
| General Obligations - 0.5% |  |  |
| Aldine TX Indpt Sch Dist Series 2026, 5% 8/15/2026 (Permanent Sch Fund of Texas Guaranteed) (f) | 1625000 | 1632573 |
| Cypress-Fairbanks TX Isd Series 2026, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)  | 135000 | 137610 |
| Dallas TX Gen. Oblig. Series 2025, 5% 8/15/2026  | 1300000 | 1308725 |
| Del Valle Tex Indpt Sch Dist 5% 6/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 620000 | 621743 |
| Harris Cnty TX Gen. Oblig. Series 2024 A, 5% 9/15/2026  | 355000 | 358333 |
| Houston TX TRAN 4% 6/30/2026  | 2100000 | 2104748 |
| Houston TX TRAN Series 2025, 5% 6/30/2026  | 4200000 | 4216300 |
| Katy TX Ind Sch Dist Series 2024, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)  | 320000 | 326204 |
| Keller Texas Indpt School Dist Series 2025, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)  | 1900000 | 1937334 |
| Round Rock TX Indpt Sch Dist Series 2019 A, 5% 8/1/2026 (Permanent Sch Fund of Texas Guaranteed)  | 765000 | 769713 |
| Texas State Gen. Oblig. Series 2024, 5% 10/1/2026  | 270000 | 272577 |
| Texas Transn Commn Gen. Oblig. Series 2026, 5% 4/1/2027 (f) | 1400000 | 1431794 |
|  |  | 15117654 |
| Health Care - 0.0% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 5% tender 7/1/2049 (c) | 835000 | 846559 |
| Water & Sewer - 0.0% |  |  |
| Tarrant Regl Wtr Dist Tex Wtr 5% 3/1/2027  | 1400000 | 1428641 |
| Texas Wtr Dev Brd Series 2022, 5% 10/15/2026  | 350000 | 353455 |
|  |  | 1782096 |
| TOTAL TEXAS |  | 20032857 |
| Utah - 0.0%  |  |  |
| Utah - 0.0% |  |  |
| Health Care - 0.0% |  |  |
| Utah Cnty Utah Hosp Rev (Ihc Health Services Inc Proj.) Series 2020B 2, 5% tender 5/15/2060 (c) | 650000 | 653407 |
| Virginia - 0.1%  |  |  |
| Virginia - 0.1% |  |  |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Hampton Rds VA Transn Accountability Commn Rev Series 2021 A, 5% 7/1/2026  | 4950000 | 4967822 |
| Washington - 0.4%  |  |  |
| Washington - 0.4% |  |  |
| General Obligations - 0.4% |  |  |
| King Cnty WA Gen. Oblig. Series 2025B, 5% 12/1/2026  | 2100000 | 2130192 |
| King Cnty WA Sch Dist No 405 Bellevue Series 2026, 5% 12/1/2026 (State of Washington Guaranteed) (f) | 3200000 | 3244864 |
| Snohomish Cnty WA Sch Dist #6 Mukilteo 5% 12/1/2026 (State of Washington Guaranteed)  | 1100000 | 1115668 |
| Snohomish Cnty Wash SD No 201 Series 2025, 5% 12/1/2026 (State of Washington Guaranteed)  | 800000 | 810381 |
| State of Washington Gen. Oblig. Series R 2020C, 5% 7/1/2026  | 1790000 | 1797097 |
| State of Washington Gen. Oblig. Series R 2025 A, 4% 7/1/2026  | 2145000 | 2150118 |
| State of Washington Gen. Oblig. Series R 2026A, 5% 7/1/2026  | 5600000 | 5622197 |
| TOTAL WASHINGTON |  | 16870517 |
| Wisconsin - 0.2%  |  |  |
| Wisconsin - 0.2% |  |  |
| General Obligations - 0.2% |  |  |
| Madison WI Met Sch Dist TRAN Series 2025, 5% 9/1/2026  | 5100000 | 5141092 |
| Wisconsin St Gen. Oblig. Series 2024 1, 5% 5/1/2026  | 625000 | 625000 |
|  |  | 5766092 |
| Health Care - 0.0% |  |  |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2016 A, 5% 11/15/2026  | 240000 | 240175 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2019 A, 5% 11/15/2026  | 220000 | 222632 |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (c) | 325000 | 325892 |
|  |  | 788699 |
| TOTAL WISCONSIN |  | 6554791 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $554,168,662) |  | <br> **554168662** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tender Option Bond - 33.6%** | &nbsp;&nbsp;**Tender Option Bond - 33.6%** | &nbsp;&nbsp;**Tender Option Bond - 33.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 1.7%  |  |  |
| Alabama Infirmary Health Rev Participating VRDN Series 5065, 3.12% 2/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 19400000 | 19400000 |
| Black Belt Energy Gas Dist Alagas Proj Rev Participating VRDN Series 2026 XM1361, 3.14% 10/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2900000 | 2900000 |
| Black Belt Energy Gas Dist Alagas Proj Rev Participating VRDN Series 2026 XM1362, 3.14% 12/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3200000 | 3200000 |
| Black Belt Energy Gas District Alagas Proj Rev Participating VRDN Series 2025 XL0702, 3.14% 10/1/2035 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3100000 | 3100000 |
| Black Belt Energy Gas District Alagas Proj Rev Participating VRDN Series 2025 ZL0724, 3.14% 12/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3300000 | 3300000 |
| Black Belt Energy Gas District Alagas Proj Rev Participating VRDN Series 5088, 3.29% 5/1/2056 (Liquidity Facility JP Morgan Securities LLC) (b)(c) | 4200000 | 4200000 |
| Black Belt Energy Gas District Alagas Proj Rev Participating VRDN Series 5104, 3.29% 5/1/2056 (Liquidity Facility JP Morgan Securities LLC) (b)(c) | 3800000 | 3800000 |
| Black Belt Energy Gas District Participating VRDN Series 2024 XM1190, 3.14% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 700000 | 700000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XF8002, 3.12% 5/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 12000000 | 12000000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XM1233, 3.14% 3/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 700000 | 700000 |
| East Alabama Health Care Auth Participating VRDN Series 2025 BAML5061, 3.59% 9/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4885000 | 4885000 |
| Energy Southeast AL Coop District Participating VRDN 3.14% 7/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2000000 | 2000000 |
| Jefferson County Swr Rev Participating VRDN Series 2024 XL0531, 3.13% 10/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 665000 | 665000 |
| Southeast Energy Auth Participating VRDN Series 2023 XM1135, 3.12% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3675000 | 3675000 |
| Southeast Energy Auth Participating VRDN Series 2025 XF1801, 3.13% 1/1/2056 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 4000000 | 4000000 |
| TOTAL ALABAMA |  | 68525000 |
| Alaska - 0.1%  |  |  |
| Alaska Multi Fam Hsg Auth Chenana Apts Participating VRDN 3.32% 11/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 517520 | 517520 |
| Anchorage AK MBIA Participating VRDN 3.12% 6/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3700000 | 3700000 |
| TOTAL ALASKA |  | 4217520 |
| Arizona - 0.6%  |  |  |
| Arizona Health Facilities Auth Rev Participating VRDN Series 2022 MIZ9101, 3.29% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 500000 | 500000 |
| Arizona Health Facs Auth Rev Participating VRDN Series 3384, 3.12% 1/1/2037 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 6345000 | 6345000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9219, 3.32% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 500000 | 500000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9220, 3.32% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 400000 | 400000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9240, 3.32% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 900000 | 900000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9241, 3.32% 11/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 600000 | 600000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9242, 3.32% 11/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 900000 | 900000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2026 MIZ9248, 3.32% 2/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 800000 | 800000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2026 MIZ9249, 3.32% 2/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 600000 | 600000 |
| Arizona Ind Dev Auth Participating VRDN 3.32% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 600000 | 600000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9187, 3.32% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1500000 | 1500000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9211, 3.32% 5/13/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 400000 | 400000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9213, 3.32% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 800000 | 800000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9215, 3.32% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 600000 | 600000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9216, 3.32% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 600000 | 600000 |
| Maricopa Cnty AZ IDA Honor Hlth Participating VRDN Series E 147, 3.12% 9/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6500000 | 6500000 |
| Mesa AZ Util Sys Rev Participating VRDN 3.14% 7/1/2046 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 1100000 | 1100000 |
| Salt Verde Finl Corp Sr Gas Rev Participating VRDN Series 2018 XF2537, 3.13% 12/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2015000 | 2015000 |
| TOTAL ARIZONA |  | 25660000 |
| California - 0.4%  |  |  |
| California Hsg Fin Agy Ltd Oblig Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9231, 3.27% 9/9/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 4100000 | 4100000 |
| California Public Finance Authority Participating VRDN 3.27% 5/8/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 8300000 | 8300000 |
| River Islands Pub Fing Auth Participating VRDN 3.27% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 3700000 | 3700000 |
| TOTAL CALIFORNIA |  | 16100000 |
| Colorado - 0.6%  |  |  |
| Colorado Ctfs of Prtn Participating VRDN 3.12% 12/15/2040 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2905000 | 2905000 |
| Colorado Health Facilities Auth Rev Bonds Participating VRDN 3.12% 11/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2600000 | 2600000 |
| Colorado Health Facilities Auth Rev Bonds Participating VRDN Series 2019 XG0251, 3.14% 8/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 390000 | 390000 |
| Colorado Health Facilities Auth Rev Bonds Participating VRDN Series 2020 XM0829, 3.12% 8/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2195000 | 2195000 |
| Colorado Health Facilities Authority Participating VRDN Series 2023 XM1124, 3.12% 11/15/2048 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2345000 | 2345000 |
| Colorado Health Facilities Authority Series 2025 MS0043, 3.29% tender 11/15/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 1740000 | 1740000 |
| Denver CO Cty & Cnty Sch Dis 1 Participating VRDN Series 2025 XG0603, 3.12% 12/1/2049 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 5000000 | 5000000 |
| Denver CO Cty & Cnty Sch Dis 1 Participating VRDN Series 2025 XL0717, 3.12% 12/1/2047 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 1500000 | 1500000 |
| Regional Transn Dist CO Sales Participating VRDN Series 2025 CF7024, 3.12% 11/1/2033 (Liquidity Facility Citibank NA) (b)(c) | 4605000 | 4605000 |
| TOTAL COLORADO |  | 23280000 |
| Connecticut - 1.4%  |  |  |
| Conn St Hsg Fin Auth Participating VRDN Series 2025 CF7067, 3.12% 11/15/2052 (Liquidity Facility Citibank NA) (b)(c) | 1900000 | 1900000 |
| Connecticut St Participating VRDN Series 2017 014, 3.13% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 15715000 | 15715000 |
| Connecticut St Participating VRDN Series 2017 016, 3.13% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 33335000 | 33335000 |
| Connecticut St Spl Tax Oblig Participating VRDN 3.12% 7/1/2043 (Liquidity Facility Barclays Bank PLC) (b)(c) | 6020000 | 6020000 |
| TOTAL CONNECTICUT |  | 56970000 |
| Delaware - 0.1%  |  |  |
| Delaware Multi Fam Hsg Chritina Village Participating VRDN 3.32% 5/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1500000 | 1500000 |
| Delaware Multi Fam Hsg Rev Participating VRDN Series 2024 MIZ9182, 3.32% 7/11/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1200000 | 1200000 |
| TOTAL DELAWARE |  | 2700000 |
| District Of Columbia - 0.2%  |  |  |
| District Columbia Gen. Oblig. Participating VRDN 3.12% 6/1/2040 (Liquidity Facility Citibank NA) (b)(c) | 5000000 | 5000000 |
| District Columbia Income Tax Rev Participating VRDN Series 2022 YX1195, 3.12% 3/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(c) | 895000 | 895000 |
| District Columbia Wtr & Swr Auth Pub Util Rev Participating VRDN Series 2025 XF3433, 3.12% 10/1/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2410000 | 2410000 |
| TOTAL DISTRICT OF COLUMBIA |  | 8305000 |
| District Of Columbia,Virginia - 0.0%  |  |  |
| Metropolitan Washington Arpts Auth Dulles Toll Road Rev Participating VRDN Series 2019 XF0853, 3.13% 10/1/2044 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 1210000 | 1210000 |
| Metropolitan Washington Arpts Auth Dulles Toll Road Rev Participating VRDN Series 2019 XG0267, 3.14% 10/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1045000 | 1045000 |
| TOTAL DISTRICT OF COLUMBIA,VIRGINIA |  | 2255000 |
| Florida - 3.2%  |  |  |
| Brevard County Health Facilities Auth Rev Participating VRDN Series 2022 XL0253, 3.14% 4/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2630000 | 2630000 |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN 3.47% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 975000 | 975000 |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN Series 2023 XF1641, 3.19% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5375000 | 5375000 |
| Capital Trust Auth Participating VRDN Series 5094, 3.12% 12/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 13700000 | 13700000 |
| County of Broward FL Tourist Development Tax Revenue Participating VRDN Series 2023 XL0429, 3.2% 9/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 900000 | 900000 |
| Florida Dev Fin Corp Healthcare Facility Rev Participating VRDN 3.53% 2/1/2045 (Liquidity Facility Bank of America, N.A.) (b)(c) | 7395000 | 7395000 |
| Gainesville FL Utils Sys Rev Participating VRDN Series 2023 YX1284, 3.12% 10/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 7825000 | 7825000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XG0617, 3.12% 11/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1400000 | 1400000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XL0669, 3.53% 11/15/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1600000 | 1600000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1229, 3.12% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4600000 | 4600000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1246, 3.12% 11/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2000000 | 2000000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1336, 3.12% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2825000 | 2825000 |
