# EDGAR Filing Document

**Accession Number:** 0001022695
**File Stem:** 0001022695-25-000022
**Filing Date:** 2025-7
**Character Count:** 302428
**Document Hash:** 6a1a25fc1856b38e3847c9d73791f682
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001022695-25-000022.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001022695-25-000022

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**EFFECTIVENESS DATE**: 20250723

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07807
- **FILM NUMBER:** 251142094

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-07807</u>

<u>Fidelity Revere Street Trust</u>

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| Date of fiscal year end: | May 31 |
| Date of reporting period: | May 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Securities Lending Cash Central Fund<br> **Fidelity® Securities Lending Cash Central Fund true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Securities Lending Cash Central Fund for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $31287008376<br>|
| Number of Holdings | 16<br>|
| Total Advisory Fee | $0<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 82.9 |
| 8-30 | 7.7 |
| 31-60 | 7.7 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 78.6 |
| U.S. Treasury Obligations | 18.0 |
| Non-Negotiable Time Deposit | 1.7 |
| Net Other Assets (Liabilities) | 1.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img761_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 78.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 18.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Non-Negotiable Time Deposit - 1.7&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 1.7&nbsp;&nbsp;&nbsp;&nbsp; |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 .

The fund's principal investment risks were updated in connection with the implementation of recent rule amendments related to money market funds adopted by the SEC.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img761_20250531_1.jpg)<br>| ![](img109694_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> 1.9913316.101 761-TSRA-0725 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Municipal Cash Central Fund<br> **Fidelity® Municipal Cash Central Fund true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Municipal Cash Central Fund for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4205639702<br>|
| Number of Holdings | 450<br>|
| Total Advisory Fee | $0<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 98.1 |

---

Variable Rate Demand Notes (VRDNs) 69.2 <br> Tender Option Bond 28.9 <br> Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img698_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 69.2 |
| Tender Option Bond - 28.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 1.9&nbsp;&nbsp;&nbsp;&nbsp; |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 .

The fund's principal investment risks were updated in connection with the implementation of recent rule amendments related to money market funds adopted by the SEC.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img698_20250531_1.jpg)<br>| ![](img109697_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> 1.9913315.101 698-TSRA-0725 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Cash Central Fund<br> **Fidelity® Cash Central Fund true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Cash Central Fund for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $55069730076<br>|
| Number of Holdings | 17<br>|
| Total Advisory Fee | $0<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 82.8 |
| 8-30 | 8.3 |
| 31-60 | 7.3 |
| 61-90 | 0.1 |

---

---

| | |
|:---|:---|
| Repurchase Agreements | 78.2 |
| U.S. Treasury Obligations | 18.6 |
| Non-Negotiable Time Deposit | 1.7 |
| Net Other Assets (Liabilities) | 1.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img693_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 78.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 18.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Non-Negotiable Time Deposit - 1.7&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 1.5&nbsp;&nbsp;&nbsp;&nbsp; |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 .

The fund's principal investment risks were updated in connection with the implementation of recent rule amendments related to money market funds adopted by the SEC.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img693_20250531_1.jpg)<br>| ![](img109710_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> 1.9913314.101 693-TSRA-0725 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Tax-Free Cash Central Fund<br> **Fidelity® Tax-Free Cash Central Fund true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Tax-Free Cash Central Fund for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2412130368<br>|
| Number of Holdings | 336<br>|
| Total Advisory Fee | $0<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 96.5 |

---

Variable Rate Demand Notes (VRDNs) 69.1 <br> Tender Option Bond 27.4 <br> Net Other Assets (Liabilities) 3.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1335_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 69.1 |
| Tender Option Bond - 27.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 3.5&nbsp;&nbsp;&nbsp;&nbsp; |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 .

The fund's principal investment risks were updated in connection with the implementation of recent rule amendments related to money market funds adopted by the SEC.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1335_20250531_1.jpg)<br>| ![](img109687_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> 1.9913317.101 1335-TSRA-0725 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, May 31, 2025, Fidelity Revere Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

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

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Tax-Free Cash Central Fund (the "Fund"):

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Tax-Free Cash Central Fund | $31800  | $- | $5800  | $600  |

---

**<u>May 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Tax-Free Cash Central Fund | $30300  | $-  | $5600  | $700  |

---

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

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Cash Central Fund,

Fidelity Municipal Cash Central Fund, and Fidelity Securities Lending Cash Central Fund (the "Funds"):

**<u>Services Billed by PwC</u>**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Cash Central Fund | $40700  | $2900  | $2200  | $1200  |
| Fidelity Municipal Cash Central Fund | $31900  | $2400  | $2200  | $1000  |
| Fidelity Securities Lending Cash Central Fund | $39800  | $2900  | $2200  | $1200  |

---

**<u>May 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Cash Central Fund | $39700  | $2900  | $2100  | $1200  |
| Fidelity Municipal Cash Central Fund | $31100  | $2400  | $2100  | $1000  |
| Fidelity Securities Lending Cash Central Fund | $39000  | $2900  | $2100  | $1200  |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | **<u>May 31, 2025</u><sup>A</sup>** | **<u>May 31, 2024</u><sup>A</sup>** |
| Audit-Related Fees | $125000 | $200000 |
| Tax Fees | $- | $- |
| All Other Fees | $3964900 | $935000 |

---

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

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | **<u>May 31, 2025</u><sup>A</sup>** | **<u>May 31, 2024</u><sup>A</sup>** |
| Audit-Related Fees | $9845100  | $9367800  |
| Tax Fees | $1000  | $61000  |
| All Other Fees | $35000  | $- |

---

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

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

---

| | | |
|:---|:---|:---|
| **<u>Billed By</u>** | **<u>May 31, 2025</u><sup>A</sup>** | **<u>May 31, 2024</u><sup>A</sup>** |
| Deloitte Entities | $4477600  | $5165800  |
| PwC | $14895800  | $14881300  |

---

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

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to

be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

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

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

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

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

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

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

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

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company

Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

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

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

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

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

**Annual Report**

**May 31, 2025**

![](img109665_1.jpg)

![](img109665_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_TFC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Tax-Free Cash Central Fund](#Sub_Sec_Fund_1335_TFC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1335_TFC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_TFC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_TFC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TFC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TFC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TFC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TFC-ANN)** |

