# EDGAR Filing Document

**Accession Number:** 0000702149
**File Stem:** 0000702149-26-000008
**Filing Date:** 2026-2
**Character Count:** 110047
**Document Hash:** a1f9b68a3e5d63ca80068f73704bff17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000702149-26-000008.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0000702149-26-000008

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTH CAROLINA CAPITAL MANAGEMENT TRUST
- **CENTRAL INDEX KEY:** 0000702149

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03455
- **FILM NUMBER:** 26657279

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTH CAROLINA CASH MANAGEMENT FUND
- **DATE OF NAME CHANGE:** 19820606

## Series and Classes Contracts Data

### Government Portfolio (Series ID: S000007506)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000020486 | Government Portfolio | NCCTX           |

?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>811-03455</u>

<u>North Carolina Capital Management Trust</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

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

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Government Portfolio<br> **Government Portfolio : NCCTX** <br>|

---

This semi-annual shareholder report contains information about Government Portfolio for the period July 1, 2025 to December 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 1-800-222-3232.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Government Portfolio  | $7  | 0.14% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $23788220491<br>|
| Number of Holdings | 466<br>|

---

**What did the Fund invest in?** (as of December 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 | 62.4 |
| 8-30 | 12.9 |
| 31-60 | 11.3 |
| 61-90 | 7.8 |
| 91-180 | 7.7 |
| >180 | 1.6 |

---

U.S. Treasury Obligations 39.3 <br> U.S. Government Agency - Debt 33.7 <br> Repurchase Agreements 30.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img47_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 39.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 33.7&nbsp;&nbsp;&nbsp;&nbsp; |
| Repurchase Agreements - 30.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (3.7)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img47_20251231_1.jpg)<br>| ![](img123559_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> 1.9915152.101 47-TSRS-0226 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

![](img123719_1.jpg)

**Government Portfolio**

**Semi-Annual Report**

**December 31, 2025**

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_NCX-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Government Portfolio](#Sub_Sec_Fund_47_NCX-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements47_NCX-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_NCX-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_NCX-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_NCX-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_NCX-SANN)** |