| Hillsborough County Indl Dev Participating VRDN 3.13% 8/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1710000 | 1710000 |
| Jacksonville Fla Spl Rev Series 2025 MS0068E, 3.29% tender 10/1/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 4100000 | 4100000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN 3.12% 10/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 2665000 | 2665000 |
| JEA FL Wtr & Swr Sys Rev Series 2025 MS0033, 3.25% tender 10/1/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2435000 | 2435000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN Series 2025 CF7023, 3.14% 3/15/2047 (Liquidity Facility Citibank NA) (b)(c) | 9300000 | 9300000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN Series 2026 CF7087, 3.12% 3/15/2046 (Liquidity Facility Citibank NA) (b)(c) | 8500000 | 8500000 |
| Miami-Dade Cnty FL Wtr & Swr Rev Participating VRDN Series 2023 XM1122, 3.12% 10/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c) | 6100000 | 6100000 |
| Miami-Dade County Expressway Auth Participating VRDN Series 2019 XG0252, 3.14% 7/1/2034 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4400000 | 4400000 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev Participating VRDN Series 2022 XG0370, 3.19% 8/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1900000 | 1900000 |
| Pasco County FL Hosp Rev Participating VRDN Series 2023 XM1155, 3.12% 7/1/2030 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 9385000 | 9385000 |
| Sarasota Co FL Pub Hsp Dst Hsp Participating VRDN Series 5108, 3.12% 7/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 7200000 | 7200000 |
| South Broward Hosp Dist FL Rev Participating VRDN Series 2021 XG0345, 3.12% 5/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2060000 | 2060000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN Series 2018 XG0173, 3.19% 8/15/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2000000 | 2000000 |
| Tampa Bay Water Participating VRDN 3.12% 10/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4285000 | 4285000 |
| Tampa Bay Water Series 2025 MS0066E, 3.27% tender 10/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 3200000 | 3200000 |
| Tampa FL Hosp Rev Participating VRDN Series 2025 XG0613, 3.12% 8/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1800000 | 1800000 |
| Volusia Cnty Fla Hosp Rev Participating VRDN Series 5078, 3.4% 12/15/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 9500000 | 9500000 |
| TOTAL FLORIDA |  | 131765000 |
| Georgia - 1.6%  |  |  |
| Brookhaven Development Authority Participating VRDN Series 2019 XG0244, 3.12% 7/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3830000 | 3830000 |
| Burke County Indl Dev Auth Poll Cont Rev Participating VRDN 3.13% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 14700000 | 14700000 |
| Burke County Indl Dev Auth Poll Cont Rev Participating VRDN 3.14% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4700000 | 4700000 |
| Cartersville GA Wtr & Swr Rev Participating VRDN Series 2026 XF8125, 3.12% 6/1/2056 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3200000 | 3200000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XF1554, 3.13% 1/1/2059 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 7140000 | 7140000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XF3106, 3.13% 7/1/2063 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3375000 | 3375000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XF3183, 3.13% 1/1/2059 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4310000 | 4310000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XG0470, 3.14% 1/1/2059 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1800000 | 1800000 |
| Georgia St Gen. Oblig. Participating VRDN Series 2024 CF7007, 3.12% 7/1/2041 (Liquidity Facility Citibank NA) (b)(c) | 3500000 | 3500000 |
| Main Str Nat Gas Inc GA Gas Supply Rev Participating VRDN Series 2026 XM1363, 3.14% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1700000 | 1700000 |
| Main Street Natural Gas Inc Participating VRDN Series 2019 XF0751, 3.12% 5/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 9585000 | 9585000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XF1601, 3.12% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2200000 | 2200000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XG0489, 3.12% 12/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2665000 | 2665000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 ZF1655, 3.12% 9/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1015000 | 1015000 |
| Main Street Natural Gas Inc Participating VRDN Series 2024 XM1187, 3.14% 6/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 700000 | 700000 |
| Muni Elec Auth of Georgia Participating VRDN Series 2019 XG0254, 3.14% 1/1/2063 (Liquidity Facility Bank of America, N.A.) (b)(c) | 2110000 | 2110000 |
| TOTAL GEORGIA |  | 66530000 |
| Illinois - 3.0%  |  |  |
| Chicago Il Participating VRDN Series E 169, 3.15% 5/31/2030 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 17350000 | 17350000 |
| Chicago O'Hare Int'l Arpt Rev Participating VRDN Series 2019 XF0736, 3.12% 1/1/2061 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4045000 | 4045000 |
| Chicago Transit Auth Participating VRDN Series 2020 XL0145, 3.13% 12/1/2057 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3650000 | 3650000 |
| Chicago Transit Auth Participating VRDN Series 2023 XG0487, 3.12% 12/1/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4400000 | 4400000 |
| IL Met Pier & Exp Auth Participating VRDN Series 2025 XF1905, 3.13% 6/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2800000 | 2800000 |
| Illinois Fin Auth Rev Participating VRDN Series 2018 017, 3.34% 8/15/2030 (Liquidity Facility Barclays Bank PLC) (b)(c) | 7000000 | 7000000 |
| Illinois Fin Auth Rev Participating VRDN Series 2018 XF0711, 3.12% 5/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 13550000 | 13550000 |
| Illinois Fin Auth Rev Participating VRDN Series 2023 XF1540, 3.12% 12/1/2046 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2500000 | 2500000 |
| Illinois Fin Auth Rev Participating VRDN Series 5103, 3.12% 8/15/2057 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 7600000 | 7600000 |
| Illinois Finance Authority Rev Participating VRDN 3.12% 8/15/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4000000 | 4000000 |
| Illinois Finance Authority Rev Participating VRDN 3.12% 8/15/2051 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5695000 | 5695000 |
| Illinois Finance Authority Rev Participating VRDN 3.12% 8/15/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2695000 | 2695000 |
| Illinois Gen. Oblig. Participating VRDN 3.14% 5/1/2039 (Liquidity Facility Bank of America, N.A.) (b)(c) | 5000000 | 5000000 |
| Illinois Gen. Oblig. Participating VRDN Series 2022 XL0260, 3.12% 3/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1455000 | 1455000 |
| Illinois Gen. Oblig. Participating VRDN Series 2025 XF8078, 3.12% 9/1/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5195000 | 5195000 |
| Illinois Housing Development Authority Participating VRDN Series 2026 XF8140, 3.13% 10/1/2046 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 1880000 | 1880000 |
| Illinois Hsg Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9224, 3.32% 8/18/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 10900000 | 10900000 |
| Illinois St Participating VRDN Series 2025 XM1320, 3.12% 9/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4000000 | 4000000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN 3.12% 1/1/2045 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3915000 | 3915000 |
| Metropolitan Pier & Exposition Participating VRDN Series 2015 XF1045, 3.13% 6/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 900000 | 900000 |
| Metropolitan Pier & Exposition Participating VRDN Series 2025 XF8081, 3.12% 6/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 9935000 | 9935000 |
| Regional Transn Auth IL Participating VRDN 3.14% 6/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1875000 | 1875000 |
| TOTAL ILLINOIS |  | 120340000 |
| Indiana - 0.5%  |  |  |
| Indiana Fin Auth Health Facilities Rev Participating VRDN Series 2023 XF1569, 3.12% 8/15/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1905000 | 1905000 |
| Indiana Fin Auth Health Sys Rev Participating VRDN 3.12% 10/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3855000 | 3855000 |
| Indiana Fin Auth Health Sys Rev Participating VRDN 3.12% 10/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2400000 | 2400000 |
| Indiana Fin Auth Health Sys Rev Participating VRDN Series 2025 006, 3.12% 10/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 9200000 | 9200000 |
| Indiana St Fin Auth Rev Participating VRDN Series 2025 XF3498, 3.12% 11/15/2043 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2430000 | 2430000 |
| TOTAL INDIANA |  | 19790000 |
| Iowa - 0.2%  |  |  |
| Iowa Fin Auth Rev Participating VRDN Series 2024 003, 3.34% 3/1/2027 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5000000 | 5000000 |
| Iowa Fin Auth Single Family Mtg Rev Participating VRDN Series 2023 XG0488, 3.12% 7/1/2043 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4000000 | 4000000 |
| TOTAL IOWA |  | 9000000 |
| Kansas - 0.1%  |  |  |
| K-State Athletics Inc Participating VRDN 3.13% 7/1/2042 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 1575000 | 1575000 |
| University Kansas Hosp Auth Hlth Fac Rev Participating VRDN Series 2026 XG0638, 3.12% 3/1/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2400000 | 2400000 |
| TOTAL KANSAS |  | 3975000 |
| Kentucky - 0.4%  |  |  |
| CommonSpirit Health Participating VRDN Series 2020 MIZ9021, 3.19% 5/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 1900000 | 1900000 |
| Kentucky Bd Dev Corp Indl Bldg Rev Series 2026 MS0092, 3.27% tender 10/1/2056 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 7600000 | 7600000 |
| Kentucky Econ Dev Fin Auth Hosp Rev Participating VRDN Series 2023 XF3181, 3.13% 6/1/2041 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2175000 | 2175000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1188, 3.14% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 700000 | 700000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1189, 3.14% 8/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 700000 | 700000 |
| Kentucky Pub Energy Participating VRDN 3.14% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2000000 | 2000000 |
| Louisville & Jefferson KY Swr Sys Rev Participating VRDN 3.12% 5/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2500000 | 2500000 |
| TOTAL KENTUCKY |  | 17575000 |
| Louisiana - 0.1%  |  |  |
| New Orleans LA Rev Participating VRDN Series 5099, 3.12% 6/30/2026 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2425000 | 2425000 |
| Maryland - 0.2%  |  |  |
| Montgomery County Housing Opportunities Commission Participating VRDN 3.12% 1/1/2071 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2500000 | 2500000 |
| Prince Georges County MD Gen. Oblig. Participating VRDN Series 2025 CF7060, 3.12% 7/15/2039 (Liquidity Facility Citibank NA) (b)(c) | 1900000 | 1900000 |
| State of Maryland Gen. Oblig. Participating VRDN Series 2025 CF7049, 3.12% 3/15/2035 (Liquidity Facility Citibank NA) (b)(c) | 4100000 | 4100000 |
| TOTAL MARYLAND |  | 8500000 |
| Michigan - 0.6%  |  |  |
| Bronson MI Hlth Rev Participating VRDN Series 2025 XL0615, 3.12% 5/15/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3000000 | 3000000 |
| Michigan Fin Auth Rev Participating VRDN Series 2023 XF1667, 3.12% 11/15/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2300000 | 2300000 |
| Michigan Finance Authority Participating VRDN Series 2025 XG0634, 3.14% 3/1/2051 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3300000 | 3300000 |
| Michigan Finance Authority Participating VRDN Series 2025 ZF3299, 3.14% 12/1/2042 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 1825000 | 1825000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN 3.12% 12/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3710000 | 3710000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN Series 2023 XF1581, 3.13% 12/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2600000 | 2600000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN Series 2024 XF3221, 3.12% 12/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1665000 | 1665000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN Series 2025 XF1874, 3.12% 12/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2665000 | 2665000 |
| Michigan St Univ Revs Participating VRDN Series 2025 XF3395, 3.12% 2/15/2055 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 4000000 | 4000000 |
| TOTAL MICHIGAN |  | 25065000 |
| Minnesota - 0.3%  |  |  |
| Duluth Econ Dev Auth Health Care Facs Rev Participating VRDN Series 2023 XG0523, 3.13% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 6685000 | 6685000 |
| Minnesota Housing Finance Agency Participating VRDN Series 2020 XF2879, 3.12% 7/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 530000 | 530000 |
| Rochester MN Health Care Facs Participating VRDN Series 2025 XF1876, 3.12% 11/15/2053 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1435000 | 1435000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN 3.32% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1600000 | 1600000 |
| TOTAL MINNESOTA |  | 10250000 |
| Mississippi - 0.2%  |  |  |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9202, 3.32% 12/4/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1300000 | 1300000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9205, 3.32% 7/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 800000 | 800000 |
| Mississippi Home Corp Single Family Mtg Rev Participating VRDN Series 2025 XX1388, 3.12% 12/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3000000 | 3000000 |
| Warren County Ctfs Prtn Participating VRDN Series 2023 XG0546, 3.12% 9/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1545000 | 1545000 |