---

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

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

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

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

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

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

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

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

**Schedule of Investments May 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tender Option Bond - 27.4%** | &nbsp;&nbsp;**Tender Option Bond - 27.4%** | &nbsp;&nbsp;**Tender Option Bond - 27.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 0.6%  |  |  |
| Alabama Infirmary Health Rev Participating VRDN Series 5065, 2% 2/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5700000 | 5700000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 XM1127, 3.15% 6/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2800000 | 2800000 |
| Black Belt Energy Gas District Participating VRDN Series 2024 XM1190, 2.02% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 300000 | 300000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XM1233, 2.02% 3/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 300000 | 300000 |
| East Alabama Health Care Auth Participating VRDN Series 2025 BAML5061, 3.14% 9/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 2800000 | 2800000 |
| Southeast Alabama Gas Supply District Participating VRDN Series 2023 ZL0521, 2.02% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2500000 | 2500000 |
| TOTAL ALABAMA |  | 14400000 |
| Alabama,Arizona - 0.0%  |  |  |
| Jefferson County AL Board Ed Participating VRDN Series 2023 YX1319, 2.01% 2/1/2046 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2025000 | 2025000 |
| Arizona - 0.3%  |  |  |
| Arizona Health Facilities Auth Rev Participating VRDN Series 2022 MIZ9101, 2.17% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 200000 | 200000 |
| Arizona Health Facs Auth Rev Participating VRDN Series 3384, 2% 1/1/2037 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2100000 | 2100000 |
| Arizona Indl Dev Auth Hosp Rev Participating VRDN Series 2022 XM1013, 3.17% 2/1/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4460000 | 4460000 |
| Mesa AZ Util Sys Rev Participating VRDN 2.02% 7/1/2046 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 700000 | 700000 |
| TOTAL ARIZONA |  | 7460000 |
| Colorado - 0.2%  |  |  |
| Colorado Health Facilities Authority Participating VRDN Series 2023 XG0491, 2% 11/15/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1730000 | 1730000 |
| Regional Transn Dist CO Sales Participating VRDN Series 2025 CF7024, 2% 11/1/2033 (Liquidity Facility Citibank NA) (b)(c) | 1900000 | 1900000 |
| TOTAL COLORADO |  | 3630000 |
| Connecticut - 0.4%  |  |  |
| Connecticut Gen. Oblig. Participating VRDN Series 2017 016, 2.01% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5400000 | 5400000 |
| Connecticut Gen. Oblig. Participating VRDN Series 2017 014, 2.01% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4840000 | 4840000 |
| TOTAL CONNECTICUT |  | 10240000 |
| District Of Columbia - 0.4%  |  |  |
| District Columbia Gen. Oblig. Participating VRDN 3.05% 1/1/2048 (Liquidity Facility UBS AG) (b)(c) | 3200000 | 3200000 |
| District Columbia Income Tax Rev Participating VRDN Series 2025 ZF3380, 2% 6/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 4660000 | 4660000 |
| Metropolitan Washington Arpts Auth Dulles Toll Road Rev Participating VRDN Series 2019 XG0267, 2.02% 10/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(c) | 25000 | 25000 |
| Metropolitan Washington Arpts Auth Dulles Toll Road Rev Participating VRDN Series 2019 XF0853, 2.01% 10/1/2044 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 835000 | 835000 |
| TOTAL DISTRICT OF COLUMBIA |  | 8720000 |
| Florida - 2.5%  |  |  |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN 3.17% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5500000 | 5500000 |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN Series 2023 XF1641, 2.07% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2300000 | 2300000 |
| County of Broward FL Tourist Development Tax Revenue Participating VRDN Series 2023 XL0429, 2.08% 9/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 460000 | 460000 |
| Florida Dev Fin Corp Healthcare Facility Rev Participating VRDN 3.08% 2/1/2045 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1600000 | 1600000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN 2% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3330000 | 3330000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN 2% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1200000 | 1200000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1229, 2% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1200000 | 1200000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1246, 2% 11/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1000000 | 1000000 |
| Jacksonville Fla Spl Rev Participating VRDN Series 2025 XL0618, 3.1% 10/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2800000 | 2800000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN Series 2025 XF1845, 3.1% 10/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2555000 | 2555000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN Series 2025 XM1219, 3.1% 10/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3750000 | 3750000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN Series 2025 CF7023, 2.02% 3/15/2047 (Liquidity Facility Citibank NA) (b)(c) | 2100000 | 2100000 |
| Miami-Dade Cnty FL Wtr & Swr Rev Participating VRDN Series 2023 XF3122, 2% 10/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4280000 | 4280000 |
| Miami-Dade County Expressway Auth Participating VRDN Series 2019 XG0252, 2.02% 7/1/2034 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1300000 | 1300000 |
| Miami-Dade FL The Villages Apts Participating VRDN Series 2024 MIZ9196, 3.17% 5/14/2036 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 6890000 | 6890000 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev Participating VRDN Series 2022 XG0370, 2.07% 8/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 400000 | 400000 |
| Pasco County FL Hosp Rev Participating VRDN Series 2023 XM1155, 2% 7/1/2030 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1000000 | 1000000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN 2.04% 8/15/2036 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2400000 | 2400000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN Series 2018 XG0173, 2.07% 8/15/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 900000 | 900000 |
| Tampa FL Hosp Rev Participating VRDN Series 2025 XG0613, 2% 8/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 900000 | 900000 |
| Tampa Fla Wtr & Wastewtr Sys Participating VRDN Series 2023 ZL0485, 2% 10/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 1665000 | 1665000 |
| Volusia County FL Deltona Med Center Participating VRDN Series 5078, 3.1% 12/15/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 13820000 | 13820000 |
| TOTAL FLORIDA |  | 61350000 |
| Georgia - 0.7%  |  |  |
| Brookhaven Development Authority Participating VRDN Series 2023 XF1503, 3.1% 7/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 9400000 | 9400000 |
| Burke County Indl Dev Auth Poll Cont Rev Participating VRDN 2.01% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1000000 | 1000000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XF1554, 2.01% 1/1/2059 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 300000 | 300000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XG0470, 2.02% 1/1/2059 (Liquidity Facility Bank of America, N.A.) (b)(c) | 500000 | 500000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XG0472, 2.01% 1/1/2063 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2500000 | 2500000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XF1601, 2% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1000000 | 1000000 |
| Main Street Natural Gas Inc Participating VRDN Series 2023 XG0489, 2% 12/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2710000 | 2710000 |
| Main Street Natural Gas Inc Participating VRDN Series 2024 XM1187, 2.02% 6/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 300000 | 300000 |
| Muni Elec Auth of Georgia Participating VRDN Series 2019 XG0254, 2.02% 1/1/2063 (Liquidity Facility Bank of America, N.A.) (b)(c) | 250000 | 250000 |
| TOTAL GEORGIA |  | 17960000 |
| Hawaii - 0.0%  |  |  |
| Hawaii Dpt Bg & Fin Spl Pur Rev Participating VRDN Series 2025 XM1242, 2.05% 7/1/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1290000 | 1290000 |
| Illinois - 1.4%  |  |  |
| Chicago IL Gen. Oblig. Participating VRDN 2.01% 11/27/2028 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 7875000 | 7875000 |
| Chicago Transit Auth Participating VRDN Series 2023 XG0487, 2% 12/1/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3660000 | 3660000 |
| IL Met Pier & Exp Auth Participating VRDN Series 2025 XF1905, 2.01% 6/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2825000 | 2825000 |
| Illinois Fin Auth Participating VRDN 2% 5/15/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1500000 | 1500000 |
| Illinois Gen. Oblig. Participating VRDN 2.02% 11/1/2029 (Liquidity Facility Bank of America, N.A.) (b)(c) | 250000 | 250000 |
| Illinois Gen. Oblig. Participating VRDN 2.02% 5/1/2039 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1800000 | 1800000 |
| Illinois Gen. Oblig. Participating VRDN Series 2019 XM0759, 2.02% 11/1/2025 (Liquidity Facility Bank of America, N.A.) (b)(c) | 390000 | 390000 |
| Illinois Gen. Oblig. Participating VRDN Series 2022 XL0260, 2% 3/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1200000 | 1200000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN 2% 1/1/2045 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1600000 | 1600000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN Series 2023 XF1533, 2.03% 1/1/2044 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1330000 | 1330000 |
| Illinois St Toll Hwy Auth Hwy Rev Participating VRDN Series 2023 ZF3156, 2% 1/1/2041 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2165000 | 2165000 |
| Metropolitan Pier & Exposition Participating VRDN Series 2015 XF1045, 2.01% 6/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 400000 | 400000 |
| Pittsburg WTSW Participating VRDN 3.13% 11/15/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 7900000 | 7900000 |
| TOTAL ILLINOIS |  | 32895000 |
| Indiana - 0.3%  |  |  |
| Indian Fin Auth Univ Hlth Participating VRDN Series E 161, 2% 10/1/2064 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6100000 | 6100000 |
| Iowa - 0.0%  |  |  |
| State of Iowa Board of Regents Participating VRDN 2% 9/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(c) | 500000 | 500000 |
| Kansas - 0.1%  |  |  |
| Wyandotte County KS Uni Sch Dist Participating VRDN Series 2025 ZF1821, 2% 9/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2850000 | 2850000 |
| Kentucky - 0.3%  |  |  |
| CommonSpirit Health Participating VRDN Series 2020 MIZ9021, 2.07% 5/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 600000 | 600000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1189, 2.02% 8/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 300000 | 300000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1188, 2.02% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 300000 | 300000 |
| Kentucky Property & Buildings Commission Rev Participating VRDN Series 2017 XG0113, 2.01% 4/1/2032 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5600000 | 5600000 |
| Louisville & Jefferson KY Swr Sys Rev Participating VRDN 2% 5/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 800000 | 800000 |
| TOTAL KENTUCKY |  | 7600000 |
| Louisiana - 2.0%  |  |  |
| Louisiana Pub Facilities Auth Hosp Rev Participating VRDN Series 2023 BAML5041, 3.08% 12/1/2052 (Liquidity Facility Bank of America, N.A.) (b)(c) | 47700000 | 47700000 |
| Massachusetts - 0.2%  |  |  |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2025 XM1251, 3.05% 1/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4420000 | 4420000 |
| Michigan - 5.0%  |  |  |
| Bronson MI Hlth Rev Participating VRDN Series 2025 XL0615, 2% 5/15/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2625000 | 2625000 |
| Eastern Michigan Univ Revs Participating VRDN 3.08% 3/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 41800000 | 41800000 |
| Michigan Fin Auth Rev Participating VRDN Series 2019 XF0782, 2% 2/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 585000 | 585000 |
| Michigan Fin Auth Rev Participating VRDN Series 2023 XF1667, 2% 11/15/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2250000 | 2250000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN 3.08% 12/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(c) | 18290000 | 18290000 |
| Michigan St Hosp Fin Auth Rev Participating VRDN 2% 11/15/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2500000 | 2500000 |
| Pittsburg WTSW Participating VRDN 3.13% 5/15/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 52000000 | 52000000 |
| TOTAL MICHIGAN |  | 120050000 |
| Minnesota - 0.2%  |  |  |
| Duluth Econ Dev Auth Health Care Facs Rev Participating VRDN Series 2023 XG0523, 2.01% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4685000 | 4685000 |
| Missouri - 0.8%  |  |  |
| Missouri Health & Edl Facilities Auth Participating VRDN Series 2023 XF1611, 2.01% 11/15/2045 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3750000 | 3750000 |
| Missouri Health & Edl Facilities Auth Rev Participating VRDN Series C 16, 2.02% 3/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 7800000 | 7800000 |
| Missouri Health & Edl Facs Rev Participating VRDN Series C 23, 2.01% 6/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3200000 | 3200000 |
| Missouri Hlth & Edl Facs Rev Participating VRDN Series 2025 XF1841, 2% 4/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2670000 | 2670000 |
| Missouri St Hsg Dev Commn Single Family Mtg Rev Participating VRDN Series 2025 XF1885, 2% 11/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1250000 | 1250000 |
| Montana Hlth Facs Auth Rev Participating VRDN 2% 11/15/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 600000 | 600000 |
| TOTAL MISSOURI |  | 19270000 |
| Nebraska - 0.2%  |  |  |
| Central Plains Energy Proj Rev Participating VRDN Series 2022 ZL0301, 2.02% 5/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 145000 | 145000 |
| Nebraska Invt Fin Auth Sfh Rev Participating VRDN Series 2024 XF1774, 2% 9/1/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2450000 | 2450000 |
| Nebraska Invt Fin Auth Sfh Rev Participating VRDN Series 2024 YX1335, 2% 9/1/2054 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1910000 | 1910000 |
| TOTAL NEBRASKA |  | 4505000 |
| New Jersey - 0.3%  |  |  |
| New Jersey Econ Dev Auth Participating VRDN Series 2018 XF2538, 2% 6/15/2040 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2810000 | 2810000 |
| New Jersey Trans Trust Fund Auth Participating VRDN 2% 6/15/2046 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1100000 | 1100000 |
| New Jersey Trans Trust Fund Auth Participating VRDN Series 2023 XF1557, 2% 6/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2000000 | 2000000 |
| New Jersey Turnpike Authority Participating VRDN 2.02% 1/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1200000 | 1200000 |
| TOTAL NEW JERSEY |  | 7110000 |
| New York - 0.9%  |  |  |
| City of New York NY Gen. Oblig. Participating VRDN Series 2025 XL0612, 3.1% 2/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2100000 | 2100000 |
| New York City Gen. Oblig. Participating VRDN 2% 9/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2950000 | 2950000 |
| New York City Transitional Finance Authority Participating VRDN 3% 5/1/2054 (Liquidity Facility UBS AG) (b)(c) | 1330000 | 1330000 |
| New York City Transitional Finance Authority Participating VRDN Series 2023 XF1660, 3.1% 5/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3750000 | 3750000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2025 XF1891, 3.1% 6/15/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2250000 | 2250000 |
| NY St Dorm Auth Revs Non St Supported Debt Participating VRDN Series 2025 XF1892, 3.1% 7/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3625000 | 3625000 |
| Triborough Brdg & Tunl NY Revs Participating VRDN Series 2022 009, 3.05% 11/15/2042 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5600000 | 5600000 |
| TOTAL NEW YORK |  | 21605000 |
| Ohio - 0.8%  |  |  |
| Middletown Hosp Facilities Rev Participating VRDN Series 2024 BAML5056, 3.08% 11/15/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 13300000 | 13300000 |
| Montgomery County Hosp Rev Participating VRDN 2.01% 11/15/2045 (Liquidity Facility Barclays Bank PLC) (b)(c) | 800000 | 800000 |
| Ohio Hosp Rev Participating VRDN Series C 18, 2.01% 1/15/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 300000 | 300000 |
| Ohio Housing Finance Agency Participating VRDN Series 2024 XF1762, 2% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 965000 | 965000 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Participating VRDN Series 2024 XL0540, 2% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3490000 | 3490000 |
| TOTAL OHIO |  | 18855000 |
| Oregon - 0.2%  |  |  |
| Clackamas Cnty OR Sch Dist No 62 Participating VRDN Series 2023 XG0533, 2.01% 6/15/2049 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3905000 | 3905000 |
| Multinomah OR Adventist Health Participating VRDN 2% 3/1/2040 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 900000 | 900000 |
| TOTAL OREGON |  | 4805000 |
| Pennsylvania - 2.1%  |  |  |
| Allegheny County Arpt Auth Rev Participating VRDN Series 2018 XX1094, 2.01% 4/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2260000 | 2260000 |
| Allegheny County Arpt Auth Rev Participating VRDN Series 2024 XF1685, 2% 1/1/2056 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6015000 | 6015000 |
| Geisinger Auth PA Hlth Sys Rev Participating VRDN Series 2025 XF3344, 2% 2/15/2045 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2000000 | 2000000 |
| Lehigh County Gen Purp Hosp Rev Participating VRDN 3.08% 7/1/2033 (Liquidity Facility Bank of America, N.A.) (b)(c) | 2475000 | 2475000 |
| Montgomery County Higher Ed & Health Auth Rev Participating VRDN Series 2023 XG0528, 2.01% 9/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 900000 | 900000 |
| Pennsylvania Hsg Fin Agcy Multi Fam Hsg Dev Rev Participating VRDN 3.17% 9/19/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 2600000 | 2600000 |
| Philadelphia PA Auth For Indl Dev Hosp Rev Participating VRDN Series 2025 XF1898, 3.1% 7/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 7700000 | 7700000 |
| Philadelphia PA Auth For Indl Dev Hosp Rev Participating VRDN Series 2025 XL0621, 3.1% 7/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3700000 | 3700000 |
| Philadelphia PA Auth For Indl Dev Hosp Rev Participating VRDN Series 2025 XX1395, 3.08% 7/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4345000 | 4345000 |
| Philadelphia School District Participating VRDN Series 2023 XG0536, 2% 9/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2500000 | 2500000 |
| Southeastern PA Transn Auth Rev Participating VRDN 2% 6/1/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4000000 | 4000000 |
| Thomas Jefferson University Participating VRDN Series 2024 XF1769, 2% 11/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 900000 | 900000 |
| Thomas Jefferson University Participating VRDN Series 5077, 2% 11/1/2064 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 9400000 | 9400000 |
| Westmoreland Cnty PA Participating VRDN Series 2017 YX1075, 2.01% 8/15/2036 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1700000 | 1700000 |
| TOTAL PENNSYLVANIA |  | 50495000 |
| South Carolina - 0.5%  |  |  |
| Patriots Energy Group Fing Agcy Participating VRDN Series 2023 XG0539, 2% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3750000 | 3750000 |
| Prism Health SC Participating VRDN 2% 5/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5800000 | 5800000 |
| South Carolina Pub Svc Auth Rev Participating VRDN Series 2023 XF1548, 2% 12/1/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3000000 | 3000000 |
| TOTAL SOUTH CAROLINA |  | 12550000 |
| Tennessee - 2.5%  |  |  |
| Chattanooga YN Commonspirit Health Participating VRDN Series 2025 XG0611, 2% 8/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1970000 | 1970000 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Participating VRDN Series 2025 CF7031, 2% 1/1/2042 (Liquidity Facility Citibank NA) (b)(c) | 1400000 | 1400000 |
| Sullivan County Health Ed and Hsg Board Participating VRDN 3.08% 9/1/2036 (Liquidity Facility Bank of America, N.A.) (b)(c) | 55935000 | 55935000 |
| TOTAL TENNESSEE |  | 59305000 |
| Texas - 2.3%  |  |  |
| Greenwood Tex Indpt Sch Dist Participating VRDN 3.1% 2/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4000000 | 4000000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev Participating VRDN Series 2023 XF3203, 2.12% 7/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 600000 | 600000 |
| Harris Cnty TX Flood Ctl Dist Gen. Oblig. Participating VRDN 2% 10/1/2046 (Liquidity Facility Citibank NA) (b)(c) | 1300000 | 1300000 |
| Harris Cnty TX Gen. Oblig. Participating VRDN 2% 9/15/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2160000 | 2160000 |
| Harris County Children's Hosp Participating VRDN Series E 149, 2% 10/1/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1700000 | 1700000 |
| Lamar TX Isd Participating VRDN 2.02% 2/15/2058 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1800000 | 1800000 |
| Lamar TX Isd Participating VRDN Series 2023 XM1103, 3.1% 2/15/2058 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2500000 | 2500000 |
| Lamar TX Isd Participating VRDN Series 2025 XX1391, 2% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 900000 | 900000 |
| Lamar TX Isd Participating VRDN Series 2025 ZF3318, 2.02% 2/15/2058 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1100000 | 1100000 |
| Las Varas TX Multi Fam Hsg Auth Participating VRDN Series 2024 MIZ9171, 3.17% 9/26/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 7475000 | 7475000 |
| Los Angeles CA Multi Fam Mtg Rev Participating VRDN Series 2024 MIZ9195, 2.07% 7/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 3400000 | 3400000 |
| North Ft Bend Wtr Auth Tex Wtrsys Rev Participating VRDN Series 2023 XL0422, 2.08% 12/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 215000 | 215000 |
| Princeton TX Indpt Sch Dist Participating VRDN Series 2023 XF3192, 1.99% 2/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3125000 | 3125000 |
| Royse City TX Indpt Sch Dist Participating VRDN 2% 2/15/2053 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1670000 | 1670000 |
| San Antonio TX Elec & Gas Rev Participating VRDN 3.1% 2/1/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2100000 | 2100000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev Participating VRDN 2.02% 11/15/2051 (Liquidity Facility Bank of America, N.A.) (b)(c) | 755000 | 755000 |
| Tarrant County Cultural Ed Facilities Fin Corp Rev Participating VRDN Series 2022 XG0399, 2% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3750000 | 3750000 |
| Texas Wtr Dev Brd Participating VRDN Series 2023 XF1528, 2.01% 4/15/2049 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2855000 | 2855000 |
| Texas Wtr Dev Brd Participating VRDN Series 2023 XF3154, 2% 10/15/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2000000 | 2000000 |
| Texas Wtr Dev Brd Participating VRDN Series 2023 ZF1678, 2% 10/15/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3420000 | 3420000 |
| Travis TX Hog Eye Apts Participating VRDN Series 2024 MIZ9197, 3.17% 2/1/2068 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 2900000 | 2900000 |
| Tuloso Midway TX Indpt Sch Dst Participating VRDN 3.1% 8/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2830000 | 2830000 |
| Waller TX Indpt Sch Dist Participating VRDN Series 2025 XG0596, 2% 2/15/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3405000 | 3405000 |
| TOTAL TEXAS |  | 55960000 |
| Virginia - 0.6%  |  |  |
| Norfolk Econ Dev Health Care Facs Participating VRDN 2.01% 11/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3000000 | 3000000 |
| Suffolk Econ Dev Auth Hosp Facs Rev Participating VRDN Series 2020 MIZ9025, 2.07% 11/1/2035 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 8100000 | 8100000 |
| Virginia Small Business Fing Auth Healthcare Facs Rev Participating VRDN 3.15% 12/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3500000 | 3500000 |
| TOTAL VIRGINIA |  | 14600000 |
| Washington - 0.5%  |  |  |
| Multicare Health Sys Participating VRDN Series E 153, 2% 8/15/2044 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3600000 | 3600000 |
| Seattle WA Mun Lt & Pwr Rev Participating VRDN Series 2023 XL0482, 3.1% 7/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 6670000 | 6670000 |
| Washington Health Care Facs Auth Rev Participating VRDN Series 2023 XF1514, 2.01% 10/1/2044 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2025000 | 2025000 |
| TOTAL WASHINGTON |  | 12295000 |
| West Virginia - 0.2%  |  |  |
| West Virginia Hosp Fin Auth Hosp Rev Participating VRDN Series 2023 XF1537, 2.01% 6/1/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 5520000 | 5520000 |
| Wisconsin - 0.9%  |  |  |
| Wisconsin Health & Edl Facilities Auth Rev Participating VRDN 3.14% 2/15/2040 (Liquidity Facility Bank of America, N.A.) (b)(c) | 21100000 | 21100000 |
| <br> **TOTAL TENDER OPTION BOND**<br> (Cost $661,850,000) |  | <br> **661850000** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Variable Rate Demand Note - 69.1%** | &nbsp;&nbsp;**Variable Rate Demand Note - 69.1%** | &nbsp;&nbsp;**Variable Rate Demand Note - 69.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 1.8%  |  |  |
| Columbia AL Indl Dev Brd Pcr (Alabama Power & Light Proj.) Series 2014A, 3% 12/1/2037 VRDN (b) | 12665000 | 12665000 |
| Columbia AL Indl Dev Brd Pcr (Alabama Power & Light Proj.) Series 2014B, 3% 12/1/2037 VRDN (b) | 23900000 | 23900000 |
| Eutaw AL Idl Dev Bd Pln Ctl Rv (Alabama Power & Light Proj.) 3% 6/1/2028 VRDN (b) | 1600000 | 1600000 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3% 6/1/2034 VRDN (b) | 4400000 | 4400000 |
| TOTAL ALABAMA |  | 42565000 |
| Alaska - 1.0%  |  |  |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 1.93% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (b) | 900000 | 900000 |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 2.03% 3/1/2035 (ConocoPhillips Guaranteed) VRDN (b) | 9400000 | 9400000 |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 2.03% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (b) | 15000000 | 15000000 |
| TOTAL ALASKA |  | 25300000 |
| Arizona - 0.7%  |  |  |
| Arizona Brd Regents AZ St Univ Sys Rev (Arizona St Univ Revs Proj.) Series 2025C, 2.12% 7/1/2055 VRDN (b) | 4700000 | 4700000 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) Series 2019 A, 3% 2/1/2048, LOC TD Bank NA VRDN (b) | 6820000 | 6820000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.2% 5/1/2029 VRDN (b) | 6300000 | 6300000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.25% 5/1/2029 VRDN (b) | 200000 | 200000 |
| TOTAL ARIZONA |  | 18020000 |
| Colorado - 1.9%  |  |  |
| Colorado Health Facilities Authority (Childrens Hospital Assoc, Co Proj.) Series 2020A, 3% 12/1/2052, LOC TD Bank NA VRDN (b) | 2675000 | 2675000 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) 3% 5/15/2064 VRDN (b) | 15500000 | 15500000 |
| University of Colorado Hospital Authority Series 2018 A, 1.75% 11/15/2030 VRDN (b) | 16750000 | 16750000 |
| University of Colorado Hospital Authority Series 2018B, 3% 11/15/2035 VRDN (b) | 11235000 | 11235000 |
| TOTAL COLORADO |  | 46160000 |
| Connecticut - 0.4%  |  |  |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) 1.95% 11/15/2048 (Liquidity Facility TD Bank NA) VRDN (b) | 1200000 | 1200000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2018 B 3, 1.95% 11/15/2048 (Liquidity Facility Royal Bank of Canada) VRDN (b) | 1025000 | 1025000 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale-New Haven Hospital Inc Proj.) Series 2024C 1, 1.85% 7/1/2060 VRDN (b) | 8200000 | 8200000 |
| TOTAL CONNECTICUT |  | 10425000 |
| Delaware - 0.0%  |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 2.2% 10/1/2028 VRDN (b) | 800000 | 800000 |
| District Of Columbia - 0.1%  |  |  |
| District Columbia Hsg Fin Mult (Park 7 Gp Llc Proj.) Series 2012, 1.98% 2/1/2046, LOC Freddie Mac Non Gold Pool VRDN (b) | 2040000 | 2040000 |
| Florida - 1.5%  |  |  |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series 2ND, 1.9% 4/1/2039 VRDN (b) | 3300000 | 3300000 |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series FIRST 2009, 2.4% 4/1/2039 VRDN (b) | 3800000 | 3800000 |
| FL Pcr Power And Light (Florida Pwr & Lt Co Proj.) 2.45% 5/1/2029 VRDN (b) | 2500000 | 2500000 |
| Gainesville FL Utils Sys Rev Series 2019C, 3.03% 10/1/2047, LOC Bank of America NA VRDN (b) | 14300000 | 14300000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) 3% 11/15/2054 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (b) | 9615000 | 9615000 |
| Palm Beach Cnty FL Rev (Raymond F Kravis Center For The Performing Arts Inc Proj.) 2% 7/1/2032, LOC Northern Trust CO Chicago VRDN (b) | 3110000 | 3110000 |
| TOTAL FLORIDA |  | 36625000 |
| Georgia - 2.3%  |  |  |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) 3.1% 7/1/2049 VRDN (b) | 23240000 | 23240000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2018, 3.05% 11/1/2052 VRDN (b) | 3800000 | 3800000 |
| Coweta Cnty GA Dev Au Poll Ctl (Georgia Power Co Proj.) 3.2% 6/1/2032 VRDN (b) | 1000000 | 1000000 |
| Heard Cnty GA Dev Auth Poll Cont Rev (Georgia Power Co Proj.) 3.05% 9/1/2029 VRDN (b) | 22000000 | 22000000 |
| Monroe Cnty GA Dev Auth Pcr (Florida Pwr & Lt Co Proj.) Series 2010 1, 2.25% 6/1/2049 VRDN (b) | 500000 | 500000 |
| Monroe Cnty GA Dev Auth Pcr (Florida Pwr & Lt Co Proj.) Series FIRST 2002, 2.12% 9/1/2037 VRDN (b) | 1900000 | 1900000 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) 3.2% 4/1/2032 VRDN (b) | 4000000 | 4000000 |
| TOTAL GEORGIA |  | 56440000 |
| Illinois - 2.4%  |  |  |
| Illinois Dev Fin Auth Rev (Glenwood School For Boys, Il Proj.) 2.17% 2/1/2033, LOC Northern Trust CO Chicago VRDN (b) | 700000 | 700000 |
| Illinois Fin Auth Rev (University Of Chicago Hosps,Il Proj.) 2.85% 8/1/2043, LOC TD Bank NA VRDN (b) | 7650000 | 7650000 |
| Illinois Fin Auth Rev (University Of Chicago Hosps,Il Proj.) 2.85% 8/1/2044, LOC TD Bank NA VRDN (b) | 7130000 | 7130000 |
| Illinois Finance Authority Rev (Northwestern Memorial Hosp,Il Proj.) Series 2021D, 1.85% 7/15/2055 VRDN (b) | 43600000 | 43600000 |
| TOTAL ILLINOIS |  | 59080000 |
| Indiana - 2.1%  |  |  |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) 1.9% 9/1/2048, LOC Barclays Bank PLC VRDN (b) | 3700000 | 3700000 |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) 3.05% 11/1/2037, LOC Barclays Bank PLC VRDN (b) | 7300000 | 7300000 |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) 3.05% 11/1/2037, LOC Barclays Bank PLC VRDN (b) | 3070000 | 3070000 |
| Indiana Fin Auth Hosp Rev (Parkview Health System Proj.) 3% 11/1/2039, LOC TD Bank NA VRDN (b) | 15385000 | 15385000 |
| Indiana Mun Pwr Agy Pwr Supply Series 2019 B, 3% 1/1/2042, LOC Truist Bank VRDN (b) | 8100000 | 8100000 |
| Indiana St Fin Auth Environmental Rev (Arcelormittal Sa Luxembourg Proj.) 2.05% 6/1/2035, LOC Cooperatieve Rabobank UA/NY VRDN (b) | 1500000 | 1500000 |
| Indiana St Fin Auth Rev (Ascension Health Credit Group Proj.) 1.85% 11/15/2036 VRDN (b) | 1300000 | 1300000 |
| Indiana St Fin Auth Rev (Ascension Health Credit Group Proj.) 2.03% 11/15/2033 VRDN (b) | 10725000 | 10725000 |
| TOTAL INDIANA |  | 51080000 |
| Iowa - 1.3%  |  |  |
| Iowa Fin Auth Health Facs Rev (Unitypoint Health Proj.) Series 2013B 2, 2.8% 2/15/2039, LOC TD Bank NA VRDN (b) | 10400000 | 10400000 |
| Iowa Fin Auth Pollutn Ctl Fac Rev (Midamerican Energy Co Proj.) Series 2016A, 2.1% 9/1/2036 VRDN (b) | 7600000 | 7600000 |
| Iowa Fin Auth Rev (Unitypoint Health Proj.) Series 2018 F, 2.8% 7/1/2041, LOC TD Bank NA VRDN (b) | 14510000 | 14510000 |
| TOTAL IOWA |  | 32510000 |
| Kansas - 1.8%  |  |  |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.4% 9/1/2035 VRDN (b) | 4200000 | 4200000 |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.4% 9/1/2035 VRDN (b) | 2650000 | 2650000 |
| LA Cygne KS Pollution Ctl Rev (Evergy Kansas South Proj.) 2.5% 4/15/2027 VRDN (b) | 3040000 | 3040000 |
| St Marys Kans Pollutn Ctl Rev (Evergy Kansas Central Proj.) 2.5% 4/15/2032 VRDN (b) | 11600000 | 11600000 |
| St Marys Kans Pollutn Ctl Rev (Evergy Kansas South Proj.) 2.5% 4/15/2032 VRDN (b) | 900000 | 900000 |
| University Kansas Hosp Auth Hlth Fac Rev 3% 9/1/2034, LOC US Bank NA/Cincinnati OH VRDN (b) | 15885000 | 15885000 |
| Wamego Kansas Pcr (Evergy Kansas Central Proj.) 2.5% 4/15/2032 VRDN (b) | 4100000 | 4100000 |
| Wamego Kansas Pcr (Evergy Kansas South Proj.) 2.5% 4/15/2032 VRDN (b) | 1600000 | 1600000 |
| TOTAL KANSAS |  | 43975000 |
| Kentucky - 1.9%  |  |  |
| Kentucky Bond Development Corp (Baptist Health Obligated Group Proj.) Series 2025 B, 3.1% 8/15/2055, LOC Truist Bank VRDN (b) | 19380000 | 19380000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023D, 3.1% 10/1/2053, LOC Truist Bank VRDN (b) | 27000000 | 27000000 |
| TOTAL KENTUCKY |  | 46380000 |
| Louisiana - 6.8%  |  |  |
| East Baton Rouge Parish LA Inc Indl Dev Brd Rev (Exxon Capital Ventures Inc Proj.) 2.97% 8/1/2035 (Exxon Mobil Corp Guaranteed) VRDN (b) | 59260000 | 59260000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 1.9% 8/1/2050 VRDN (b) | 10400000 | 10400000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.03% 12/1/2039 VRDN (b) | 24850000 | 24850000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.97% 8/1/2043 VRDN (b) | 30000000 | 30000000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 3% 12/1/2043 VRDN (b) | 20100000 | 20100000 |
| Louisiana St Gas & Fuel Tax Rv 3% 5/1/2043, LOC Toronto-Dominion Bank/NY VRDN (b) | 11300000 | 11300000 |
| Louisiana St Gas & Fuel Tax Rv 3% 5/1/2043, LOC Toronto-Dominion Bank/NY VRDN (b) | 2500000 | 2500000 |
| St James Parish LA Rev (Nucor Corp Proj.) 2.18% 11/1/2040 VRDN (b) | 1075000 | 1075000 |
| St James Parish LA Rev (Nucor Corp Proj.) 2.3% 11/1/2040 VRDN (b) | 3200000 | 3200000 |
| TOTAL LOUISIANA |  | 162685000 |
| Maryland - 1.1%  |  |  |
| Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health Sys Corp Proj.) 2.95% 6/1/2048, LOC TD Bank NA VRDN (b) | 15355000 | 15355000 |
| Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health Sys Corp Proj.) 2.95% 6/1/2048, LOC TD Bank NA VRDN (b) | 7875000 | 7875000 |
| Montgomery Cnty MD Hsg Oppt Rv 1.97% 1/1/2049, LOC TD Bank NA VRDN (b) | 4350000 | 4350000 |
| TOTAL MARYLAND |  | 27580000 |
| Massachusetts - 0.1%  |  |  |
| Massachusetts Housing Finance Agency (Single Family Housing Proj.) Series 196, 1.95% 12/1/2048 (Liquidity Facility TD Bank NA) VRDN (b) | 3125000 | 3125000 |
| Michigan - 1.5%  |  |  |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) Series 2019C, 3% 7/1/2041, LOC PNC Bank NA VRDN (b) | 5800000 | 5800000 |
| Michigan St Strategic Fd Ltd Oblig Rev (Air Products & Chemicals Inc Proj.) 2.97% 12/1/2042 VRDN (b) | 29250000 | 29250000 |
| Michigan St Strategic Fd Ltd Oblig Rev (Kroger Co Proj.) 2.01% 1/1/2026, LOC Bank of Nova Scotia NY Brh VRDN (b) | 700000 | 700000 |
| TOTAL MICHIGAN |  | 35750000 |
| Minnesota - 0.5%  |  |  |
| Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2018 C, 3% 11/15/2048, LOC Bank of America NA VRDN (b) | 12100000 | 12100000 |
| Mississippi - 0.8%  |  |  |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Corp New Proj.) 3% 11/1/2035 VRDN (b) | 1475000 | 1475000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Usa Inc Proj.) 2.95% 12/1/2030 (Chevron Corp Guaranteed) VRDN (b) | 16400000 | 16400000 |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev (Chevron Usa Inc Proj.) 3% 12/1/2030 (Chevron Corp Guaranteed) VRDN (b) | 1320000 | 1320000 |
| TOTAL MISSISSIPPI |  | 19195000 |
| Nebraska - 0.5%  |  |  |
| Nebraska Invt Fin Auth Sfh Rev (Ne Single Family Hsg Proj.) 1.8% 3/1/2049 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (b) | 3165000 | 3165000 |
| Nebraska Invt Fin Auth Sfh Rev (Ne Single Family Hsg Proj.) Series 2019 C, 1.8% 9/1/2049 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (b) | 8400000 | 8400000 |
| TOTAL NEBRASKA |  | 11565000 |
| New Hampshire - 0.3%  |  |  |
| National Fin Auth NH Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 B, 3% 11/1/2064, LOC Truist Bank VRDN (b) | 4600000 | 4600000 |
| National Fin Auth NH Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 C, 2.07% 11/1/2064, LOC Truist Bank VRDN (b) | 2600000 | 2600000 |
| TOTAL NEW HAMPSHIRE |  | 7200000 |
| New York - 15.8%  |  |  |
| City of New York NY Gen. Oblig. 3% 4/1/2036 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 16505000 | 16505000 |
| City of New York NY Gen. Oblig. Series 2013 SUB A 2, 3% 10/1/2038 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 8925000 | 8925000 |
| City of New York NY Gen. Oblig. Series 2014 D 4, 3% 8/1/2040, LOC TD Bank NA VRDN (b) | 3950000 | 3950000 |
| City of New York NY Gen. Oblig. Series 2014 I 2, 3% 3/1/2040 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 8900000 | 8900000 |
| City of New York NY Gen. Oblig. Series 2015 F 5, 3.05% 6/1/2044 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 6830000 | 6830000 |
| City of New York NY Gen. Oblig. Series 2015 F6, 3% 6/1/2044 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 19325000 | 19325000 |
| City of New York NY Gen. Oblig. Series 2017 A 7, 2.97% 8/1/2044 (Liquidity Facility BMO Bank NA) VRDN (b) | 2655000 | 2655000 |
| City of New York NY Gen. Oblig. Series B 4, 3.05% 10/1/2046 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 2110000 | 2110000 |
| City of New York NY Gen. Oblig. Series B 5, 3.05% 10/1/2046 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 2255000 | 2255000 |
| City of New York NY Gen. Oblig. Series FISCAL 2019 D 4, 3.05% 12/1/2047 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 15345000 | 15345000 |
| City of New York NY Gen. Oblig. Series FISCAL 2023A SUB A 3, 3% 9/1/2049 (Liquidity Facility Bank of Montreal/Chicago IL) VRDN (b) | 6100000 | 6100000 |
| City of New York NY Gen. Oblig. Series FISCAL 2023A SUB A 4, 3% 9/1/2049 (Liquidity Facility Toronto Dominion Bank) VRDN (b) | 1600000 | 1600000 |
| City of New York NY Gen. Oblig. Series G 3, 3% 2/1/2055 (Liquidity Facility TD Bank NA) VRDN (b) | 13000000 | 13000000 |
| City of New York NY Series FISCAL 2017A SUB A4, 3% 8/1/2044 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 8150000 | 8150000 |
| Metropolitan Transn Auth NY Rv Series 2005 E 1, 1.9% 11/15/2035, LOC Barclays Bank PLC VRDN (b) | 1225000 | 1225000 |
| Metropolitan Transn Auth NY Rv Series 2015 E 1, 3.05% 11/15/2045, LOC Barclays Bank PLC VRDN (b) | 11115000 | 11115000 |
| Metropolitan Transn Auth NY Rv Series SUB 2002D 2A 1, 3% 11/1/2032, LOC Truist Bank VRDN (b) | 5800000 | 5800000 |
| Metropolitan Transn Auth NY Rv Series SUB 2005D 1, 3% 11/1/2035, LOC Truist Bank VRDN (b) | 2900000 | 2900000 |
| Metropolitan Transn Auth NY Rv Series SUB 2012G 3, 3% 11/1/2031, LOC Royal Bank of Canada/New York NY VRDN (b) | 17555000 | 17555000 |
| New York NY City Transitional Fin Auth Rev 3% 8/1/2045 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 4375000 | 4375000 |
| New York NY City Transitional Fin Auth Rev Series 2011 A 4, 3.05% 8/1/2039 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 6115000 | 6115000 |
| New York NY City Transitional Fin Auth Rev Series 2013C 4, 3% 11/1/2036 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 9000000 | 9000000 |
| New York NY City Transitional Fin Auth Rev Series 2014 B 3, 3.05% 11/1/2042 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 1000000 | 1000000 |
| New York NY City Transitional Fin Auth Rev Series 2015 E 3, 3% 2/1/2045 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 21555000 | 21555000 |
| New York NY City Transitional Fin Auth Rev Series 2015 E 4, 2.95% 2/1/2045 (Liquidity Facility Bank of America NA) VRDN (b) | 6700000 | 6700000 |
| New York NY City Transitional Fin Auth Rev Series 2016 E 4, 3% 2/1/2045 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 18680000 | 18680000 |
| New York NY City Transitional Fin Auth Rev Series A 4, 3% 8/1/2043 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 850000 | 850000 |
| New York NY City Transitional Fin Auth Rev Series A-3, 2.96% 8/1/2043 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 9655000 | 9655000 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2019 C 4, 3.05% 11/1/2044 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 1455000 | 1455000 |
| New York NY Cty Muni Wtr Fin Auth 3% 6/15/2043 (Liquidity Facility TD Bank NA) VRDN (b) | 1720000 | 1720000 |
| New York NY Cty Muni Wtr Fin Auth 3% 6/15/2044 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 9400000 | 9400000 |
| New York NY Cty Muni Wtr Fin Auth Series 2014 AA 3, 3% 6/15/2049 (Liquidity Facility TD Bank NA) VRDN (b) | 3475000 | 3475000 |
| New York NY Cty Muni Wtr Fin Auth Series 2015 BB 2, 3.02% 6/15/2049 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 15800000 | 15800000 |
| New York NY Cty Muni Wtr Fin Auth Series AA 1, 3% 6/15/2050 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 10965000 | 10965000 |
| New York NY Cty Muni Wtr Fin Auth Series AA 5, 3% 6/15/2048 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (b) | 13750000 | 13750000 |
| New York NY Cty Muni Wtr Fin Auth Series BB 1A, 3% 6/15/2049 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 19485000 | 19485000 |
| New York NY Cty Muni Wtr Fin Auth Series BB 1B, 3% 6/15/2049 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 13715000 | 13715000 |
| New York NY Cty Muni Wtr Fin Auth Series DD 2, 3% 6/15/2043 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 3335000 | 3335000 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2023 CC, 3.05% 6/15/2053 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 2200000 | 2200000 |
| New York St Hsg Fin Agy Rev (Various Capital Projects) Series 2013A, 3% 11/1/2046, LOC Landesbank Hess-Thurngn (Ungtd) NY Br VRDN (b) | 32355000 | 32355000 |
| New York St Hsg Fin Agy Rev (Various Capital Projects) Series 2014A, 3% 11/1/2046, LOC Landesbank Hess-Thurngn (Ungtd) NY Br VRDN (b) | 3600000 | 3600000 |
| NY Mta Dedicated Tax Fund Series 2008A 1, 3% 11/1/2031, LOC TD Bank NA VRDN (b) | 7035000 | 7035000 |
| Triborough Brdg & Tunl NY Revs Series 2005 A, 1.9% 11/1/2041, LOC Barclays Bank PLC VRDN (b) | 3795000 | 3795000 |
| Triborough Brdg & Tunl NY Revs Series 2005B 4A, 3% 1/1/2032, LOC TD Bank NA VRDN (b) | 3700000 | 3700000 |
| TOTAL NEW YORK |  | 377960000 |
| North Carolina - 2.5%  |  |  |
| Atrium Health (Carolinas Healthcare System Proj.) 3% 1/15/2044, LOC TD Bank NA VRDN (b) | 30830000 | 30830000 |
| Lower Cape Fear N C Wtr & Swr Auth Spl Fac Rev (Smithfield Foods Proj.) 2.06% 12/1/2034, LOC Cooperatieve Rabobank UA/NY VRDN (b) | 1100000 | 1100000 |
| North Carolina Housing Finance Agency (Nc Homeownership Proj.) Series 55 B, 3% 1/1/2050 (Liquidity Facility TD Bank NA) VRDN (b) | 7700000 | 7700000 |
| North Carolina Med Care Commn Health Care Facs Rev (Firsthealth Of Carolinas Proj.) Series 2017C, 3.1% 10/1/2039, LOC Truist Bank VRDN (b) | 20000000 | 20000000 |
| TOTAL NORTH CAROLINA |  | 59630000 |
| Ohio - 3.4%  |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Healthcare System Proj.) 3.05% 6/1/2034, LOC Truist Bank VRDN (b) | 1700000 | 1700000 |
| Cuyahoga Cnty OH Hlth Care Fac (The A.M. Mcgregor Home Proj.) Series 2014, 2.01% 5/1/2049, LOC Northern Trust CO Chicago VRDN (b) | 1765000 | 1765000 |
| Franklin Cnty OH Hosp Facs Rev (Ohiohealth Corporation Proj.) Series 2018 C, 1.85% 5/15/2053 VRDN (b) | 9875000 | 9875000 |
| Montgomery Cnty OH Hosp Rev (Premier Health Partners Proj.) Series 2019 C, 3.05% 11/15/2045, LOC PNC Bank NA VRDN (b) | 19835000 | 19835000 |
| Ohio St Higher Ed Fac Comm (Cleveland Clinic Foundtn (The) Proj.) 3% 1/1/2043 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 13500000 | 13500000 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) 3% 1/15/2046, LOC PNC Bank NA VRDN (b) | 17300000 | 17300000 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundtn (The) Proj.) Series 2019 D 1, 1.85% 1/1/2052 VRDN (b) | 2320000 | 2320000 |
| Ohio St Spl Oblig (Ohio St Proj.) Series 2022 B, 1.95% 12/1/2041 VRDN (b) | 1375000 | 1375000 |
| Ohio St Univ Gen Rcpts Series 2023 D1, 2.02% 12/1/2035 VRDN (b) | 14900000 | 14900000 |
| TOTAL OHIO |  | 82570000 |
| Oregon - 0.2%  |  |  |
| Oregon St Facs Auth Rev (Peacehealth (Hlth Sys),Wa Proj.) Series 2018 B, 2.9% 8/1/2034, LOC TD Bank NA VRDN (b) | 5900000 | 5900000 |
| Pennsylvania - 3.8%  |  |  |
| Lancaster PA Indl Dev Auth Rev (Willow Valley Retirement Communities Proj.) 2.05% 12/1/2039, LOC PNC Bank NA VRDN (b) | 1500000 | 1500000 |
| Montgomery Co PA Rdv Ath Mlfml (Kbf Associates Proj.) 2% 8/15/2031, LOC Fannie Mae VRDN (b) | 700000 | 700000 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) 3% 11/1/2061, LOC Truist Bank VRDN (b) | 50025000 | 50025000 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) Series 2024 D3, 3% 11/1/2061, LOC Truist Bank VRDN (b) | 30825000 | 30825000 |
| Philadelphia PA Au Ind Dev Revs (Franklin Institute (The) Proj.) 2.04% 6/1/2026, LOC Bank of America NA VRDN (b) | 1155000 | 1155000 |
| Philadelphia PA Gen. Oblig. 2.07% 8/1/2031, LOC Truist Bank VRDN (b) | 5000000 | 5000000 |
| TOTAL PENNSYLVANIA |  | 89205000 |
| South Carolina - 0.5%  |  |  |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Prisma Health Proj.) Series 2018B, 3% 5/1/2048, LOC TD Bank NA VRDN (b) | 1000000 | 1000000 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Prisma Health Proj.) Series 2018C, 3% 5/1/2048, LOC TD Bank NA VRDN (b) | 12055000 | 12055000 |
| TOTAL SOUTH CAROLINA |  | 13055000 |
| Tennessee - 0.5%  |  |  |
| Clarksville TN Public Bldg Ath (Tennessee Muni Bond Fund Proj.) 3.03% 1/1/2033, LOC Bank of America NA VRDN (b) | 120000 | 120000 |
| Clarksville TN Public Bldg Ath (Tennessee Muni Bond Fund Proj.) 3.03% 11/1/2035, LOC Bank of America NA VRDN (b) | 4800000 | 4800000 |
| Clarksville TN Public Bldg Ath (Tennessee Muni Bond Fund Proj.) 3.03% 2/1/2038, LOC Bank of America NA VRDN (b) | 6275000 | 6275000 |
| Montgomery Cnty TN Pub Bldg Au 3% 4/1/2032, LOC Bank of America NA VRDN (b) | 100000 | 100000 |
| TOTAL TENNESSEE |  | 11295000 |
| Texas - 7.6%  |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2020B, 3% 12/1/2059 VRDN (b) | 31715000 | 31715000 |
| Harris Cnty TX Health Facs Rev (Methodist Healthcare Sys, Tx Proj.) 3% 12/1/2041 VRDN (b) | 7760000 | 7760000 |
| Harris Cnty TX Health Facs Rev (Methodist Healthcare Sys, Tx Proj.) 3% 12/1/2041 VRDN (b) | 7605000 | 7605000 |
| Harris Cnty TX Hosp Dist Rev 2.02% 2/15/2042, LOC JPMorgan Chase Bank NA VRDN (b) | 5500000 | 5500000 |
| Houston TX Util Sys Rev 2% 5/15/2034, LOC Royal Bank of Canada/New York NY VRDN (b) | 33100000 | 33100000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Capital Ventures Inc Proj.) 3% 11/1/2029 (Exxon Mobil Corp Guaranteed) VRDN (b) | 7010000 | 7010000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 3% 11/1/2038 (Exxon Mobil Corp Guaranteed) VRDN (b) | 9660000 | 9660000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 3% 11/1/2051 (Exxon Mobil Corp Guaranteed) VRDN (b) | 17570000 | 17570000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 3% 5/1/2046 (Exxon Mobil Corp Guaranteed) VRDN (b) | 22485000 | 22485000 |
| Port Arthur TX Navigation District (Air Products Lp Proj.) 2.97% 5/1/2040 (Air Products and Chemicals Inc Guaranteed) VRDN (b) | 4000000 | 4000000 |
| Port Arthur TX Navigation District (Total Petrochemicals &Refining Sa/Nv Proj.) 1.8% 3/1/2042 (TotalEnergies SE Guaranteed) VRDN (b) | 4300000 | 4300000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals Of Dallas Proj.) 2.95% 10/1/2041, LOC TD Bank NA VRDN (b) | 23865000 | 23865000 |
| Texas State Gen. Oblig. 2.25% 6/1/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 2500000 | 2500000 |
| Texas State Gen. Oblig. 2.25% 6/1/2044 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 2925000 | 2925000 |
| Texas State Gen. Oblig. 2.25% 6/1/2045 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 1900000 | 1900000 |
| TOTAL TEXAS |  | 181895000 |
| Virginia - 3.5%  |  |  |
| Roanoke VA Economic Dev Auth Hosp Rev (Carilion Health System Proj.) Series 2020C, 2.9% 7/1/2052, LOC TD Bank NA VRDN (b) | 11795000 | 11795000 |
| VA Small Business Fing Auth Hosp Rev (Carilion Health System Proj.) Series 2008 A, 3% 7/1/2042, LOC Truist Bank VRDN (b) | 17150000 | 17150000 |
| VA Small Business Fing Auth Hosp Rev (Carilion Health System Proj.) Series 2008 B, 3% 7/1/2042, LOC TD Bank NA VRDN (b) | 5915000 | 5915000 |
| Winchester VA Economic Dev Auth Rev (Valley Health Proj.) Series 2024B 1, 3.1% 1/1/2054, LOC Truist Bank VRDN (b) | 11500000 | 11500000 |
| Winchester VA Economic Dev Auth Rev (Valley Health Proj.) Series 2024B 2, 3.1% 1/1/2054, LOC Truist Bank VRDN (b) | 36715000 | 36715000 |
| TOTAL VIRGINIA |  | 83075000 |
| Washington - 0.1%  |  |  |
| Washington St Hsg Fin Commn Multifamily Hsg Rev (Bitter Lake Village Associates Lp Proj.) 2% 12/15/2044, LOC Fannie Mae VRDN (b) | 1685000 | 1685000 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev (Interurban Senior Living Associates Lp Proj.) 2.6% 7/1/2052, LOC Freddie Mac Non Gold Pool VRDN (b) | 300000 | 300000 |
| TOTAL WASHINGTON |  | 1985000 |
| West Virginia - 0.1%  |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, Wv Proj.) 2.25% 1/1/2034, LOC Truist Bank VRDN (b) | 1890000 | 1890000 |
| Wisconsin - 0.3%  |  |  |
| Wisconsin Health & Educational Facilities Authority (Marshfield Clinic Proj.) Series 2018 A, 3.05% 2/15/2050, LOC Barclays Bank PLC VRDN (b) | 7815000 | 7815000 |
| <br> **TOTAL VARIABLE RATE DEMAND NOTE**<br> (Cost $1,666,875,000) |  | <br> **1666875000** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 96.5%**<br> (Cost $2,328,725,000)<br>| <br>**2328725000** |
| **NET OTHER ASSETS (LIABILITIES) - 3.5%**  | **83405368** |
| **NET ASSETS - 100.0%** | **2412130368** |