---

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

You may also call 1-800-222-3232 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Government Portfolio**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 30.7%** | &nbsp;&nbsp;**Repurchase Agreements - 30.7%** | &nbsp;&nbsp;**Repurchase Agreements - 30.7%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Investments in repurchase agreements in a joint trading account at 3.82%, dated 12/31/2025 due 1/2/2026 (Collateralized by U.S. Treasury Obligations)#  | 213976434 | 213931000 |
| Repurchase Agreements\*  | 7102222298 | 7098615000 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $7,312,546,000) |  | **7312546000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Debt - 33.7%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 33.7%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 33.7%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 33.7%** |
|  | Yield (%) (b) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Fannie Mae Discount Notes 0% 1/30/2026  | 3.85 | 15000000 | 14953841 |
| Fannie Mae U.S. SOFR Index + 0.1%, 3.81% 6/18/2026 (c)(d) | 3.81 | 35000000 | 35000000 |
| Fannie Mae U.S. SOFR Index + 0.135%, 3.845% 8/21/2026 (c)(d) | 3.84 to 3.85 | 7000000 | 7000741 |
| Fannie Mae U.S. SOFR Index + 0.14%, 3.85% 10/23/2026 (c)(d) | 3.85 | 31000000 | 31000000 |
| Fannie Mae U.S. SOFR Index + 0.14%, 3.85% 9/11/2026 (c)(d) | 3.85 | 55000000 | 55000000 |
| Federal Farm Credit Banks Funding Corp 0% 1/2/2026  | 3.50 | 375000000 | 374963542 |
| Federal Farm Credit Banks Funding Corp 4.75% 3/9/2026  | 4.20 | 2000000 | 2001946 |
| Federal Farm Credit Banks Funding Corp 4.75% 7/8/2026  | 3.63 | 1000000 | 1005687 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.005%, 3.715% 4/2/2026 (c)(d) | 3.71 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.005%, 3.715% 6/23/2026 (c)(d) | 3.71 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.01%, 3.72% 4/2/2026 (c)(d) | 3.72 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.015%, 3.725% 3/27/2026 (c)(d) | 3.72 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 3.73% 1/13/2026 (c)(d) | 3.73 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 3.73% 3/26/2026 (c)(d) | 3.73 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 3.73% 4/30/2026 (c)(d) | 3.73 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 3.73% 5/7/2026 (c)(d) | 3.73 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.025%, 3.735% 3/2/2026 (c)(d) | 3.74 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.025%, 3.735% 6/5/2026 (c)(d) | 3.74 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.03%, 3.74% 12/8/2026 (c)(d) | 3.74 | 3000000 | 2999721 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.03%, 3.74% 7/28/2026 (c)(d) | 3.74 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.035%, 3.735% 1/6/2027 (c)(d) | 3.74 | 8000000 | 8000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 10/20/2026 (c)(d) | 3.75 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 2/11/2026 (c)(d) | 3.75 | 5000000 | 4999762 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 2/16/2027 (c)(d) | 3.75 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 4/28/2026 (c)(d) | 3.75 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 5/28/2026 (c)(d) | 3.75 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 6/2/2026 (c)(d) | 3.75 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 6/4/2026 (c)(d) | 3.75 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 6/9/2026 (c)(d) | 3.75 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 7/14/2026 (c)(d) | 3.75 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 3.755% 10/2/2026 (c)(d) | 3.76 | 9000000 | 9000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 3.755% 10/27/2026 (c)(d) | 3.76 | 9000000 | 9000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 3.755% 4/19/2027 (c)(d) | 3.76 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.76% 10/2/2026 (c)(d) | 3.76 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.76% 5/14/2026 (c)(d) | 3.76 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.76% 8/18/2026 (c)(d) | 3.76 | 1000000 | 999999 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.76% 8/28/2026 (c)(d) | 3.76 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 3.765% 2/13/2026 (c)(d) | 3.76 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 3.765% 6/23/2027 (c)(d) | 3.76 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 3.765% 7/30/2026 (c)(d) | 3.76 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 3.765% 9/17/2026 (c)(d) | 3.76 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.76% 8/6/2027 (c)(d) | 3.76 | 11000000 | 11000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.77% 10/5/2026 (c)(d) | 3.77 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.77% 11/18/2026 (c)(d) | 3.77 | 12000000 | 12000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.77% 9/22/2026 (c)(d) | 3.77 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.77% 9/4/2026 (c)(d) | 3.77 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.77% 9/4/2026 (c)(d) | 3.77 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 11/13/2026 (c)(d) | 3.77 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 3/23/2026 (c)(d) | 3.77 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 3/5/2027 (c)(d) | 3.77 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 6/22/2027 (c)(d) | 3.77 | 12000000 | 12000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 7/9/2027 (c)(d) | 3.77 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 9/10/2026 (c)(d) | 3.77 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 9/18/2026 (c)(d) | 3.77 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.77% 11/5/2027 (c)(d) | 3.77 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.78% 10/21/2026 (c)(d) | 3.78 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.78% 5/28/2026 (c)(d) | 3.78 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.78% 8/12/2026 (c)(d) | 3.78 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.78% 9/9/2026 (c)(d) | 3.78 | 11000000 | 11000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 3.785% 4/1/2027 (c)(d) | 3.79 | 4000000 | 3999751 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.78% 1/5/2028 (c)(d)(e) | 3.78 | 11000000 | 11000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 1/28/2026 (c)(d) | 3.79 | 8000000 | 8000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 1/8/2026 (c)(d) | 3.79 | 6000000 | 5999985 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 10/8/2027 (c)(d) | 3.79 | 8000000 | 8002053 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 11/16/2026 (c)(d) | 3.79 | 1000000 | 999999 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 11/23/2027 (c)(d) | 3.79 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 12/22/2026 (c)(d) | 3.79 | 8000000 | 8000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 12/22/2027 (c)(d) | 3.79 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 12/29/2027 (c)(d) | 3.79 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 2/10/2026 (c)(d) | 3.79 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 2/17/2026 (c)(d) | 3.79 | 4000000 | 4000088 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 3/11/2027 (c)(d) | 3.79 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 3/11/2027 (c)(d) | 3.79 | 2000000 | 1999490 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 3/4/2026 (c)(d) | 3.79 | 182000000 | 182012191 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 4/9/2027 (c)(d) | 3.79 | 15000000 | 14994429 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.795% 12/29/2026 (c)(d) | 3.80 | 3000000 | 2999831 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.795% 3/20/2026 (c)(d) | 3.80 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.795% 3/25/2027 (c)(d) | 3.80 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.795% 4/8/2027 (c)(d) | 3.80 | 23000000 | 23000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 1/12/2027 (c)(d) | 3.80 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 1/19/2027 (c)(d) | 3.80 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 1/23/2026 (c)(d) | 3.80 | 5000000 | 5000184 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 12/17/2027 (c)(d) | 3.80 | 12000000 | 12000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 12/24/2026 (c)(d) | 3.80 | 12000000 | 12000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 2/12/2026 (c)(d) | 3.80 | 13000000 | 13000852 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 2/19/2027 (c)(d) | 3.80 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 2/2/2026 (c)(d) | 3.80 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 2/9/2026 (c)(d) | 3.80 | 3450000 | 3450025 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 5/12/2027 (c)(d) | 3.80 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 5/14/2026 (c)(d) | 3.80 | 12000000 | 12001774 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 5/21/2026 (c)(d) | 3.80 | 5000000 | 5000480 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 5/28/2026 (c)(d) | 3.80 | 17000000 | 17003368 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 7/28/2026 (c)(d) | 3.80 | 2000000 | 2000260 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.805% 12/10/2027 (c)(d) | 3.80 | 21000000 | 21000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.805% 2/25/2027 (c)(d) | 3.80 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.805% 5/24/2027 (c)(d) | 3.80 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.805% 5/5/2026 (c)(d) | 3.81 | 8000000 | 7999870 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.805% 6/17/2027 (c)(d) | 3.81 | 4000000 | 3998814 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.805% 6/3/2026 (c)(d) | 3.80 | 4000000 | 4000538 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 1/12/2027 (c)(d) | 3.81 | 8000000 | 8000265 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 1/15/2026 (c)(d) | 3.81 | 40000000 | 40001158 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 2/25/2026 (c)(d) | 3.81 | 22000000 | 22001246 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 4/15/2026 (c)(d) | 3.81 | 6000000 | 5999998 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 4/6/2027 (c)(d) | 3.81 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 4/8/2026 (c)(d) | 3.81 | 8000000 | 8001294 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 5/27/2027 (c)(d) | 3.81 | 8000000 | 7999095 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 6/18/2026 (c)(d) | 3.81 | 13000000 | 13001428 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 6/23/2027 (c)(d) | 3.81 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 6/24/2026 (c)(d) | 3.81 | 12000000 | 12001473 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 6/29/2027 (c)(d) | 3.81 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 7/1/2026 (c)(d) | 3.81 | 3000000 | 3000537 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 7/9/2027 (c)(d) | 3.81 | 2000000 | 1999403 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 8/13/2027 (c)(d) | 3.81 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 1/8/2026 (c)(d) | 3.81 | 8000000 | 8000003 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 12/2/2027 (c)(d) | 3.81 | 10000000 | 10000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 2/23/2026 (c)(d) | 3.81 | 13000000 | 13000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 3/18/2026 (c)(d) | 3.81 | 13000000 | 13000061 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 4/16/2027 (c)(d) | 3.81 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 4/21/2027 (c)(d) | 3.82 | 2000000 | 1999948 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 5/14/2027 (c)(d) | 3.82 | 5000000 | 4999553 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 11/19/2027 (c)(d) | 3.82 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 3/11/2026 (c)(d) | 3.82 | 7000000 | 7000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 4/16/2026 (c)(d) | 3.82 | 2000000 | 2000055 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 4/21/2026 (c)(d) | 3.82 | 5000000 | 5000081 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 5/13/2027 (c)(d) | 3.82 | 7000000 | 6999871 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 7/21/2027 (c)(d) | 3.82 | 9000000 | 8998423 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 8/5/2027 (c)(d) | 3.82 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 10/16/2026 (c)(d) | 3.83 | 50000000 | 50000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 11/12/2027 (c)(d) | 3.83 | 7000000 | 7000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 11/26/2027 (c)(d) | 3.83 | 8000000 | 8000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 11/26/2027 (c)(d) | 3.83 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 2/10/2027 (c)(d) | 3.82 | 8000000 | 8001448 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 5/6/2027 (c)(d) | 3.82 to 3.83 | 13000000 | 13000428 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 7/8/2026 (c)(d) | 3.83 | 13000000 | 13000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 2/18/2027 (c)(d) | 3.83 | 10000000 | 10000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 5/28/2027 (c)(d) | 3.83 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 5/8/2026 (c)(d) | 3.83 | 6000000 | 6000060 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 6/9/2027 (c)(d) | 3.83 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 7/10/2026 (c)(d) | 3.83 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 7/15/2026 (c)(d) | 3.83 | 37000000 | 37000513 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 7/23/2026 (c)(d) | 3.83 | 7000000 | 7000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 10/6/2026 (c)(d) | 3.84 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 11/3/2027 (c)(d) | 3.84 | 11000000 | 11000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 3/23/2027 (c)(d) | 3.84 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 3/5/2026 (c)(d) | 3.83 | 3000000 | 3000067 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 4/29/2027 (c)(d) | 3.83 to 3.84 | 27000000 | 27004150 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 7/16/2026 (c)(d) | 3.83 | 1000000 | 1000002 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 7/21/2026 (c)(d) | 3.84 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 8/18/2027 (c)(d) | 3.84 | 11000000 | 11000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 8/27/2026 (c)(d) | 3.84 | 7000000 | 7000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 9/8/2026 (c)(d) | 3.84 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 1/27/2027 (c)(d) | 3.84 | 10000000 | 10001524 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 10/15/2027 (c)(d) | 3.84 | 8000000 | 8000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 10/22/2027 (c)(d) | 3.84 | 7000000 | 7000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 11/10/2027 (c)(d) | 3.84 | 8000000 | 8000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 2/20/2026 (c)(d) | 3.84 | 4000000 | 4000235 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 2/3/2027 (c)(d) | 3.84 | 5000000 | 5000587 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 4/23/2027 (c)(d) | 3.84 | 9000000 | 9002633 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 5/5/2027 (c)(d) | 3.84 | 15000000 | 15000122 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 6/24/2026 (c)(d) | 3.84 | 9000000 | 9000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 6/26/2026 (c)(d) | 3.84 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 7/2/2026 (c)(d) | 3.84 | 14000000 | 14000259 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 7/29/2026 (c)(d) | 3.84 | 7000000 | 7000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 7/29/2027 (c)(d) | 3.84 | 13000000 | 13000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 8/12/2026 (c)(d) | 3.84 | 9000000 | 9000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 8/28/2026 (c)(d) | 3.84 | 44000000 | 44006568 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 8/6/2026 (c)(d) | 3.84 | 9000000 | 9000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 1/8/2027 (c)(d) | 3.85 | 7000000 | 6999969 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 10/1/2027 (c)(d) | 3.85 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 10/15/2026 (c)(d) | 3.84 | 7000000 | 7003652 