| TOTAL MISSISSIPPI |  | 6645000 |
| Missouri - 1.6%  |  |  |
| Kansas City MO Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9207, 3.32% 1/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 900000 | 900000 |
| Kansas City Spl Oblig Participating VRDN Series 2022 XG0361, 3.13% 9/1/2046 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1700000 | 1700000 |
| Missouri Health & Edl Facilities Auth Rev Participating VRDN Series C 16, 3.14% 3/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 18400000 | 18400000 |
| Missouri Health & Edl Facs Rev Participating VRDN Series C 23, 3.13% 6/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 7600000 | 7600000 |
| Missouri Hlth & Edl Facs Rev Participating VRDN Series 2025 XF1839, 3.12% 4/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2950000 | 2950000 |
| Missouri Hlth & Edl Facs Rev Participating VRDN Series 2025 XF1841, 3.12% 4/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2665000 | 2665000 |
| Missouri Hlth & Edl Facs Rev Participating VRDN Series 2025 YX1436, 3.12% 1/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3730000 | 3730000 |
| Missouri Hlth Facs Auth Rev Participating VRDN Series 5066, 3.12% 6/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 14200000 | 14200000 |
| Missouri St Hsg Dev Commn Single Family Mtg Rev Participating VRDN Series 2025 XF1885, 3.12% 11/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2110000 | 2110000 |
| Montana Hlth Facs Auth Rev Participating VRDN 3.12% 11/15/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5815000 | 5815000 |
| St Louis Cnty MO Spl Oblig Participating VRDN Series 2022 XG0382, 3.12% 12/1/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2000000 | 2000000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9235, 3.32% 10/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 508334 | 508334 |
| St Louis MO Lafayette Apts Participating VRDN Series 2025 MIZ9212, 3.32% 5/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1100000 | 1100000 |
| TOTAL MISSOURI |  | 63678334 |
| Nebraska - 0.3%  |  |  |
| Central Plains Energy Proj Rev Participating VRDN Series 2022 ZL0301, 3.14% 5/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 215000 | 215000 |
| Nebraska Invt Fin Auth Sfh Rev Participating VRDN Series 2024 XL0563, 3.12% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2000000 | 2000000 |
| Nebraska Invt Fin Auth Sfh Rev Participating VRDN Series 2024 YX1335, 3.12% 9/1/2054 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1910000 | 1910000 |
| Nebraska Invt Fin Auth Sfh Rev Participating VRDN Series 2024 ZF1734, 3.12% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3320000 | 3320000 |
| Nebraska Invt Fin Auth Single Family Hsg Rev Participating VRDN Series 2025 XF1972, 3.12% 9/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4800000 | 4800000 |
| TOTAL NEBRASKA |  | 12245000 |
| Nevada - 0.0%  |  |  |
| Las Vegas Valley NV Gen. Oblig. Series 2025 MS0057E, 3.26% tender 6/1/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 1390000 | 1390000 |
| New Hampshire,New York - 0.4%  |  |  |
| Nat'l Fin Auth NH Novant Hlth Participating VRDN Series E 157, 3.12% 11/1/2064 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 15100000 | 15100000 |
| New Jersey - 0.4%  |  |  |
| New Jersey Econ Dev Auth Participating VRDN Series 2016 XF2393, 3.12% 6/15/2041 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5900000 | 5900000 |
| New Jersey Econ Dev Auth Participating VRDN Series 2017 XL0052, 3.12% 6/15/2042 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2500000 | 2500000 |
| New Jersey Trans Trust Fund Auth Participating VRDN 3.12% 6/15/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4250000 | 4250000 |
| New Jersey Trans Trust Fund Auth Participating VRDN 3.12% 6/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1650000 | 1650000 |
| New Jersey Turnpike Authority Participating VRDN 3.12% 1/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1240000 | 1240000 |
| TOTAL NEW JERSEY |  | 15540000 |
| New Jersey,Pennsylvania - 0.0%  |  |  |
| Pennsylvania Hsg Fin Agcy Multi Fam Hsg Dev Rev Participating VRDN Series 2025 MIZ9245, 3.32% 1/7/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1600000 | 1600000 |
| New Mexico - 0.1%  |  |  |
| Bernalillo NM Multi Fam Hsg St Anthony's Pl Participating VRDN Series 2025 MIZ9210, 3.32% 4/29/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 2500000 | 2500000 |
| New Mexico St Hosp Equip Ln Council Hosp Rev Participating VRDN Series 2025 005, 3.34% 8/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1800000 | 1800000 |
| TOTAL NEW MEXICO |  | 4300000 |
| New York - 2.0%  |  |  |
| City of New York NY Gen. Oblig. Participating VRDN Series 2025 ZF3405, 3.11% 8/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4030000 | 4030000 |
| New York City Gen. Oblig. Participating VRDN 3.12% 9/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5400000 | 5400000 |
| New York City Housing Development Corp Series 2026 MS0088, 3.26% tender 11/1/2065 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 1200000 | 1200000 |
| New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Participating VRDN 3.12% 6/15/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 10000000 | 10000000 |
| New York City Participating VRDN 3.12% 10/1/2039 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3295000 | 3295000 |
| New York City Transitional Finance Authority Participating VRDN 3.12% 5/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3000000 | 3000000 |
| New York Dorm Auth Rev Participating VRDN Series E 146, 3.12% 5/15/2039 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5100000 | 5100000 |
| New York Dorm Auth Royal Charter Prop Participating VRDN Series 2025 MIZ9208, 3.32% 3/16/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 6700000 | 6700000 |
| New York Metropolitan Trans Auth Rev Participating VRDN 3.12% 11/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c) | 12435000 | 12435000 |
| New York Metropolitan Trans Auth Rev Participating VRDN Series 2020 XF2868, 3.12% 11/15/2042 (Liquidity Facility Barclays Bank PLC) (b)(c) | 10500000 | 10500000 |
| New York Metropolitan Trans Auth Rev Participating VRDN Series 2020 XF2878, 3.12% 11/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1100000 | 1100000 |
| New York Metropolitan Trans Auth Rev Participating VRDN Series 2020 XG0290, 3.12% 11/15/2049 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2600000 | 2600000 |
| New York NY City Transitional Fin Auth Rev Participating VRDN Series 2022 YX1183, 3.12% 2/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3670000 | 3670000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2023 ZL0473, 3.12% 6/15/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4855000 | 4855000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2025 XF3456, 3.12% 6/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1500000 | 1500000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2025 ZF3429, 3.11% 6/15/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2500000 | 2500000 |
| New York State Housing Finance Agency Participating VRDN Series 2026 MIZ9256, 3.32% 4/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 2900000 | 2900000 |
| TOTAL NEW YORK |  | 80785000 |
| North Carolina - 1.1%  |  |  |
| Charlotte NC Arpt Rev Participating VRDN Series 2025 XF1941, 3.12% 7/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 7560000 | 7560000 |
| Charlotte NC Arpt Rev Participating VRDN Series 2025 YX1402, 3.12% 7/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3900000 | 3900000 |
| NC Hsg Fin Agy Homeownership Rev Participating VRDN Series 2023 YX1316, 3.12% 1/1/2048 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2535000 | 2535000 |
| North Carolina St Gen. Oblig. Participating VRDN Series 2025 CF7068, 3.12% 6/1/2038 (Liquidity Facility Citibank NA) (b)(c) | 5200000 | 5200000 |
| Raleigh NC Hsg Auth Multi Fam Rev Participating VRDN Series 2025 MIZ9228, 3.32% 8/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1800000 | 1800000 |
| University Of North Carolina Health Care System Participating VRDN Series 5093, 3.12% 7/1/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 23900000 | 23900000 |
| TOTAL NORTH CAROLINA |  | 44895000 |
| North Dakota - 0.1%  |  |  |
| Grand Forks Health Care Sys Rev Participating VRDN Series 2023 XF1602, 3.13% 12/1/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 5055000 | 5055000 |
| Ohio - 1.0%  |  |  |
| Allen Cnty OH Hosp Facs Rev Participating VRDN Series 2017 XF2516, 3.18% 8/1/2047 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 1100000 | 1100000 |
| Allen Cnty OH Mercy Hlth Participating VRDN Series E 134, 3.12% 6/1/2034 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5085000 | 5085000 |
| Allen OH Bon Secours Mercy Hlth Participating VRDN Series E 164, 3.12% 11/1/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1700000 | 1700000 |
| Montgomery Cnty OH Kettering Hlth Participating VRDN Series E 132, 3.12% 8/1/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 15400000 | 15400000 |
| Ohio Hosp Rev Participating VRDN Series C 18, 3.13% 1/15/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1400000 | 1400000 |
| Ohio Housing Finance Agency Participating VRDN Series 2024 XF1762, 3.12% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 730000 | 730000 |
| Ohio St Hosp Rev Series 2026 MS0093, 3.27% tender 1/15/2033 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 3400000 | 3400000 |
| Ohio University Hospital Participating VRDN Series C 22, 3.13% 1/15/2039 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5000000 | 5000000 |
| Port of Grt Cincinnati OH Participating VRDN Series 2024 XL0553, 3.12% 12/1/2058 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3335000 | 3335000 |
| University Cincinnati OH Gen Participating VRDN Series 2025 XL0690, 3.12% 6/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5625000 | 5625000 |
| TOTAL OHIO |  | 42775000 |
| Oklahoma - 0.2%  |  |  |
| OK Dev Fin Auth health Sys Rev Participating VRDN Series 2026 YX1453, 3.14% 8/15/2043 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4000000 | 4000000 |
| Oklahoma City Okla Wtr Utils Tr Util Sys Rev Participating VRDN Series 2024 XM1163, 3.12% 7/1/2064 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3700000 | 3700000 |
| TOTAL OKLAHOMA |  | 7700000 |
| Oregon - 0.5%  |  |  |
| City of Bend OR Gen. Oblig. Participating VRDN Series 2025 XF1929, 3.12% 6/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4000000 | 4000000 |
| Multinomah OR Adventist Health Participating VRDN 3.12% 3/1/2040 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4000000 | 4000000 |
| Multnomah Cnty OR Sch Dist No 1 Portland Participating VRDN 3.12% 6/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4480000 | 4480000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN 3.32% 1/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 500000 | 500000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN Series 2025 MIZ9230, 3.32% 9/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 400000 | 400000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN Series 2025 MIZ9243, 3.32% 11/17/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1000000 | 1000000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN Series 2026 MIZ9251, 3.32% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 610000 | 610000 |
| Port Morrow OR Full Faith & Cr Obligs Series 2024 MS0026, 3.29% tender 10/1/2026 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 5000000 | 5000000 |
| Washington Cnty OR Sch Dist 48j Beaverton Participating VRDN 3.12% 6/15/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1340000 | 1340000 |
| TOTAL OREGON |  | 21330000 |
| Pennsylvania - 1.7%  |  |  |
| Allegheny Cnty PA San Auth Swr Participating VRDN Series 2025 XF8088, 3.4% 12/1/2058 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4100000 | 4100000 |
| Allegheny Cnty PA San Auth Swr Participating VRDN Series 2025 XL0706, 3.12% 12/1/2058 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1000000 | 1000000 |
| Central Bradford Progress Auth Rev Participating VRDN Series 2022 XF1346, 3.14% 12/1/2051 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1675000 | 1675000 |
| Centre Cnty PA Hosp Auth Rev Participating VRDN Series 5100, 3.12% 11/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 8390000 | 8390000 |
| Cumberland County Muni Auth Rev Participating VRDN 3.13% 11/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1200000 | 1200000 |
| Lehigh County Gen Purp Hosp Rev Participating VRDN Series 2023 BAML5039, 3.17% 7/1/2043 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4410000 | 4410000 |
| Monroeville Fin Auth UPMC Rev Participating VRDN Series 2022 YX1185, 3.12% 2/15/2039 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3500000 | 3500000 |
| Montgomery County Higher Ed & Health Auth Rev Participating VRDN Series 2023 XG0528, 3.13% 9/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 1950000 | 1950000 |
| Pennsylvania Tpk Commission Tpk Rev Participating VRDN Series 2017 XX1044, 3.12% 12/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(c) | 300000 | 300000 |
| Pennsylvania Tpk Commission Tpk Rev Participating VRDN Series 2022 XM1008, 3.12% 12/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 830000 | 830000 |
| Pennsylvania Turnpike Commission Participating VRDN Series 2025 XG0626, 3.12% 12/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1000000 | 1000000 |
| Philadelphia PA Auth For Indl Dev Hosp Rev Participating VRDN Series 2025 XM1318, 3.4% 7/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2625000 | 2625000 |
| Philadelphia PA Wtr & Wastewtr Participating VRDN Series 2025 XL0633, 3.12% 9/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3750000 | 3750000 |
| Philadelphia PA Wtr & Wastewtr Rev Participating VRDN Series 2025 XM1300, 3.12% 9/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 600000 | 600000 |
| Pocono Mtns PA Indl Pk Auth Hosp Rev Participating VRDN Series 2025 BAML5069, 3.12% 8/15/2040 (Liquidity Facility Bank of America, N.A.) (b)(c) | 2675000 | 2675000 |
| Southcentral PA Gen Auth Rev Participating VRDN Series 2019 XL0104, 3.12% 6/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3615000 | 3615000 |