---

**Security Type Abbreviations**

VRDN - VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

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

**Legend**

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Tender Option Bond** | 661850000 | - | 661850000 | - |
|  **Variable Rate Demand Note** | 1666875000 | - | 1666875000 | - |
| **Total Investments in Securities:** | 2328725000 | - | 2328725000 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of May 31, 2025** | **As of May 31, 2025** | **As of May 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $2,328,725,000)<br>|  | $2328725000 |
| Cash |  | 543 |
| Receivable for investments sold |  | 81175000 |
| Interest receivable |  | 7770192 |
| Other receivables |  | 8780 |
| **Total assets** |  | 2417679515 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $360000 |  |
| Distributions payable | 5180814 |  |
| Other payables and accrued expenses | 8333 |  |
| **Total liabilities** |  | 5549147 |
| **Net Assets**  |  | $2412130368 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2412124355 |
| Total accumulated earnings (loss) |  | 6013 |
| **Net Assets** |  | $2412130368 |
| **Net Asset Value**, offering price and redemption price per share ($2,412,130,368 ÷ 2,411,162,740 shares) |  | $1.0004 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $51033447 |
| **Expenses** |  |  |
| Custodian fees and expenses | $24117 |  |
| Independent trustees' fees and expenses | 4462 |  |
| Miscellaneous | 2212 |  |
| Total expenses before reductions | 30791 |  |
| Expense reductions | (13990) |  |
| Total expenses after reductions |  | 16801 |
| **Net Investment income (loss)** |  | 51016646 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 20930 |  |
| Total net realized gain (loss) |  | 20930 |
| **Net increase in net assets resulting from operations** |  | $51037576 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **May 31, 2025** | **Year ended**<br> **May 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $51016646 | $51425760 |
| &nbsp;&nbsp;Net realized gain (loss) | 20930<br>| 28914<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | - | (240)<br>|
| **Net increase in net assets resulting from operations** | 51037576<br>| 51454434<br>|
| Distributions to shareholders | (51016329)<br>| (51451691)<br>|
|  Affiliated share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 10240038127 | 8059064133 |
| &nbsp;&nbsp;Cost of shares redeemed | (9279348100) | (7671895201) |
| **Net increase (decrease) in net assets and shares resulting from share transactions** | 960690027<br>| 387168932<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 960711274<br>| 387171675<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1451419094 | 1064247419<br>|
| &nbsp;&nbsp;End of period | $2412130368 | $1451419094 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 10235943750 | 8055841796 |
| &nbsp;&nbsp;Redeemed | (9275637845) | (7668827670) |
| &nbsp;&nbsp;Net increase (decrease) | 960305905 | 387014126 |