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 11/18/2026 (c)(d) | 3.84 to 3.85 | 19000000 | 19008722 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 11/23/2026 (c)(d) | 3.85 | 11000000 | 11000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 12/18/2026 (c)(d) | 3.84 | 6000000 | 6001015 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 2/10/2027 (c)(d) | 3.85 | 23000000 | 23000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 8/19/2026 (c)(d) | 3.85 | 15000000 | 15000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 9/15/2027 (c)(d) | 3.85 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 10/23/2026 (c)(d) | 3.85 | 60982000 | 60990733 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 10/29/2027 (c)(d) | 3.85 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 10/9/2026 (c)(d) | 3.85 | 101000000 | 101013302 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 11/25/2026 (c)(d) | 3.85 | 8000000 | 8001161 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 11/4/2026 (c)(d) | 3.85 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 12/2/2026 (c)(d) | 3.85 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 12/30/2026 (c)(d) | 3.85 | 7000000 | 7000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 8/12/2027 (c)(d) | 3.85 | 13000000 | 13000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 8/26/2026 (c)(d) | 3.85 | 9000000 | 9000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 9/3/2026 (c)(d) | 3.85 | 9000000 | 9000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 9/4/2026 (c)(d) | 3.85 | 8687000 | 8687428 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 9/9/2026 (c)(d) | 3.85 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 3.855% 1/12/2026 (c)(d) | 3.85 | 23000000 | 23000125 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 3.855% 1/21/2027 (c)(d) | 3.85 | 8000000 | 8000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 3.855% 1/8/2027 (c)(d) | 3.85 | 15000000 | 15000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 3.855% 12/16/2026 (c)(d) | 3.85 | 7000000 | 7000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.86% 10/1/2027 (c)(d) | 3.86 | 8000000 | 8000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.86% 10/14/2027 (c)(d) | 3.86 | 9000000 | 9000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.86% 10/22/2027 (c)(d) | 3.86 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.86% 12/23/2026 (c)(d) | 3.86 | 8000000 | 8000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.86% 12/4/2026 (c)(d) | 3.86 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.86% 9/10/2027 (c)(d) | 3.86 | 8000000 | 8000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 3.865% 9/24/2027 (c)(d) | 3.86 | 18000000 | 18000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.185%, 3.895% 5/10/2027 (c)(d) | 3.89 | 1000000 | 1001094 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.23%, 3.94% 6/28/2027 (c)(d) | 3.93 | 5000000 | 5007802 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.24%, 3.95% 7/19/2027 (c)(d) | 3.94 | 3000000 | 3005046 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.255%, 3.965% 9/13/2027 (c)(d) | 3.96 | 6000000 | 6011759 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.27%, 3.98% 11/24/2026 (c)(d) | 3.97 | 6000000 | 6010887 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.28%, 3.99% 11/20/2026 (c)(d) | 3.98 | 46000000 | 46059861 |
| Federal Home Loan Bank 3.55% 6/24/2026  | 3.62 | 12000000 | 11995784 |
| Federal Home Loan Bank 3.61% 6/22/2026  | 3.64 | 12000000 | 11998304 |
| Federal Home Loan Bank 3.61% 6/24/2026  | 3.62 | 42000000 | 41997502 |
| Federal Home Loan Bank 3.84% 3/9/2026  | 3.86 | 6000000 | 5999832 |
| Federal Home Loan Bank 3.85% 3/6/2026  | 3.86 | 40000000 | 39999607 |
| Federal Home Loan Bank 3.85% 3/6/2026  | 3.86 | 5000000 | 4999951 |
| Federal Home Loan Bank 3.85% 3/9/2026  | 3.85 | 11000000 | 10999954 |
| Federal Home Loan Bank 4.16% 6/9/2026  | 4.16 | 44000000 | 44000000 |
| Federal Home Loan Bank 4.75% 6/12/2026  | 3.64 | 2000000 | 2009677 |
| Federal Home Loan Bank Discount Notes 0% 1/14/2026  | 3.87 to 3.90 | 40000000 | 39944364 |
| Federal Home Loan Bank Discount Notes 0% 1/16/2026  | 3.89 to 4.06 | 58000000 | 57904942 |
| Federal Home Loan Bank Discount Notes 0% 1/2/2026  | 3.50 to 4.03 | 1554500000 | 1554348522 |
| Federal Home Loan Bank Discount Notes 0% 1/21/2026  | 3.86 to 3.90 | 59000000 | 58874689 |
| Federal Home Loan Bank Discount Notes 0% 1/23/2026  | 3.66 | 4000000 | 3991078 |
| Federal Home Loan Bank Discount Notes 0% 1/26/2026  | 3.87 | 25000000 | 24933681 |
| Federal Home Loan Bank Discount Notes 0% 1/28/2026  | 3.81 | 26000000 | 25926485 |
| Federal Home Loan Bank Discount Notes 0% 1/30/2026  | 3.86 to 4.05 | 58000000 | 57820113 |
| Federal Home Loan Bank Discount Notes 0% 1/7/2026  | 3.90 to 3.96 | 23000000 | 22985109 |
| Federal Home Loan Bank Discount Notes 0% 1/9/2026  | 3.91 to 3.92 | 28000000 | 27975890 |
| Federal Home Loan Bank Discount Notes 0% 2/11/2026  | 3.66 to 3.84 | 58000000 | 57752087 |
| Federal Home Loan Bank Discount Notes 0% 2/18/2026  | 3.84 to 4.05 | 34000000 | 33827080 |
| Federal Home Loan Bank Discount Notes 0% 2/20/2026  | 3.66 to 4.07 | 31000000 | 30834979 |
| Federal Home Loan Bank Discount Notes 0% 2/24/2026  | 3.82 | 14000000 | 13921145 |
| Federal Home Loan Bank Discount Notes 0% 2/25/2026  | 3.78 to 4.01 | 54000000 | 53684023 |
| Federal Home Loan Bank Discount Notes 0% 2/26/2026  | 3.82 | 23000000 | 22865654 |
| Federal Home Loan Bank Discount Notes 0% 2/27/2026  | 3.84 | 17000000 | 16897851 |
| Federal Home Loan Bank Discount Notes 0% 2/4/2026  | 3.85 to 3.86 | 115000000 | 114585861 |
| Federal Home Loan Bank Discount Notes 0% 2/6/2026  | 3.66 to 3.86 | 72000000 | 71729780 |
| Federal Home Loan Bank Discount Notes 0% 3/11/2026  | 3.71 to 3.84 | 49000000 | 48650584 |
| Federal Home Loan Bank Discount Notes 0% 3/13/2026  | 3.65 to 3.81 | 47000000 | 46654822 |
| Federal Home Loan Bank Discount Notes 0% 3/18/2026  | 3.65 to 3.81 | 58000000 | 57544946 |
| Federal Home Loan Bank Discount Notes 0% 3/20/2026  | 3.65 to 3.81 | 31000000 | 30749928 |
| Federal Home Loan Bank Discount Notes 0% 3/24/2026  | 3.79 | 3000000 | 2974614 |
| Federal Home Loan Bank Discount Notes 0% 3/25/2026  | 3.65 to 3.81 | 26000000 | 25779554 |
| Federal Home Loan Bank Discount Notes 0% 3/27/2026  | 3.65 | 1000000 | 991453 |
| Federal Home Loan Bank Discount Notes 0% 3/31/2026  | 3.77 | 12000000 | 11890233 |
| Federal Home Loan Bank Discount Notes 0% 3/4/2026  | 3.98 | 3000000 | 2979835 |
| Federal Home Loan Bank Discount Notes 0% 3/6/2026  | 3.80 | 18000000 | 17879872 |
| Federal Home Loan Bank Discount Notes 0% 4/10/2026  | 3.65 to 3.80 | 16000000 | 15839070 |
| Federal Home Loan Bank Discount Notes 0% 4/2/2026  | 3.78 | 12000000 | 11887767 |
| Federal Home Loan Bank Discount Notes 0% 4/22/2026  | 3.64 | 24000000 | 23733600 |
| Federal Home Loan Bank Discount Notes 0% 4/24/2026  | 3.64 | 1000000 | 988700 |
| Federal Home Loan Bank Discount Notes 0% 4/8/2026  | 3.71 to 3.79 | 13000000 | 12870944 |
| Federal Home Loan Bank Discount Notes 0% 5/1/2026  | 3.79 | 17000000 | 16789200 |
| Federal Home Loan Bank Discount Notes 0% 6/10/2026  | 3.58 to 3.70 | 20000000 | 19680978 |
| Federal Home Loan Bank Discount Notes 0% 6/12/2026  | 3.58 | 2000000 | 1968320 |
| Federal Home Loan Bank Discount Notes 0% 6/17/2026  | 3.58 | 13000000 | 12788086 |
| Federal Home Loan Bank Discount Notes 0% 6/22/2026  | 3.58 | 30000000 | 29496422 |