| Southeastern PA Transn Auth Rev Participating VRDN 3.12% 6/1/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4000000 | 4000000 |
| Southeastern PA Transn Auth Rev Participating VRDN 3.14% 6/1/2047 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1400000 | 1400000 |
| Thomas Jefferson University Participating VRDN Series 2024 XF1769, 3.12% 11/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1500000 | 1500000 |
| Thomas Jefferson University Participating VRDN Series 5077, 3.12% 11/1/2064 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 21055000 | 21055000 |
| TOTAL PENNSYLVANIA |  | 69575000 |
| South Carolina - 1.1%  |  |  |
| Charelston SC Arpt Rev Participating VRDN Series 2025 XF1810, 3.13% 7/1/2054 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3150000 | 3150000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 XG0539, 3.12% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2000000 | 2000000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 XM1143, 3.14% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3000000 | 3000000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 ZF1653, 3.14% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2740000 | 2740000 |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 ZF1671, 3.12% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1665000 | 1665000 |
| Prism Health SC Participating VRDN 3.12% 5/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 27163000 | 27163000 |
| South Carolina Jobs Eda Hosp Participating VRDN 3.12% 11/1/2046 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4100000 | 4100000 |
| South Carolina Pub Svc Auth Rev Participating VRDN Series 2023 XL0418, 3.12% 12/1/2056 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1850000 | 1850000 |
| TOTAL SOUTH CAROLINA |  | 45668000 |
| South Dakota - 0.1%  |  |  |
| South Dakota St Hlth & Edl Fac Participating VRDN 3.13% 7/1/2046 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5625000 | 5625000 |
| Tennessee - 1.0%  |  |  |
| Greeneville Health & Edl Facilities Board Participating VRDN Series 2018 XF2576, 3.13% 7/1/2040 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4400000 | 4400000 |
| Knox County Health Edl & Hsg Facility Board Student Hsg Rev Participating VRDN Series 2024 XG0548, 3.13% 7/1/2064 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2400000 | 2400000 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Participating VRDN Series 2025 CF7031, 3.12% 1/1/2042 (Liquidity Facility Citibank NA) (b)(c) | 2200000 | 2200000 |
| Metropolitan Govt Nashville & Davidson County Sports Auth Rev Participating VRDN Series 2023 XG0517, 3.12% 7/1/2056 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 8820000 | 8820000 |
| Shelby Cnty TN Health Edl & Hsg Fac Brd Health Care Rev Participating VRDN Series 2025 BAML5067, 3.14% 9/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 5300000 | 5300000 |
| Sullivan County Health Ed and Hsg Board Participating VRDN 3.53% 9/1/2036 (Liquidity Facility Bank of America, N.A.) (b)(c) | 10160000 | 10160000 |
| Tennessee Energy Acquisition Corp Participating VRDN Series 2023 ZF1658, 3.14% 5/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1110000 | 1110000 |
| Tennessee Hsg Dev Agy Residential Fin Prog Rev Participating VRDN Series E 168, 3.12% 7/1/2057 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 8150000 | 8150000 |
| TOTAL TENNESSEE |  | 42540000 |
| Texas - 4.2%  |  |  |
| Austin TX Cmnty College Dist Gen. Oblig. Participating VRDN 3.12% 8/1/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4250000 | 4250000 |
| Austin TX Wtr & Wastewtr Sys Participating VRDN Series 2026 XF8136, 3.12% 11/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4000000 | 4000000 |
| Board of Regents of the University of Texas System Participating VRDN Series 2023 XL0500, 3.12% 8/15/2049 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 4340000 | 4340000 |
| Canutillo Tex Indpt Sch Dist Participating VRDN Series 2025 XL0654, 3.12% 2/15/2060 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2000000 | 2000000 |
| Collin County Hsg Fin Corp Multi Fam Participating VRDN 3.32% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 3800000 | 3800000 |
| Crowley Independent School District Participating VRDN Series 2024 XF3238, 3.12% 2/1/2054 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2300000 | 2300000 |
| Denton Independent School District Participating VRDN 3.11% 8/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2900000 | 2900000 |
| Denton Independent School District Participating VRDN Series 2023 XF3128, 3.12% 8/15/2053 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2300000 | 2300000 |
| Denton Independent School District Participating VRDN Series 2025 XF3361, 3.12% 8/15/2053 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 4400000 | 4400000 |
| Dripping Springs TX Indpt Sch Dist Participating VRDN Series 2025 XG0622, 3.12% 2/15/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4000000 | 4000000 |
| Frenship TX Indpt Sch Dist Series 2025 MS0056E, 3.26% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 900000 | 900000 |
| Greenwood Tex Indpt Sch Dist Participating VRDN Series 2025 XM1324, 3.4% 2/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4035000 | 4035000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev Participating VRDN Series 2022 XL0323, 3.12% 12/1/2045 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2960000 | 2960000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev Participating VRDN Series 2023 XF3203, 3.24% 7/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 700000 | 700000 |
| Harris Cnty TX Flood Ctl Dist Gen. Oblig. Participating VRDN 3.12% 10/1/2046 (Liquidity Facility Citibank NA) (b)(c) | 5900000 | 5900000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0030, 3.26% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 7540000 | 7540000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0067E, 3.29% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 1100000 | 1100000 |
| Harris County Children's Hosp Participating VRDN Series E 149, 3.12% 10/1/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6200000 | 6200000 |
| Jefferson Cnty TX Hsg Fin Corp Multifamily Hsg Mtg Rev Participating VRDN Series 2025 MIZ9214, 3.32% 6/11/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 850000 | 850000 |
| Lamar TX Isd Participating VRDN Series 2023 XF3163, 3.12% 2/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 5245000 | 5245000 |
| Lamar TX Isd Participating VRDN Series 2025 XF3446, 3.14% 2/15/2058 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4000000 | 4000000 |
| Lamar TX Isd Participating VRDN Series 2025 XX1391, 3.12% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1900000 | 1900000 |
| Lamar TX Isd Participating VRDN Series 2026 XF8135, 3.12% 2/15/2061 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1580000 | 1580000 |
| Leander Independent School District Participating VRDN 3.12% 8/15/2052 (Liquidity Facility Barclays Bank PLC) (b)(c) | 6460000 | 6460000 |
| Los Angeles CA Multi Fam Mtg Rev Participating VRDN Series 2024 MIZ9195, 3.19% 7/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 8000000 | 8000000 |
| Lower Colorado River Auth Rev Participating VRDN Series 2023 XM1105, 3.12% 5/15/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6265000 | 6265000 |
| Midlothian TX Indpt Sch Dist Participating VRDN Series 5081, 3.12% 2/15/2045 (Liquidity Facility JP Morgan Securities LLC) (b)(c) | 2930000 | 2930000 |
| New Caney TX Indpt Sch Dist New Participating VRDN Series 2023 XF1582, 3.13% 2/15/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 4000000 | 4000000 |
| North Ft Bend Wtr Auth Tex Wtrsys Rev Participating VRDN Series 2023 XL0422, 3.2% 12/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 800000 | 800000 |
| Northwest Tex Indpt Sch Dist Participating VRDN Series 2025 XF1975, 3.12% 2/15/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5490000 | 5490000 |
| Prosper Tex Indpt Sch Dist Series 2025 MS0071E, 3.29% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 3700000 | 3700000 |
| Royse City TX Indpt Sch Dist Participating VRDN Series 2025 XF8020, 3.12% 2/15/2058 (Liquidity Facility Bank of America, N.A.) (b)(c) | 5440000 | 5440000 |
| San Antonio TX Gen. Oblig. Participating VRDN 3.12% 8/1/2039 (Liquidity Facility Citibank NA) (b)(c) | 2945000 | 2945000 |
| San Antonio TX Wtr Rev Participating VRDN 3.12% 5/15/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1600000 | 1600000 |
| Spring Tex Indpt Sch Dist Participating VRDN Series 2025 XF3431, 3.12% 8/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1800000 | 1800000 |
| Tarrant Cnty TX Christus Hlth Participating VRDN Series E 150, 3.12% 7/1/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 10365000 | 10365000 |
| Tarrant County Cultural Ed Facilities Fin Corp Rev Participating VRDN Series 2022 XG0399, 3.12% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1500000 | 1500000 |
| Terrell TX Indpt Sch Dist Participating VRDN 3.12% 8/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 800000 | 800000 |
| Terrell TX Indpt Sch Dist Participating VRDN Series 2025 ZF8063, 3.12% 8/1/2055 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1100000 | 1100000 |
| Texas A&M Univ Perm Univ Fund Participating VRDN 3.12% 7/1/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1500000 | 1500000 |
| Texas Gas Acq & Sply Rev Participating VRDN Series 2025 XM1232, 3.14% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 800000 | 800000 |
| Texas Wtr Dev Brd Participating VRDN 3.11% 10/15/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4685000 | 4685000 |
| Texas Wtr Dev Brd Participating VRDN 3.12% 10/15/2057 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3625000 | 3625000 |
| Texas Wtr Dev Brd Participating VRDN Series 2023 ZL0484, 3.11% 10/15/2044 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 5640000 | 5640000 |
| Texas Wtr Dev Brd Participating VRDN Series G 131, 3.12% 10/15/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3200000 | 3200000 |
| Texas Wtr Dev Brd Series 2025 MS0037, 3.26% tender 10/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 1925000 | 1925000 |
| Travis Cnty TX Hsg Fin Corp Participating VRDN Series 2026 MIZ9252, 3.32% 3/23/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 1680000 | 1680000 |
| Travis Cnty TX Hsg Fin Corp Participating VRDN Series 2026 MIZ9253, 3.32% 3/23/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 480000 | 480000 |
| Waller TX Indpt Sch Dist Participating VRDN Series 2025 XG0596, 3.12% 2/15/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3410000 | 3410000 |
| Wylie Tex Indpt Sch Dist Collin Cnty Participating VRDN 3.4% 8/15/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4025000 | 4025000 |
| TOTAL TEXAS |  | 171365000 |
| Virginia - 0.5%  |  |  |
| Chesapeake Bay Bridge and Tunnel District Gen Rev Participating VRDN 3.13% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3800000 | 3800000 |
| Norfolk Econ Dev Health Care Facs Participating VRDN 3.13% 11/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 500000 | 500000 |
| Norfolk VA Sentara Hlth Participating VRDN 3.13% 11/1/2036 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2500000 | 2500000 |
| Suffolk Econ Dev Auth Hosp Facs Rev Participating VRDN Series 2020 MIZ9025, 3.19% 11/1/2035 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 9500000 | 9500000 |
| Virginia Port Auth Port Fac ReParticipating VRDN Series 2025 XF8057, 3.13% 7/1/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2500000 | 2500000 |
| TOTAL VIRGINIA |  | 18800000 |
| Washington - 1.3%  |  |  |
| Clark Cnty WA Sch Dist 114 Evergreen Participating VRDN Series 2025 CF7040, 3.12% 12/1/2036 (Liquidity Facility Citibank NA) (b)(c) | 12100000 | 12100000 |
| Multicare Health Sys Participating VRDN Series E 153, 3.12% 8/15/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 11075000 | 11075000 |
| Seattle WA Mun Lt & Pwr Rev Participating VRDN Series 2025 ZF8026, 3.12% 10/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1690000 | 1690000 |
| State of Washington Gen. Oblig. Participating VRDN 3.11% 2/1/2045 (Liquidity Facility Citibank NA) (b)(c) | 5550000 | 5550000 |
| State of Washington Gen. Oblig. Participating VRDN Series 2024 CF7002, 3.11% 8/1/2041 (Liquidity Facility Citibank NA) (b)(c) | 6400000 | 6400000 |
| State of Washington Gen. Oblig. Participating VRDN Series 2025 XF8052, 3.12% 8/1/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3935000 | 3935000 |
| Washington Convention Ctr Pub Facs Participating VRDN Series 2020 XG0287, 3.13% 7/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2090000 | 2090000 |
| Washington Health Care Facs Auth Rev Participating VRDN Series 2015 XF0150 1, 3.14% 10/1/2042 (Liquidity Facility Bank of America, N.A.) (b)(c) | 300000 | 300000 |
| Washington Health Care Facs Auth Rev Participating VRDN Series 2023 XF1514, 3.13% 10/1/2044 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 6010000 | 6010000 |
| Washington St Health Care Facs Auth RevParticipating VRDN Series 2025 XF8097, 3.12% 9/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1875000 | 1875000 |
| TOTAL WASHINGTON |  | 51025000 |
| West Virginia - 0.1%  |  |  |
| West Virginia Hosp Fin Auth Hosp Rev Participating VRDN Series 2023 XF1537, 3.13% 6/1/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3760000 | 3760000 |
| Wisconsin - 0.4%  |  |  |
| Multicare Health Sys Participating VRDN Series E 167, 3.12% 8/15/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 9800000 | 9800000 |
| Univ of Wis Hosp & Clinics Auth Participating VRDN Series 2022 XL0296, 3.12% 4/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1530000 | 1530000 |
| Wisconsin Health & Edl Facilities Auth Rev Participating VRDN Series 2024 XG0553, 3.12% 12/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1450000 | 1450000 |
| Wisconsin Health & Edl Facilities Participating VRDN Series 2019 XF0741, 3.12% 2/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2320000 | 2320000 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev Participating VRDN Series 2024 XL0554, 3.12% 3/1/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2100000 | 2100000 |
| TOTAL WISCONSIN |  | 17200000 |