---

**Financial Highlights** 

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

---

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

---

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

B*Amount represents less than $.00005 per share.*

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

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

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

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

G*Amount represents less than .005%.*

**Notes to Financial Statements**

For the period ended May 31, 2025

**1. Organization.**

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

**2. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of May 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $- |
| **Gross unrealized depreciation**  | <u>-</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$-</u> |
| **Tax Cost**  | <u>$2328725000</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$2439</u> |
| **Undistributed ordinary income**  | <u>$-</u> |
| **Undistributed long-term capital gain**  | <u>$3573</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$-</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **May 31, 2024** |
| **Tax-exempt Income** | $51016329 | $51426191 |
| **Long-term Capital Gains**  | <u>-</u> | <u>25500</u> |
| **Total**  | <u>$51016329</u> | <u>$51451691</u> |

---

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Tax-Free Cash Central Fund** | 1107988000 | 978245000 | - |

---

**4. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $13,990.

**5. Other.**

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

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

**6. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Revere Street Trust and the Shareholders of Fidelity Tax-Free Cash Central Fund:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Tax-Free Cash Central Fund (the "Fund"), a fund of Fidelity Revere Street Trust, including the schedule of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

July 16, 2025

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended May 31, 2025, $10,696 or, if subsequently determined to be different, the net capital gain of such year.

During fiscal year ended 2025, 100% of the fund's income dividends was free from federal income tax, and 0% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img109665_4.jpg)<br>

1.795174.121 TFC-ANN-0725

**Fidelity® Securities Lending Cash Central Fund**

**Annual Report**

**May 31, 2025**

![](img109666_1.jpg)

![](img109666_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_CCC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Securities Lending Cash Central Fund](#Sub_Sec_Fund_761_CCC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements761_CCC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_CCC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_CCC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CCC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CCC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CCC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CCC-ANN)** |

---

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

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

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

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

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

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

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

**Fidelity® Securities Lending Cash Central Fund**

**Schedule of Investments May 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 78.6%** | &nbsp;&nbsp;**Repurchase Agreements - 78.6%** | &nbsp;&nbsp;**Repurchase Agreements - 78.6%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Repurchase Agreements\* <br>(Cost $24,585,000,000)<br>| 24593707187 | **24585000000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Time Deposits - 1.7%** | &nbsp;&nbsp;**Time Deposits - 1.7%** | &nbsp;&nbsp;**Time Deposits - 1.7%** | &nbsp;&nbsp;**Time Deposits - 1.7%** |
|  | Yield (%) (b) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Canadian Imperial Bank of Commerce 4.33% 6/2/2025  | 4.33 | 115000000 | 115000000 |
| Credit Agricole CIB 4.33% 6/2/2025  | 4.33 | 54000000 | 54000000 |
| Mizuho Bank Ltd NY Branch 4.33% 6/2/2025  | 4.33 | 191381000 | 191381000 |
| Royal Bank of Canada Toronto 4.33% 6/2/2025  | 4.33 | 180000000 | 180000000 |
| <br> **TOTAL TIME DEPOSITS**<br> (Cost $540,381,000) |  |  | **540381000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 18.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.0%** |
|  | Yield (%) (b) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 6/10/2025  | 4.26 to 4.27 | 500000000 | 499529445 |
| US Treasury Bills 0% 6/12/2025  | 4.26 | 129000000 | 128847684 |
| US Treasury Bills 0% 6/17/2025  | 4.26 to 4.30 | 705500000 | 704252147 |
| US Treasury Bills 0% 6/20/2025  | 4.26 | 500000000 | 498941250 |
| US Treasury Bills 0% 6/26/2025  | 4.27 | 600000000 | 598308498 |
| US Treasury Bills 0% 6/3/2025  | 4.27 | 300000000 | 299964774 |
| US Treasury Bills 0% 6/5/2025  | 4.26 | 500000000 | 499822875 |
| US Treasury Bills 0% 7/10/2025  | 4.26 | 650000000 | 647101182 |
| US Treasury Bills 0% 7/15/2025  | 4.26 | 530900000 | 528223967 |
| US Treasury Bills 0% 7/22/2025  | 4.26 | 600000000 | 596483022 |
| US Treasury Bills 0% 7/3/2025  | 4.26 | 640000000 | 637675411 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $5,638,443,690) |  |  | **5639150255** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.3%**<br> (Cost $30,763,824,690)<br>| <br>**30764531255** |
| **NET OTHER ASSETS (LIABILITIES) - 1.7%**  | **522477121** |
| **NET ASSETS - 100.0%** | **31287008376** |

---

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

**Legend**

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** |
| **Counterparty** | **Lending Rate (%)** | **Settlement Date** | **Maturity Date** | **Repurchase Agreement**<br> **Value ($)** | **Repurchase Agreement Proceeds ($)** | **Collateralized By** | **Collateral Coupon (%)** | **Collateral Maturity Date** | **Collateral Value Received ($)** |
| Federal Reserve Bank of NY | 4.25 | 5/30/2025 | 6/2/2025 | 24585000000 | 24593707187 | U.S. Treasuries (including strips) | 1.13 - 2.38 | 5/15/2029 - 5/15/2031 | 24593707228 |
| **Total Repurchase Agreements** |  |  |  | $24585000000 | 24593707187 |  |  |  | 24593707228 |

---

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Repurchase Agreements** | 24585000000 | - | 24585000000 | - |
|  **Time Deposits** | 540381000 | - | 540381000 | - |
|  **U.S. Treasury Obligations** | 5639150255 | - | 5639150255 | - |
| **Total Investments in Securities:** | 30764531255 | - | 30764531255 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of May 31, 2025** | **As of May 31, 2025** | **As of May 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $24,585,000,000) - See accompanying schedule:<br>Unaffiliated issuers (cost $30,763,824,690)<br>|  | $30764531255 |
| Cash |  | 628067845 |
| Interest receivable |  | 7369636 |
| Other receivables |  | 180405 |
| **Total assets** |  | 31400149141 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1 |  |
| Distributions payable | 112946881 |  |
| Other payables and accrued expenses | 193883 |  |
| **Total liabilities** |  | 113140765 |
| **Net Assets**  |  | $31287008376 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $31286244136 |
| Total accumulated earnings (loss) |  | 764240 |
| **Net Assets** |  | $31287008376 |
| **Net Asset Value**, offering price and redemption price per share ($31,287,008,376 ÷ 31,283,313,302 shares) |  | $1.0001 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $1202095512 |
| **Expenses** |  |  |
| Custodian fees and expenses | $55574 |  |
| Independent trustees' fees and expenses | 67757 |  |
| **Total expenses** |  | 123331 |
| **Net Investment income (loss)** |  | 1201972181 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 622 |  |
| Total net realized gain (loss) |  | 622 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (1342125) |
| **Net gain (loss)** |  | (1341503) |
| **Net increase in net assets resulting from operations** |  | $1200630678 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **May 31, 2025** | **Year ended**<br> **May 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1201972181 | $1485967655 |
| &nbsp;&nbsp;Net realized gain (loss) | 622<br>| -<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (1342125) | 2048690<br>|
| **Net increase in net assets resulting from operations** | 1200630678<br>| 1488016345<br>|
| Distributions to shareholders | (1201971138)<br>| (1485969269)<br>|
|  Affiliated share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 266875936872 | 251956608298 |
| &nbsp;&nbsp;Cost of shares redeemed | (260485422267) | (255921026410) |
| **Net increase (decrease) in net assets and shares resulting from share transactions** | 6390514605<br>| (3964418112)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 6389174145<br>| (3962371036)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 24897834231 | 28860205267<br>|
| &nbsp;&nbsp;End of period | $31287008376 | $24897834231 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 266849251947 | 251931415157 |
| &nbsp;&nbsp;Redeemed | (260459376329) | (255895436867) |
| &nbsp;&nbsp;Net increase (decrease) | 6389875618 | (3964021710) |

---

**Financial Highlights** 

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

---

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

---

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

B*Amount represents less than $.00005 per share.*

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

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

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

F*Amount represents less than .005%.*

**Notes to Financial Statements**

For the period ended May 31, 2025

**1. Organization.**

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

**2. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

---

| | |
|:---|:---|
| **Fidelity Securities Lending Cash Central Fund** | $180405 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of May 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes. There were no significant book-to-tax differences during the period.

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $706565 |
| **Gross unrealized depreciation**  | <u>-</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$706565</u> |
| **Tax Cost**  | <u>$30763824690</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$57675</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$706565</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **May 31, 2024** |
| **Ordinary Income**  | $1201971138 | $1485969269 |

---

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

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

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

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

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

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

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

**4. Other.**

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

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

**5. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Revere Street Trust and Shareholders of Fidelity Securities Lending Cash Central Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Securities Lending Cash Central Fund (one of the funds constituting Fidelity Revere Street Trust, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and the financial highlights for each of the five years in the period ended May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

We conducted our audits of these financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

July 15, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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

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

A total of 13.75% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $1,329,357,360 of distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $1,201,971,138 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img109666_4.jpg)<br>

1.734009.126 CCC-ANN-0725

**Fidelity® Municipal Cash Central Fund**

**Annual Report**

**May 31, 2025**

![](img109667_1.jpg)

![](img109667_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MCC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Municipal Cash Central Fund](#Sub_Sec_Fund_698_MCC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements698_MCC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MCC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MCC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCC-ANN)** |