| Federal Home Loan Bank Discount Notes 0% 6/26/2026  | 3.59 | 9000000 | 8844680 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/12/2026 (c)(d) | 3.71 | 52000000 | 52000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/15/2026 (c)(d) | 3.71 | 60000000 | 60000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/20/2026 (c)(d) | 3.71 | 37000000 | 37000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/20/2026 (c)(d) | 3.71 | 4000000 | 4000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/9/2026 (c)(d) | 3.71 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 5/11/2026 (c)(d) | 3.71 | 237000000 | 237000001 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 5/15/2026 (c)(d) | 3.71 | 23000000 | 23000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 5/18/2026 (c)(d) | 3.71 | 9000000 | 9000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 5/19/2026 (c)(d) | 3.71 | 17000000 | 17000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 5/22/2026 (c)(d) | 3.71 | 17000000 | 17000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 1/26/2026 (c)(d) | 3.72 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 2/18/2026 (c)(d) | 3.72 | 9000000 | 9000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 5/7/2026 (c)(d) | 3.72 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/10/2026 (c)(d) | 3.72 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/15/2026 (c)(d) | 3.72 | 44000000 | 44000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/15/2026 (c)(d) | 3.72 | 23000000 | 23000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/15/2026 (c)(d) | 3.72 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/15/2026 (c)(d) | 3.72 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/5/2026 (c)(d) | 3.72 | 9000000 | 9000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/8/2026 (c)(d) | 3.72 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/9/2026 (c)(d) | 3.72 | 29000000 | 29000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.725% 1/29/2026 (c)(d) | 3.72 | 25000000 | 25000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.725% 2/2/2026 (c)(d) | 3.72 | 48000000 | 48000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.725% 5/11/2026 (c)(d) | 3.72 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.725% 7/15/2026 (c)(d) | 3.72 | 13000000 | 13000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 2/23/2026 (c)(d) | 3.73 | 25000000 | 25000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 3/2/2026 (c)(d) | 3.73 | 24000000 | 24000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 5/26/2026 (c)(d) | 3.73 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 5/28/2026 (c)(d) | 3.73 | 21000000 | 21000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 7/10/2026 (c)(d) | 3.73 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 7/30/2026 (c)(d) | 3.73 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 1/5/2026 (c)(d) | 3.74 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 2/17/2026 (c)(d) | 3.73 | 215000000 | 215001163 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 6/2/2026 (c)(d) | 3.74 | 46000000 | 46000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 6/22/2026 (c)(d) | 3.74 | 23000000 | 23000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 6/24/2026 (c)(d) | 3.74 | 14000000 | 14000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 9/24/2026 (c)(d) | 3.74 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 9/4/2026 (c)(d) | 3.74 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 3.74% 6/29/2026 (c)(d) | 3.74 | 35000000 | 35000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 3.74% 6/29/2026 (c)(d) | 3.74 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 3.74% 7/21/2026 (c)(d) | 3.74 | 47000000 | 47000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 3.74% 7/23/2026 (c)(d) | 3.74 | 23000000 | 23000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 12/9/2026 (c)(d) | 3.75 | 17000000 | 17000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 3/24/2026 (c)(d) | 3.75 | 18000000 | 18000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 3/24/2026 (c)(d) | 3.75 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 3/26/2026 (c)(d) | 3.75 | 24000000 | 24000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 3/27/2026 (c)(d) | 3.75 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 3/30/2026 (c)(d) | 3.75 | 24000000 | 24000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 10/14/2026 (c)(d) | 3.75 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 4/20/2026 (c)(d) | 3.75 | 24000000 | 24000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 4/21/2026 (c)(d) | 3.75 | 24000000 | 24000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 4/23/2026 (c)(d) | 3.75 | 18000000 | 18000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 4/29/2026 (c)(d) | 3.75 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 4/30/2026 (c)(d) | 3.75 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 5/22/2026 (c)(d) | 3.75 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.06%, 3.77% 2/12/2027 (c)(d) | 3.77 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.06%, 3.77% 2/5/2027 (c)(d) | 3.77 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.065%, 3.775% 8/10/2026 (c)(d) | 3.77 | 16000000 | 16000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.065%, 3.775% 8/12/2026 (c)(d) | 3.77 | 31000000 | 31000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.065%, 3.775% 9/11/2026 (c)(d) | 3.77 | 2000000 | 2000550 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 3.785% 11/18/2026 (c)(d) | 3.79 | 18000000 | 18000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 3.785% 11/27/2026 (c)(d) | 3.79 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 1/4/2028 (c)(d) | 3.78 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 11/13/2026 (c)(d) | 3.79 | 5000000 | 5000373 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 12/11/2026 (c)(d) | 3.79 | 17000000 | 17000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 12/23/2027 (c)(d) | 3.79 | 24000000 | 24000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 12/29/2027 (c)(d) | 3.79 | 4000000 | 4000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 12/30/2027 (c)(d) | 3.79 | 10000000 | 10000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 12/8/2026 (c)(d) | 3.79 | 8000000 | 8000735 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 2/27/2026 (c)(d) | 3.79 | 13000000 | 13000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 1/12/2026 (c)(d) | 3.80 | 13000000 | 13000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 1/16/2026 (c)(d) | 3.80 | 7000000 | 7000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 12/8/2027 (c)(d) | 3.80 | 24000000 | 24000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 12/9/2027 (c)(d) | 3.80 | 30000000 | 30000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 2/2/2026 (c)(d) | 3.80 | 8230000 | 8229837 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 3/1/2027 (c)(d) | 3.80 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 5/13/2026 (c)(d) | 3.80 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 5/22/2026 (c)(d) | 3.80 | 67000000 | 67007277 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 3.805% 2/12/2027 (c)(d) | 3.80 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 3.805% 2/25/2027 (c)(d) | 3.81 | 3000000 | 2999765 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 3.805% 4/14/2027 (c)(d) | 3.81 | 4000000 | 3999400 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 3/30/2026 (c)(d) | 3.81 | 5000000 | 5001160 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 6/10/2027 (c)(d) | 3.81 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 6/22/2026 (c)(d) | 3.81 | 7000000 | 7000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 6/24/2026 (c)(d) | 3.81 | 9000000 | 9000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 6/25/2026 (c)(d) | 3.81 | 8000000 | 8000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 6/26/2026 (c)(d) | 3.81 | 45000000 | 44998596 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 6/26/2026 (c)(d) | 3.81 | 13000000 | 13000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.105%, 3.815% 2/18/2027 (c)(d) | 3.81 | 2000000 | 2000060 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.82% 4/10/2026 (c)(d) | 3.82 | 6000000 | 6000736 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.82% 4/15/2026 (c)(d) | 3.82 | 7000000 | 7000866 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.82% 4/24/2026 (c)(d) | 3.82 | 7000000 | 7000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 3.83% 6/21/2027 (c)(d) | 3.83 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 3.83% 6/22/2027 (c)(d) | 3.83 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 2/12/2026 (c)(d) | 3.84 | 6000000 | 6000183 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 2/17/2026 (c)(d) | 3.84 | 209000000 | 209033774 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 2/2/2026 (c)(d) | 3.84 | 25000000 | 25002607 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 2/20/2026 (c)(d) | 3.84 | 6000000 | 6000254 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 2/5/2027 (c)(d) | 3.84 | 8000000 | 8000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 2/9/2026 (c)(d) | 3.84 | 8000000 | 8000181 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 4/16/2027 (c)(d) | 3.84 | 5215000 | 5216500 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 4/23/2027 (c)(d) | 3.84 | 4000000 | 4001040 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 9/10/2027 (c)(d) | 3.84 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 9/7/2027 (c)(d) | 3.84 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 9/8/2027 (c)(d) | 3.84 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.135%, 3.845% 1/6/2027 (c)(d) | 3.84 | 2000000 | 2001365 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.85% 1/16/2026 (c)(d) | 3.85 | 6000000 | 6000107 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.85% 8/21/2026 (c)(d) | 3.85 | 25000000 | 25000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.85% 9/10/2026 (c)(d) | 3.85 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.85% 9/4/2026 (c)(d) | 3.85 | 19000000 | 19000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.85% 9/9/2026 (c)(d) | 3.85 | 8860000 | 8860806 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 3.855% 9/25/2026 (c)(d) | 3.85 | 50000000 | 50000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 3.915% 1/2/2026 (c)(d) | 3.915 | 13000000 | 13000001 |
| Freddie Mac Discount Notes 0% 1/2/2026  | 4.02 | 34000000 | 33996251 |
| Freddie Mac Discount Notes 0% 2/18/2026  | 3.84 | 5000000 | 4974666 |
| Freddie Mac U.S. SOFR Index + 0.08%, 3.79% 11/5/2026 (c)(d) | 3.79 | 64000000 | 64000000 |
| Freddie Mac U.S. SOFR Index + 0.09%, 3.8% 1/26/2026 (c)(d) | 3.80 | 114000000 | 114000225 |
| Freddie Mac U.S. SOFR Index + 0.1%, 3.81% 2/9/2026 (c)(d) | 3.81 | 8000000 | 8000073 |
| Freddie Mac U.S. SOFR Index + 0.11%, 3.82% 3/5/2026 (c)(d) | 3.82 | 39000000 | 39000000 |
| Freddie Mac U.S. SOFR Index + 0.11%, 3.82% 5/7/2026 (c)(d) | 3.82 | 24000000 | 24000000 |
| Freddie Mac U.S. SOFR Index + 0.115%, 3.825% 4/2/2026 (c)(d) | 3.82 to 3.83 | 69000000 | 69000210 |
| Freddie Mac U.S. SOFR Index + 0.14%, 3.85% 10/16/2026 (c)(d) | 3.85 | 61000000 | 61000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 3.85% 9/23/2026 (c)(d) | 3.85 | 76000000 | 76000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 3.85% 9/4/2026 (c)(d) | 3.85 | 26000000 | 26000000 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - DEBT**<br> (Cost $8,022,330,579) |  |  | **8022330579** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 39.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 39.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 39.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 39.3%** |
|  | Yield (%) (b) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/13/2026  | 3.86 to 3.95 | 609000000 | 608218433 |
| US Treasury Bills 0% 1/15/2026  | 3.84 to 3.92 | 29000000 | 28956447 |
| US Treasury Bills 0% 1/2/2026  | 3.87 to 4.24 | 621000000 | 620931565 |
| US Treasury Bills 0% 1/20/2026  | 3.86 to 4.23 | 501000000 | 499985149 |
| US Treasury Bills 0% 1/22/2026  | 3.85 to 4.20 | 306000000 | 305292961 |
| US Treasury Bills 0% 1/27/2026  | 3.85 to 3.88 | 270000000 | 269257646 |
| US Treasury Bills 0% 1/29/2026  | 3.64 to 4.22 | 320000000 | 319079535 |
| US Treasury Bills 0% 1/6/2026  | 3.84 to 4.27 | 242500000 | 242369915 |
| US Treasury Bills 0% 1/8/2026  | 3.87 to 4.23 | 596000000 | 595540061 |
| US Treasury Bills 0% 12/24/2026  | 3.50 to 3.53 | 41000000 | 39622178 |
| US Treasury Bills 0% 2/10/2026  | 3.82 to 3.94 | 203000000 | 202146830 |
| US Treasury Bills 0% 2/12/2026  | 3.82 to 4.06 | 354900000 | 353308850 |
| US Treasury Bills 0% 2/17/2026  | 3.82 to 3.86 | 131000000 | 130348561 |
| US Treasury Bills 0% 2/19/2026  | 3.83 | 359000000 | 357145615 |
| US Treasury Bills 0% 2/24/2026  | 3.61 to 3.79 | 290000000 | 288431225 |
| US Treasury Bills 0% 2/26/2026  | 3.78 | 200000000 | 198834889 |
| US Treasury Bills 0% 2/3/2026  | 3.60 to 3.85 | 511000000 | 509310436 |
| US Treasury Bills 0% 2/5/2026  | 3.81 | 18000000 | 17934024 |
| US Treasury Bills 0% 3/10/2026  | 3.78 to 3.82 | 327000000 | 324673153 |
| US Treasury Bills 0% 3/12/2026  | 3.82 to 3.87 | 62000000 | 61541945 |
| US Treasury Bills 0% 3/17/2026  | 3.80 to 3.82 | 216000000 | 214309021 |
| US Treasury Bills 0% 3/19/2026  | 3.79 to 4.12 | 116300000 | 115366451 |
| US Treasury Bills 0% 3/24/2026  | 3.80 | 69200000 | 68608917 |
| US Treasury Bills 0% 3/26/2026  | 3.78 to 3.81 | 182200000 | 180623651 |
| US Treasury Bills 0% 3/3/2026  | 3.60 to 3.83 | 309800000 | 308001956 |
| US Treasury Bills 0% 3/5/2026  | 3.76 to 4.05 | 161000000 | 159945746 |
| US Treasury Bills 0% 4/2/2026  | 3.60 to 3.81 | 312000000 | 309183588 |
| US Treasury Bills 0% 4/21/2026  | 3.58 to 3.60 | 140000000 | 138483894 |
| US Treasury Bills 0% 4/28/2026  | 3.60 | 255000000 | 252053713 |
| US Treasury Bills 0% 4/9/2026  | 3.77 | 30000000 | 29697833 |
| US Treasury Bills 0% 5/21/2026  | 3.78 | 150000000 | 147835833 |
| US Treasury Bills 0% 5/28/2026  | 3.74 | 100000000 | 98501417 |
| US Treasury Bills 0% 5/5/2026  | 3.58 | 250000000 | 247074583 |
| US Treasury Bills 0% 5/7/2026  | 3.77 | 150000000 | 148057500 |
| US Treasury Bills 0% 7/2/2026  | 3.56 | 92000000 | 90381056 |
| US Treasury Bills 0% 7/9/2026  | 4.10 | 28000000 | 27420820 |
| US Treasury Bills 0% 8/6/2026  | 3.91 | 45000000 | 43980251 |
| US Treasury Bonds Inflation-Indexed 2% 1/15/2026  | 5.19 to 5.24 | 77103970 | 77011133 |
| US Treasury Notes 0.375% 1/31/2026  | 4.21 to 4.28 | 19000000 | 18941283 |
| US Treasury Notes 0.5% 2/28/2026  | 4.13 to 4.14 | 50000000 | 49719651 |
| US Treasury Notes 0.625% 7/31/2026  | 3.74 to 4.01 | 36000000 | 35344612 |
| US Treasury Notes 0.75% 3/31/2026  | 4.10 to 4.16 | 53000000 | 52575289 |
| US Treasury Notes 0.75% 4/30/2026  | 3.80 to 4.07 | 18000000 | 17813818 |
| US Treasury Notes 0.75% 5/31/2026  | 3.81 | 13000000 | 12839858 |
| US Treasury Notes 0.75% 8/31/2026  | 3.92 to 3.97 | 29000000 | 28405733 |
| US Treasury Notes 0.875% 9/30/2026  | 3.85 | 10000000 | 9784783 |
| US Treasury Notes 1.25% 12/31/2026  | 3.64 | 5000000 | 4884389 |
| US Treasury Notes 1.375% 8/31/2026  | 3.93 | 5000000 | 4917702 |
| US Treasury Notes 1.625% 2/15/2026  | 4.15 | 6000000 | 5981847 |
| US Treasury Notes 1.625% 5/15/2026  | 4.03 to 4.07 | 40000000 | 39655441 |
| US Treasury Notes 1.875% 7/31/2026  | 4.01 | 2000000 | 1976090 |
| US Treasury Notes 2.125% 5/31/2026  | 4.02 | 2000000 | 1984894 |
| US Treasury Notes 2.25% 3/31/2026  | 4.13 | 6000000 | 5973325 |
| US Treasury Notes 2.5% 2/28/2026  | 4.13 | 6000000 | 5984913 |
| US Treasury Notes 3.75% 8/31/2026  | 3.96 | 9000000 | 8987588 |
| US Treasury Notes 4.125% 6/15/2026  | 4.13 to 4.16 | 45000000 | 44997584 |
| US Treasury Notes 4.25% 1/31/2026  | 4.28 | 37000000 | 36999004 |
| US Treasury Notes 4.25% 11/30/2026  | 3.58 | 25000000 | 25147953 |
| US Treasury Notes 4.25% 12/31/2026  | 3.56 to 3.64 | 40000000 | 40249910 |
| US Treasury Notes 4.375% 7/31/2026  | 3.75 to 4.01 | 43000000 | 43146535 |
| US Treasury Notes 4.5% 3/31/2026  | 4.11 to 4.16 | 62000000 | 62054123 |
| US Treasury Notes 4.625% 2/28/2026  | 3.86 to 4.14 | 36000000 | 36036238 |
| US Treasury Notes 4.625% 3/15/2026  | 4.11 | 4000000 | 4003965 |
| US Treasury Notes 4.625% 6/30/2026  | 3.77 | 4000000 | 4016498 |
| US Treasury Notes 4.875% 4/30/2026  | 4.04 | 10000000 | 10026546 |
| US Treasury Notes 4.875% 5/31/2026  | 4.04 to 4.06 | 19000000 | 19061947 |
| US Treasury Notes Inflation-Indexed 0.625% 1/15/2026  | 5.19 to 5.22 | 78108240 | 77974521 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $9,338,952,821) |  |  | **9338952821** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.7%**<br> (Cost $24,673,829,400)<br>| <br>**24673829400** |
| **NET OTHER ASSETS (LIABILITIES) - (3.7)%**  | **(885608909)** |
| **NET ASSETS - 100.0%** | **23788220491** |