| <br> **TOTAL TENDER OPTION BOND**<br> (Cost $1,371,823,854) |  | <br> **1371823854** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Variable Rate Demand Note - 33.5%** | &nbsp;&nbsp;**Variable Rate Demand Note - 33.5%** | &nbsp;&nbsp;**Variable Rate Demand Note - 33.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alaska - 1.6%  |  |  |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 2.98% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (c) | 40200000 | 40200000 |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 3.37% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (c) | 16000000 | 16000000 |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 3.47% 3/1/2035 (ConocoPhillips Guaranteed) VRDN (c) | 2100000 | 2100000 |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 3.47% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (c) | 6200000 | 6200000 |
| TOTAL ALASKA |  | 64500000 |
| Arizona - 3.3%  |  |  |
| Arizona St Indl Dev Auth Multifamily Hsg Rev (Buckeye Leased Housing Associates Iv, Lllp Proj.) Series 2025A, 2.95% 9/1/2043, LOC Barclays Bank PLC VRDN (c) | 990000 | 990000 |
| Arizona St Indl Dev Auth Multifamily Hsg Rev (Glendale Leased Housing Associates I Lllp Proj.) Series 2023A, 2.95% 4/1/2042, LOC Barclays Bank PLC VRDN (c) | 13555000 | 13555000 |
| Arizona St Indl Dev Auth Multifamily Hsg Rev (Goodyear Leased Housing Associates Iv, Lp Proj.) Series 2025A, 2.95% 12/1/2043, LOC Barclays Bank PLC VRDN (c) | 1875000 | 1875000 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024C, 2.9% 12/1/2054, LOC Royal Bank of Canada VRDN (c) | 64155000 | 64155000 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) 3.35% 1/1/2053 VRDN (c) | 5000000 | 5000000 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2023B, 3.11% 1/1/2048 VRDN (c) | 19970000 | 19970000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3.29% 5/1/2029 VRDN (c) | 8600000 | 8600000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 3.33% 5/1/2029 VRDN (c) | 1000000 | 1000000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) Series 2009 A, 3.33% 5/1/2029 VRDN (c) | 15825000 | 15825000 |
| Tempe AZ Indl Dev Auth Rev (Various Capital Projects) 3.21% 7/1/2034, LOC Bank of America NA VRDN (c) | 3944000 | 3944000 |
| TOTAL ARIZONA |  | 134914000 |
| Colorado - 1.0%  |  |  |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) 3.05% 5/15/2064 VRDN (c) | 11800000 | 11800000 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022F, 3.05% 5/15/2062 VRDN (c) | 17600000 | 17600000 |
| University of Colorado Hospital Authority Series 2018 A, 3.37% 11/15/2030 VRDN (c) | 5400000 | 5400000 |
| University of Colorado Hospital Authority Series 2025 A, 3.05% 11/15/2045 VRDN (c) | 5500000 | 5500000 |
| TOTAL COLORADO |  | 40300000 |
| Connecticut - 1.5%  |  |  |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2018 A 3, 3.08% 5/15/2048 (Liquidity Facility Bank of America NA) VRDN (c) | 4500000 | 4500000 |
| Connecticut St Gen. Oblig. Series 2016 C, 3.1% 5/15/2034 (Liquidity Facility Bank of America NA) VRDN (c) | 55805000 | 55805000 |
| TOTAL CONNECTICUT |  | 60305000 |
| Delaware - 0.1%  |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 3.11% 10/1/2028 VRDN (c) | 2400000 | 2400000 |
| District Of Columbia - 0.3%  |  |  |
| District Columbia Rev (Childrens National Med Ctr, Dc Proj.) Series 2025, 3.15% 7/15/2049, LOC Truist Bank VRDN (c) | 8700000 | 8700000 |
| District Columbia Rev (The Pew Charitable Trust Proj.) 3.12% 4/1/2038, LOC PNC Bank NA VRDN (c) | 4900000 | 4900000 |
| TOTAL DISTRICT OF COLUMBIA |  | 13600000 |
| Florida - 1.7%  |  |  |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series FIRST 2009, 2.95% 4/1/2039 VRDN (c) | 9100000 | 9100000 |
| FL Pcr Power And Light (Florida Pwr & Lt Co Proj.) 3.2% 5/1/2029 VRDN (c) | 8800000 | 8800000 |
| Gainesville FL Utils Sys Rev Series 2019C, 3.5% 10/1/2047, LOC Bank of America NA VRDN (c) | 11750000 | 11750000 |
| Highlands County Health Facilities Authority (Advent Health Proj.) 3.07% 11/15/2033 VRDN (c) | 25650000 | 25650000 |
| Martin Cnty Fla Rev (Florida Pwr & Lt Co Proj.) 3.21% 7/1/2052 VRDN (c) | 8250000 | 8250000 |
| Orange Cnty FL Health Facs (Nemours Foundation Proj.) Series 2009B, 3.12% 1/1/2039, LOC TD Bank NA VRDN (c) | 3460000 | 3460000 |
| Palm Beach Cnty FL Rev (Raymond F Kravis Center For The Performing Arts Inc Proj.) 3.12% 7/1/2032, LOC Northern Trust CO Chicago VRDN (c) | 4000000 | 4000000 |
| TOTAL FLORIDA |  | 71010000 |
| Georgia - 0.4%  |  |  |
| Coweta Cnty GA Dev Au Poll Ctl (Georgia Power Co Proj.) 3.45% 6/1/2032 VRDN (c) | 1700000 | 1700000 |
| Effingham Cnty GA Indl Dev Auth Pollution Ctl Rev (Georgia Power Co Proj.) 3.46% 2/1/2038 VRDN (c) | 600000 | 600000 |
| Georgia Mun Elec Auth Pwr Rev Series 2008 B, 3.2% 1/1/2048, LOC PNC Bank NA VRDN (c) | 4270000 | 4270000 |
| Heard Cnty GA Dev Auth Poll Cont Rev (Georgia Power Co Proj.) 3.45% 9/1/2029 VRDN (c) | 6000000 | 6000000 |
| Monroe Cnty GA Dev Auth Pcr (Florida Pwr & Lt Co Proj.) Series 2010 1, 3.15% 6/1/2049 VRDN (c) | 2900000 | 2900000 |
| Monroe Cnty GA Dev Auth Pcr (Florida Pwr & Lt Co Proj.) Series FIRST 2002, 3.21% 9/1/2037 VRDN (c) | 2200000 | 2200000 |
| TOTAL GEORGIA |  | 17670000 |
| Illinois - 0.8%  |  |  |
| Illinois Dev Fin Auth Rev (Glenwood School For Boys, Il Proj.) 3.37% 2/1/2033, LOC Northern Trust CO Chicago VRDN (c) | 2100000 | 2100000 |
| Illinois Fin Auth Rev (Chicago Symphony Orchestra Proj.) 3.12% 5/1/2048, LOC PNC Bank NA VRDN (c) | 5600000 | 5600000 |
| Illinois Fin Auth Rev (Little Co Mary Sis Hltcr Sy,Il Proj.) 3.09% 8/15/2035, LOC TD Bank NA VRDN (c) | 5000000 | 5000000 |
| Lake Cnty Ill Multifamily Hsg Rev (Whispering Oaks Associates Lp Proj.) 3.12% 11/1/2045, LOC Freddie Mac Non Gold Pool VRDN (c) | 20550000 | 20550000 |
| TOTAL ILLINOIS |  | 33250000 |
| Indiana - 2.1%  |  |  |
| Indiana Fin Auth Health Fac Rev (Baptist Health Obligated Group Proj.) Series 2025C, 3.15% 8/15/2045, LOC Truist Bank VRDN (c) | 8800000 | 8800000 |
| Indiana St Dev Fin Auth Econom Ic Dev Rev (Archer Daniels Midland Co Proj.) 2.96% 12/1/2047 VRDN (c) | 10700000 | 10700000 |
| Indiana St Fin Auth Environmental Rev (Arcelormittal Sa Luxembourg Proj.) 2.96% 6/1/2035, LOC Cooperatieve Rabobank UA/NY VRDN (c) | 15000000 | 15000000 |
| Indiana St Fin Auth Environmental Rev (Duke Energy Ind Inc Proj.) 3% 12/1/2039, LOC Mizuho Bank Ltd VRDN (c) | 10670000 | 10670000 |
| Indiana St Fin Auth Rev (Ascension Health Credit Group Proj.) 3.4% 11/15/2054 VRDN (c) | 26800000 | 26800000 |
| Indiana St Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2025 D 2, 2.95% 11/15/2054 VRDN (c) | 5200000 | 5200000 |
| Indiana St Fin Auth Rev (Trinity Health Proj.) 3.1% 12/1/2034 VRDN (c) | 8000000 | 8000000 |
| TOTAL INDIANA |  | 85170000 |
| Iowa - 1.4%  |  |  |
| Iowa Fin Auth Economic Dev Rev (Cargill Inc Proj.) 3.12% 6/1/2036 VRDN (c) | 11500000 | 11500000 |
| Iowa Fin Auth Economic Dev Rev (Cargill Inc Proj.) 3.12% 6/1/2039 VRDN (c) | 3100000 | 3100000 |
| Iowa Fin Auth Midwestern Disaster Area Rev (Archer Daniels Midland Co Proj.) 2.96% 12/1/2045 VRDN (c) | 2030000 | 2030000 |
| Iowa Fin Auth Midwestern Disaster Area Rev (Archer Daniels Midland Co Proj.) 3% 12/1/2051 VRDN (c) | 11200000 | 11200000 |
| Iowa Fin Auth Pollutn Ctl Fac Rev (Midamerican Energy Co Proj.) Series 2016A, 3.18% 9/1/2036 VRDN (c) | 1300000 | 1300000 |
| Iowa Fin Auth Rev (Unitypoint Health Proj.) Series 2018 D, 3.5% 12/1/2041, LOC TD Bank NA VRDN (c) | 9855000 | 9855000 |
| Iowa Finance Authority (Cargill Inc Proj.) Series 2012A, 3.13% 6/1/2039 VRDN (c) | 19700000 | 19700000 |
| TOTAL IOWA |  | 58685000 |
| Kansas - 0.3%  |  |  |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 3.28% 9/1/2035 VRDN (c) | 7400000 | 7400000 |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 3.28% 9/1/2035 VRDN (c) | 3500000 | 3500000 |
| St Marys Kans Pollutn Ctl Rev (Evergy Kansas South Proj.) 2.95% 4/15/2032 VRDN (c) | 700000 | 700000 |
| Wamego Kansas Pcr (Evergy Kansas South Proj.) 2.95% 4/15/2032 VRDN (c) | 500000 | 500000 |
| TOTAL KANSAS |  | 12100000 |
| Kentucky - 0.1%  |  |  |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (St. Elizabeth Healthcare Proj.) 3.5% 5/1/2033, LOC TD Bank NA VRDN (c) | 4465000 | 4465000 |
| Louisiana - 1.4%  |  |  |
| Louisiana Hsg Fin Agy Multifamily Hsg Rev (Maestri-Murrell Real Estate Proj.) 3.22% 7/1/2040, LOC Freddie Mac Non Gold Pool VRDN (c) | 2400000 | 2400000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 3.3% 12/1/2043 VRDN (c) | 10800000 | 10800000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 3.3% 8/1/2050 VRDN (c) | 19800000 | 19800000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 3.47% 12/1/2039 VRDN (c) | 4100000 | 4100000 |
| St James Parish LA Rev (Nucor Corp Proj.) 3.4% 11/1/2040 VRDN (c) | 8900000 | 8900000 |
| St James Parish LA Rev (Nucor Corp Proj.) 3.44% 11/1/2040 VRDN (c) | 9820000 | 9820000 |
| TOTAL LOUISIANA |  | 55820000 |
| Maryland - 0.5%  |  |  |
| Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health Sys Corp Proj.) 3% 5/15/2053 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 10600000 | 10600000 |
| Montgomery Cnty MD Hsg Oppt Rv 3.09% 1/1/2049, LOC TD Bank NA VRDN (c) | 8615000 | 8615000 |
| TOTAL MARYLAND |  | 19215000 |
| Minnesota - 0.7%  |  |  |
| Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2018 B, 3.35% 11/15/2048, LOC JPMorgan Chase Bank NA VRDN (c) | 9945000 | 9945000 |
| Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2018 C, 3.45% 11/15/2048, LOC Bank of America NA VRDN (c) | 18595000 | 18595000 |
| TOTAL MINNESOTA |  | 28540000 |
| Missouri - 0.1%  |  |  |
| Missouri St Health & Edl Hlth (Bjc Health System Proj.) 3.05% 5/15/2038 VRDN (c) | 2905000 | 2905000 |
| Nebraska - 0.2%  |  |  |
| Nebraska Invt Fin Auth Single Family Hsg Rev (Ne Single Family Hsg 1994 Adopted July 1, 1994 Sf Mbs Open Proj.) Series 2019 C, 2.1% 9/1/2049 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (c) | 8400000 | 8400000 |
| Nevada - 0.9%  |  |  |
| Clark Cnty NV Arpt Rev 2.95% 7/1/2040, LOC Sumitomo Mitsui Banking Corp/New York VRDN (c) | 38600000 | 38600000 |
| New Hampshire - 0.2%  |  |  |
| National Fin Auth NH Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 C, 3.15% 11/1/2064, LOC Truist Bank VRDN (c) | 6400000 | 6400000 |
| New Jersey,New York - 0.1%  |  |  |
| Port Auth NY & NJ 3.14% 1/19/2027 VRDN (c)(d)(e) | 3000000 | 3000000 |
| New York - 1.2%  |  |  |
| City of New York NY Gen. Oblig. Series 2013 F3, 3.45% 3/1/2042 (Liquidity Facility Bank of America NA) VRDN (c) | 17000000 | 17000000 |
| Long Island Pwr Auth NY Elec 2.9% 9/1/2038, LOC Royal Bank of Canada/New York NY VRDN (c) | 6400000 | 6400000 |
| Metropolitan Transn Auth NY Rv Series 2012G 2, 3.12% 11/1/2032, LOC TD Bank NA VRDN (c) | 7835000 | 7835000 |
| New York NY City Transitional Fin Auth Rev Series 2015 E 4, 3.45% 2/1/2045 (Liquidity Facility Bank of America NA) VRDN (c) | 3735000 | 3735000 |
| New York NY Cty Muni Wtr Fin Auth Series 2015 BB 3, 3.09% 6/15/2050 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (c) | 15000000 | 15000000 |
| TOTAL NEW YORK |  | 49970000 |
| North Carolina - 0.4%  |  |  |
| Lower Cape Fear N C Wtr & Swr Auth Spl Fac Rev (Smithfield Foods Proj.) 3.17% 12/1/2034, LOC Cooperatieve Rabobank UA/NY VRDN (c) | 1900000 | 1900000 |
| North Carolina Med Care Commn Health Care Facs Rev (Duke Univ Health System Inc Proj.) Series 2025 D, 3.15% 6/1/2055 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (c) | 7900000 | 7900000 |
| Person Cnty N C Indl Facs & Pollution Ctl Fing Auth Recovery Zone Fac Rev (Certainteed Gypsum Nc Inc Proj.) 3.15% 11/1/2035, LOC Credit Industriel et Commercial/New York VRDN (c) | 5750000 | 5750000 |
| Raleigh Durham NC Arpt Auth Arpt Rev Series 2008C, 3.12% 5/1/2036, LOC TD Bank NA VRDN (c) | 100000 | 100000 |
| TOTAL NORTH CAROLINA |  | 15650000 |
| Ohio - 1.7%  |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Healthcare System Proj.) Series 2012 B, 3.5% 5/1/2036, LOC TD Bank NA VRDN (c) | 9600000 | 9600000 |
| Cuyahoga Cnty OH Hlth Care Fac (The A.M. Mcgregor Home Proj.) Series 2014, 3.13% 5/1/2049, LOC Northern Trust CO Chicago VRDN (c) | 11870000 | 11870000 |
| Hamilton Cnty OH Hosp Facs Rev (Childrens Hosp Med Ctr Cinn,Oh Proj.) Series 2018 Z, 3.1% 5/15/2037 VRDN (c) | 4225000 | 4225000 |
| Hamilton Cnty OH Hosp Facs Rev (Childrens Hosp Med Ctr Cinn,Oh Proj.) Series 2018AA, 3.12% 5/15/2037 VRDN (c) | 5900000 | 5900000 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2025D, 3.09% 1/15/2048, LOC US Bank NA/Cincinnati OH VRDN (c) | 6900000 | 6900000 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundtn (The) Proj.) Series 2019 D2, 3.4% 1/1/2052 VRDN (c) | 12400000 | 12400000 |
| State of Ohio Series 2026B, 3.35% 12/1/2046 VRDN (c) | 18895000 | 18895000 |
| TOTAL OHIO |  | 69790000 |
| Pennsylvania - 2.0%  |  |  |
| Delaware Valley Regl Fin Auth PA Local Gov Rev Gen. Oblig. Series 2025B, 3.21% 12/1/2060, LOC Bank of America NA VRDN (c) | 32200000 | 32200000 |
| Lancaster PA Indl Dev Auth Rev (Willow Valley Retirement Communities Proj.) 3.22% 12/1/2039, LOC PNC Bank NA VRDN (c) | 4950000 | 4950000 |
| Lancaster PA Indl Dev Auth Rev (Willow Valley Retirement Communities Proj.) 3.22% 12/1/2039, LOC PNC Bank NA VRDN (c) | 4570000 | 4570000 |
| Montgomery Co PA Rdv Ath Mlfml (Kbf Associates Proj.) 3.13% 8/15/2031, LOC Fannie Mae VRDN (c) | 1200000 | 1200000 |
| Philadelphia PA Gas Wks Rev Series EIGHTH D, 3.12% 8/1/2031, LOC TD Bank NA VRDN (c) | 2585000 | 2585000 |
| Philadelphia PA Gen. Oblig. 3.15% 8/1/2031, LOC Truist Bank VRDN (c) | 22900000 | 22900000 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2025 B, 3.5% 6/1/2055 (Liquidity Facility TD Bank NA) VRDN (c) | 13800000 | 13800000 |
| TOTAL PENNSYLVANIA |  | 82205000 |
| Tennessee - 0.0%  |  |  |
| Blount Cnty Tenn Pub Bldg Auth 3.38% 6/1/2039, LOC Truist Bank VRDN (c) | 775000 | 775000 |
| Montgomery Cnty TN Pub Bldg Au 3.25% 9/1/2029, LOC Bank of America NA VRDN (c) | 300000 | 300000 |
| TOTAL TENNESSEE |  | 1075000 |
| Texas - 8.1%  |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 3.4% 7/1/2054 VRDN (c) | 18100000 | 18100000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025 F, 3.09% 12/1/2060 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (c) | 5300000 | 5300000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025B, 3.45% 12/1/2060 (Liquidity Facility Bank of America NA) VRDN (c) | 20930000 | 20930000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2025C, 3.09% 12/1/2060 (Liquidity Facility Bank of America NA) VRDN (c) | 45300000 | 45300000 |