---

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

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

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

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

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

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

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

**Fidelity® Municipal Cash Central Fund**

**Schedule of Investments May 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tender Option Bond - 28.9%** | &nbsp;&nbsp;**Tender Option Bond - 28.9%** | &nbsp;&nbsp;**Tender Option Bond - 28.9%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 1.2%  |  |  |
| Alabama Infirmary Health Rev Participating VRDN Series 5065, 2% 2/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 6400000 | 6400000 |
| Alabama Southeast Energy Participating VRDN Series 2025 XF1800, 3.15% 1/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 9920000 | 9920000 |
| Alabama Southeast Energy Participating VRDN Series 2025 XM1202, 3.15% 1/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 8330000 | 8330000 |
| Black Belt Energy Gas District Participating VRDN 2.02% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2000000 | 2000000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 XM1126, 3.15% 6/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 6670000 | 6670000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 XM1127, 3.15% 6/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3870000 | 3870000 |
| Black Belt Energy Gas District Participating VRDN Series 2023 XM1144, 2.02% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6250000 | 6250000 |
| Black Belt Energy Gas District Participating VRDN Series 2024 XM1190, 2.02% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 500000 | 500000 |
| Black Belt Energy Gas District Participating VRDN Series 2025 XM1233, 2.02% 3/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 500000 | 500000 |
| East Alabama Health Care Auth Participating VRDN Series 2025 BAML5061, 3.14% 9/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4600000 | 4600000 |
| Jefferson County Swr Rev Participating VRDN Series 2024 XL0531, 2.01% 10/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2400000 | 2400000 |
| TOTAL ALABAMA |  | 51440000 |
| Alaska - 0.1%  |  |  |
| Anchorage AK Port Participating VRDN 2.03% 2/1/2060 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2725000 | 2725000 |
| Alaska,Illinois - 0.1%  |  |  |
| Chicago O'Hare Int'l Arpt Rev Participating VRDN Series 2025 ZF1923, 2.02% 1/1/2059 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2500000 | 2500000 |
| Arizona - 0.2%  |  |  |
| Arizona Health Facilities Auth Rev Participating VRDN Series 2022 MIZ9101, 2.17% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 1552000 | 1552000 |
| Arizona Health Facs Auth Rev Participating VRDN Series 3384, 2% 1/1/2037 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3255000 | 3255000 |
| Arizona Indl Dev Auth Hosp Rev Participating VRDN Series 2022 XM1013, 3.17% 2/1/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1270000 | 1270000 |
| Mesa AZ Util Sys Rev Participating VRDN 2.02% 7/1/2046 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 1100000 | 1100000 |
| Phoenix Civic Impt Board Arpt Rev Participating VRDN 2.02% 7/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 2750000 | 2750000 |
| TOTAL ARIZONA |  | 9927000 |
| California - 0.6%  |  |  |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2022 XF1373, 2.02% 5/15/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 800000 | 800000 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Participating VRDN Series 2025 XX1390, 3.05% 7/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 24000000 | 24000000 |
| TOTAL CALIFORNIA |  | 24800000 |
| Colorado - 0.9%  |  |  |
| Denver City & County Arpt Rev Participating VRDN Series 2018 XG0196, 2.05% 12/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 10680000 | 10680000 |
| Denver City & County Arpt Rev Participating VRDN Series 2023 XF1513, 2.05% 12/1/2048 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 7420000 | 7420000 |
| Denver CO City & Cnty Arpt Participating VRDN 2.02% 11/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 7075000 | 7075000 |
| Denver CO City & Cnty Arpt Participating VRDN Series 2023 ZF3204, 2.02% 11/15/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2120000 | 2120000 |
| Denver CO Cty & Cnty Sch Dis 1 Participating VRDN Series 2025 XG0603, 2% 12/1/2049 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 5000000 | 5000000 |
| Regional Transn Dist CO Sales Participating VRDN Series 2025 CF7024, 2% 11/1/2033 (Liquidity Facility Citibank NA) (b)(c) | 3600000 | 3600000 |
| TOTAL COLORADO |  | 35895000 |
| Connecticut - 0.3%  |  |  |
| Connecticut Gen. Oblig. Participating VRDN Series 2017 016, 2.01% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3300000 | 3300000 |
| Connecticut Gen. Oblig. Participating VRDN Series 2017 014, 2.01% 6/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(c) | 9955000 | 9955000 |
| TOTAL CONNECTICUT |  | 13255000 |
| District Of Columbia - 0.2%  |  |  |
| District Columbia Gen. Oblig. Participating VRDN 3.05% 1/1/2048 (Liquidity Facility UBS AG) (b)(c) | 5520000 | 5520000 |
| District Columbia Income Tax Rev Participating VRDN Series 2025 XF1919, 3.1% 5/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3750000 | 3750000 |
| TOTAL DISTRICT OF COLUMBIA |  | 9270000 |
| Florida - 5.9%  |  |  |
| Assured Guaranty Muni Corp Participating VRDN Series 2024 XM1183, 2.03% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3100000 | 3100000 |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN 3.17% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4700000 | 4700000 |
| Broward Cnty Fla Convention Ctr Hotel Rev Participating VRDN Series 2023 XF1641, 2.07% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2100000 | 2100000 |
| County of Broward FL Tourist Development Tax Revenue Participating VRDN Series 2023 XL0429, 2.08% 9/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 700000 | 700000 |
| Escambia County Health Facs Auth Participating VRDN 3.08% 8/15/2036 (Liquidity Facility Bank of America, N.A.) (b)(c) | 43150000 | 43150000 |
| Florida Dev Fin Corp Healthcare Facility Rev Participating VRDN 3.08% 2/1/2045 (Liquidity Facility Bank of America, N.A.) (b)(c) | 34615000 | 34615000 |
| Florida Dev Fin Corp Rev Participating VRDN 2.02% 7/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4500000 | 4500000 |
| Florida Dev Fin Corp Rev Participating VRDN Series 2024 XF1704, 2.02% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 13955000 | 13955000 |
| Greater Orlando Aviation Auth Arpt Facs Rev Participating VRDN Series 2023 XF1519, 2.05% 10/1/2052 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 3750000 | 3750000 |
| Greater Orlando Aviation Auth Participating VRDN 2.05% 10/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 1635000 | 1635000 |
| Greater Orlando Aviation Auth Participating VRDN 2.07% 10/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 2100000 | 2100000 |
| Greater Orlando Aviation Auth Participating VRDN 3.18% 10/1/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 8755000 | 8755000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN 2% 11/15/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5000000 | 5000000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN 2% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 1700000 | 1700000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2024 XF3239, 2% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3185000 | 3185000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev Participating VRDN Series 2025 XM1229, 2% 11/15/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2100000 | 2100000 |
| Hillsborough County Aviation Auth Rev Participating VRDN Series 2023 XF1610, 2.02% 10/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 5455000 | 5455000 |
| Hillsborough County Aviation Auth Rev Participating VRDN Series 2023 XF1637, 2.03% 10/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3400000 | 3400000 |
| Jacksonville Fla Spl Rev Participating VRDN Series 2025 XL0618, 3.1% 10/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4700000 | 4700000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN 2% 10/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4115000 | 4115000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN Series 2025 XF1845, 3.1% 10/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4540000 | 4540000 |
| JEA FL Wtr & Swr Sys Rev Participating VRDN Series 2025 XL0596, 3.1% 10/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3400000 | 3400000 |
| Lee County Arpt Rev Participating VRDN Series 2021 XF1126, 2.05% 10/1/2051 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 3195000 | 3195000 |
| Lee County Arpt Rev Participating VRDN Series 2023 XF1523, 2.03% 10/1/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2440000 | 2440000 |
| Lee County Arpt Rev Participating VRDN Series 2025 XF1849, 2.01% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3425000 | 3425000 |
| Miami-Dade Cnty FL Sch Dist Participating VRDN Series 2025 CF7023, 2.02% 3/15/2047 (Liquidity Facility Citibank NA) (b)(c) | 3600000 | 3600000 |
| Miami-Dade County Aviation Rev Participating VRDN Series 2025 XG0614, 2.01% 10/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 1360000 | 1360000 |
| Miami-Dade County Participating VRDN 2.05% 10/1/2052 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 2815000 | 2815000 |
| Miami-Dade County Participating VRDN Series 2023 XF1159, 2.05% 10/1/2052 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 705000 | 705000 |
| Miami-Dade FL The Villages Apts Participating VRDN Series 2024 MIZ9196, 3.17% 5/14/2036 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 13690000 | 13690000 |
| North Broward Hosp District Rev Participating VRDN Series 2023 BAML5048, 3.08% 1/1/2038 (Liquidity Facility Bank of America, N.A.) (b)(c) | 11340000 | 11340000 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev Participating VRDN Series 2022 XG0370, 2.07% 8/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1300000 | 1300000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN 2.04% 8/15/2036 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2000000 | 2000000 |
| South Miami FL Hlth Fcs Hsp Rv Participating VRDN Series 2018 XG0173, 2.07% 8/15/2047 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 1400000 | 1400000 |
| Volusia County FL Deltona Med Center Participating VRDN Series 5078, 3.1% 12/15/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 37200000 | 37200000 |
| TOTAL FLORIDA |  | 245125000 |
| Georgia - 0.5%  |  |  |
| Brookhaven Development Authority Participating VRDN Series 2023 XF1503, 3.1% 7/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 7130000 | 7130000 |
| Burke County Indl Dev Auth Poll Cont Rev Participating VRDN 2.02% 11/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4000000 | 4000000 |
| Columbia County Hosp Auth Rev Participating VRDN Series 2023 XF1640, 2.01% 4/1/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3650000 | 3650000 |
| Georgia Muni Elec Auth Pwr Rev Participating VRDN Series 2023 XF1554, 2.01% 1/1/2059 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2080000 | 2080000 |
| Main Street Natural Gas Inc Participating VRDN 3.12% 12/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3750000 | 3750000 |
| Main Street Natural Gas Inc Participating VRDN Series 2024 XM1187, 2.02% 6/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 500000 | 500000 |
| TOTAL GEORGIA |  | 21110000 |
| Hawaii - 0.2%  |  |  |
| Hawaii Arpts Sys Rev Participating VRDN Series 2022 XX1217, 2.01% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 7700000 | 7700000 |
| Hawaii Dpt Bg & Fin Spl Pur Rev Participating VRDN Series 2025 XM1242, 2.05% 7/1/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2400000 | 2400000 |
| TOTAL HAWAII |  | 10100000 |
| Illinois - 1.1%  |  |  |
| Chicago Board of Ed Participating VRDN Series 2023 XG0469, 2.03% 4/1/2048 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3255000 | 3255000 |
| Chicago IL Gen. Oblig. Participating VRDN 2.01% 11/27/2028 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 10700000 | 10700000 |
| Chicago O'Hare Int'l Arpt Rev Participating VRDN 2.03% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2810000 | 2810000 |
| Chicago O'Hare Int'l Arpt Rev Participating VRDN Series 2018 XF0723, 2.01% 1/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 8795000 | 8795000 |
| Chicago Transit Auth Participating VRDN Series 2020 XL0145, 2.01% 12/1/2057 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1830000 | 1830000 |
| Illinois Fin Auth Participating VRDN Series 2023 YX1326, 2.01% 11/15/2039 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1175000 | 1175000 |
| Illinois Gen. Oblig. Participating VRDN Series 2023 XF3111, 2% 5/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5700000 | 5700000 |
| Metropolitan Pier & Exposition Participating VRDN Series 2015 XF1045, 2.01% 6/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 800000 | 800000 |
| Pittsburg WTSW Participating VRDN 3.13% 11/15/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 12100000 | 12100000 |
| TOTAL ILLINOIS |  | 47165000 |
| Illinois,Utah - 0.1%  |  |  |
| Chicago O'Hare Int'l Arpt Rev Participating VRDN Series 2023 XG0538, 2.03% 1/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2810000 | 2810000 |
| Indiana - 0.3%  |  |  |
| Indian Fin Auth Univ Hlth Participating VRDN Series E 161, 2% 10/1/2064 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 10700000 | 10700000 |
| Iowa - 0.0%  |  |  |
| State of Iowa Board of Regents Participating VRDN 2% 9/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1100000 | 1100000 |
| Kentucky - 0.0%  |  |  |
| CommonSpirit Health Participating VRDN Series 2020 MIZ9021, 2.07% 5/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 700000 | 700000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1189, 2.02% 8/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 500000 | 500000 |
| Kentucky Inc Pub Energy Participating VRDN Series 2024 XM1188, 2.02% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 500000 | 500000 |
| TOTAL KENTUCKY |  | 1700000 |
| Louisiana - 2.8%  |  |  |
| LA Calcasieu River Bridge Participating VRDN Series 2025 XF3348, 2.01% 9/1/2066 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3500000 | 3500000 |
| Louisiana Pub Facilities Auth Hosp Rev Participating VRDN Series 2023 BAML5041, 3.08% 12/1/2052 (Liquidity Facility Bank of America, N.A.) (b)(c) | 108655000 | 108655000 |
| New Orleans Aviation Board Rev Participating VRDN Series 2023 XF3148, 2.02% 1/1/2048 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3000000 | 3000000 |
| TOTAL LOUISIANA |  | 115155000 |
| Maryland - 0.0%  |  |  |
| Tender Opt Bd Tr Rcpts / Ctfs Var Sts Participating VRDN Series 2025 XG0607, 2.01% 8/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2020000 | 2020000 |
| Massachusetts - 0.1%  |  |  |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2025 XF1904, 3.05% 5/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5330000 | 5330000 |
| Michigan - 1.2%  |  |  |
| Eastern Michigan Univ Revs Participating VRDN 3.08% 3/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 41390000 | 41390000 |
| Gerald R Ford Intl Arpt Auth Mich Rev Participating VRDN 2.05% 1/1/2054 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 1700000 | 1700000 |
| Michigan Fin Auth Act 38 Facs Participating VRDN Series 2024 XF1705, 2% 2/28/2057 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4400000 | 4400000 |
| Michigan Hsg Dev Auth Rent Hsg Rev Participating VRDN 3.08% 12/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4600000 | 4600000 |
| TOTAL MICHIGAN |  | 52090000 |
| Minnesota - 0.1%  |  |  |
| Duluth Econ Dev Auth Health Care Facs Rev Participating VRDN Series 2023 XG0523, 2.01% 2/15/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3060000 | 3060000 |
| Missouri - 0.5%  |  |  |
| Kansas City Indl Dev Auth Participating VRDN Series 2022 XG0396, 2.05% 3/1/2057 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 6055000 | 6055000 |
| Kansas City Indl Dev Auth Participating VRDN Series 2023 XG0479, 2.05% 3/1/2055 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 2945000 | 2945000 |
| Kansas City Spl Oblig Participating VRDN Series 2022 YX1193, 2.01% 9/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1200000 | 1200000 |
| Missouri Health & Edl Facs Rev Participating VRDN Series C 23, 2.01% 6/1/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5700000 | 5700000 |
| Missouri Hlth Facs Auth Rev Participating VRDN Series 5066, 2% 6/1/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5500000 | 5500000 |
| Montana Hlth Facs Auth Rev Participating VRDN 2% 11/15/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1100000 | 1100000 |
| TOTAL MISSOURI |  | 22500000 |
| Nebraska - 0.1%  |  |  |
| Central Plains Energy Proj Rev Participating VRDN Series 2022 ZL0301, 2.02% 5/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 140000 | 140000 |
| Nebraska Invt Fin Auth Sfh Rev Participating VRDN Series 2024 XL0563, 2% 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, 2% 9/1/2054 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1910000 | 1910000 |
| TOTAL NEBRASKA |  | 4050000 |
| Nevada - 0.0%  |  |  |
| Clark Cnty NV School Dist Participating VRDN Series 2023 XF1473, 2.09% 6/15/2042 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1490000 | 1490000 |
| New Jersey - 0.2%  |  |  |
| New Jersey Trans Trust Fund Auth Participating VRDN 2% 6/15/2046 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2300000 | 2300000 |
| New Jersey Trans Trust Fund Auth Participating VRDN 2.01% 6/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 2170000 | 2170000 |
| New Jersey Turnpike Authority Participating VRDN 2.02% 1/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3600000 | 3600000 |
| TOTAL NEW JERSEY |  | 8070000 |
| New Jersey,New York - 0.0%  |  |  |
| Port Auth NY & NJ Participating VRDN Series 2022 023, 3.08% 11/15/2035 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 1900000 | 1900000 |
| New York - 1.6%  |  |  |
| City of New York NY Gen. Oblig. Participating VRDN Series 2025 XL0612, 3.1% 2/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3300000 | 3300000 |
| City of New York NY Gen. Oblig. Participating VRDN Series 2025 XL0620, 3.1% 2/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3750000 | 3750000 |
| Nassau Cnty NY Gen. Oblig. Participating VRDN Series 2024 XL0555, 3% 4/1/2054 (Liquidity Facility UBS AG) (b)(c) | 6970000 | 6970000 |
| New York City Gen. Oblig. Participating VRDN 3.1% 3/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 9850000 | 9850000 |
| New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Participating VRDN Series E 125, 3.1% 6/15/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 8600000 | 8600000 |
| New York City Transitional Finance Authority Participating VRDN 3% 5/1/2054 (Liquidity Facility UBS AG) (b)(c) | 3595000 | 3595000 |
| New York City Transitional Finance Authority Participating VRDN Series 2025 XX1380, 3.05% 2/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2810000 | 2810000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2025 XF1891, 3.1% 6/15/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4000000 | 4000000 |
| New York NY Cty Muni Wtr Fin Auth Participating VRDN Series 2025 XF1894, 3.1% 6/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3750000 | 3750000 |
| New York Trans Dev Corp Participating VRDN 2.07% 11/17/2029 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 6750000 | 6750000 |
| New York Trans Dev Corp Participating VRDN Series 2024 XG0590, 3.08% 12/31/2054 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 5095000 | 5095000 |
| Triborough Brdg & Tunl NY Revs Participating VRDN Series 2022 009, 3.05% 11/15/2042 (Liquidity Facility Barclays Bank PLC) (b)(c) | 10000000 | 10000000 |
| TOTAL NEW YORK |  | 68470000 |
| North Carolina - 0.1%  |  |  |
| Charlotte NC Arpt Rev Participating VRDN 2.06% 7/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 130000 | 130000 |
| Charlotte NC Arpt Rev Participating VRDN Series 2023 XG0451, 2.05% 7/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d) | 2000000 | 2000000 |
| Greater Asheville Reg'l Arpt Auth Participating VRDN Series 2022 XM1011, 2.03% 7/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2700000 | 2700000 |
| TOTAL NORTH CAROLINA |  | 4830000 |
| North Dakota - 0.1%  |  |  |
| Grand Forks Health Care Sys Rev Participating VRDN Series 2023 XF1602, 2.01% 12/1/2053 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 4565000 | 4565000 |
| Ohio - 0.8%  |  |  |
| Columbus OH Arpt Rev Participating VRDN 2.01% 1/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3000000 | 3000000 |
| Columbus OH Arpt Rev Participating VRDN 2.01% 1/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 535000 | 535000 |
| Columbus OH Arpt Rev Participating VRDN 2.01% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3700000 | 3700000 |
| Columbus OH Arpt Rev Participating VRDN Series 2025 YX1373, 2.01% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4125000 | 4125000 |
| Columbus OH Arpt Rev Participating VRDN Series 2025 ZF1835, 2.01% 1/1/2050 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 4000000 | 4000000 |
| CommonSpirit Health Participating VRDN Series 2020 MIZ9020, 2.07% 5/1/2039 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 1900000 | 1900000 |
| Middletown Hosp Facilities Rev Participating VRDN Series 2024 BAML5056, 3.08% 11/15/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 12570000 | 12570000 |
| Montgomery County Hosp Rev Participating VRDN 2.01% 11/15/2045 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1300000 | 1300000 |
| Ohio Hosp Rev Participating VRDN Series C 18, 2.01% 1/15/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1800000 | 1800000 |
| Ohio Housing Finance Agency Participating VRDN Series 2024 XF1762, 2% 9/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1585000 | 1585000 |
| TOTAL OHIO |  | 34515000 |
| Oregon - 0.5%  |  |  |