---

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.

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

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** |
| **Counterparty** | **Lending Rate (%)** | **Settlement Date** | **Maturity Date** | **Repurchase Agreement**<br> **Value ($)** | **Repurchase Agreement Proceeds ($)** | **Collateralized By** | **Collateral Coupon (%)** | **Collateral Maturity Date** | **Collateral Value Received ($)** |
| BMO Chicago Branch | 3.82 | 12/2025 | 1/2026 | 17000000 | 17063136 | U.S. Treasuries (including strips) | 0.00 | 11/2026 | 17395262 |
| BofA Securities, Inc. | 3.71(f) | 12/2025 | 2/2026 | 12000000 | 12076674 | U.S. Treasuries (including strips) | 0.88 | 9/2026 | 12278420 |
| BofA Securities, Inc. | 3.87 | 10/2025 | 1/2026 | 22000000 | 22217580 | U.S. Treasuries (including strips) | 0.50 - 0.63 | 8/2027 - 5/2030 | 22601702 |
| BofA Securities, Inc. | 3.71(f) | 11/2025 | 1/2026 | 4000000 | 4024733 | U.S. Treasuries (including strips) | 0.50 - 4.75 | 6/2027 - 8/2044 | 4096946 |
| Citigroup Global Capital Markets Inc | 3.77(f) | 12/2025 | 2/2026 | 49000000 | 49318146 | U.S. Treasuries (including strips) | 0.00 - 1.25 | 7/2026 - 11/2026 | 50063209 |
| Fixed Income Clearing Corp - Goldman | 3.83 | 12/2025 | 1/2026 | 206000000 | 206043832 | U.S. Treasuries (including strips) | 1.38 - 4.63 | 8/2044 - 5/2051 | 210164738 |
| Fixed Income Clearing Corp - Goldman | 3.83 | 12/2025 | 1/2026 | 218000000 | 218046386 | U.S. Treasuries (including strips) | 2.75 - 3.25 | 5/2029 - 5/2042 | 222407314 |
| Fixed Income Clearing Corp - Goldman | 3.82 | 12/2025 | 1/2026 | 84968000 | 84986032 | U.S. Treasuries (including strips) | 0.50 - 4.50 | 6/2027 - 5/2052 | 86685754 |
| Fixed Income Clearing Corp - Mizuho | 3.83 | 12/2025 | 1/2026 | 147000000 | 147031278 | U.S. Treasuries (including strips) | 1.63 - 3.88 | 5/2026 - 8/2033 | 149971926 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.85 | 12/2025 | 1/2026 | 168000000 | 168035933 | U.S. Treasuries (including strips) | 4.00 - 4.50 | 5/2029 - 5/2030 | 171396702 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.85 | 12/2025 | 1/2026 | 168000000 | 168035933 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 10/2026 - 8/2035 | 171396725 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.85 | 12/2025 | 1/2026 | 168000000 | 168035933 | U.S. Treasuries (including strips) | 2.63 - 4.25 | 7/2029 - 11/2034 | 171396731 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.85 | 12/2025 | 1/2026 | 118000000 | 118025239 | U.S. Treasuries (including strips) | 1.25 - 4.50 | 7/2026 - 11/2034 | 120385804 |
| Fixed Income Clearing Corp - Natwest | 3.85 | 12/2025 | 1/2026 | 2000000 | 2000428 | U.S. Treasuries (including strips) | 4.00 | 7/2029 | 2040448 |
| Fixed Income Clearing Corp - Nomura | 3.83 | 12/2025 | 1/2026 | 160000000 | 160034044 | U.S. Treasuries (including strips) | 1.88 - 4.63 | 7/2026 - 2/2032 | 163234799 |
| JP Morgan Securities, LLC | 3.73(f) | 12/2025 | 1/2026 | 468000000 | 469503190 | U.S. Treasuries (including strips) | 1.75 | 1/2029 | 478391273 |
| JP Morgan Securities, LLC | 3.82 | 12/2025 | 1/2026 | 4982647000 | 4983704428 | U.S. Treasuries (including strips) | 0.63 - 4.63 | 6/2027 - 11/2044 | 5083378518 |
| NatWest Market Securities Inc | 3.77 | 12/2025 | 1/2026 | 33000000 | 33024191 | U.S. Treasuries (including strips) | 4.13 | 1/2027 | 33670585 |
| NatWest Market Securities Inc | 3.84 | 12/2025 | 1/2026 | 8000000 | 8001707 | U.S. Treasuries (including strips) | 3.63 | 8/2029 | 8161803 |
| SMBC Nikko Securities America Inc | 3.85 | 12/2025 | 1/2026 | 63000000 | 63013475 | U.S. Treasuries (including strips) | 2.25 - 4.63 | 8/2026 - 5/2031 | 64273764 |
| **Total Repurchase Agreements** |  |  |  | 7098615000 | 7102222298 |  |  |  | 7243392423 |

---

**Investment Valuation**

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

---

| | |
|:---|:---|
| <br> **Other Information** | <br> **Other Information** |
| # Additional information on each counterparty to the repurchase agreement is as follows: | # Additional information on each counterparty to the repurchase agreement is as follows: |
| **Repurchase Agreement / Counterparty** | **Value ($)** |
| **$213,931,000 due 01/02/2026 at 3.82%** |  |
| Citigroup Global Capital Markets Inc | 154335000 |
| HSBC Securities Inc (USA) | 59596000 |
|  | 213931000 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $7,312,546,000) - See accompanying schedule:<br>Unaffiliated issuers (cost $24,673,829,400)<br>|  | $24673829400 |
| Cash |  | 89000128 |
| Receivable for fund shares sold |  | 4921551 |
| Interest receivable |  | 31991080 |
| Receivable from investment adviser for expense reductions |  | 1206789 |
| **Total assets** |  | 24800948948 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $993193994 |  |
| Delayed delivery | 11000000 |  |
| Payable for fund shares redeemed | 3280453 |  |
| Distributions payable | 1283167 |  |
| Accrued management fee | 3970843 |  |
| **Total liabilities** |  | 1012728457 |
| **Net Assets**  |  | $23788220491 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $23787652377 |
| Total accumulated earnings (loss) |  | 568114 |
| **Net Assets** |  | $23788220491 |
| **Net Asset Value**, offering price and redemption price per share ($23,788,220,491 ÷ 23,784,768,406 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $465816613 |
| **Expenses** |  |  |
| Management fee | $22361257 |  |
| Independent trustees' fees and expenses | 238446 |  |
| Total expenses before reductions | 22599703 |  |
| Expense reductions | (7037209) |  |
| Total expenses after reductions |  | 15562494 |
| **Net Investment income (loss)** |  | 450254119 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 41288 |  |
| Total net realized gain (loss) |  | 41288 |
| **Net increase in net assets resulting from operations** |  | $450295407 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **June 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $450254119 | $1002047766 |
| &nbsp;&nbsp;Net realized gain (loss) | 41288<br>| 184856<br>|
| **Net increase in net assets resulting from operations** | 450295407<br>| 1002232622<br>|
| Distributions to shareholders | (450018096)<br>| (1002104799)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 14773101375 | 27234043917 |
| Reinvestment of distributions | 442510924<br>| 983383658<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (13235012489) | (27013557267) |
| **Net increase (decrease) in net assets and shares resulting from share transactions** | 1980599810<br>| 1203870308<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1980877121<br>| 1203998131<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 21807343370 | 20603345239<br>|
| &nbsp;&nbsp;End of period | $23788220491 | $21807343370 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 14773101375 | 27234043917 |
| Issued in reinvestment of distributions | 442510924<br>| 983383658<br>|
| &nbsp;&nbsp;Redeemed | (13235012489) | (27013557267) |
| &nbsp;&nbsp;Net increase (decrease) | 1980599810 | 1203870308 |