| Harris Cnty TX Hosp Dist Rev 3.14% 2/15/2042, LOC JPMorgan Chase Bank NA VRDN (c) | 6200000 | 6200000 |
| Houston TX Util Sys Rev 3.1% 5/15/2034, LOC Royal Bank of Canada/New York NY VRDN (c) | 20350000 | 20350000 |
| Houston TX Util Sys Rev Series 2012 A, 3.1% 5/15/2034 (Liquidity Facility TD Bank NA) VRDN (c) | 24200000 | 24200000 |
| Port Arthur TX Navigation Dist Exempt Fac Rev (Total Petrochemicals &Refining Sa/Nv Proj.) 3.21% 3/1/2039 (TotalEnergies SE Guaranteed) VRDN (c) | 3000000 | 3000000 |
| Port Arthur TX Navigation Dist Exempt Fac Rev (Total Petrochemicals &Refining Sa/Nv Proj.) 3.21% 3/1/2040 (TotalEnergies SE Guaranteed) VRDN (c) | 5200000 | 5200000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 3.21% 12/1/2040 (TotalEnergies SE Guaranteed) VRDN (c) | 33200000 | 33200000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 3.21% 9/1/2042 (TotalEnergies SE Guaranteed) VRDN (c) | 11700000 | 11700000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 3.35% 3/1/2042 (TotalEnergies SE Guaranteed) VRDN (c) | 34500000 | 34500000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) Series 2012 B, 3.21% 12/1/2042 (TotalEnergies SE Guaranteed) VRDN (c) | 4200000 | 4200000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Ascension Health Credit Group Proj.) Series 2025 E 1, 2.9% 11/15/2065 VRDN (c) | 3900000 | 3900000 |
| Texas State Gen. Oblig. 3.45% 6/1/2050 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 11600000 | 11600000 |
| Texas State Gen. Oblig. 3.6% 12/1/2041 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 11675000 | 11675000 |
| Texas State Gen. Oblig. 3.6% 12/1/2042 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 7730000 | 7730000 |
| Texas State Gen. Oblig. 3.6% 12/1/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 19235000 | 19235000 |
| Texas State Gen. Oblig. 3.6% 6/1/2041 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 9695000 | 9695000 |
| Texas State Gen. Oblig. 3.6% 6/1/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 2800000 | 2800000 |
| Texas State Gen. Oblig. 3.6% 6/1/2044 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 10705000 | 10705000 |
| Texas State Gen. Oblig. 3.6% 6/1/2045 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 6095000 | 6095000 |
| Texas State Gen. Oblig. Series 2017, 3% 12/1/2047 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (c) | 13515000 | 13515000 |
| TOTAL TEXAS |  | 329130000 |
| Virginia - 0.6%  |  |  |
| Fairfax Cnty VA Indl Dev Auth (Inova Health System Proj.) Series 2016 C, 3.13% 5/15/2042 VRDN (c) | 11040000 | 11040000 |
| Fairfax Cnty VA Indl Dev Auth Health Care Rev (Inova Health System Proj.) Series 2018 C, 3.13% 5/15/2033 VRDN (c) | 3995000 | 3995000 |
| Norfolk VA Economic Dev Auth Hosp Facs Rev (Sentara Hlth Sys Obl Group Proj.) Series 2016 B, 3.45% 11/1/2034 VRDN (c) | 3400000 | 3400000 |
| Roanoke VA Economic Dev Auth Hosp Rev (Carilion Health System Proj.) Series 2025B, 3.12% 7/1/2058, LOC PNC Bank NA VRDN (c) | 4500000 | 4500000 |
| TOTAL VIRGINIA |  | 22935000 |
| Washington - 0.5%  |  |  |
| Port Vancouver Wash Rev (United Grain Corp Of Oregon Proj.) 3.16% 10/1/2029, LOC Bank of America NA VRDN (c) | 10100000 | 10100000 |
| 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 (c) | 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 (c) | 3330000 | 3330000 |
| TOTAL WASHINGTON |  | 20430000 |
| West Virginia - 0.0%  |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2018 C, 3.09% 6/1/2034, LOC TD Bank NA VRDN (c) | 1900000 | 1900000 |
| Wisconsin - 0.3%  |  |  |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (Wi Home Ownership Proj.) Series 2025 C, 3.05% 9/1/2050 (Liquidity Facility Federal Home Loan Bank of Chicago) VRDN (c) | 12750000 | 12750000 |
| <br> **TOTAL VARIABLE RATE DEMAND NOTE**<br> (Cost $1,367,084,000) |  | <br> **1367084000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 10.7%** | &nbsp;&nbsp;**Commercial Paper - 10.7%** | &nbsp;&nbsp;**Commercial Paper - 10.7%** | &nbsp;&nbsp;**Commercial Paper - 10.7%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Austin TX Elec Util Sys Rev 2.58% 6/24/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.58 | 3800000 | 3800000 |
| Board of Regents of the University of Texas System 2.38% 6/4/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.38 | 6800000 | 6800000 |
| Board of Regents of the University of Texas System 2.39% 7/15/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.39 | 5400000 | 5400000 |
| Board of Regents of the University of Texas System 2.39% 7/16/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.39 | 5300000 | 5300000 |
| Board of Regents of the University of Texas System 2.39% 7/9/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.39 | 6700000 | 6700000 |
| Board of Regents of the University of Texas System 2.39% 8/4/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.39 | 5400000 | 5400000 |
| Board of Regents of the University of Texas System 2.39% 9/9/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.39 | 3900000 | 3900000 |
| Board of Regents of the University of Texas System 2.4% 6/11/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 6800000 | 6800000 |
| Board of Regents of the University of Texas System 2.4% 6/4/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 6400000 | 6400000 |
| Board of Regents of the University of Texas System 2.4% 7/15/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 725000 | 725000 |
| Board of Regents of the University of Texas System 2.4% 7/16/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 1300000 | 1300000 |
| Board of Regents of the University of Texas System 2.4% 7/8/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 3200000 | 3200000 |
| Board of Regents of the University of Texas System 2.4% 8/19/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 5400000 | 5400000 |
| Board of Regents of the University of Texas System 2.4% 8/27/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 5300000 | 5300000 |
| Board of Regents of the University of Texas System 2.4% 8/4/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 5000000 | 5000000 |
| Board of Regents of the University of Texas System 2.4% 8/5/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 5500000 | 5500000 |
| Board of Regents of the University of Texas System 2.4% 8/5/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.40 | 5400000 | 5400000 |
| Board of Regents of the University of Texas System 2.43% 8/6/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.43 | 5200000 | 5200000 |
| Board of Regents of the University of Texas System 2.45% 6/4/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.45 | 1200000 | 1200000 |
| Board of Regents of the University of Texas System 2.49% 8/6/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.49 | 5200000 | 5200000 |
| Board of Regents of the University of Texas System 2.61% 5/18/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.61 | 12500000 | 12500000 |
| Board of Regents of the University of Texas System 2.62% 5/21/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.62 | 5200000 | 5200000 |
| Board of Regents of the University of Texas System 2.63% 6/3/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.63 | 12500000 | 12500000 |
| Board of Regents of the University of Texas System 2.63% 6/3/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.63 | 11500000 | 11500000 |
| Board of Regents of the University of Texas System 2.65% 5/18/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 5100000 | 5100000 |
| Board of Regents of the University of Texas System 2.65% 5/18/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 5100000 | 5100000 |
| Board of Regents of the University of Texas System 2.65% 5/18/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 5000000 | 5000000 |
| Board of Regents of the University of Texas System 2.65% 5/18/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 3100000 | 3100000 |
| Board of Regents of the University of Texas System 2.65% 5/20/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.65 | 5100000 | 5100000 |
| Board of Regents of the University of Texas System 2.66% 5/12/2026 (Liquidity Facility University of Texas Investment Management Company) CP  | 2.66 | 12500000 | 12500000 |
| Dallas TX Rapid Transit Sales Tax Rev 2.48% 11/27/2026 CP  | 2.48 | 8100000 | 8100000 |
| Fort Bend TX Indpt Sch Dist 2.56% 6/2/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.56 | 14500000 | 14500000 |
| Fort Bend TX Indpt Sch Dist 2.56% 6/2/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.56 | 3500000 | 3500000 |
| Fort Bend TX Indpt Sch Dist 3% 6/2/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 3.00 | 9500000 | 9500000 |
| Harris Cnty TX 2.47% 8/12/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.47 | 11275000 | 11275000 |
| Harris Cnty TX 2.47% 8/12/2026 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.47 | 2600000 | 2600000 |
| Harris Cnty TX 2.47% 8/12/2026, LOC Sumitomo Mitsui Banking Corp/New York CP  | 2.47 | 1400000 | 1400000 |
| Harris Cnty TX 2.55% 6/23/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.55 | 2200000 | 2200000 |
| Harris Cnty TX 2.55% 6/23/2026 (Liquidity Facility State Street Bank & Trust Co) CP  | 2.55 | 2050000 | 2050000 |
| Harris Cnty TX Flood Ctl Ctfs 2.45% 6/10/2026 (Liquidity Facility JPMorgan Chase Bank NA) CP  | 2.45 | 5000000 | 5000000 |
| Harris Cnty TX Flood Ctl Ctfs 2.5% 5/20/2026, LOC PNC Bank NA CP  | 2.50 | 410000 | 410000 |
| King Cnty WA 2.42% 7/15/2026 CP  | 2.42 | 2600000 | 2600000 |
| King Cnty WA 2.42% 7/8/2026 CP  | 2.42 | 2200000 | 2200000 |
| King Cnty WA 2.43% 7/9/2026 CP  | 2.43 | 3100000 | 3100000 |
| Maricopa Cnty AZ Ida Rev 2.41% 5/20/2026 CP  | 2.41 | 10700000 | 10700000 |
| Massachusetts St Wtr Res Auth 2.4% 7/14/2026, LOC Bank of America NA CP  | 2.40 | 800000 | 800000 |
| Memphis TN 2.45% 8/5/2026 (Liquidity Facility TD Bank NA) CP  | 2.45 | 5025000 | 5025000 |
| Michigan St Bldg Auth Rev 2.71% 6/11/2026, LOC JPMorgan Chase Bank NA CP  | 2.71 | 7500000 | 7500000 |
| Nebraska Pub Pwr Dist Rev 2.42% 5/21/2026, LOC Bank of America NA CP  | 2.42 | 12600000 | 12600000 |
| Nebraska Pub Pwr Dist Rev 2.42% 5/21/2026, LOC Bank of America NA CP  | 2.42 | 10900000 | 10900000 |
| Nebraska Pub Pwr Dist Rev 2.42% 5/21/2026, LOC Bank of America NA CP  | 2.42 | 3500000 | 3500000 |
| Nebraska Pub Pwr Dist Rev 2.45% 5/21/2026, LOC Bank of America NA CP  | 2.45 | 2700000 | 2700000 |
| Nebraska Pub Pwr Dist Rev 2.47% 5/21/2026, LOC Bank of America NA CP  | 2.47 | 3800000 | 3800000 |
| Nebraska Pub Pwr Dist Rev 2.4701% 5/21/2026, LOC Bank of America NA CP  | 2.47 | 5000000 | 5000000 |
| Nebraska Pub Pwr Dist Rev 2.48% 5/21/2026, LOC Bank of America NA CP  | 2.48 | 2900000 | 2900000 |
| New Jersey Educational Facilities Authority 2.45% 10/5/2026 CP  | 2.45 | 4200000 | 4200000 |
| New Jersey St Edl Facs Auth 2.45% 10/5/2026 CP  | 2.45 | 8100000 | 8100000 |
| Oklahoma City Okla Wtr Utils 2.43% 6/16/2026, LOC Sumitomo Mitsui Banking Corp/New York CP  | 2.43 | 1800000 | 1800000 |
| Omaha Public Power District 2.4% 6/8/2026 CP  | 2.40 | 2700000 | 2700000 |
| Omaha Public Power District 2.55% 7/15/2026 CP  | 2.55 | 1000000 | 1000000 |
| Omaha Public Power District 2.55% 7/20/2026 CP  | 2.55 | 1600000 | 1600000 |
| Omaha Public Power District 2.55% 7/23/2026 CP  | 2.55 | 500000 | 500000 |
| Omaha Public Power District 2.6% 7/16/2026 CP  | 2.60 | 800000 | 800000 |
| Omaha Public Power District 2.6% 8/18/2026 CP  | 2.60 | 400000 | 400000 |
| Omaha Public Power District 2.6% 8/4/2026 CP  | 2.60 | 800000 | 800000 |
| Texas St Pub Fin Auth Rev 2.4% 6/24/2026 (Liquidity Facility Texas State) CP  | 2.40 | 18200000 | 18200000 |
| Texas St Pub Fin Auth Rev 2.42% 5/7/2026 (Liquidity Facility Texas State) CP  | 2.42 | 800000 | 800000 |
| Texas St Pub Fin Auth Rev 2.5% 7/1/2026 (Liquidity Facility Texas State) CP  | 2.50 | 3100000 | 3100000 |
| University MN 2.4% 6/10/2026 CP  | 2.40 | 1100000 | 1100000 |
| University MN 2.41% 5/21/2026 CP  | 2.41 | 6900000 | 6900000 |
| University MN 2.41% 5/21/2026 CP  | 2.41 | 1100000 | 1100000 |
| University MN 2.42% 8/19/2026 CP  | 2.42 | 2100000 | 2100000 |
| University MN 2.46% 6/10/2026 CP  | 2.46 | 2300000 | 2300000 |
| University TX Perm Univ Fd 2.38% 9/3/2026 CP  | 2.38 | 4300000 | 4300000 |
| University TX Perm Univ Fd 2.4% 7/13/2026 CP  | 2.40 | 5400000 | 5400000 |
| University TX Perm Univ Fd 2.4% 7/23/2026 CP  | 2.40 | 2700000 | 2700000 |
| University TX Perm Univ Fd 2.4% 7/30/2026 CP  | 2.40 | 5400000 | 5400000 |
| University TX Perm Univ Fd 2.4% 8/4/2026 CP  | 2.40 | 5400000 | 5400000 |
| University TX Perm Univ Fd 2.41% 8/3/2026 CP  | 2.41 | 5400000 | 5400000 |
| University TX Perm Univ Fd 2.45% 8/13/2026 CP  | 2.45 | 5200000 | 5200000 |
| University TX Perm Univ Fd 2.46% 7/1/2026 CP  | 2.46 | 3200000 | 3200000 |
| University TX Perm Univ Fd 2.5% 8/27/2026 CP  | 2.50 | 2100000 | 2100000 |
| University TX Perm Univ Fd 2.55% 9/8/2026 CP  | 2.55 | 5200000 | 5200000 |
| University TX Perm Univ Fd 2.64% 5/4/2026 CP  | 2.64 | 5100000 | 5100000 |
| Virginia Small Business Fing Auth Rev 2.48% 6/11/2026 CP  | 2.48 | 2600000 | 2600000 |
| Wisconsin St 2.45% 12/6/2026 CP  | 2.45 | 10512000 | 10512000 |
| Wisconsin St 2.47% 11/30/2026 CP  | 2.47 | 3100000 | 3100000 |
| Wisconsin St 2.47% 11/5/2026 CP  | 2.47 | 5400000 | 5400000 |
| Wisconsin St 2.52% 12/28/2026 CP  | 2.52 | 3100000 | 3100000 |
| <br> **TOTAL COMMERCIAL PAPER**<br> (Cost $436,997,000) |  |  | **436997000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.4%** | &nbsp;&nbsp;**Money Market Funds - 8.4%** | &nbsp;&nbsp;**Money Market Funds - 8.4%** | &nbsp;&nbsp;**Money Market Funds - 8.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Tax-Free Cash Central Fund (i)(j)<br>(Cost $341,014,523)<br>| 3.50 | 340881125 | **341014523** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $4,071,088,039)<br>| <br>**4071088039** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **7372344** |
| **NET ASSETS - 100.0%** | **4078460383** |