| Multinomah OR Adventist Health Participating VRDN 2% 3/1/2040 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2200000 | 2200000 |
| Port of Portland Arpt Rev Participating VRDN 2.07% 7/1/2045 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d) | 1580000 | 1580000 |
| Port of Portland Arpt Rev Participating VRDN Series 2024 XF1741, 2.07% 7/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 1330000 | 1330000 |
| Port of Portland Arpt Rev Participating VRDN Series 2024 ZF3262, 2.07% 7/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d) | 700000 | 700000 |
| Port of Portland Arpt Rev Participating VRDN Series 2025 XF1869, 2.05% 7/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 3865000 | 3865000 |
| Port of Portland Arpt Rev Participating VRDN Series 2025 XF1873, 2.03% 7/1/2049 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 1500000 | 1500000 |
| Port of Portland Arpt Rev Participating VRDN Series 2025 XF1896, 3.2% 7/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 4000000 | 4000000 |
| Portland OR Swr Sys Rev Participating VRDN Series 2025 XG0600, 2% 10/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1535000 | 1535000 |
| Portland OR Swr Sys Rev Participating VRDN Series 2025 ZF3339, 2% 12/1/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4015000 | 4015000 |
| TOTAL OREGON |  | 20725000 |
| Pennsylvania - 2.2%  |  |  |
| Allegheny County Arpt Auth Rev Participating VRDN 2.03% 1/1/2056 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 6190000 | 6190000 |
| Allegheny County Arpt Auth Rev Participating VRDN Series 2025 XF1911, 2.01% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2275000 | 2275000 |
| Commonwealth Fing Auth Tobacco Participating VRDN Series 2018 XX1080, 2.01% 6/1/2035 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4530000 | 4530000 |
| Lehigh County Gen Purp Hosp Rev Participating VRDN 3.08% 7/1/2033 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1640000 | 1640000 |
| Monroeville Fin Auth UPMC Rev Participating VRDN Series 2022 YX1185, 2% 2/15/2039 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3500000 | 3500000 |
| Pennsylvania Econ Dev Fing Auth Participating VRDN 2.02% 12/31/2057 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4400000 | 4400000 |
| Pennsylvania Econ Dev Fing Auth Participating VRDN 2.05% 12/31/2062 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3900000 | 3900000 |
| Pennsylvania Econ Dev Fing Auth Participating VRDN Series 2022 YX1186, 2% 2/15/2040 (Liquidity Facility Barclays Bank PLC) (b)(c) | 8000000 | 8000000 |
| Pennsylvania Hsg Fin Agcy Multi Fam Hsg Dev Rev Participating VRDN 3.17% 9/19/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 3210153 | 3210153 |
| Pennsylvania Turnpike Commission Participating VRDN Series 2025 XM1217, 2% 12/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3750000 | 3750000 |
| Pennsylvania Turnpike Commission Participating VRDN Series 2025 XX1400, 2% 12/1/2054 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1640000 | 1640000 |
| Philadelphia Arpt Rev Participating VRDN Series 2024 ZF1782, 2.03% 7/1/2037 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2405000 | 2405000 |
| Philadelphia Arpt Rev Participating VRDN Series 2025 ZF1832, 2.01% 7/1/2051 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2220000 | 2220000 |
| Philadelphia PA Auth For Indl Dev Hosp Rev Participating VRDN Series 2025 XF1898, 3.1% 7/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 12125000 | 12125000 |
| Philadelphia PA Auth For Indl Dev Hosp Rev Participating VRDN Series 2025 XL0621, 3.1% 7/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5675000 | 5675000 |
| Philadelphia PA Gas Works Rev Participating VRDN Series 2024 ZF1772, 2% 8/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3585000 | 3585000 |
| Thomas Jefferson University Participating VRDN Series 2024 XF1769, 2% 11/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1300000 | 1300000 |
| Thomas Jefferson University Participating VRDN Series 5077, 2% 11/1/2064 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 17400000 | 17400000 |
| TOTAL PENNSYLVANIA |  | 87745153 |
| South Carolina - 0.3%  |  |  |
| Charelston SC Arpt Rev Participating VRDN Series 2025 XF1810, 2.01% 7/1/2054 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3150000 | 3150000 |
| South Carolina Pub Svc Auth Rev Participating VRDN 2% 12/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4165000 | 4165000 |
| South Carolina Pub Svc Auth Rev Participating VRDN Series 2018 XG0209, 2.01% 12/1/2056 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 5625000 | 5625000 |
| TOTAL SOUTH CAROLINA |  | 12940000 |
| Tennessee - 1.3%  |  |  |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Participating VRDN Series 2025 CF7031, 2% 1/1/2042 (Liquidity Facility Citibank NA) (b)(c) | 2200000 | 2200000 |
| Metropolitan Nashville Arpt Auth Rev Participating VRDN 2.02% 7/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 1910000 | 1910000 |
| Metropolitan Nashville Arpt Auth Rev Participating VRDN 2.03% 7/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 1965000 | 1965000 |
| Sullivan County Health Ed and Hsg Board Participating VRDN 3.08% 9/1/2036 (Liquidity Facility Bank of America, N.A.) (b)(c) | 49760000 | 49760000 |
| TOTAL TENNESSEE |  | 55835000 |
| Texas - 1.5%  |  |  |
| Austin Arpt Sys Rev Participating VRDN Series 2022 YX1199, 2.02% 11/15/2047 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 2400000 | 2400000 |
| Ector Cnty TX Gen. Oblig. Participating VRDN 2.01% 2/15/2050 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 3885000 | 3885000 |
| Harris Cnty TX Flood Ctl Dist Gen. Oblig. Participating VRDN 2% 10/1/2046 (Liquidity Facility Citibank NA) (b)(c) | 3000000 | 3000000 |
| Houston Arpt Sys Rev Participating VRDN Series 2023 XF3126, 2.02% 7/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 2480000 | 2480000 |
| Houston TX Gen. Oblig. Participating VRDN 2% 3/1/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1800000 | 1800000 |
| Lamar TX Isd Participating VRDN 2.02% 2/15/2058 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3100000 | 3100000 |
| Lamar TX Isd Participating VRDN Series 2023 XM1103, 3.1% 2/15/2058 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4700000 | 4700000 |
| Lamar TX Isd Participating VRDN Series 2025 ZF3318, 2.02% 2/15/2058 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2000000 | 2000000 |
| Las Varas TX Multi Fam Hsg Auth Participating VRDN Series 2024 MIZ9171, 3.17% 9/26/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 4400000 | 4400000 |
| Los Angeles CA Multi Fam Mtg Rev Participating VRDN Series 2024 MIZ9195, 2.07% 7/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 5300000 | 5300000 |
| North Ft Bend Wtr Auth Tex Wtrsys Rev Participating VRDN Series 2023 XL0422, 2.08% 12/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 600000 | 600000 |
| Northwest Tex Indpt Sch Dist Participating VRDN Series 5079, 2% 2/15/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1780000 | 1780000 |
| Rockwall Tex Indpt Sch Dist Participating VRDN Series 2025 XM1252, 3.1% 2/15/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1580000 | 1580000 |
| San Antonio TX Elec & Gas Rev Participating VRDN 3.1% 2/1/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3660000 | 3660000 |
| Texas Gas Acq & Sply Rev Participating VRDN Series 2025 XM1232, 2.02% 1/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 500000 | 500000 |
| Texas Muni Gas Acquisition & Supply Corp Participating VRDN Series 2023 XM1154, 2.02% 1/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 2175000 | 2175000 |
| Texas Private Activity Bond Surface Trans Corp Participating VRDN 2.03% 12/31/2058 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3300000 | 3300000 |
| Travis TX Hog Eye Apts Participating VRDN Series 2024 MIZ9197, 3.17% 2/1/2068 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 8200000 | 8200000 |
| Tuloso Midway TX Indpt Sch Dst Participating VRDN 3.1% 8/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4500000 | 4500000 |
| Ysleta Independent School District Participating VRDN Series 2022 XF1395, 3.1% 8/15/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2335000 | 2335000 |
| TOTAL TEXAS |  | 61695000 |
| Utah - 0.4%  |  |  |
| Salt Lake City Arpt Rev Participating VRDN 2.02% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 1000000 | 1000000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2023 XF1550, 2.05% 7/1/2047 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 3975000 | 3975000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2023 XL0457, 2.02% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 2615000 | 2615000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2023 XL0459, 2.02% 7/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3490000 | 3490000 |
| Salt Lake City Arpt Rev Participating VRDN Series 2023 XM1146, 2.02% 7/1/2047 (Liquidity Facility UBS AG) (b)(c)(d) | 2500000 | 2500000 |
| Salt Lake City Arpt. Rev Participating VRDN Series 2025 XL0577, 2.02% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 1700000 | 1700000 |
| TOTAL UTAH |  | 15280000 |
| Virginia - 1.2%  |  |  |
| Chesapeake Bay Bridge and Tunnel District Gen Rev Participating VRDN 2.01% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3500000 | 3500000 |
| Norfolk Econ Dev Health Care Facs Participating VRDN 2.01% 11/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 3000000 | 3000000 |
| Suffolk Econ Dev Auth Hosp Facs Rev Participating VRDN Series 2020 MIZ9025, 2.07% 11/1/2035 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 35110000 | 35110000 |
| Virginia Small Bus Fing Auth Participating VRDN Series 2024 XF3217, 2.02% 12/31/2056 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 5225000 | 5225000 |
| Virginia Small Business Fing Auth Healthcare Facs Rev Participating VRDN 3.15% 12/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3700000 | 3700000 |
| TOTAL VIRGINIA |  | 50535000 |
| Washington - 0.8%  |  |  |
| Port Seattle WA Rev Participating VRDN 2.02% 8/1/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2635000 | 2635000 |
| Port Seattle WA Rev Participating VRDN 2.05% 5/1/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2585000 | 2585000 |
| Port Seattle WA Rev Participating VRDN 2.05% 7/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 3500000 | 3500000 |
| Port Seattle WA Rev Participating VRDN Series 2020 XM0875, 2.07% 4/1/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2970000 | 2970000 |
| Port Seattle WA Rev Participating VRDN Series 2022 XM1027, 2.05% 8/1/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 4500000 | 4500000 |
| Port Seattle WA Rev Participating VRDN Series 2022 YX1241, 2.04% 8/1/2040 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 1430000 | 1430000 |
| Port Seattle WA Rev Participating VRDN Series 2023 XF1599, 2.03% 5/1/2043 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2605000 | 2605000 |
| Port Seattle WA Rev Participating VRDN Series 2024 XF1730, 2.07% 7/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 1260000 | 1260000 |
| Port Seattle WA Rev Participating VRDN Series 2025 XL0647, 0% 7/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 3495000 | 3495000 |
| Port Seattle WA Rev Participating VRDN Series 2025 XL0648, 0% 8/1/2046 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 2300000 | 2300000 |
| Port Seattle WA Rev Participating VRDN Series 2025 ZF3364, 2.02% 8/1/2046 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2070000 | 2070000 |
| Washington Convention Ctr Pub Facs Participating VRDN Series 2020 XG0287, 2.01% 7/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4185000 | 4185000 |
| Washington Convention Ctr Pub Facs Participating VRDN Series 2022 XX1238, 2.01% 7/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1500000 | 1500000 |
| TOTAL WASHINGTON |  | 35035000 |
| Wisconsin - 1.4%  |  |  |
| Wisconsin Health & Edl Facilities Auth Rev Participating VRDN 3.14% 2/15/2040 (Liquidity Facility Bank of America, N.A.) (b)(c) | 30675000 | 30675000 |
| Wisconsin Health & Educational Facilities Authority Participating VRDN Series 2018 XF2541, 3.1% 11/15/2034 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 10000000 | 10000000 |
| Wisconsin Health & Educational Facilities Authority Participating VRDN Series 5082, 3.1% 8/15/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 18980000 | 18980000 |
| TOTAL WISCONSIN |  | 59655000 |
| <br> **TOTAL TENDER OPTION BOND**<br> (Cost $1,217,112,153) |  | <br> **1217112153** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Variable Rate Demand Note - 69.2%** | &nbsp;&nbsp;**Variable Rate Demand Note - 69.2%** | &nbsp;&nbsp;**Variable Rate Demand Note - 69.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 3.0%  |  |  |
| Decatur AL Indl Dev Brd Exempt (Nucor Corp Proj.) 2.25% 8/1/2036 VRDN (c)(d) | 1900000 | 1900000 |
| Mobile AL Indl Dev Brd Rev (Alabama Power & Light Proj.) 3.1% 4/1/2031 VRDN (c)(d) | 6800000 | 6800000 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) 3.1% 12/1/2036 VRDN (c)(d) | 5300000 | 5300000 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) Series FIRST 2023, 3.15% 8/1/2063 VRDN (c)(d) | 45910000 | 45910000 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) Series SECOND 2023, 3.15% 8/1/2063 VRDN (c)(d) | 19150000 | 19150000 |
| West Jefferson Ala Indl Dev Brd Solid Waste Disp Rev (Alabama Power & Light Proj.) 3.1% 12/1/2038 VRDN (c)(d) | 7590000 | 7590000 |
| West Jefferson Ala Indl Dev Brd Solid Waste Disp Rev (Alabama Power & Light Proj.) Series 2023, 2.6% 8/1/2063 VRDN (c)(d) | 8900000 | 8900000 |
| Wilsonville AL Indl Dev Brd Pollutn Ctl Rev (Alabama Power & Light Proj.) 3.1% 12/1/2030 VRDN (c)(d) | 28790000 | 28790000 |
| TOTAL ALABAMA |  | 124340000 |
| Alaska - 0.0%  |  |  |
| Valdez Alaska Marine Term Rev (Conocophillips Company Proj.) 1.93% 5/1/2031 (ConocoPhillips Guaranteed) VRDN (c) | 1200000 | 1200000 |
| Arizona - 1.5%  |  |  |
| Arizona Brd Regents AZ St Univ Sys Rev (Arizona St Univ Revs Proj.) Series 2025C, 2.12% 7/1/2055 VRDN (c) | 7800000 | 7800000 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) Series 2019 A, 3% 2/1/2048, LOC TD Bank NA VRDN (c) | 1285000 | 1285000 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) Series 2019B, 3% 2/1/2048, LOC TD Bank NA VRDN (c) | 20155000 | 20155000 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024B, 3% 12/1/2048, LOC JPMorgan Chase Bank NA VRDN (c) | 22305000 | 22305000 |
| Maricopa Cnty AZ Ida ID Rev (Clayton Homes Inc Proj.) 2.11% 8/1/2028, LOC US Bank NA/Cincinnati OH VRDN (c)(d) | 1900000 | 1900000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.2% 5/1/2029 VRDN (c) | 4900000 | 4900000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) Series 2009 A, 2.25% 5/1/2029 VRDN (c) | 2700000 | 2700000 |
| TOTAL ARIZONA |  | 61045000 |
| Arkansas - 0.0%  |  |  |
| Blytheville AR Indl Dev Rev (Nucor Corp Proj.) 2.25% 6/1/2028 VRDN (c)(d) | 200000 | 200000 |
| Blytheville AR Indl Dev Rev (Nucor Corp Proj.) 2.65% 1/2/2033 VRDN (c)(d) | 1000000 | 1000000 |
| TOTAL ARKANSAS |  | 1200000 |
| Colorado - 1.6%  |  |  |
| Colorado Health Facilities Authority (Childrens Hospital Assoc, Co Proj.) Series 2020A, 3% 12/1/2052, LOC TD Bank NA VRDN (c) | 11800000 | 11800000 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) 3% 5/15/2064 VRDN (c) | 25500000 | 25500000 |
| University of Colorado Hospital Authority Series 2018B, 3% 11/15/2035 VRDN (c) | 29420000 | 29420000 |
| TOTAL COLORADO |  | 66720000 |
| Connecticut - 0.9%  |  |  |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2017 C 3, 1.98% 11/15/2035 (Liquidity Facility TD Bank NA) VRDN (c)(d) | 25065000 | 25065000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2019 B 2, 1.98% 11/15/2039 (Liquidity Facility Bank of America NA) VRDN (c)(d) | 5350000 | 5350000 |
| Conn St Hsg Fin Auth (Ct Hsg Mortgage Proj.) Series 2019 B 3, 1.95% 11/15/2044 (Liquidity Facility Bank of America NA) VRDN (c) | 2085000 | 2085000 |
| Connecticut St Gen. Oblig. Series 2016 C, 1.96% 5/15/2034 (Liquidity Facility Bank of America NA) VRDN (c) | 900000 | 900000 |
| Connecticut State Health & Educational Facilities Authority (Yale-New Haven Hospital Inc Proj.) Series D, 1.85% 7/1/2048 VRDN (c) | 6325000 | 6325000 |
| TOTAL CONNECTICUT |  | 39725000 |
| Delaware - 0.7%  |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 3.32% 10/1/2029 VRDN (c)(d) | 28200000 | 28200000 |
| Florida - 4.2%  |  |  |
| Bay Cny Fla Pcr (Florida Pwr & Lt Co Proj.) Series 2020, 2.5% 6/1/2050 VRDN (c)(d) | 22300000 | 22300000 |
| Broward Cnty FL Idr (Florida Pwr & Lt Co Proj.) Series 2015, 2.05% 6/1/2045 VRDN (c)(d) | 13500000 | 13500000 |
| Broward Cnty FL Idr (Florida Pwr & Lt Co Proj.) Series 2018 A, 2.43% 12/1/2048 VRDN (c)(d) | 2800000 | 2800000 |
| Broward Cnty FL Idr (Florida Pwr & Lt Co Proj.) Series 2018 B, 2.35% 12/1/2048 VRDN (c)(d) | 3100000 | 3100000 |
| Escambia Cnty FL Solid Wste (Florida Pwr & Lt Co Proj.) Series FIRST 2009, 2.4% 4/1/2039 VRDN (c) | 9200000 | 9200000 |
| FL Pcr Power And Light (Florida Pwr & Lt Co Proj.) 2.45% 5/1/2029 VRDN (c) | 5600000 | 5600000 |
| Florida Hsg Fin Corp Mltfmy Rv (Hunters Run Partners Ii, Ltd Lp Proj.) 1.98% 6/15/2036, LOC Fannie Mae VRDN (c)(d) | 4425000 | 4425000 |
| Hillsborough Cnty FL Hfa Rev (Claymore Housing Ltd Proj.) 2.11% 12/15/2038, LOC Citibank NA VRDN (c)(d) | 8425000 | 8425000 |
| Hillsborough Cnty FL Hfa Rev (Grande Oaks Llc Proj.) 2.05% 2/15/2037, LOC Fannie Mae VRDN (c)(d) | 830000 | 830000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) 3% 11/15/2054 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (c) | 37605000 | 37605000 |
| Lee Cnty FL Indl DevAuth Rev (Florida Pwr & Lt Co Proj.) Series 2016 A, 2.05% 12/1/2046 VRDN (c)(d) | 5100000 | 5100000 |
| Lee Cnty FL Indl DevAuth Rev (Florida Pwr & Lt Co Proj.) Series 2016 B, 2.55% 12/1/2046 VRDN (c)(d) | 4100000 | 4100000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2021, 2.3% 5/1/2046 VRDN (c)(d) | 5700000 | 5700000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2024A, 2.45% 5/1/2054 VRDN (c)(d) | 13700000 | 13700000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2024B, 2.15% 5/1/2054 VRDN (c)(d) | 16350000 | 16350000 |
| Mississippi Bus Fin Corp MI Po (Florida Pwr & Lt Co Proj.) Series 2014, 2.45% 4/1/2044 VRDN (c) | 2100000 | 2100000 |
| Orange Cnty FL Health Facs (Nemours Foundation Proj.) Series 2009B, 1.95% 1/1/2039, LOC TD Bank NA VRDN (c) | 23350000 | 23350000 |
| TOTAL FLORIDA |  | 178185000 |
| Georgia - 2.2%  |  |  |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 3.1% 11/1/2062 VRDN (c)(d) | 12650000 | 12650000 |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 3.15% 11/1/2062 VRDN (c)(d) | 16955000 | 16955000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) 3.1% 7/1/2049 VRDN (c) | 7830000 | 7830000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 1997, 3.15% 11/1/2052 VRDN (c)(d) | 21170000 | 21170000 |
| Heard Cnty GA Dev Auth Poll Cont Rev (Georgia Power Co Proj.) 2.75% 12/1/2037 VRDN (c)(d) | 14500000 | 14500000 |
| Monroe Cnty GA Dev Auth Rev (Florida Pwr & Lt Co Proj.) Series 2017, 2.17% 11/1/2047 VRDN (c)(d) | 6200000 | 6200000 |
| Monroe Cnty GA Dev Auth Rev (Florida Pwr & Lt Co Proj.) Series 2019, 2.45% 6/1/2049 VRDN (c)(d) | 13040000 | 13040000 |
| TOTAL GEORGIA |  | 92345000 |
| Illinois - 1.4%  |  |  |
| Chicago IL Midway Arpt Rev Series 2014 C, 2.02% 1/1/2044, LOC PNC Bank NA VRDN (c)(d) | 4300000 | 4300000 |
| Chicago IL O'Hare Intl Arpt Rev Spl (Deutsche Lufthansa A G Proj.) 2.12% 5/1/2035, LOC Bayerische Landesbank VRDN (c)(d) | 6000000 | 6000000 |
| Illinois Dev Fin Auth Rev (Glenwood School For Boys, Il Proj.) 2.17% 2/1/2033, LOC Northern Trust CO Chicago VRDN (c) | 1900000 | 1900000 |
| Illinois Fin Auth Rev (University Of Chicago Hosps,Il Proj.) 2.85% 8/1/2043, LOC TD Bank NA VRDN (c) | 1100000 | 1100000 |
| Illinois Finance Authority Rev (Northwestern Memorial Hosp,Il Proj.) Series 2021 B, 3% 7/15/2055 (Liquidity Facility Royal Bank of Canada) VRDN (c) | 6305000 | 6305000 |
| Illinois Finance Authority Rev (Northwestern Memorial Hosp,Il Proj.) Series 2021 C, 3% 7/15/2055 (Liquidity Facility Barclays Bank PLC) VRDN (c) | 11730000 | 11730000 |
| Will Cnty IL Exempt Facs Rev (Exxon Capital Ventures Inc Proj.) 3.04% 4/1/2026 (Exxon Mobil Corp Guaranteed) VRDN (c)(d) | 26815000 | 26815000 |
| TOTAL ILLINOIS |  | 58150000 |
| Indiana - 2.1%  |  |  |
| Hammond Ind Sew&Sd Wst Dsp Rev (Cargill Inc Proj.) 1.98% 12/1/2029 VRDN (c)(d) | 33700000 | 33700000 |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) 1.9% 9/1/2048, LOC Barclays Bank PLC VRDN (c) | 7750000 | 7750000 |
| Indiana Fin Auth Hosp Rev (Parkview Health System Proj.) 3% 11/1/2039, LOC TD Bank NA VRDN (c) | 33620000 | 33620000 |
| Indiana Mun Pwr Agy Pwr Supply Series 2019 B, 3% 1/1/2042, LOC Truist Bank VRDN (c) | 13750000 | 13750000 |
| Indiana St Dev Fin Auth Envr Rev (Duke Energy Ind Inc Proj.) 2.16% 12/1/2038 VRDN (c)(d) | 1050000 | 1050000 |
| TOTAL INDIANA |  | 89870000 |
| Iowa - 2.2%  |  |  |
| Iowa Fin Auth Health Facs Rev (Unitypoint Health Proj.) Series 2013B 1, 2.8% 2/15/2039, LOC TD Bank NA VRDN (c) | 9420000 | 9420000 |
| Iowa Fin Auth Midwestern Disaster Area Rev (Archer Daniels Midland Co Proj.) 2% 12/1/2051 VRDN (c) | 5000000 | 5000000 |
| Iowa Fin Auth Pollutn Ctl Fac Rev (Midamerican Energy Co Proj.) Series 2016A, 2.1% 9/1/2036 VRDN (c) | 1200000 | 1200000 |
| Iowa Fin Auth Rev (Unitypoint Health Proj.) Series 2018 F, 2.8% 7/1/2041, LOC TD Bank NA VRDN (c) | 6405000 | 6405000 |
| Iowa Fin Auth Sld Disp Wst Rev (Chevron Usa Inc Proj.) 3% 8/1/2054 (Chevron Corp Guaranteed) VRDN (c)(d) | 36050000 | 36050000 |
| Iowa Fin Auth Solid Waste Facs Rev (Midamerican Energy Co Proj.) 2.25% 12/1/2047 VRDN (c)(d) | 36530000 | 36530000 |
| TOTAL IOWA |  | 94605000 |
| Kansas - 0.3%  |  |  |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.4% 9/1/2035 VRDN (c) | 3300000 | 3300000 |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.4% 9/1/2035 VRDN (c) | 1000000 | 1000000 |
| LA Cygne KS Pollution Ctl Rev (Evergy Kansas South Proj.) 2.5% 4/15/2027 VRDN (c) | 400000 | 400000 |
| St Marys Kans Pollutn Ctl Rev (Evergy Kansas South Proj.) 2.5% 4/15/2032 VRDN (c) | 4100000 | 4100000 |