---

**Financial Highlights** 

**Government Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .020  | .046  | .052  | .037  | .002  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .020  | .046  | .052  | .037  | .002  | - B |
| Distributions from net investment income  | (.020)  | (.046)  | (.052)  | (.037)  | (.002)  | - B |
| Total distributions  | (.020)  | (.046)  | (.052)  | (.037)  | (.002)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.06% <br>| 4.66%  | 5.37%  | 3.75%  | .16%  | .02%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .20% G | .21%  | .21%  | .21%  | .22%  | .22%  |
| Expenses net of fee waivers, if any  | .14% G<br>| .14%  | .14%  | .14%  | .08%  | .09%  |
| Expenses net of all reductions, if any  | .14% G | .14%  | .14%  | .14%  | .08%  | .09%  |
| Net investment income (loss)  | 4.05% G | 4.55%  | 5.24%  | 3.80%  | .16%  | .02%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $23788220 | $21807343 | $20603345 | $17851004 | $13666605 | $12100283 |

---

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

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

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

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

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

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

G*Annualized.*

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

For the period ended December 31, 2025

**1. Organization.**

Government Portfolio (the Fund) is a fund of The North Carolina Capital Management Trust (the Trust). 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 Massachusetts business trust. Shares of the Trust are offered exclusively to local government and public authorities of the state of North Carolina. The Fund is authorized to issue an unlimited number of shares.

**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.** 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)

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

**Investment Transactions and Income.** 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. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations.

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

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

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

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>$24673829400</u> |

---

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

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

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provides the Fund with investment management related services. Effective November 1, 2025, the Fund pays a monthly management fee that is based on a graduated series of annual rates ranging from .195% and .205% of average net assets. Prior to November 1, 2025, the Fund paid a monthly management fee that was based on an annual rate of .205% of average net assets. The investment adviser pays all other expenses, except the compensation of the independent Trustees and certain exceptions such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees. For the period, the annualized management fee rate was .201% of average net assets.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted a separate Distribution and Service plan. The Fund does not pay any fees for these services. The investment adviser pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a Distribution and Service fee from the management fee paid by the Fund that is based on a graduated series of rates ranging from .06% to .065% of average net assets. For the period, the investment adviser paid FDC $7,113,236 on behalf of the Fund, all of which was paid to the Capital Management of the Carolinas LLC.

**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. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .14% of average net assets. This reimbursement will remain in place through October 31, 2028. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as interest expense, are excluded from this reimbursement. This reimbursement reduced the Fund's expenses by $7,037,209.

**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.

**6. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

Board Approval of Investment Advisory Contracts

**Government Portfolio**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. While the full Board or the Independent Trustees, as appropriate, act on all major matters, a portion of the activities of the Board (including certain of those described herein) may be conducted through the Board's Audit Committee. All of the Independent Trustees are members of the Audit Committee.

At its October 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts, including an amended and restated management contract and the existing sub-advisory agreements. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses relative to peer funds; (iii) the total costs of the services to be provided by and the profits realized by Fidelity from its relationships with the fund; (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows; and (v) whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year and the factors may have been weighted differently by individual Trustees. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders in the fund have other investment choices available to them, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

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

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

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of, and coordination with, third party service providers, principally Capital Management of the Carolinas, LLC (CMC), the fund's regional distributor, as well as third parties acting as the fund's custodian, sub-custodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management.

<u>Investment Performance</u>. The Board took into account discussions with representatives of the Investment Advisers that occur, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard, the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate peer group of funds with similar objectives (peer group).

In addition to reviewing the absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods.

The Board noted that the fund's performance is also influenced by the investment parameters imposed by the laws of North Carolina, which restrict the flexibility of the fund when compared to other funds in its Lipper universe. For example, unlike other institutional money market funds, the fund may not engage in reverse repurchase agreements or invest in certain certificates of deposit and repurchase agreements that are backed by collateral other than U.S. government securities, the use of which might increase yield.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expenses, the Board considered the fund's all-inclusive (subject to certain limited exceptions) management fee rate and other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group and asset-sized peer group for 2024. The Board considered that the fund has an all-inclusive management fee that covers substantially all of the fund's expenses. Further, the information provided to the Board indicated that the total expenses of the fund ranked below the competitive median of the total peer group and asset-sized peer group for 2024.

The Board also considered Fidelity's proposal to amend the fund's management contract to add a breakpoint to the management fee rate on assets in excess of $25 billion. The Board noted that no other terms of the management contract will change and that there will be no changes to the services provided to the fund.

<u>Fees Charged to Other Fidelity Clients</u>. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the fund, such as other funds advised or sub-advised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that the management fee charged by Fidelity to the fund is among the lowest in the Fidelity complex.

Based on its review, the Board concluded that the fund's proposed management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for the fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

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

The Board considered whether there were any potential fall-out benefits that FMR derives from its relationship with the fund. The Board concluded that FMR did not derive any fall-out benefits and that any potential fall-out benefits would be de minimis.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

**Economies of Scale.** The Board considered whether there have been economies of scale in respect of the management of the fund, whether the fund has appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

The Board concluded that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund profitability of other funds advised by FMR; (ii) information available on the profitability of other financial services firms; (iii) any potential economies of scale that may have been realized as a result of the growth in the Government Portfolio's assets over the past two years; (iv) Fidelity's and its vendors' use of artificial intelligence; (v) portfolio manager structure, compensation and other personnel matters; (vi) the impact of certain of the SEC's regulatory initiatives on FMR's business operations and management of the fund; and (vii) information on any technology improvements relevant to the fund.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all the surrounding circumstances, that the fund's proposed amended and restated management contract should be approved, and that the fund's Advisory Contracts should be renewed through October 31, 2026.

![](img123719_3.jpg)<br>

1.540079.128 NCX-SANN-0226

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

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

Not applicable.

Item 15.

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

There were no material changes to the procedures by which shareholders may recommend nominees to the North Carolina Capital Management 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 North Carolina Capital Management Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

Item 17.

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

Not applicable.

Item 18.

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

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

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

(a) (3) Not applicable.

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

SIGNATURES

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

North Carolina Capital Management Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

## Ex-99.Cert

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

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

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of North Carolina Capital Management 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:

February 20, 2026

---

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

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of North Carolina Capital Management 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:

February 20, 2026

---

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

---

## Exhibit 99.906

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

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

In connection with the attached Report of North Carolina Capital Management 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: February 20, 2026

---

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

---

Dated: February 20, 2026

---

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

---

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

<br>