---

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

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

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $123,975,854 or 3.0% of net assets.

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

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $704,481 or 0.0% of net assets.

(h) 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.

(i) 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.

(j) 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 3.32% 11/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 11/21/2024 | 517520 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9219, 3.32% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/1/2025 | 500000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9220, 3.32% 7/31/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/1/2025 | 400000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9240, 3.32% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 11/3/2025 | 900000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9241, 3.32% 11/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 11/3/2025 | 600000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9242, 3.32% 11/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 11/3/2025 | 900000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2026 MIZ9248, 3.32% 2/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 2/2/2026 | 800000 |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2026 MIZ9249, 3.32% 2/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 2/2/2026 | 600000 |
| Arizona Ind Dev Auth Participating VRDN 3.32% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/2024 - 6/18/2025 | 600000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9187, 3.32% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/2024 | 1500000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9211, 3.32% 5/13/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 5/14/2025 | 400000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9213, 3.32% 1/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/3/2025 | 800000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9215, 3.32% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/2025 | 600000 |
| Arizona St Ind Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9216, 3.32% 6/19/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/20/2025 | 600000 |
| Bernalillo NM Multi Fam Hsg St Anthony's Pl Participating VRDN Series 2025 MIZ9210, 3.32% 4/29/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 4/30/2025 | 2500000 |
| California Hsg Fin Agy Ltd Oblig Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9231, 3.27% 9/9/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 9/10/2025 | 4100000 |
| California Public Finance Authority Participating VRDN 3.27% 5/8/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 4/23/2026 | 8300000 |
| Collin County Hsg Fin Corp Multi Fam Participating VRDN 3.32% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/2024 - 10/10/2024 | 3800000 |
| Colorado Health Facilities Authority Series 2025 MS0043, 3.29% tender 11/15/2050 (Liquidity Facility Morgan Stanley Bank NA) | 5/21/2025 | 1740000 |
| Delaware Multi Fam Hsg Chritina Village Participating VRDN 3.32% 5/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 11/20/2025 | 1500000 |
| Delaware Multi Fam Hsg Rev Participating VRDN Series 2024 MIZ9182, 3.32% 7/11/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 7/11/2024 | 1200000 |
| Frenship TX Indpt Sch Dist Series 2025 MS0056E, 3.26% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 900000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0030, 3.26% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) | 3/19/2025 - 8/29/2025 | 7540000 |
| Harris Cnty TX Gen. Oblig. Series 2025 MS0067E, 3.29% tender 9/15/2054 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 1100000 |
| Illinois Hsg Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9224, 3.32% 8/18/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/19/2025 | 10900000 |
| Jacksonville Fla Spl Rev Series 2025 MS0068E, 3.29% tender 10/1/2054 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 4100000 |
| JEA FL Wtr & Swr Sys Rev Series 2025 MS0033, 3.25% tender 10/1/2055 (Liquidity Facility Morgan Stanley Bank NA) | 3/21/2025 - 6/9/2025 | 2435000 |
| Jefferson Cnty TX Hsg Fin Corp Multifamily Hsg Mtg Rev Participating VRDN Series 2025 MIZ9214, 3.32% 6/11/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 6/12/2025 | 850000 |
| Kansas City MO Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9207, 3.32% 1/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 1/23/2025 | 900000 |
| Kentucky Bd Dev Corp Indl Bldg Rev Series 2026 MS0092, 3.27% tender 10/1/2056 (Liquidity Facility Morgan Stanley Bank NA) | 4/16/2026 | 7600000 |
| Las Vegas Valley NV Gen. Oblig. Series 2025 MS0057E, 3.26% tender 6/1/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 1390000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9202, 3.32% 12/4/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 12/4/2024 | 1300000 |
| Missippi Multi Family Hsg Rev Participating VRDN Series 2024 MIZ9205, 3.32% 7/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 12/12/2024 | 800000 |
| New York City Housing Development Corp Series 2026 MS0088, 3.26% tender 11/1/2065 (Liquidity Facility Morgan Stanley Bank NA) | 1/8/2026 | 1200000 |
| New York Dorm Auth Royal Charter Prop Participating VRDN Series 2025 MIZ9208, 3.32% 3/16/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 3/17/2025 | 6700000 |
| New York State Housing Finance Agency Participating VRDN Series 2026 MIZ9256, 3.32% 4/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 4/2/2026 | 2900000 |
| Ohio St Hosp Rev Series 2026 MS0093, 3.27% tender 1/15/2033 (Liquidity Facility Morgan Stanley Bank NA) | 4/16/2026 | 3400000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN 3.32% 1/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 1/2/2025 | 500000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN Series 2025 MIZ9230, 3.32% 9/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 9/3/2025 | 400000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN Series 2025 MIZ9243, 3.32% 11/17/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 11/18/2025 | 1000000 |
| Oregon St Hsg & Cmnty Svcs Dep Participating VRDN Series 2026 MIZ9251, 3.32% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 3/2/2026 | 610000 |
| Pennsylvania Hsg Fin Agcy Multi Fam Hsg Dev Rev Participating VRDN Series 2025 MIZ9245, 3.32% 1/7/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 1/8/2026 | 1600000 |
| Port Auth NY & NJ 3.14% 1/19/2027 VRDN | 7/31/2020 | 3000000 |
| Port Morrow OR Full Faith & Cr Obligs Series 2024 MS0026, 3.29% tender 10/1/2026 (Liquidity Facility Morgan Stanley Bank NA) | 10/10/2024 | 5000000 |
| Prosper Tex Indpt Sch Dist Series 2025 MS0071E, 3.29% tender 2/15/2055 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 3700000 |
| Raleigh NC Hsg Auth Multi Fam Rev Participating VRDN Series 2025 MIZ9228, 3.32% 8/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/19/2025 | 1800000 |
| River Islands Pub Fing Auth Participating VRDN 3.27% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 10/10/2024 - 4/7/2026 | 3700000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN 3.32% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/2024 | 1600000 |
| Shelby Cnty TN Health Edl & Hsg Fac Brd Health Care Rev Participating VRDN Series 2025 BAML5067, 3.14% 9/1/2055 (Liquidity Facility Bank of America, N.A.) | 9/18/2025 | 5300000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9235, 3.32% 10/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 10/16/2025 | 508334 |
| St Louis MO Lafayette Apts Participating VRDN Series 2025 MIZ9212, 3.32% 5/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 5/22/2025 | 1100000 |
| Tampa Bay Water Series 2025 MS0066E, 3.27% tender 10/1/2049 (Liquidity Facility Morgan Stanley Bank NA) | 8/14/2025 | 3200000 |
| Texas Wtr Dev Brd Series 2025 MS0037, 3.26% tender 10/15/2053 (Liquidity Facility Morgan Stanley Bank NA) | 4/7/2025 - 9/16/2025 | 1925000 |
| Travis Cnty TX Hsg Fin Corp Participating VRDN Series 2026 MIZ9252, 3.32% 3/23/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 3/24/2026 | 1680000 |
| Travis Cnty TX Hsg Fin Corp Participating VRDN Series 2026 MIZ9253, 3.32% 3/23/2029 (Liquidity Facility Mizuho Capital Markets LLC) | 3/24/2026 | 480000 |

---

**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 | 454324471 | 576494896 | 689804844 | 4764197 | - | - | 341014523 | 340881125 | 12.2% |
| Total | 454324471 | 576494896 | 689804844 | 4764197 | - | - | 341014523 |  |  |