| University Kansas Hosp Auth Hlth Fac Rev 3% 9/1/2034, LOC US Bank NA/Cincinnati OH VRDN (c) | 3700000 | 3700000 |
| Wamego Kansas Pcr (Evergy Kansas Central Proj.) 2.5% 4/15/2032 VRDN (c) | 600000 | 600000 |
| Wamego Kansas Pcr (Evergy Kansas South Proj.) 2.5% 4/15/2032 VRDN (c) | 200000 | 200000 |
| TOTAL KANSAS |  | 13300000 |
| Kentucky - 5.2%  |  |  |
| Kentucky Bond Development Corp (Baptist Health Obligated Group Proj.) Series 2025 B, 3.1% 8/15/2055, LOC Truist Bank VRDN (c) | 105620000 | 105620000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023C, 3.1% 10/1/2053, LOC Truist Bank VRDN (c) | 5900000 | 5900000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023D, 3.1% 10/1/2053, LOC Truist Bank VRDN (c) | 41365000 | 41365000 |
| Louisville KY Regl Arpt Auth Spl Facs Rev (United Parcel Service Inc Proj.) 3.05% 11/1/2036 VRDN (c)(d) | 42600000 | 42600000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 3.55% 7/1/2060 VRDN (c)(d) | 10560000 | 10560000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 B 1, 3.55% 7/1/2060 VRDN (c)(d) | 4500000 | 4500000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2021 A 1, 3.55% 8/1/2061 VRDN (c)(d) | 6775000 | 6775000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2021B 1, 3.5% 8/1/2061 VRDN (c)(d) | 200000 | 200000 |
| TOTAL KENTUCKY |  | 217520000 |
| Louisiana - 3.1%  |  |  |
| Louisiana Pub Facs Auth Recycling Fac Rev (Chevron Usa Inc Proj.) Series 2024, 3% 5/1/2054 (Chevron Corp Guaranteed) VRDN (c)(d) | 36785000 | 36785000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.2% 12/1/2037 VRDN (c)(d) | 14000000 | 14000000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 2.2% 12/1/2038 VRDN (c)(d) | 18650000 | 18650000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 3% 12/1/2043 VRDN (c) | 12400000 | 12400000 |
| Louisiana Pub Facs Auth Rev (Air Products & Chemicals Inc Proj.) 3% 5/1/2042 VRDN (c) | 25000000 | 25000000 |
| Louisiana St Gas & Fuel Tax Rv 3% 5/1/2043, LOC Toronto-Dominion Bank/NY VRDN (c) | 4700000 | 4700000 |
| Louisiana St Gas & Fuel Tax Rv 3% 5/1/2043, LOC Toronto-Dominion Bank/NY VRDN (c) | 3975000 | 3975000 |
| St Bernard Parish LA Exempt Fa C Rev (Exxon Mobil Corp Proj.) 3.04% 11/1/2026 VRDN (c)(d) | 15500000 | 15500000 |
| TOTAL LOUISIANA |  | 131010000 |
| Maryland - 0.3%  |  |  |
| Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health Sys Corp Proj.) 2.95% 6/1/2048, LOC TD Bank NA VRDN (c) | 8225000 | 8225000 |
| Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health Sys Corp Proj.) 2.95% 6/1/2048, LOC TD Bank NA VRDN (c) | 4970000 | 4970000 |
| TOTAL MARYLAND |  | 13195000 |
| Michigan - 1.7%  |  |  |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) Series 2019C, 3% 7/1/2041, LOC PNC Bank NA VRDN (c) | 6275000 | 6275000 |
| Michigan St Strategic Fd Ltd Oblig Rev (Air Products & Chemicals Inc Proj.) 2.97% 12/1/2042 VRDN (c) | 29915000 | 29915000 |
| Michigan St Strategic Fd Ltd Oblig Rev (Kroger Co Proj.) 2.01% 1/1/2026, LOC Bank of Nova Scotia NY Brh VRDN (c) | 2100000 | 2100000 |
| Michigan Strategic Fund (Chevron Usa Inc Proj.) Series 2024, 3% 11/1/2054 (Chevron Corp Guaranteed) VRDN (c)(d) | 35000000 | 35000000 |
| TOTAL MICHIGAN |  | 73290000 |
| Minnesota - 1.8%  |  |  |
| Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2018 C, 3% 11/15/2048, LOC Bank of America NA VRDN (c) | 73615000 | 73615000 |
| Mississippi - 0.9%  |  |  |
| Mississippi Bus Fin Corp Rev (Florida Pwr & Lt Co Proj.) 2.55% 12/1/2049 VRDN (c)(d) | 14300000 | 14300000 |
| Mississippi Bus Fin Corp Rev (Mississippi Power Co Proj.) Series 1999, 2.8% 12/1/2027 VRDN (c)(d) | 2700000 | 2700000 |
| Mississippi Bus Fin Corp Sld Wst Disp Rev (Waste Management Inc Del Proj.) 1.93% 7/1/2028, LOC Bank of America NA VRDN (c)(d) | 10000000 | 10000000 |
| Mississippi Business Fin Corp Miss Solid Waste Disp Fac & Wastewater Fac Rev (Mississippi Power Co Proj.) 2.8% 11/1/2052 VRDN (c)(d) | 9820000 | 9820000 |
| TOTAL MISSISSIPPI |  | 36820000 |
| Nebraska - 1.2%  |  |  |
| Nebraska Invt Fin Auth Sfh Rev (Ne Single Family Hsg Proj.) Series 2016B, 1.85% 9/1/2032 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (c)(d) | 7115000 | 7115000 |
| Nebraska Invt Fin Auth Sfh Rev (Ne Single Family Hsg Proj.) Series 2016D, 1.85% 9/1/2032 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (c)(d) | 7170000 | 7170000 |
| Nebraska Invt Fin Auth Sfh Rev (Ne Single Family Hsg Proj.) Series 2018 B, 1.85% 3/1/2048 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (c)(d) | 12000000 | 12000000 |
| Nebraska Invt Fin Auth Sfh Rev (Ne Single Family Hsg Proj.) Series 2018 D, 1.85% 9/1/2048 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (c)(d) | 1950000 | 1950000 |
| Nebraska Invt Fin Auth Sfh Rev (Ne Single Family Hsg Proj.) Series 2021 B, 1.85% 9/1/2050 (Liquidity Facility Federal Home Loan Bank of Topeka) VRDN (c)(d) | 20000000 | 20000000 |
| Stanton Cnty NE Indl Dev Rev (Nucor Corp Proj.) 2.25% 11/1/2026 VRDN (c)(d) | 1200000 | 1200000 |
| Stanton Cnty NE Indl Dev Rev (Nucor Corp Proj.) 2.25% 6/1/2028 VRDN (c)(d) | 100000 | 100000 |
| TOTAL NEBRASKA |  | 49535000 |
| Nevada - 0.4%  |  |  |
| Clark Cnty NV Indl Dev Rev (Southwest Gas Corp Proj.) Series 2008 A, 2.2% 3/1/2038, LOC MUFG Bank Ltd/New York NY VRDN (c)(d) | 15000000 | 15000000 |
| New Hampshire - 0.8%  |  |  |
| National Fin Auth NH Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 B, 3% 11/1/2064, LOC Truist Bank VRDN (c) | 30000000 | 30000000 |
| National Fin Auth NH Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 C, 2.07% 11/1/2064, LOC Truist Bank VRDN (c) | 4200000 | 4200000 |
| TOTAL NEW HAMPSHIRE |  | 34200000 |
| New York - 14.3%  |  |  |
| Battery Pk City Auth NY Rev Series 2019D 2, 3% 11/1/2038 (Liquidity Facility TD Bank NA) VRDN (c) | 1500000 | 1500000 |
| City of New York NY Gen. Oblig. Series 2013 A 3, 3% 10/1/2040 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (c) | 22945000 | 22945000 |
| City of New York NY Gen. Oblig. Series 2013 SUB A 2, 3% 10/1/2038 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (c) | 7300000 | 7300000 |
| City of New York NY Gen. Oblig. Series 2014 D 4, 3% 8/1/2040, LOC TD Bank NA VRDN (c) | 7845000 | 7845000 |
| City of New York NY Gen. Oblig. Series 2014 I 2, 3% 3/1/2040 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 4990000 | 4990000 |
| City of New York NY Gen. Oblig. Series FISCAL 2019 D 4, 3.05% 12/1/2047 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 4300000 | 4300000 |
| City of New York NY Gen. Oblig. Series FISCAL 2023A SUB A 3, 3% 9/1/2049 (Liquidity Facility Bank of Montreal/Chicago IL) VRDN (c) | 31490000 | 31490000 |
| City of New York NY Gen. Oblig. Series FISCAL 2023A SUB A 4, 3% 9/1/2049 (Liquidity Facility Toronto Dominion Bank) VRDN (c) | 10595000 | 10595000 |
| City of New York NY Gen. Oblig. Series G 3, 3% 2/1/2055 (Liquidity Facility TD Bank NA) VRDN (c) | 15500000 | 15500000 |
| City of New York NY Series FISCAL 2017A SUB A4, 3% 8/1/2044 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 31165000 | 31165000 |
| Metropolitan Transn Auth NY Rv Series 2015 E 1, 3.05% 11/15/2045, LOC Barclays Bank PLC VRDN (c) | 13325000 | 13325000 |
| Metropolitan Transn Auth NY Rv Series SUB 2002D 2A 1, 3% 11/1/2032, LOC Truist Bank VRDN (c) | 9435000 | 9435000 |
| Metropolitan Transn Auth NY Rv Series SUB 2002D 2B, 3% 11/1/2032, LOC Truist Bank VRDN (c) | 12160000 | 12160000 |
| Metropolitan Transn Auth NY Rv Series SUB 2005D 1, 3% 11/1/2035, LOC Truist Bank VRDN (c) | 12915000 | 12915000 |
| Metropolitan Transn Auth NY Rv Series SUB 2012G 3, 3% 11/1/2031, LOC Royal Bank of Canada/New York NY VRDN (c) | 25135000 | 25135000 |
| New York NY City Transitional Fin Auth Rev 3% 8/1/2045 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 15005000 | 15005000 |
| New York NY City Transitional Fin Auth Rev Series 2011 A 4, 3.05% 8/1/2039 (Liquidity Facility Barclays Bank PLC) VRDN (c) | 33250000 | 33250000 |
| New York NY City Transitional Fin Auth Rev Series 2013 FISCAL A 4, 3% 8/1/2039 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 1900000 | 1900000 |
| New York NY City Transitional Fin Auth Rev Series 2013C 4, 3% 11/1/2036 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 10690000 | 10690000 |
| New York NY City Transitional Fin Auth Rev Series 2015 E 3, 3% 2/1/2045 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 30250000 | 30250000 |
| New York NY City Transitional Fin Auth Rev Series A 4, 3% 8/1/2043 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (c) | 5030000 | 5030000 |
| New York NY City Transitional Fin Auth Rev Series B 4, 3% 8/1/2042 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 18385000 | 18385000 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2019 C 4, 3.05% 11/1/2044 (Liquidity Facility Barclays Bank PLC) VRDN (c) | 16285000 | 16285000 |
| New York NY Cty Hsg Dev Corp Multifamily Rev (Glenwood Management Proj.) 2.15% 6/15/2029, LOC Fannie Mae VRDN (c)(d) | 14800000 | 14800000 |
| New York NY Cty Muni Wtr Fin Auth 3% 6/15/2039 (Liquidity Facility UBS AG/Stamford CT) VRDN (c) | 61385000 | 61385000 |
| New York NY Cty Muni Wtr Fin Auth 3% 6/15/2043 (Liquidity Facility TD Bank NA) VRDN (c) | 6300000 | 6300000 |
| New York NY Cty Muni Wtr Fin Auth 3.02% 6/15/2039 (Liquidity Facility UBS AG/Stamford CT) VRDN (c) | 4160000 | 4160000 |
| New York NY Cty Muni Wtr Fin Auth Series 2014 AA 3, 3% 6/15/2049 (Liquidity Facility TD Bank NA) VRDN (c) | 6555000 | 6555000 |
| New York NY Cty Muni Wtr Fin Auth Series 2014AA 4, 3% 6/15/2049 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 2800000 | 2800000 |
| New York NY Cty Muni Wtr Fin Auth Series 2015 BB 2, 3.02% 6/15/2049 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (c) | 18095000 | 18095000 |
| New York NY Cty Muni Wtr Fin Auth Series AA 1, 3% 6/15/2050 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 9390000 | 9390000 |
| New York NY Cty Muni Wtr Fin Auth Series AA 5, 3% 6/15/2048 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (c) | 8695000 | 8695000 |
| New York NY Cty Muni Wtr Fin Auth Series AA 6, 3% 6/15/2048 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (c) | 18935000 | 18935000 |
| New York NY Cty Muni Wtr Fin Auth Series BB 1A, 3% 6/15/2049 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 7500000 | 7500000 |
| New York NY Cty Muni Wtr Fin Auth Series BB 1B, 3% 6/15/2049 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 10830000 | 10830000 |
| New York NY Cty Muni Wtr Fin Auth Series DD 2, 3% 6/15/2043 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 1570000 | 1570000 |
| New York NY Hsg Dev Multi Rev (119 Manhattan Equities Llc Proj.) 1.95% 6/1/2036, LOC Citibank NA VRDN (c)(d) | 5000000 | 5000000 |
| New York St Hsg Fin Agy Rev (Durst Organization Proj.) 2.05% 5/15/2036, LOC Fannie Mae VRDN (c)(d) | 19700000 | 19700000 |
| New York St Hsg Fin Agy Rev (Penmark Realty Corp Proj.) 3.1% 11/1/2034, LOC Landesbank Hessen-Thueringen Girozentrale VRDN (c)(d) | 50100000 | 50100000 |
| New York St Hsg Fin Agy Rev (Various Capital Projects) Series 2014A, 3% 11/1/2046, LOC Landesbank Hess-Thurngn (Ungtd) NY Br VRDN (c) | 5615000 | 5615000 |
| Triborough Brdg & Tunl NY Revs 3.05% 1/1/2032, LOC Barclays Bank PLC VRDN (c) | 2050000 | 2050000 |
| Triborough Brdg & Tunl NY Revs Series 2005B 4A, 3% 1/1/2032, LOC TD Bank NA VRDN (c) | 4390000 | 4390000 |
| TOTAL NEW YORK |  | 599265000 |
| North Carolina - 0.8%  |  |  |
| Atrium Health (Carolinas Healthcare System Proj.) 3% 1/15/2044, LOC TD Bank NA VRDN (c) | 4855000 | 4855000 |
| Cumberland Cnty NC Indl Facs & Pollution Ctl Fing Auth Exempt Facs Rev (Cargill Inc Proj.) Series 2022, 2.01% 8/1/2052 VRDN (c)(d) | 2900000 | 2900000 |
| Lower Cape Fear N C Wtr & Swr Auth Spl Fac Rev (Smithfield Foods Proj.) 2.06% 12/1/2034, LOC Cooperatieve Rabobank UA/NY VRDN (c) | 1400000 | 1400000 |
| North Carolina Housing Finance Agency (Nc Homeownership Proj.) Series 55 B, 3% 1/1/2050 (Liquidity Facility TD Bank NA) VRDN (c) | 25500000 | 25500000 |
| TOTAL NORTH CAROLINA |  | 34655000 |
| Ohio - 1.6%  |  |  |
| Allen Cnty OH Hosp Facs Rev (Mercy Healthcare System Proj.) 3.05% 6/1/2034, LOC Truist Bank VRDN (c) | 5900000 | 5900000 |
| Cuyahoga Cnty OH Hlth Care Fac (The A.M. Mcgregor Home Proj.) Series 2014, 2.01% 5/1/2049, LOC Northern Trust CO Chicago VRDN (c) | 1800000 | 1800000 |
| Franklin Cnty OH Hosp Facs Rev (Nationwide Children'S Hospital Proj.) 3% 11/1/2042 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 1600000 | 1600000 |
| Franklin Cnty OH Hosp Facs Rev (Ohiohealth Corporation Proj.) Series 2011C, 1.85% 11/15/2033 VRDN (c) | 3300000 | 3300000 |
| Franklin Cnty OH Hosp Facs Rev (Ohiohealth Corporation Proj.) Series 2011D, 1.85% 11/15/2033 VRDN (c) | 8000000 | 8000000 |
| Franklin Cnty Ohio Hosp Rev (Ohiohealth Corporation Proj.) 1.9% 12/1/2028, LOC Northern Trust CO Chicago VRDN (c) | 3945000 | 3945000 |
| Hamilton Cnty OH Hosp Facs Rev (Childrens Hosp Med Ctr Cinn,Oh Proj.) Series 2018 Z, 2% 5/15/2037 VRDN (c) | 3980000 | 3980000 |
| Montgomery Cnty OH Hosp Rev (Premier Health Partners Proj.) Series 2019 C, 3.05% 11/15/2045, LOC PNC Bank NA VRDN (c) | 4200000 | 4200000 |
| Ohio St Higher Ed Fac Comm (Cleveland Clinic Foundtn (The) Proj.) 3% 1/1/2043 (Liquidity Facility Barclays Bank PLC) VRDN (c) | 14550000 | 14550000 |
| Ohio St Higher Ed Fac Comm (Cleveland Clinic Foundtn (The) Proj.) Series 2013 B 1, 1.85% 1/1/2039 VRDN (c) | 16525000 | 16525000 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (Oh Residential Mortgage Proj.) Series F, 2.2% 3/1/2036 (Liquidity Facility TD Bank NA) VRDN (c)(d) | 3765000 | 3765000 |
| TOTAL OHIO |  | 67565000 |
| Oregon - 0.7%  |  |  |
| Oregon St Facs Auth Rev (Peacehealth (Hlth Sys),Wa Proj.) Series 2018 B, 2.9% 8/1/2034, LOC TD Bank NA VRDN (c) | 27450000 | 27450000 |
| Pennsylvania - 1.5%  |  |  |
| Allegheny Cnty PA Ida Rev (Watson Institute Proj.) 2.05% 8/1/2040, LOC PNC Bank NA VRDN (c) | 2245000 | 2245000 |
| Lancaster PA Indl Dev Auth Rev (Willow Valley Retirement Communities Proj.) 2.05% 12/1/2039, LOC PNC Bank NA VRDN (c) | 5270000 | 5270000 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) Series 2024 D3, 3% 11/1/2061, LOC Truist Bank VRDN (c) | 46850000 | 46850000 |
| Philadelphia PA Gen. Oblig. 2.07% 8/1/2031, LOC Truist Bank VRDN (c) | 10100000 | 10100000 |
| TOTAL PENNSYLVANIA |  | 64465000 |
| South Carolina - 1.0%  |  |  |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.25% 4/1/2030 VRDN (c)(d) | 2700000 | 2700000 |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.25% 9/1/2028 VRDN (c)(d) | 200000 | 200000 |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.75% 3/1/2029 VRDN (c)(d) | 1925000 | 1925000 |
| Darlington Cnty SC Indl Dev Re (Nucor Corp Proj.) 2.75% 8/1/2029 VRDN (c)(d) | 1200000 | 1200000 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Prisma Health Proj.) Series 2018B, 3% 5/1/2048, LOC TD Bank NA VRDN (c) | 5400000 | 5400000 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Prisma Health Proj.) Series 2018C, 3% 5/1/2048, LOC TD Bank NA VRDN (c) | 31805000 | 31805000 |
| TOTAL SOUTH CAROLINA |  | 43230000 |
| Tennessee - 0.6%  |  |  |
| Clarksville TN Public Bldg Ath (Tennessee Muni Bond Fund Proj.) 3.03% 11/1/2035, LOC Bank of America NA VRDN (c) | 11565000 | 11565000 |
| Clarksville TN Public Bldg Ath (Tennessee Muni Bond Fund Proj.) 3.03% 2/1/2038, LOC Bank of America NA VRDN (c) | 11390000 | 11390000 |
| Industrial Dev Brd Blount Cnty & Cities Alcoa & Maryville Tenn (Alcoa Tn Proj.) 2.3% 6/1/2036, LOC Truist Bank VRDN (c) | 2150000 | 2150000 |
| Loudon CO TN Idb Exmpt Fac Rv (Kimberly-Clark Corp Proj.) 2.5% 11/1/2034 VRDN (c)(d) | 1000000 | 1000000 |
| TOTAL TENNESSEE |  | 26105000 |
| Texas - 9.0%  |  |  |
| Calhoun Cnty Tex Nav Dist Environmental Facs Rev (Formosa Plastics Corp Proj.) 2% 5/1/2034, LOC Citibank NA VRDN (c)(d) | 5000000 | 5000000 |
| Calhoun Cnty TX Nav Dist Pol (Formosa Plastics Corp Texas Proj.) 2% 9/1/2032, LOC Citibank NA VRDN (c)(d) | 10000000 | 10000000 |
| Calhoun Port Auth TX Environmental Facs Rev (Formosa Plastics Corp Texas Proj.) 2.01% 11/1/2037, LOC PNC Bank NA VRDN (c)(d) | 11330000 | 11330000 |
| Calhoun Port Auth TX Environmental Facs Rev (Formosa Plastics Corp Texas Proj.) 2.01% 11/1/2038, LOC Bank of America NA VRDN (c)(d) | 4400000 | 4400000 |
| Dallas-Fort Worth Intl Arpt TX (United Parcel Service Inc Proj.) 2.98% 5/1/2032 VRDN (c)(d) | 29050000 | 29050000 |
| Gulf Coast Industrial Development Authority (Exxon Capital Ventures Inc Proj.) Series 2012, 3% 11/1/2041 (Exxon Mobil Corp Guaranteed) VRDN (c) | 5400000 | 5400000 |
| Gulf Coast Wst Disp Auth TX En (Exxon Capital Ventures Inc Proj.) 3.04% 9/1/2025 (Exxon Mobil Corp Guaranteed) VRDN (c)(d) | 24485000 | 24485000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2020B, 3% 12/1/2059 VRDN (c) | 63170000 | 63170000 |
| Harris Cnty TX Health Facs Rev (Methodist Healthcare Sys, Tx Proj.) 3% 12/1/2041 VRDN (c) | 16550000 | 16550000 |
| Harris Cnty TX Health Facs Rev (Methodist Healthcare Sys, Tx Proj.) 3% 12/1/2041 VRDN (c) | 12630000 | 12630000 |
| Harris Cnty TX Hfc Mfhr (Louetta Village Apartments 45 Lp Proj.) 2.04% 1/15/2038, LOC Fannie Mae VRDN (c)(d) | 4480000 | 4480000 |
| Harris Cnty TX Hosp Dist Rev 2.02% 2/15/2042, LOC JPMorgan Chase Bank NA VRDN (c) | 3800000 | 3800000 |
| Harris Cnty TX Idc Pcr (Exxon Capital Ventures Inc Proj.) 3.04% 8/15/2027 (Exxon Mobil Corp Guaranteed) VRDN (c)(d) | 7300000 | 7300000 |
| Houston TX Util Sys Rev 2% 5/15/2034, LOC Sumitomo Mitsui Banking Corp/New York VRDN (c) | 5800000 | 5800000 |
| Jewett Economic Dev Corp Tex I (Nucor Corp Proj.) 2.25% 8/1/2038 VRDN (c)(d) | 4950000 | 4950000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Capital Ventures Inc Proj.) 3% 11/1/2029 (Exxon Mobil Corp Guaranteed) VRDN (c) | 9990000 | 9990000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Capital Ventures Inc Proj.) 3.04% 11/1/2029 (Exxon Mobil Corp Guaranteed) VRDN (c)(d) | 1155000 | 1155000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Capital Ventures Inc Proj.) 3.04% 12/1/2039 (Exxon Mobil Corp Guaranteed) VRDN (c)(d) | 1180000 | 1180000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Capital Ventures Inc Proj.) 3.04% 3/1/2033 (Exxon Mobil Corp Guaranteed) VRDN (c)(d) | 2505000 | 2505000 |
| Lower Nchs Vly Ath TX Idcrp Re (Exxon Mobil Corp Proj.) 3.04% 4/1/2029 VRDN (c)(d) | 16100000 | 16100000 |
| Lower Nchs Vly Ath TX Idcrp Re (Onyx Environmental Svcs Llc Proj.) Series 2003, 2.07% 5/1/2028, LOC Bank of America NA VRDN (c)(d) | 10250000 | 10250000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 3% 11/1/2038 (Exxon Mobil Corp Guaranteed) VRDN (c) | 19930000 | 19930000 |
| Lower Neches Valley Auth Tex (Exxon Capital Ventures Inc Proj.) 3% 5/1/2046 (Exxon Mobil Corp Guaranteed) VRDN (c) | 8630000 | 8630000 |
| Port Arthur TX Navigation District (Air Products & Chemicals Inc Proj.) 2.2% 4/1/2035 VRDN (c)(d) | 25000000 | 25000000 |
| Port Arthur TX Navigation District (Air Products & Chemicals Inc Proj.) 2.2% 4/1/2036 VRDN (c)(d) | 25000000 | 25000000 |
| Port Arthur TX Navigation District (Air Products & Chemicals Inc Proj.) 2.2% 4/1/2037 VRDN (c)(d) | 22500000 | 22500000 |
| Port Arthur TX Navigation District (Air Products Lp Proj.) 2.97% 5/1/2040 (Air Products and Chemicals Inc Guaranteed) VRDN (c) | 1800000 | 1800000 |
| Port Port Arthur TX Nav Dist R (Total Petrochemicals &Refining Sa/Nv Proj.) 2.07% 4/1/2027 (TotalEnergies SE Guaranteed) VRDN (c)(d) | 10000000 | 10000000 |
| Port Port Arthur TX Nav Dist R (Total Petrochemicals &Refining Sa/Nv Proj.) 2.07% 5/1/2035 (TotalEnergies SE Guaranteed) VRDN (c)(d) | 10000000 | 10000000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals Of Dallas Proj.) 2.95% 10/1/2041, LOC TD Bank NA VRDN (c) | 1185000 | 1185000 |
| Texas State Gen. Oblig. 2.25% 12/1/2042 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 500000 | 500000 |
| Texas State Gen. Oblig. 2.25% 6/1/2043 (Liquidity Facility State Street Bank & Trust Co) VRDN (c) | 940000 | 940000 |
| TOTAL TEXAS |  | 375010000 |
| Virginia - 1.8%  |  |  |
| Harrisonburg VA Economic Dev Auth Health Care Facs Rev (Sentara Healthcare Proj.) Series 2023, 2.25% 8/15/2046, LOC US Bank NA/Cincinnati OH VRDN (c) | 840000 | 840000 |
| Norfolk VA Economic Dev Auth Hosp Facs Rev (Sentara Hlth Sys Obl Group Proj.) 1.95% 11/1/2034 VRDN (c) | 1450000 | 1450000 |
| Roanoke VA Economic Dev Auth Hosp Rev (Carilion Health System Proj.) Series 2020C, 2.9% 7/1/2052, LOC TD Bank NA VRDN (c) | 26200000 | 26200000 |
| VA Small Business Fing Auth Hosp Rev (Carilion Health System Proj.) Series 2008 A, 3% 7/1/2042, LOC Truist Bank VRDN (c) | 7350000 | 7350000 |
| VA Small Business Fing Auth Hosp Rev (Carilion Health System Proj.) Series 2008 B, 3% 7/1/2042, LOC TD Bank NA VRDN (c) | 12825000 | 12825000 |
| Winchester VA Economic Dev Auth Rev (Valley Health Proj.) Series 2024B 1, 3.1% 1/1/2054, LOC Truist Bank VRDN (c) | 18700000 | 18700000 |
| Winchester VA Economic Dev Auth Rev (Valley Health Proj.) Series 2024B 2, 3.1% 1/1/2054, LOC Truist Bank VRDN (c) | 8740000 | 8740000 |
| TOTAL VIRGINIA |  | 76105000 |
| Washington - 0.5%  |  |  |
| Washington St Hsg Fin Comm Mf (Redm Llc Proj.) 2.06% 7/1/2041, LOC Federal Home Loan Bank of San Francisco VRDN (c)(d) | 19250000 | 19250000 |
| West Virginia - 1.2%  |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) 2.13% 2/1/2036 VRDN (c)(d) | 22400000 | 22400000 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2008 A, 2.01% 2/1/2036 VRDN (c)(d) | 27800000 | 27800000 |
| TOTAL WEST VIRGINIA |  | 50200000 |
| Wisconsin - 0.6%  |  |  |
| Green Bay Wis Redev Auth Exempt Fac Redev Rev (Green Bay Wis Pkg Sys Rev Proj.) Series 2019, 2.02% 7/1/2047, LOC Wells Fargo Bank NA VRDN (c)(d)(e) | 21500000 | 21500000 |
| Wisconsin Health & Educational Facilities Authority (Marshfield Clinic Proj.) Series 2018 A, 3.05% 2/15/2050, LOC Barclays Bank PLC VRDN (c) | 3900000 | 3900000 |
| TOTAL WISCONSIN |  | 25400000 |
| Wyoming - 0.1%  |  |  |
| Converse Cnty Wyo Environmenta Impt Rev (Pacificorp Proj.) Series 1995, 2.25% 11/1/2025 VRDN (c)(d) | 1300000 | 1300000 |
| Sweetwater Cnty WY Env Imp Rev (Pacificorp Proj.) 3.25% 11/1/2025 VRDN (c)(d) | 4400000 | 4400000 |
| TOTAL WYOMING |  | 5700000 |
| <br> **TOTAL VARIABLE RATE DEMAND NOTE**<br> (Cost $2,907,470,000) |  | <br> **2907470000** |