---

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, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,730,073,516) | $3730073516 |  |
| Fidelity Central Funds (cost $341,014,523) | 341014523 |  |
| Total Investment in Securities (cost $4,071,088,039) |  | $4071088039 |
| Cash |  | 5299929 |
| Receivable for investments sold |  | 2780000 |
| Receivable for fund shares sold |  | 17671321 |
| Interest receivable |  | 25631014 |
| Distributions receivable from Fidelity Central Funds |  | 966265 |
| Prepaid expenses |  | 951 |
| Receivable from investment adviser for expense reductions |  | 213370 |
| Other receivables |  | 132 |
| **Total assets** |  | 4123651021 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $7372040 |  |
| Delayed delivery | 22476089 |  |
| Payable for fund shares redeemed | 12608765 |  |
| Distributions payable | 1360743 |  |
| Accrued management fee | 840067 |  |
| Distribution and service plan fees payable | 30478 |  |
| Other affiliated payables | 473928 |  |
| Other payables and accrued expenses | 28528 |  |
| **Total liabilities** |  | 45190638 |
| **Net Assets**  |  | $4078460383 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4078352526 |
| Total accumulated earnings (loss) |  | 107857 |
| **Net Assets** |  | $4078460383 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Capital Reserves Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($23,831,865 ÷ 23,809,001 shares) |  | $1.00 |
| **Daily Money Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($97,452,224 ÷ 97,361,442 shares) |  | $1.00 |
| **Fidelity Tax-Exempt Money Market Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,163,393,484 ÷ 1,162,300,215 shares) |  | $1.00 |
| **Premium Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,793,782,810 ÷ 2,791,031,766 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $45490080 |
| Income from Fidelity Central Funds  |  | 4759290 |
| **Total income** |  | 50249370 |
| **Expenses** |  |  |
| Management fee | $4991370 |  |
| Transfer agent fees | 2653210 |  |
| Distribution and service plan fees | 191105 |  |
| Accounting fees and expenses | 175231 |  |
| Custodian fees and expenses | 17357 |  |
| Independent trustees' fees and expenses | 4617 |  |
| Registration fees | 135290 |  |
| Audit fees | 19763 |  |
| Legal | 2053 |  |
| Miscellaneous | 2860 |  |
| Total expenses before reductions | 8192856 |  |
| Expense reductions | (1258465) |  |
| Total expenses after reductions |  | 6934391 |
| **Net Investment income (loss)** |  | 43314979 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 110752 |  |
| Capital gain distributions from Fidelity Central Funds | 4907 |  |
| Total net realized gain (loss) |  | 115659 |
| **Net increase in net assets resulting from operations** |  | $43430638 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $43314979 | $94812236 |
| &nbsp;&nbsp;Net realized gain (loss) | 115659<br>| 37054<br>|
| **Net increase in net assets resulting from operations** | 43430638<br>| 94849290<br>|
| Distributions to shareholders | (43305241)<br>| (94810013)<br>|
| Share transactions - net increase (decrease) | 257065953<br>| 253096110<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 257191350<br>| 253135387<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3821269033 | 3568133646<br>|
| &nbsp;&nbsp;End of period | $4078460383 | $3821269033 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .008  | .019  | .026  | .022  | .003  | - B |
| Net realized and unrealized gain (loss)  | - B | - B | - B | - B | - B | .001  |
| Total from investment operations  | .008  | .019  | .026  | .022  | .003  | .001  |
| Distributions from net investment income  | (.008)  | (.019)  | (.026)  | (.022)  | (.003)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | -  | (.001)  |
| Total distributions  | (.008)  | (.019)  | (.026)  | (.022)  | (.003)  | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | .79% <br>| 1.90%  | 2.59%  | 2.26%  | .27%  | .07%  |
| **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%  | .95%  | .56%  | .13%  |
| Expenses net of all reductions, if any  | .95% G | .95%  | .95%  | .95%  | .56%  | .13%  |
| Net investment income (loss)  | 1.59% G | 1.88%  | 2.55%  | 2.24%  | .28%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $23832 | $26226 | $31437 | $34621 | $45102 | $44640 |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

G*Annualized.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .009  | .021  | .028  | .025  | .004  | - B |
| Net realized and unrealized gain (loss)  | - B | - B | - B | - B | - B | .001  |
| Total from investment operations  | .009  | .021  | .028  | .025  | .004  | .001  |
| Distributions from net investment income  | (.009)  | (.021)  | (.028)  | (.025)  | (.004)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | -  | (.001)  |
| Total distributions  | (.009)  | (.021)  | (.028)  | (.025)  | (.004)  | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | .92% <br>| 2.15%  | 2.84%  | 2.52%  | .36%  | .07%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .72% G | .72%  | .72%  | .72%  | .72%  | .72%  |
| Expenses net of fee waivers, if any  | .70% G<br>| .70%  | .70%  | .70%  | .45%  | .13%  |
| Expenses net of all reductions, if any  | .70% G | .70%  | .70%  | .70%  | .45%  | .13%  |
| Net investment income (loss)  | 1.84% G | 2.13%  | 2.80%  | 2.49%  | .38%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $97452 | $100743 | $118202 | $60833 | $44232 | $52917 |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

G*Annualized.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .011  | .024  | .031  | .028  | .005 B | - B |
| Net realized and unrealized gain (loss)  | - B | - B | - B | - B | -  | .001  |
| Total from investment operations  | .011  | .024  | .031  | .028  | .005  | .001  |
| Distributions from net investment income  | (.011)  | (.024)  | (.031)  | (.028)  | (.005)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | -  | (.001)  |
| Total distributions  | (.011)  | (.024)  | (.031)  | (.028)  | (.005)  | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.06% <br>| 2.44%  | 3.13%  | 2.81%  | .49%  | .07%  |
| **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%  | .42%  | .32%  | .13%  |
| Expenses net of all reductions, if any  | .42% G | .42%  | .42%  | .42%  | .32%  | .13%  |
| Net investment income (loss)  | 2.12% G | 2.41%  | 3.08%  | 2.77%  | .51%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1163393 | $1146493 | $1135705 | $1111696 | $1202425 | $1314523 |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

G*Annualized.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .011  | .025  | .032  | .029  | .006  | - B |
| Net realized and unrealized gain (loss)  | - B | - B | - B | - B | - B | .001  |
| Total from investment operations  | .011  | .025  | .032  | .029  | .006  | .001  |
| Distributions from net investment income  | (.011)  | (.025)  | (.032)  | (.029)  | (.006)  | - B |
| Distributions from net realized gain  | -  | -  | -  | -  | -  | (.001)  |
| Total distributions  | (.011)  | (.025)  | (.032)  | (.029)  | (.006)  | (.001)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.12% <br>| 2.56%  | 3.26%  | 2.93%  | .57%  | .07%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .37% G | .37%  | .37%  | .37%  | .37%  | .37%  |
| Expenses net of fee waivers, if any  | .30% G<br>| .30%  | .30%  | .30%  | .26%  | .13%  |
| Expenses net of all reductions, if any  | .30% G | .30%  | .30%  | .30%  | .26%  | .13%  |
| Net investment income (loss)  | 2.24% G | 2.53%  | 3.20%  | 2.89%  | .58%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2793783 | $2547807 | $2282790 | $1903916 | $1475690 | $1164904 |

---

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

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

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

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

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

G*Annualized.*

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

For the period ended April 30, 2026

**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.

**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.

**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.

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 ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Treasury Money Market Fund**  | 47961280333 | - | - | - |
| **Fidelity Tax-Exempt Money Market Fund**  | 4071088039 | - | - | - |

---

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 ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Tax-Exempt Money Market Fund**  | (28281) | (28281) |

---

**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.

**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% | 5704166 | 321511 |
| Daily Money Class | - % | .25% | 4670434 | 296787 |
| Advisor C Class | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp; <u>330307</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>77002</u> |
|  |  |  | <u>10704907</u> | <u>695300</u> |
| **Fidelity Tax-Exempt Money Market Fund** |  |  |  |  |
| Capital Reserves Class | .25% | .25% | 62562 | 55402 |
| Daily Money Class | - % | .25% | &nbsp;&nbsp;&nbsp;&nbsp; <u>128543</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>43025</u> |
|  |  |  | <u>191105</u> | <u>98427</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 Class. 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 | 753 |
| Advisor C ClassA | 14422 |

---

*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 | $2281667 |
| Daily Money Class | 3736347 |
| Advisor C Class | 66061 |
| Fidelity Treasury Money Market Fund  | <u>31078289</u> |
|  | <u>$37162364</u> |
| **Fidelity Tax-Exempt Money Market Fund** |  |
| Capital Reserves Class | $25025 |
| Daily Money Class | 102834 |
| Fidelity Tax-Exempt Money Market Fund  | 1185465 |
| Premium Class | <u>1339886</u> |
|  | <u>$2653210</u> |

---

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

---

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

---

*A Amount represents less than .005%.*

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

---

| | |
|:---|:---|
| **Fidelity Treasury Money Market Fund** | $544013 |

---

**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** | 19500000 | 224250000 | - |

---

**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, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.

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

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement($)** |
| **Fidelity Treasury Money Market Fund** |  |  |
| Capital Reserves Class | .95% | 222595 |
| Daily Money Class | .70% | 323672 |
| Advisor C Class | 1.45% | 7726 |
| **Fidelity Tax-Exempt Money Market Fund** |  |  |
| Capital Reserves Class | .95% | 3186 |
| Daily Money Class | .70% | 11895 |
| Fidelity Tax-Exempt Money Market Fund | .42% | 302117 |
| Premium Class | .30% | 939860 |

---

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**  | 1407 |

---

**6. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2026** | **Year ended**<br> **October 31, 2025** |
| **Fidelity Treasury Money Market Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Capital Reserves Class | $32373735 | $75837788 |
| Daily Money Class | 57577538 | 134978484 |
| Advisor C Class | 772844 | 2103485 |
| Fidelity Treasury Money Market Fund | <u>673291426</u> | <u>1606127151</u> |
| Total  | <u>$764015543</u> | <u>$1819046908</u> |
| **Fidelity Tax-Exempt Money Market Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Capital Reserves Class | $197123 | $549586 |
| Daily Money Class | 936378 | 2485024 |
| Fidelity Tax-Exempt Money Market Fund | 12436056 | 28307415 |
| Premium Class | <u>29735684</u> | <u>63467988</u> |
| Total  | <u>$43305241</u> | <u>$94810013</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, 2026**  | **Year ended**<br> **October 31, 2025**  | **Six months ended** <br> **April 30, 2026**  | **Year ended**<br> **October 31, 2025**  |
| **Fidelity Treasury Money Market Fund** |  |  |  |  |
| **Capital Reserves Class** |  |  |  |  |
| Shares sold | 5639772605 | 11199799001 | $5639772605 | $11199799001 |
| Reinvestment of distributions  | 25029702 | 56496741 | 25029702 | 56496741 |
| Shares redeemed | <u>(5845885345)</u> | <u>(11148395146)</u> | <u>(5845885345)</u> | <u>(11148395146)</u> |
| Net increase (decrease) | <u>(181083038)</u> | <u>107900596</u> | <u>$(181083038)</u> | <u>$107900596</u> |
| **Daily Money Class** |  |  |  |  |
| Shares sold | 6176887327 | 11621379380 | $6176887327 | $11621379383 |
| Reinvestment of distributions  | 41489076 | 96807620 | 41489076 | 96807620 |
| Shares redeemed | <u>(6208360775)</u> | <u>(11564052028)</u> | <u>(6208360775)</u> | <u>(11564052028)</u> |
| Net increase (decrease) | <u>10015628</u> | <u>154134972</u> | <u>$10015628</u> | <u>$154134975</u> |
| **Advisor C Class** |  |  |  |  |
| Shares sold | 29568499 | 48137199 | $29568499 | $48137199 |
| Reinvestment of distributions  | 751995 | 2050335 | 751995 | 2050335 |
| Shares redeemed | <u>(29297256)</u> | <u>(59811804)</u> | <u>(29297257)</u> | <u>(59811807)</u> |
| Net increase (decrease) | <u>1023238</u> | <u>(9624270)</u> | <u>$1023237</u> | <u>$(9624273)</u> |
| **Fidelity Treasury Money Market Fund** |  |  |  |  |
| Shares sold | 84516118644 | 189881504974 | $84516118644 | $189881502974 |
| Reinvestment of distributions  | 508449420 | 1189234862 | 508449420 | 1189234863 |
| Shares redeemed | <u>(82230553359)</u> | <u>(195610801163)</u> | <u>(82230553359)</u> | <u>(195610801162)</u> |
| Net increase (decrease) | <u>2794014705</u> | <u>(4540061327)</u> | <u>$2794014705</u> | <u>$(4540063325)</u> |
| **Fidelity Tax-Exempt Money Market Fund** |  |  |  |  |
| **Capital Reserves Class** |  |  |  |  |
| Shares sold | 566319 | 4246457 | $566319 | $4246457 |
| Reinvestment of distributions  | 190943 | 531063 | 190943 | 531063 |
| Shares redeemed | <u>(3148437)</u> | <u>(9981550)</u> | <u>(3148437)</u> | <u>(9981550)</u> |
| Net increase (decrease) | <u>(2391175)</u> | <u>(5204030)</u> | <u>$(2391175)</u> | <u>$(5204030)</u> |
| **Daily Money Class** |  |  |  |  |
| Shares sold | 47575253 | 158101714 | $47575253 | $158101714 |
| Reinvestment of distributions  | 788791 | 2087033 | 788791 | 2087033 |
| Shares redeemed | <u>(51648918)</u> | <u>(177624701)</u> | <u>(51648918)</u> | <u>(177624700)</u> |
| Net increase (decrease) | <u>(3284874)</u> | <u>(17435954)</u> | <u>$(3284874)</u> | <u>$(17435953)</u> |
| **Fidelity Tax-Exempt Money Market Fund** |  |  |  |  |
| Shares sold | 467035985 | 796454175 | $467035985 | $796454175 |
| Reinvestment of distributions  | 10832040 | 24983683 | 10832040 | 24983683 |
| Shares redeemed | <u>(460942110)</u> | <u>(810588726)</u> | <u>(460942110)</u> | <u>(810588726)</u> |
| Net increase (decrease) | <u>16925915</u> | <u>10849132</u> | <u>$16925915</u> | <u>$10849132</u> |
| **Premium Class** |  |  |  |  |
| Shares sold | 1855500797 | 3255168144 | $1855500797 | $3255170143 |
| Reinvestment of distributions  | 24476820 | 52294589 | 24476820 | 52294589 |
| Shares redeemed | <u>(1634161530)</u> | <u>(3042577771)</u> | <u>(1634161530)</u> | <u>(3042577771)</u> |
| Net increase (decrease) | <u>245816087</u> | <u>264884962</u> | <u>$245816087</u> | <u>$264886961</u> |

---

**8. Other.**

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

**9. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img131261_4.jpg)<br>

1.703547.128 DMFI-SANN-0626

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](ex99.htm) .

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT](ex99.906.htm) .

SIGNATURES

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

Fidelity Newbury Street Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; June 22, 2026 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; June 22, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; June 22, 2026 |

---

## Ex-99.Cert

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

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

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity 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 22, 2026

---

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

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity 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 22, 2026

---

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

---

## Exhibit 99.906

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

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

In connection with the attached Report of Fidelity 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 22, 2026

---

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

---

Dated: June 22, 2026

---

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

---

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

<br>