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---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.1%**<br> (Cost $4,124,582,153)<br>| <br>**4124582153** |
| **NET OTHER ASSETS (LIABILITIES) - 1.9%**  | **81057549** |
| **NET ASSETS - 100.0%** | **4205639702** |

---

**Security Type Abbreviations**

VRDN - VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

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

**Legend**

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $21,500,000 or 0.5% of net assets.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Tender Option Bond** | 1217112153 | - | 1217112153 | - |
|  **Variable Rate Demand Note** | 2907470000 | - | 2907470000 | - |
| **Total Investments in Securities:** | 4124582153 | - | 4124582153 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of May 31, 2025** | **As of May 31, 2025** | **As of May 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $4,124,582,153)<br>|  | $4124582153 |
| Cash |  | 56381741 |
| Receivable for investments sold |  | 80090000 |
| Interest receivable |  | 15557810 |
| Other receivables |  | 14204 |
| **Total assets** |  | 4276625908 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $62175687 |  |
| Distributions payable | 8796728 |  |
| Other payables and accrued expenses | 13791 |  |
| **Total liabilities** |  | 70986206 |
| **Net Assets**  |  | $4205639702 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4205635906 |
| Total accumulated earnings (loss) |  | 3796 |
| **Net Assets** |  | $4205639702 |
| **Net Asset Value**, offering price and redemption price per share ($4,205,639,702 ÷ 4,204,734,127 shares) |  | $1.0002 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $90136608 |
| **Expenses** |  |  |
| Custodian fees and expenses | $37287 |  |
| Independent trustees' fees and expenses | 7766 |  |
| Miscellaneous | 33 |  |
| Total expenses before reductions | 45086 |  |
| Expense reductions | (37697) |  |
| Total expenses after reductions |  | 7389 |
| **Net Investment income (loss)** |  | 90129219 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 8735 |  |
| Total net realized gain (loss) |  | 8735 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (1198) |
| **Net gain (loss)** |  | 7537 |
| **Net increase in net assets resulting from operations** |  | $90136756 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **May 31, 2025** | **Year ended**<br> **May 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $90129219 | $85507521 |
| &nbsp;&nbsp;Net realized gain (loss) | 8735<br>| 36209<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (1198) | 1198<br>|
| **Net increase in net assets resulting from operations** | 90136756<br>| 85544928<br>|
| Distributions to shareholders | (90128941)<br>| (85507794)<br>|
|  Affiliated share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 17208561163 | 14061391161 |
| &nbsp;&nbsp;Cost of shares redeemed | (14994689974) | (14066332327) |
| **Net increase (decrease) in net assets and shares resulting from share transactions** | 2213871189<br>| (4941166)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2213879004<br>| (4904032)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1991760698 | 1996664730<br>|
| &nbsp;&nbsp;End of period | $4205639702 | $1991760698 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 17205120139 | 14086164542 |
| &nbsp;&nbsp;Redeemed | (14991691636) | (14091079010) |
| &nbsp;&nbsp;Net increase (decrease) | 2213428503 | (4914468) |

---

**Financial Highlights** 

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

---

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

---

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

B*Amount represents less than $.00005 per share.*

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

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

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

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*Amount represents less than .005%.*

**Notes to Financial Statements**

For the period ended May 31, 2025

**1. Organization.**

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

**2. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. During the period, the Fund incurred an excise tax liability on undistributed short-term capital gain and undistributed long-term capital gain which is included in Miscellaneous expense on the Statement of Operations. As of May 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $- |
| **Gross unrealized depreciation**  | <u>-</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$-</u> |
| **Tax Cost**  | <u>$4124582153</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$290</u> |
| **Undistributed long-term capital gain**  | <u>$3506</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$-</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **May 31, 2024** |
| **Tax-exempt Income** | <u>$90128941</u> | <u>$85507794</u> |
| **Total**  | <u>$90128941</u> | <u>$85507794</u> |

---

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

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Municipal Cash Central Fund** | 1414665000 | 1070938000 | - |

---

**4. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $37,697.

**5. Other.**

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

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

**6. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Revere Street Trust and Shareholders of Fidelity Municipal Cash Central Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Municipal Cash Central Fund (one of the funds constituting Fidelity Revere Street Trust, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and the financial highlights for each of the five years in the period ended May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

We conducted our audits of these financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

July 15, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended May 31, 2025, $8,691, or, if subsequently determined to be different, the net capital gain of such year.

During fiscal year ended 2025, 100% of the fund's income dividends was free from federal income tax, and 42.76% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img109667_4.jpg)<br>

1.743117.125 MCC-ANN-0725

**Fidelity® Cash Central Fund**

**Annual Report**

**May 31, 2025**

![](img109668_1.jpg)

![](img109668_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_TCC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Cash Central Fund](#Sub_Sec_Fund_693_TCC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements693_TCC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_TCC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_TCC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TCC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TCC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TCC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TCC-ANN)** |

---

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

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

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

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

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

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

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

**Fidelity® Cash Central Fund**

**Schedule of Investments May 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 78.2%** | &nbsp;&nbsp;**Repurchase Agreements - 78.2%** | &nbsp;&nbsp;**Repurchase Agreements - 78.2%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Repurchase Agreements\* <br>(Cost $43,049,000,000)<br>| 43064246521 | **43049000000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Time Deposits - 1.7%** | &nbsp;&nbsp;**Time Deposits - 1.7%** | &nbsp;&nbsp;**Time Deposits - 1.7%** | &nbsp;&nbsp;**Time Deposits - 1.7%** |
|  | Yield (%) (b) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Canadian Imperial Bank of Commerce 4.33% 6/2/2025  | 4.33 | 205000000 | 205000000 |
| Credit Agricole CIB 4.33% 6/2/2025  | 4.33 | 96000000 | 96000000 |
| Mizuho Bank Ltd NY Branch 4.33% 6/2/2025  | 4.33 | 341000000 | 341000000 |
| Royal Bank of Canada Toronto 4.33% 6/2/2025  | 4.33 | 320000000 | 320000000 |
| <br> **TOTAL TIME DEPOSITS**<br> (Cost $962,000,000) |  |  | **962000000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 18.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.6%** |
|  | Yield (%) (b) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 6/10/2025  | 4.26 to 4.27 | 1050000000 | 1049011835 |
| US Treasury Bills 0% 6/12/2025  | 4.26 | 232000000 | 231726067 |
| US Treasury Bills 0% 6/17/2025  | 4.26 to 4.30 | 1407800000 | 1405309954 |
| US Treasury Bills 0% 6/20/2025  | 4.26 | 800000000 | 798306000 |
| US Treasury Bills 0% 6/26/2025  | 4.27 | 1075000000 | 1071969392 |
| US Treasury Bills 0% 6/3/2025  | 4.27 | 550000000 | 549935419 |
| US Treasury Bills 0% 6/5/2025  | 4.26 | 1025000000 | 1024636894 |
| US Treasury Bills 0% 7/10/2025  | 4.26 | 1050000000 | 1045317294 |
| US Treasury Bills 0% 7/15/2025  | 4.26 | 884800000 | 880340113 |
| US Treasury Bills 0% 7/22/2025  | 4.26 | 1075000000 | 1068698748 |
| US Treasury Bills 0% 7/3/2025  | 4.26 | 1050000000 | 1046186222 |
| US Treasury Notes 0.25% 7/31/2025  | 4.32 | 55000000 | 54636914 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $10,224,802,767) |  |  | **10226074852** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.5%**<br> (Cost $54,235,802,767)<br>| <br>**54237074852** |
| **NET OTHER ASSETS (LIABILITIES) - 1.5%**  | **832655224** |
| **NET ASSETS - 100.0%** | **55069730076** |

---

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

**Legend**

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** |
| **Counterparty** | **Lending Rate (%)** | **Settlement Date** | **Maturity Date** | **Repurchase Agreement**<br> **Value ($)** | **Repurchase Agreement Proceeds ($)** | **Collateralized By** | **Collateral Coupon (%)** | **Collateral Maturity Date** | **Collateral Value Received ($)** |
| Federal Reserve Bank of NY | 4.25 | 5/30/2025 | 6/2/2025 | 43049000000 | 43064246521 | U.S. Treasuries (including strips) | 1.13 - 2.88 | 5/15/2029 - 5/15/2032 | 43064246596 |
| **Total Repurchase Agreements** |  |  |  | $43049000000 | 43064246521 |  |  |  | 43064246596 |

---

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Repurchase Agreements** | 43049000000 | - | 43049000000 | - |
|  **Time Deposits** | 962000000 | - | 962000000 | - |
|  **U.S. Treasury Obligations** | 10226074852 | - | 10226074852 | - |
| **Total Investments in Securities:** | 54237074852 | - | 54237074852 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of May 31, 2025** | **As of May 31, 2025** | **As of May 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $43,049,000,000) - See accompanying schedule:<br>Unaffiliated issuers (cost $54,235,802,767)<br>|  | $54237074852 |
| Cash |  | 966412697 |
| Interest receivable |  | 11969701 |
| Receivable for interfund loans |  | 50845000 |
| Other affiliated receivables |  | 15206 |
| Other receivables |  | 157826 |
| **Total assets** |  | 55266475282 |
| **Liabilities** |  |  |
| Distributions payable | $196560451 |  |
| Other payables and accrued expenses | 184755 |  |
| **Total liabilities** |  | 196745206 |
| **Net Assets**  |  | $55069730076 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $55068381863 |
| Total accumulated earnings (loss) |  | 1348213 |
| **Net Assets** |  | $55069730076 |
| **Net Asset Value**, offering price and redemption price per share ($55,069,730,076 ÷ 55,057,829,559 shares) |  | $1.0002 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** |
| **Investment Income** |  |  |
| Interest (including $1,852,587 from affiliated interfund lending)  |  | $2380314086 |
| **Expenses** |  |  |
| Custodian fees and expenses | $91808 |  |
| Independent trustees' fees and expenses | 132886 |  |
| **Total expenses** |  | 224694 |
| **Net Investment income (loss)** |  | 2380089392 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 77799 |  |
| Total net realized gain (loss) |  | 77799 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (2499920) |
| **Net gain (loss)** |  | (2422121) |
| **Net increase in net assets resulting from operations** |  | $2377667271 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **May 31, 2025** | **Year ended**<br> **May 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2380089392 | $2435342680 |
| &nbsp;&nbsp;Net realized gain (loss) | 77799<br>| 11<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (2499920) | 3772005<br>|
| **Net increase in net assets resulting from operations** | 2377667271<br>| 2439114696<br>|
| Distributions to shareholders | (2380094739)<br>| (2435345654)<br>|
|  Affiliated share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 589077444580 | 515597423520 |
| Reinvestment of distributions | 71933<br>| 77024<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (582416954869) | (508253475743) |
| **Net increase (decrease) in net assets and shares resulting from share transactions** | 6660561644<br>| 7344024801<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 6658134176<br>| 7347793843<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 48411595900 | 41063802057<br>|
| &nbsp;&nbsp;End of period | $55069730076 | $48411595900 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 588959174271 | 515494098703 |
| Issued in reinvestment of distributions | 71919<br>| 77009<br>|
| &nbsp;&nbsp;Redeemed | (582299777527) | (508151529440) |
| &nbsp;&nbsp;Net increase (decrease) | 6659468663 | 7342646272 |

---

**Financial Highlights** 

**Fidelity® Cash Central Fund** <br>

---

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

---

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

B*Amount represents less than $.00005 per share.*

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

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

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

F*Amount represents less than .005%.*

**Notes to Financial Statements**

For the period ended May 31, 2025

**1. Organization.**

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

**2. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

---

| | |
|:---|:---|
| **Fidelity Cash Central Fund** | $157826 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of May 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $1272085 |
| **Gross unrealized depreciation**  | <u>-</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1272085</u> |
| **Tax Cost**  | <u>$54235802767</u> |

---

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

---

| | |
|:---|:---|
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1272085</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **May 31, 2024** |
| **Ordinary Income**  | $2380094739 | $2435345654 |

---

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

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

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

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

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

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

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with FMR, or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. Any open loans at period end are presented as Receivable for interfund loans in the Statement of Assets and Liabilities, and any accrued interest is included in Other affiliated receivables. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** |
| **Fidelity Cash Central Fund** | Lender | $21729864 | 4.89% |

---

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

**4. Other.**

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

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

**5. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Revere Street Trust and Shareholders of Fidelity Cash Central Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Cash Central Fund (one of the funds constituting Fidelity Revere Street Trust, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and the financial highlights for each of the five years in the period ended May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

We conducted our audits of these financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

July 15, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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

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

A total of 13.56% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $2,523,449,785 of distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $2,380,094,739 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img109668_4.jpg)<br>

1.743118.125 TCC-ANN-0725

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

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

Not applicable.

Item 15.

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

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

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

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

Not applicable.

Item 18.

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

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

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

(a) (3) Not applicable.

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

SIGNATURES

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

Fidelity Revere Street Trust

---

| | |
|:---|:---|
| By: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

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

---

| | |
|:---|:---|
| By: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | July 23, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

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

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

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Revere Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

July 23, 2025

---

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

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Revere Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

July 23, 2025

---

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

---

## Exhibit 99.906

Exhibit EX-99.906CERT

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

In connection with the attached Report of Fidelity Revere Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: July 23, 2025

---

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

---

Dated: July 23, 2025

---

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

---

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

<br>